<PAGE>
---------------------------------
SANFORD C. BERNSTEIN FUND, INC.
---------------------------------
ANNUAL REPORT -- SEPTEMBER 30, 1998
Fixed-Income &
International-Equity
Investments
<PAGE>
Table of Contents
Portfolio Returns.............1
To Our Shareholders.............2
Statements of Assets and Liabilities............10
Statements of Operations............12
Statements of Changes in Net Assets............15
Financial Highlights............18
Notes to Financial Statements............26
Directors and Officers............inside back cover
Portfolio Overviews
Foreign Stocks.............6
Taxable Bonds.............7
Municipal Bonds.............8
This publication must be accompanied or preceded by
a prospectus of the Sanford C. Bernstein Fund, Inc.,
which should be read carefully before investing.
<PAGE>
Portfolio Returns(1)
THROUGH SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
TOTAL RETURNS
------------------- COMPOUND ANNUAL RETURNS
PAST SIX PAST 12 ---------------------------------
MONTHS MONTHS PAST FIVE YEARS SINCE INCEPTION INCEPTION DATE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SANFORD C. BERNSTEIN FUND PORTFOLIOS
International Value(2) (16.1)% (7.2)% 7.9% 10.1% June 22, 1992
Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below (42.3) (53.2) -- (20.3)
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein (44.6) (55.1) -- (21.5)
Intermediate Duration 4.7 8.6 6.2 8.7 January 17, 1989
Short Duration Plus 3.6 6.1 5.2 6.9 December 12, 1988
Government Short Duration 3.7 6.4 5.1 6.6 January 3, 1989
Diversified Municipal 3.2 6.0 5.1 6.6 January 9, 1989
California Municipal 3.7 6.4 5.1 6.5 August 6, 1990
New York Municipal 3.5 6.3 5.1 6.7 January 9, 1989
Short Duration Diversified Municipal 2.0 4.0 -- 4.4 October 3, 1994
Short Duration California Municipal 2.1 4.0 -- 4.2 October 3, 1994
Short Duration New York Municipal 2.0 3.9 -- 4.2 October 3, 1994
LIPPER MUTUAL-FUND COMPOSITES(3)
Foreign Stock Composite (15.6)% (10.5)% 6.2%
Intermediate Bond Composite 5.8 9.9 6.2
Short-Term Bond Composite 3.7 6.6 5.3
Intermediate Municipal Composite 3.9 7.0 5.1
Short-Term Municipal Composite 2.5 4.8 4.1
MARKET BENCHMARKS
Major Foreign Markets Index (MSCI EAFE)(4) (13.1)% (1.5)% 9.2%
MSCI Emerging Markets Free Index (40.4) (47.8) --
Lipper Emerging-Markets Index (41.1) (50.6) --
Lehman Brothers Aggregate Bond Index 6.7 11.5 7.2
Inflation 0.9 1.5 2.4
</TABLE>
................................................................................
(1) Except where noted for Emerging Markets Value, results are after all
fees and expenses. Past performance is not predictive of future results.
The investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more
or less than the original cost.
(2) International Value and Emerging Markets Value returns throughout this
report include dividends net of withholding taxes.
(3) Lipper composites are the equal-weighted average returns of the mutual
funds in the relevant Lipper Analytical Services categories; the average
fund in a category may differ in composition from Bernstein's
portfolios.
(4) Morgan Stanley Capital International (MSCI) EAFE index of major foreign
markets in Europe, Australia and the Far East, with currencies
half-hedged and countries weighted according to gross domestic product
- ------------------------------------------------------------------------------
1998 Annual Report 1
<PAGE>
To Our Shareholders:
In the third quarter, investors seemed to take to heart Edmund Burke's notion
that "fear is the mother of safety." Frenzied stock selling in response to
economic and political turbulence roiled markets and caused losses worldwide.
At Bernstein, we see safety as rooted not in panic after the fact, but in
prudence beforehand. That's why we encourage diversification beyond U.S.
stocks to bonds and foreign stocks through the Bernstein Fund. Bonds provided
the critical ballast in the turbulent third quarter: While U.S., European and
Asian stock markets all dropped, Intermediate Duration bonds returned 2.8% and
Diversified Municipal 2.1% (display). This, in turn, contributed to the funds'
strong returns of 8.6% and 6.0%, respectively, for the 12 months through
September (see Portfolio Returns, preceding page).
In the volatile stock markets, International Value fell 17.7% in the
third quarter, ending up declining 7.2% for the past 12 months. Although the
fund lagged its benchmark, it was well ahead of the average competing
foreign-stock mutual fund for the past 12 months--and has been since its
launch in mid-1992 (top display, facing page). Emerging markets bore the brunt
of the global stock-market instability, with our fund declining 53.2% over the
12 months, roughly in line with the markets.
- ------------------------------------------------------------------------------
DIVERSIFICATION EFFECTIVE LONG TERM
..............................................................................
What was most striking about the tremendous volatility experienced by foreign
markets was the extent to which they fell en masse; even emerging markets that
historically have shown little correlation with one another gave ground
together. Although this synchronization effect is commonplace during short
periods of intense global anxiety, the effect is rarely so pronounced. Thus,
our strategy of diversifying broadly among foreign markets to temper risk from
problems in one or a handful of markets didn't prove terribly protective
during the exceptional third quarter, especially in emerging markets. But as
the immediate crisis eases, we expect markets to revert to custom and respond
much more to local economic developments than to global jitters. In fact, in
an environment of heightened volatility, we think diversification will matter
more than ever.
=========
OUR BONDS provided a steadying counterbalance to the third quarter's
stock-market turbulence
Total Returns: Third Quarter 1998
(in U.S.$)
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Bernstein Intermediate Duration 2.8%
Bernstein Diversified Municipal 2.1%
U.S. Stocks* (9.9)%
Major Foreign-Markets Stocks+ (16.4)%
Emerging Markets Stocks++ (22.0)%
* Standard & Poor's 500-stock index
+ Morgan Stanley Capital International (MSCI) EAFE Index,
GDP-weighted, currencies half-hedged
++ MSCI Emerging Markets Free index
Source: MCSI, Standard & Poor's and Bernstein
- ------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
Much of the emerging markets' difficulties can be traced to too heavy
dependence on foreign capital and a lack of discipline on the part of lenders.
What began as a currency crisis in Thailand and South Korea spread to Russia
in the third quarter and also threatened to infect Latin America with the
"Asian contagion." What's our view of emerging markets today? Are their
problems being resolved? Does this asset class still have long-term merit? And
how has the crisis affected our strategy?
It would be premature to declare Asian emerging nations firmly on the
road to recovery. Nevertheless, under mounting duress--heightened by the
third-quarter stock downturn--several nations have adopted encouraging
economic reforms. Thailand has liberalized restrictions on foreign exchange
and direct investment, established a framework for privatization and devised a
plan to pay off its excess foreign debt. South Korea has raised the ceiling on
foreign ownership of stocks and property, recapitalized several banks and made
plans to restructure corporate debt. Meanwhile, currency devaluations have
made these and other Asian nations' exports more competitive, and as their
current accounts swing back into surplus, money has begun flowing in again,
helping to stabilize currency rates and lower borrowing costs--in short,
creating conditions for recovery.
- ------------------------------------------------------------------------------
EMERGING MARKETS OFFER OPPORTUNITIES
..............................................................................
Still, the recovery process is apt to be slow, so we've used extensive
research to seek out strong, well-financed companies that can survive a slump
and go on to prosper. And we've avoided sectors that we consider vulnerable.
Moreover, we will remain diversified, while confining our investments to
countries with adequate investor safeguards--which is why we avoided Russia.
We believe our portfolios are well positioned to capitalize on the great
opportunities developing within these markets (display, right) as the stocks
of many first-class companies have been beaten down to where they represent
extraordinary values. And we continue to recommend only a modest allocation of
funds to these volatile and risky--but also potentially high-return--markets.
Emerging markets were up 75% in 1993, 60% in '91 and 65% in '89. Remember, the
underlying factors that have long made many such markets attractive remain
intact: skilled, hardworking labor forces; plentiful, up-to-date manufacturing
facilities; low production costs; and the potential for rapid economic growth.
In developed foreign markets, too, declines stemming from the recent
volatility have created significant opportunities to buy sound
================
SINCE ITS LAUNCH, International Value has solidly outperformed the average
foreign-stock fund
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Growth OF $1,000
Average Annual
Compounding Rate
International Value: 10.2%
(after all costs)
Average Foreign Fund: 7.6%
Bernstein International Lipper International-
Value Fund Average
----------------------- ---------------------
$ 1,000.00 $ 1,000.00
7/1/92 $ 967.17 $ 965.10
$ 1,011.21 $ 974.17
$ 959.17 $ 953.32
$ 936.75 $ 923.87
$ 939.95 $ 928.86
$ 950.16 $ 941.21
1/1/93 $ 967.37 $ 944.32
$ 1,005.10 $ 966.13
$ 1,096.78 $ 1,021.20
$ 1,168.33 $ 1,072.46
$ 1,194.16 $ 1,095.74
$ 1,165.13 $ 1,072.62
$ 1,221.48 $ 1,106.40
$ 1,290.43 $ 1,174.23
$ 1,251.20 $ 1,166.83
$ 1,279.42 $ 1,217.58
$ 1,198.16 $ 1,168.76
$ 1,278.12 $ 1,277.10
1/1/94 $ 1,369.80 $ 1,355.90
$ 1,352.78 $ 1,326.34
$ 1,357.69 $ 1,267.45
$ 1,401.62 $ 1,299.27
$ 1,389.31 $ 1,295.24
$ 1,365.69 $ 1,281.51
$ 1,395.32 $ 1,316.75
$ 1,414.03 $ 1,355.46
$ 1,358.29 $ 1,321.71
$ 1,365.59 $ 1,347.35
$ 1,322.36 $ 1,281.06
$ 1,327.06 $ 1,268.76
1/1/95 $ 1,294.34 $ 1,205.71
$ 1,270.32 $ 1,207.39
$ 1,270.32 $ 1,247.00
$ 1,310.75 $ 1,287.28
$ 1,309.85 $ 1,298.22
$ 1,299.54 $ 1,298.22
$ 1,370.10 $ 1,367.67
$ 1,374.40 $ 1,341.82
$ 1,383.01 $ 1,361.41
$ 1,372.60 $ 1,333.91
$ 1,376.90 $ 1,348.19
$ 1,434.15 $ 1,388.90
1/1/96 $ 1,493.31 $ 1,419.46
$ 1,490.67 $ 1,425.13
$ 1,517.12 $ 1,449.65
$ 1,578.13 $ 1,496.04
$ 1,580.73 $ 1,492.00
$ 1,598.39 $ 1,501.99
$ 1,537.46 $ 1,447.02
$ 1,543.64 $ 1,462.94
$ 1,601.92 $ 1,494.54
$ 1,600.16 $ 1,484.67
$ 1,669.04 $ 1,548.22
$ 1,684.59 $ 1,553.48
1/1/97 $ 1,683.65 $ 1,548.51
$ 1,707.24 $ 1,570.19
$ 1,744.04 $ 1,573.64
$ 1,755.37 $ 1,576.79
$ 1,811.99 $ 1,669.51
$ 1,890.32 $ 1,746.80
$ 1,987.53 $ 1,791.87
$ 1,862.95 $ 1,665.72
$ 1,974.32 $ 1,765.00
$ 1,872.39 $ 1,633.68
$ 1,851.63 $ 1,615.39
$ 1,840.70 $ 1,625.89
1/1/98 $ 1,942.50 $ 1,665.56
$ 2,024.56 $ 1,776.48
$ 2,183.49 $ 1,869.93
$ 2,171.03 $ 1,898.35
$ 2,236.47 $ 1,902.34
$ 2,227.12 $ 1,885.41
$ 2,261.40 $ 1,911.43
$ 1,924.84 $ 1,638.28
9/30/98 $ 1,832.39 $ 1,578.98
Source: Lipper Analytical Services and Bernstein
==================
WE SEE BEATEN-DOWN emerging-markets stocks as
representing exceptional value
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Price/Book Ratios*
(as of September 30)
World Average 2.8x
Bernstein Emerging 0.5x
Emerging Markets Index 1.0x
Thailand 0.8x
Indonesia 0.8x
China 0.6x
S. Korea 0.5x
Brazil 0.5x
* Price per share relative to company net worth per share: the lower the ratio,
all else equal, the higher the return potential
Source: MSCI and Bernstein
- ------------------------------------------------------------------------------
1998 Annual Report 3
<PAGE>
stocks at attractive values, in our judgment. Indeed, we expect to be able to
achieve returns greater than those of the major-foreign-market benchmark in
coming months. In Europe, a roughly 20% third-quarter plunge has helped to
restore the allure of a number of market segments, after European markets had
become expensive, in our view, following a 131% rise between January 1995 and
July of this year. With currency union imminent, European companies have been
streamlining and merging to become more efficient, and stressing shareholder
value, while governments have been cutting budget deficits and interest rates,
all in preparation for participating in the world's largest consumer
market--300-million strong. And Europe's recovering economies still have much
more scope to grow than the U.S.'s, as unemployment overall is more than twice
the U.S. level and capital spending has been far lower.
- ------------------------------------------------------------------------------
JAPAN STRATEGY PAYING OFF
..............................................................................
Japan offers even greater return potential than Europe, in our estimation.
Even in adverse circumstances, we've significantly outperformed the Japanese
stock market through successful stock selection and currency hedging
(display). Our investments won't pay off completely until the economy
recovers, but meaningful changes are already under way. Seeing a classic value
scenario, we regard the profound pessimism about the long-term prospects of
this second-richest nation as overblown. Japanese companies have embraced
U.S.-style restructuring to enhance efficiency, shifted away from emphasizing
market share to boosting profits, and become more shareholder-friendly.
Several have announced share buybacks. In addition, the largest
economic-stimulus package in Japanese history should soon begin to show
results, and further measures, including tax breaks, appear likely. What's
more, ongoing deregulation is improving competitive conditions, and Japan has
set aside $500 billion to deal with its banking crisis. We're emphasizing
companies with strong balance sheets that should be able to ride out current
difficulties.
- ------------------------------------------------------------------------------
BONDS: GLOBAL INSTABILITY SPAWNS OPPORTUNITIES
..............................................................................
The global tumult has created extraordinary opportunities to enhance bond
returns. And municipal bonds represented one of the biggest bond bargains, as
they'd been largely overlooked in stock investors' "flight to safety" in U.S.
Treasury bonds. Heavy issuance had also been a factor in holding down
municipals' prices. In fact, municipals had emerged at the
====================
JAPAN'S STOCK MARKET has struggled this year, but our investments did well by
comparison...
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Total Returns: Jan-Sep 1998
Japanese Stocks
(in yen) (13.3)%
(in dollars) (17.2)%
(half-hedged)* (13.6)%
Bernstein Japanese Holdings
(in dollars) (3.9)%
...because of successful stock picking and currency hedging
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Japanese Holdings:
Performance Attribution
Relative Return: Jan-Sep 1998
Japan index*
Bernstein
Japanese
stocks
---------
Currency Management+ 3.9%
Stock Selection 5.8%
* MSCI Japan, half-hedged
+ Currency management estimated
Source: MSCI and Bernstein
- ------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
===============
MUNICIPAL BONDS were offering exceptional yields vis-a-vis Treasuries,
implying good gains as this anomaly corrects itself
20-Year AAA Municipal Yields* as %
of 20-Year Treasury Yields
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
1/31/88 82.7076490
2/29/88 84.2266463
3/31/88 83.7066069
4/29/88 80.5052586
5/31/88 79.5370468
6/30/88 81.6292876
7/29/88 79.1963432
8/31/88 78.6963434
9/30/88 80.1757276
10/31/88 78.8313743
11/30/88 78.9932447
12/30/88 78.8263630
1/31/89 77.4459550
2/28/89 77.6965265
3/31/89 79.7211112
4/28/89 78.1164044
5/31/89 78.2055689
6/30/89 82.0575628
7/31/89 83.3124530
8/31/89 81.5899582
9/29/89 83.7988827
10/31/89 86.7213726
11/30/89 83.6245632
12/29/89 82.7466963
1/31/90 81.0023310
2/28/90 79.6343146
3/30/90 79.7027456
4/30/90 79.0966616
5/31/90 78.9022299
6/29/90 81.1441915
7/31/90 79.7092955
8/31/90 77.8252768
9/28/90 79.1942605
10/31/90 79.0035987
11/30/90 79.7903663
12/31/90 81.6680627
1/31/91 80.5089857
2/28/91 79.9278846
3/28/91 81.0406699
4/30/91 80.2171291
5/31/91 79.4979080
6/28/91 79.7092955
7/31/91 79.1345584
8/30/91 80.0098474
9/30/91 81.0450038
10/31/91 80.1749271
11/29/91 81.0845053
12/31/91 84.2734810
1/31/92 81.4237899
2/28/92 81.6825315
3/31/92 80.6350402
4/30/92 79.3009081
5/29/92 79.8824131
6/30/92 78.8929126
7/31/92 77.8699674
8/31/92 81.6104461
9/30/92 83.3448610
10/30/92 83.8323353
11/30/92 79.7872340
12/31/92 81.4176245
1/29/93 82.3205201
2/26/93 78.8155569
3/31/93 81.7448680
4/30/93 80.8110491
5/28/93 81.1640831
6/30/93 81.5931941
7/30/93 84.0511511
8/31/93 84.5709571
9/30/93 83.0455517
10/29/93 82.7841845
11/30/93 81.9350792
12/31/93 78.8692800
1/31/94 80.4505229
2/28/94 80.3437967
3/31/94 82.6159400
4/29/94 80.8087639
5/31/94 78.2597161
6/30/94 78.8551402
7/29/94 79.6543810
8/31/94 78.2078473
9/30/94 77.4197593
10/31/94 78.6377709
11/30/94 81.6831683
12/30/94 80.5847077
1/31/95 77.8846154
2/28/95 76.3182239
3/31/95 76.6932271
4/28/95 79.2847503
5/31/95 82.5033447
6/30/95 86.3233749
7/31/95 82.9090909
8/31/95 84.8972297
9/29/95 86.1022607
10/31/95 86.6123217
11/30/95 84.7868217
12/29/95 85.7618651
1/31/96 84.7387566
2/29/96 81.0132360
3/29/96 81.9912152
4/30/96 80.4166076
5/31/96 80.1617176
6/28/96 80.5991441
7/31/96 78.8989527
8/30/96 77.8236915
9/30/96 77.7477989
10/31/96 80.8615293
11/29/96 81.3953488
12/31/96 79.8544050
1/31/97 79.5156113
2/28/97 77.7858177
3/31/97 77.8870119
4/25/97 77.6933702
5/30/97 77.2532189
6/27/97 77.7126100
7/25/97 77.8374233
8/29/97 77.8358209
9/26/97 79.1925466
10/31/97 81.9935691
11/28/97 82.8990228
12/26/97 82.3333333
1/31/98 83.4745763
2/27/98 82.6123128
3/27/98 82.6446281
4/24/98 83.7479270
5/29/98 83.7563452
6/26/98 86.9337979
7/31/98 85.7632933
8/28/98 87.5451264
9/30/98 90.1717557
*Non-callable bonds
Source: Delphis Hanover Corp., Municipal Market Data Corp., Street Software
Technologies and Bernstein estimates
===============
end of September as cheaper relative to Treasuries than at any time this
decade (display). For an investor in the top federal tax bracket, the yield
advantage of an AAA-rated intermediate-term municipal compared with a Treasury
bond was close to 1.2%--or twice the norm. Our analysis suggested, moreover,
that municipals would outperform Treasuries over the next six or so months as
the yield differential returned to more normal levels. In our taxable bond
portfolios, we were emphasizing inflation-adjusted Treasury bonds, corporate
bonds and commercial-mortgage-backed securities that we saw as offering
significant possibilities for extra yield, but without significantly greater
risk than Treasuries.
As always, if you have any questions or comments, I'd be
happy to hear from you.
[PHOTOGRAPH OF
ROGER HERTOG] /s/ Roger Hertog
Roger Hertog, President
September 30, 1998
- ------------------------------------------------------------------------------
1998 Annual Report 5
<PAGE>
Foreign-Stock Portfolios
================================================================================
Country Weightings*
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
International Value Emerging Markets Value
-------------------- ----------------------
Japan 32.4% Taiwan 9.0%
Germany 16.0 Argentina 7.7
Italy 11.7 Brazil 7.7
France 9.8 Israel 7.6
U.K. 9.6 South Korea 7.3
Spain 6.6 South Africa 7.1
Canada 4.3 Portugal 7.0
Australia 2.1 Malaysia+ 6.2
Finland 1.9 India 6.1
Austria 1.3 Mexico 5.9
Hong Kong 1.1 Turkey 5.6
Singapore 1.0 Thailand 4.2
Norway 0.6 China 4.1
Sweden 0.3 Chile 4.1
Malaysia+ 0.2 Philippines 4.1
Indonesia 2.4
* Excluding cash; figures are rounded
+ Because of Malaysia's imposition of capital controls, Bernstein has been
discounting the market value of securities denominated in Malaysian ringgit,
as well as cash held in ringgit, by 30% from September 30, 1998.
================================================================================
Key Currency Hedges for International Value
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
0% Hedged: 50% Hedged: 100% Hedged:
Full Exposure Our Neutral Position No Exposure
Japanese Yen 82%
German Mark 34%
French Franc Unhedged
British Pound Unhedged
Italian Lira 12%
Overall Currency Hedge 38%
================================================================================
International Value
================================================================================
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Growth of $25,000(1)
EAFE Foreign Stock
International Value Market Index Lipper Foreign Stock
(after all costs) (before all costs) Composite
------------------- ------------------ --------------------
25000 25000 25000
7/1/92 24179 23874 24128
25280 24569 24354
23979 23844 23833
23419 23575 23097
23499 24015 23221
23754 24102 23530
1/1/93 24184 24357 23608
25128 25178 24153
27419 26568 25530
29208 28548 26812
29854 28798 27393
29128 28578 26815
30537 29727 27660
32261 31644 29356
31280 30796 29171
31986 31943 30440
29954 29609 29219
31953 31821 31928
1/1/94 34245 34058 33898
33820 33475 33159
33942 32679 31686
35041 34146 32482
34733 33453 32381
34142 32855 32038
34883 33706 32919
35351 34225 33887
33957 32753 33043
34140 33379 33684
33059 32424 32027
33177 32660 31719
1/1/95 32358 31654 30143
31758 31388 30185
31758 31740 31175
32769 33108 32182
32746 32962 32455
32488 32483 32455
34252 34704 34192
34360 34427 33546
34575 34652 34035
34315 33819 33348
34423 34732 33705
35854 36239 34723
1/1/96 37333 37316 35486
37267 37176 35628
37928 37820 36241
39453 39199 37401
39518 38796 37300
39960 39185 37550
38436 37640 36175
38591 37769 36573
40048 39247 37363
40004 38836 37117
41726 40634 38705
42115 40502 38837
1/1/97 42091 40849 38713
42681 41530 39255
43601 42315 39341
43884 42868 39420
45300 44508 41738
47258 47326 43670
49688 49367 44797
46574 45774 41643
49358 48549 44125
46810 44565 40842
46291 45090 40385
46017 46292 40647
1/1/98 48562 48853 41639
50614 51555 44412
54587 54988 46748
54276 55301 47459
55910 56378 47558
55675 57161 47135
56532 58167 47786
48120 50245 40957
9/30/98 45810 47813 39474
================================================================================
Portfolio Value Characteristics(2)
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
=======================================
EAFE
International Foreign Stock-
Value Market Index*
=======================================
Price/Book 1.3x 2.1x
................................................................................
Price/Earnings 20.9x 26.6x
* Capitalization-weighted
================================================================================
Emerging Markets Value
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Emerging Markets Value
after deduction of 2%
purchase and 2%
redemption fees--both
paid to the portfolio, MSCI Emerging Lipper
not to Bernstein. See Markets Free Index Emerging-Markets
footnote 3 below. (before all costs) Index
---------------------- ------------------ ----------------
25000 25000 25000
1/1/96 26784 26777 27272
26760 26351 26954
27071 26557 27178
28422 27618 28131
28266 27495 28407
27932 27667 28461
26186 25776 26805
26174 26441 27536
26090 26665 27818
24942 25954 27175
25803 26388 27794
26226 26508 28037
1/1/97 28281 28316 30166
28953 29528 31243
28593 28753 30442
28100 28804 30448
28401 29628 31498
29230 31214 33048
30395 31680 34010
27115 27648 30275
27079 28414 31368
22898 23752 26132
20700 22885 24939
19952 23437 25166
1/1/98 19113 21599 23415
20954 23853 25419
21956 24888 26311
21404 24617 26366
18686 21244 22430
16433 19016 20304
16595 19619 20923
12375 13947 14928
9/30/98 12410 14831 15488
================================================================================
Portfolio Value Characteristics(2)
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
================================
Emerging MSCI Emerging
Markets Markets Free
Value Index
================================
Price/Book 0.5x 1.0x
................................................................................
Price/Earnings 10.7x 14.4x
..............................................................................
(1) Past performance is not predictive of future results. For
International Value, the index is the Morgan Stanley Capital
International (MSCI) EAFE index of major stock markets in Europe,
Australia and the Far East, with countries weighted according to
gross domestic product and currency positions half-hedged. For
Emerging Markets Value, the index is the MSCI Emerging Markets Free
index. Both indexes are theoretical measures of stock performance
rather than actual available investments, which would reflect such
expenses as management fees, transaction and security-custody costs
and, in the case of a mutual fund, the costs of transfer agents and
shareholder servicing. The Lipper composites are the equal-weighted
average returns of the funds in Lipper's international and
emerging-markets categories.
(2) Price/book and price/earnings are valuation measures: the lower a
portfolio's average price/book and price/earnings ratios 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 declined to $12,921.
- ------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
Taxable-Bond Portfolios
================================================================================
Intermediate Duration
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lipper Lehman Brothers
Intermediate Aggregate
Intermediate Duration Bond Bond Index
(after all costs) Composite (before all costs)
--------------------- ----------- ------------------
25000 25000 25000
2/1/89 24865 24898 24820
25000 24982 24927
25432 25397 25448
25948 25869 26117
26694 26462 26911
27103 26919 27484
26868 26658 27077
27003 26768 27215
27602 27228 27885
27776 27424 28150
27846 27501 28226
1/1/90 27522 27289 27890
27602 27365 27979
27649 27409 27999
27427 27269 27741
28083 27861 28562
28447 28207 29022
28769 28534 29424
28480 28326 29030
28597 28447 29272
28879 28618 29645
29443 29082 30283
29892 29457 30757
1/1/91 30044 29731 31138
30478 30004 31403
30782 30229 31620
31132 30574 31961
31361 30773 32146
31371 30773 32130
31798 31124 32577
32494 31749 33281
33042 32324 33956
33469 32666 34333
33818 32987 34649
35005 33920 35678
1/1/92 34509 33533 35193
34754 33661 35422
34594 33530 35222
34848 33764 35476
35499 34308 36146
35991 34798 36644
36844 35592 37391
37051 35891 37770
37443 36372 38218
36919 35830 37711
37071 35726 37719
37692 36222 38319
1/1/93 38306 36947 39054
38962 37619 39738
39109 37766 39904
39343 38034 40182
39503 38004 40234
40374 38676 40962
40778 38839 41195
41611 39557 41917
41673 39712 42030
41895 39839 42187
41396 39484 41828
41589 39670 42055
1/1/94 42150 40174 42622
41399 39459 41881
40633 38598 40846
40296 38251 40520
40251 38194 40516
40172 38121 40426
40833 38693 41231
40805 38770 41280
40199 38332 40674
40152 38275 40637
40034 38164 40548
40276 38347 40828
1/1/95 41077 38956 41636
41895 39767 42626
42115 40013 42888
42631 40530 43487
44120 41960 45170
44477 42225 45501
44303 42111 45399
44811 42582 45947
45353 42957 46394
46074 43490 46998
46722 44098 47702
47458 44658 48371
1/1/96 47630 44953 48692
46700 44185 47846
46435 43884 47513
46241 43616 47246
46218 43538 47150
46715 44034 47783
46889 44135 47914
46899 44100 47834
47645 44819 48668
48616 45724 49746
49536 46497 50598
49158 46088 50127
1/1/97 49215 46222 50281
49317 46314 50406
48794 45828 49847
49429 46423 50593
49802 46823 51072
50402 47342 51678
51431 48559 53071
51177 48132 52619
51772 48801 53395
52474 49377 54169
52619 49515 54419
52922 49961 54967
1/1/98 53540 50605 55672
53540 50534 55630
53717 50711 55822
53926 50929 56113
54417 51382 56645
54684 51752 57126
54903 51851 57247
55446 52483 58179
9/30/98 56219 53643 59541
================================================================================
Portfolio Profile(2)
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
Mortgages 41%
Corporates 30%
Treasury Inflation-Protected Securities 17%
Foreign 7%
Asset-Backeds 5%
Average Credit Quality: AA+
Average Duration: 3.4 yrs.
================================================================================
Short Duration Plus
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lipper Merrill Lynch
Short-Term 1-3 Year
Short Duration Plus Bond Treasury Index
(after all costs) Composite (before all costs)
------------------- ---------- ------------------
25000 25000 25000
1/1/89 25200 25208 25198
25247 25253 25198
25372 25377 25313
25674 25671 25701
25969 26005 26086
26366 26392 26574
26663 26727 26967
26653 26677 26800
26826 26815 26958
27153 27161 27365
27348 27354 27610
27453 27480 27720
1/1/90 27517 27469 27743
27637 27612 27873
27770 27739 27967
27812 27789 28022
28152 28164 28450
28399 28431 28750
28676 28889 29109
28799 28947 29196
28939 29112 29436
29153 29319 29760
29391 29621 30051
29723 29905 30416
1/1/91 29845 30099 30694
30225 30340 30877
30514 30577 31085
30847 30883 31379
31109 31099 31569
31246 31176 31698
31533 31454 31974
31918 31882 32413
32198 32261 32763
32575 32580 33114
32930 32887 33458
33404 33459 33967
1/1/92 33364 33372 33915
33526 33495 34033
33521 33482 34020
33881 33713 34333
34236 34050 34645
34608 34411 34998
34968 34848 35390
35102 35085 35702
35287 35394 36041
35147 35153 35825
35255 35090 35766
35509 35374 36106
1/1/93 35792 35788 36482
36056 36139 36794
36189 36258 36904
36321 36472 37133
36434 36457 37029
36773 36760 37302
36946 36863 37388
37200 37191 37714
37225 37325 37837
37368 37433 37911
37275 37381 37920
37435 37538 38060
1/1/94 37690 37819 38305
37522 37543 38060
37320 37232 37870
37293 37057 37736
37333 37071 37790
37408 37097 37902
37682 37405 38228
37755 37532 38362
37650 37435 38275
37740 37480 38361
37547 37386 38190
37640 37412 38277
1/1/95 38104 37786 38809
38581 38281 39343
38736 38484 39562
39076 38842 39915
39615 39572 40612
39835 39794 40830
39970 39885 41000
40202 40161 41243
40422 40394 41444
40784 40721 41794
41076 41067 42163
41441 41391 42487
1/1/96 41668 41702 42848
41521 41543 42667
41508 41506 42629
41593 41523 42665
41676 41589 42752
41913 41876 43059
42113 42035 43229
42298 42161 43377
42660 42541 43770
43167 42979 44263
43454 43318 44602
43424 43318 44602
1/1/97 43663 43509 44812
43781 43635 44915
43770 43587 44897
44072 43918 45264
44339 44217 45573
44610 44504 45887
44949 44990 46391
45058 45012 46434
45308 45341 46786
45582 45594 47134
45699 45699 47248
45830 45960 47571
1/1/98 46237 46360 48033
46299 46411 48074
46405 46587 48270
46610 46792 48496
46810 47035 48754
46993 47242 49008
47246 47436 49237
47568 47759 49856
9/30/98 48073 48322 50517
================================================================================
Portfolio Profile(2)
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
Corporates 23%
Cash Equivalents 17%
Treasury Securities 17%
Mortgages 16%
Treasury Inflation-Protected Securities 13%
Asset-Backeds 10%
Foreign 4%
Average Credit Quality: AAA-
Average Duration: 1.3 yrs.
================================================================================
Government Short Duration
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lipper Merrill Lynch
Government Short-Term 1-3 Year
Short Duration Bond Treasury Index
(after all costs) Composite (before all costs)
----------------- ---------- ------------------
25000 25000 25000
2/1/89 25037 25045 25000
25129 25168 25115
25460 25460 25499
25740 25791 25882
26140 26175 26366
26441 26507 26756
26361 26457 26590
26520 26595 26747
26880 26938 27151
27044 27129 27394
27176 27254 27503
1/1/90 27196 27243 27525
27327 27384 27654
27434 27510 27748
27496 27560 27802
27854 27932 28227
28097 28197 28524
28393 28651 28880
28515 28709 28967
28718 28872 29205
28997 29077 29526
29267 29377 29816
29615 29659 30177
1/1/91 29844 29852 30454
30055 30090 30635
30219 30325 30841
30472 30628 31133
30636 30843 31321
30723 30920 31450
30984 31195 31724
31393 31619 32159
31724 31996 32506
32079 32312 32854
32424 32616 33196
32938 33184 33700
1/1/92 32804 33097 33649
32839 33220 33767
32737 33206 33753
33115 33436 34064
33472 33770 34374
33845 34128 34724
34198 34561 35113
34285 34796 35422
34441 35103 35759
34362 34864 35544
34439 34801 35486
34707 35083 35823
1/1/93 34953 35493 36196
35181 35841 36505
35253 35960 36615
35350 36172 36842
35422 36157 36739
35715 36457 37009
35869 36559 37095
36165 36885 37419
36200 37018 37540
36319 37125 37614
36212 37073 37623
36304 37229 37762
1/1/94 36510 37508 38005
36334 37234 37762
36234 36925 37574
36125 36751 37441
36150 36766 37494
36234 36792 37605
36530 37097 37928
36624 37223 38062
36508 37127 37975
36590 37171 38061
36428 37078 37891
36456 37104 37977
1/1/95 36932 37475 38505
37399 37966 39034
37583 38167 39252
37914 38522 39602
38495 39247 40294
38766 39466 40510
38855 39557 40678
39066 39830 40920
39262 40061 41119
39568 40386 41466
39866 40729 41833
40142 41051 42154
1/1/96 40350 41359 42512
40231 41201 42332
40246 41164 42295
40224 41181 42330
40271 41247 42417
40527 41531 42722
40681 41689 42890
40820 41814 43037
41133 42190 43427
41580 42625 43916
41856 42962 44253
41783 42962 44253
1/1/97 42006 43151 44460
42113 43276 44563
42103 43228 44545
42392 43557 44909
42650 43853 45215
42913 44138 45527
43241 44619 46027
43314 44641 46070
43549 44967 46419
43848 45219 46764
43927 45323 46878
44142 45582 47198
1/1/98 44461 45978 47656
44515 46029 47697
44648 46204 47891
44809 46407 48116
44997 46648 48372
45200 46853 48624
45431 47046 48851
45808 47365 49465
9/30/98 46316 47924 50121
================================================================================
Portfolio Profile(2)
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
Treasury Securities 75%
Treasury Inflation-Protected Securities 14%
U.S. Gov't Agencies 10%
Cash Equivalents 1%
Average Credit Quality: AAA
Average Duration: 1.3 yrs.
..............................................................................
(1) Past performance is not predictive of future results. The indexes are
the Lehman Brothers Aggregate Bond Index, which comprises Treasury,
agency, corporate, mortgage-backed and asset-backed securities of
diverse maturities, and the Merrill Lynch 1-3 Year Treasury index,
which includes short-term Treasury bonds. Both indexes are
theoretical measures of bond-market performance rather than actual
available investments, which would reflect such expenses as
management fees, transaction and security-custody costs and, in the
case of a mutual fund, the costs of transfer agents and shareholder
servicing.
(2) Portfolio allocations represent the exposure of the portfolios to
various sectors and include the effective market value of futures
contracts and forward commitments. To the extent that cash
equivalents and short-term Treasuries are held against these
commitments, the weightings in cash equivalents and Treasuries have
been reduced.
- ------------------------------------------------------------------------------
1998 Annual Report 7
<PAGE>
Municipal-Bond Portfolios (Intermediate)
================================================================================
Diversified Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lipper Lehman Brothers
Diversified Intermediate Laddered
Municipal Municipal G/O Index
(after all costs) Composite (before all costs)
----------------- ------------ ------------------
25000 25000 25000
2/1/89 24863 24893 24768
24736 24820 24631
25164 25212 25035
25550 25550 25458
25878 25829 25759
26189 26128 26112
26027 26011 26020
25973 25972 26028
26266 26203 26260
26602 26510 26583
26769 26743 26798
1/1/90 26669 26679 26814
26843 26884 26996
26823 26868 26937
26741 26723 26864
27152 27177 27321
27351 27405 27534
27637 27748 27842
27510 27501 27742
27622 27592 27806
28022 27934 28195
28403 28375 28604
28590 28517 28713
1/1/91 28933 28845 29126
29187 29096 29386
29102 29111 29347
29448 29416 29691
29565 29622 29842
29545 29593 29836
29774 29856 30114
30144 30166 30469
30443 30504 30822
30652 30758 31051
30818 30841 31172
31500 31433 31820
1/1/92 31450 31521 31906
31425 31555 31922
31229 31489 31836
31393 31732 32100
31803 32068 32389
32239 32520 32829
33167 33486 33666
32915 33148 33407
33154 33343 33648
32796 33067 33530
33281 33622 33926
33560 33915 34163
1/1/93 33893 34298 34515
34711 35320 35371
34381 34938 35031
34587 35225 35259
34642 35362 35382
35137 35875 35811
35040 35879 35836
35639 36542 36316
36007 36966 36574
36062 37044 36632
35883 36807 36530
36391 37436 37034
1/1/94 36706 37833 37386
36065 37008 36716
35366 35957 35942
35368 36141 36283
35587 36408 36483
35483 36303 36406
35871 36760 36799
36012 36903 36965
35719 36527 36714
35420 36100 36504
35020 35562 36252
35475 36091 36553
1/1/95 36132 36799 36977
36876 37572 37528
37259 37910 38057
37321 37974 38155
38266 38878 38985
38107 38734 38998
38458 39094 39515
38841 39478 39922
38993 39651 40064
39376 40032 40280
39818 40464 40637
40075 40735 40841
1/1/96 40373 41078 41274
40264 40946 41179
39891 40483 40950
39808 40406 40904
39813 40386 40854
40080 40629 41147
40366 40986 41433
40331 40994 41500
40701 41343 41815
41035 41740 42198
41640 42362 42777
41532 42234 42721
1/1/97 41687 42323 42867
41938 42632 43159
41599 42189 42733
41851 42396 42930
42281 42900 43371
42594 43286 43735
43376 44230 44515
43145 43867 44298
43532 44319 44691
43687 44523 44951
43832 44687 45090
44307 45246 45512
1/1/98 44617 45626 45900
44677 45644 45960
44709 45644 46029
44637 45402 45833
45043 46043 46375
45174 46172 46513
45296 46250 46680
45749 46925 47305
46137 47432 47774
================================================================================
Portfolio Profile
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
AAA 65%
AA 24%
A 5%
BBB 6%
Average Credit Quality: AA+
Average Duration: 4.1 yrs.
================================================================================
California Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lipper Lehman Brothers
California Intermediate Laddered
Municipal Municipal G/O Index
(after all costs) Composite (before all costs)
----------------- ------------ ------------------
25000 25000 25000
9/1/90 25155 25083 25058
25459 25394 25408
25844 25795 25777
26072 25924 25875
1/1/91 26340 26222 26247
26649 26450 26481
26566 26463 26446
26814 26741 26756
26937 26928 26892
26889 26901 26887
27112 27141 27137
27378 27423 27457
27686 27730 27776
27891 27960 27981
27989 28036 28090
28558 28574 28675
1/1/92 28610 28654 28752
28600 28686 28766
28370 28625 28689
28578 28846 28927
28916 29152 29187
29279 29563 29584
30091 30441 30339
29901 30133 30105
30111 30311 30322
29803 30059 30216
30239 30564 30572
30500 30830 30786
1/1/93 30820 31179 31103
31647 32108 31875
31314 31761 31569
31469 32021 31774
31577 32146 31885
31950 32612 32271
31855 32616 32293
32374 33219 32726
32702 33604 32959
32727 33675 33011
32544 33459 32919
33015 34032 33373
1/1/94 33326 34392 33690
32694 33643 33087
32066 32687 32389
32043 32854 32697
32213 33097 32876
32168 33001 32807
32562 33417 33162
32664 33547 33311
32381 33205 33084
32096 32816 32896
31737 32328 32669
31975 32809 32940
1/1/95 32592 33452 33322
33414 34155 33819
33727 34462 34296
33804 34521 34383
34674 35342 35132
34446 35212 35143
34807 35539 35609
35120 35887 35976
35330 36045 36104
35701 36391 36299
36150 36784 36620
36362 37031 36804
1/1/96 36708 37342 37194
36580 37222 37109
36160 36802 36902
36109 36732 36861
36084 36713 36816
36350 36934 37080
36604 37259 37338
36626 37266 37398
36955 37583 37682
37284 37944 38027
37797 38509 38549
37716 38394 38498
1/1/97 37822 38474 38630
38042 38755 38893
37705 38352 38509
37898 38540 38687
38309 38999 39084
38619 39349 39412
39374 40207 40115
39162 39878 39920
39476 40288 40274
39611 40474 40508
39739 40623 40633
40108 41131 41013
1/1/98 40439 41477 41363
40519 41493 41417
40487 41493 41479
40394 41273 41302
40842 41855 41791
40961 41973 41915
41067 42044 42065
41531 42658 42629
41992 43118 43052
================================================================================
Portfolio Profile
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
AAA 61%
AA 26%
A 7%
BBB 5%
Other 1%
Average Credit Quality: AA+
Average Duration: 4.1 yrs.
================================================================================
New York Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lipper Lehman Brothers
New York Intermediate Laddered
Municipal Municipal G/O Index
(after all costs) Composite (before all costs)
----------------- ------------ ------------------
25000 25000 25000
2/1/89 24881 24893 24768
24809 24820 24631
25201 25212 25035
25589 25550 25458
26022 25829 25759
26313 26128 26112
26154 26011 26020
26119 25972 26028
26415 26203 26260
26731 26510 26583
26872 26743 26798
1/1/90 26733 26679 26814
26912 26884 26996
26920 26868 26937
26800 26723 26864
27193 27177 27321
27412 27405 27534
27703 27748 27842
27579 27501 27742
27718 27592 27806
28096 27934 28195
28494 28375 28604
28658 28517 28713
1/1/91 28979 28845 29126
29257 29096 29386
29267 29111 29347
29548 29416 29691
29712 29622 29842
29717 29593 29836
29973 29856 30114
30301 30166 30469
30585 30504 30822
30796 30758 31051
30916 30841 31172
31642 31433 31820
1/1/92 31552 31521 31906
31632 31555 31922
31492 31489 31836
31761 31732 32100
32079 32068 32389
32544 32520 32829
33479 33486 33666
33211 33148 33407
33432 33343 33648
33106 33067 33530
33551 33622 33926
33820 33915 34163
1/1/93 34138 34298 34515
35046 35320 35371
34698 34938 35031
34941 35225 35259
35058 35362 35382
35516 35875 35811
35424 35879 35836
35981 36542 36316
36334 36966 36574
36393 37044 36632
36170 36807 36530
36714 37436 37034
1/1/94 37013 37833 37386
36374 37008 36716
35650 35957 35942
35660 36141 36283
35938 36408 36483
35864 36303 36406
36314 36760 36799
36384 36903 36965
36038 36527 36714
35665 36100 36504
35237 35562 36252
35779 36091 36553
1/1/95 36416 36799 36977
37197 37572 37528
37522 37910 38057
37644 37974 38155
38626 38878 38985
38465 38734 38998
38791 39094 39515
39206 39478 39922
39330 39651 40064
39721 40032 40280
40171 40464 40637
40419 40735 40841
1/1/96 40725 41078 41274
40529 40946 41179
40181 40483 40950
40131 40406 40904
40108 40386 40854
40379 40629 41147
40673 40986 41433
40646 40994 41500
41026 41343 41815
41401 41740 42198
41928 42362 42777
41845 42234 42721
1/1/97 41973 42323 42867
42260 42632 43159
41887 42189 42733
42143 42396 42930
42548 42900 43371
42870 43286 43735
43664 44230 44515
43397 43867 44298
43790 44319 44691
43981 44523 44951
44099 44687 45090
44582 45246 45512
1/1/98 44931 45626 45900
44962 45644 45960
44995 45644 46029
44829 45402 45833
45371 46043 46375
45544 46172 46513
45603 46250 46680
46164 46925 47305
46556 47432 47774
================================================================================
Portfolio Profile
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
AAA 66%
AA 14%
A 13%
BBB 7%
Average Credit Quality: AA+
Average Duration: 4.1 yrs.
..............................................................................
1 Past performance is not predictive of future results. The index is the
Lehman Brothers 3-5-7 Year Laddered G/O index, which includes
general-obligation municipal bonds laddered at three-, five- and
seven-year maturities. The index is a theoretical measure of
bond-market performance rather than an actual available investment,
which would reflect such expenses as management fees, transaction and
security-custody costs and, in the case of a mutual fund, the costs of
transfer agents and shareholder servicing. The Lipper Intermediate
Municipal Composite is the equal-weighted average return of the funds
in Lipper's intermediate municipal category.
- ------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Municipal-Bond Portfolios (Short-Term)
================================================================================
Short Duration Diversified Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lipper Lehman Brothers
Diversified Short-Term One-Year
Municipal Municipal Municipal Index
(after all costs) Composite (before all costs)
----------------- ---------- ------------------
25000 25000 25000
11/1/94 25015 24918 25038
25112 25007 25102
1/1/95 25255 25187 25231
25462 25424 25402
25617 25584 25570
25684 25669 25663
25959 25938 25904
26072 26032 25992
26204 26185 26182
26314 26313 26321
26366 26377 26394
26479 26503 26502
26616 26662 26628
26709 26777 26728
1/1/96 26844 26937 26881
26878 26970 26946
26869 26919 26964
26901 26948 27028
26968 27007 27096
27053 27105 27228
27168 27229 27343
27206 27289 27396
27336 27423 27520
27441 27574 27661
27608 27745 27828
27657 27789 27888
1/1/97 27786 27886 28049
27854 28006 28139
27827 27934 28125
27913 28029 28238
28058 28199 28380
28167 28343 28493
28298 28573 28668
28335 28573 28704
28477 28767 28852
28564 28871 28963
28624 28957 29052
28752 29114 29182
1/1/98 28882 29262 29335
28971 29332 29437
29036 29394 29521
29078 29394 29557
29203 29576 29711
29270 29677 29820
29378 29772 29922
29512 29986 30103
29622 30142 30246
================================================================================
Portfolio Profile
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
AAA 55%
AA 29%
A 5%
BBB 9%
Other 2%
Average Credit Quality: AA
Average Duration: 1.3 yrs.
================================================================================
Short Duration California Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lipper Lehman Brothers
California Short-Term One-Year
Municipal Municipal Municipal Index
(after all costs) Composite (before all costs)
----------------- ---------- ------------------
25000 25000 25000
11/1/94 24978 24918 25038
25055 25007 25102
1/1/95 25202 25187 25231
25451 25424 25402
25566 25584 25570
25668 25669 25663
25915 25938 25904
26000 26032 25992
26185 26185 26182
26267 26313 26321
26332 26377 26394
26442 26503 26502
26554 26662 26628
26631 26777 26728
1/1/96 26786 26937 26881
26813 26970 26946
26793 26919 26964
26841 26948 27028
26885 27007 27096
26990 27105 27228
27105 27229 27343
27146 27289 27396
27256 27423 27520
27384 27574 27661
27530 27745 27828
27578 27789 27888
1/1/97 27683 27886 28049
27747 28006 28139
27740 27934 28125
27824 28029 28238
27923 28199 28380
28030 28343 28493
28178 28573 28668
28209 28573 28704
28317 28767 28852
28393 28871 28963
28446 28957 29052
28571 29114 29182
1/1/98 28693 29262 29335
28778 29332 29437
28837 29394 29521
28848 29394 29557
28966 29576 29711
29053 29677 29820
29190 29772 29922
29318 29986 30103
29443 30142 30246
================================================================================
Portfolio Profile
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
AAA 58%
AA 27%
A 4%
BBB 4%
Other 7%
Average Credit Quality: AA+
Average Duration: 1.3 yrs.
================================================================================
Short Duration New York Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lipper Lehman Brothers
New York Short-Term One-Year
Municipal Municipal Municipal Index
(after all costs) Composite (before all costs)
----------------- ---------- ------------------
25000 25000 25000
11/1/94 24970 24918 25038
25062 25007 25102
1/1/95 25212 25187 25231
25450 25424 25402
25582 25584 25570
25659 25669 25663
25882 25938 25904
25984 26032 25992
26124 26185 26182
26221 26313 26321
26284 26377 26394
26374 26503 26502
26496 26662 26628
26583 26777 26728
1/1/96 26736 26937 26881
26803 26970 26946
26783 26919 26964
26806 26948 27028
26871 27007 27096
26956 27105 27228
27075 27229 27343
27073 27289 27396
27213 27423 27520
27350 27574 27661
27486 27745 27828
27520 27789 27888
1/1/97 27636 27886 28049
27707 28006 28139
27685 27934 28125
27779 28029 28238
27890 28199 28380
28005 28343 28493
28140 28573 28668
28158 28573 28704
28300 28767 28852
28388 28871 28963
28448 28957 29052
28553 29114 29182
1/1/98 28687 29262 29335
28755 29332 29437
28823 29394 29521
28843 29394 29557
28970 29576 29711
29060 29677 29820
29147 29772 29922
29279 29986 30103
29391 30142 30246
================================================================================
Portfolio Profile
================================================================================
(September 30, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A CHART IN THE PRINTED MATERIAL.]
AAA 58%
AA 17%
A 14%
BBB 11%
Average Credit Quality: AA+
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. The Lipper Short-Term
Municipal Composite is the equal-weighted average return of the funds in
Lipper's short-term municipal category.
................................................................................
1998 Annual Report 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--September 30, 1998
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL EMERGING INTERMEDIATE SHORT
VALUE MARKETS VALUE DURATION DURATION PLUS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $4,756,136,871 $331,331,180 $2,791,757,944 $589,841,747
Investments in securities at value--affiliated issuers (b) 5,942,509 17,062,452 0 0
Foreign currency at value (c) 42,291,038 8,275,734 9,294,193 1,722,216
Cash in bank 131 589 89,959 13,291
Receivables:
Interest 4,322 1,139 29,105,989 6,154,560
Dividends 17,614,816 2,702,122 0 0
Investment securities sold 111,336,685 0 6,125,619 883,000
Capital shares sold 23,156,039 8,204,129 5,454,396 353,748
Foreign withholding tax reclaims 6,099,772 0 0 0
Margin due from broker on futures contracts 161,315 0 377,257 46,349
Unamortized organization expenses (Note 1) 0 21,577 0 0
Collateral held for securities loaned, at value (Note 1) 969,291,961 0 0 0
Other assets 51,693 18,004 21,225 6,517
Appreciation on foreign currency contracts (Note 3D) 17,132,162 0 291,361 68,279
-------------- ------------ -------------- ------------
Total assets 5,949,219,314 367,616,926 2,842,517,943 599,089,707
-------------- ------------ -------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 0 0 3,637,202 889,194
Investment securities purchased 46,552,945 3,495,284 287,512,676 371,198
Capital shares redeemed 4,356,676 600,821 2,985,383 1,444,865
Management fee (Note 2) 3,904,290 366,150 970,359 242,010
Shareholder servicing and administration fee (Note 2) 1,038,858 73,230 206,503 48,402
Accrued expenses 922,071 246,864 274,693 52,538
Organization costs payable to the manager 0 3,103 0 0
Foreign withholding taxes 2,190,893 145,765 0 0
Margin owed to broker on futures contracts 1,664,141 0 1,424,719 0
Depreciation on foreign currency contracts (Note 3D) 6,714,682 0 3,957,504 954,332
Securities lending collateral, at value (Note 1) 969,291,961 0 0 0
-------------- ------------ -------------- ------------
Total liabilities 1,036,636,517 4,931,217 300,969,039 4,002,539
-------------- ------------ -------------- ------------
NET ASSETS (d) $4,912,582,797 $362,685,709 $2,541,548,904 $595,087,168
============== ============ ============== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $17.63 $10.11 $13.49 $12.53
============== ============ ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 278,637 $ 35,870 $ 188,391 $ 47,482
Additional paid-in capital 4,708,689,110 703,083,321 2,474,315,368 597,062,089
Undistributed net investment income/(excess distributions) 243,194,051 1,160,120 (2,498,711) (913,770)
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 242,274,620 (30,463,194) 24,492,370 (4,717,728)
Unrealized appreciation (depreciation) of:
Investments and futures (292,239,445) (311,072,858) 48,192,455 4,387,031
Foreign currencies 10,385,824 (57,550) (3,140,969) (777,936)
-------------- ------------ -------------- ------------
$4,912,582,797 $362,685,709 $2,541,548,904 $595,087,168
============== ============ ============== ============
</TABLE>
(a) Cost: $5,040,435,094; $630,199,202; $2,737,523,035; $585,594,865;
$134,309,252; $1,358,608,384; $525,756,165; $780,962,389; $159,513,764;
$96,038,483; and $78,061,739, respectively (Note 1) (b) Cost: $12,889,937 and
$29,267,288, respectively (Note 1) (c) Cost: $42,408,240; $8,426,765;
$8,779,006; and $1,616,873, respectively (Note 1) (d) Applicable to:
278,635,991; 35,870,455; 188,389,761; 47,481,108; 10,904,533; 99,275,747;
38,753,540; 58,817,028; 12,615,659; 7,855,273; and 6,309,282 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.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
GOVERNMENT DIVERSIFIED CALIFORNIA NEW YORK
SHORT DURATION MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $135,931,564 $1,412,080,624 $546,780,666 $813,435,056
Investments in securities at value--affiliated issuers (b) 0 0 0 0
Foreign currency at value (c) 0 0 0 0
Cash in bank 907 46,230 74,331 125
Receivables:
Interest 2,338,631 19,504,423 8,080,432 12,485,280
Dividends 0 0 0 0
Investment securities sold 0 0 0 2,024,355
Capital shares sold 196,871 4,010,868 1,491,318 987,966
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 1,518 11,526 4,114 7,071
Appreciation on foreign currency contracts (Note 3D) 0 0 0 0
-------------- -------------- -------------- ------------
Total assets 138,469,491 1,435,653,671 556,430,861 828,939,853
-------------- -------------- -------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 219,226 1,856,101 703,769 1,108,018
Investment securities purchased 0 46,211,475 5,311,646 10,639,460
Capital shares redeemed 119,934 481,575 302,709 260,539
Management fee (Note 2) 56,905 547,562 223,175 331,240
Shareholder servicing and administration fee (Note 2) 11,381 112,548 44,635 66,248
Accrued expenses 24,852 176,662 87,479 106,334
Organization costs payable to the manager 0 0 0 0
Foreign withholding taxes 0 0 0 0
Margin owed to broker on futures contracts 0 482,343 0 345,938
Depreciation on foreign currency contracts (Note 3D) 0 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0 0
-------------- -------------- -------------- ------------
Total liabilities 432,298 49,868,266 6,673,413 12,857,777
-------------- -------------- -------------- ------------
NET ASSETS (d) $138,037,193 $1,385,785,405 $549,757,448 $816,082,076
============== ============== ============== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.66 $13.96 $14.19 $13.87
============== ============== ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 10,905 $ 99,277 $ 38,754 $ 58,818
Additional paid-in capital 137,833,291 1,330,456,643 527,125,523 781,743,968
Undistributed net investment income/(excess distributions) 55,344 32,266 (31,860) 9,519
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (1,484,659) 2,636,792 1,600,530 2,363,417
Unrealized appreciation (depreciation) of:
Investments and futures 1,622,312 52,560,427 21,024,501 31,906,354
Foreign currencies 0 0 0 0
-------------- -------------- -------------- ------------
$138,037,193 $1,385,785,405 $549,757,448 $816,082,076
============== ============== ============== ============
<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) $160,263,318 $96,677,500 $78,359,919
Investments in securities at value--affiliated issuers (b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 84,028 1,190,327 19,751
Receivables:
Interest 2,297,660 1,410,584 1,082,124
Dividends 0 0 0
Investment securities sold 1,085,000 0 0
Capital shares sold 1,137,712 56,600 60,305
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 4,213 1,455 1,650
Collateral held for securities loaned, at value (Note 1) 0 0 0
Other assets 1,581 882 810
Appreciation on foreign currency contracts (Note 3D) 0 0 0
-------------- ------------ --------------
Total assets 164,873,512 99,337,348 79,524,559
-------------- ------------ --------------
LIABILITIES
Payables:
Dividends to shareholders 189,223 110,646 91,351
Investment securities purchased 5,886,998 0 614,702
Capital shares redeemed 88,661 100,349 82,239
Management fee (Note 2) 63,920 39,855 31,970
Shareholder servicing and administration fee (Note 2) 12,784 7,971 6,394
Accrued expenses 31,614 26,981 22,932
Organization costs payable to the manager 4,941 1,857 2,078
Foreign withholding taxes 0 0 0
Margin owed to broker on futures contracts 42,188 0 21,094
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0
-------------- ------------ --------------
Total liabilities 6,320,329 287,659 872,760
-------------- ------------ --------------
NET ASSETS (d) $158,553,183 $99,049,689 $78,651,799
============== ============ ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.57 $12.61 $12.47
============== ============ ==============
NET ASSETS CONSIST OF:
Capital stock, at par $ 12,616 $ 7,855 $ 6,310
Additional paid-in capital 157,616,087 98,304,436 78,590,757
Undistributed net investment income/(excess distributions) (9,678) (20,838) 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 258,542 119,219 (206,120)
Unrealized appreciation (depreciation) of:
Investments and futures 675,616 639,017 260,680
Foreign currencies 0 0 0
-------------- ------------ --------------
$158,553,183 $99,049,689 $78,651,799
============== ============ ==============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Annual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1998
<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>
INVESTMENT INCOME
Income:
Interest $36,020,922 $796,857 $138,502,022 $34,819,188
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $11,928,050 and $1,017,115) 82,534,329 11,820,391 0 0
Dividends--affiliated issuers 0 176,108 0 0
------------- ------------- ------------- -------------
Total income 118,555,251 12,793,356 138,502,022 34,819,188
------------- ------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 49,783,233 5,214,211 10,858,619 2,959,580
Shareholder servicing and administration fee 13,273,120 1,044,578 2,301,915 591,916
Custodian and transfer agent fees 2,797,503 907,703 365,707 160,077
Auditing and tax consulting fees 133,897 18,883 62,125 21,767
Insurance 63,069 6,194 25,906 7,935
Directors' fees and expenses 76,242 6,151 32,339 8,119
Legal fees 55,578 3,166 10,177 2,676
Registration fees 319,505 120,760 195,958 32,237
Printing 71,643 22,984 26,858 8,735
Amortization of organization expense 0 9,299 0 0
Miscellaneous 83,349 43,363 37,564 10,715
------------- ------------- ------------- -------------
Total expenses 66,657,139 7,397,292 13,917,168 3,803,757
------------- ------------- ------------- -------------
Net investment income 51,898,112 5,396,064 124,584,854 31,015,431
------------- ------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 252,722,585(a) (30,463,089) 39,327,430 1,271,918
Futures transactions (6,431,151) 0 (808,797) (352,159)
Foreign currency transactions 202,852,911 (3,198,459) (4,285,320) (878,851)
------------- ------------- ------------- -------------
Net realized gain (loss) on investment,
futures and foreign currency transactions 449,144,345 (33,661,548) 34,233,313 40,908
------------- ------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (916,280,711) (282,080,651) 34,645,475 4,606,257
Foreign currencies 11,676,196 41,198 (2,661,163) (612,233)
------------- ------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies (904,604,515) (282,039,453) 31,984,312 3,994,024
------------- ------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (455,460,170) (315,701,001) 66,217,625 4,034,932
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $(403,562,058) $(310,304,937) $190,802,479 $35,050,363
============= ============= ============= =============
</TABLE>
(a) Includes net realized gain (loss) from investment transactions of $(5,238)
from affiliated issuers
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
GOVERNMENT DIVERSIFIED CALIFORNIA NEW YORK
SHORT DURATION MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $8,124,744 $60,038,813 $22,203,565 $36,549,517
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $11,928,050 and $1,017,115) 0 0 0 0
Dividends--affiliated issuers 0 0 0 0
----------- ----------- ----------- -----------
Total income 8,124,744 60,038,813 22,203,565 36,549,517
----------- ----------- ----------- -----------
Expenses (Notes 1 and 2):
Management fee 697,100 6,124,465 2,363,510 3,729,305
Shareholder servicing and administration fee 139,420 1,249,881 472,702 745,861
Custodian and transfer agent fees 88,571 322,328 167,854 217,834
Auditing and tax consulting fees 10,188 36,393 17,340 23,836
Insurance 1,846 14,063 5,029 8,620
Directors' fees and expenses 2,054 17,418 6,616 10,412
Legal fees 686 5,523 2,108 3,318
Registration fees 28,202 136,994 39,530 41,995
Printing 2,225 19,528 7,124 12,231
Amortization of organization expense 0 0 0 0
Miscellaneous 2,696 14,333 5,458 9,317
----------- ----------- ----------- -----------
Total expenses 972,988 7,940,926 3,087,271 4,802,729
----------- ----------- ----------- -----------
Net investment income 7,151,756 52,097,887 19,116,294 31,746,788
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 359,668 3,559,573 1,868,344 2,841,704
Futures transactions 106,861 0 0 0
Foreign currency transactions 0 0 0 0
----------- ----------- ----------- -----------
Net realized gain (loss) on investment,
futures and foreign currency transactions 466,529 3,559,573 1,868,344 2,841,704
----------- ----------- ----------- -----------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 936,119 17,757,074 8,730,332 11,740,142
Foreign currencies 0 0 0 0
----------- ----------- ----------- -----------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies 936,119 17,757,074 8,730,332 11,740,142
----------- ----------- ----------- -----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 1,402,648 21,316,647 10,598,676 14,581,846
----------- ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations $8,554,404 $73,414,534 $29,714,970 $46,328,634
=========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Annual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1998 (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 $6,467,212 $3,598,015 $3,430,591
Dividends--unaffiliated issuers 0 0 0
Dividends--affiliated issuers 0 0 0
----------- ----------- -----------
Total income 6,467,212 3,598,015 3,430,591
----------- ----------- -----------
Expenses (Notes 1 and 2):
Management fee 753,420 441,450 389,910
Shareholder servicing and administration fee 150,684 88,290 77,982
Custodian and transfer agent fees 116,739 90,336 86,784
Auditing and tax consulting fees 9,781 8,280 8,053
Insurance 1,930 1,080 994
Directors' fees and expenses 2,109 1,274 1,144
Legal fees 719 440 401
Registration fees 31,390 7,958 4,515
Printing 3,240 1,616 1,922
Amortization of organization expense 3,884 1,338 1,525
Miscellaneous 2,621 1,789 1,663
----------- ----------- -----------
Total expenses 1,076,517 643,851 574,893
----------- ----------- -----------
Net investment income 5,390,695 2,954,164 2,855,698
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 328,088 119,716 (203,871)
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
----------- ----------- -----------
Net realized gain (loss) on investment,
futures and foreign currency transactions 328,088 119,716 (203,871)
----------- ----------- -----------
Net increase in unrealized
appreciation/(depreciation) of:
Investments and futures 239,108 335,512 248,888
Foreign currencies 0 0 0
----------- ----------- -----------
Net increase in unrealized appreciation/(depreciation)
on investments, futures and foreign currencies 239,108 335,512 248,888
----------- ----------- -----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 567,196 455,228 45,017
----------- ----------- -----------
Net increase in net assets
resulting from operations $5,957,891 $3,409,392 $2,900,715
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE EMERGING MARKETS VALUE
PORTFOLIO PORTFOLIO
-------------------------- -----------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/98 9/30/97 9/30/98 9/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $51,898,112 $54,354,426 $5,396,064 $2,210,304
Net realized gain (loss) on investments
and futures transactions 246,291,434 171,493,204 (30,463,089) 12,062,290
Net realized gain (loss) on foreign
currency transactions 202,852,911 230,436,548 (3,198,459) (983,289)
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (916,280,711) 409,778,908 (282,080,651) (10,738,278)
Foreign currencies 11,676,196 (20,625,048) 41,198 (92,721)
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations (403,562,058) 845,438,038 (310,304,937) 2,458,306
-------------- -------------- ------------ ------------
Dividends and distributions to shareholders:
Dividends from net investment income (264,449,031) (177,062,085) (2,126,337) (1,152,059)
Distributions from net realized gains (168,349,560) (39,191,692) (12,049,985) (290,473)
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 (432,798,591) (216,253,777) (14,176,322) (1,442,532)
-------------- -------------- ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 1,172,186,510 1,450,373,271 295,773,817 179,156,364
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 420,644,903 206,728,506 14,016,481 1,364,309
-------------- -------------- ------------ ------------
Total proceeds from shares sold 1,592,831,413 1,657,101,777 309,790,298 180,520,673
Cost of shares redeemed (809,885,835) (451,546,431) (60,928,378) (17,155,531)
-------------- -------------- ------------ ------------
Increase (decrease) in net assets from
capital-share transactions 782,945,578 1,205,555,346 248,861,920+ 163,365,142+
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets (53,415,071) 1,834,739,607 (75,619,339) 164,380,916
NET ASSETS:
Beginning of period 4,965,997,868 3,131,258,261 438,305,048 273,924,132
-------------- -------------- ------------ ------------
End of period $4,912,582,797 $4,965,997,868 $362,685,709 $438,305,048
============== ============== ============ ============
(a) (b) (c) (d)
<CAPTION>
BERNSTEIN
INTERMEDIATE DURATION
PORTFOLIO
----------------------------
YEAR YEAR
ENDED ENDED
9/30/98 9/30/97
- -----------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 124,584,854 $ 97,883,398
Net realized gain (loss) on investments
and futures transactions 38,518,633 29,519,760
Net realized gain (loss) on foreign
currency transactions (4,285,320) 7,976,379
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 34,645,475 10,064,506
Foreign currencies (2,661,163) (860,039)
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 190,802,479 144,584,004
-------------- --------------
Dividends and distributions to shareholders:
Dividends from net investment income (138,009,938) (104,555,087)
Distributions from net realized gains (26,215,852) 0
Distributions in excess of net investment
income due to timing differences (2,808,987) 0
Distributions in excess of net realized
gains due to timing differences 0 0
-------------- --------------
Total dividends and distributions
to shareholders (167,034,777) (104,555,087)
-------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 749,852,180 822,336,300
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 58,077,287 26,308,709
-------------- --------------
Total proceeds from shares sold 807,929,467 848,645,009
Cost of shares redeemed (348,368,757) (282,229,570)
-------------- --------------
Increase (decrease) in net assets from
capital-share transactions 459,560,710 566,415,439
-------------- --------------
Net increase (decrease) in net assets 483,328,412 606,444,356
NET ASSETS:
Beginning of period 2,058,220,492 1,451,776,136
-------------- --------------
End of period $2,541,548,904 $2,058,220,492
============== ==============
(e) (f)
</TABLE>
(a) Includes undistributed net investment income/(excess distributions) of
$243,194,051 (b) Includes undistributed net investment income/(excess
distributions) of $252,892,059 (c) Includes undistributed net investment
income/(excess distributions) of $1,160,120 (d) Includes undistributed net
investment income/(excess distributions) of $1,084,293 (e) Includes
undistributed net investment income/(excess distributions) of $(2,498,711) (f)
Includes undistributed net investment income/(excess distributions) of
$13,425,164
+ Includes effect of portfolio transaction fee in the amounts of $7,165,862 and
$3,912,648 for the periods ended September 30, 1998 and September 30, 1997,
respectively.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Annual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION GOVERNMENT SHORT
PLUS PORTFOLIO DURATION PORTFOLIO
------------------------ -----------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/98 9/30/97 9/30/98 9/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $31,015,431 $31,349,977 $7,151,756 $7,279,080
Net realized gain (loss) on investments
and futures transactions 919,759 3,036,827 466,529 34,364
Net realized gain (loss) on foreign
currency transactions (878,851) 2,405,385 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 4,606,257 (1,454,162) 936,119 525,741
Foreign currencies (612,233) (253,130) 0 0
------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 35,050,363 35,084,897 8,554,404 7,839,185
------------ ------------ ------------ ------------
Dividends and distributions
to shareholders:
Dividends from net investment income (34,333,057) (32,676,633) (7,151,756) (7,279,080)
Distributions from net realized gains 0 0 0 0
Distributions in excess of net investment
income due to timing differences (871,494) 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------------ ------------ ------------ ------------
Total dividends and distributions
to shareholders (35,204,551) (32,676,633) (7,151,756) (7,279,080)
------------ ------------ ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 200,864,826 251,630,940 48,588,624 53,364,135
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 11,759,861 11,982,008 2,955,299 3,198,539
------------ ------------ ------------ ------------
Total proceeds from shares sold 212,624,687 263,612,948 51,543,923 56,562,674
Cost of shares redeemed (230,127,588) (191,524,695) (56,990,648) (54,843,647)
------------ ------------ ------------ ------------
Increase (decrease) in net assets from
capital-share transactions (17,502,901) 72,088,253 (5,446,725) 1,719,027
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (17,657,089) 74,496,517 (4,044,077) 2,279,132
NET ASSETS:
Beginning of period 612,744,257 538,247,740 142,081,270 139,802,138
------------ ------------ ------------ ------------
End of period $595,087,168 $612,744,257 $138,037,193 $142,081,270
============ ============ ============ ============
(g) (h) (i) (i)
<CAPTION>
BERNSTEIN
DIVERSIFIED MUNICIPAL
PORTFOLIO
----------------------------
YEAR YEAR
ENDED ENDED
9/30/98 9/30/97
- --------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 52,097,887 $ 42,797,943
Net realized gain (loss) on investments
and futures transactions 3,559,573 921,074
Net realized gain (loss) on foreign
currency transactions 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 17,757,074 21,574,271
Foreign currencies 0 0
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 73,414,534 65,293,288
-------------- --------------
Dividends and distributions
to shareholders:
Dividends from net investment income (52,097,887) (42,797,943)
Distributions from net realized gains (607,173) (787,195)
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 dividends and distributions
to shareholders (52,705,060) (43,585,138)
-------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 435,356,711 412,440,715
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 11,507,786 10,732,504
-------------- --------------
Total proceeds from shares sold 446,864,497 423,173,219
Cost of shares redeemed (196,163,031) (150,902,213)
-------------- --------------
Increase (decrease) in net assets from
capital-share transactions 250,701,466 272,271,006
-------------- --------------
Net increase (decrease) in net assets 271,410,940 293,979,156
NET ASSETS:
Beginning of period 1,114,374,465 820,395,309
-------------- --------------
End of period $1,385,785,405 $1,114,374,465
============== ==============
(j) (j)
</TABLE>
(g) Includes undistributed net investment income/(excess distributions) of
$(913,770) (h) Includes undistributed net investment income/(excess
distributions) of $3,317,626 (i) Includes undistributed net investment
income/(excess distributions) of $55,344 (j) Includes undistributed net
investment income/(excess distributions) of $32,266
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
------------------------ ---------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/98 9/30/97 9/30/98 9/30/97
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $19,116,294 $14,461,741 $31,746,788 $27,216,718
Net realized gain (loss) on investments
and futures transactions 1,868,344 672,821 2,841,704 1,118,095
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 8,730,332 7,475,656 11,740,142 11,126,668
Foreign currencies 0 0 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 29,714,970 22,610,218 46,328,634 39,461,481
------------- ------------- ------------- -------------
Dividends and distributions
to shareholders:
Dividends from net investment income (19,116,294) (14,461,741) (31,746,788) (27,216,718)
Distributions from net realized gains (233,401) 0 (346,570) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total dividends and distributions
to shareholders (19,349,695) (14,461,741) (32,093,358) (27,216,718)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 219,904,277 179,166,284 253,712,889 211,956,842
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 4,606,892 3,573,855 8,746,828 8,095,579
------------- ------------- ------------- -------------
Total proceeds from shares sold 224,511,169 182,740,139 262,459,717 220,052,421
Cost of shares redeemed (96,503,425) (65,262,022) (132,313,148) (99,813,691)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions 128,007,744 117,478,117 130,146,569 120,238,730
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 138,373,019 125,626,594 144,381,845 132,483,493
NET ASSETS:
Beginning of period 411,384,429 285,757,835 671,700,231 539,216,738
------------- ------------- ------------- -------------
End of period $549,757,448 $411,384,429 $816,082,076 $671,700,231
============= ============= ============= =============
(k) (k) (l) (l)
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL
PORTFOLIO PORTFOLIO
------------------------- ---------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/98 9/30/97 9/30/98 9/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $5,390,695 $4,950,067 $2,954,164 $2,715,856
Net realized gain (loss) on investments
and futures transactions 328,088 373,938 119,716 40,413
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 239,108 105,400 335,512 133,566
Foreign currencies 0 0 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 5,957,891 5,429,405 3,409,392 2,889,835
------------- ------------- ------------- -------------
Dividends and distributions
to shareholders:
Dividends from net investment income (5,390,695) (4,950,067) (2,954,164) (2,715,856)
Distributions from net realized gains (430,886) (123,013) (40,712) (72,490)
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 (5,821,581) (5,073,080) (2,994,876) (2,788,346)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 119,003,582 124,984,043 81,506,038 62,920,253
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 2,145,728 1,725,958 1,233,302 1,103,952
------------- ------------- ------------- -------------
Total proceeds from shares sold 121,149,310 126,710,001 82,739,340 64,024,205
Cost of shares redeemed (114,553,849) (94,340,876) (70,415,018) (50,740,111)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions 6,595,461 32,369,125 12,324,322 13,284,094
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 6,731,771 32,725,450 12,738,838 13,385,583
NET ASSETS:
Beginning of period 151,821,412 119,095,962 86,310,851 72,925,268
------------- ------------- ------------- -------------
End of period $158,553,183 $151,821,412 $99,049,689 $86,310,851
============= ============= ============= =============
(m) (m) (n) (n)
<CAPTION>
BERNSTEIN
SHORT DURATION
NEW YORK MUNICIPAL
PORTFOLIO
-------------------------------------
YEAR YEAR
ENDED ENDED
9/30/98 9/30/97
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 2,855,698 $ 2,765,206
Net realized gain (loss) on investments
and futures transactions (203,871) 95,685
Net realized gain (loss) on foreign
currency transactions 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 248,888 (167,004)
Foreign currencies 0 0
------------ ------------
Net increase (decrease) in net assets
resulting from operations 2,900,715 2,693,887
------------ ------------
Dividends and distributions
to shareholders:
Dividends from net investment income (2,855,698) (2,765,206)
Distributions from net realized gains (90,423) (201,609)
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 dividends and distributions
to shareholders (2,946,121) (2,966,815)
------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 58,499,121 60,404,681
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 1,206,408 1,353,366
------------ ------------
Total proceeds from shares sold 59,705,529 61,758,047
Cost of shares redeemed (57,150,087) (44,093,590)
------------ ------------
Increase (decrease) in net assets from
capital-share transactions 2,555,442 17,664,457
------------ ------------
Net increase (decrease) in net assets 2,510,036 17,391,529
NET ASSETS:
Beginning of period 76,141,763 58,750,234
------------ ------------
End of period $78,651,799 $76,141,763
============ ============
(o) (o)
</TABLE>
(k) Includes undistributed net investment income/(excess distributions) of
$(31,860) (l) Includes undistributed net investment income/(excess
distributions) of $9,519 (m) Includes undistributed net investment
income/(excess distributions) of $(9,678) (n) Includes undistributed net
investment income/(excess distributions) of $(20,838) (o) Includes undistributed
net investment income/(excess distributions) of $172
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Annual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding
for each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
Bernstein International Value Portfolio
------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/96 9/30/95 9/30/94
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $20.92 $18.14 $16.08 $16.57 $15.39
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.20 0.26 0.23 0.18 0.19
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies (1.67) 3.73 2.26 0.07 1.13
------ ------ ------ ------ ------
Total from investment operations (1.47) 3.99 2.49 0.25 1.32
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (1.11) (0.99) (0.10) (0.11) (0.02)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains (0.71) (0.22) (0.33) (0.63) (0.12)
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 (1.82) (1.21) (0.43) (0.74) (0.14)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $17.63 $20.92 $18.14 $16.08 $16.57
====== ====== ====== ====== ======
Total return (7.19)% 23.25% 15.83% 1.84% 8.55%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $4,912,583 $4,965,998 $3,131,258 $1,996,112 $1,343,266
Average net assets (000 omitted) $5,309,076 $3,977,823 $2,569,586 $1,591,703 $948,563
Ratio of expenses to average net assets 1.26% 1.27% 1.31% 1.35% 1.39%
Ratio of net investment income to average
net assets 0.98% 1.37% 1.37% 1.17% 1.13%
Portfolio turnover rate 30.34% 26.24% 21.89% 29.53% 23.78%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN EMERGING BERNSTEIN
MARKETS VALUE INTERMEDIATE
PORTFOLIO DURATION PORTFOLIO
--------------------------------------------- ------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/96 (a) 9/30/98 9/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $22.54 $21.82 $20.00 $13.38 $13.08
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.20 0.14 0.18 0.73 0.75
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies (12.17) 0.44 0.83 0.37 0.35
------ ------ ------ ------ ------
Total from investment operations (11.97) 0.58 1.01 1.10 1.10
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.11) (0.08) 0 (0.80) (0.80)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains (0.61) (0.02) 0 (0.17) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 (0.02) 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.72) (0.10) 0 (0.99) (0.80)
------ ------ ------ ------ ------
Portfolio transaction fee 0.26 0.24 0.81 0 0
------ ------ ------ ------ ------
Net asset value, end of period $10.11 $22.54 $21.82 $13.49 $13.38
====== ====== ====== ====== ======
Total return (55.09)%+ (0.32)%+ 4.80%+ 8.59% 8.66%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $362,686 $438,305 $273,924 $2,541,549 $2,058,220
Average net assets (000 omitted) $417,615 $379,351 $165,362 $2,303,250 $1,745,554
Ratio of expenses to average net assets 1.77% 1.75% 1.92%* 0.60% 0.62%
Ratio of net investment income to average
net assets 1.29% 0.58% 1.01%* 5.41% 5.61%
Portfolio turnover rate 19.56% 32.45% 9.81% 233.08% 238.04%
<CAPTION>
BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
--------------------------------------------
Year Ended Year Ended Year Ended
9/30/96 9/30/95 9/30/94
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.30 $12.54 $13.92
------ ------ ------
Income from investment operations:
Investment income, net 0.80 0.78 0.68
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies (0.14) 0.77 (1.15)
------ ------ ------
Total from investment operations 0.66 1.55 (0.47)
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.80) (0.76) (0.70)
Dividends from tax-exempt net
investment income 0 0 0
Distributions from net realized gains (0.08) 0 (0.08)
Distributions in excess of net investment
income due to timing differences 0 (0.03) 0
Distributions in excess of net realized
gains due to timing differences 0 0 (0.13)
------ ------ ------
Total distributions (0.88) (0.79) (0.91)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $13.08 $13.30 $12.54
====== ====== ======
Total return 5.05% 12.82% (3.54)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $1,451,776 $1,142,768 $ 848,529
Average net assets (000 omitted) $1,310,208 $ 957,247 $ 764,519
Ratio of expenses to average net assets 0.63% 0.64% 0.65%
Ratio of net investment income to average
net assets 5.99% 6.11% 5.14%
Portfolio turnover rate 141.04% 212.40% 203.73%
</TABLE>
+ This reflects the return to a shareholder who purchased shares of the
Portfolio at the beginning of the period and redeemed them at the end of the
period, paying, in each case, the 2.00% portfolio transaction fee. Total
return to a shareholder for the periods ending September 30, 1998, September
30, 1997 and September 30, 1996, without taking account of these transaction
fees would have been (53.24)%, 3.79% and 9.10%, respectively.
* Annualized
(a) Commenced operations December 15, 1995
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Annual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding
for each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
Bernstein Short Duration Plus Portfolio
---------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/96 9/30/95 9/30/94
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.48 $12.49 $12.32 $12.89
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.65 0.67 0.69 0.70 0.55
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.09 0.08 (0.01) 0.18 (0.40)
------ ------ ------ ------ ------
Total from investment operations 0.74 0.75 0.68 0.88 0.15
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.72) (0.70) (0.69) (0.69) (0.56)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 0 0 0
Distributions in excess of net investment
income due to timing differences (0.02) 0 0 (0.02) 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 (0.16)
------ ------ ------ ------ ------
Total distributions (0.74) (0.70) (0.69) (0.71) (0.72)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.53 $12.53 $12.48 $12.49 $12.32
====== ====== ====== ====== ======
Total return 6.10% 6.21% 5.54% 7.36% 1.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $595,087 $612,744 $538,248 $534,462 $550,415
Average net assets (000 omitted) $591,866 $583,003 $532,094 $536,042 $529,892
Ratio of expenses to average net assets 0.64% 0.65% 0.65% 0.65% 0.65%
Ratio of net investment income to average
net assets 5.24% 5.38% 5.47% 5.69% 4.30%
Portfolio turnover rate 71.40% 118.58% 169.96% 61.03% 285.80%
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein Government Short Duration Portfolio
---------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year ended Year Ended
9/30/98 9/30/97 9/30/96 9/30/95 9/30/94
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.48 $12.55 $12.34 $12.87
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.64 0.67 0.65 0.69 0.49
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.13 0.05 (0.07) 0.21 (0.38)
------ ------ ------ ------ ------
Total from investment operations 0.77 0.72 0.58 0.90 0.11
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.64) (0.67) (0.65) (0.69) (0.49)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 (0.15)
------ ------ ------ ------ ------
Total distributions (0.64) (0.67) (0.65) (0.69) (0.64)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.66 $12.53 $12.48 $12.55 $12.34
====== ====== ====== ====== ======
Total return 6.35% 5.88% 4.76% 7.55% 0.85%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $138,037 $142,081 $139,802 $143,723 $185,028
Average net assets (000 omitted) $139,410 $136,888 $145,268 $145,710 $188,013
Ratio of expenses to average net assets 0.70% 0.69% 0.69% 0.69% 0.68%
Ratio of net investment income to average
net assets 5.13% 5.32% 5.21% 5.58% 3.85%
Portfolio turnover rate 56.93% 80.11% 155.29% 49.34% 213.02%
<CAPTION>
Bernstein Diversified Municipal Portfolio
---------------------------------------------
Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.74 $13.44 $13.50
------ ------ ------
Income from investment operations:
Investment income, net 0.58 0.60 0.63
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.23 0.31 (0.04)
------ ------ ------
Total from investment operations 0.81 0.91 0.59
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.01)
Dividends from tax-exempt net
investment income (0.56) (0.58) (0.62)
Distributions from net realized gains (0.01) (0.01) (0.02)
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 (0.59) (0.61) (0.65)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $13.96 $13.74 $13.44
====== ====== ======
Total return 5.98% 6.95% 4.38%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $1,385,785 $1,114,374 $820,395
Average net assets (000 omitted) $1,250,621 $965,455 $744,452
Ratio of expenses to average net assets 0.63% 0.65% 0.66%
Ratio of net investment income to average
net assets 4.17% 4.43% 4.61%
Portfolio turnover rate 22.00% 24.65% 25.22%
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1998 Annual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding
for each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
Bernstein Diversified
Municipal Portfolio Bernstein California Municipal Portfolio
--------------------------- ------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/95 9/30/94 9/30/98 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.99 $13.78 $13.90 $13.58 $13.58
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.65 0.61 0.57 0.59 0.61
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.51 (0.72) 0.30 0.32 0
------ ------ ------ ------ ------
Total from investment operations 1.16 (0.11) 0.87 0.91 0.61
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.01) (0.02) (0.03) (0.03)
Dividends from tax-exempt net
investment income (0.63) (0.60) (0.55) (0.56) (0.58)
Distributions from net realized gains 0 (0.03) (0.01) 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 (0.04) 0 0 0
------ ------ ------ ------ ------
Total distributions (0.65) (0.68) (0.58) (0.59) (0.61)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.50 $12.99 $14.19 $13.90 $13.58
====== ====== ====== ====== ======
Total return 9.16% (0.80)% 6.37% 6.82% 4.60%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $660,814 $552,134 $549,757 $411,384 $285,758
Average net assets (000 omitted) $572,769 $509,380 $473,077 $339,514 $246,410
Ratio of expenses to average net assets 0.66% 0.67% 0.65% 0.67% 0.68%
Ratio of net investment income to average
net assets 4.89% 4.57% 4.04% 4.26% 4.48%
Portfolio turnover rate 42.55% 34.45% 25.33% 41.32% 23.87%
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein California
Municipal Portfolio
-------------------------------
Year Ended Year Ended
9/30/95 9/30/94
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $13.06 $13.83
------ ------
Income from investment operations:
Investment income, net 0.64 0.61
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.52 (0.74)
------ ------
Total from investment operations 1.16 (0.13)
------ ------
Less distributions:
Dividends from taxable net investment income (0.05) (0.02)
Dividends from tax-exempt net
investment income (0.59) (0.59)
Distributions from net realized gains 0 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 (0.03)
------ ------
Total distributions (0.64) (0.64)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $13.58 $13.06
====== ======
Total return 9.11% (0.98)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $213,951 $192,993
Average net assets (000 omitted) $185,990 $168,797
Ratio of expenses to average net assets 0.69% 0.70%
Ratio of net investment income to average
net assets 4.78% 4.51%
Portfolio turnover rate 63.89% 24.55%
<CAPTION>
Bernstein New York Municipal Portfolio
---------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/96 9/30/95 9/30/94
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.62 $13.35 $13.48 $12.98 $13.80
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.58 0.61 0.64 0.65 0.64
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.26 0.27 (0.07) 0.50 (0.75)
------ ------ ------ ------ ------
Total from investment operations 0.84 0.88 0.57 1.15 (0.11)
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01) (0.02) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.57) (0.60) (0.62) (0.63) (0.62)
Distributions from net realized gains (0.01) 0 (0.06) 0 (0.03)
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 (0.04)
------ ------ ------ ------ ------
Total distributions (0.59) (0.61) (0.70) (0.65) (0.71)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.87 $13.62 $13.35 $13.48 $12.98
====== ====== ====== ====== ======
Total return 6.32% 6.73% 4.31% 9.14% (0.81)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $816,082 $671,700 $539,217 $458,543 $408,021
Average net assets (000 omitted) $746,257 $603,119 $497,391 $413,892 $381,144
Ratio of expenses to average net assets 0.64% 0.65% 0.66% 0.66% 0.67%
Ratio of net investment income to average
net assets 4.25% 4.51% 4.73% 4.95% 4.78%
Portfolio turnover rate 27.20% 25.94% 26.19% 44.84% 22.45%
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1998 Annual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding
for each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
Bernstein
Short
Duration
California
Bernstein Short Duration Municipal
Diversified Municipal Portfolio Portfolio
--------------------------------------------------------- -----------
Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/96 9/30/95 (b) 9/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.56 $12.52 $12.63 $12.50 $12.55
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.45 0.46 0.52 0.55 0.42
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.04 0.05 (0.06) 0.13 0.07
------ ------ ------ ------ ------
Total from investment operations 0.49 0.51 0.46 0.68 0.49
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02) (0.02) (0.04) (0.02)
Dividends from tax-exempt net
investment income (0.44) (0.44) (0.50) (0.51) (0.40)
Distributions from net realized gains (0.03) (0.01) (0.05) 0 (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 0 0
------ ------ ------ ------ ------
Total distributions (0.48) (0.47) (0.57) (0.55) (0.43)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.57 $12.56 $12.52 $12.63 $12.61
====== ====== ====== ====== ======
Total return 4.02% 4.17% 3.68% 5.55% 3.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $158,553 $151,821 $119,096 $101,325 $99,050
Average net assets (000 omitted) $150,699 $135,288 $105,467 $85,893 $88,338
Ratio of expenses to average net assets 0.71% 0.72% 0.71% 0.72%* 0.73%
Ratio of net investment income to average
net assets 3.58% 3.66% 4.07% 4.32%* 3.34%
Portfolio turnover rate 99.93% 68.25% 63.40% 73.50% 77.01%
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
Bernstein Short Duration California Municipal Portfolio
-------------------------------------------------------
Year Ended Year Ended Year Ended
9/30/97 9/30/96 9/30/95 (b)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.65 $12.50
------ ------ ------
Income from investment operations:
Investment income, net 0.45 0.50 0.53
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.03 (0.07) 0.15
------ ------ ------
Total from investment operations 0.48 0.43 0.68
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.04) (0.05) (0.06)
Dividends from tax-exempt net
investment income (0.41) (0.45) (0.47)
Distributions from net realized gains (0.01) (0.05) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------ ------ ------
Total distributions (0.46) (0.55) (0.53)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $12.55 $12.53 $12.65
====== ====== ======
Total return 3.89% 3.50% 5.58%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $86,311 $72,925 $63,530
Average net assets (000 omitted) $76,339 $68,060 $49,944
Ratio of expenses to average net assets 0.74% 0.72% 0.73%*
Ratio of net investment income to average
net assets 3.56% 3.96% 4.12%*
Portfolio turnover rate 75.36% 60.76% 89.33%
<CAPTION>
Bernstein Short Duration New York Municipal Portfolio
--------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/96 9/30/95 (b)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.47 $12.52 $12.60 $12.50
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.46 0.50 0.51 0.54
Net realized and unrealized gain (loss) on
investments, futures, and foreign currencies 0.01 (0.01) (0.07) 0.10
------ ------ ------ ------
Total from investment operations 0.47 0.49 0.44 0.64
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.08) (0.02) (0.05)
Dividends from tax-exempt net
investment income (0.45) (0.42) (0.49) (0.49)
Distributions from net realized gains (0.01) (0.04) (0.01) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------ ------ ------ ------
Total distributions (0.47) (0.54) (0.52) (0.54)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $12.47 $12.47 $12.52 $12.60
====== ====== ====== ======
Total return 3.86% 3.99% 3.53% 5.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $78,652 $76,142 $58,750 $55,221
Average net assets (000 omitted) $77,989 $69,567 $54,087 $50,642
Ratio of expenses to average net assets 0.74% 0.76% 0.74% 0.73%*
Ratio of net investment income to average
net assets 3.66% 3.97% 4.02% 4.23%*
Portfolio turnover rate 52.93% 98.01% 55.81% 112.15%
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
1998 Annual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end
registered investment company, incorporated in Maryland on May 4,
1988. The Fund is currently comprised of 11 series of shares (the
"Portfolios"), each with its own investment objectives. At
September 30, 1998, the two International Equity Portfolios are
Bernstein International Value and Bernstein Emerging Markets Value,
and the nine Fixed-Income Portfolios are Bernstein Intermediate
Duration, Bernstein Short Duration Plus, Bernstein Government Short
Duration, Bernstein Diversified Municipal, Bernstein California
Municipal, Bernstein New York Municipal, Bernstein Short Duration
Diversified Municipal, Bernstein Short Duration California
Municipal and Bernstein Short Duration New York Municipal.
A. Portfolio Valuation
The net asset value of each Portfolio is computed as of the close
of regular trading of the New York Stock Exchange (normally 4:00
p.m., New York time). The value of each security for which readily
available market quotations exist is based on the most recent sales
price, bid price or the mean between the most recent available bid
and asked prices in the broadest and most representative market for
that security as determined by Sanford C. Bernstein & Co., Inc.
(the "Manager"). Debt instruments with remaining maturities of 60
days or less may be valued at amortized cost. Securities and other
assets for which market quotations are not readily available are
valued by appraisal at their fair value as determined in good faith
by the Manager of the Fund under procedures established by and
under the general supervision of the Board of Directors. The Fund
used an independent pricing service to value the Portfolios' assets
at such times and to the extent that the Manager deemed
appropriate.
Beginning September 1, 1998 the Malaysian government fixed the rate
of exchange of its currency to the U.S. Dollar and implemented
restrictions on currency trading and on the repatriation of
proceeds from equity trading. At September 30, 1998 Malaysian
currency and equities have been fair valued under procedures
adopted by the Board of Directors at a 30% discount to the
Malaysian currency-denominated closing market values.
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,
interest 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, other than
security investments, at the current exchange rate are reflected as
part of unrealized appreciation/depreciation on foreign currencies.
The Fund does not isolate that portion of the results of operations
arising as a result of changes in the foreign exchange rates from
the changes in the market prices of securities held at fiscal year
end. The Fund does not isolate the effect of changes in foreign
exchange rates from changes in market prices of equity securities
sold during the year.
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.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
D. Futures Contracts
Upon entering into a futures contract, a Portfolio is required by
the Exchange to deposit cash or to pledge U.S. Government
securities with a broker in an amount (initial margin) equal to a
certain percentage of the purchase price indicated in the futures
contract. Subsequent payments, which are dependent on the daily
fluctuations in the market value of the underlying index or
security, are made or received by the Portfolio each day (daily
variation margin) or at other intervals as is required. The
aggregate of these payments or receipts through the expiration of
the futures contract is recorded for book purposes as unrealized
gains or losses by the Portfolio. If the Portfolio enters into a
closing transaction, it will realize, for book purposes, a gain or
loss equal to the difference between the value of the futures
contract at the time it was opened or purchased and its value at
the time it was closed.
E. Written Options
When a Portfolio writes an option, an amount equal to the premium
received by the Portfolio is recorded as an asset and a
corresponding liability. The amount of the liability is adjusted
daily to reflect the current market value of the option. The
current market value is based on the last sale price on the
exchange on which the option is principally traded, or, in the
absence of a last sale, the option is priced at the mean between
the bid and asked prices. When a call option is exercised, a
Portfolio realizes a gain or loss on the underlying security, with
the proceeds from the security sale increased by the amount of the
option premium received. When a put option is exercised, the cost
basis of the security purchased by a Portfolio is reduced by the
option premium received.
F. Federal Income Taxes
Each of the 11 Portfolios of the Fund is treated as a separate
entity for federal income tax purposes. Each Portfolio intends to
continue to comply with the requirements of Subchapter M of the
Internal Revenue Code of 1986 as they apply to regulated investment
companies. By so complying, each Portfolio will not be subject to
federal income taxes to the extent that all of its income is
distributed.
G. Repurchase Agreements
Each Portfolio may enter into repurchase agreements with banks or
securities broker-dealers. It is the Fund's policy that its
custodian receives delivery of the securities collateralizing
repurchase agreements, the amount of which at the time of purchase
and each subsequent business day is required to be maintained at
such a level that the market value of the collateral is equal to at
least 100% of the repurchase price. Repurchase agreements could
involve certain risks in the event of default or insolvency of the
other party, including possible delays or restrictions on the
Portfolio's ability to dispose of the underlying securities.
H. Securities Transactions on a When-Issued or Delayed-Delivery Basis
Any Portfolio of the Fund may purchase securities on a when-issued
basis or sell securities on a delayed-delivery basis. At the time a
Portfolio commits to purchase a security on a when-issued basis,
the Portfolio will record the transaction and use the security's
value in determining the Portfolio's net asset value. At the time a
Portfolio commits to sell a security on a delayed-delivery basis,
the Portfolio 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,
- --------------------------------------------------------------------------------
1998 Annual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
"excess distributions" are reflected in the accompanying financial
statements. Certain other differences--permanent differences--arise
because treatment of elements of income and gains is different
between book and tax accounting. Permanent differences are
reclassified to paid-in capital in the year they arise.
The effect on each portfolio is reflected as an adjustment to the
components of capital as of September 30, 1998, as shown below:
<TABLE>
<CAPTION>
INCREASE (DECREASE) TO
ACCUMULATED UNDISTRIBUTED INCREASE (DECREASE)
INCREASE (DECREASE) NET REALIZED GAIN(LOSS) TO ACCUMULATED
TO ADDITIONAL ON INVESTMENTS, FUTURES UNDISTRIBUTED NET
PAID-IN CAPITAL AND FOREIGN CURRENCIES INVESTMENT INCOME (LOSS)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Value 0 $(202,852,911) $202,852,911
- --------------------------------------------------------------------------------------------------------------------------
Emerging Markets Value 0 3,193,900 (3,193,900)
- --------------------------------------------------------------------------------------------------------------------------
Intermediate Duration 0 (310,196) 310,196
- --------------------------------------------------------------------------------------------------------------------------
Short Duration Plus $(225,260) 267,536 (42,276)
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian, transfer-agent
and shareholder servicing and administration. Other expenses are
allocated among the Portfolios based on respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the Short
Duration Diversified Municipal Portfolio ($21,176), Short Duration
California Municipal Portfolio ($7,956), Short Duration New York
Municipal Portfolio ($8,906) and Emerging Markets Value Portfolio
($48,194) have been allocated to each respective Portfolio. All
organization costs are being amortized on a straight-line basis
over a five-year period, beginning with the commencement of
operations of each respective Portfolio.
L. Use of Estimates
The preparation of financial statements in accordance with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could
differ from those estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on
purchases and redemptions. This fee is retained by the Portfolio
and is included in the financial statements as an item of
additional paid-in capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities
lending transactions. By lending its portfolio securities, a
Portfolio attempts to increase its income through the interest
earned on the loan. It is the policy of each Portfolio to receive
collateral consisting of cash or U.S. Government securities in an
amount at least equal to the value of the securities loaned. The
securities lending agent has agreed to indemnify the Fund in the
case of default of any securities borrower. Collateral received and
securities loaned are marked to market daily to ensure collateral
levels are maintained. Cash collateral received is invested by the
securities lending agent in liquid short-term investments such as
repurchase agreements and overnight time deposits pursuant to
investment guidelines set forth by the Fund. Cash collateral
received is recorded as an asset as well as a corresponding
liability in the Statements of Assets and Liabilities. At September
30, 1998 the fund has securities on loan with a value of
$918,208,639 and has received collateral of $988,027,168, of which
$969,291,961 is cash collateral and $18,735,207 is collateral in
the form of U.S. Government securities. The International Value
Portfolio earned $3,382,817 from securities lending transactions
for the year ended September 30, 1998. This amount is reflected in
the Statement of Operations as a component of interest income.
- --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
NOTE 2. Investment Management and Transactions with Affiliated Persons
A. Management Fee
Under agreements (the "Management Agreements") between the Fund and
the Manager, the Manager manages the investment of each Portfolio's
assets, places purchase and sales orders and bears various
expenses, including the salaries and expenses of all personnel
except those of outside directors. In addition, the Manager agrees
to permit its directors, officers and employees who may be elected
directors or officers of the Fund to serve in the capacities to
which they are elected. The Manager renders these services subject
to the general oversight of the Board of Directors. The Manager is
to receive a management fee for these services from each Portfolio
at the annual rate of .50 of 1% of average daily net assets up to
and including $1 billion and at an annual rate of .45 of 1% of
average daily net assets in excess of $1 billion for the
Intermediate Duration Portfolio, Short Duration Plus Portfolio,
Government Short Duration Portfolio, Diversified Municipal
Portfolio, California Municipal Portfolio and New York Municipal
Portfolio. The fee paid by the Short Duration Diversified Municipal
Portfolio, Short Duration California Municipal Portfolio and Short
Duration New York Municipal Portfolio is at an annual rate of .50
of 1% of each Portfolio's average daily net assets. The fee paid by
the International Value Portfolio is at an annual rate of 1.00% of
that Portfolio's average daily net assets up to and including $2
billion and at an annual rate of .90 of 1% of average daily net
assets in excess of $2 billion. The fee paid by the Emerging
Markets Value Portfolio is at an annual rate of 1.25% of that
Portfolio's average daily net assets. Through the period ending
December 31, 1997, the Emerging Markets Value Portfolio will not
pay any portion of the fee that, together with other operating
expenses of the Portfolio (excluding interest, taxes, brokerage
commissions and extraordinary expenses), exceed the rate of 2.00%
per annum of such Portfolio's average daily net assets. In
addition, the Management Agreement for the Emerging Markets Value
Portfolio provides that the Manager will pay any operating expenses
of the Portfolio (excluding interest, taxes, brokerage commissions
and extraordinary expenses) which, together with expenses under the
Shareholder Servicing and Administrative Agreement described below,
exceed the rate of 2.00% per annum of the Portfolio's average daily
net assets.
B. Shareholder Servicing and Administrative Fee
Under agreements (the "Shareholder Servicing and Administrative
Agreements") between the Fund and the Manager, the Manager agrees
to pay expenses it incurs in providing shareholder servicing to the
Fund, the Portfolios and individual shareholders, and
administrative services to the Fund and the Portfolios. The fee
payable by each Portfolio except the International Value Portfolio
and Emerging Markets Value Portfolio for services under this
agreement is .10 of 1% of average daily net assets, and the fee
paid by the International Value Portfolio and Emerging Markets
Value Portfolio for services under this agreement is .25 of 1% of
average daily net assets.
C. Distribution
Under agreements (the "Distribution Agreements") between the Fund
and the Manager, the Manager agrees to act as agent to sell shares
of the 11 Portfolios. The Manager receives no fee for this service,
and furthermore agrees to pay all expenses arising from the
performance of its obligations under this agreement.
D. Directors and Officers
Each of the four directors not affiliated with Sanford C. Bernstein
& Co., Inc. receives annual compensation of $35,000 from the Fund,
in addition to reimbursement of expenses incurred in connection with
attending meetings of the Board of Directors. None of the directors
affiliated with Sanford C. Bernstein & Co., Inc. receives
compensation for services as a director of the Fund. Similarly,
none of the Fund's officers receives compensation from the Fund.
E. Transactions with Affiliates
The Emerging Markets Value Portfolio paid commissions to Sanford C.
Bernstein & Co., Inc. in the amount of $127,161 for the year ended
September 30, 1998. Included in payable for investment securities
purchased at September 30, 1998 in the Emerging Markets Value
Portfolio is $1,668,151 owed to Sanford C. Bernstein & Co., Inc.,
for unsettled security transactions executed on behalf of the
Portfolio.
- --------------------------------------------------------------------------------
1998 Annual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1997 through September 30, 1998, the
Portfolios had purchase and sales transactions, excluding
repurchase transactions and transactions in short-term instruments,
as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
EXCLUDING U.S. PURCHASES OF EXCLUDING U.S. SALES OF
GOVERNMENT U.S. GOVERNMENT GOVERNMENT U.S. GOVERNMENT
SECURITIES SECURITIES SECURITIES SECURITIES
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
International Value $2,110,120,693 0 $1,566,681,917 0
Emerging Markets Value 309,321,984 0 78,802,886 0
Intermediate Duration 4,870,857,983 $911,103,376 3,804,518,271 $1,409,899,164
Short Duration Plus 291,069,595 117,736,473 167,860,371 375,118,741
Government Short Duration 13,820,572 63,711,729 0 87,678,072
Diversified Municipal 505,199,910 24,592,969 228,817,849 33,918,941
California Municipal 247,836,354 0 113,216,580 3,092,133
New York Municipal 326,581,128 0 196,271,310 0
Short Duration Diversified Municipal 145,288,688 10,885,703 127,710,122 19,980,921
Short Duration California Municipal 85,408,365 0 63,374,047 0
Short Duration New York Municipal 51,422,302 0 36,065,238 1,693,388
</TABLE>
B. Transactions in Securities of Affiliated Issuers
Affiliated issuers, as defined under the Investment Company Act of
1940, are those in which the Portfolio's holdings of an issuer
represent 5% or more of the outstanding voting securities of the
issuer. A summary of each Portfolio's transactions in the
securities of these issuers for the period ended September 30, 1998
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>
T. Eaton Company Ltd. 0 1,296,000 $12,894,650 1,000 $4,713 1,295,000 $(5,238) $0 $5,942,509
----------- ------ -------- -------- ----------
$12,894,650 $4,713 $(5,238) $0 $5,942,509
=========== ====== ======== ======== ==========
</TABLE>
BERNSTEIN EMERGING MARKETS 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>
Israel Land 1,999,527 0 0 0 $0 1,999,527 $0 0 $ 9,775,731
Development
Israel Land 8,500 0 0 0 0 8,500 0 0 114,750
Development ADR
Jilin Chemical 40,300,000 15,800,000 $2,646,532 0 0 56,100,000 0 $176,108 2,932,132
Industrial Co., Ltd.
First Philippine 0 7,829,820 3,636,111 0 0 7,829,820 0 0 2,281,833
Holding Corp. (Class B)
Robinson's Land 57,108,500 0 0 0 0 57,108,500 0 0 1,958,006
Corp. - Series'B'
----------- ------ -------- -------- -----------
$6,282,643 $0 $0 $176,108 $17,062,452
=========== ====== ======== ======== ===========
</TABLE>
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Federal Income Tax Status
At September 30, 1998, the Short Duration Plus Portfolio and
Government Short Duration Portfolio had capital loss carryforwards
as follows:
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
- --------------------------------------------------------------------------------
Short Duration Plus Portfolio $4,428,265 9/30/2003
Government Short Duration Portfolio 1,483,117 9/30/2003
- --------------------------------------------------------------------------------
For the year ended September 30, 1998, the Short Duration Plus
Portfolio, Government Short Duration Portfolio and Diversified
Municipal Portfolio utilized capital loss carryforwards as follows:
CAPITAL LOSS
CARRYFORWARD AMOUNT
- --------------------------------------------------------------------------------
Short Duration Plus Portfolio $452,175
Government Short Duration Portfolio 483,979
Diversified Municipal Portfolio 34,011
- --------------------------------------------------------------------------------
Additionally, the Emerging Markets Value Portfolio, Intermediate
Duration Portfolio and Short Duration New York Municipal Portfolio
had post October loss deferrals of $30,641,332; $3,856,761; and
$232,802, respectively. The Emerging Markets Value Portfolio,
Intermediate Duration Portfolio and Short Duration Plus Portfolio
had post October FX loss deferrals of $3,098,281; $3,080,315; and
$910,629, respectively. For tax purposes, these losses are deemed
to arise on October 1, 1998.
D. Foreign Currency Contracts
At September 30, 1998, the International Value Portfolio,
Intermediate Duration Portfolio and Short Duration Plus Portfolio
had outstanding foreign currency contracts to purchase and sell
foreign currencies as follows:
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACT--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------------
Settlement 12/01/98 through 12/31/98
<S> <C> <C> <C> <C>
Japanese Yen $62,827,225 $62,233,750 0 $(593,475)
----------- ----------- ----------- ----------
Total $62,827,225 $62,233,750 0 $(593,475)
=========== =========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------------
Settlement 12/01/98 through 12/31/98
<S> <C> <C> <C> <C>
Australian Dollars $105,710,640 $105,575,577 $135,063 0
Deutschemarks 266,444,827 270,589,940 0 $(4,145,113)
Italian Lira 68,853,617 69,752,211 0 (898,594)
Japanese Yen 1,328,351,111 1,311,354,012 16,997,099 0
Singapore Dollars 43,942,993 43,945,942 0 (2,949)
Spanish Pesetas 76,639,030 77,713,581 0 (1,074,551)
-------------- -------------- ----------- ------------
Total $1,889,942,218 $1,878,931,263 $17,132,162 $(6,121,207)
============== ============== =========== ============
</TABLE>
- --------------------------------------------------------------------------------
1998 Annual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACT--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATE VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------------
Settlement 10/01/98 through 10/31/98
<S> <C> <C> <C> <C>
Deutschemarks $42,390,334 $42,681,695 $291,361 0
Total $42,390,334 $42,681,695 $291,361 0
=========== =========== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------------
Settlement 10/01/98 through 10/31/98
<S> <C> <C> <C> <C>
Deutschemarks $54,668,399 $58,625,904 0 $(3,957,504)
----------- ----------- --------- ------------
Total $54,668,399 $58,625,904 0 $(3,957,504)
=========== =========== ======== ============
</TABLE>
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACT--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATE VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------------
Settlement 10/01/98 through 10/31/98
<S> <C> <C> <C> <C>
Deutschemarks $9,933,932 $10,002,211 $68,279 0
---------- ----------- --------- -----------
Total $9,933,932 $10,002,211 $68,279 0
========== =========== ======== ===========
</TABLE>
<TABLE>
<CAPTION>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------------
Settlement 10/01/98 through 10/31/98
<S> <C> <C> <C> <C>
Deutschemarks $13,183,006 $14,137,338 0 $(954,332)
----------- ----------- --------- ----------
Total $13,183,006 $14,137,338 0 $(954,332)
=========== =========== ======== ==========
</TABLE>
NOTE 4. Concentration of Credit Risk
The two California Municipal Portfolios and the two New York
Municipal Portfolios invest primarily in securities issued by the
States of California and New York, respectively, and their various
political subdivisions, and the performance of each of these
Portfolios is closely tied to economic conditions within the
applicable State and the financial condition of that State and its
agencies and municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial futures
contracts. Financial futures contracts obligate the buyer to take
and the seller to make delivery at a future date of a specified
quantity of a financial instrument or an amount of cash based on
the value of a securities index or the market value in U.S. dollars
of a foreign currency. The contract amounts reflect the extent of
each Portfolio's involvement and risk of loss in these financial
instruments. A Portfolio's participation in the futures markets
involves certain risks, including imperfect correlation between
movements in the price of the futures
- --------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
contracts and movements in the price of the securities hedged or
used for cover. The Fund's activities in futures contracts are
conducted through regulated exchanges that do not result in
counterparty credit risks.
Foreign currency contracts involve elements of market risk in
excess of the amount reflected in the Statements of Assets and
Liabilities. The Fund bears the risk of an unfavorable change in
the foreign exchange rate underlying the foreign currency contract.
In addition, the Fund could be exposed to risks if the
counterparties to the contracts are unable to meet the terms of
their contracts.
NOTE 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par value
$0.001 per share, of which, at September 30, 1998, 1,450 million
are divided into 11 Portfolios, allocated 400 million to the
Bernstein International Value Portfolio, 250 million to the
Bernstein Intermediate Duration Portfolio, 150 million to the
Bernstein Diversified Municipal Portfolio, 100 million each to the
Bernstein Emerging Markets Value Portfolio, Bernstein Short
Duration Plus Portfolio, Bernstein Government Short Duration
Portfolio, Bernstein California Municipal Portfolio and Bernstein
New York Municipal Portfolio, and 50 million allocated to each of
the Bernstein Short Duration Diversified Municipal Portfolio,
Bernstein Short Duration California Municipal Portfolio and
Bernstein Short Duration New York Municipal Portfolio. Share
transactions for each portfolio for the years ended September 30,
1998, and ended September 30, 1997 were as follows:
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE EMERGING MARKETS VALUE INTERMEDIATE DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- ------------------------- -------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/98 9/30/97 9/30/98 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 59,041,183 76,579,608 20,333,480 7,748,663 56,368,750 62,200,789
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 23,304,425 11,725,832 833,815 63,046 4,376,491 1,985,098
Shares redeemed (41,077,328) (23,582,282) (4,744,203) (918,731) (26,187,703) (21,358,980)
------------ ------------ ----------- ------------ ------------- ------------
Net increase (decrease)
in shares outstanding 41,268,280 64,723,158 16,423,092 6,892,978 34,557,538 42,826,907
Shares outstanding at
beginning of period 237,367,711 172,644,553 19,447,363 12,554,385 153,832,223 111,005,316
------------ ------------ ----------- ------------ ------------- ------------
Shares outstanding at
end of period 278,635,991 237,367,711 35,870,455 19,447,363 188,389,761 153,832,223
============ ============ =========== ============ ============= ============
</TABLE>
- --------------------------------------------------------------------------------
1998 Annual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION PLUS GOVERNMENT SHORT DIVERSIFIED MUNICIPAL
PORTFOLIO DURATION PORTFOLIO PORTFOLIO
------------------------- ------------------------- -------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/98 9/30/97 9/30/98 9/30/97
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 16,129,450 20,114,755 3,874,744 4,264,809 31,521,830 30,378,901
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 944,212 957,167 235,681 255,433 832,927 790,315
Shares redeemed (18,486,032) (15,307,647) (4,543,252) (4,381,871) (14,193,908) (11,115,453)
------------ ------------ ----------- ------------ ------------- ------------
Net increase (decrease)
in shares outstanding (1,412,370) 5,764,275 (432,827) 138,371 18,160,849 20,053,763
Shares outstanding at
beginning of period 48,893,478 43,129,203 11,337,360 11,198,989 81,114,898 61,061,135
------------ ------------ ----------- ------------ ------------- ------------
Shares outstanding at
end of period 47,481,108 48,893,478 10,904,533 11,337,360 99,275,747 81,114,898
============ ============ =========== ============ ============= ============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- ------------------------- --------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/98 9/30/97 9/30/98 9/30/97
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 15,733,043 13,046,313 18,521,963 15,729,863 9,487,311 9,964,084
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 329,587 260,098 638,380 600,550 171,102 137,634
Shares redeemed (6,899,266) (4,762,980) (9,652,745) (7,417,377) (9,132,723) (7,527,905)
------------ ------------ ----------- ------------ ------------- ------------
Net increase (decrease)
in shares outstanding 9,163,364 8,543,431 9,507,598 8,913,036 525,690 2,573,813
Shares outstanding at
beginning of period 29,590,176 21,046,745 49,309,430 40,396,394 12,089,969 9,516,156
------------ ------------ ----------- ------------ ------------- ------------
Shares outstanding at
end of period 38,753,540 29,590,176 58,817,028 49,309,430 12,615,659 12,089,969
============ ============ =========== ============ ============= ============
</TABLE>
- --------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
------------------------- ------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/98 9/30/97
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 6,487,988 5,015,641 4,697,614 4,862,743
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 98,187 87,998 96,879 108,413
Shares redeemed (5,606,118) (4,047,977) (4,590,799) (3,559,396)
------------ ------------ ----------- ------------
Net increase (decrease)
in shares outstanding 980,057 1,055,662 203,694 1,411,760
Shares outstanding at
beginning of period 6,875,216 5,819,554 6,105,588 4,693,828
------------ ------------ ----------- ------------
Shares outstanding at
end of period 7,855,273 6,875,216 6,309,282 6,105,588
============ ============ =========== ============
</TABLE>
- --------------------------------------------------------------------------------
1998 Annual 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 L. Bernstein*
Director
President and Chief Executive Officer,
Peter L. Bernstein, Inc.
William Kristol
Director
Editor and Publisher, The Weekly Standard
Consultant, ABC News
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
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
- --------------------------------------------------------------------------------
LEGAL COUNSEL
- --------------------------------------------------------------------------------
Swidler Berlin Shereff Friedman, 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
800 Connecticut Avenue, NW
Washington, DC 20006
Phillips Point--West Tower
777 South Flagler Drive
West Palm Beach, Florida 33401
One North Lexington Avenue
White Plains, NY 10601
*Not related to Zalman C. Bernstein, Chairman of the Executive Committee,
Sanford C. Bernstein & Co., Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
767 Fifth Avenue, New York, New York 10153
(212) 756-4097
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1998
Schedule of Investments
Municipal Bond Portfolios
------------------------------------
Diversified Municipal
California Municipal
New York Municipal
Short Duration Diversified Municipal
Short Duration California Municipal
Short Duration New York Municipal
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Diversified Municipal Portfolio, Bernstein
California Municipal Portfolio, Bernstein New York Municipal Portfolio,
Bernstein Short Duration Diversified Municipal Portfolio, Bernstein Short
Duration California Municipal Portfolio and Bernstein Short Duration New York
Municipal Portfolio (six of the eleven portfolios constituting Sanford C.
Bernstein Fund, Inc., hereafter referred to as the "Fund") at September 30,
1998, the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with generally
accepted auditing standards, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 19, 1998
<PAGE>
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
September 30, 1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 3.21%
- --------------------------------------------------------------------------------
Repurchase Agreement: 0.03%
407,000 State Street Bank & Trust Co., $ 407,000
Repurchase Agreement, dated
09/30/1998, 5.35%, maturing
10/01/1998 for $407,060,
collateral 265,000 principal amount
U.S. Treasury Bond,
12.00%, 08/15/2013, value $410,667
------------
Total Repurchase Agreement (Cost $407,000) 407,000
------------
Municipal Note: 0.50%
6,745,000 Cincinnati City School District, 6,880,952
Ohio Tax Anticipation Notes
Series C, AMBAC,
5.00%, 12/01/1999
------------
Total Municipal Note (Cost $6,792,868) 6,880,952
------------
Tax Exempt Variable-Rate Demand Notes: 2.68%
14,200,000 Wake County Industrial Facilities & 14,200,000
Pollution Control Financing
Authority, North Carolina Revenue,
Carolina Power & Light Co. Project,
Daily Floater, Putable Daily,
4.20%, 03/01/2017
8,200,000 Los Angeles Regional Airports 8,200,000
Improvement Corporation, California,
Daily Floater, Putable Daily, AMT,
4.20%, 12/01/2025
800,000 Harris County Health Facilities 800,000
Development Corporation, Texas
Revenue, St. Luke's Episcopal Hospital
Series A, Daily Floater, Putable
Daily, 4.10%, 02/15/2027
4,500,000 Port of Portland, Oregon Special 4,500,000
Obligation Revenue, Horizon Air
Insurance Inc. Project, Daily
Floater, Putable Daily, AMT,
4.20%, 06/15/2027
2,470,000 Phenix County Industrial 2,470,000
Development Board, Alabama,
Environmental Improvement
Revenue, Mead Coated Board
Project, Daily Floater, Putable
Daily, 4.20%, 06/01/2028
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
7,000,000 Phenix County Industrial $ 7,000,000
Development Board, Alabama
Environmental Improvement
Revenue, Mead Coated Board
Project, Daily Floater, Putable
Daily, 4.20%, 03/01/2031
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $37,170,000) 37,170,000
------------
Total Short-Term Investments (Cost $44,369,868) 44,457,952
------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.81%
- --------------------------------------------------------------------------------
11,464,234 3.375%, 01/15/2007 (Note B, p. 16) 11,288,694
------------
Total U.S. Treasury Inflation Protection Security
(Cost $11,160,117) 11,288,694
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 16.13%
- --------------------------------------------------------------------------------
290,000 District of Columbia Series C, 290,670
4.90%, 12/01/1998,
Escrowed to Maturity
1,350,000 Rocky Mount, North Carolina, 1,370,507
6.50%, 02/01/2000,
Prerefunded 02/01/1999 @100.50
1,600,000 Boston, Massachusetts Series A, 1,652,624
7.40%, 02/01/2000,
Prerefunded 02/01/1999 @102
1,000,000 Fairfax County, Virginia Public 1,034,360
Improvement Series A,
6.25%, 04/01/2008,
Prerefunded 04/01/1999 @102
1,250,000 Illinois Health Facilities 1,310,088
Authority Revenue, Delnor
Community Hospital Project,
8.00%, 05/15/2019,
Prerefunded 05/15/1999 @102
1,405,000 Florida State Board of Education 1,465,893
Series B, 6.90%, 06/01/2009,
Prerefunded 06/01/1999 @102
1,000,000 Massachusetts Consolidated Loans 1,044,320
Series C, AMBAC,
7.00%, 06/01/2001,
Prerefunded 06/01/1999 @102
1,000,000 Massachusetts Consolidated Loans 1,043,990
Series C, AMBAC,
7.00%, 06/01/2009,
Prerefunded 06/01/1999 @102
2,000,000 Pennsylvania Intergovernmental 2,033,960
Cooperation Authority,
Special Tax Revenue, FGIC,
5.75%, 06/15/1999,
Escrowed to Maturity
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,170,000 Puerto Rico Electric Power $ 3,308,750
Authority Series O,
7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50
1,200,000 Metropolitan Atlanta Rapid 1,258,140
Transit Authority, Georgia
Sales Tax Revenue Series L,
7.20%, 07/01/2020,
Prerefunded 07/01/1999 @102
3,475,000 Pennsylvania Higher Education 3,642,043
Facilities Authority, College &
University Revenue, Hahneman
University Project, 7.20%, 07/01/2019,
Prerefunded 07/01/1999 @102
1,650,000 Florida State Turnpike Authority 1,733,523
Revenue, 7.50%, 07/01/2019,
Prerefunded 07/01/1999 @102
1,800,000 Washington Public Power Supply 1,890,432
System Revenue, Nuclear Project
No. 1 Series A, 7.50%, 07/01/2015,
Prerefunded 07/01/1999 @102
4,000,000 Maryland State Health & Higher 4,202,480
Educational Facilities Authority
Revenue, Good Samaritan Hospital,
7.50%, 07/01/2021,
Prerefunded 07/01/1999 @102
3,000,000 Maryland State Second Series, 3,089,910
6.50%, 07/15/2001,
Prerefunded 07/15/1999 @100.50
1,000,000 Kentucky State Property & 1,024,090
Buildings Commission Revenue,
Project No. 51, 6.25%, 08/01/1999,
Escrowed to Maturity
1,565,000 South Dakota Student Loan 1,649,166
Assistance Corp., Student
Loan Revenue Series B, AMT,
7.625%, 08/01/2006,
Prerefunded 08/01/1999 @102
1,350,000 Maryland State Department of 1,416,015
Transportation, 6.70%, 08/15/2005,
Prerefunded 08/15/1999 @102
1,070,000 University of Maryland Auxiliary 1,132,071
Facility System & Tuition Revenue
Series A, 7.20%, 10/01/2009,
Prerefunded 10/01/1999 @102
1,000,000 Maryland State Department of 1,041,690
Transportation Second Issue,
6.60%, 11/01/2000,
Prerefunded 11/01/1999 @100.75
1,000,000 Maryland State Department of 1,045,690
Transportation Second Issue,
6.70%, 11/01/2001,
Prerefunded 11/01/1999 @101
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,390,000 Montgomery County Higher $ 1,490,497
Education & Health Authority,
Pennsylvania Hospital Revenue
Series A, 8.375%, 11/01/2011,
Prerefunded 11/01/1999 @102
2,120,000 Tampa, Florida, Allegheny Health 2,259,114
System, 7.375%, 12/01/2023,
Prerefunded 12/01/1999 @102
4,250,000 Pennsylvania Turnpike Commission 4,534,708
Revenue Series E,
7.55%, 12/01/2017,
Prerefunded 12/01/1999 @102
3,880,000 Metropolitan Seattle, Washington 4,109,036
Sewer Revenue Series T,
6.875%, 01/01/2031,
Prerefunded 01/01/2000 @102
1,000,000 Salt River Agricultural Improvement & 1,063,530
Power District, Arizona Electric
Systems Revenue Series A,
7.25%, 01/01/2019,
Prerefunded 01/01/2000 @102
4,635,000 Pinellas County Health Facilities 5,034,815
Authority, Florida, Sun Coast
Health Systems Revenue,
8.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
4,910,000 Maury County Health & Educational 5,463,357
Facilities Board, Tennessee Revenue,
Southern Healthcare Heritage
Series E, 10.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
6,700,000 Texas National Research Laboratory 7,166,454
Commission, 7.125%, 04/01/2020,
Prerefunded 04/01/2000 @102
1,940,000 Massachusetts Water Resources 2,082,027
Authority Series A, 7.375%, 04/01/2003,
Prerefunded 04/01/2000 @102
1,000,000 Massachusetts Water Resources 1,075,770
Authority Series A, 7.50%,
04/01/2016, Prerefunded 04/01/2000 @102
4,330,000 Massachusetts Water Resources 4,665,835
Authority Series A, 7.625%,
04/01/2014, Prerefunded 04/01/2000 @102
6,680,000 Franklin County, Ohio Hospital 7,220,345
Revenue, 7.60%, 05/15/2020,
Prerefunded 05/15/2000 @102
2,685,000 Austin, Texas Utility Systems 2,928,422
Revenue Combined Series A,
9.50%, 05/15/2015,
Prerefunded 05/15/2000 @100
40,000 District of Columbia Series E, 40,634
4.75%, 06/01/2000,
Escrowed to Maturity
2 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
50,000 District of Columbia Series A-3, $ 50,872
4.90%, 06/01/2000,
Escrowed to Maturity
1,000,000 Illinois State, 6.70%, 06/01/2003, 1,067,340
Prerefunded 06/01/2000 @102
1,610,000 Honolulu, Hawaii City & County 1,714,795
Series C, 7.15%, 06/01/2009,
Prerefunded 06/01/2000 @101
4,525,000 Pennsylvania Intergovernmental 4,701,701
Cooperation Authority, Special Tax
Revenue, FGIC, 6.00%, 06/15/2000,
Escrowed to Maturity
4,455,000 Delaware Transportation Authority 4,772,909
Systems Revenue, 6.75%, 07/01/2010,
Prerefunded 07/01/2000 @102
795,000 El Paso County, Texas, 836,761
6.80%, 07/01/2000,
Escrowed to Maturity
1,885,000 Washington Public Power Supply 2,025,715
System Revenue, Nuclear Project
No. 1 Series A, 7.00%, 07/01/2011,
Prerefunded 07/01/2000 @102
1,265,000 Washington Public Power Supply 1,359,432
System Revenue, Nuclear Project
No. 2 Series B, FGIC,
7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
16,020,000 Washington Public Power Supply 17,215,893
System Revenue, Nuclear Project
No. 2 Series B, FSA,
7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
(Notes C, D & E, p. 16)
1,000,000 New York State Dormitory Authority, 1,086,860
City University Systems Series A,
7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
4,605,000 Washington Public Power Supply 5,006,418
System Revenue, Nuclear Project
No. 1 Series C, 7.75%, 07/01/2008,
Prerefunded 07/01/2000 @102
3,000,000 New York State Dormitory Authority, 3,270,450
City University Systems Series F,
7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
2,405,000 Massachusetts Health & Educational 2,664,812
Facilities Authority Revenue, Goddard
Memorial Hospital Issue Series B,
9.00%, 07/01/2015,
Prerefunded 07/01/2000 @102
155,000 New York City Series L, 159,325
5.25%, 08/01/2000,
Escrowed to Maturity
1,000,000 Denver City & County, Colorado Airport 1,054,770
Revenue Series A, 6.20%, 08/01/2006,
Prerefunded 08/01/2000 @101
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,680,000 Minnesota State Infrastructure $ 1,779,758
Development, 7.00%, 08/01/2001,
Prerefunded 08/01/2000 @100
1,330,000 Allegheny County, Pennsylvania 1,426,930
Series C-37, 7.20%, 12/01/2006,
Prerefunded 12/01/2000 @100
3,830,000 New York State Thruway Authority, 4,021,577
Local Highway & Bridge Service
Contract Revenue, 6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
7,290,000 New York State Power Authority 7,905,568
Revenue & General Purpose Series Y,
6.75%, 01/01/2018,
Prerefunded 01/01/2001 @102
1,575,000 Fulton County Building Authority, 1,734,296
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity
1,770,000 Richmond, Virginia Series A, 1,902,184
6.25%, 01/15/2021,
Prerefunded 01/15/2001 @102
1,000,000 University of Maryland Auxiliary 1,074,610
Facility System & Tuition Revenue
Series A, 6.20%, 02/01/2006,
Prerefunded 02/01/2001 @102
1,000,000 New York State Local Assistance 1,097,290
Corp. Series C, 7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
90,000 District of Columbia Series A, 93,710
5.50%, 06/01/2001, Escrowed to Maturity
1,565,000 Arizona State Transportation Board, 1,697,243
Highway Revenue Series A,
6.45%, 07/01/2006,
Prerefunded 07/01/2001 @101.50
1,205,000 Arizona State Transportation Board, 1,308,377
Highway Revenue Series A,
6.50%, 07/01/2011,
Prerefunded 07/01/2001 @101.50
2,790,000 Los Angeles County Transportation 3,069,223
Commission, California Sales Tax
Revenue Series A, FGIC,
6.75%, 07/01/2018,
Prerefunded 07/01/2001 @102
1,600,000 Washington Public Power Supply 1,757,776
System Revenue Nuclear Project
No. 1, Series A, 6.875%, 07/01/2017,
Prerefunded 07/01/2001 @102
1,000,000 South Carolina Public Service 1,103,220
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
1,265,000 Massachusetts Consolidated Loans 1,395,573
Series D, 7.00%, 07/01/2007,
Prerefunded 07/01/2001 @102
1,900,000 Massachusetts Series B, 2,075,465
AMBAC, 6.50%, 08/01/2011,
Prerefunded 08/01/2001 @102
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,280,000 New York City Series A, $ 1,436,710
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,375,000 New York City Series A, 1,543,340
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
350,000 Denver City & County, Colorado 407,295
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
505,000 Austin, Texas Utility Systems 607,737
Revenue, MBIA, 9.25%, 11/15/2002,
Escrowed to Maturity
4,970,000 Connecticut State Series A, 5,426,097
5.70%, 03/15/2011,
Prerefunded 03/15/2003 @102
375,000 Metropolitan Pier & Exposition 408,544
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, 5.90%, 06/15/2003,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 858,659
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
1,045,000 District of Columbia Series B, 1,166,492
6.00%, 06/01/2007,
Prerefunded 06/01/2004 @102
700,000 Metropolitan Pier & Exposition 774,977
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, 5.70%, 06/15/2005,
Prerefunded 06/15/2004 @102
2,330,000 Fulton County Building Authority, 2,950,246
Georgia Series A, 8.75%, 01/01/2005,
Escrowed to Maturity
1,000,000 Illinois Educational Facilities 1,207,030
Authority Revenue, Loyola
University, Chicago Series A,
7.00%, 07/01/2007,
Escrowed to Maturity
2,125,000 Mississippi State, 6.20%, 02/01/2008, 2,409,538
Escrowed to Maturity
235,000 Palm Beach County, Florida Solid 274,182
Waste Authority Revenue Series A,
AMBAC, 6.00%, 10/01/2009,
Escrowed to Maturity
2,755,000 Tarrant County, Texas Health 2,851,756
Facilities Development Corp.,
Harris Methodist Health Systems
Series A, 5.125%, 09/01/2012,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,545,588
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,045,000 Retama Development Corporation, $ 2,973,839
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education 215,333
Capital Outlay, 9.125%, 06/01/2014,
Escrowed to Maturity
3,860,000 Retama Development Corporation, 5,663,276
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2014,
Escrowed to Maturity
1,125,000 Retama Development Corporation, 1,663,335
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2015,
Escrowed to Maturity
3,000,000 Austin, Texas Utility Systems Revenue 3,318,090
Series A, 8.00%, 11/15/2016,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,205,310
Development Corp., Texas,
Lutheran General Health Care
Systems, 6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors Economic 5,616,632
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
1,500,000 Rhode Island Depositors Economic 1,658,205
Protection Corp. Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
5,780,000 Rhode Island Depositors Economic 7,110,614
Protection Corp. Series A,
6.375%, 08/01/2022,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed (Cost $215,749,234) 223,538,634
------------
- --------------------------------------------------------------------------------
INSURED: 32.86%
- --------------------------------------------------------------------------------
1,480,000 Arizona State Certificates of 1,482,294
Participation Series A, AMBAC,
5.45%, 11/01/1998
1,165,000 Massachusetts Consolidated Loans 1,179,714
Series A, FGIC, 7.20%, 02/01/1999
1,070,000 New Jersey Wastewater Series C, 1,089,217
MBIA, 6.25%, 05/15/1999
1,000,000 Rhode Island Convention Center 1,033,360
Authority Revenue Series A,
MBIA, 8.90%, 05/15/1999
1,880,000 Platte River Power Authority, 1,901,940
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/1999
7,700,000 Pennsylvania Intergovernmental 7,828,590
Cooperation Authority, Special Tax
Revenue, FGIC, 5.75%, 06/15/1999
4 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,200,000 Minnesota State Series A, AMBAC, $ 3,240,256
5.00%, 06/30/1999
4,350,000 North Slope Boro, Alaska Series B, 4,434,390
FSA, 6.10%, 06/30/1999
3,520,000 Wisconsin State Transportation 3,564,950
Revenue, FGIC, 5.00%, 07/01/1999
1,610,000 Dade County, Florida Sales Tax 1,637,821
Revenue, AMBAC,
5.00%, 10/01/1999
2,000,000 Wilmington, Delaware Series A, 2,032,600
MBIA, 5.00%, 10/01/1999
3,210,000 Dade County, Florida Aviation 3,265,469
Revenue Series C, AMBAC,
5.00%, 10/01/1999
1,855,000 Wichita, Kansas Water & Sewer 1,911,726
Utility Revenue, FGIC,
6.50%, 10/01/1999
1,450,000 Montgomery County, Ohio Solid 1,474,955
Waste Revenue, MBIA,
5.00%, 11/01/1999
1,000,000 Michigan State Trunk Line Series B, 1,015,120
FGIC, 4.70%, 11/15/1999
3,600,000 South Dakota State Building 3,677,616
Authority, Lease Revenue Series A,
AMBAC, 5.15%, 12/01/1999
6,780,000 Inland Protection Financing 6,860,343
Corp., Florida Special Obligation
Revenue, FSA, 4.50%, 01/01/2000
1,420,000 Chatham County Hospital 1,444,665
Authority, Georgia Revenue,
Memorial Medical Center Series A,
AMBAC, 5.00%, 01/01/2000
7,820,000 Chicago, Illinois O'Hare International 7,991,336
Airport Revenue, Senior Lien Series A,
AMBAC, AMT, 5.50%, 01/01/2000
1,175,000 Chicago, Illinois Motor Fuel Tax 1,217,688
Revenue, AMBAC,
6.60%, 01/01/2000
1,000,000 New Haven, Connecticut, FGIC, 1,019,730
5.00%, 02/15/2000
2,265,000 Plano Independent School 2,314,105
District, Texas, PSF Guaranteed,
5.25%, 02/15/2000
5,365,000 Hawaii State Series CO, FGIC, 5,483,620
5.25%, 03/01/2000
1,050,000 Massachusetts Consolidated Loans 1,090,856
Series B, FGIC, 7.30%, 04/01/2000
2,340,000 Clemson University, South 2,380,599
Carolina University Revenue
Series A, AMBAC,
4.625%, 05/01/2000
1,000,000 Averill Park Central School 1,025,590
District, New York, FGIC,
5.25%, 05/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,200,000 Plano, Texas Waterworks & Sewer $ 1,261,284
Revenue, AMBAC, 6.90%, 05/01/2000
4,295,000 Clark County School District, Nevada, 4,594,018
FGIC, 8.25%, 05/01/2000
1,335,000 Jonesboro, Arkansas Sales & Use 1,359,404
Tax, FSA, 4.75%, 05/15/2000
2,035,000 Philadelphia Hospital & Higher 2,078,488
Education Facilities Authority,
Pennsylvania, Jefferson Health
Systems Revenue Series A, AMBAC,
5.00%, 05/15/2000
1,130,000 District of Columbia Series E, 1,148,837
FGIC, 4.75%, 06/01/2000
3,325,000 Platte River Power Authority, 3,402,772
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/2000
2,400,000 Minnesota State Revenue Series A, 2,457,960
AMBAC, 5.00%, 06/30/2000
1,000,000 Alaska Student Loan Corp., 1,022,130
Student Loan Revenue Series A,
AMBAC, AMT, 5.375%, 07/01/2000
3,000,000 Arizona State Transportation Board 3,098,640
Excise Tax Revenue, AMBAC,
5.50%, 07/01/2000
6,110,000 Intermountain Power Agency, Utah 6,361,976
Power Supply Revenue Series C,
MBIA, 6.00%, 07/01/2000
1,350,000 Dade County School Board, Florida 1,383,939
Certificates of Participation
Series B, AMBAC,
5.00%, 08/01/2000
4,000,000 Massachusetts State Series A, FSA, 4,106,240
5.00%, 08/01/2000
4,220,000 Osceola County, Florida Capital 4,296,213
Improvements Revenue, MBIA,
4.50%, 09/01/2000
20,300,000 New Jersey State Transit Corp., 20,699,504
Capital Grant Anticipation Notes
Series A, FSA, 5.00%, 09/01/2000
(Note F, p. 16)
11,210,000 New Jersey State Educational 11,532,175
Facilities Authority, Higher Education
Facilities Trust Fund Series A,
AMBAC, 5.125%, 09/01/2000
(Note G, p. 16)
1,070,000 Metropolitan Washington Airport 1,101,929
Authority, D.C. Revenue Series B,
FGIC, AMT, 5.25%, 10/01/2000
1,530,000 Dade County, Florida Aviation 1,576,252
Revenue, Miami International
Airport Series A, FSA, AMT,
5.25%, 10/01/2000
1,015,000 Wichita, Kansas Water & Sewer 1,072,408
Utility Revenue, FGIC,
6.50%, 10/01/2000
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 Dade County, Florida, FGIC, $ 2,323,020
12.00%, 10/01/2000
1,235,000 Indiana Health Facility Financing 1,267,209
Authority Hospital Revenue,
Sisters of St. Francis Health
Series A, MBIA, 5.00%, 11/01/2000
1,030,000 Northglenn, Colorado Water 1,032,318
Utility Series A, MBIA,
6.60%, 11/01/2000
2,395,000 Jonesboro, Arkansas Sales & 2,451,905
Use Tax, FSA, 4.75%, 11/15/2000
2,275,000 Clark County Public Utility 2,437,526
District No. 1, Washington
Electric Revenue, FGIC,
7.10%, 01/01/2001
1,000,000 Humble Independent School 1,086,260
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001
1,225,000 Southeastern Pennsylvania 1,269,137
Transportation Authority,
Pennsylvania Special Revenue,
FGIC, 5.25%, 03/01/2001
2,660,000 Board of Regents, Texas State 2,714,237
University Systems Revenue Series A,
FSA, 4.50%, 03/15/2001
1,000,000 Phoenix, Arizona Airport Revenue 1,052,420
Series A, MBIA, 5.65%, 07/01/2001
1,000,000 Louisiana State Series A, FGIC, 1,062,970
6.00%, 08/01/2001
1,475,000 Tennessee Energy Acquisition 1,517,539
Corp., Gas Revenue Series B, AMBAC,
4.625%, 09/01/2001
1,000,000 Orlando, Florida Waste Water 937,700
Systems Revenue Series A,
Variable Rate CPI Bond, MBIA,
3.125%, 10/01/2002
595,000 Austin, Texas Utility Systems 717,052
Revenue, MBIA, 9.25%, 11/15/2002
180,000 Grapevine-Colleyville Independent 208,688
School District, Texas, AMBAC,
7.50%, 08/15/2003
1,130,000 Niagara Frontier Authority, 1,229,485
New York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
1,000,000 District of Columbia Series B-3, 1,058,590
MBIA, 5.20%, 06/01/2004
800,000 Metropolitan Pier & Exposition 880,120
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, MBIA,
5.70%, 06/15/2005
1,000,000 Utah State Board of Regents, 1,074,740
Student Loan Revenue Series J,
AMBAC, AMT, 6.00%, 05/01/2006
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,700,000 Lansing, Michigan Sewage Disposal $ 4,760,724
System Revenue, MBIA,
7.625%, 05/01/2006
1,340,000 Arlington, Texas Waterworks & 1,510,448
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
2,095,000 Virginia Port Authority 2,349,144
Facilities Revenue, MBIA, AMT,
6.00%, 07/01/2006
2,200,000 Clark County Public Utility 2,402,114
District No.1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,923,229
Revenue Series G, MBIA,
5.50%, 01/01/2007
4,775,000 Chicago, Illinois, FGIC, 5,231,108
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare International 6,805,807
Airport Revenue, Second Lien-Series A,
AMBAC, AMT, 6.00%, 01/01/2007
1,000,000 Prince Georges County, Maryland 1,142,100
Consolidated Public Improvement
Series A, MBIA, 6.00%, 03/15/2007
2,000,000 Walled Lake Consolidated School 2,280,020
District, Michigan, MBIA,
6.00%, 05/01/2007
1,715,000 Northeast Hospital Authority, Texas, 1,905,331
Northeast Medical Center Hospital
Revenue, FSA, 5.75%, 05/15/2007
7,095,000 District of Columbia Series B, 7,885,454
MBIA, 6.00%, 06/01/2007
2,425,000 Philadelphia, Pennsylvania 2,762,754
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,200,000 Philadelphia, Pennsylvania 1,353,096
Airport Revenue Series B, FGIC,
AMT, 6.00%, 06/15/2007
1,105,000 Delaware Transportation Authority 1,259,556
Systems Revenue, AMBAC,
6.00%, 07/01/2007
1,650,000 Maricopa County School District 1,891,247
No. 4, Arizona Series D, FGIC,
6.00%, 07/01/2007
2,030,000 MTA, New York Commuter Facilities 2,318,747
Revenue Series C-1, FGIC,
6.00%, 07/01/2007
2,775,000 Washington Public Power Supply 3,132,670
System Revenue, Nuclear Project
No.1 Series A, AMBAC,
6.00%, 07/01/2007
4,610,000 Detroit, Michigan Sewage Disposal 5,229,446
Revenue Series A, MBIA,
6.00%, 07/01/2007
6 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Cook County, Illinois, MBIA, $ 1,234,890
7.25%, 11/01/2007
1,965,000 Connecticut State Resource Recovery 2,217,306
Authority, Mid-Connecticut Systems
Series A, MBIA, 5.75%, 11/15/2007
1,400,000 Massachusetts Consolidated Loans 1,484,070
Series A, MBIA, 5.00%, 01/01/2008
2,270,000 Clark County Public Utility 2,492,074
District No.1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2008
1,465,000 Sangamon County School District 1,599,311
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
5,240,000 Chicago, Illinois Series A, AMBAC, 5,847,735
5.75%, 01/01/2008
1,000,000 Berkley City School District, Michigan, 1,212,500
FGIC, 7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport 1,128,170
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.00%, 02/15/2008
1,875,000 Port Arthur Navigation 2,142,769
District, Texas, AMBAC,
6.00%, 03/01/2008
3,875,000 Regional Transportation Authority, 4,310,899
Illinois Series A,
AMBAC, 6.00%, 06/01/2008
1,095,000 Haverhill, Massachusetts, FGIC, 1,251,760
6.00%, 06/15/2008
2,000,000 Intermountain Power Agency, Utah 2,366,180
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008
4,140,000 Metropolitan Washington Airport 4,524,358
Authority, D.C. Revenue Series A,
MBIA, AMT, 5.80%, 10/01/2008
1,265,000 Emerald Peoples Utility District, 1,595,431
Oregon, FGIC, 7.35%, 11/01/2008
1,570,000 Hot Springs, Arkansas Sales & Use 1,598,150
Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
4,200,000 Port Authority of New York & New 4,886,700
Jersey Special Obligation Revenue,
JFK International Airport Terminal 6,
MBIA, AMT, 6.25%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,307,040
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,415,000 Greater Detroit Resource Recovery 1,644,414
Authority, Michigan Series B,
AMBAC, 6.25%, 12/13/2008
1,675,000 Chicago, Illinois O'Hare 1,890,623
International Airport Revenue,
Second Lien-Series C, MBIA,
5.75%, 01/01/2009
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,000,000 Massachusetts Bay Transportation $ 4,441,680
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities 1,067,130
Authority, New Jersey Sewer
Revenue Series A, FGIC,
5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,701,694
Commission, Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
10,000,000 Intermountain Power Agency, Utah 11,999,600
Power Supply Revenue Series B,
MBIA, 6.50%, 07/01/2009
1,530,000 Texas Municipal Power Agency 1,655,414
Revenue, MBIA, 5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,159,050
6.00%, 10/01/2009
1,765,000 Palm Beach County Solid Waste 2,042,334
Authority, Florida Revenue Series A,
AMBAC, 6.00%, 10/01/2009
5,000,000 Connecticut State Resource 5,438,950
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 1,068,810
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare 2,003,343
International Airport Revenue,
Second Lien-Series C, MBIA,
5.00%, 01/01/2010
1,000,000 Memphis-Shelby County Airport 1,161,030
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.25%, 02/15/2010
1,065,000 Detroit City School District, 1,275,732
Michigan Series A, AMBAC,
6.50%, 05/01/2010
1,000,000 Detroit, Michigan Water Supply 1,106,330
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal 2,915,014
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,000,000 Warren Township School Building 1,069,990
Corp., Indiana, FSA,
5.25%, 07/05/2010
1,945,000 Indianapolis, Indiana Gas Utility 2,069,597
Revenue, Distribution Systems
Series A, AMBAC,
5.25%, 08/15/2010
1,500,000 Brownsville, Texas Utility System 1,770,255
Revenue, AMBAC, 6.25%, 09/01/2010
2,065,000 Broward County, Florida Airport 2,198,296
Systems Revenue Series E, MBIA,
AMT, 5.25%, 10/01/2010
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,000,000 Connecticut State Resource $ 5,438,950
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
1,000,000 Bexar County Health Facilities 1,154,010
Development Corp., Texas Baptist
Health Systems Series A, MBIA,
6.00%, 11/15/2010
3,350,000 Nebraska Public Power District 3,578,537
Revenue Series A, MBIA,
5.25%, 01/01/2011
1,190,000 Amarillo Health Facilities Corp., 1,298,623
Texas, Baptist St. Anthony's
Hospital Corp., FSA,
5.50%, 01/01/2011
2,495,000 Iron County School District, Utah 2,837,139
School Bond Guarantee,
5.75%, 01/15/2011
1,000,000 Amarillo Junior College District, 1,036,980
Texas, FGIC, 5.125%, 02/15/2011
1,605,000 Arizona Water Infrastructure 1,710,689
Finance Authority Revenue, Water
Quality Financial Assistance
Series A, MBIA, 5.25%, 07/01/2011
5,000,000 Intermountain Power Agency, Utah 5,301,200
Power Supply Revenue Series A,
MBIA, 5.25%, 07/01/2011
(Note H, p. 16)
3,165,000 Spotsylvania County, Virginia, 3,515,397
FSA, 5.50%, 07/15/2011
3,015,000 Clayton County Hospital Authority, 3,230,241
Georgia Revenue Anticipation
Certificates, Southern Regional Medical
Center Project Series A, MBIA,
5.25%, 08/01/2011
2,000,000 Indianapolis, Indiana Gas Utility 2,110,140
Revenue Distribution Systems
Series A, AMBAC,
5.25%, 08/15/2011
1,275,000 Brownsville, Texas Utility 1,508,083
Systems Revenue, AMBAC,
6.25%, 09/01/2011
1,025,000 Goose Creek Independent School 1,050,174
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 1,031,390
Texas, FGIC, 5.125%, 02/15/2012
1,000,000 St. Louis Board of Education, 1,101,360
Missouri Series A, FGIC,
5.50%, 04/01/2012
1,035,000 Massachusetts Consolidated Loans 1,144,099
Series B, FGIC, 5.50%, 06/01/2012
1,840,000 East Chicago Multi-School 1,962,029
Building Corp., Indiana, AMBAC,
5.40%, 07/15/2012
2,655,000 Spotsylvania County, Virginia, 2,933,855
FSA, 5.50%, 07/15/2012
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,035,000 Wallenpaupack Area School $ 3,213,063
District, Pennsylvania Series A,
FGIC, 5.25%, 11/15/2012
1,150,000 Bell County Health Facilities 1,229,994
Development Corp., Texas Revenue,
Cook Children's Hospital
Refunding & Improvement, FSA,
5.375%, 12/01/2012
3,500,000 Northern Colorado Water 4,105,990
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
3,000,000 Chicago, Illinois, FSA, 3,299,370
5.50%, 01/01/2013
1,195,000 New York State Dormitory 1,255,814
Authority, Mental Health Services
Facilities Improvement Series D,
MBIA, 5.25%, 02/15/2013
1,035,000 Sacramento Municipal Utility 1,269,438
District, California Series G,
MBIA, 6.50%, 09/01/2013
2,445,000 Sunrise, Florida Utility Systems 2,712,287
Revenue, AMBAC,
5.50%, 10/01/2013
1,070,000 Illinois Health Facilities 1,122,098
Authority Revenue, Hospital
Sisters Services Inc. Series A,
MBIA, 5.375%, 06/01/2014
5,735,000 Clark County, Nevada Flood 5,891,967
Control, FGIC, 5.00%, 11/01/2014
3,980,000 Regional Transportation Authority, Illinois, 4,569,836
FGIC, 6.00%, 06/01/2016
1,000,000 Massachusetts Water 1,106,010
Resources Authority, General
Series B, FSA, 5.50%, 08/01/2016
6,225,000 Volusia County, Florida Sales Tax 6,319,433
Revenue Subordinated Lien, MBIA,
5.00%, 10/01/2016 (Note H, p. 16)
3,315,000 District of Columbia Water & 3,851,997
Sewer Authority, Public Utility
Revenue, FSA, 6.00%, 10/01/2016
2,325,000 Regional Transportation Authority, Illinois, 2,675,540
FGIC, 6.00%, 06/01/2017
1,760,000 Clark County, Nevada Series A, 2,155,542
AMBAC, 6.50%, 06/01/2017
2,865,000 New York State Dormitory 3,352,652
Authority, New York University
Series A, MBIA, 6.00%, 07/01/2018
17,055,000 Long Island Power Authority, 17,204,061
New York Electric Systems Revenue,
General Series A, FSA,
5.00%, 12/01/2018 (Note I, p. 16)
9,420,000 Illinois Development Finance 8,766,910
Authority, Adventist Health
Systems Series B, Variable Rate
CPI Bond, MBIA, 3.223%, 01/01/2019
8 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,005,000 Regional Transportation $ 1,354,871
Authority, Illinois Series C,
FGIC, 7.75%, 06/01/2020
3,135,000 Illinois State Dedicated Tax 3,732,061
Revenue, AMBAC,
6.25%, 12/15/2020
3,980,000 McGee-Creek Authority, Oklahoma 4,678,570
Water Revenue, MBIA,
6.00%, 01/01/2023
2,420,000 New York State Energy Research & 2,546,929
Development Authority, Electric
Facilities Revenue, Consolidated
Edison Co. New York Inc. Series A,
MBIA, AMT, 7.50%, 01/01/2026
4,650,000 Delaware Valley Regional Finance 4,413,641
Authority, Pennsylvania Local
Government Revenue Series A,
Variable Rate CPI Bond, AMBAC,
3.629%, 07/01/2027
------------
Total Insured (Cost $434,097,793) 455,266,229
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 34.76%
- --------------------------------------------------------------------------------
State General Obligations: 14.70%
2,085,000 District of Columbia Series C, 2,088,503
4.90%, 12/01/1998
6,845,000 District of Columbia Series B, 6,858,690
4.50%, 06/01/1999
215,000 Massachusetts Turnpike 217,369
Authority Series A,
5.00%, 06/01/1999
2,375,000 Utah State, 2,393,288
4.40%, 07/01/1999
3,565,000 South Carolina State Capital 3,608,706
Improvements Series A,
5.00%, 07/01/1999
6,575,000 Washington State Series R-97-B, 6,646,931
5.00%, 07/01/1999
1,000,000 Georgia State Series B, 1,033,650
8.00%, 07/01/1999
1,750,000 New Jersey State Series E, 1,773,118
5.00%, 07/15/1999
2,960,000 Maryland State Third Series, 3,020,917
6.00%, 07/15/1999
4,025,000 Minnesota State, 4,114,515
6.00%, 08/01/1999
2,275,000 Rhode Island State Series A, 2,333,013
6.60%, 08/01/1999
4,305,000 Washington State Series R-92-C, 4,378,745
5.30%, 09/01/1999
2,625,000 Texas State Series A, 2,744,568
8.00%, 10/01/1999
4,665,000 Florida State Board of Education 4,721,400
Capital Outlay Series A,
4.50%, 01/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,315,000 Delaware State Series A, $ 2,344,563
4.50%, 02/01/2000
2,870,000 Maryland State First Series, 2,907,855
6.75%, 03/01/2000
3,685,000 New Jersey State, 3,872,714
7.00%, 04/01/2000
5,480,000 Wisconsin State Series A, 5,559,624
4.50%, 05/01/2000
1,000,000 Tennessee State Series A, 1,023,810
5.00%, 05/01/2000
4,280,000 Tennessee State Series B, 4,381,907
5.00%, 05/01/2000
2,390,000 Minnesota State, 2,430,343
4.50%, 06/01/2000
950,000 District of Columbia Series A-3, 959,719
4.90%, 06/01/2000
3,890,000 Georgia State Environmental 3,954,885
Facilities Authority Revenue,
Guaranteed Water & Waste Water
Loan, 4.50%, 07/01/2000
2,580,000 South Carolina State Capital 2,630,542
Improvement Series A,
4.50%, 08/01/2000
1,890,000 Maryland State & Local Facilities 1,933,621
Loan Second Series,
4.75%, 08/01/2000
9,635,000 Massachusetts Series A, 9,882,330
5.00%, 08/01/2000
1,000,000 Georgia State Series D, 1,053,180
6.50%, 08/01/2000
23,350,000 Minnesota State, 24,082,956
4.75%, 06/01/2001 (Note J, p. 16)
1,130,000 District of Columbia Series A, 1,162,194
5.50%, 06/01/2001
1,000,000 Massachusetts Consolidated Loans 1,074,380
Series D, 6.50%, 07/01/2001
2,000,000 District of Columbia Series A, 2,096,700
5.90%, 06/01/2002
5,600,000 Utah State, 5,962,712
5.50%, 07/01/2002
1,090,000 California State, 1,234,469
7.00%, 03/01/2003
2,300,000 California State, 2,661,353
7.00%, 03/01/2004
1,165,000 California State, 1,358,938
7.10%, 05/01/2004
1,500,000 Massachusetts Bay Transportation 1,705,425
Authority Series C,
6.00%, 03/01/2007
3,715,000 Connecticut State Series C, 4,128,517
5.50%, 08/01/2007
5,180,000 Georgia State Series C, 6,085,205
6.25%, 08/01/2007
8,305,000 Connecticut State Series D, 9,258,496
5.50%, 12/01/2007
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,940,000 Hawaii State Series CC, $ 2,063,268
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,689,495
5.25%, 02/01/2008
2,600,000 Georgia State Series A, 3,060,382
6.25%, 04/01/2008
1,000,000 California State, 1,244,260
7.20%, 05/01/2008
1,670,000 Georgia State Series D, 2,034,678
6.70%, 08/01/2008
1,000,000 South Carolina State Series A, 1,064,870
5.00%, 03/01/2009
2,225,000 Massachusetts Bay Transportation 2,526,265
Authority Series A,
5.75%, 03/01/2010
1,000,000 Texas State Student Loan 1,001,850
Revenue, AMT,
5.00%, 08/01/2010
1,490,000 Georgia State Series C, 1,779,924
6.25%, 08/01/2010
2,785,000 Massachusetts Consolidated 2,985,520
Loan Series C,
5.25%, 08/01/2011
3,775,000 Massachusetts Bay Transportation 4,189,571
Authority Series A,
5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,167,340
6.00%, 03/01/2012
9,500,000 Florida State Board of Education 9,973,005
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2013
(Note H, p. 16)
11,145,000 Florida State Board of Education 11,632,816
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2014
(Note H, p. 16)
990,000 Florida State Board of Education, 1,446,222
9.125%, 06/01/2014
------------
Total State General Obligations (Cost $196,973,943) 203,539,317
------------
Local General Obligations: 8.72%
1,020,000 Du Page County Forest Preserve 1,022,989
District, Illinois, 7.40%, 11/01/1998
1,245,000 Chicago, Illinois, 1,268,630
11.50%, 01/01/1999
3,140,000 Jordan School District, Utah, 3,178,151
5.00%, 06/15/1999
1,000,000 Montgomery County, Maryland 1,013,860
Series A, 5.10%, 07/01/1999
1,000,000 Dallas County, Texas Series B, 1,022,950
6.00%, 08/15/1999
1,000,000 Montgomery County, Maryland 1,035,880
Series B, 6.875%, 10/01/1999
1,025,000 Harris County Flood Control District, 1,063,038
Texas Series A, 7.125%, 10/01/1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 King County, Washington Series A, $ 1,063,440
9.00%, 12/01/1999
1,000,000 Denver City & County School 1,071,240
District No. 1, Colorado Series B,
10.00%, 12/01/1999
6,255,000 King County, Washington Refunding 6,379,349
Sewer Series C,
5.25%, 01/01/2000
1,455,000 Tulsa Independent School District 1,482,136
No. 1, Oklahoma,
5.00%, 02/01/2000
2,000,000 Broward County School District, 2,062,000
Florida, 6.75%, 02/15/2000
1,525,000 Seattle, Washington Limited Tax 1,543,803
Series B, 4.50%, 03/01/2000
1,885,000 Knox County, Tennessee, 1,910,843
4.50%, 03/01/2000
2,200,000 Richmond County Board of 2,227,434
Education, Georgia,
4.50%, 03/01/2000
1,075,000 Shelby County, Tennessee Series B, 1,098,500
5.10%, 03/01/2000
1,525,000 Washington Suburban Sanitation 1,562,149
District, Maryland,
5.00%, 06/01/2000
2,785,000 Jordan School District, Utah, 2,849,779
5.00%, 06/15/2000
1,860,000 Columbus, Ohio Limited Tax 1,920,896
Series 1, 5.50%, 06/15/2000
2,725,000 Stamford, Connecticut, 2,777,565
4.50%, 07/15/2000
945,000 New York City Series L, 971,205
5.25%, 08/01/2000
1,000,000 Morris County, New Jersey General 1,018,190
Improvements,
4.50%, 08/15/2000
1,160,000 King County, Washington Public 1,184,638
Transportation Sales Tax Series A,
4.625%, 12/01/2000
1,785,000 Harford County, Maryland, 1,840,799
5.00%, 12/01/2000
3,815,000 Cobb County, Georgia School 4,021,353
District, 6.00%, 02/01/2001
2,310,000 Dallas, Texas Equipment 2,372,693
Acquisition Contractual
Obligation, 4.75%, 02/15/2001
1,125,000 Richmond County Board of 1,147,579
Education, Georgia,
4.50%, 03/01/2001
2,960,000 Winston-Salem, North Carolina, 3,350,217
8.875%, 06/01/2001
2,495,000 Baltimore County, Maryland 2,558,847
Consolidated Public Improvement,
4.50%, 07/01/2001
10 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,145,000 Pima County, Arizona, $ 1,231,024
6.55%, 07/01/2001
2,160,000 Montgomery County, Maryland, 2,512,598
8.60%, 05/01/2002
2,000,000 New York City Series G, 2,131,960
5.70%, 02/01/2003
2,165,000 Philadelphia Authority for 2,231,877
Industrial Development,
Pennsylvania, Gallery II Garage
Project, 6.125%, 02/15/2003
3,420,000 Pennsylvania Convention & 3,661,315
Exhibition Center Authority
Revenue Series A,
6.25%, 09/01/2004
3,660,000 New York City Series I, 4,132,360
6.25%, 04/15/2006
1,455,000 Montgomery County, Maryland 1,634,256
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 7,062,791
5.50%, 05/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,993,245
6.00%, 10/01/2007
4,355,000 Metropolitan Milwaukee Sewage 4,839,276
District, Wisconsin Series A,
5.50%, 10/01/2008
8,660,000 New York City Series F, 9,308,980
5.375%, 08/01/2009
1,020,000 Indianapolis Local Public 1,080,731
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,190,000 Roanoke, Virginia, 1,244,978
5.00%, 02/01/2011
1,300,000 Forsyth County, North Carolina, 1,331,200
4.75%, 02/01/2013
7,780,000 New York City Series I, 8,430,953
5.875%, 03/15/2013
1,400,000 Travis County, Texas, 1,425,956
5.00%, 03/01/2015
1,920,000 Du Page County, Illinois 2,128,397
Stormwater Project,
5.60%, 01/01/2021
6,735,000 Du Page County, Illinois Jail 7,466,017
Project, 5.60%, 01/01/2021
------------
Total Local General Obligations (Cost $114,692,843) 120,868,067
------------
Tax Lease: 7.43%
2,170,000 New York State Urban Development 2,176,532
Corp., Correctional Facilities,
4.70%, 01/01/1999
2,350,000 New York State Certificates of 2,364,053
Participation, 4.90%, 03/01/1999
1,000,000 New York State Energy Research & 1,007,730
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,850,000 Middlesex County Improvement $ 2,885,454
Authority, New Jersey Lease
Revenue, Raritan Center Overpass
Project, 4.75%, 08/01/1999
1,040,000 New York State Medical Care 1,066,238
Facilities Financing Authority,
Brookdale Hospital Medical
Center, Secured Hospital Program,
6.20%, 08/15/1999
795,000 Ukiah Unified School District, 809,835
California Certificates of
Participation, 5.30%, 09/01/1999
1,630,000 Kentucky State Property & 1,667,686
Buildings Commission Revenue,
Project No. 53,
5.90%, 10/01/1999
17,015,000 Ohio State Public Facilities 17,244,022
Commission, Higher Education
Capital Facilities Series 2A,
4.50%, 12/01/1999 (Note K, p. 16)
2,125,000 Virginia State Public School 2,182,354
Authority, 5.75%, 01/01/2000
5,550,000 New York State Certificates of 5,593,346
Participation,
4.375%, 02/01/2000
3,760,000 Virginia College Building 3,825,725
Authority, Virginia, Equipment
Leasing Program,
5.00%, 02/01/2000
1,140,000 Lake County, Illinois 1,205,117
Certificates of Participation,
7.20%, 06/01/2000
17,760,000 New Jersey State Transportation 18,208,440
Trust Fund, Transportation Systems
Series A, 5.00%, 06/15/2000
(Notes L & M, p. 16)
4,330,000 New York State Dormitory Authority, 4,401,272
City University Series B,
4.75%, 07/01/2000
1,000,000 Virginia State Public School 1,034,960
Authority Series A,
5.50%, 08/01/2000
1,000,000 Virginia State Public Building 1,036,840
Authority Series A,
5.70%, 08/01/2000
2,475,000 New York State Urban Development 2,541,157
Corp., Correctional Facilities,
5.10%, 01/01/2001
3,800,000 MTA, New York Commuter Facilities 3,942,804
Service Contract Series O,
5.25%, 07/01/2001
1,315,000 New York State Urban Development 1,445,895
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 New York State Dormitory $ 2,158,220
Authority, State University Series A,
5.50%, 05/15/2005
1,005,000 New York State Dormitory 1,094,455
Authority, City University,
5.70%, 07/01/2005
1,005,000 New York State Dormitory 1,094,455
Authority, City University Series C,
5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,093,380
Participation, City University,
John Jay College,
5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,837,218
Facilities Financing Authority,
Mental Health Services Series A,
5.35%, 02/15/2006
1,000,000 New York State Dormitory 1,150,560
Authority, State University
Series A, 6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,674,346
Authority, State University
Series A, 5.50%, 05/15/2007
2,285,000 New Jersey Building Authority, 2,608,647
State Building Revenue,
6.00%, 06/15/2007
1,000,000 New York State Dormitory 1,106,930
Authority, City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 4,133,164
Education Facilities,
Pennsylvania Authority Revenue,
5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,492,120
Commission, Illinois,
7.25%, 11/01/2007
4,045,000 Philadelphia Hospitals & Higher 4,315,933
Education Facilities,
Pennsylvania Authority Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory 1,442,074
Authority, City University Series A,
5.75%, 07/01/2013
1,000,000 Sacramento City Finance 1,086,810
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
------------
Total Tax Lease (Cost $99,460,881) 102,927,772
------------
Special Tax: 3.47%
1,175,000 Las Vegas Special Improvement 1,183,789
District No. 707, Nevada, Local
Improvement Bonds,
5.50%, 06/01/1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,860,000 Montana State Department of $ 1,879,995
Transportation, 4.70%, 07/01/1999
5,710,000 Tulsa Criminal Justice Authority, 5,767,957
Oklahoma Sales Tax Revenue,
4.50%, 09/01/1999
13,435,000 Los Angeles Community 13,653,722
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/1999 (Note N, p. 16)
1,640,000 Arizona State Transportation Board 1,667,076
Excise Tax Revenue,
4.50%, 07/01/2000
2,000,000 New Mexico State Severance Tax 2,062,540
Series B, 4.75%, 07/01/2001
2,290,000 Arizona State Transportation 2,354,120
Board Excise Tax Revenue,
6.125%, 07/01/2001
1,170,000 Tulsa County Criminal Justice 1,229,120
Authority, Oklahoma Sales Tax
Revenue, 5.50%, 03/01/2002
625,000 Metropolitan Pier & Exposition 678,106
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, 5.90%, 06/15/2003
1,500,000 Connecticut State Special Tax 1,698,285
Obligation Revenue Series B,
6.00%, 09/01/2006
1,620,000 Connecticut State Special Tax 1,760,276
Obligation Revenue Series A,
5.25%, 09/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,206,028
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,171,080
Obligation Series B,
6.15%, 09/01/2009
1,975,000 District of Columbia Redevelopment 2,074,816
Land Agency, Sports Arena Special
Tax, 5.625%, 11/01/2010
3,635,000 Massachusetts Special Obligation 4,022,237
Revenue, Consolidated Loans
Series A, 5.50%, 06/01/2012
3,225,000 Illinois State Sales Tax Revenue 3,733,260
Series Q, 6.00%, 06/15/2012
1,700,000 Massachusetts Special Obligation 1,880,880
Revenue, Consolidated Loans
Series A, 5.50%, 06/01/2013
------------
Total Special Tax (Cost $46,268,512) 48,023,287
------------
Miscellaneous Tax: 0.44%
5,325,000 Indianapolis Local Public 6,158,682
Improvement Bond Bank, Indiana
Series B, 6.00%, 01/10/2013
------------
Total Miscellaneous Tax (Cost $5,192,137) 6,158,682
------------
Total Tax Supported (Cost $462,588,316) 481,517,125
------------
12 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
REVENUE: 12.23%
- --------------------------------------------------------------------------------
Airport Revenue: 0.56%
370,000 Tulsa, Oklahoma Airports $ 376,582
Improvement Trust General
Revenue, Tulsa International
Airport, 6.125%, 06/01/1999
1,500,000 Denver City & County, Colorado 1,680,540
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 933,968
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
975,000 Denver City & County, Colorado 1,119,680
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare International 2,624,961
Airport Revenue Senior Lien
Series A, 5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 1,006,750
Revenue Series B, AMT,
5.00%, 07/01/2013
------------
Total Airport Revenue (Cost $7,059,013) 7,742,481
------------
Electric Revenue: 1.85%
1,045,000 North Carolina Eastern Municipal 1,048,051
Power Agency Series A,
5.00%, 01/01/1999
9,065,000 Lower Colorado River Authority, 9,276,849
Texas, 5.50%, 01/01/2000
1,500,000 Massachusetts Municipal Wholesale 1,539,360
Electric Company Series D,
5.50%, 07/01/2000
1,555,000 Tallahassee, Florida Municipal 1,605,927
Electric Series A, 5.25%,
10/01/2000
6,700,000 Pittsylvania County Industrial 7,235,397
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
3,500,000 Washington Public Power Supply 3,844,330
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
1,000,000 Washington Public Power Supply 1,115,380
System Revenue, Nuclear Project
No. 2 Series A, 5.75%, 07/01/2009
------------
Total Electric Revenue (Cost $24,617,188) 25,665,294
------------
Health Care Revenue: 2.29%
1,000,000 Camden County Improvement 1,002,300
Authority, New Jersey Revenue,
Cooper Health Care Redevelopment
Project, 4.50%, 02/15/1999
1,200,000 Illinois Development Finance 1,205,376
Authority Revenue, Community
Rehabilitation Providers Series A,
4.70%, 07/01/1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Illinois Health Facilities $ 1,009,030
Authority Revenue, Advocate
Health Care Series A,
4.80%, 08/15/1999
1,400,000 Montgomery County, Ohio Hospital 1,417,010
Revenue, Grandview Hospital &
Medical Center,
5.00%, 12/01/1999
1,615,000 Pennsylvania Economic Development 1,623,204
Financing Authority Revenue,
Northwestern Human Services
Series A, 4.75%, 06/01/2000
850,000 Franklin County, Ohio Health Care 850,935
Facilities Revenue, Ohio
Presbyterian Services,
4.50%, 07/01/2000
1,235,000 Connecticut State Health & 1,256,860
Educational Facilities Authority
Revenue, Hospital For Special
Care Revenue Issue B,
5.25%, 07/01/2000
1,410,000 Connecticut State Health & 1,444,897
Educational Facilities Authority
Revenue, Hospital For Special
Care Revenue Issue B,
5.25%, 07/01/2001
2,000,000 Montgomery County, Ohio Hospital 2,060,740
Revenue, Grandview Hospital &
Medical Center,
5.25%, 12/01/2001
1,180,000 Illinois Development Finance 1,223,294
Authority Revenue, Community
Rehabilitation Providers Series A,
5.60%, 07/01/2002
300,000 New York State Medical Care 314,145
Facilities Finance Agency Revenue,
5.40%, 08/15/2005
7,215,000 Boston, Massachusetts Hospital 7,506,702
Revenue Series B,
5.75%, 02/15/2008
1,240,000 Kentucky Economic Development 1,318,170
Finance Authority Revenue,
Refunding & Improvement Catholic
Health Series A,
5.375%, 12/01/2011
3,215,000 Chattanooga Health, Educational & 3,417,674
Housing Facility Board, Tennessee
Revenue, Catholic Health
Initiatives Series A,
5.375%, 12/01/2011
1,750,000 Pennsylvania State Higher 1,732,500
Educational Facilities Authority
Revenue, Allegheny General
Hospital Series A,
7.25%, 09/01/2017
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,150,000 Saginaw General Hospital, $ 4,370,490
Michigan Hospital Finance
Authority Revenue,
7.625%, 10/01/2019
------------
Total Health Care Revenue (Cost $31,373,041) 31,753,327
------------
Higher Education Revenue: 1.56%
1,060,000 University of Cincinnati, Ohio 1,081,370
Series A-1, 5.00%, 06/01/2000
2,160,000 Maryland State Health & Higher 2,232,878
Education Facilities Authority
Revenue, Johns Hopkins University,
5.50%, 07/01/2000
1,000,000 University of Texas, University 1,018,730
Revenue Financing System Series B,
4.50%, 08/15/2000
1,260,000 University of Nebraska Facilities 1,306,166
Corp., Deferred Maintenance Project,
5.00%, 07/15/2001
1,415,000 Virginia Polytechnic Institute & 1,526,035
State University Revenue
Series A, 5.25%, 06/01/2008
1,255,000 University of Texas, University 1,302,100
Revenue Series A,
4.70%, 08/15/2008
5,000,000 Maryland State Health & Higher 5,771,150
Educational Facilities Authority
Revenue, Johns Hopkins University,
6.00%, 07/01/2009
1,380,000 University of Texas, University 1,431,543
Revenue Series A,
4.80%, 08/15/2009
1,445,000 University of Texas, University 1,498,971
Revenue Series B,
4.80%, 08/15/2009
1,000,000 Illinois Educational Facilities 1,050,470
Authority Revenue, University Of
Chicago Series A,
5.25%, 07/01/2012
2,820,000 Massachusetts Health & 3,428,951
Educational Facilities Authority
Revenue, Harvard University
Series N, 6.25%, 04/01/2020
------------
Total Higher Education Revenue (Cost $20,374,433) 21,648,364
------------
Toll Revenue: 0.07%
1,000,000 Triborough Bridge & Tunnel 1,026,410
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
------------
Total Toll Revenue (Cost $935,770) 1,026,410
------------
Water/Sewer Revenue: 1.76%
2,470,000 Portland, Oregon Sewer System 2,588,041
Revenue Series A,
6.50%, 06/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,595,000 Regional Waste Systems, Maine $ 1,633,471
Solid Waste Resource Recovery
Revenue Series Q,
5.25%, 07/01/2000 (Note H, p. 16)
1,000,000 Massachusetts Water Pollution 1,016,580
Abatement Trust, Water Pollution
Abatement Loan Series A,
4.50%, 08/01/2000
1,560,000 Orlando, Florida Waste Water 1,440,520
Systems Revenue Series A,
Variable Rate CPI Bond,
3.145%, 10/01/2003
1,900,000 Orlando, Florida Waste Water 1,730,995
Systems Revenue Series A,
Variable Rate CPI Bond,
3.165%, 10/01/2004
1,925,000 Somerset-Raritan Valley, New 2,049,432
Jersey Sewage Series G,
6.40%, 07/01/2005
2,050,000 Orlando, Florida Waste Water 1,844,098
Systems Revenue Series A,
Variable Rate CPI Bond,
3.185%, 10/01/2005
2,165,000 Orlando, Florida Waste Water 1,924,100
Systems Revenue Series A,
Variable Rate CPI Bond,
3.205%, 10/01/2006
1,790,000 Orlando, Florida Waste Water 1,575,880
Systems Revenue Series A,
Variable Rate CPI Bond,
3.225%, 10/01/2007
2,220,000 Texas State Water Development 2,401,996
Board Revenue, Revolving Senior
Lien Series A,
5.50%, 07/15/2010
1,005,000 Massachusetts Water Pollution 1,080,134
Abatement Trust Series B,
5.25%, 08/01/2014
5,875,000 Orlando, Florida Waste Water 5,171,880
Systems Revenue Series A,
Variable Rate CPI Bond,
3.225%, 10/01/2015
------------
Total Water/Sewer Revenue (Cost $23,838,090) 24,457,127
------------
Miscellaneous Revenue: 3.27%
15,000,000 Tax Exempt Private Municipal 15,071,400
Trust, Rule 144A Series 1996-1
Class A-3, 4.50%, 01/01/2000
1,000,000 Massachusetts Industrial 1,003,790
Finance Agency Resources Recovery
Revenue, Odgen Series A,
4.35%, 12/01/2000
12,000,000 Tax Exempt Private Municipal 12,180,480
Trust, Rule 144A Series 1997-1
Class A-3, 4.90%, 04/06/2001
14 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,600,000 Northeast Maryland Waste Disposal $ 1,664,096
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
10,000,000 Tax Exempt Private Municipal 10,099,900
Trust Rule 144A Series 1996-1
Class A-4, 4.60%, 11/06/2001
3,775,000 Northeast Maryland Waste Disposal 3,970,507
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
1,200,000 Mashantucket Western Pequot 1,292,796
Tribe, Connecticut, Special
Revenue, Sub 144A Series B,
5.55%, 09/01/2008
------------
Total Miscellaneous Revenue (Cost $44,526,080) 45,282,969
------------
Industrial Development/Pollution
Control Revenue: 0.87%
1,000,000 Fairfax County Economic 1,011,220
Development Authority, Virginia,
Ogden Martin System Project
Series A, AMT, 7.20%, 02/01/1999
2,100,000 Missouri State Environmental 2,137,737
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
8,470,000 St. Charles Parish, Louisiana 8,926,872
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
------------
Total Industrial Development/Pollution
Control Revenue (Cost $12,028,767) 12,075,829
------------
Total Revenue (Cost $164,752,382) 169,651,801
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.90%
- --------------------------------------------------------------------------------
Housing: 0.99%
1,135,000 Texas State Department of 1,159,947
Housing & Community Affairs, Single
Family Revenue Series E,
4.80%, 09/01/2001
2,265,000 Sedgwick & Shawnee Counties, 2,500,605
Kansas Single Family Revenue,
GNMA Mortgage Backed Securities
Program Series A-1, AMT,
5.50%, 12/01/2022
2,000,000 Jefferson Parish, Louisiana Home 2,090,080
Mortgage Revenue, FNMA & GNMA
Mortgage Backed Securities Series C-1,
AMT, 5.40%, 12/01/2024
2,330,000 District of Columbia Housing 2,490,677
Finance Agency, Single Family
FNMA & GNMA Mortgage Revenue
Series A, AMT,
6.25%, 12/01/2028
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,025,000 Oklahoma Housing Finance Agency, $ 1,126,260
Single Family Redevelopment,
Mortgage Homeownership Loan
Series B-2, AMT, 6.55%, 03/01/2029
2,125,000 Ohio Housing Finance Agency, 2,206,473
Single Family Mortgage Revenue
Series A, AMT, 7.65%, 03/01/2029
2,000,000 Missouri State Housing 2,208,080
Development Commission FNMA &
GNMA Mortgage Revenue, Single
Family Series B-2, AMT,
6.40%, 09/01/2029
------------
Total Housing (Cost $13,645,228) 13,782,122
------------
Student Loan: 0.91%
1,525,000 New England Education Loan 1,553,975
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1999
1,640,000 New England Education Loan 1,672,964
Marketing Corporation, Student
Loan Revenue Issue A,
6.125%, 09/01/1999
1,600,000 Brazos Higher Education Authority 1,643,296
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,340,000 Student Loan Funding Corporation, 1,375,014
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,450,000 New England Education Loan 1,477,202
Marketing Corporation, Student
Loan Revenue Series G,
5.00%, 08/01/2000
1,265,000 Brazos Higher Education Authority 1,313,032
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,542,584
Authority Series A-1, AMT,
5.95%, 06/01/2001
------------
Total Student Loan (Cost $12,245,446) 12,578,067
------------
Total Asset-Backed Securities
(Cost $25,890,674) 26,360,189
------------
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $1,358,608,384) 101.90% $1,412,080,624
(Note O, below)
Cash and Other Assets, Less Liabilities (1.90) (26,295,219)
------- --------------
Net Assets (Equivalent to $13.96
per share based on 99,275,747
shares of capital stock outstanding) 100.00% $1,385,785,405
======= ==============
- --------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- --------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- --------------------------------------------------------------------------------
343 U.S. 30 Year $44,181,969 $ (911,813)
Treasury Bond
December 1998
------------
Total Short Futures Contract $ (911,813)
------------
- --------------------------------------------------------------------------------
(A)Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
PSF Guaranteed-(Texas) Permanent School Funds
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
(B)$11,000,000 principal amount segregated as collateral for futures
transactions
(C)$1,200,000 principal amount pledged as collateral for futures transactions
(D)$7,820,000 principal amount segregated as collateral for futures
transactions
(E)$7,000,000 principal amount segregated as collateral for when-issued
securities
(F)$20,300,000 principal amount segregated as collateral for when-issued
securities
(G)$10,000,000 principal amount segregated as collateral for futures
transactions
(H)When-issued security
(I)Delayed-delivery security
(J)$23,350,000 principal amount segregated as collateral for futures
transactions
(K)$17,015,000 principal amount segregated as collateral for delayed-delivery
securities
(L)$11,500,000 principal amount segregated as collateral for when-issued
securities
(M)$6,260,000 principal amount segregated as collateral for futures
transactions
(N)$9,000,000 principal amount segregated as collateral for when-issued
securities
(O)At September 30, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
(P)Allocation of Portfolio net assets at September 30, 1998:
Alabama 0.68%
Alaska 0.48
Arizona 1.34
Arkansas 0.65
California 2.50
Colorado 1.21
Connecticut 3.20
Delaware 0.75
Florida 6.61
Georgia 2.75
Hawaii 0.67
Illinois 7.04
Indiana 1.37
Kansas 0.40
Kentucky 0.29
Louisiana 0.87
Maine 0.12
Maryland 3.45
Massachusetts 6.56
Michigan 1.86
Minnesota 2.75
Mississippi 0.17
Missouri 0.39
Montana 0.14
Nebraska 0.35
Nevada 1.00
New Jersey 5.11
New Mexico 0.15
New York 8.58
North Carolina 1.86
Ohio 3.78
Oklahoma 1.06
Oregon 0.63
Pennsylvania 4.22
Rhode Island 1.36
South Carolina 0.78
South Dakota 0.38
Tennessee 1.52
Texas 6.29
Utah 3.20
Virginia 2.22
Washington 5.56
Wisconsin 1.01
Puerto Rico 0.24
District of Columbia 2.81
Tax-Exempt Private Municipal Trust 2.70
U.S. Treasury Obligations 0.81
Repurchase Agreement 0.03
Cash and Other Assets, Less Liabilities (1.90)
------
Total 100.00%
======
See Notes to Financial Statements.
16 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
September 30, 1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 4.02%
- --------------------------------------------------------------------------------
1,100,000 Orange County Water District, $ 1,100,000
California Certificates of
Participation, Daily Floater,
Putable Daily,
3.875%, 08/18/2015
17,800,000 California Pollution Control 17,800,000
Financing Authority Revenue,
Pacific Gas & Electric Series F,
Daily Floater, Putable Daily, AMT,
4.00%, 11/01/2026
3,200,000 California Statewide Communities 3,200,000
Development Authority Revenue,
John Muir/Mount Diablo Health,
Certificates of Participation,
Daily Floater, Putable Daily, AMBAC,
3.875%, 08/15/2027
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $22,100,000) 22,100,000
------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 2.03%
- --------------------------------------------------------------------------------
11,330,330 3.375%, 01/15/2007 11,156,840
------------
Total U.S. Treasury Inflation Protection Security
(Cost $11,029,766) 11,156,840
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 21.79%
- --------------------------------------------------------------------------------
2,000,000 Puerto Rico Public Improvement 2,096,600
Series A, 7.75%,
07/01/2017, Prerefunded 07/01/1999 @101.50
2,000,000 Los Angeles Convention & Exhibition 2,101,560
Center Authority, California
Certificates of Participation Series A,
7.375%, 08/15/2018,
Prerefunded 08/15/1999 @101.50
7,030,000 South Gate Public Financing 7,434,084
Authority, California Tax
Allocation Revenue, South Gate
Redevelopment Project Series A-2,
7.375%, 09/01/2009,
Prerefunded 09/01/1999 @102
2,190,000 Santa Cruz County Public 2,329,328
Financing Authority, California
Tax Allocation, 7.625%, 09/01/2021,
Prerefunded 09/01/1999 @102.50
4,890,000 Alameda Community Facilities 5,187,312
District, California Special Tax
No. 1, 7.75%, 09/01/2019,
Prerefunded 09/01/1999 @102
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
570,000 Temecula Valley Unified School $ 600,877
District, California Series B,
AMBAC, 9.25%, 09/01/1999,
Escrowed to Maturity
3,920,000 Tehachapi Community Facilities 4,197,771
District, California Special Tax,
7.40%, 10/01/2014,
Prerefunded 10/01/1999 @103
9,665,000 Stockton-East Water District, California 10,387,072
Certificates of Participation, 1990 Project
Series A, AMBAC, 7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102 (Note B, p. 24)
1,430,000 California Health Facilities 1,544,243
Financing Authority, Health
Dimensions Series A,
7.50%, 05/01/2015,
Prerefunded 05/15/2000 @102
1,265,000 California State Department of 1,346,871
Water Resources Series I,
6.60%, 12/01/2019,
Prerefunded 06/01/2000 @101.50
2,210,000 California State Department of 2,363,595
Water Resources Series H,
6.90%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
12,735,000 California State Department of 13,630,270
Water Resources, Central Valley
Project, Water Systems Series I,
6.95%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
1,725,000 Puerto Rico Commonwealth, 1,876,369
7.625%, 07/01/2010,
Prerefunded 07/01/2000 @102
2,705,000 Desert Hospital District, 2,964,815
California Desert Hospital
Project, 8.10%, 07/01/2020,
Prerefunded 07/01/2000 @102
14,250,000 Castaic Lake Water Agency, 15,495,450
California Certificates of
Participation, Water Systems
Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
1,175,000 Los Angeles Convention & 1,270,880
Exhibition Center Authority,
California Certificates of
Participation, AMBAC,
7.00%, 08/15/2021,
Prerefunded 08/15/2000 @102
14,250,000 Los Angeles County, California 15,303,075
Certificates of Participation,
Correctional Facilities Project,
MBIA, 6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,940,000 California State Public Works $ 3,184,138
Board Lease Revenue, Regents of
the University of California
Series A, 7.00%, 09/01/2015,
Prerefunded 09/01/2000 @102
3,560,000 Los Angeles, California 3,861,959
Wastewater System Revenue Series D,
MBIA, 6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
1,585,000 Santa Ana Community Redevelopment 1,714,574
Agency, California Series A,
6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102
1,000,000 Los Angeles County Transportation 1,101,460
Commission, California Sales Tax
Revenue Series A,
6.75%, 07/01/2020,
Prerefunded 07/01/2001 @102
1,595,000 Los Angeles County Transportation 1,760,816
Commission, California Sales Tax
Revenue Series A,
6.90%, 07/01/2021,
Prerefunded 07/01/2001 @102
3,960,000 San Bernardino County, California 4,391,878
Certificates of Participation,
Capital Facilities Project Series B,
7.00%, 08/01/2028,
Prerefunded 08/01/2001 @102
1,865,000 Colton Redevelopment Agency, 2,064,368
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
55,000 Denver City & County, Colorado 64,003
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
5,080,000 Sacramento School Insurance 5,315,560
Authority, California Revenue
Liability Program Series D,
5.70%, 06/01/2003,
Escrowed to Maturity
400,000 Pomona Public Financing 439,420
Authority, California Southwest
Pomona Revenue Series L,
5.50%, 02/01/2008,
Prerefunded 02/01/2004 @102
2,025,000 Burbank Redevelopment Agency, 2,312,995
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
1,520,000 Corona, California Certificates of 1,919,654
Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Pittsburg Redevelopment Agency, $ 1,539,900
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed
(Cost $117,746,424) 119,800,897
------------
- --------------------------------------------------------------------------------
INSURED: 35.51%
- --------------------------------------------------------------------------------
1,390,000 University of Puerto Rico Revenue 1,414,895
Series N, MBIA,
6.00%, 06/01/1999
5,310,000 Southern California Public Power 5,332,939
Authority, Power Project Revenue,
Palo Verde Project Series A, FSA,
5.00%, 07/01/1999 (Note C, p. 24)
1,000,000 Santa Clara Unified School 1,031,440
District, California, FGIC,
7.00%, 08/01/1999
2,515,000 Vallejo Unified School District, 2,606,219
California, FGIC,
7.60%, 08/01/1999
1,965,000 Los Angeles Convention & Exhibition 2,023,066
Center Authority, California
Certificates of Participation, AMBAC,
6.60%, 08/15/1999
1,535,000 University of California Revenue 1,628,205
Series C, AMBAC,
10.00%, 09/01/1999
4,285,000 Modesto Irrigation District 4,343,405
Financing Authority, California
Series A, MBIA, 4.50%, 10/01/1999
2,695,000 Riverside, California 2,741,758
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/1999
1,085,000 Los Angeles County Board of 1,103,412
Education, California
Certificates of Participation,
Local Educational Agencies,
Pooled Capital Projects Series A,
MBIA, 4.75%, 03/01/2000
4,805,000 Southern California Public Power 4,889,232
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA,
4.50%, 07/01/2000
13,010,000 Central Valley Financing Authority, 13,238,065
California Cogeneration Project
Revenue, Carson Ice General Project,
MBIA, 4.50%, 07/01/2000
2,885,000 California Health Facilities 2,945,181
Financing Authority, Catholic
Healthcare West Series A, MBIA,
4.75%, 07/01/2000
18 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Sacramento Municipal Utility $ 1,025,890
District, California Series L,
AMBAC, 5.00%, 07/01/2000
1,695,000 Orange County, California Airport 1,743,087
Revenue, MBIA, AMT,
5.25%, 07/01/2000
1,000,000 Los Angeles County Metropolitan 1,034,250
Transportation Authority,
California Sales Tax Revenue
Series A, MBIA,
5.50%, 07/01/2000
2,620,000 Northern California Power Agency, 2,709,735
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2000
2,190,000 University of California Revenue, 2,332,109
Multi-Purpose Projects Series F,
FGIC, 7.00%, 09/01/2000
3,015,000 Riverside, California 3,092,666
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/2000
1,575,000 Las Virgenes Municipal Water 1,737,824
District, California Certificates of
Participation, MBIA,
8.75%, 11/01/2000
5,000,000 Central Valley Financing 5,127,950
Authority, California
Cogeneration Project Revenue,
Carson Ice General Project,
MBIA, 4.50%, 07/01/2001
1,240,000 Southern California Public Power 1,275,749
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA,
4.625%, 07/01/2001
2,780,000 Castaic Lake Water Agency, 2,941,935
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 5.75%, 08/01/2001
1,085,000 University of California Revenue, 1,114,393
Multi-Purpose Projects Series G,
FGIC, 4.50%, 09/01/2001
4,270,000 University of California Revenue, 4,678,041
Multi-Purpose Projects Series F,
FGIC, 7.00%, 09/01/2001
1,000,000 California Health Facilities 1,042,020
Financing Authority, Stanford
Health Care Series B, AMBAC,
5.00%, 11/15/2001
1,000,000 California Health Facilities 1,047,800
Financing Authority, Sutter
Health Series C, FSA,
5.00%, 08/15/2002
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,025,000 San Diego County, California $ 5,444,688
Certificates of Participation,
AMBAC, 5.25%, 09/01/2005
1,390,000 South Orange County Public 1,679,607
Finance Authority, California
Special Tax Revenue Series A,
MBIA, 7.00%, 09/01/2006
1,590,000 San Diego County Regional 1,714,163
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC,
5.00%, 04/01/2007
1,200,000 San Francisco City & County 1,342,680
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2007
4,520,000 South Orange County Public 5,705,686
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
7.50%, 08/15/2007
1,435,000 Riverside, California 1,602,005
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 5.50%, 11/01/2007
2,910,000 Contra Costa Transportation 3,352,495
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2008
2,360,000 San Diego County Regional 2,583,209
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC,
5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,418,877
Revenue, MBIA, AMT,
6.00%, 05/15/2008
2,815,000 Riverside, California Sewer 3,484,829
Revenue, FGIC,
7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,892,680
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2008
5,040,000 Contra Costa Transportation 5,825,786
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2009
2,825,000 San Francisco City & County 3,115,919
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2009
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,475,000 Los Angeles Department of $ 1,614,609
Airports, California Airport
Revenue Series A, FGIC,
5.50%, 05/15/2009
1,405,000 Riverside County Transportation 1,628,226
Commission, California Sales Tax
Revenue Series A, FGIC,
6.00%, 06/01/2009
1,000,000 Redding Joint Powers Financing 1,180,250
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
2,735,000 Northern California Power Agency, 3,125,202
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public 1,462,604
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
8.00%, 08/15/2009
2,000,000 Los Angeles, California Wastewater 2,144,400
System Revenue Series D,
FGIC, 5.375%, 11/01/2009
2,365,000 San Francisco City & County 2,559,852
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.35%, 05/01/2010
600,000 Los Angeles Department of Airports, 670,902
California Airport Revenue, FGIC,
AMT, 5.80%, 05/15/2010
1,110,000 Long Beach, California Harbor 1,282,106
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2010
1,235,000 Puerto Rico Highway & Transportation 1,339,740
Authority, Subordinated State
Infrastructure Bank, MBIA,
5.25%, 07/01/2010
3,000,000 Riverside, California Sewer Revenue, 3,224,550
FGIC, 5.00%, 08/01/2010
1,175,000 San Jose Redevelopment Agency, 1,371,613
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2010
1,080,000 Castaic Lake Water Agency, 1,379,721
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2010
1,000,000 Los Angeles Convention & 1,167,760
Exhibition Center Authority,
California Lease Revenue, MBIA,
6.00%, 08/15/2010
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,375,000 Sacramento County, California $ 1,449,773
Certificates of Participation,
Public Facilities Project, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,217,600
California Series A, MBIA,
6.30%, 02/01/2011
4,835,000 Orange County Local 5,381,645
Transportation Authority,
California Sales Tax Revenue
Measure M, Series A,
MBIA, 5.50%, 02/15/2011
1,000,000 California Statewide Communities 1,108,890
Development Authority,
Certificates of Participation,
MBIA, 5.50%, 04/01/2011
4,665,000 Oakland State Building Authority, 5,170,873
California Lease Revenue, Elihu
M. Harris Project Series A, AMBAC,
5.50%, 04/01/2011
2,785,000 Long Beach, California Harbor 3,224,334
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2011
1,965,000 Puerto Rico Highway & Transportation 2,115,342
Authority, Subordinated State
Infrastructure Bank, MBIA,
5.25%, 07/01/2011
2,770,000 Southern California Public Power 2,997,999
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA, 5.25%, 07/01/2011
1,000,000 University of California Revenue 1,038,980
Series C, AMBAC,
5.00%, 09/01/2011
1,100,000 Sacramento Redevelopment Agency, 1,198,659
California Tax Allocation, Merged
Downtown Redevelopment Project
Series A, FSA,
5.25%, 11/01/2011
1,000,000 California Statewide Communities 1,125,800
Development Authority,
Certificates of Participation,
MBIA, 5.625%, 04/01/2012
2,145,000 San Francisco City & County 2,300,277
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.45%, 05/01/2012
1,000,000 Los Angeles County Metropolitan 1,054,310
Transportation Authority,
California Sales Tax Revenue
Series B, AMBAC,
5.30%, 07/01/2012
20 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,215,000 Puerto Rico Highway & $ 1,354,275
Transportation Authority Series A,
AMBAC, 5.50%, 07/01/2012
1,000,000 Los Angeles Convention & 1,034,100
Exhibition Center Authority,
California Lease Revenue, MBIA,
5.125%, 08/15/2013
1,000,000 University of California Revenue 1,026,970
Series C, AMBAC,
5.00%, 09/01/2013
4,220,000 Sacramento Redevelopment Agency, 4,516,244
California Tax Allocation, Merged
Downtown Redevelopment Project
Series A, FSA,
5.25%, 11/01/2013
1,340,000 Los Angeles Unified School 1,563,177
District, California Series A,
FGIC, 6.00%, 07/01/2014
1,000,000 Puerto Rico Highway & 1,198,280
Transportation Authority Series Z,
MBIA, 6.25%, 07/01/2014
1,195,000 Culver City Redevelopment Finance 1,329,175
Authority, California Tax
Allocation, AMBAC,
5.50%, 11/01/2014
1,725,000 Long Beach, California Water 1,959,686
Revenue Series A, MBIA,
5.75%, 05/01/2015
1,595,000 Puerto Rico Highway & 1,779,047
Transportation Authority Series W,
MBIA, 5.50%, 07/01/2015
1,000,000 San Jose Redevelopment Agency, 1,166,510
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
1,000,000 San Mateo County Transportation 1,107,930
District, California Series A,
MBIA, 5.50%, 06/01/2016
1,000,000 California Special Districts 1,107,110
Association Finance Corporation,
Certificates of Participation,
Series Z, FSA,
5.50%, 08/01/2017
1,000,000 Los Angeles Convention & 1,033,210
Exhibition Center Authority,
California Lease Revenue Series A,
MBIA, 5.375%, 08/15/2018
1,660,000 Fresno, California Sewer Revenue 1,780,632
Series A-1, AMBAC,
5.25%, 09/01/2019
2,630,000 California State Public Works 2,716,974
Board Lease Revenue, Department of
Corrections, State Prison
Series A, AMBAC, 5.00%, 12/01/2019
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Mammoth Unified School District, $ 327,610
California Capital Appreciation,
MBIA, 0.00%, 08/01/2021
1,000,000 Mammoth Unified School District, 311,970
California Capital Appreciation,
MBIA, 0.00%, 08/01/2022
------------
Total Insured (Cost $184,691,812) 195,212,807
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 24.58%
- --------------------------------------------------------------------------------
State General Obligations: 6.11%
1,000,000 Puerto Rico Commonwealth, 1,012,870
5.50%, 07/01/1999
3,335,000 California State, 3,624,478
9.00%, 06/01/2000
3,585,000 California State, 3,690,901
5.00%, 10/01/2000
13,000,000 California State, 13,384,020
5.00%, 10/01/2000
1,000,000 California State, 1,074,150
6.70%, 04/01/2001
1,300,000 District of Columbia Series A, 1,362,855
5.90%, 06/01/2002
2,500,000 California State, 2,859,700
6.20%, 09/01/2005
5,640,000 California State, 6,558,643
6.00%, 10/01/2009
------------
Total State General Obligations
(Cost $32,631,011) 33,567,617
------------
Local General Obligations: 4.54%
1,045,000 East Bay Regional Park District, 1,096,884
California Series B,
8.75%, 09/01/1999
2,190,000 Santa Clara County, California 2,218,645
Tax & Revenue Anticipation Notes,
4.50%, 10/01/1999
4,875,000 Los Angeles Unified School 4,940,033
District, California Series B,
4.25%, 07/01/2000
6,000,000 Los Angeles, California Refunding 6,162,540
Series A, 4.50%, 09/01/2001
2,235,000 Los Angeles County Public Works 2,379,292
Authority, California Capital
Construction Series A,
5.10%, 03/01/2007
1,000,000 East Bay Municipal Utility District, 1,069,800
California Special
District No. 1 Series E,
5.45%, 04/01/2010
3,110,000 Los Angeles County Public Works 3,223,577
Authority, California Capital
Construction, 5.00%, 03/01/2011
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Kern High School District, $ 1,263,480
California, 7.10%, 08/01/2011
2,480,000 Los Angeles, California Series A, 2,620,889
5.25%, 09/01/2011
------------
Total Local General Obligations
(Cost $23,978,649) 24,975,140
------------
Tax Lease: 7.71%
1,065,000 California State Public Works 1,074,266
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/1999
1,215,000 San Diego County Unified School 1,227,369
District, California Certificates of
Participation, Project Phase XII
Series B, 4.50%, 07/01/1999
1,130,000 Cupertino, California 1,147,933
Certificates of Participation
Series A, 4.875%, 01/01/2000
1,095,000 Los Angeles County Capital Asset 1,116,725
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2000
11,175,000 California State Public Works 11,419,621
Board Lease Revenue, Department of
Corrections Series C,
4.75%, 09/01/2000
1,480,000 Los Angeles County Capital Asset 1,517,888
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 12/01/2000
5,340,000 California State Public Works 5,515,152
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/2001
1,985,000 Los Angeles County Capital Asset 2,044,034
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2001
1,595,000 Ukiah Unified School District, 1,681,752
California Certificates of
Participation, 5.60%, 09/01/2001
3,010,000 Puerto Rico Urban Renewal & 3,177,446
Housing Corp.,
7.875%, 10/01/2004
1,000,000 Los Angeles State Building 1,107,160
Authority, California Lease
Revenue, 5.50%, 05/01/2007
2,520,000 San Francisco State Building 2,730,294
Authority, California Lease
Revenue Series A,
5.125%, 10/01/2007
1,010,000 Gilroy Unified School District, 1,099,324
California Certificates of
Participation, 5.85%, 07/01/2008
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
725,000 San Francisco City & County $ 740,261
Parking Authority, California,
7.50%, 12/01/2008
2,590,000 Taft Public Financing Authority, 2,847,006
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
1,745,000 Capistrano Unified School 1,779,795
District, California
Certificates of Participation,
5.20%, 02/01/2018
2,000,000 Sacramento City Finance 2,173,620
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
------------
Total Tax Lease (Cost $40,804,309) 42,399,646
------------
Special Tax: 6.22%
2,505,000 Virgin Islands Public Financing 2,541,548
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/1999
3,315,000 Orange County, Local 3,378,184
Transportation Authority,
California Sales Tax Revenue
Series A, 5.00%, 02/15/2000
1,850,000 California Commerce Community 1,878,952
Development Commission, Tax
Allocation Redevelopment Project
No. 1-Series A, 4.70%, 08/01/2000
905,000 West Sacramento Reassessment 910,891
District, California Improvement
Bond Act of 1915,
4.50%, 09/02/2000
565,000 Fairfield Public Financing Authority, 568,978
California Revenue Reassessment,
4.60%, 09/02/2000
7,595,000 Los Angeles County Public Works 7,819,356
Financing Authority, California
Regional Park & Open Space
District Series A,
5.00%, 10/01/2000
7,450,000 Los Angeles Community 7,629,396
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/2000
1,400,000 California Commerce Community 1,434,804
Development Commission, Tax
Allocation Redevelopment
Project No. 1-Series A,
4.80%, 08/01/2001
1,555,000 Pomona Public Financing Authority, 1,683,894
California Revenue, Southwest
Pomona Redevelopment,
5.50%, 02/01/2008
22 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,705,000 Los Angeles County Public Works $ 6,344,588
Financing Authority, California
Regional Park & Open Space
District Series A, 5.50%, 10/01/2009
------------
Total Special Tax (Cost $33,289,382) 34,190,591
------------
Total Tax Supported (Cost $130,703,351) 135,132,994
------------
- --------------------------------------------------------------------------------
REVENUE: 11.13%
- --------------------------------------------------------------------------------
Airport Revenue: 0.25%
500,000 Denver City & County, Colorado 560,180
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
145,000 Denver City & County, Colorado 166,517
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 641,465
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
------------
Total Airport Revenue (Cost $1,148,394) 1,368,162
------------
Electric Revenue: 0.96%
1,250,000 Los Angeles Department of Water & 1,335,112
Power, California, Electric Plant
Revenue Second Issue,
9.00%, 12/15/1999
1,000,000 Virgin Islands Water & Power 1,023,290
Authority, Electric Systems
Revenue, 5.00%, 07/01/2001
1,000,000 Los Angeles Department of Water & 1,152,940
Power, California, Electric Plant
Revenue Second Issue,
8.00%, 08/15/2002
1,615,000 Los Angeles Department of Water & 1,757,524
Power, California, Electric Plant
Revenue, 7.10%, 01/15/2031
------------
Total Electric Revenue (Cost $5,154,893) 5,268,866
------------
Higher Education Revenue: 0.84%
685,000 California Educational Facilities 715,825
Authority, University of Southern
California Series B,
7.85%, 10/01/1999
1,035,000 California Educational Facilities 1,060,740
Authority, Stanford University
Series M, 5.25%, 12/01/1999
2,540,000 California Educational Facilities 2,853,436
Authority, University of Southern
California Series A,
5.50%, 10/01/2008
------------
Total Higher Education Revenue (Cost $4,276,249) 4,630,001
------------
Water/Sewer Revenue: 5.37%
2,175,000 Metropolitan Water District of 2,202,644
Southern California Waterworks
Revenue, 4.85%, 07/01/1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,455,000 Los Angeles Department of Water & $ 2,662,570
Power, California Waterworks
Revenue Second Issue,
9.00%, 05/15/2000
1,000,000 Metropolitan Water District of 1,058,470
Southern California Series A,
7.00%, 07/01/2000
1,050,000 California State Department of 1,158,014
Water Resources Series M,
8.50%, 12/01/2000
2,500,000 Metropolitan Water District of 2,714,150
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,590,755
District Financing Authority,
California Series A,
5.25%, 10/01/2008
2,700,000 California State Department of 3,025,566
Water Resources, Central Valley
Project, Water Systems Revenue
Series T, 5.50%, 12/01/2008
1,000,000 Orange County Water District, 1,075,660
California Certificates of
Participation Series A,
5.50%, 08/15/2010
2,150,000 Riverside, California Water 2,333,696
Revenue, 5.375%, 10/01/2011
1,500,000 Riverside, California Water 1,613,025
Revenue, 5.375%, 10/01/2012
2,460,000 San Francisco City & County 2,566,764
Public Utilities Commission,
California Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,330,860
Water Resources, Water System
Revenue Series O,
5.00%, 12/01/2015
3,660,000 Metropolitan Water District of 4,193,043
Southern California Series A,
5.75%, 07/01/2021
------------
Total Water/Sewer Revenue (Cost $26,957,665) 29,525,217
------------
Miscellaneous Revenue: 2.94%
2,335,000 Long Beach, California Harbor 2,387,468
Revenue Series A, AMT,
5.00%, 05/15/2000
1,900,000 Long Beach, California Harbor 2,006,096
Revenue, 7.15%, 05/15/2000
1,235,000 Western Placer Waste Management 1,280,090
Authority, California Revenue,
AMT, 6.25%, 07/01/2000
2,450,000 Long Beach, California Harbor 2,534,035
Revenue Series A, AMT,
5.00%, 05/15/2001
700,000 Del Mar, California Race Track 731,479
Authority Revenue,
6.00%, 08/15/2001
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
6,485,000 Los Angeles, California Harbor $ 7,223,252
Department Revenue Series B, AMT,
5.75%, 08/01/2009
------------
Total Miscellaneous Revenue
(Cost $15,519,701) 16,162,420
------------
Industrial Development/Pollution
Control Revenue: 0.77%
650,000 Missouri State Environmental 661,680
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
3,400,000 St. Charles Parish, Louisiana 3,583,396
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
------------
Total Industrial Development/Pollution
Control Revenue (Cost $4,250,986) 4,245,076
------------
Total Revenue (Cost $57,307,888) 61,199,742
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 0.40%
- --------------------------------------------------------------------------------
Housing: 0.40%
2,140,000 California Housing Financing 2,177,386
Agency Revenue, Home Mortgage
Series I, MBIA, AMT,
4.95%, 08/01/2028
------------
Total Housing (Cost $2,176,924) 2,177,386
------------
Total Asset-Backed Security
(Cost $2,176,924) 2,177,386
------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $525,756,165) 99.46% $546,780,666
(Note D, below)
Cash and Other Assets, Less Liabilities 0.54 2,976,782
------ ------------
Net Assets (Equivalent to $14.19
per share based on 38,753,540
shares of capital stock outstanding) 100.00% $549,757,448
====== ============
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) $7,000,000 principal amount segregated as collateral for
when-issued securities
(C) When-issued security
(D) At September 30, 1998, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
24 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
September 30, 1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 2.38%
- --------------------------------------------------------------------------------
Repurchase Agreement: 0.07%
571,000 State Street Bank & Trust Co., $ 571,000
Repurchase Agreement, dated
09/30/1998, 5.35%, maturing
10/01/1998 for $571,085, collateral
375,000 principal amount U.S.
Treasury Bond, 12.00%,
08/15/2013, value $581,133
------------
Total Repurchase Agreement (Cost $571,000) 571,000
------------
Tax Exempt Variable-Rate Demand Notes: 2.31%
1,400,000 New York State Job Development 1,400,000
Authority, State Guaranteed
Series A-1 through A-13, Daily Floater,
Putable Daily, 4.10%, 03/01/2002
2,000,000 New York State Job Development 2,000,000
Authority, State Guaranteed
Series A-1-A-42, Daily Floater,
Putable Daily, 4.10%, 03/01/2005
7,000,000 New York State Job Development 7,000,000
Authority, State Guaranteed
Series B-1, Daily Floater,
Putable Daily, AMT,
4.10%, 03/01/2005
2,440,000 New York City Series A-4, 2,440,000
Daily Floater, Putable Daily,
4.00%, 08/01/2021
2,600,000 New York State Dormitory Authority, 2,600,000
Cornell University Series B,
Daily Floater, Putable Daily,
4.10%, 07/01/2025
3,400,000 Long Island Power Authority, New 3,400,000
York Electric Systems Revenue
Series 6, Daily Floater, Putable Daily,
4.10%, 05/01/2033
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $18,840,000) 18,840,000
------------
Total Short-Term Investments
(Cost $19,411,000) 19,411,000
------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.87%
- --------------------------------------------------------------------------------
7,210,210 3.375%, 01/15/2007 7,099,807
------------
Total U.S. Treasury Inflation Protection Security
(Cost $7,018,942) 7,099,807
------------
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 27.90%
- --------------------------------------------------------------------------------
1,690,000 Albany Parking Authority, $ 1,694,428
New York, 6.875%, 11/01/2016,
Prerefunded 11/01/1998 @100
330,000 Nassau County, New York Series L, 331,106
FGIC, 6.30%, 11/15/1998,
Escrowed to Maturity
2,000,000 New York State Dormitory 2,086,260
Authority, State University
Series A, 7.125%, 05/15/2017,
Prerefunded 05/15/1999 @102
1,000,000 Suffolk County Water Authority, 1,044,790
New York, 7.125%, 06/01/2015,
Prerefunded 06/01/1999 @102
1,000,000 New York City Series B, 1,030,830
8.00%, 06/01/1999,
Escrowed to Maturity
1,650,000 New York City Municipal Water 1,721,032
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
1,800,000 New York City Series I, 1,895,184
7.75%, 08/15/2018,
Prerefunded 08/15/1999 @101.50
1,000,000 Albany County, New York, 1,036,700
7.00%, 10/01/1999,
Escrowed to Maturity
1,000,000 Nassau County, New York Series H, 1,040,110
AMBAC, 7.20%, 10/15/1999,
Escrowed to Maturity
1,000,000 Triborough Bridge & Tunnel 1,029,370
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 2,121,060
Corp., Correctional Facilities
Series G, 7.00%, 01/01/2017,
Prerefunded 01/01/2000 @102
1,000,000 New York City Series E, 1,019,060
5.00%, 02/15/2000,
Escrowed to Maturity
6,700,000 New York State Medical Care 7,171,546
Facilities Finance Agency Series B,
7.45%, 02/15/2029,
Prerefunded 02/15/2000 @102
6,195,000 New York City Series A, 6,603,127
7.25%, 03/15/2020,
Prerefunded 03/15/2000 @101.50
3,765,000 New York City Series A, 4,039,280
7.75%, 03/15/2004,
Prerefunded 03/15/2000 @101.50
1,195,000 New York State Dormitory 1,286,166
Authority, State University
Series B, 7.25%, 05/15/2015,
Prerefunded 05/15/2000 @102
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,375,000 New York State Dormitory $ 2,568,040
Authority, State University
Series A, 7.625%, 05/15/2005,
Prerefunded 05/15/2000 @102
18,275,000 New York State Dormitory 19,781,774
Authority, State University
Series A, 7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
(Notes B & C, p. 34)
5,000,000 New York City Municipal Water 5,367,600
Finance Authority, Water & Sewer
Systems Revenue Series A,
7.25%, 06/15/2015,
Prerefunded 06/15/2000 @101.50
1,000,000 MTA, New York Commuter Facilities 1,083,880
Service Contract Series 3,
7.50%, 07/01/2016,
Prerefunded 07/01/2000 @102
3,450,000 New York State Dormitory Authority, 3,749,667
City University Systems Series A,
7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
420,000 New York State Dormitory Authority, 451,941
City University Systems Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
1,000,000 MTA, New York Commuter Facilities 1,085,450
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
2,250,000 MTA, New York Transit Facilities 2,442,263
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
3,950,000 New York State Dormitory Authority, 4,306,092
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
10,040,000 New York State Dormitory Authority, 10,945,106
City University Systems Series F,
7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
(Note D, p. 34)
1,290,000 New York City Series L, 1,326,004
5.25%, 08/01/2000,
Escrowed to Maturity
4,905,000 New York City Series E, 5,119,103
6.10%, 08/01/2000,
Escrowed to Maturity
1,000,000 New York State Medical Care 1,049,020
Facilities Finance Authority,
Brookdale Medical Center Secured
Hospital Program Series A,
6.35%, 08/15/2000,
Escrowed to Maturity
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,215,000 New York State Medical Care $ 5,710,112
Facilities Finance Agency,
7.875%, 08/15/2020,
Prerefunded 08/15/2000 @102
3,045,000 New York State Housing Finance 3,339,817
Agency, Service Contract
Obligation Revenue Series A,
7.80%, 09/15/2020,
Prerefunded 09/15/2000 @102
3,500,000 Virgin Islands Public Finance 3,782,695
Authority Series B,
7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
2,000,000 New York State Medical Care 2,174,120
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000,
Escrowed to Maturity
10,000,000 New York State Thruway Authority 10,500,200
Service Contract,
6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
6,645,000 New York State Urban Development 7,048,152
Corp., Correctional Facilities
Series 2, 6.50%, 01/01/2021,
Prerefunded 01/01/2001 @100
14,180,000 New York State Power Authority 15,377,359
Revenue & General Purpose
Series Y, 6.75%, 01/01/2018,
Prerefunded 01/01/2001 @102
(Note E, p. 34)
1,250,000 Triborough Bridge & Tunnel 1,362,200
Authority, New York Revenue
Series T, 7.00%, 01/01/2020,
Prerefunded 01/01/2001 @102
1,680,000 Triborough Bridge & Tunnel Authority 1,823,052
Series S, 7.00%, 01/01/2011,
Prerefunded 01/01/2001 @101.50
3,245,000 Triborough Bridge & Tunnel Authority 3,521,312
Series S, 7.00%, 01/01/2021,
Prerefunded 01/01/2001 @101.50
230,000 New York State Power Authority 242,735
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
1,000,000 New York State Local Government 1,097,290
Assistance Corp. Series C,
7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
4,595,000 New York State Local Government 5,069,112
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
9,310,000 New York State Local Government 10,270,606
Assistance Corp. Series B,
7.25%, 04/01/2006,
Prerefunded 04/01/2001 @102
26 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,210,000 New York State Local Government $ 3,560,147
Assistance Corp. Series B,
7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
4,280,000 New York State Urban Development 4,746,862
Corp., 7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
2,050,000 New York City Series B, 2,250,121
7.00%, 06/01/2015,
Prerefunded 06/01/2001 @101.50
9,185,000 New York City Municipal Water 9,992,086
Finance Authority Series A,
6.75%, 06/15/2017,
Prerefunded 06/15/2001 @101
1,770,000 New York City Municipal Water 1,978,559
Finance Authority, Water & Sewer
Systems Series C,
7.75%, 06/15/2020,
Prerefunded 06/15/2001 @101.50
340,000 New York City Series L, 351,264
5.00%, 08/01/2001,
Escrowed to Maturity
4,825,000 New York State Medical Care 5,385,568
Facilities Finance Agency,
Secured Hospital Revenue Bonds,
7.35%, 08/15/2011,
Prerefunded 08/15/2001 @102
1,000,000 New York City Series A, 1,122,430
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,925,000 Suffolk County, New York Series A, 2,232,249
FGIC, 9.50%, 10/01/2001,
Escrowed to Maturity
2,500,000 New York State Local Government 2,726,275
Assistance Corp. Series B,
6.00%, 04/01/2006,
Prerefunded 04/01/2002 @102
1,500,000 New York State Thruway Authority 1,634,745
Service Contract, 6.25%, 04/01/2004,
Prerefunded 04/01/2002 @101
1,955,000 New York State Power Authority 2,075,311
Series CC, 5.00%, 01/01/2014,
Prerefunded 01/01/2003 @102
5,490,000 New York State Power Authority 5,827,854
Series CC, 5.00%, 01/01/2009,
Prerefunded 01/01/2003 @103
2,395,000 New York State Medical Care 2,617,951
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage, FHA, 6.35%, 02/15/2012,
Prerefunded 02/15/2003 @102
1,730,000 New York State Medical Care 1,947,115
Facilities Finance Agency,
Hospital & Nursing, FHA,
6.125%, 02/15/2014,
Prerefunded 02/15/2004 @102
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,180,000 New York State Medical Care $ 1,236,711
Facilities Finance Authority,
Insured Mortgage Project Series A,
FHA, 5.40%, 08/15/2004,
Escrowed to Maturity
2,800,000 New York State Thruway Authority 3,119,984
General Revenue Series C, FGIC,
5.75%, 01/01/2009,
Prerefunded 01/01/2005 @102
900,000 New York City Series B, 1,032,858
6.30%, 08/15/2008,
Prerefunded 08/15/2005 @101
2,220,000 New York State Power Authority 2,573,158
Series W, 6.50%, 01/01/2008,
Escrowed to Maturity
4,670,000 Niagara Falls Bridge Commission, 5,551,743
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed
(Cost $223,141,244) 227,707,742
------------
- --------------------------------------------------------------------------------
INSURED: 32.11%
- --------------------------------------------------------------------------------
1,000,000 Suffolk County, New York Series A, 1,011,250
AMBAC, 5.00%, 06/15/1999
2,550,000 Suffolk County, New York Series D, 2,580,753
FGIC, 4.875%, 08/01/1999
1,620,000 Nassau County, New York Series W, 1,636,151
FGIC, 4.50%, 09/01/1999
2,130,000 Nassau County, New York Series T, 2,162,994
FGIC, 5.125%, 09/01/1999
1,380,000 Suffolk County, New York Series B, 1,401,459
FGIC, 4.75%, 11/01/1999
4,850,000 Nassau County, New York Series X, 4,938,609
AMBAC, 5.00%, 11/01/1999
3,620,000 Nassau County, New York Series U, 3,690,880
AMBAC, 5.125%, 11/01/1999
5,035,000 New York City Trust Cultural 5,125,529
Resource Revenue, Museum of
Modern Art Series 1, AMBAC,
5.00%, 01/01/2000
3,385,000 New York State Dormitory 3,438,382
Authority, Columbia Presbyterian
FHA Hospital Series A, AMBAC,
4.75%, 02/15/2000
5,325,000 New York City Health & Hospital 5,417,708
Corp. Series A, Connie Lee,
4.875%, 02/15/2000
1,000,000 New York State Thruway Authority, 1,017,980
Highway & Bridge Trust Fund
Series A, AMBAC, 4.75%, 04/01/2000
1,470,000 New York State Thruway Authority, 1,522,861
Highway & Bridge Trust Fund
Series A, AMBAC,
6.00%, 04/01/2000
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,255,000 Nassau County, New York Series Q, $ 2,308,895
FGIC, 5.00%, 08/01/2000
1,000,000 Suffolk County, New York Series B, 1,016,200
AMBAC, 4.50%, 08/15/2000
1,085,000 Erie County, New York Series B, 1,117,691
FGIC, 5.25%, 08/15/2000
1,335,000 Erie County, New York Series A, 1,375,224
FGIC, 5.25%, 08/15/2000
1,005,000 North Hempstead, New York Series A, 1,024,336
FGIC, 4.50%, 01/15/2001
2,940,000 New York State Dormitory 3,012,412
Authority, Columbia Presbyterian
FHA Hospital Series A, AMBAC,
4.75%, 02/15/2001
1,000,000 Longwood Central School District, 1,029,230
Middle Island, New York, FSA,
4.75%, 06/15/2001
1,460,000 New York State Dormitory 1,494,149
Authority, Good Samaritan
Hospital, Asset Guaranty,
4.75%, 07/01/2001
1,180,000 Suffolk County, New York Series B, 1,207,293
AMBAC, 4.50%, 08/15/2001
2,425,000 Islip, New York Refunding Public 2,502,042
Improvement Series C, FSA,
4.75%, 01/15/2002
1,340,000 New York State Dormitory 1,618,586
Authority, City University Series D,
FGIC, 8.75%, 07/01/2003
1,000,000 Niagara Frontier Authority, New 1,088,040
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT,
5.75%, 04/01/2004
3,615,000 New York State Project Finance 3,777,060
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,158,508
Corp., Correctional Facilities
Revenue, AMBAC,
5.00%, 01/01/2007
4,285,000 Suffolk County, New York, 4,857,090
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
1,810,000 New York State Local Government 2,060,015
Assistance Corp. Series A, AMBAC,
6.00%, 04/01/2007
5,360,000 New York State Dormitory 5,871,719
Authority Series B, FGIC,
5.375%, 05/15/2007
4,000,000 Westchester County Industrial 4,335,480
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 MTA, New York Commuter Facilities $ 1,142,240
Series A, MBIA, 6.00%, 07/01/2007
1,500,000 New York State Dormitory 1,713,360
Authority, Rochester Institute of
Technology, MBIA,
6.00%, 07/01/2007
2,500,000 MTA, New York Transit Authority, 2,855,600
Commuter Facilities Series C-1,
FGIC, 6.00%, 07/01/2007
2,500,000 MTA, New York Commuter Facilities 2,873,850
Series A, MBIA,
6.10%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,793,936
Series K, MBIA,
6.30%, 07/01/2007
2,880,000 Yonkers, New York Series C, AMBAC, 3,067,891
5.00%, 08/01/2007
1,265,000 New York State Urban Development 1,394,865
Corp., Correctional Facilities
Series A, AMBAC,
5.50%, 01/01/2008
1,345,000 Babylon, New York Series A, AMBAC, 1,862,220
9.20%, 01/15/2008
6,990,000 New York State Dormitory Authority, 6,990,000
Insured Mortgage Hospital, Sound
Shore Medical Center, FHA, MBIA,
4.35%, 02/01/2008
2,000,000 MTA, New York Dedicated Tax 2,147,760
Series A, MBIA,
5.10%, 04/01/2008
2,300,000 New York State Dormitory 2,543,915
Authority, State University
Series A, AMBAC,
5.50%, 05/15/2008
4,200,000 Suffolk County, New York, 4,514,538
Waterworks Authority Revenue,
MBIA, 5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,558,448
Authority, New York University
Series B, MBIA,
5.00%, 07/01/2008
1,910,000 MTA, New York Transit Facilities 2,152,646
Service Contract Series O, AMBAC,
5.75%, 07/01/2008
4,575,000 New York State Series B, AMBAC, 4,997,135
5.625%, 08/15/2008
1,000,000 New York State Thruway Authority, 1,074,320
Highway & Bridge Trust Fund
Series A, MBIA,
5.25%, 04/01/2009
2,165,000 New York State Thruway Authority, 2,332,095
Highway & Bridge Trust Fund
Series B, MBIA,
5.30%, 04/01/2009
28 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,055,000 New York State Dormitory $ 4,502,429
Authority, State University
Series A, FGIC,
5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,296,378
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
1,000,000 New York State Dormitory 1,132,800
Authority, City University Series A,
AMBAC, 5.75%, 07/01/2009
8,535,000 New York State Dormitory 9,668,448
Authority, City University Second
Series A, FSA,
5.75%, 07/01/2009
1,125,000 Nassau County, New York Combined 1,292,209
Sewer Districts Series A, AMBAC,
6.00%, 07/01/2009
1,495,000 MTA, New York Commuter Facilities 1,738,386
Revenue Series A, MBIA,
6.10%, 07/01/2009
1,550,000 Babylon, New York Waste 2,184,896
Facilities, FGIC,
9.00%, 08/01/2009
1,000,000 Hempstead Town Industrial 1,052,850
Development Agency, New York
American Ref-Fuel Co. Project, MBIA,
5.00%, 12/01/2009
1,090,000 Nassau County, New York Series G, 1,196,188
MBIA, 5.40%, 01/15/2010
1,000,000 New York State Local Government 1,063,650
Assistance Corp. Series A, AMBAC,
5.125%, 04/01/2010
1,120,000 Nassau County, New York 1,242,786
Combined Sewer Districts Series A,
AMBAC, 5.50%, 07/01/2010
1,000,000 New York State Dormitory 1,160,350
Authority, State University
Series A, AMBAC,
6.00%, 07/01/2010
4,390,000 Port Authority of New York & 4,641,020
New Jersey Revenue, MBIA, AMT,
5.25%, 09/01/2010
7,355,000 Triborough Bridge & Tunnel 7,845,211
Authority, New York Special
Obligation Series A, FGIC,
5.25%, 01/01/2011
2,060,000 New York State Thruway Authority 2,208,258
Highway & Bridge Trust Fund
Series C, FGIC, 5.25%, 04/01/2011
2,585,000 Oneida-Herkimer, New York Solid 2,842,905
Waste Management Systems, FSA,
5.50%, 04/01/2011
7,350,000 New York State Thruway Authority, 8,050,235
Highway & Bridge Trust Fund
Series A, FGIC, 5.50%, 04/01/2011
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,940,000 MTA, New York Dedicated Tax $ 4,655,465
Series A, MBIA, 6.25%, 04/01/2011
3,415,000 New York State Dormitory Authority, 3,523,085
New York University Series A, MBIA,
5.00%, 07/01/2011
1,000,000 New York State Dormitory Authority, 1,069,110
Ithaca College, AMBAC,
5.25%, 07/01/2011
1,085,000 New York State Dormitory Authority, 1,155,557
New York Medical College, MBIA,
5.25%, 07/01/2011
1,000,000 Nassau County, New York Series A, 1,159,990
AMBAC, 6.00%, 07/01/2011
1,320,000 New York City Series J, MBIA, 1,410,684
5.25%, 08/01/2011
8,620,000 New York City Series G, MBIA, 9,191,334
5.25%, 08/01/2011
4,500,000 Babylon, New York Waste Facilities, 6,522,705
FGIC, 9.00%, 08/01/2011
2,725,000 New York City Educational 2,908,828
Construction Fund, MBIA,
5.50%, 10/01/2011
1,000,000 Nassau County, New York Series A, 1,160,210
FGIC, 6.00%, 07/01/2012
1,630,000 Islip, New York Resource Recovery 1,779,976
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
6,940,000 New York City Series J, FGIC, 7,414,280
5.35%, 08/01/2012
1,000,000 New York State Dormitory Authority, 1,060,660
Mental Health Services Facilities,
MBIA, 5.25%, 08/15/2012
1,110,000 New York State Dormitory 1,166,488
Authority, Mental Health Services
Facilities Improvement Series D,
MBIA, 5.25%, 02/15/2013
1,000,000 New York City Municipal Water 1,145,420
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,000,000 Nassau County, New York Series A, 1,160,260
FGIC, 6.00%, 07/01/2013
1,095,000 Clifton Park, New York Water 1,111,107
Authority, FGIC,
5.00%, 10/01/2014
1,050,000 New York State Medical Care 1,157,930
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015
13,450,000 Long Island Power Authority, New 13,711,199
York Electric Systems Revenue
General Series A, FSA,
5.00%, 12/01/2015 (Note F, p. 34)
1,985,000 New York State Dormitory Authority, 2,323,065
New York State University
Series A, MBIA, 6.00%, 07/01/2017
Schedule of Investments--Municipal Bond Portfolios 29
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
10,385,000 Triborough Bridge & Tunnel $ 10,645,457
Authority, New York Special
Obligation, Refunding Series A,
MBIA, 5.125%, 01/01/2018
(Note G, p. 34)
10,000,000 Long Island Power Authority, New 10,087,400
York Electric Systems Revenue,
General Series A, FSA,
5.00%, 12/01/2018
1,365,000 New York State Dormitory 1,558,762
Authority, New York University
Series A, MBIA,
5.75%, 07/01/2020
------------
Total Insured (Cost $250,167,573) 262,011,316
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 24.62%
- --------------------------------------------------------------------------------
State General Obligations: 1.68%
1,500,000 New York State, 1,545,570
6.20%, 11/01/1999
1,355,000 New York State, 1,405,718
6.875%, 11/01/1999
3,730,000 New York State, 3,911,875
7.80%, 11/15/1999
4,640,000 New York State, 4,730,016
5.00%, 03/01/2000
1,000,000 New York State Series D, 1,015,830
4.50%, 07/15/2000
1,000,000 Puerto Rico Commonwealth, 1,073,770
7.00%, 07/01/2001
------------
Total State General Obligations
(Cost $13,456,356) 13,682,779
------------
Local General Obligations: 9.01%
7,235,000 Westchester County, New York 7,351,194
Series D, 4.625%, 11/15/1999
1,640,000 Oyster Bay, New York Series A, 1,660,976
4.40%, 12/01/1999
2,000,000 New York City Series B, 2,094,220
7.40%, 02/01/2000
6,085,000 Monroe County, New York Series A, 6,209,742
5.00%, 03/01/2000
1,025,000 Monroe County, New York Series B, 1,046,013
5.00%, 03/01/2000
2,550,000 Monroe County, New York, 2,595,033
4.60%, 06/01/2000
1,000,000 Orange County, New York, 1,019,350
4.625%, 07/15/2000
7,710,000 New York City Series L, 7,923,799
5.25%, 08/01/2000
1,000,000 New York City Series A, 1,040,830
6.00%, 08/01/2000
155,000 New York City Series D, 159,456
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,134,892
District, New York, 7.30%, 01/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,005,000 New York City Series G, $ 3,101,280
5.00%, 08/01/2001
1,275,000 New York City Series L, 1,315,851
5.00%, 08/01/2001
615,000 New York City Series C, 666,445
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,244,487
5.40%, 02/15/2003
1,015,000 New York City Series B, 1,136,191
6.75%, 08/15/2003
4,315,000 New York City Series B, 4,834,008
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,179,540
7.10%, 12/01/2004
1,000,000 New York City Series C, 1,078,690
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,434,175
5.75%, 02/01/2006
1,000,000 New York City Series I, 1,129,060
6.25%, 04/15/2006
1,300,000 Westchester County, New York, 1,557,985
Series A, 6.75%, 02/01/2007
7,575,000 New York City Series F, 8,247,660
5.50%, 08/01/2007
4,455,000 New York City Series B, 5,006,885
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,944,630
5.70%, 04/01/2009
2,040,000 Onondaga County, New York, 2,314,625
5.70%, 04/01/2010
1,000,000 Orange County, New York, 1,168,420
6.00%, 11/15/2010
2,600,000 Onondaga County, New York, 2,957,006
5.70%, 04/01/2011
------------
Total Local General Obligations
(Cost $69,600,936) 73,552,443
------------
Tax Lease: 6.98%
1,700,000 New York State Dormitory Authority, 1,740,528
State University Series B,
7.25%, 05/15/1999
2,600,000 New York State Medical Care 2,627,482
Facilities Finance Authority,
Mental Health Services Series F,
4.60%, 08/15/1999
1,550,000 New York State Urban Development 1,572,971
Corp., Correctional Facilities,
5.00%, 01/01/2000
1,175,000 New York State Urban Development 1,206,772
Corp., Center for Industrial
Innovation, 6.00%, 01/01/2000
1,000,000 New York State Certificates of 1,007,810
Participation, 4.375%, 02/01/2000
3,055,000 New York State Thruway Authority 3,122,546
Service Contract Revenue,
5.20%, 04/01/2000
30 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
525,000 New York State Energy Research & $ 541,795
Development Authority, Western
New York Nuclear Service Center
Project, 6.00%, 04/01/2000
1,920,000 MTA, New York Transit Facilities 1,989,619
Service Contract Series O,
5.25%, 07/01/2001
3,505,000 MTA, New York Commuter Facilities 3,636,718
Service Contract Series O,
5.25%, 07/01/2001
2,665,000 New York State Dormitory Authority, 2,740,313
Wyckoff Heights Hospital Secured
Hospital Program, 5.00%, 02/15/2002
3,820,000 New York State Dormitory Authority, 3,927,953
Jamaica Hospital Secured Hospital
Program, 5.00%, 02/15/2002
720,000 New York State Medical Care 784,274
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
2,000,000 New York State Thruway Authority 2,158,020
Service Contract, 6.20%, 04/01/2003
1,000,000 Puerto Rico Commonwealth Urban 1,055,630
Renewal & Housing Corp.,
7.875%, 10/01/2004
2,000,000 New York State Urban Development 2,199,080
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
1,165,000 MTA, New York Transit Facilities 1,240,166
Service Contract,
5.30%, 07/01/2005
1,020,000 New York State Dormitory Authority, 1,110,790
City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,938,438
Authority, City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Urban Development 1,064,890
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
1,645,000 MTA, New York Transit Facilities 1,769,658
Service Contract,
5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,354,663
Service Contract,
5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,885,324
Authority, City University Series 2,
5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,463,177
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,976,780
Service Contract,
5.125%, 04/01/2008
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,505,000 New York State Dormitory $ 1,664,816
Authority, Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,766,990
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,446,999
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,125,000 New York State Dormitory 1,249,718
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel Authority, 1,702,996
New York Convention Center
Series E, 6.00%, 01/01/2011
------------
Total Tax Lease (Cost $53,478,524) 56,946,916
------------
Special Tax: 6.95%
695,000 MAC New York Series I, 703,465
5.00%, 07/01/1999
1,000,000 MAC New York Series L, 1,012,180
5.00%, 07/01/1999
4,930,000 New York State Thruway Authority, 4,986,596
Highway & Bridge Trust Fund
Series A, 4.50%, 04/01/2000
6,805,000 MAC New York Series I, 6,969,613
5.00%, 07/01/2000
6,880,000 MAC New York Series L, 7,075,186
5.25%, 07/01/2000
5,650,000 MAC New York Series E, 5,833,851
5.50%, 07/01/2000
4,935,000 MAC New York Series E, 5,177,160
5.50%, 07/01/2001
3,035,000 New York State Local Government 3,445,362
Assistance Corp. Series A,
6.00%, 04/01/2008
2,440,000 MAC New York Series L, 2,806,878
6.00%, 07/01/2008
1,925,000 New York State Local Government 2,116,634
Assistance Corp. Series A,
5.90%, 04/01/2012
8,095,000 New York City Transitional 8,544,354
Finance Authority Second Series C,
5.25%, 05/01/2012
1,740,000 New York State Local Government 1,823,485
Assistance Corp. Series D,
5.375%, 04/01/2014
5,355,000 New York State Local Government 6,230,918
Assistance Corp. Series E,
6.00%, 04/01/2014
------------
Total Special Tax (Cost $54,341,221) 56,725,682
------------
Total Tax Supported (Cost $190,877,037) 200,907,820
------------
Schedule of Investments--Municipal Bond Portfolios 31
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
REVENUE: 11.80%
- --------------------------------------------------------------------------------
Airport Revenue: 1.10%
4,040,000 New York City Industrial Development $ 4,110,458
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project, AMT,
5.30%, 01/01/2000
1,300,000 Denver City & County, Colorado 1,456,468
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
1,495,000 New York City Industrial Development 1,630,253
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project, AMT,
6.00%, 01/01/2007
115,000 Denver City & County, Colorado 133,825
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
310,000 Denver City & County, Colorado 356,001
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,282,930
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
------------
Total Airport Revenue (Cost $8,308,071) 8,969,935
------------
Electric Revenue: 0.51%
1,100,000 Guam Power Authority Revenue 1,100,000
Series A, 5.30%, 10/01/1998
1,405,000 Virgin Islands Water & Power 1,429,714
Authority, Electric Systems
Revenue, 5.00%, 07/01/2000
1,595,000 Virgin Islands Water & Power 1,632,147
Authority, Electric Systems
Revenue, 5.00%, 07/01/2001
------------
Total Electric Revenue (Cost $4,142,448) 4,161,861
------------
Health Care Revenue: 0.67%
750,000 New York State Dormitory 756,630
Authority, Grace Manor Health
Care, SONYMA,
4.80%, 07/01/1999
1,410,000 New York State Medical Care 1,522,038
Facilities Finance Authority,
Hospital & Nursing Home Insured
Mortgage, FHA,
5.875%, 02/15/2005
1,000,000 New York State Dormitory 1,077,660
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
1,825,000 New York State Medical Care 1,945,724
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
155,000 New York State Medical Care $ 160,388
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
8.00%, 02/15/2028
------------
Total Health Care Revenue (Cost $5,151,110) 5,462,440
------------
Higher Education Revenue: 0.61%
1,000,000 New York State Dormitory 1,037,470
Authority, Columbia University,
5.00%, 07/01/2001
1,000,000 New York State Dormitory 1,114,210
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,460,112
Authority, Columbia University,
5.75%, 07/01/2007
1,250,000 New York State Dormitory 1,353,788
Authority, Columbia University,
5.375%, 07/01/2011
------------
Total Higher Education Revenue
(Cost $4,591,918) 4,965,580
------------
Toll Revenue: 3.64%
8,855,000 Triborough Bridge & Tunnel 9,020,677
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2000
725,000 Triborough Bridge & Tunnel 804,344
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
3,105,000 Triborough Bridge & Tunnel 3,732,862
Authority, New York Toll Revenue
Series X, 6.60%, 01/01/2010
1,000,000 New York State Thruway Authority, 1,066,650
General Revenue Series E,
5.25%, 01/01/2011
2,370,000 Triborough Bridge & Tunnel 2,432,592
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
1,960,000 Triborough Bridge & Tunnel 2,263,447
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
9,370,000 Triborough Bridge & Tunnel 10,390,393
Authority, New York Toll Revenue,
General Purpose Series Y,
5.50%, 01/01/2017
------------
Total Toll Revenue (Cost $28,485,339) 29,710,965
------------
Water/Sewer Revenue: 4.55%
2,510,000 New York State Environmental 2,766,773
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.25%, 09/15/2005
32 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,510,000 New York State Environmental $ 2,780,729
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 1,075,530
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
1,000,000 New York State Environmental 1,102,070
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series
94-A, 5.75%, 06/15/2007
1,885,000 New York State Environmental 2,153,481
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series
97-D, 6.00%, 06/15/2007
2,975,000 New York State Environmental 3,208,210
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 3,335,163
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 1,702,241
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 845,356
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 4,062,231
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 4,104,950
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund, New York City
Municipal Water Finance
Authority Series 95-B,
5.50%, 06/15/2010
1,000,000 New York City Municipal Water 1,146,950
Finance Authority Series A,
6.00%, 06/15/2010
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,680,000 New York State Environmental $ 5,313,625
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series
94-A, 5.75%, 06/15/2011
2,380,000 New York State Environmental 2,505,497
Facilities Corp., Huntington
Project Series A, AMT,
7.50%, 10/01/2012
1,015,000 New York State Environmental 1,044,516
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
5.20%, 12/15/2015
-----------
Total Water/Sewer Revenue (Cost $34,054,929) 37,147,322
-----------
Miscellaneous Revenue: 0.72%
1,000,000 Port Authority of New York & 1,016,590
New Jersey, Consolidated-One
Hundred Twelfth Series,
4.50%, 12/01/2000
3,495,000 Battery Park City Authority, 3,824,648
New York Revenue,
6.00%, 11/01/2003
1,000,000 Port Authority of New York & 1,038,030
New Jersey Revenue,
5.125%, 11/15/2011
-----------
Total Miscellaneous Revenue (Cost $5,612,778) 5,879,268
-----------
Total Revenue (Cost $90,346,593) 96,297,371
-----------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $780,962,389) 99.68% $813,435,056
(Note H, p. 34)
Cash and Other Assets, Less Liabilities 0.32 2,647,020
------ ------------
Net Assets (Equivalent to $13.87
per share based on 58,817,028
shares of capital stock outstanding) 100.00% $816,082,076
====== ============
- --------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- --------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- --------------------------------------------------------------------------------
246 U.S. 30 Year $31,775,000 $ (566,313)
Treasury Bond
December 1998
------------
Total Short Futures Contract $ (566,313)
------------
- --------------------------------------------------------------------------------
Schedule of Investments--Municipal Bond Portfolios 33
<PAGE>
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
Connie Lee-Connie Lee Insurance Company
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
SONYMA-State of New York Mortgage Agency
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
(B) $800,000 principal amount pledged as collateral for
futures transactions
(C) $17,475,000 principal amount segregated as collateral for
futures transactions
(D) $10,040,000 principal amount segregated as collateral for
futures transactions
(E) $14,180,000 principal amount segregated as collateral for
when-issued securities
(F) $13,450,000 principal amount segregated as collateral for
futures transactions
(G) When-issued security
(H) At September 30, 1998, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
September 30, 1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTE: 1.90%
- --------------------------------------------------------------------------------
3,005,000 Los Angeles Regional Airports $ 3,005,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
4.10%, 12/01/2025
------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $3,005,000) 3,005,000
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 12.72%
- --------------------------------------------------------------------------------
120,000 District of Columbia Series C, 120,277
4.90%, 12/01/1998,
Escrowed to Maturity
1,000,000 Pennsylvania Turnpike Commission 1,066,430
Revenue Series K,
7.50%, 12/01/2019,
Prerefunded 02/01/1999 @102
1,000,000 Broward County School District, 1,033,670
Florida, 7.125%, 02/15/2008,
Prerefunded 02/15/1999 @102
20,000 District of Columbia Series A, 20,166
4.70%, 06/01/1999,
Escrowed to Maturity
1,000,000 Washington Public Power Supply 1,050,240
System Revenue, Nuclear Project
No. 1, 7.50%, 07/01/2007,
Prerefunded 07/01/1999 @102
1,000,000 Maryland State Department of 1,056,400
Transportation, Second Issue,
6.80%, 11/01/2005,
Prerefunded 11/01/1999 @102
1,000,000 Pennsylvania Turnpike Commission 1,066,430
Revenue Series K, 7.50%, 12/01/2012,
Prerefunded 12/01/1999 @102
4,340,000 Pinellas County Health Facilities 4,714,368
Authority, Florida, Sun Coast
Health Systems Revenue,
8.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
(Notes B & C, p. 38)
1,000,000 Massachusetts Water Resources 1,073,210
Authority Series A,
7.375%, 04/01/2003,
Prerefunded 04/01/2000 @102
1,375,000 Massachusetts Water Resources 1,481,645
Authority Series A,
7.625%, 04/01/2014,
Prerefunded 04/01/2000 @102
*See Note 1, page 26 in Notes to Financial Statements.
34 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
1,120,000 Pennsylvania State Series A, $ 1,192,654
7.00%, 05/01/2003,
Prerefunded 05/01/2000 @101.50
1,615,000 Scottsdale, Arizona, 1,734,284
6.90%, 07/01/2008,
Prerefunded 07/01/2000 @102
2,100,000 Jacksonville Transportation 2,271,780
Authority, Florida,
7.375%, 07/01/2020,
Prerefunded 07/01/2000 @102
2,115,000 Sedona, Arizona Sewer Revenue 2,292,406
Series A, 7.50%, 07/01/2020,
Prerefunded 07/01/2000 @102
------------
Total Prerefunded/Escrowed (Cost $20,161,654) 20,173,960
------------
- --------------------------------------------------------------------------------
INSURED: 24.91%
- --------------------------------------------------------------------------------
1,000,000 New Orleans, Louisiana Water 1,005,680
Revenue, MBIA,
7.00%, 12/01/1998
1,000,000 Johnston County, North Carolina, 1,009,650
FGIC, 4.90%, 05/01/1999
1,000,000 Platte River Power Authority, 1,011,670
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/1999
1,000,000 East Stroudsburg School District, 1,013,500
Pennsylvania Series A, FGIC,
4.50%, 11/15/1999
1,000,000 Michigan State Trunk Line Series B, 1,015,120
FGIC, 4.70%, 11/15/1999
1,545,000 Hamilton County, Ohio Sewer 1,565,966
Systems Revenue Series A, FGIC,
4.50%, 12/01/1999
885,000 Belmont County, Ohio Health 887,283
Systems Revenue, East Ohio
Regional Hospital, ACA,
4.20%, 01/01/2000
1,000,000 El Paso County, Texas 1,015,100
Certificates of Obligation, FGIC,
4.75%, 02/15/2000
2,000,000 Mansfield Independent School 2,076,260
District, Texas, PSF Guaranteed,
6.50%, 02/15/2000
1,000,000 Amesbury, Massachusetts, FGIC, 1,009,050
4.25%, 03/15/2000
1,005,000 Texas State University Systems 1,018,587
Revenue Series A, FSA,
4.50%, 03/15/2000
4,245,000 Texas State University Systems 4,302,392
Revenue Series B, FSA,
4.50%, 03/15/2000
1,785,000 Butler County Transportation 1,815,791
Improvement District, Ohio Series A,
FSA, 4.75%, 04/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
1,625,000 Clark County School District, $ 1,701,684
Nevada, FGIC,
6.50%, 06/15/2000
2,825,000 Inland Protection Financing 2,895,258
Corp., Florida Special Obligation
Revenue, FSA,
5.00%, 07/01/2000
2,340,000 New Jersey Economic Development 2,401,495
Authority, Senior Lien Series A,
MBIA, 5.125%, 07/01/2000
1,625,000 Worcester, Massachusetts, MBIA, 1,671,800
5.25%, 08/01/2000
1,770,000 Washington State Health Care 1,804,657
Facilities Authority Revenue,
Virginia Mason Medical Center
Series A, MBIA,
4.75%, 08/15/2000
1,000,000 Lansing, Michigan Sewage Disposal 1,012,920
System Revenue, MBIA,
7.625%, 05/01/2006
2,335,000 Chicago, Illinois, O'Hare 2,486,448
International Airport Revenue
Series A, MBIA,
7.625%, 01/01/2010
3,160,000 St. Charles Parish, Louisiana 3,340,183
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, ACA,
8.15%, 06/01/2014
1,000,000 Clark County, Nevada Flood 1,027,370
Control, FGIC,
5.00%, 11/01/2014
1,000,000 Volusia County, Florida Sales Tax 1,015,170
Revenue Subordinated Lien, MBIA,
5.00%, 10/01/2016 (Note D, p. 38)
1,375,000 Long Island Power Authority, New 1,387,018
York Electric Systems Revenue,
General Series A, FSA,
5.00%, 12/01/2018 (Note E, p. 38)
------------
Total Insured (Cost $39,254,747) 39,490,052
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 32.99%
- --------------------------------------------------------------------------------
State General Obligations: 13.23%
880,000 District of Columbia Series C, 881,478
4.90%, 12/01/1998
1,060,000 Maryland State First Series, 1,062,533
6.50%, 05/15/1999
1,500,000 District of Columbia Series B, 1,503,000
4.50%, 06/01/1999
350,000 District of Columbia Series A-3, 352,006
4.70%, 06/01/1999
1,000,000 Illinois State, 1,023,830
6.30%, 08/01/1999
Schedule of Investments--Municipal Bond Portfolios 35
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Washington State Series B, $ 1,029,500
6.00%, 01/01/2000
1,190,000 Ohio State Infrastructure 1,205,958
Improvement Series B,
4.50%, 02/01/2000
1,975,000 North Carolina State Series A, 2,046,693
6.10%, 03/01/2000
2,950,000 Tennessee State Series A, 3,020,240
5.00%, 05/01/2000
1,000,000 Wisconsin State Series G, 1,025,830
6.40%, 05/01/2000
1,000,000 Phoenix, Arizona, 1,039,400
5.90%, 07/01/2000
2,750,000 Maryland State Third Series, 2,898,913
6.60%, 07/15/2000
1,000,000 Maryland State First Series, 1,042,260
6.60%, 03/01/2001
1,625,000 Illinois State, 1,694,761
6.40%, 08/01/2001
1,100,000 Florida State Board of Education 1,154,769
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2013
(Note D, p. 38)
------------
Total State General Obligations
(Cost $20,868,364) 20,981,171
------------
Local General Obligations: 10.72%
1,055,000 Detroit, Michigan Series A, 1,060,518
4.60%, 04/01/1999
1,000,000 Plano, Texas, 1,009,840
4.375%, 09/01/1999
1,000,000 Monmouth County Improvement 1,016,890
Authority, New Jersey Revenue
Capital Equipment Pooled Lease,
5.00%, 10/01/1999
1,000,000 Burlington County, New Jersey, 1,019,210
5.20%, 10/01/1999
1,685,000 Harford County, Maryland, 1,720,233
5.00%, 12/01/1999
1,435,000 Chesterfield County, Virginia 1,452,005
Public Improvement Series A,
4.50%, 01/01/2000
1,275,000 Charlotte, North Carolina Water & 1,296,191
Sewer, 4.75%, 02/01/2000
1,105,000 Dallas, Texas, 1,134,371
5.50%, 02/15/2000
2,000,000 Spartanburg County School 2,040,740
District 7, South Carolina,
5.00%, 03/01/2000
3,470,000 Richmond County Board of 3,539,643
Education, Georgia,
4.50%, 03/01/2001
1,150,000 Fairfax County, Virginia Series B, 1,180,119
5.50%, 05/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
500,000 New York City Series G, $ 532,990
5.70%, 02/01/2003
------------
Total Local General Obligations
(Cost $16,849,034) 17,002,750
------------
Tax Lease: 4.36%
1,620,000 New York State Urban Development 1,624,180
Corp., Correctional Facilities
Service Contract Series A,
4.50%, 01/01/1999
1,100,000 Ohio State Public Facilities 1,113,772
Commission, Higher Education
Capital Facilities Series 2B,
4.50%, 11/01/1999
1,900,000 Ohio State Public Facilities 1,925,574
Commission, Higher Education
Capital Facilities Series 2A,
4.50%, 12/01/1999
2,200,000 New York State Thruway Authority, 2,248,642
Service Contract Revenue,
5.20%, 04/01/2000
------------
Total Tax Lease (Cost $6,870,587) 6,912,168
------------
Special Tax: 4.68%
1,050,000 New Jersey State Transportation 1,063,262
Trust Fund, Transportation
Systems Series B,
5.00%, 06/15/1999
1,555,000 Illinois State Sales Tax Revenue 1,573,458
Series Y, 5.00%, 06/15/1999
1,000,000 New Jersey State Transportation 1,025,250
Trust Fund, Transportation
Systems Series A,
5.00%, 06/15/2000
3,700,000 Arizona State Transportation 3,761,087
Board Excise Tax Revenue,
4.50%, 07/01/2000
------------
Total Special Tax (Cost $7,365,997) 7,423,057
------------
Total Tax Supported (Cost $51,953,982) 52,319,146
------------
- --------------------------------------------------------------------------------
REVENUE: 23.24%
- --------------------------------------------------------------------------------
Airport Revenue: 1.19%
1,830,000 Denver City & County, Colorado 1,892,421
Airport Revenue Series A,
7.00%, 11/15/1999
-----------
Total Airport Revenue (Cost $1,884,885) 1,892,421
-----------
Electric Revenue: 4.19%
1,000,000 North Carolina Eastern Municipal 1,002,920
Power Agency Series A,
5.00%, 01/01/1999
36 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,545,000 Omaha Public Power District, $ 5,639,930
Nebraska Electric Revenue Series A,
4.85%, 02/01/2000
(Notes F & G, p. 38)
------------
Total Electric Revenue (Cost $6,613,424) 6,642,850
------------
Health Care Revenue: 6.47%
355,000 Cumberland County Municipal 355,454
Authority, Pennsylvania Revenue,
5.50%, 11/15/1998
2,410,000 Philadelphia Hospitals & Higher 2,425,352
Education Facilities Authority,
Pennsylvania, Jefferson Health
Systems Revenue Series A,
4.75%, 05/15/1999
1,650,000 Pennsylvania Economic Development 1,657,359
Financing Authority Revenue,
Northwestern Human Services
Series A, 4.15%, 06/01/1999
725,000 Franklin County, Ohio Healthcare 725,319
Facilities Revenue, Ohio
Presbyterian Services,
4.40%, 07/01/1999
525,000 Hawaii State Department of 527,541
Budget & Finance, Wilcox Memorial
Hospital Project,
4.70%, 07/01/1999
365,000 Garden City Hospital Finance 365,730
Authority, Michigan,
4.75%, 09/01/1999
1,000,000 Bell County, Texas Health 1,034,240
Facilities, Scott & White
Memorial Hospital,
7.40%, 09/01/1999
1,980,000 Montgomery County, Ohio Hospital 2,004,057
Revenue, Grandview Hospital &
Medical Center,
5.00%, 12/01/1999
1,100,000 Saginaw General Hospital, 1,158,443
Michigan Hospital Finance
Authority Revenue,
7.625%, 10/01/2019
------------
Total Health Care Revenue (Cost $10,206,363) 10,253,495
------------
Higher Education Revenue: 0.64%
1,000,000 University of Cincinnati, Ohio 1,010,050
Series A1, 5.00%, 06/01/1999
------------
Total Higher Education Revenue
(Cost $1,007,469) 1,010,050
------------
Water/Sewer Revenue: 8.61%
1,000,000 Metropolitan Water Reclamation 1,007,150
District of Greater Chicago,
Illinois, Capital Improvement
Bonds, 6.30%, 01/01/1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,075,000 Virgin Islands Water & Power $ 2,082,698
Authority Electric Systems
Revenue, 4.25%, 07/01/1999
1,720,000 Athens-Clarke County, Georgia 1,749,876
Water & Sewer Revenue,
5.00%, 01/01/2000
1,745,000 Fort Worth, Texas Water & Sewer 1,777,091
Revenue, 5.00%, 02/15/2000
3,135,000 Minnesota Public Facilities Authority, 3,196,697
Water Pollution Control Revenue,
5.00%, 03/01/2000
3,730,000 Texas Water Resources Finance 3,837,946
Authority Revenue,
7.40%, 08/15/2000
(Notes H & I, p. 38)
------------
Total Water/Sewer Revenue (Cost $13,596,019) 13,651,458
------------
Miscellaneous Revenue: 0.32%
500,000 Douglas County, Nebraska Zoo 500,915
Facilities Revenue, Henry Doorly
Zoo Aquarium Project,
6.00%, 06/01/2003
------------
Total Miscellaneous Revenue (Cost $502,302) 500,915
------------
Industrial Development/Pollution
Control Revenue: 1.82%
1,000,000 St. Charles Parish, Louisiana 1,053,940
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
1,760,000 Oconee County, South Carolina 1,833,550
Pollution Control Revenue, Duke
Power Co. Project Series 1987A,
7.50%, 02/01/2017
------------
Total Industrial Development/Pollution
Control Revenue (Cost $2,883,141) 2,887,490
------------
Total Revenue (Cost $36,693,603) 36,838,679
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 5.32%
- --------------------------------------------------------------------------------
Housing: 5.32%
4,200,000 Franklin County, Ohio Housing 4,217,682
Revenue, Rosewind Limited
Partnership, 5.20%, 01/01/1999
4,210,000 Florida Housing Finance Agency, 4,218,799
Floating Rate Multi-Family
Revenue Series J,
4.85%, 12/01/2005
------------
Total Housing (Cost $8,444,778) 8,436,481
------------
Total Asset-Backed Securities
(Cost $8,444,778) 8,436,481
------------
Schedule of Investments--Municipal Bond Portfolios 37
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $159,513,764) 101.08% $160,263,318
(Note J, below)
Cash and Other Assets, Less Liabilities (1.08) (1,710,135)
------ ------------
Net Assets (Equivalent to $12.57
per share based on 12,615,659
shares of capital stock outstanding) 100.00% $158,553,183
====== ============
- --------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- --------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- --------------------------------------------------------------------------------
30 U.S. 30 Year $3,870,125 $ (73,938)
Treasury Bond
December 1998
------------
Total Short Futures Contract $ (73,938)
------------
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
ACA-ACA Financial Guaranty 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
FHA-Federal Housing Administration
(B) $100,000 principal amount pledged as collateral for
futures transactions
(C) $4,240,000 principal amount segregated as collateral for
futures transactions
(D) When-issued security
(E) Delayed-delivery security
(F) $2,000,000 principal amount segregated as collateral for
delayed-delivery securities
(G) $1,500,000 principal amount segregated as collateral for
when-issued securities
(H) $1,700,000 principal amount segregated as collateral for
when-issued securities
(I) $800,000 principal amount segregated as collateral for
futures transactions
(J) At September 30, 1998, the cost basis of investment securities
owned was substantially identical for both book and tax.
- --------------------------------------------------------------------------------
(K) Allocation of Portfolio net assets at September 30, 1998:
Arizona 5.57%
California 1.90
Colorado 1.83
Florida 10.91
Georgia 3.34
Hawaii 0.33
Illinois 4.91
Louisiana 3.41
Maryland 4.91
Massachusetts 3.30
Michigan 2.91
Minnesota 2.02
Nebraska 3.87
Nevada 1.72
New Jersey 4.12
New York 3.65
North Carolina 3.38
Ohio 10.39
Pennsylvania 5.54
South Carolina 2.44
Tennessee 1.90
Texas 10.85
Virginia 1.66
Washington 2.45
Wisconsin 0.65
U.S. Virgin Islands 1.31
District of Columbia 1.81
Cash and Other Assets, Less Liabilities (1.08)
------
Total 100.00%
======
See Notes to Financial Statements.
38 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
September 30, 1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 6.87%
- --------------------------------------------------------------------------------
Repurchase Agreement: 0.17%
172,000 State Street Bank & Trust Co., $ 172,000
Repurchase Agreement, dated
9/30/1998, 5.35%, maturing
10/01/1998 for $172,026, collateral
115,000 principal amount U.S.
Treasury Bond, 12.00%,
08/15/2013, value $178,214
------------
Total Repurchase Agreement (Cost $172,000) 172,000
------------
Municipal Note: 1.55%
1,525,000 Los Angeles County, California 1,540,037
Tax & Revenue Anticipation Notes
Series A, 4.50%, 06/30/1999
------------
Total Municipal Note (Cost $1,535,257) 1,540,037
------------
Tax Exempt Variable-Rate Demand Notes: 5.15%
1,000,000 California State Economic 1,000,000
Development Financing Authority
Revenue, California
Independent Systems Project D,
Daily Floater, Putable Daily,
4.00%, 04/01/2008
1,100,000 Orange County Water District, 1,100,000
California Certificates of Participation,
Daily Floater, Putable Daily,
3.875%, 08/18/2015
3,000,000 Orange County, California 3,000,000
Improvement Bond, Irvine Coast
Assessment District No. 88-1,
Daily Floater, Putable Daily,
4.00%, 09/02/2018
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $5,100,000) 5,100,000
------------
Total Short-Term Investments
(Cost $6,807,257) 6,812,037
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 36.86%
- --------------------------------------------------------------------------------
2,250,000 Riverside County Asset Leasing 2,356,583
Corporation, California Leasehold
Revenue, Riverside County
Hospital Project Series A,
7.40%, 06/01/2014,
Prerefunded 06/01/1999 @102
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,820,000 Los Angeles Convention & Exhibition $ 4,013,980
Center Authority, California
Certificates of Participation Series A,
7.375%, 08/15/2018,
Prerefunded 08/15/1999 @101.50
1,320,000 South Gate Public Financing Authority, 1,395,874
California Tax Allocation Revenue,
South Gate Redevelopment Project
Series A-2, 7.375%, 09/01/2009,
Prerefunded 09/01/1999 @102
3,750,000 North City West School Facilities 3,981,337
Financing Authority, California
Community Facilities District No. 1
Special Tax Series A,
7.85%, 09/01/2019,
Prerefunded 09/01/1999 @102
1,400,000 San Bernardino Joint Powers 1,497,790
Financing Authority, California
Tax Allocation Revenue, Tri-City
Redevelopment Project Series B,
7.65%, 01/01/2015,
Prerefunded 01/01/2000 @102
2,955,000 Stockton-East Water District, 3,175,768
California Certificates of
Participation, 1990 Project Series A,
AMBAC, 7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102
3,745,000 Northern California Transmission 4,001,046
Agency Revenue Series A, MBIA,
7.00%, 05/01/2024,
Prerefunded 05/01/2000 @101.50
1,000,000 California Health Facilities 1,079,890
Financing Authority, Health
Dimensions Series A,
7.50%, 05/01/2015,
Prerefunded 05/01/2000 @102
3,000,000 California State Department of 3,210,900
Water Resources, Central Valley
Project, Water Systems Series I,
6.95%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
1,345,000 Puerto Rico Commonwealth, 1,464,718
7.70%, 07/01/2020,
Prerefunded 07/01/2000 @102
3,000,000 Castaic Lake Water Agency, 3,262,200
California Certificates of
Participation, Water Systems
Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
2,700,000 Los Angeles County, California 2,899,530
Certificates of Participation,
Correctional Facilities Project,
6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 39
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,850,000 California State Public Works Board $ 3,086,664
Lease Revenue, Department of
Corrections State Prison
Series A, 7.00%, 09/01/2009,
Prerefunded 09/01/2000 @102
1,000,000 Los Angeles, California Wastewater 1,084,820
System Revenue Series D,
MBIA, 6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
------------
Total Prerefunded/Escrowed (Cost $36,358,363) 36,511,100
------------
- --------------------------------------------------------------------------------
INSURED: 19.75%
- --------------------------------------------------------------------------------
1,000,000 San Francisco City & County, 1,009,570
California Series 1, FGIC,
4.50%, 06/15/1999
1,000,000 Santa Clara Unified School 1,031,440
District, California, FGIC,
7.00%, 08/01/1999
1,650,000 Los Angeles Convention & 1,698,758
Exhibition Center Authority,
California Certificates of
Participation, AMBAC,
6.60%, 08/15/1999
1,000,000 University of California Revenue, 1,060,250
Multiple Purpose Projects Series D,
MBIA, 10.00%, 09/01/1999
1,100,000 Anaheim Public Financing Authority, 1,120,306
California Revenue, Anaheim
Electric Utility Projects, MBIA,
5.00%, 10/01/1999
1,000,000 Riverside, California 1,017,350
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/1999
1,260,000 Orange County Local 1,291,487
Transportation Authority,
California Sales Tax Revenue,
First Senior Measure M, MBIA,
5.40%, 02/15/2000
1,000,000 Pasadena, California Unified 1,019,700
School District Series A, FGIC,
4.75%, 05/01/2000
1,020,000 California Health Facilities Authority, 1,047,050
Valley Presbyterian Hospital,
MBIA, 5.25%, 05/01/2000
3,500,000 Southern California Public Power 3,561,355
Authority, Transmission Project
Revenue, Subordinated Southern
Transmission Project Series A,
MBIA, 4.50%, 07/01/2000
3,600,000 Central Valley Financing Authority, 3,663,108
California Cogeneration Project
Revenue, Carson Ice General Project,
MBIA, 4.50%, 07/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Sierra View Local Health Care $ 1,020,010
District, California Revenue,
ACA, 4.75%, 07/01/2000
1,000,000 Pasadena, California Electric Revenue, 1,022,720
MBIA, 4.75%, 08/01/2000
------------
Total Insured (Cost $19,427,580) 19,563,104
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 28.52%
- --------------------------------------------------------------------------------
State General Obligations: 5.37%
1,700,000 California State, 1,762,543
9.00%, 06/01/1999
3,450,000 California State, 3,558,123
5.90%, 02/01/2000
------------
Total State General Obligations 5,320,666
(Cost $5,164,419) ------------
Local General Obligations: 13.48%
1,460,000 East Bay Regional Park District, 1,475,622
California, 4.25%, 09/01/1999
1,000,000 Riverside County, California Tax & 1,013,050
Revenue Anticipation Notes,
4.50%, 09/30/1999
1,000,000 San Diego County, California Tax & 1,013,050
Revenue Anticipation Notes,
4.50%, 09/30/1999
3,500,000 San Bernardino County, California 3,545,675
Tax & Revenue Anticipation Notes,
4.50%, 09/30/1999
1,000,000 Santa Clara County, California 1,013,080
Tax & Revenue Anticipation Notes,
4.50%, 10/01/1999
3,710,000 San Diego, California Unified 3,758,527
School District, Tax & Revenue
Anticipation Notes Series A,
4.50%, 10/01/1999
1,500,000 Los Angeles, California Refunding 1,528,770
Series A, 4.50%, 09/01/2000
------------
Total Local General Obligations (Cost $13,264,892) 13,347,774
------------
Tax Lease: 3.37%
1,000,000 California State Public Works 1,008,700
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/1999
1,250,000 Los Angeles County Capital Asset 1,274,800
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2000
1,000,000 Puerto Rico Urban Renewal & 1,055,630
Housing Corp.,
7.875%, 10/01/2004
------------
Total Tax Lease (Cost $3,310,977) 3,339,130
------------
40 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Special Tax: 6.30%
1,000,000 California Commerce Community $ 1,007,670
Development Commission, Tax
Allocation Refunding
Redevelopment Project No. 1,
Series A, 4.50%, 08/01/1999
620,000 Stockton Community Facilities 622,350
District Number 90-2, California
Brookside Estates,
4.60%, 08/01/1999
255,000 Fairfield Public Financing 256,073
Authority, California Revenue
Reassessment,
4.40%, 09/02/1999
500,000 Virgin Islands Public Financing 507,295
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/1999
1,275,000 Los Angeles Community 1,295,757
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/1999
2,500,000 Orange County Local 2,547,650
Transportation Authority,
California Sales Tax Revenue
Series A, 5.00%, 02/15/2000
------------
Total Special Tax (Cost $6,201,511) 6,236,795
------------
Total Tax Supported (Cost $27,941,799) 28,244,365
------------
- --------------------------------------------------------------------------------
REVENUE: 5.61%
- --------------------------------------------------------------------------------
Electric Revenue: 1.32%
1,280,000 Virgin Islands Water & Power Authority, 1,302,515
Electric Systems Revenue Refunding,
5.00%, 07/01/2000
------------
Total Electric Revenue (Cost $1,296,009) 1,302,515
------------
Miscellaneous Revenue: 3.65%
2,500,000 Long Beach, California Harbor 2,556,175
Revenue Series A, AMT,
5.00%, 05/15/2000
1,000,000 Long Beach, California Harbor 1,055,840
Revenue, 7.15%, 05/15/2000
------------
Total Miscellaneous Revenue (Cost $3,572,007) 3,612,015
------------
Industrial Development/Pollution
Control Revenue: 0.64%
600,000 St. Charles Parish, Louisiana 632,364
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
------------
Total Industrial Development/Pollution
Control Revenue (Cost $635,468) 632,364
------------
Total Revenue (Cost $5,503,484) 5,546,894
------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $96,038,483) 97.61% $ 96,677,500
(Note B, below)
Cash and Other Assets, Less Liabilities 2.39 2,372,189
------- ------------
Net Assets (Equivalent to $12.61
per share based on 7,855,273
shares of capital stock outstanding) 100.00% $ 99,049,689
======= ============
- --------------------------------------------------------------------------------
(A)Explanation of abbreviations:
Insured-bond abbreviations:
ACA-ACAFinancial Guaranty Corporation
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
(B)At September 30, 1998, 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 41
<PAGE>
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
September 30, 1998
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 2.54%
- --------------------------------------------------------------------------------
500,000 New York State Job Development $ 500,000
Authority, State Guaranteed
Series A-1-A-42, Daily Floater,
Putable Daily, 4.10%, 03/01/2005
1,000,000 New York City, Series B, 1,000,000
Sub-Series B5, Daily Floater,
Putable Daily, 3.95%, 08/15/2022
500,000 Long Island Power Authority, 500,000
New York Electric Systems Revenue
Series 6, Daily Floater, Putable Daily,
4.10%, 05/01/2033
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $2,000,000) 2,000,000
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 24.77%
- --------------------------------------------------------------------------------
1,000,000 New York City Series E, 1,019,060
5.00%, 02/15/2000,
Escrowed to Maturity
2,500,000 New York City Series A, 2,664,700
7.25%, 03/15/2020,
Prerefunded 03/15/2000 @101.50
1,970,000 New York City Series A, 2,078,567
7.50%, 03/15/2000,
Escrowed to Maturity
1,300,000 New York State Dormitory 1,405,664
Authority, State University
Educational Facilities Series A,
7.625%, 05/15/2005,
Prerefunded 05/15/2000 @102
1,000,000 New York State Dormitory 1,082,450
Authority, State University
Series A, 7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
1,000,000 New York State Dormitory 1,083,880
Authority, City University Series F,
7.50%, 07/01/2020,
Prerefunded 07/01/2000 @102
1,200,000 MTA, New York Commuter 1,300,656
Facilities Service Contract
Series 3, 7.50%, 07/01/2016,
Prerefunded 07/01/2000 @102
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
8,115,000 New York State Dormitory Authority, $ 8,846,567
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
(Notes A, B & C, p. 44)
------------
Total Prerefunded/Escrowed (Cost $19,520,489) 19,481,544
------------
- --------------------------------------------------------------------------------
INSURED: 27.97%
- --------------------------------------------------------------------------------
1,000,000 Hempstead Town, New York, AMBAC, 1,006,450
5.00%, 02/15/1999
255,000 Wallkill, New York, FGIC, 256,364
4.50%, 03/01/1999
1,000,000 Geneva, New York Industrial 1,004,950
Development Agency, Civic
Facilities Revenue, AMBAC,
4.50%, 03/01/1999
1,475,000 New York State Thruway Authority 1,483,865
Highway & Bridge Trust Fund
Series A, AMBAC,
4.50%, 04/01/1999
1,100,000 Albany City School District, 1,110,670
New York Series A, FGIC,
5.00%, 05/01/1999
1,645,000 Averill Park Central School 1,663,079
District, New York, FGIC,
5.25%, 05/01/1999
1,000,000 New York State Dormitory 1,007,690
Authority, Good Samaritan
Hospital, Asset Guaranty,
4.50%, 07/01/1999
1,645,000 Erie County, New York Series A, 1,672,224
FGIC, 5.25%, 08/15/1999
1,245,000 Erie County, New York Series B, 1,265,605
FGIC, 5.25%, 08/15/1999
1,275,000 North Hempstead, New York, FGIC, 1,288,846
4.50%, 09/01/1999
700,000 Nassau County, New York Series T, 710,843
FGIC, 5.125%, 09/01/1999
1,500,000 Nassau County, New York Series X, 1,527,405
AMBAC, 5.00%, 11/01/1999
2,675,000 Middletown, New York, City School 2,739,842
District, FGIC, 5.50%, 11/01/1999
900,000 Wallkill, New York, FGIC, 912,996
4.625%, 03/01/2000
1,000,000 New York State Municipal Bond 1,013,950
Bank Agency, Special Program
Revenue Series A, AMBAC,
4.50%, 03/15/2000
*See Note 1, page 26 in Notes to Financial Statements.
42 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,070,000 Nassau County, New York $ 1,087,848
Industrial Development Agency,
Civic Facility Revenue,
Hofstra University Project, MBIA,
4.50%, 07/01/2000
1,300,000 Long Island Power Authority, New 1,325,246
York Electric Systems Revenue
General Series A, FSA,
5.00%, 12/01/2015
600,000 Triborough Bridge & Tunnel 615,048
Authority, New York Special
Obligation Series A, MBIA,
5.125%, 01/01/2018 (Note E, p. 44)
300,000 Long Island Power Authority, New 302,622
York Electric Systems Revenue,
General Series A, FSA,
5.00%, 12/01/2018
------------
Total Insured (Cost $21,831,789) 21,995,543
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 33.63%
- --------------------------------------------------------------------------------
State General Obligations: 3.78%
1,000,000 Puerto Rico Commonwealth, 1,012,870
5.50%, 07/01/1999
1,935,000 New York State Series D, 1,965,631
4.50%, 07/15/2000
------------
Total State General Obligations
(Cost $2,963,134) 2,978,501
------------
Local General Obligations: 8.48%
1,000,000 Monroe County, New York Series A, 1,006,350
4.75%, 03/01/1999
3,100,000 Monroe County, New York Series A, 3,124,800
4.50%, 06/01/1999
1,500,000 Westchester County, New York 1,524,090
Series D, 4.625%, 11/15/1999
1,000,000 Oyster Bay, New York Series A, 1,012,790
4.40%, 12/01/1999
------------
Total Local General Obligations
(Cost $6,627,898) 6,668,030
------------
Tax Lease: 12.32%
1,000,000 New York State Dormitory 1,003,890
Authority, Mental Health Services
Facilities Series A,
4.40%, 02/15/1999
1,480,000 New York State Dormitory 1,515,283
Authority, State University
Series B, 7.25%, 05/15/1999
1,710,000 New York State Urban Development 1,725,082
Corp., Correctional Facilities
Series A, 4.50%, 01/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,980,000 New York State Dormitory Authority, $ 1,985,386
Revenue Bonds, North General
Hospital Series G,
4.10%, 02/15/2000
1,615,000 New York State Dormitory Authority, 1,638,466
Brookdale Hospital Series J,
5.00%, 02/15/2000
750,000 New York State Thruway Authority, 766,582
Service Contract Revenue,
5.20%, 04/01/2000
1,000,000 Puerto Rico Urban Renewal & 1,055,630
Housing Corp.,
7.875%, 10/01/2004
------------
Total Tax Lease (Cost $9,656,851) 9,690,319
------------
Special Tax: 9.05%
1,145,000 MAC New York Series H, 1,158,946
5.00%, 07/01/1999
1,000,000 MAC New York Series I, 1,012,180
5.00%, 07/01/1999
1,000,000 MAC New York Series L, 1,012,180
5.00%, 07/01/1999
1,910,000 New York State Thruway Authority, 1,931,927
Highway & Bridge Trust Fund
Series C, 4.50%, 04/01/2000
1,915,000 New York State Local Government 1,999,739
Assistance Corp. Series A,
6.70%, 04/01/2000
------------
Total Special Tax (Cost $7,078,791) 7,114,972
------------
Total Tax Supported (Cost $26,326,674) 26,451,822
------------
- --------------------------------------------------------------------------------
REVENUE: 9.19%
- --------------------------------------------------------------------------------
Health Care Revenue: 0.14%
105,000 New York State Medical Care 108,650
Facilities Finance Agency,
Hospital & Nursing Home Revenue
Series A, FHA,
8.00%, 02/15/2028, Partially
Prerefunded 08/15/1998 @102
------------
Total Health Care Revenue (Cost $108,149) 108,650
------------
Toll Revenue: 5.41%
1,700,000 New York State Bridge Authority 1,707,378
Revenue, 5.00%, 01/01/1999
2,500,000 Triborough Bridge & Tunnel 2,546,775
Authority, New York Revenue
Series A, 5.00%, 01/01/2000
------------
Total Toll Revenue (Cost $4,223,311) 4,254,153
------------
Schedule of Investments--Municipal Bond Portfolios 43
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Water/Sewer Revenue: 1.34%
1,000,000 New York State Environmental $ 1,052,730
Facilities Corp., Huntington
Project Series A, AMT,
7.50%, 10/01/2012
------------
Total Water/Sewer Revenue (Cost $1,050,100) 1,052,730
------------
Miscellaneous Revenue: 2.30%
1,780,000 Port Authority of New York & 1,812,093
New Jersey, Consolidated
One Hundred Eighth Series, AMT,
4.75%, 07/15/2000
------------
Total Miscellaneous Revenue (Cost $1,801,227) 1,812,093
------------
Total Revenue (Cost $7,182,787) 7,227,626
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 1.53%
- --------------------------------------------------------------------------------
Housing: 1.53%
1,200,000 Virgin Islands Housing Finance 1,203,384
Authority, Single Family Revenue,
Mortgage Backed Securities Series B,
FGIC, AMT, 4.00%, 06/01/2000
------------
Total Housing (Cost $1,200,000) 1,203,384
------------
Total Asset-Backed Security
(Cost $1,200,000) 1,203,384
------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $78,061,739) 99.63% $ 78,359,919
(Note F, below)
Cash and Other Assets, Less Liabilities 0.37 291,880
------- ------------
Net Assets (Equivalent to $12.47
per share based on 6,309,282
shares of capital stock outstanding) 100.00% $ 78,651,799
======= ============
- --------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- --------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- --------------------------------------------------------------------------------
15 U.S. 30 Year $1,934,531 $ (37,500)
Treasury Bond
December 1998
------------
Total Short Futures Contract $ (37,500)
------------
- --------------------------------------------------------------------------------
(A)$80,000 principal amount pledged is collateral for futures transactions
(B)$2,800,000 principal amount segregated as collateral for futures
transactions
(C)$900,000 principal amount segregated as collateral for when-issued
securities
(D)Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
(E)When-issued security
(F)At September 30, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
44 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1998
Schedule of Investments
Stock Portfolios
-----------------------
International Value
Emerging Markets Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedule of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein International Value Portfolio and Bernstein
Emerging Markets Value Portfolio (two of the eleven portfolios constituting
Sanford C. Bernstein Fund, Inc., hereafter referred to as the "Fund") at
September 30, 1998, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years in the
period then ended and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
September 30, 1998 by correspondence with the custodian and brokers, provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 19, 1998
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International value Portfolio
September 30, 1998
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 96.34%
- --------------------------------------------------------------------------------
AUSTRALIA: 2.09%
- --------------------------------------------------------------------------------
Broadcasting & Publishing
7,069,515 PMP Communications Ltd. $ 11,436,084
(Note A, p. 6)
Building Materials
1,770,388 Boral Ltd. (Note A, p. 6) 2,465,252
Energy Sources
3,774,000 Caltex Australia Ltd. (Note A, p. 6) 9,124,039
Paper & Forest Products
7,299,793 Amcor Ltd. (Note A, p. 6) 25,420,923
Real Estate
4,134,000 Schroders Property Fund 6,319,974
(Note A, p. 6)
23,520,769 Westfield Trust 46,689,734
762,311 Westfield Trust RFD (08/31/98) 1,382,225
(Note B, p. 6)
-------------
Total Australian Stocks
(Cost $127,801,661) 102,838,231
-------------
- --------------------------------------------------------------------------------
AUSTRIA: 1.35%
- --------------------------------------------------------------------------------
Banking
959,445 Bank Austria AG (Note A, p. 6) 41,155,818
Construction & Housing
36,800 Wienerberger Baustoffindustrie AG 7,109,749
Food & Household Products
116,501 Brau-Union Goess-Reinighaus 6,296,279
105,492 Oesterreichische 5,432,845
Brau-Beteiligungs AG
Metal-Steel
223,771 Voest-Alpine Stahl AG 6,010,650
-------------
Total Austrian Stocks
(Cost $94,192,431) 66,005,341
-------------
- --------------------------------------------------------------------------------
CANADA: 4.29%
- --------------------------------------------------------------------------------
Banking
750,000 Canadian Imperial Bank of Commerce 14,036,842
2,706,600 National Bank of Canada 39,921,662
Broadcasting & Publishing
600,000 Quebecor Printing Inc. 11,013,144
1,542,400 Torstar Corp. (Class B) 16,986,673
Conglomerates
260,000 Edperbrascan Corp. (Class A) 3,707,103
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Electrical & Electronics
331,600 Celestica Inc. (Note B, p. 6) $ 4,184,536
1,186,500 C-MAC Industries Inc. (Note B, p. 6) 14,194,909
Food & Household Products
322,500 Saskatchewan Wheat Pool (Class B) 2,367,826
Machinery & Engineering
600,000 Finning International Inc. 4,641,253
Metal-Steel
3,138,900 Dofasco Inc. 34,980,694
Retail
1,295,000 T. Eaton Company Ltd. 5,942,509
(Notes B & D, p. 6)
Utilities-Electric, Gas & Water
984,350 Nova Scotia Power Inc. 10,808,524
1,069,400 Suncor Inc. 34,526,173
700,000 Westcoast Energy Inc. 13,192,828
-------------
Total Canadian Stocks
(Cost $212,223,402) 210,504,676
-------------
- --------------------------------------------------------------------------------
FINLAND: 1.93%
- --------------------------------------------------------------------------------
Food & Household Products
161,000 Huhtamaki Oy (Note A, p. 6) 4,971,384
Health & Personal Care
2,719,000 Tamro Oy (Note A, p. 6) 14,652,493
Insurance
761,900 Sampo Insurance Co.-'A' Free 21,742,883
(Note A, p. 6)
Machinery & Engineering
229,800 Rauma Oy (Note A, p. 6) 2,598,781
788,900 Valmet Oy (Note A, p. 6) 9,231,891
Merchandising
424,900 Kesko Ltd. (Note A, p. 6) 5,599,036
Paper & Forest Products
5,107,800 Enso Oy 'R' (Note A, p. 6) 36,164,972
-------------
Total Finnish Stocks
(Cost $106,007,192) 94,961,440
-------------
- --------------------------------------------------------------------------------
FRANCE: 9.74%
- --------------------------------------------------------------------------------
Automobiles
30,830 Peugeot S.A. (Note A, p. 6) 5,263,309
1,298,428 Renault S.A. (Note A, p. 6) 51,938,975
75,277 Sylea 4,274,811
Banking
410,000 Banque Nationale de Paris 21,965,070
272,347 Credit National (Note A, p. 6) 12,256,053
60,415 Societe Generale (Note A, p. 6) 6,689,042
Broadcasting & Publishing
14,335 Metropole Television S.A. 2,175,926
301,845 Television Francaise 1 (TF1) 51,746,705
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Building Materials
225,333 Lafarge $ 19,958,778
Business & Public Services
249,152 Vivendi (Note B, p. 6) 49,654,208
Electrical & Electronics
214,891 Alcatel Alsthom (Note A, p. 6) 19,110,632
Energy Sources
43,638 ESSO SAF 3,397,651
421,526 Societe Nationale Elf Aquitaine 52,015,155
Health & Personal Care
700,000 Rhone-Poulenc (Note A, p. 6) 29,376,049
Machinery & Engineering
412,460 Vallourec 15,732,965
Merchandising
16,817 Galeries Lafayette S.A. 16,186,941
Metal-Steel
1,844,098 Usinor S.A. (Note A, p. 6) 20,516,323
Real Estate
200,014 Sefimeg 13,219,255
334,408 Simco 26,096,699
Textiles/Apparel
293,000 Chargeurs S.A. (Note A, p. 6) 14,388,907
Utilities-Electric, Gas & Water
248,780 Suez Lyonnaise des Eaux 42,382,964
(Note A, p. 6)
-------------
Total French Stocks
(Cost $421,151,017) 478,346,418
-------------
- --------------------------------------------------------------------------------
GERMANY: 15.80%
- --------------------------------------------------------------------------------
Banking
3,114,730 Commerzbank (Note A, p. 6) 84,305,396
1,736,650 Dresdner Bank (Note A, p. 6) 64,684,350
2,752,660 IKB Deutsche Industriebank 56,043,857
Building Materials
43,033 Dyckerhoff AG (Vorzug) 14,430,660
Business & Public Services
57,450 Herlitz AG (Stamm) (Notes A & B, p. 6) 2,476,960
79,600 Herlitz AG (Vorzug) (Note B, p. 6) 2,764,634
947,635 Metro AG (Vorzug) 39,154,954
Chemicals
1,973,500 BASF AG 74,806,162
1,182,700 Bayer AG 44,688,985
Electrical & Electronics
1,534,300 Siemens AG (Stamm) 84,802,473
Food & Household Products
6,250 Sudzucker AG (Stamm) 3,282,284
16,475 Sudzucker AG (Vorzug) (Note A, p. 6) 8,632,369
Health & Personal Care
622,660 Dragerwerk AG (Vorzug) 10,477,407
96,176 Merck KGaA (Note A, p. 6) 3,887,470
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
22,800 Wella AG (Stamm) $ 13,380,041
10,975 Wella AG (Vorzug) (Note A, p. 6) 7,755,023
Insurance
105,100 Hannover Rueckversicherungs AG 13,090,692
16,608 Mannheimer Aktiengesellschaft 9,506,624
Machinery & Engineering
9,040 MAN AG (Stamm) (Note A, p. 6) 2,912,375
104,511 MAN AG (Vorzug) 21,340,909
Non-Financial
61,470 Grohe (Friedrich) AG (Vorzug) 17,005,982
Telecommunications
395,180 Deutsche Telekom AG (Note A, p. 6) 12,281,710
Tires & Rubber
1,760,000 Continental AG (Note A, p. 6) 42,051,558
Utilities-Electric, Gas & Water
2,047,000 VEBA AG 106,643,313
51,920 Viag AG 35,692,182
-------------
Total German Stocks
(Cost $685,621,061) 776,098,370
-------------
- --------------------------------------------------------------------------------
HONG KONG: 0.54%
- --------------------------------------------------------------------------------
Conglomerates
10,000,000 First Pacific Co., Ltd. (Note A, p. 6) 2,935,938
6,618,000 Jardine Strategic Holdings Ltd. 7,279,800
(Note A, p. 6)
Electrical & Electronics
11,486,000 QPL International Holdings Ltd. 1,111,721
Financial Services
3,906,000 Liu Chong Hing Investment Ltd. 2,028,914
Real Estate
9,000,000 Great Eagle Holdings (Note A, p. 6) 9,291,761
6,474,000 Tai Cheung Holdings 1,253,227
Transportation-Shipping
7,574,000 Orient Overseas International Ltd. 2,639,092
-------------
Total Hong Kong Stocks
(Cost $44,460,556) 26,540,453
-------------
- --------------------------------------------------------------------------------
ITALY: 11.67%
- --------------------------------------------------------------------------------
Automobiles
23,721,568 Magneti Marelli S.p.A. ORD 32,880,954
(Note A, p. 6)
Banking
31,392,000 Banca Commerciale Italiana 189,304,797
(Note A, p. 6)
1,819,200 Banca Popolare di Bergamo 37,044,164
(Note A, p. 6)
3,422,000 Banca Popolare di Milano 24,543,700
(Note A, p. 6)
2 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Chemicals
4,110,000 Montefibre S.p.A. ORD (Note A, p. 6) $ 2,751,371
740,000 Montefibre S.p.A. RNC 520,037
Conglomerates
1,364,000 IFIL Finanziaria di 4,405,225
Partecipazioni S.p.A.
52,500 Italmobiliare S.p.A. RNC 1,256,323
(Note A, p. 6)
Energy Sources
14,702,580 ENI S.p.A. (Note A, p. 6) 90,256,106
Machinery & Engineering
3,583,423 Finmeccanica S.p.A. ORD 3,015,403
(Note B, p. 6)
Telecommunications
18,803,055 Telecom Italia S.p.A. ORD 128,664,770
(Note A, p. 6)
11,910,673 Telecom Italia S.p.A. RNC 55,611,762
Utilities-Electric, Gas & Water
2,191,000 AEM S.p.A. (Notes A & B, p. 6) 2,932,129
-------------
Total Italian Stocks
(Cost $343,882,917) 573,186,741
-------------
- --------------------------------------------------------------------------------
JAPAN: 30.82%
- --------------------------------------------------------------------------------
Appliances & Household Durables
10,516,000 Matsushita Electric Industrial Co., Ltd. 142,799,886
(Note A, p. 6)
Automobiles
1,282,000 Aisin Seiki Co., Ltd. (Note A, p. 6) 11,712,133
393,000 Toyoda Gosei Co., Ltd. 1,234,193
Banking
413,490 Bank of Iwate 18,766,797
390,000 Bank of Kyoto (Note A, p. 6) 1,633,029
1,540,000 Biwako Bank 4,058,416
575,000 Eighteenth Bank Ltd. 2,528,819
3,381,000 Higo Bank (Note A, p. 6) 12,746,348
2,194,000 Hyakugo Bank (Note A, p. 6) 8,191,061
207,000 Hyakujushi Bank 1,041,023
2,896,000 Kagoshima Bank 10,875,502
2,700 Kita-Nippon Bank Ltd. 116,785
2,450,000 Michinoku Bank 11,908,787
20,800,000 Mitsui Trust & Banking Co., Ltd. 18,423,922
(Note A, p. 6)
1,961,120 Miyazaki Bank (Note A, p. 6) 6,388,480
368,000 Nanto Bank 1,513,971
1,733,000 Oita Bank (Note A, p. 6) 8,106,489
9,150,000 Sakura Bank (Note A, p. 6) 13,396,288
6,078,000 Toho Bank (Note A, p. 6) 21,045,304
162,300 Yamagata Bank (Note A, p. 6) 712,858
Beverage & Tobacco
15,000 Chukyo Coca-Cola Bottling Co., Ltd. 115,296
422,000 Hokkaido Coca-Cola Bottling Co., Ltd. 3,923,282
1,340,000 Kinki Coca-Cola Bottling Co., Ltd. 14,419,676
(Note A, p. 6)
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
164,940 Kita Kyushu Coca-Cola Bottling $ 3,622,268
Co., Ltd. (Note A, p. 6)
715,000 Sanyo Coca-Cola Bottling Co., Ltd. 6,437,904
(Note A, p. 6)
687,000 Shikoku Coca-Cola Bottling Co., Ltd. 6,542,857
(Note A, p. 6)
Broadcasting & Publishing
500,000 Asatsu Inc. (Note A, p. 6) 8,821,053
Business & Public Services
1,254,000 Toppan Printing Co., Ltd. (Note A, p. 6) 12,860,831
Chemicals
1,393,000 Kansai Paint Co., Ltd. (Note A, p. 6) 2,549,321
Construction & Housing
3,681,400 Daito Trust Construction Co., Ltd. 23,607,527
(Note A, p. 6)
4,677,000 Sekisui House Ltd. (Note A, p. 6) 37,969,273
Cosmetics & Toiletries
3,149,000 Lion Corp. (Note A, p. 6) 10,926,583
Electrical & Electronics
3,842,000 Canon Sales Co., Inc. (Note A, p. 6) 49,752,919
7,145,000 Hitachi Ltd. (Note A, p. 6) 31,382,451
2,612,000 Mitsubishi Electric Corp. (Note A, p. 6) 4,015,372
6,500,000 Sharp Corp. (Note A, p. 6) 38,684,525
2,590,000 Taiyo Yuden Co., Ltd. (Note A, p. 6) 25,804,251
18,356,000 Toshiba Corp. (Note A, p. 6) 65,977,053
Energy Sources
2,651,000 General Sekiyu Group (Note A, p. 6) 8,926,905
Financial Services
234,000 Daiwa Securities Co., Ltd. 548,150
(Note A, p. 6)
3,253,000 Nikko Securities Co., Ltd. 6,977,262
(Note A, p. 6)
Food & Household Products
1,382,400 Ezaki Glico Co., Ltd. (Note A, p. 6) 6,942,106
Health & Personal Care
6,699,000 Chugai Pharmaceutical Co., Ltd. 45,753,570
(Note A, p. 6)
1,367,000 Daiichi Pharmaceutical Co., Ltd. 18,272,697
(Note A, p. 6)
1,322,000 Kissei Pharmaceutical Co., Ltd. 18,677,646
(Note A, p. 6)
1,341,000 Yamanouchi Pharmaceutical Co., Ltd. 28,860,874
(Note A, p. 6)
Insurance (Non-Life)
5,247,900 Chiyoda Fire & Marine (Note A, p. 6) 15,405,056
6,653,000 Dai-Tokyo Fire & Marine (Note A, p. 6) 18,896,554
2,589,000 Koa Fire & Marine (Note A, p. 6) 7,580,981
664,000 Mitsui Marine & Fire (Note A, p. 6) 2,722,009
7,562,000 Nippon Fire & Marine (Note A, p. 6) 24,080,156
Leisure
2,542,200 Heiwa Corp. (Note A, p. 6) 20,768,603
513,700 Sankyo Co., Ltd. (Note A, p. 6) 6,956,882
Schedule of Investments--Stock Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Machinery & Engineering
6,250,000 Makita Corp. (Note A, p. 6) $ 71,648,177
12,050,000 Mitsubishi Heavy Industries, Ltd. 41,194,316
(Note A, p. 6)
973,000 Sintokogio (Note A, p. 6) 2,635,408
Merchandising
2,162,700 Aoki International Co., Ltd. 8,232,524
(Note A, p. 6)
3,033,900 Aoyama Trading Co., Ltd. 64,629,027
(Note A, p. 6)
1,867,900 Deodeo Corp. (Note A, p. 6) 13,126,781
1,167,000 Laox Co., Ltd. (Note A, p. 6) 7,030,789
3,053,000 Sumitomo Corp. 12,180,263
Metal-Steel
5,013,000 Kurimoto Ltd. (Note A, p. 6) 12,550,389
2,981,000 Maruichi Steel Tube Ltd. 33,213,145
8,900,000 Nisshin Steel Co., Ltd. (Note A, p. 6) 9,446,945
2,709,400 Tokyo Steel Manufacturing Co., Ltd. 9,500,403
(Note A, p. 6)
441,000 Toyo Seikan Kaisha, Ltd. 5,765,139
1,049,000 Yamato Kogyo Co., Ltd. (Note A, p. 6) 5,567,329
6,420,000 Yodogawa Steel Works Ltd. 24,626,329
(Note A, p. 6)
Miscellaneous Materials
2,709,000 Yamamura Glass Co., Ltd. (Note A, p. 6) 2,974,635
Multi-Industry
19,000,000 Itochu Corp. (Note A, p. 6) 23,644,813
16,591,000 Marubeni Corp. (Note A, p. 6) 19,553,829
14,268,000 Nissho Iwai Corp. (Note A, p. 6) 9,191,347
Real Estate
6,377,000 Daiwa Kosho Lease Co., Ltd. 20,493,414
(Note A, p. 6)
1,046,000 TOC Co. (Note A, p. 6) 8,001,683
Textiles/Apparel
1,345,000 Gunze Ltd. (Note A, p. 6) 2,884,850
2,453,000 Tokyo Style Co., Ltd. (Note A, p. 6) 20,919,767
51,000 Wacoal Corp. (Note A, p. 6) 488,328
350,400 World Co., Ltd. (Note A, p. 6) 10,003,732
Transportation-Road & Rail
3,594,000 Seino Transportation Co., Ltd. 18,179,816
(Note A, p. 6)
Transportation-Shipping
12,436,000 Kawasaki Kisen Kaisha Ltd. 18,207,238
(Note A, p. 6)
17,398,000 Mitsui O.S.K. Lines Ltd. 25,089,900
7,887,000 Nippon Yusen Kabushiki Kaisha 23,152,057
(Note A, p. 6)
Utilities-Electric, Gas & Water
935,400 Chugoku Electric Power Co., Inc. 14,995,980
(Note A, p. 6)
1,165,000 Hokkaido Electric Power Co., Inc. 16,800,628
(Note A, p. 6)
401,800 Hokuriku Electric Power Co., Inc. 5,882,654
(Note A, p. 6)
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
3,633,000 Kyushu Electric Power Co., Inc. $ 58,907,758
(Note A, p. 6)
541,200 Shikoku Electric Power Co., Inc. 8,161,282
(Note A, p. 6)
617,400 Tohoku Electric Power Co., Inc. 9,129,592
(Note A, p. 6)
-------------
Total Japanese Stocks
(Cost $2,291,108,817) 1,513,992,251
-------------
- --------------------------------------------------------------------------------
MALAYSIA (Note E, p. 6): 0.17%
- --------------------------------------------------------------------------------
Automobiles
1,000,000 Oriental Holdings Berhad 740,526
Conglomerates
6,978,800 Malaysia Mining Corp. Berhad 1,131,300
Financial Services
9,501,812 Commerce Asset Holding Berhad 2,678,011
Leisure
1,637,000 Berjaya Land Berhad 410,112
Miscellaneous Materials
4,000,000 Golden Hope Plantations Berhad 1,746,316
Telecommunications
6,737,000 Technology Resources Industries 1,501,642
Berhad
Transportation-Airlines
1,100,000 Malaysian Airline System Berhad 303,947
-------------
Total Malaysian Stocks
(Cost $22,209,463) 8,511,854
-------------
- --------------------------------------------------------------------------------
NORWAY: 0.61%
- --------------------------------------------------------------------------------
Banking
1,369,100 Christiania Bank OG 4,314,313
(Notes A & B, p. 6)
Energy Sources
280,000 Norsk Hydro A.S.A. 10,205,572
800,000 Saga Petroleum A.S.A. 8,222,883
Paper & Forest Products
290,000 Norske Skogindustrier A.S.A. 7,275,494
(Note B, p. 6)
-------------
Total Norwegian Stocks
(Cost $40,499,223) 30,018,262
-------------
- --------------------------------------------------------------------------------
SINGAPORE: 0.96%
- --------------------------------------------------------------------------------
Banking
1,300,000 Development Bank of Singapore 5,236,967
Ltd. (Foreign) (Note A, p. 6)
2,470,000 United Overseas Bank Ltd. (Foreign) 7,199,289
(Note A, p. 6)
Electrical & Electronics
1,222,200 Creative Technology Ltd. 10,999,800
(Note B, p. 6)
4 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Machinery & Engineering
4,315,000 Keppel Fels Ltd. $ 4,780,243
Multi-Industry
15,210,150 Natsteel Ltd. 11,173,333
Real Estate
2,670,000 Keppel Land Ltd. (Note A, p. 6) 1,154,680
4,599,000 Singapore Land Ltd. 6,593,353
-------------
Total Singapore Stocks
(Cost $75,492,967) 47,137,665
-------------
- --------------------------------------------------------------------------------
SPAIN: 6.61%
- --------------------------------------------------------------------------------
Banking
6,064,720 Argentaria S.A. 120,709,017
Construction & Housing
1,227,455 Dragados Y Construcciones S.A. 32,646,230
Energy Sources
460,150 Repsol S.A. (Note A, p. 6) 19,451,862
Utilities-Electric, Gas & Water
2,601,907 Fuerzas Electricas de Cataluna S.A. 25,389,377
8,431,704 Union Electrica Fenosa S.A. 126,533,482
-------------
Total Spanish Stocks
(Cost $164,391,345) 324,729,968
-------------
- --------------------------------------------------------------------------------
SWEDEN: 0.25%
- --------------------------------------------------------------------------------
Appliances & Household Durables
555,750 Electrolux AB (Class A) 7,303,636
Paper & Forest Products
25,000 Svenska Cellulosa AB 494,418
Real Estate
56,080 Nackebro Fastighets AB (Note A, p. 6) 1,005,326
253,190 Tornet Fastighets AB 3,715,068
-------------
Total Swedish Stocks
(Cost $7,437,276) 12,518,448
-------------
- --------------------------------------------------------------------------------
UNITED KINGDOM: 9.51%
- --------------------------------------------------------------------------------
Automobiles
4,633,398 Lex Service plc 27,097,691
Beverage & Tobacco
613,000 Imperial Tobacco Group plc 6,487,451
450,000 Matthew Clark plc 941,005
Broadcasting & Publishing
4,196,500 Mirror Group plc 10,344,976
4,549,267 Trinity plc 31,091,503
Building Materials
364,434 Hanson plc 2,311,011
Chemicals
950,000 Imperial Chemical Industries plc 7,485,961
Conglomerates
4,638,218 BTR plc 8,378,270
1,664,900 Powell Duffryn plc 11,406,895
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
Construction & Housing
15,636,789 Tarmac plc $ 22,064,796
Energy Sources
1,719,119 Premier Oil plc 730,668
6,179,400 Shell Transport & Trading Co., plc 37,426,173
Food & Household Products
11,102,960 Hazlewood Foods plc 34,543,322
4,038,269 Hillsdown Holdings plc 7,346,040
Health & Personal Care
6,250,000 Smith & Nephew plc 14,557,099
Insurance
4,615,809 CGU plc 71,528,442
4,925,354 Guardian Royal Exchange plc 21,394,522
3,051,098 Royal & Sun Alliance Insurance 26,454,562
Group plc
Merchandising
7,141 Safeway plc 33,477
5,081,600 Somerfield plc 36,068,759
Metal-Steel
4,143,900 British Steel plc 7,485,356
Textiles/Apparel
2,250,000 Courtaulds plc 7,267,924
Utilities-Electric, Gas & Water
699,099 Anglian Water plc 11,267,336
749,035 Anglian Water plc (Class B) 598,514
(Note B, p. 6)
3,354,949 Pennon Group plc 62,741,204
-------------
Total United Kingdom Stocks
(Cost $387,210,703) 467,052,957
-------------
Total Equities
(Cost $5,023,690,031) 4,732,443,075
-------------
- --------------------------------------------------------------------------------
WARRANTS--HONG KONG REAL ESTATE
(Note B, p. 6): 0.00%
- --------------------------------------------------------------------------------
1,011,229 Great Eagle Holdings 1,305
(Expiration 11/30/1998)
-------------
Total Warrants (Cost $0) 1,305
-------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.60%
- --------------------------------------------------------------------------------
29,635,000 State Street Bank & Trust Co., 29,635,000
Repurchase Agreement,
dated 09/30/1998, 5.25%,
maturing 10/01/1998 for $29,639,322,
collateral 19,245,000 principal
amount U.S. Treasury Bond,
9.875%, 11/15/2015,
value $30,232,702
-------------
Total Repurchase Agreement
(Cost $29,635,000) 29,635,000
-------------
Schedule of Investments--Stock Portfolios 5
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $5,053,325,031) 96.94% $4,762,079,380
(Note F, below)
Cash and Other Assets, Less Liabilities 3.06 150,503,417
(Note G, below)
-------- --------------
Net Assets (Equivalent to $17.63
per share based on 278,635,991
shares of capital stock outstanding) 100.00% $4,912,582,797
======== ==============
- --------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Quantity Description Amount (Depreciation)
- --------------------------------------------------------------------------------
500 Hong Kong Hang Seng $24,268,998 $ 670,345
October 1998
850 Japanese TOPIX 66,594,043 (1,664,141)
December 1998
----------
Total Long Stock Index Futures Contracts $ (993,796)
==========
- --------------------------------------------------------------------------------
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
2,017,525 Australian Dollar $ 1,195,485
21,260,286 Austrian Schilling 1,809,463
6,103,109 British Pound 10,375,890
2,015,128 Canadian Dollar 1,321,005
1,990,939 Deutschemark 1,192,214
11,479,790 Finnish Markka 2,257,801
13,859,721 French Franc 2,475,038
34,105,403 Hong Kong Dollar 4,401,379
3,453,333,670 Italian Lira 2,092,105
1,028,986,371 Japanese Yen 7,532,568
5,263,841 Malaysian Ringgit (Note E, below) 969,655
1,927,066 Netherlands Guilder 1,023,212
5,143,028 Norwegian Krone 695,568
5,502,472 Singapore Dollar 3,259,758
105,835,096 Spanish Peseta 745,659
3,084,847 Swedish Krona 393,601
760,099 Swiss Franc 550,637
-----------
Total Foreign Currencies $42,291,038
===========
- --------------------------------------------------------------------------------
(A) Represents entire or partial security position out on loan or securities
contractually obligated to be loaned at a future date
(B) Non-income-producing security
(C) Explanation of abbreviations:
RFD-Restricted for Dividends
Vorzug-German Preference Share
Stamm-German Ordinary Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(D) Affiliated company (see Note 3B of the Notes to Financial Statements)
(E) Fair-valued security (see Note 1A of the Notes to Financial Statements)
(F) At September 30, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
(G) Includes $4,387,776 (Hong Kong dollars) and $7,466,783 (Japanese yen) U.S.
dollar equivalent pledged as collateral for futures transactions
(H) Allocation of assets by industry as of September 30, 1998:
Appliances & Household Durables 3.06%
Automobiles 2.75
Banking 17.73
Beverage & Tobacco 0.86
Broadcasting & Publishing 2.92
Building Materials 0.80
Business & Public Services 2.18
Chemicals 2.70
Conglomerates 0.82
Construction & Housing 2.51
Cosmetics & Toiletries 0.22
Electrical & Electronics 7.12
Energy Sources 4.89
Financial Services 0.25
Food & Household Products 1.62
Health & Personal Care 4.19
Insurance 3.33
Insurance (Non-Life) 1.40
Leisure 0.57
Machinery & Engineering 3.66
Merchandising 3.32
Metal-Steel 3.45
Miscellaneous Materials 0.10
Multi-Industry 1.29
Non-Financial 0.35
Paper & Forest Products 1.41
Real Estate 2.80
Retail 0.28
Telecommunications 4.03
Textiles/Apparel 1.14
Tires & Rubber 0.86
Transportation-Airlines 0.01
Transportation-Road & Rail 0.37
Transportation-Shipping 1.41
Utilities-Electric, Gas & Water 11.94
Repurchase Agreement 0.60
Cash and Other Assets, Less Liabilities 3.06
------
Total 100.00%
======
See Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
September 30, 1998
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 93.91%
- --------------------------------------------------------------------------------
ARGENTINA: 7.27%
- --------------------------------------------------------------------------------
Beverage & Tobacco
295,082 Nobleza Piccardo S.A.I.C. $ 737,819
Energy Sources
3,388,520 Astra Cia Argentina de Petroleo S.A. 3,744,895
1,790,000 Central Costanera S.A. (Class B) 4,153,444
185,000 YPF S.A. 4,792,243
60,000 YPF S.A. ADR 1,560,000
Financial Services
249,000 Bansud S.A. (Class B) (Note B, p. 11) 734,664
Food & Household Products
650,000 Garovaglio y Zorraquin S.A. 598,093
Metal-Steel
3,342,088 Siderca S.A.I.C. 4,011,127
Real Estate
615,000 IRSA Inversiones y 1,304,002
Representaciones S.A.
3,700 IRSA Inversiones y 79,550
Representaciones S.A. GDR
Utilities-Electric, Gas & Water
1,943,759 Central Puerto S.A. 4,665,745
-------------
Total Argentine Stocks
(Cost $35,005,865) 26,381,582
-------------
- --------------------------------------------------------------------------------
BRAZIL: 7.71%
- --------------------------------------------------------------------------------
Appliances & Household Durables
14,000,000 Brasmotor S.A. (PFD) 1,210,511
Banking
321,900,000 Banco Bradesco S.A. (PFD) 1,900,797
Energy Sources
106,400 Centrais Geradoras do Sul do 505,400
Brasil S.A. ADR
80,000,000 Companhia Energetica de Minas 1,741,111
Gerais (PFD)
413,100,000 Companhia Paranaense de Energia 1,993,279
Financial Services
4,406,000 Itausa Investimentos Itau S.A. 2,415,876
Food & Household Products
173,026,676 Ceval Alimentos S.A. (Note B, p. 11) 322,568
493,493 Santista Alimentos S.A. 220,635
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Metal-Steel
67,700,000 Companhia Siderurgica de Tubarao $ 434,029
(PFD) (Class B)
4,714,293 Gerdau Metalurgica S.A. 67,605
83,558,114 Gerdau Metalurgica S.A. (PFD) 1,656,431
191,486,156 Gerdau S.A. (PFD) 1,663,763
Paper & Forest Products
952,000 Companhia Suzano de Papel e 562,149
Celulose (PFD)
218,663,014 Votorantim Celulose Papel S.A. (PFD) 2,213,469
Utilities-Electric, Gas & Water
1,064,000 Centrais Eletricas Brasileiras ADR 11,039,000
-------------
Total Brazilian Stocks
(Cost $39,010,149) 27,946,623
-------------
- --------------------------------------------------------------------------------
CHILE: 3.95%
- --------------------------------------------------------------------------------
Banking
196,800 Banco BHIF S.A. ADR 1,881,900
Beverage & Tobacco
342,500 Compania Cervecerias Unidas 6,293,437
S.A. ADR
Energy Sources
314,959 Gener S.A. ADR 4,704,700
Food & Household Products
124,500 Cristalerias de Chile ADR 1,455,094
-------------
Total Chilean Stocks
(Cost $18,967,946) 14,335,131
-------------
- --------------------------------------------------------------------------------
CHINA: 4.06%
- --------------------------------------------------------------------------------
Appliances & Household Durables
3,000,000 Guangdong Kelon Electrical 2,013,215
Holdings Co., Ltd.
Chemicals
56,100,000 Jilin Chemical Industrial Co., Ltd. 2,932,132
(Note C, p. 11)
13,600,000 Shanghai Petrochemical Co., Ltd. 1,386,537
Energy Sources
14,102,000 Harbin Power Equipment Co., Ltd. 900,848
6,330,000 Yanzhou Coal Mining Co., Ltd. 1,102,816
(Note B, p. 11)
Utilities-Electric, Gas & Water
623,000 Huaneng Power International Inc., 6,385,750
Ltd. ADR (Note B, p. 11)
-------------
Total Chinese Stocks
(Cost $29,103,221) 14,721,298
-------------
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
INDIA: 5.60%
- --------------------------------------------------------------------------------
Automobiles
572,200 Ashok Leyland Ltd. $ 339,167
310,000 Ashok Leyland Ltd. GDR 511,500
525,000 Tata Engineering & 1,707,518
Locomotive Co., Ltd.
Chemicals
1,035,700 Indo Gulf Fertilisers & 754,257
Chemicals Corp., Ltd.
600,000 Indo Gulf Fertilisers & 450,000
Chemicals Corp., Ltd. GDR
285,000 Indo Gulf Fertilisers & 228,000
Chemicals Corp., Ltd. GDR, Rule 144A
1,254,900 Southern Petrochemical Industries 609,261
Corp., Ltd.
1,049,000 Southern Petrochemical Industries 2,360,250
Corp., Ltd. GDS
Financial Services
1,859,150 Industrial Credit & Investment 2,333,249
Corp. of India Ltd.
17,000 Industrial Credit & Investment 142,375
Corp. of India Ltd. GDR
303,000 Industrial Credit & Investment 2,537,625
Corp. of India Ltd. GDR, Rule 144A
(Note B, p. 11)
Health & Personal Care
578,950 Cheminor Drugs Ltd. 2,169,527
Utilities-Electric, Gas & Water
1,092,000 BSES Ltd. 4,081,810
157,000 BSES Ltd. GDR 2,080,250
-------------
Total Indian Stocks
(Cost $34,490,891) 20,304,789
-------------
- --------------------------------------------------------------------------------
INDONESIA: 2.40%
- --------------------------------------------------------------------------------
Automobiles
16,001,000 PT Gajah Tunggal 186,927
Chemicals
29,596,000 PT Indorama Synthetics (Note B, p. 11) 2,765,981
Food & Household Products
12,403,500 PT Sinar Mas Agro Resources & 1,159,206
Technology Corp. (Note B, p. 11)
Paper & Forest Products
656,500 Asia Pulp & Paper Co., Ltd. ADR 3,487,656
(Note B, p. 11)
9,628,500 PT Inti Indorayon Utama (Note B, p. 11) 157,476
Telecommunications
1,680,500 PT Indosat 906,999
5,500 PT Indosat ADR 29,219
-------------
Total Indonesian Stocks
(Cost $37,566,302) 8,693,464
-------------
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
ISRAEL: 7.54%
- --------------------------------------------------------------------------------
Banking
1,500,000 Bank Leumi Le-Israel $ 2,215,663
3,203,338 Israel Discount Bank 2,923,977
Electrical & Electronics
556,991 Israel Electric Wire & Cable 1,707,757
Financial Services
43,000 PEC Israel Economic Corp. ADR 1,101,875
(Note B, p. 11)
Health & Personal Care
482,100 Elscint Ltd. (Note B, p. 11) 5,122,312
Multi-Industry
1,999,527 Israel Land Development 9,775,731
(Notes B & C, p. 11)
8,500 Israel Land Development ADR 114,750
(Notes B & C, p. 11)
Telecommunications
570,000 Bezeq The Israeli 1,686,869
Telecommunication Corp., Ltd.
Textiles/Apparel
2,913,527 Kitan Consolidated Ltd. (Note B, p. 11) 2,682,171
-------------
Total Israeli Stocks
(Cost $24,986,814) 27,331,105
-------------
- --------------------------------------------------------------------------------
MALAYSIA (Note D, p. 11): 5.80%
- --------------------------------------------------------------------------------
Automobiles
3,220,560 Oriental Holdings Berhad 2,384,910
2,696,000 Tan Chong Motor Berhad 399,788
Building Materials
4,659,500 Cement Industries of Malaysia Berhad 1,647,991
Conglomerates
15,581,800 Malaysia Mining Corp. Berhad 2,525,892
Construction & Housing
2,000,000 YTL Corp. Berhad 1,097,895
Financial Services
14,067,000 Commerce Asset Holding Berhad 3,964,673
Leisure
4,602,000 Berjaya Land Berhad 1,152,922
Miscellaneous Materials
6,210,000 Golden Hope Plantations Berhad 2,711,155
1,822,000 Kuala Lumpur Kepong Berhad 1,429,791
Real Estate
2,101,000 Bolton Properties Berhad 313,491
Telecommunications
4,752,000 Technology Resources Industries 1,059,196
Berhad
Transportation-Airlines
3,159,000 Malaysian Airline System Berhad 872,881
8 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Utilities-Electric, Gas & Water
2,174,000 Tenaga Nasional Berhad $ 1,465,734
-------------
Total Malaysian Stocks
(Cost $69,519,210) 21,026,319
-------------
- --------------------------------------------------------------------------------
MEXICO: 5.88%
- --------------------------------------------------------------------------------
Banking
4,254,000 Grupo Financiero Serfin S.A. de C.V. 333,713
(Note B, p. 11)
Chemicals
2,727,200 Cydsa S.A. 2,535,189
Financial Services
150,000 Grupo Financiero Banamex S.A. de C.V. 145,617
552,000 Grupo Financiero Banamex S.A. (NVP) 487,154
Food & Household Products
494,000 Grupo Minsa S.A. de C.V. ADR 1,745,203
(Note B, p. 11)
Merchandising
6,240,000 Controladora Comercial Mexicana 3,353,128
S.A. de C.V.
102,250 Controladora Comercial Mexicana 1,124,750
S.A. de C.V. GDR
Metal-Nonferrous
450,144 Grupo Mexico S.A. (NVP) 1,147,651
Metal-Steel
1,442,000 Hylsamex S.A. 1,696,803
Telecommunications
165,000 Telefonos de Mexico S.A. 370,514
190,325 Telefonos de Mexico S.A. ADR 8,398,090
-------------
Total Mexican Stocks
(Cost $41,063,863) 21,337,812
-------------
- --------------------------------------------------------------------------------
PHILIPPINES: 4.02%
- --------------------------------------------------------------------------------
Banking
2,221,980 Philippine Commercial International 4,977,235
Bank
2,217,577 Philippine National Bank (Note B, p. 11) 1,545,968
Conglomerates
7,829,820 First Philippine Holding Corp. 2,281,833
(Class B) (Notes B & C, p. 11)
74,880,000 JG Summit Holding Inc. (Note B, p. 11) 1,489,043
Food & Household Products
22,069,500 Universal Robina Corp. 857,558
Real Estate
57,108,500 Robinson's Land Corp. - Series 'B' 1,958,006
(Notes B & C, p. 11)
Transportation-Shipping
43,030,000 William Gothong & Aboitiz 1,475,314
(Note B, p. 11)
-------------
Total Philippine Stocks
(Cost $54,744,006) 14,584,957
-------------
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
PORTUGAL: 7.10%
- --------------------------------------------------------------------------------
Banking
200,450 Banco Pinto & Sotto Mayor S.A. $ 3,258,988
Insurance
423,000 Companhia de Seguros Imperio S.A. 3,285,485
(Note B, p. 11)
Paper & Forest Products
397,000 Portucel Industrial-Empresa 2,306,859
Produtora de Celulose S.A.
Utilities-Electric, Gas & Water
709,000 Electricidade de Portugal S.A. 16,912,404
-------------
Total Portugese Stocks
(Cost $25,337,565) 25,763,736
-------------
- --------------------------------------------------------------------------------
SINGAPORE: 0.07%
- --------------------------------------------------------------------------------
Automobiles
8,088,000 Tan Chong International Ltd. 248,418
(Note B, p. 11)
-------------
Total Singapore Stocks
(Cost $0) 248,418
-------------
- --------------------------------------------------------------------------------
SOUTH AFRICA: 7.05%
- --------------------------------------------------------------------------------
Automobiles
672,300 Toyota South Africa Ltd. 1,858,683
Banking
1,165,362 ABSA Group Ltd. 4,242,907
Beverage & Tobacco
611,800 Rembrandt Group Ltd. 3,658,674
Chemicals
2,204,300 AECI Ltd. 3,881,503
Metal-Steel
20,082,662 S.A. Iron & Steel Industrial 4,510,078
Corp., Ltd.
Mining
83,424 AngloGold Ltd. 4,371,502
17,385 AngloGold Ltd. ADR 456,356
193,900 De Beers Consolidated Mines Ltd. 2,553,334
2,500 De Beers Consolidated Mines Ltd. 31,406
ADR
-------------
Total South African Stocks
(Cost $53,841,020) 25,564,443
-------------
- --------------------------------------------------------------------------------
SOUTH KOREA: 7.21%
- --------------------------------------------------------------------------------
Banking
1,584,579 Daegu Bank (Note B, p. 11) 1,652,087
428,060 Jeon Buk Bank (Note B, p. 11) 427,829
1,309,350 Kwang Ju Bank (Note B, p. 11) 1,082,691
1,171,940 Kyung Nam Bank (Note B, p. 11) 985,921
1,256,830 Pusan Bank (Note B, p. 11) 957,929
Beverage & Tobacco
86,618 Hite Brewery Co., Ltd. 399,847
Schedule of Investments--Stock Portfolios 9
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Building Materials
82,430 Asia Cement Manufacturing Co., Ltd. $ 334,284
Chemicals
409,848 Hyosung T&C Co., Ltd. 2,372,300
Electrical & Electronics
2,090,000 Daewoo Electronics Co. (Note B, p. 11) 4,358,080
Energy Sources
530,000 Ssangyong Oil Refining Co., Ltd. 4,458,745
Metal-Steel
95,000 Pohang Iron & Steel Co., Ltd. 3,012,403
Multi-Industry
890,310 Daewoo Corp. 1,555,602
319,279 Samsung Corp. 718,564
Tires & Rubber
294,660 Korea Kumho Petrochemical Co. 423,743
Utilities-Electric, Gas & Water
154,000 Korea Electric Power Corp. 2,137,120
25,000 Kukdong City Gas Co., Ltd. 357,721
(Note B, p. 11)
60,000 Seoul City Gas Co., Ltd. 918,929
-------------
Total South Korean Stocks
(Cost $65,969,652) 26,153,795
-------------
- --------------------------------------------------------------------------------
TAIWAN: 8.06%
- --------------------------------------------------------------------------------
Building Materials
3,685,500 Pacific Construction 1,353,311
Chemicals
8,533,761 Far Eastern Textile 5,177,231
15,329,520 Shinkong Synthetic Fibers Corp. 5,539,986
Electrical & Electronics
394,405 Teco Electric & Machinery Ltd. GDR 3,362,303
Financial Services
3,721,472 China Bills Finance Corp. 1,474,545
1,586,250 Chung Hsing Bills Finance Corp. 709,093
(Note B, p. 11)
2,018,940 International Bills Finance Corp. 925,958
Food & Household Products
7,569,867 Great Wall Enterprises Co. 3,427,864
(Note B, p. 11)
Metal-Steel
2,294,825 China Steel Corp. 1,365,571
486,992 China Steel Corp. GDS 5,904,778
-------------
Total Taiwanese Stocks
(Cost $41,228,279) 29,240,640
-------------
- --------------------------------------------------------------------------------
THAILAND: 4.04%
- --------------------------------------------------------------------------------
Banking
4,295,000 Bangkok Bank Public Co., 4,072,376
Ltd. (Foreign) (Note B, p. 11)
2,979,500 Thai Farmers Bank Public Co., 1,996,378
Ltd. (Foreign) (Note B, p. 11)
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Building Materials
4,728,100 Thai-German Ceramic Industry $ 406,461
Co., Ltd. (Foreign) (Note B, p. 11)
Financial Services
10,000 Asia Credit Public Co., Ltd. (Foreign) 3,161
(Note B, p. 11)
2,550,000 Industrial Finance Corporation of 502,908
Thailand (Foreign)
3,019,200 National Finance & Securities Public 305,355
Co., Ltd. (Foreign) (Note B, p. 11)
Food & Household Products
1,552,300 Saha Pathana Inter-Holding Ltd. 353,242
(Foreign) (Note B, p. 11)
Insurance
374,100 Ayudhya Insurance Public Co., 1,513,426
Ltd. (Foreign)
444,000 Bangkok Insurance Public Co., 1,347,155
Ltd. (Foreign)
Telecommunications
192,900 Jasmine International Public Co., Ltd. 65,845
(Local) (Note B, p. 11)
14,247,200 Jasmine International Public Co., Ltd. 3,692,384
(Foreign) (Note B, p. 11)
3,754,900 Thai Telephone & Telecommunication 398,750
Public Co., Ltd. (Foreign)
(Note B, p. 11)
-------------
Total Thai Stocks
(Cost $50,313,983) 14,657,441
-------------
- --------------------------------------------------------------------------------
TURKEY: 6.15%
- --------------------------------------------------------------------------------
Aerospace & Defense
37,000,000 Aselsan Elektronik Sanayi Ve 933,232
Ticaret A.S.
Automobiles
6,000,000 Ford Otomotiv Sanayi A.S. 1,362,015
Banking
677,295,933 Yapi ve Kredi Bankasi A.S. 7,687,393
325,713,786 Yapi ve Kredi Bankasi A.S. 3,696,892
Non-Tradable Receipts (Note B, p. 11)
Building Materials
48,650,000 Baticim Bati Anadolu Cimento 2,804,742
Sanayii A.S.
Chemicals
50,948,000 Sasa Sun'i Ve Sentetik Elyaf 816,916
Food & Household Products
180,000,000 Arcelik A.S. 4,215,760
Multi-Industry
204,000 Haci Omer Sabanci Holding A.S. ADR 770,100
-------------
Total Turkish Stocks
(Cost $30,481,626) 22,287,050
-------------
Total Equities
(Cost $651,630,392) 340,578,603
-------------
10 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
WARRANTS--MALAYSIA REAL ESTATE
(Notes B & D, below): 0.00%
- --------------------------------------------------------------------------------
87,500 Bolton Properties Berhad $ 4,029
(Expiration 09/15/2001)
-------------
Total Warrants
(Cost $25,098) 4,029
-------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 2.15%
- --------------------------------------------------------------------------------
7,811,000 State Street Bank & Trust Co., 7,811,000
Repurchase Agreement,
dated 09/30/1998, 5.25%,
maturing 10/01/1998 for $7,812,139,
collateral 7,910,000 principal
amount U.S. Treasury Note,
6.25%, 03/31/1999,
value $7,969,325
-------------
Total Repurchase Agreement
(Cost $7,811,000) 7,811,000
-------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $659,466,490) 96.06% $348,393,632
(Note E, below)
Cash and Other Assets, Less Liabilities 3.94 14,292,077
------ ------------
Net Assets (Equivalent to $10.11
per share based on 35,870,455
shares of capital stock outstanding) 100.00% $362,685,709
====== ============
- --------------------------------------------------------------------------------
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
245,976 Argentine Peso $ 246,014
703,997 Brazilian Real 593,865
5,146,582 Hong Kong Dollar 664,178
27,041,824 Indian Rupee 637,328
40,800,419 Indonesian Rupiah 3,813
2,452,078 Israeli Shekel 637,674
435,691 Malaysian Ringgit (Note D, below) 80,259
4,298,626 Mexican Peso 421,517
23,954,165 New Taiwan Dollar 695,331
146,211,131 Philippine Peso 3,341,968
10,356,953 Portuguese Escudo 60,484
3,669,417 South African Rand 624,289
10,626,163 Thai Baht 268,677
93,525,344 Turkish Lira 337
----------
Total Foreign Currencies $8,275,734
----------
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
ADR-American Depository Receipts
GDR-Global Depository Receipts
PFD-Preference Share
GDS-Global Depository Share
NVP-Non-Voting Preference Share
(B) Non-income-producing security
(C) Affiliated company (see Note 3B of the Notes to Financial Statements)
(D) Fair-valued security (see Note 1A of the Notes to Financial Statements)
(E) At September 30, 1998, the cost basis of investment securities
owned was substantially identical for both book and tax.
(F) Allocation of assets by industry as of September 30, 1998:
Aerospace & Defense 0.26%
Appliances & Household Durables 0.89
Automobiles 2.48
Banking 12.64
Beverage & Tobacco 3.06
Building Materials 1.80
Chemicals 8.77
Conglomerates 1.73
Construction & Housing 0.30
Electrical & Electronics 2.60
Energy Sources 8.18
Financial Services 4.90
Food & Household Products 3.96
Health & Personal Care 2.01
Insurance 1.69
Leisure 0.32
Merchandising 1.23
Metal-Nonferrous 0.32
Metal-Steel 6.71
Mining 2.04
Miscellaneous Materials 1.14
Multi-Industry 3.57
Paper & Forest Products 2.41
Real Estate 1.01
Telecommunications 4.58
Textiles/Apparel 0.74
Tires & Rubber 0.12
Transportation-Airlines 0.24
Transportation-Shipping 0.41
Utilities-Electric, Gas & Water 13.80
Repurchase Agreement 2.15
Cash and Other Assets, Less Liabilities 3.94
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 11
<PAGE>
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<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1998
Schedule of Investments
Taxable Bond
Portfolios
-----------------
Intermediate Duration
Short Duration Plus
Government Short Duration
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Intermediate Duration Portfolio, Bernstein Short
Duration Plus Portfolio and Bernstein Government Short Duration Portfolio (three
of the eleven portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter
referred to as the "Fund") at September 30, 1998, the results of each of their
operations for the year then ended, the changes in each of their net assets for
each of the two years in the period then ended and the financial highlights for
each of the periods indicated, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards, which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 1998 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 19, 1998
<PAGE>
- -------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
September 30, 1998
- -------------------------------------------------------------------------------
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 107.42%
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 8.21%
- -------------------------------------------------------------------------------
Commercial Paper (Note A, p. 8): 0.17%
4,189,000 Prudential Funding Corp., $ 4,189,000
10/01/1998
-------------
Total Commercial Paper (Cost $4,189,000) 4,189,000
-------------
U.S. Government Agencies: 8.04%
30,315,000 Federal Home Loan Bank 30,041,862
Consolidated Discount Notes,
Discount rate 5.27%, 12/04/1998
(Note B, p. 8)
36,550,000 Federal National Mortgage 36,165,494
Association Discount Notes,
Discount rate 5.275%, 12/15/1998
4,730,000 Federal Home Loan Bank 4,679,673
Consolidated Discount Notes,
Discount rate 5.26%, 12/16/1998
80,655,000 Federal Farm Credit Bank 80,918,742
Medium-Term Notes,
5.60%, 05/03/1999 (Note C, p. 8)
52,325,000 Federal Home Loan Bank 52,607,450
Consolidated Medium-Term Notes,
5.54%, 07/15/1999 (Note D, p. 8)
-------------
Total U.S. Government Agencies
(Cost $203,768,197) 204,413,221
-------------
Total Short-Term Investments
(Cost $207,957,197) 208,602,221
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION
SECURITIES: 15.33%
- -------------------------------------------------------------------------------
284,995,719 3.625%, 07/15/2002 286,331,779
(Notes E & F, p. 8)
105,047,610 3.375%, 01/15/2007 103,439,121
(Notes G & H, p. 8)
-------------
Total U.S. Treasury Inflation Protection
Securities (Cost $385,358,979) 389,770,900
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY BOND: 1.73%
- -------------------------------------------------------------------------------
44,128,178 3.625%, 04/15/2028 (Note I, p. 8) 44,017,901
-------------
Total U.S. Treasury Bond (Cost $43,769,631) 44,017,901
-------------
- -------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES: 5.85%
- -------------------------------------------------------------------------------
38,245,000 Student Loan Marketing Association 38,395,915
Medium-Term Notes,
5.63%, 06/02/1999 (Notes J & K, p. 8)
*See Note 1, page 26 in Notes to Financial Statements.
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
109,585,000 Student Loan Marketing Association $110,194,074
Medium-Term Notes,
5.53%, 07/16/1999 (Note L, p. 8)
-------------
Total U.S. Government Agencies
(Cost $147,859,554) 148,589,989
-------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 5.30%
- -------------------------------------------------------------------------------
8,979,850 Federal National Mortgage 8,883,756
Association Remic Trust Series
1997-67 Class GA,
4.00%, 02/25/2009
5,239,913 Federal National Mortgage 5,272,663
Association Remic Trust Series
1994-20 Class Z,
6.50%, 02/25/2009
6,107,628 Federal National Mortgage 6,307,269
Association Series 1993-215 Class H,
9.00%, 08/25/2017
7,437,274 Federal National Mortgage 7,479,778
Association Remic Trust Series
1992-10 Class ZA,
8.00%, 09/25/2018
8,940,000 Federal National Home Loan 8,166,422
Mortgage Series 1584 HA,
3.50%, 11/15/2021
4,700,000 G.E. Capital Mortgage Services, 4,678,639
Inc. Series 1993-10 Class A15,
6.50%, 09/25/2023
1,194,539 G.E. Capital Mortgage Services, 1,203,109
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
2,835,000 Federal National Mortgage 3,150,773
Association Series 1994-G6 Class PY,
7.75%, 05/17/2024
1,506,402 Prudential Home Mortgage 1,533,604
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
12,269,423 Federal National Mortgage 12,468,377
Association Series 2072 Class
PM, 6.25%, 07/15/2024 (Note J, p. 8)
2,794 Residential Funding Mortgage Inc., 2,791
Securities 1 Series 1994-S15
Class A8, 7.75%, 07/25/2024
2,307,000 Citicorp Mortgage Securities, Inc. 2,289,478
Series 1994-11 Class A9,
6.25%, 08/25/2024
2,313,767 Ryland Mortgage Securities Corp. 2,327,800
Series 1993-4 Class A2,
7.50%, 08/25/2024
29,072,000 Federal Home Loan Mortgage Corp. 29,704,985
Series 2082 Class PG,
6.25%, 10/15/2026 (Note J, p. 8)
12,216,000 Federal Home Loan Mortgage 12,483,396
Association Series 2085 Class PD,
6.25%, 11/15/2026 (Note J, p. 8)
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
15,049,794 Federal Home Loan Mortgage Corp. $ 15,377,473
Series 2078 Class PD,
6.25%, 12/15/2026 (Note J, p. 8)
12,957,000 Federal Home Loan Mortgage Corp. 13,390,904
Series 2086 Class PJ,
6.50%, 09/15/2028 (Note J, p. 8)
-------------
Total Mortgage Derivatives (Cost $129,987,660) 134,721,217
-------------
- -------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 16.73%
- -------------------------------------------------------------------------------
1,435,635 Federal National Mortgage 1,557,105
Association DUS Pool #073565,
7.31%, 07/01/2003 (Note J, p. 8)
11,744,053 EMAC Owner Trust Series 1998-1 12,005,569
Class A1, Rule 144A,
6.11%, 07/15/2003 (Note J, p. 8)
1,491,296 Federal National Mortgage 1,620,625
Association DUS Pool #073712,
7.235%, 10/01/2003 (Note J, p. 8)
1,954,140 Federal Home Loan Mortgage Corp. 2,091,851
Pool #W20002,
6.775%, 11/01/2003 (Note J, p. 8)
1,958,566 Federal National Mortgage 2,119,117
Association DUS Pool #073733,
7.06%, 11/01/2003 (Note J, p. 8)
1,530,943 Federal National Mortgage 1,643,159
Association DUS Pool #073789,
6.85%, 12/01/2003 (Note J, p. 8)
5,000,000 Beverly Finance Corp., Rule 144A, 5,696,350
8.36%, 07/15/2004
11,815,825 TVO Southwest Mortgage Series 13,149,962
1994-MF1 Class A1, Rule
144A, 9.37%, 11/18/2004 (Note J, p. 8)
11,300,000 CTFS Funding Corp. Series 1997-1 12,171,467
Class A2, Rule 144A,
6.716%, 12/19/2004 (Note J, p. 8)
9,315,000 Morgan Stanley Capital I 9,921,891
Series 1997-LB1 Class A2,
Rule 144A, 6.86%, 07/15/2005
(Note J, p. 8)
11,437,238 Chase Commercial Mortgage 12,452,350
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
7,900,000 DLJ Mortgage Acceptance Corp. 8,860,095
Series 1996-CF1 Class A2,
7.669%, 02/12/2006 (Note J, p. 8)
9,530,472 Chase Commercial Mortgage 10,188,694
Securities Corp. Series 1996-2
Class A2, 6.90%, 09/19/2006
1,896,073 Federal National Mortgage 2,076,915
Association DUS Pool #073798,
6.94%, 12/01/2006 (Note J, p. 8)
2,688,147 Federal National Mortgage 2,964,225
Association DUS Pool #073980,
7.04%, 03/01/2007 (Note J, p. 8)
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
25,115,877 Federal National Mortgage $ 27,450,599
Association DUS Pool #313709,
6.907%, 06/01/2007 (Note J, p. 8)
11,621,289 Federal National Mortgage 12,721,337
Association DUS Pool #313543,
6.98%, 06/01/2007 (Note J, p. 8)
19,206,568 Federal National Mortgage 21,139,132
Association Mega DUS Pool
#313672, 7.033%, 06/01/2007 (Note J, p. 8)
9,035,000 Credit Suisse First Boston 9,362,112
Mortgage Securities Corp.
Series 1997-C2 Class A2,
6.52%, 07/17/2007
15,340,000 Federal National Mortgage 16,889,724
Association Series 1997-M5
Class C, 6.74%, 08/25/2007
17,150,000 Deutsche Mortgage & Asset 18,171,986
Receiving Corp. Series 1998-C1
Class B, 6.664%, 02/15/2008
(Note J, p. 8)
11,680,000 GMAC Commercial Mortgage 12,566,827
Security Inc. Series 1998-C1 Class C,
6.806%, 04/15/2008 (Note J, p. 8)
12,000,000 Fairfax Funding Trust Series 12,828,948
1998-1A Class A, Rule 144A,
6.483%, 04/02/2013 (Note J, p. 8)
12,935 Federal National Mortgage 15,075
Association DUS Pool #303305,
12.00%, 05/01/2016
3,169,757 FMAC Loan Receivables Trust 3,239,631
Series 1998-A Class A1,
6.20%, 09/15/2020 (Note J, p. 8)
4,897,880 FMAC Loan Receivables Trust 5,121,487
Series 1998-A Class A2,
6.50%, 09/15/2020 (Note J, p. 8)
3,260,000 FMAC Loan Receivables Trust 3,440,924
Series 1998-A Class A3,
6.69%, 09/15/2020 (Note J, p. 8)
6,890,000 Federal National Mortgage 7,307,913
Association Series 1998-M2
Class B, 6.247%, 03/17/2021
1,636,249 Asset Securitization Corp. 1,696,766
Series 1996-D3 Class A1A,
7.01%, 10/13/2026
10,015,000 Merrill Lynch Mortgage Investors 9,658,496
Inc. Series 1998-C1 Class B,
6.75%, 11/15/2026 (Note J, p. 8)
8,694,403 J.P. Morgan Commercial Mortgage 9,077,304
Finance Corp. Series 1996-C2 Class A,
6.47%, 11/25/2027
6,105,000 RMF Commercial Series 1995-1 6,236,575
Class A2, 7.10%, 11/28/2027
(Note J, p. 8)
11,500,000 DLJ Mortgage Acceptance Corp. 12,377,128
Series 1995-CF2 Class A1B, Rule 144A,
6.85%, 12/17/2027 (Note J, p. 8)
2 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,540,190 Allied Capital Commercial Mortgage $ 3,599,078
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 09/01/2028
(Note J, p. 8)
3,724,560 Asset Securitization Corp. 3,999,600
Series 1997-MD7 Class A1A,
7.32%, 01/13/2030
16,154,000 J.P. Morgan Commercial Mortgage 17,391,025
Finance Corp. Series 1998-C6
Class B, 6.735%, 01/15/2030
(Notes J & M, p. 8)
13,605,000 Nomura Asset Securities Corp. 15,023,389
Series 1998-D6 Class A2,
6.769%, 03/15/2030 (Note N, p. 8)
8,655,000 Mortgage Capital Funding Inc. 9,301,503
Series 1998-MC1 Class B,
6.779%, 03/18/2030 (Note J, p. 8)
12,400,000 Morgan Stanley Capital I 13,166,717
Series 1998-XL1 Class A2, 6.45%,
06/03/2030 (Note J, p. 8)
10,232,063 Morgan Stanley Capital I 10,838,170
Series 1997-XL1 Class A1, 6.59%,
10/03/2030 (Note J, p. 8)
17,465,000 Goldman Sachs Mortgage Securities 18,658,523
Corp. II Series 1998 Class A2,
6.562%, 04/13/2031 (Note J, p. 8)
12,435,000 Lehman Brothers Large Loan 13,169,598
Series 1997-LLI Class A2,
6.84%, 10/12/2034
11,688,627 Credit Suisse First Boston 12,026,136
Mortgage Securities Corp.
Series 1997-C2 Class A1,
6.40%, 01/17/2035
11,417,375 First Union Lehman Brothers-Bank of 11,943,910
America Series 1998 C2 Class A1,
6.28%, 11/18/2035 (Note J, p. 8)
7,245,894 Federal National Mortgage 8,181,737
Association Series 1997-M2 Class Z,
7.35%, 01/17/2037
-------------
Total Commercial Mortgage-Backed Securities
(Cost $402,883,554) 425,120,725
-------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 19.28%
- -------------------------------------------------------------------------------
4,959,232 Federal National Mortgage 5,014,428
Association Pool #432293,
6.00%, 06/01/2013
5,346,842 Federal National Mortgage 5,406,352
Association Pool #251811,
6.00%, 07/01/2013
4,786,980 Government National Mortgage 5,195,501
Association Pool #267832,
9.50%, 11/15/2017
2,476,955 Government National Mortgage 2,656,509
Association Pool #312952,
9.00%, 08/15/2021
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,413,982 Government National Mortgage $ 3,701,576
Association Pool #780118,
9.50%, 08/15/2021
4,459,046 Government National Mortgage 4,834,675
Association Pool #780049,
9.50%, 11/15/2021
4,220,617 Government National Mortgage 4,576,162
Association Pool #780254,
9.50%, 11/15/2021
2,999,050 Government National Mortgage 3,141,505
Association Pool #392349,
8.00%, 07/15/2024
3,324,612 Government National Mortgage 3,597,895
Association Pool #780012,
9.50%, 10/15/2024
40,696 Federal Home Loan Mortgage Corp. 42,970
Gold Pool #C80286,
9.00%, 03/01/2025
19,307 Federal Home Loan Mortgage Corp. 20,387
Gold Pool #D59810,
9.00%, 04/01/2025
151 Federal Home Loan Mortgage Corp. 157
Pool #C80297, 8.50%, 05/01/2025
19,248 Federal Home Loan Mortgage Corp. 20,323
Gold Pool #G00350,
9.00%, 05/01/2025
4,220,684 Government National Mortgage 4,381,956
Association Pool #409928,
7.50%, 08/15/2025
2,225,439 Government National Mortgage 2,310,473
Association Pool #410088,
7.50%, 08/15/2025
4,225,930 Government National Mortgage 4,387,403
Association Pool #409946,
7.50%, 09/15/2025
5,873,602 Government National Mortgage 6,098,033
Association Pool #413123,
7.50%, 09/15/2025
4,862,863 Government National Mortgage 5,048,673
Association Pool #387136,
7.50%, 11/15/2025
10,716,862 Government National Mortgage 11,118,745
Association Pool #415757,
7.50%, 11/15/2025
2,727,092 Government National Mortgage 2,831,294
Association Pool #418352,
7.50%, 11/15/2025
5,881,516 Government National Mortgage 6,106,249
Association Pool #419244,
7.50%, 11/15/2025
5,671,697 Government National Mortgage 5,884,386
Association Pool #414843,
7.50%, 12/15/2025
7,543,401 Government National Mortgage 7,826,278
Association Pool #405558,
7.50%, 01/15/2026
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
13,398,295 Government National Mortgage $ 14,031,230
Association Pool #425449,
8.00%, 08/15/2026
71,424 Government National Mortgage 76,387
Association Pool #442121,
8.50%, 11/15/2026
768,697 Government National Mortgage 797,408
Association Pool #433505,
7.50%, 04/15/2027
20,000,000 Government National Mortgage 20,825,000
Association Pool #708545,
7.50%, 04/15/2027
4,454,116 Government National Mortgage 4,620,478
Association Pool #451150,
7.50%, 12/15/2027
5,922,696 Government National Mortgage 6,178,319
Association Pool #780750,
8.00%, 12/15/2027
5,438,285 Government National Mortgage 5,640,535
Association Pool #449500,
7.50%, 01/15/2028
6,207,919 Government National Mortgage 6,438,792
Association Pool #458760,
7.50%, 01/15/2028
17,943,801 Government National Mortgage 18,611,130
Association Pool #462482,
7.50%, 01/15/2028
18,783,105 Government National Mortgage 19,481,649
Association Pool #462493,
7.50%, 01/15/2028
11,813,041 Government National Mortgage 12,300,329
Association Pool #780751,
7.50%, 02/15/2028
28,510,000 Federal National Mortgage 29,008,925
Association Pool TBA,
6.50%, 10/14/2028 (Note O, p. 8)
119,725,000 Government National Mortgage 122,418,812
Association Pool TBA,
6.50%, 10/21/2028 (Note O, p. 8)
93,315,000 Government National Mortgage 96,318,810
Association Pool TBA,
7.00%, 10/21/2028 (Note O, p. 8)
37,685,000 Government National Mortgage 39,074,823
Association Pool TBA,
7.50%, 10/21/2028 (Note O, p. 8)
-------------
Total Mortgage Pass-Throughs
(Cost $482,952,135) 490,024,557
-------------
- -------------------------------------------------------------------------------
FINANCE: 4.38%
- -------------------------------------------------------------------------------
1,605,000 Lehman Brothers Inc. 1,651,272
Senior Subordinated Notes,
10.00%, 05/15/1999
7,570,000 Capital One Bank Medium-Term 7,625,034
Notes, 6.83%, 05/17/1999
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
5,165,000 Associates Corp. of North America $ 5,266,750
Notes, 7.25%, 09/01/1999
2,270,000 Lehman Brothers Holdings, Inc. 2,276,431
Medium-Term Notes,
7.11%, 09/27/1999
5,725,000 Lehman Brothers, Inc. 5,726,454
Medium-Term Notes,
6.84%, 10/07/1999
7,470,000 Salomon Inc. Medium-Term Notes, 7,709,563
6.625%, 11/30/2000
10,325,000 Paine Webber Group, Inc. 10,987,824
Medium-Term Notes,
7.605%, 07/17/2017 (Note P, p. 8)
6,340,000 Transamerica Capital II, 7,002,467
Rule 144A, 7.65%, 12/01/2026
11,645,000 AON Capital Trust A, 13,885,847
8.205%, 01/01/2027
21,785,000 Southtrust Bank North America, 22,908,670
6.125%, 01/09/2028,
Putable 01/09/2008 @100
(Note Q, p. 8)
7,000,000 Travelers Capital III, 8,172,430
7.625%, 12/01/2036
13,415,000 Associates Corp. of North America 13,744,875
Notes, 5.96%, 05/15/2037, Putable
Annually 05/15/1999-05/15/2036 @100
3,795,000 Transamerica Capital III, 4,267,136
Rule 144A, 7.625%, 11/15/2037
-------------
Total Finance (Cost $106,510,200) 111,224,753
-------------
- -------------------------------------------------------------------------------
INDUSTRIAL: 11.81%
- -------------------------------------------------------------------------------
7,140,000 Boise Cascade Corp., 7,541,625
9.90%, 03/15/2000
9,450,000 Owens Corning Medium-Term Notes, 9,726,601
7.00%, 05/15/2000
8,255,000 B.A.T. Crave Trust 8,458,651
Series 1997-800, Rule 144A,
6.68%, 08/12/2000
4,005,000 RJR Nabisco Inc., 4,158,952
8.00%, 07/15/2001
13,060,000 Philip Morris Inc., 13,778,039
7.25%, 09/15/2001 (Note R, p. 8)
3,197,000 Boise Cascade Corp., 3,601,197
9.85%, 06/15/2002
4,115,000 RJR Nabisco Inc., 4,412,967
8.625%, 12/01/2002
3,290,000 Grove Worldwide LLC Senior 2,928,100
Subordinated Notes, Rule 144A,
9.25%, 05/01/2008,
Callable 05/01/2003 @104.625
2,000,000 Auburn Hills Trust-Chrysler, 3,390,760
Credit Sensitive Notes,
12.00%, 05/01/2020
6,680,000 Coca-Cola Enterprises Inc., 8,345,177
8.50%, 02/01/2022
4 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
6,160,000 Motorola, Inc. Debentures, $ 6,571,426
6.50%, 09/01/2025,
Putable 09/01/2005 @100
10,630,000 Ford Motor Co., 11,921,003
7.50%, 08/01/2026 (Note J, p. 8)
10,000,000 Coca-Cola Enterprises Inc., 10,594,310
6.95%, 11/15/2026
10,955,000 TTX Co. Medium Term Notes, 10,914,324
Rule 144A, 5.98%, 07/15/2027,
Putable 07/15/1999 @100 (Note J, p. 8)
16,000,000 Dayton Hudson Corp., 16,121,120
5.865%, 08/15/2027, Putable Annually
08/15/1999-08/15/2026 @100
6,265,000 Sherwin Williams Medium-Term Notes, 6,327,149
5.50%, 10/15/2027
5,860,000 Archer Daniels Midland Co., 6,242,131
6.75%, 12/15/2027
21,340,000 Anheuser Busch Companies Inc., 22,434,955
6.50%, 01/01/2028 (Note S, p. 8)
14,045,000 International Business Machines 14,746,267
Corp., 6.50%, 01/15/2028
11,150,000 TRW Inc. Senior Notes, 11,636,586
6.65%, 01/15/2028
7,925,000 Ingersoll Rand Medium-Term Notes, 8,189,283
6.015%, 02/15/2028, Putable Annually
02/15/2001-02/15/2027 @100
6,015,000 Ford Motor Co., 7,838,327
8.90%, 01/15/2032
17,295,000 Merck & Co. Medium-Term Notes 17,764,905
Series B, 5.76%,
05/03/2037, Putable Annually
05/03/1999-05/03/2036 @100
(Note T, p.8)
14,125,000 Cargill Inc. Medium-Term Notes, 14,236,164
Rule 144A, 5.95%, 05/15/2037, Putable
Annually 05/15/1999-05/15/2036 @100
5,020,000 Xerox Corp. Medium-Term Notes, 5,079,688
5.875%, 06/15/2037,
Putable 06/15/1999 @100
9,920,000 Dayton Hudson Corp., 9,978,329
5.895%, 06/15/2037, Putable Annually
06/15/1999-06/15/2036 @100
17,750,000 Xerox Corp. Medium-Term Notes, 17,943,830
5.545%, 07/22/2037, Putable Annually
07/22/1999-07/22/2036 @100
(Note U, p. 8)
17,760,000 American General Institutional 18,465,036
Capital Series A, Rule 144A,
7.57%, 12/01/2045
4,425,000 American General Institutional 5,258,095
Capital Series B, Rule 144A,
8.125%, 03/15/2046
5,945,000 International Business Machines 6,710,419
Corp., 7.125%, 12/01/2096
4,315,000 Ford Motor Co. Delaware 4,942,876
Debentures, 7.70%, 05/15/2097
-------------
Total Industrial (Cost $291,211,525) 300,258,292
-------------
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
UTILITIES: 2.44%
- -------------------------------------------------------------------------------
8,310,000 Commonwealth Edison Co., $ 8,592,207
9.05%, 10/15/1999
6,570,000 Niagara Mohawk Power Corp., 6,758,625
6.875%, 03/01/2001
11,685,000 Ameritech Capital Funding Corp., 12,334,102
6.55%, 01/15/2028
10,735,000 GTE Corp. Debentures, 11,484,518
6.94%, 04/15/2028
15,810,000 United States West Capital Funding 16,330,908
Inc. Debentures, 6.875%, 07/15/2028
(Note V, p. 8)
5,350,000 New Jersey Bell Telephone Co. 6,638,761
Debentures, 7.85%, 11/15/2029,
Putable 11/15/1999 @100
-------------
Total Utilities (Cost $58,893,442) 62,139,121
-------------
- -------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 2.89%
- -------------------------------------------------------------------------------
4,025,000 Virgin Islands Public Finance 4,025,000
Authority Revenue, Taxable
Refunding Subordinated Lien Loan
Notes B, 6.28%, 10/01/1998
2,075,000 New York State Job Development 2,086,578
Authority Series B,
6.19%, 03/01/1999
3,880,000 New York City General Obligation 3,918,839
Series E, 6.35%, 08/01/1999
12,045,000 Long Island Power Authority, New 12,192,672
York Electric Systems Revenue,
5.94%, 12/01/1999
12,000,000 New York City General Obligation 12,356,640
Series B, 6.85%, 08/15/2000
33,245,000 Florida Residential Property & 35,269,288
Casualty Series A, Rule
144A, 7.25%, 07/01/2002 (Note W, p. 8)
3,500,000 Richmond County, Georgia 3,500,000
Development Authority Industrial
Development Revenue,
Monsanto Co. Project,
6.00%, 06/01/2020
-------------
Total Taxable Municipals (Cost $71,329,937) 73,349,017
-------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 4.80%
- -------------------------------------------------------------------------------
2,650,000 Health Care Receivables, 2,670,956
Securitization Program Notes
Series 1997-1A Class A, Rule 144A,
6.339%, 07/01/2000 (Note J, p. 8)
4,200,000 Health Care Receivables, 4,267,322
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note J, p. 8)
7,465,000 Felco Funding II Series 1998-1 7,523,100
Class A1, 5.97%, 10/15/2000
(Note J, p. 8)
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
17,399,000 Felco Funding II Auto Lease-Backed $ 17,626,214
Notes Series 1998-1 Class A2,
Rule 144A, 5.98%, 09/15/2001
(Note J, p. 8)
7,550,000 Health Care Receivables, 7,665,590
Securitization Program Notes
Series 1996-1A Class A, Rule 144A,
6.22%, 06/01/2002 (Note J, p. 8)
3,270,000 The Money Store Auto Trust 3,343,035
Series 1996-2, 6.435%, 06/20/2003
1,191,490 Newcourt Receivables Asset Trust 1,201,135
Series 1996-2, Asset-Backed Notes
Class A, 6.87%, 06/20/2004
2,787,986 Copelco Capital Funding Corp. II, 2,836,999
Class A Lease-Backed Notes
Series 1996-A, 6.34%, 07/20/2004
1,885,564 Copelco Capital Funding Corp. II, 1,903,769
Class B Lease-Backed Notes
Series 1996-A, 6.59%, 07/20/2004
10,780,635 Capital Asset Research Funding, 10,872,788
Rule 144A, 6.40%, 12/15/2004
(Note J, p. 8)
1,282,740 Newcourt Receivables Asset Trust 1,289,212
Series 1996-3, Asset-Backed Notes
Class A, 6.24%, 12/20/2004
11,325,000 Newcourt Receivables Asset Trust 11,559,597
Series 1997-1, Asset-Backed Notes
Class A4, 6.193%, 05/20/2005
7,351,720 New York City Tax Lien Trust 7,490,587
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note J, p. 8)
482,327 New York City Tax Lien Trust 491,232
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note J, p. 8)
4,763,418 ABFS Equipment Contract Trust, 4,815,825
Series 1998-A Class A,
6.10%, 10/15/2005 (Note J, p. 8)
1,128,182 Green Tree Financial Corp. 1,140,276
Series 1996-A, Class A2,
5.70%, 02/15/2018
17,366,386 Green Tree Recreational, Equipment & 17,677,105
Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
(Note J, p. 8)
8,150,000 Green Tree Financial Corp. 8,726,140
Series 1998-4, Class A7,
6.87%, 03/01/2028 (Note J, p. 8)
8,500,000 Green Tree Financial Corp. 8,962,153
Series 1998-6, Class A8,
6.66%, 06/01/2030 (Note J, p. 8)
-------------
Total Asset-Backed Securities
(Cost $119,556,430) 122,063,035
-------------
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
HIGH YIELD: 6.19%
- -------------------------------------------------------------------------------
1,040,000 Loewen Group International, $ 1,003,384
Rule 144A, 6.70%, 10/01/1999
1,000,000 Century Communications Corp., 1,037,500
9.50%, 08/15/2000
10,500,000 Medpartners Inc. 8,505,000
Senior Subordinated Notes,
6.875%, 09/01/2000
1,900,000 Niagara Mohawk Power Corp. 1,936,537
Senior Notes Series B,
7.00%, 10/01/2000
3,990,000 Revlon Worldwide, 3,062,325
0.00%, 03/15/2001
5,440,000 Continental Airlines Inc., 5,630,400
9.50%, 12/15/2001
3,155,000 Fleming Companies Inc. Senior 3,218,100
Notes, 10.625%, 12/15/2001,
Callable 12/15/1999 @103
6,200,000 Adelphia Communications, 6,463,500
9.25%, 10/01/2002
4,305,000 Century Communications Corp., 3,051,169
0.00%, 03/15/2003
2,200,000 US Air Inc., 2,343,000
9.625%, 09/01/2003
1,955,529 America West Airlines, 2,027,991
10.50%, 01/02/2004 (Note J, p. 8)
4,920,000 Kaufman & Broad Home Corp. 4,895,400
Senior Notes, 7.75%, 10/15/2004
4,035,000 Unisys Corp., 4,539,375
11.75%, 10/15/2004,
Callable 10/15/2001 @103.92
3,210,000 Tenet Healthcare Corp. Senior Notes, 3,407,030
8.00%, 01/15/2005
6,595,000 Cheasapeake Energy Senior Notes 5,951,987
Series B, 9.625%, 05/01/2005
2,835,000 NVR Inc. Senior Notes, 2,764,125
8.00%, 06/01/2005,
Callable 06/01/2003 @104
4,090,000 Westpoint Stevens Inc., Rule 144A, 4,161,575
7.875%, 06/15/2005
6,105,000 Jones International Networks Ltd., 6,066,844
Rule 144A, 11.75%, 07/01/2005
2,805,000 DR Horton Inc. Senior Notes, 2,924,213
10.00%, 04/15/2006,
Callable 04/15/2001 @105
21,240,000 Korea Development Bank, Global 16,079,530
Bond, U.S. Dollar Denominated Notes,
7.25%, 05/15/2006
4,695,000 Generac Portable Products, 4,477,856
Rule 144A, 11.25%, 07/01/2006
660,000 Ball Corp. Senior Notes, Rule 144A, 671,550
7.75%, 08/01/2006
4,150,000 Price Communications Wireless 4,077,375
Senior Secured Notes, Rule 144A,
9.125%, 12/15/2006
6 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,050,000 MDC Holdings Inc., $ 1,973,125
8.375%, 02/01/2008
3,640,000 Standard Pacific Corp., Rule 144A, 3,421,600
8.00%, 02/15/2008
3,150,000 Interface Inc. Senior Notes, 3,398,062
7.30%, 04/01/2008
1,240,000 Pool Energy Services Co. 1,109,800
Senior Subordinated Notes,
Rule 144A, 8.625%, 04/01/2008
2,225,000 Beazer Homes USA Senior Notes, 2,080,375
Rule 144A, 8.875%,
04/01/2008
1,219,651 Continental Airlines Inc., 1,318,127
11.50%, 04/02/2008 (Note J, p. 8)
5,755,000 Jones Intercable Inc. Senior Notes, 5,942,038
7.625%, 04/15/2008
6,025,000 Enterprises Shipholding, 5,332,125
8.875%, 05/01/2008
2,360,000 P & L Coal Holdings Corp., 2,324,600
Rule 144A, 9.625%, 05/15/2008
1,000,000 Clearview Cinema Group Inc. 977,500
Senior Notes, Rule 144A,
7.60%, 06/01/2008
4,990,000 Loewen Group International Inc. 4,771,094
Senior Guaranteed Notes, Rule 144A,
7.60%, 06/01/2008 (Note J, p. 8)
1,495,000 Tenet Healthcare Corp. 1,551,092
Senior Notes, Rule 144A,
7.625%, 06/01/2008
1,090,000 United Rentals Inc., Rule 144A, 1,070,925
9.50%, 06/01/2008
4,900,000 Hadco Corp., Rule 144A, 4,489,625
9.50%, 06/15/2008
4,610,000 United Rentals Inc. Senior 4,316,112
Subordinated Notes, Rule 144A,
8.80%, 08/15/2008
2,920,000 Great Lakes Dredge & Dock, 2,876,200
Rule 144A, 11.25%, 08/15/2008
1,770,000 Niagara Mohawk Power Corp. Senior 1,897,086
Notes Series G, 7.75%, 10/01/2008
6,605,000 Grove Holdings LLC Senior Discount 2,642,000
Development Notes, Rule 144A,
0.00%, 05/01/2009
5,525,000 Monterrey Power, Rule 144A, 3,757,000
9.625%, 11/15/2009
3,865,000 CSC Holdings Inc., 3,807,025
7.875%, 02/15/2018
-------------
Total High Yield (Cost $167,694,728) 157,351,277
-------------
- -------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 2.48%
- -------------------------------------------------------------------------------
9,390,000 CP Limited Partnership Senior Notes, 9,812,926
8.75%, 03/02/2000
8,290,000 Meditrust Notes, 8,548,814
7.375%, 07/15/2000
9,625,000 Omega Healthcare Investments Inc., 9,926,070
6.95%, 06/15/2002
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
10,545,000 Trinet Corp. Realty Trust, $ 11,040,088
6.75%, 03/01/2003
12,735,000 Security Capital Group Inc., 13,140,100
Rule 144A, 6.95%, 06/15/2005
6,455,000 EOP Operating LP, Rule 144A, 6,055,861
7.25%, 02/15/2018
4,510,000 Meditrust Notes, 4,439,522
7.82%, 09/10/2026 (Note J, p. 8)
-------------
Total Real Estate Investment Trusts
(Cost $61,978,055) 62,963,381
-------------
Total U.S. Dollar Investments
(Cost $2,677,943,027) 2,730,196,386
-------------
- -------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 2.42%
- -------------------------------------------------------------------------------
FINANCE-BRITISH POUND DENOMINATED: 1.04%
- -------------------------------------------------------------------------------
BP 12,700,000
Capital One Master Trust, 21,696,861
7.625%, 08/10/1999
BP 2,625,000
General Motors Acceptance Corp., 4,680,525
Floating Rate Note,
7.50391%, 09/25/2002 (Note J, p. 8)
-------------
Total Finance-British Pound Denominated
(Cost $25,889,776) 26,377,386
-------------
- -------------------------------------------------------------------------------
FINANCE-ITALIAN LIRA DENOMINATED: 0.86%
- -------------------------------------------------------------------------------
IL 36,345,000,000
SCCR Ltd., 22,019,083
4.838%, 05/15/2000 (Note J, p. 8)
-------------
- -------------------------------------------------------------------------------
Total Finance-Italian Lira Denominated
(Cost $20,734,922) 22,019,083
-------------
- -------------------------------------------------------------------------------
GOVERNMENT-DEUTSCHEMARK DENOMINATED: 0.52%
- -------------------------------------------------------------------------------
DM 18,260,000
Deutschland Republic, 13,165,089
6.25%, 01/04/2024
-------------
Total Government-Deutschemark
Denominated (Cost $12,955,310) 13,165,089
-------------
Total Non-U.S. Dollar Investments
(Cost $59,580,008) 61,561,558
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $2,737,523,035) 109.84% $2,791,757,944
(Note X, p. 8)
Cash and Other Assets, Less Liabilities (9.84) (250,209,040)
------ --------------
Net Assets (Equivalent to $13.49
per share based on 188,389,761
shares of capital stock outstanding) 100.00% $2,541,548,904
====== ==============
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
- -------------------------------------------------------------------------------
LONG FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- -------------------------------------------------------------------------------
700 German 5 Year Bond $112,609,092 $ 1,165,211
December 1998
---------------
Total Long Futures Contract $ 1,165,211
---------------
- -------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- -------------------------------------------------------------------------------
2,338 U.S. 5 Year $261,552,734 $(7,207,665)
Treasury Note
December 1998
---------------
Total Short Futures Contract $(7,207,665)
---------------
- -------------------------------------------------------------------------------
FOREIGN CURRENCY
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
15,520,838 Deutschemark $ 9,294,193
---------------
Total Foreign Currency $ 9,294,193
---------------
- -------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1998 was purchased at a rate of
5.75%.
(B) $30,315,000 principal amount segregated as collateral for when-issued
securities
(C) $80,655,000 principal amount segregated as collateral for when-issued
securities
(D) $52,325,000 principal amount segregated as collateral for when-issued
securities
(E) $5,000,000 principal amount pledged as collateral for futures transactions
(F) $277,000,000 principal amount segregated as collateral for futures
transactions
(G) $1,650,000 principal amount pledged as collateral for futures transactions
(H) $100,000,000 principal amount segregated as collateral for futures
transactions
(I) $40,000,000 principal amount segregated as collateral for futures
transactions
(J) Fair-valued security
(K) $38,245,000 principal amount segregated as collateral for when-issued
securities
(L) $109,585,000 principal amount segregated as collateral for when-issued
securities
(M) $16,154,000 principal amount segregated as collateral for when-issued
securities
(N) $13,605,000 principal amount segregated as collateral for when-issued
securities
(O) When-issued security
(P) $10,325,000 principal amount segregated as collateral for when-issued
securities
(Q) $21,785,000 principal amount segregated as collateral for when-issued
securities
(R) $13,060,000 principal amount segregated as collateral for when-issued
securities
(S) $21,340,000 principal amount segregated as collateral for futures
transactions
(T) $17,295,000 principal amount segregated as collateral for when-issued
securities
(U) $17,750,000 principal amount segregated as collateral for when-issued
securities
(V) $15,810,000 principal amount segregated as collateral for when-issued
securities
(W) $33,245,000 principal amount segregated as collateral for when-issued
securities
(X) At September 30, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration Plus Portfolio
September 30, 1998
- -------------------------------------------------------------------------------
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 97.43%
- -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, p. 13): 18.85%
- -------------------------------------------------------------------------------
23,521,000 Prudential Funding Corp., $ 23,521,000
10/01/1998
21,995,000 Dupont E I De Nemours & Co., 21,882,826
11/04/1998
22,245,000 G.E. Capital Corp., 11/04/1998 22,131,761
22,500,000 Merrill Lynch & Co., 11/04/1998 22,385,250
22,345,000 PHH Corp., 11/04/1998 22,225,131
-------------
Total Commercial Paper (Cost $112,145,968) 112,145,968
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 17.53%
- -------------------------------------------------------------------------------
4,730,000 5.875%, 01/31/1999 4,750,698
24,360,000 6.375%, 04/30/1999 24,611,225
61,545,000 6.25%, 05/31/1999 62,198,977
12,065,000 6.625%, 06/30/2001 12,757,893
-------------
Total U.S. Treasury Notes (Cost $103,443,483) 104,318,793
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION
SECURITY: 13.70%
- -------------------------------------------------------------------------------
81,120,202 3.625%, 07/15/2002 81,500,493
(Notes B & C, p. 13)
-------------
Total U.S. Treasury Inflation Protection
Security (Cost $81,081,305) 81,500,493
-------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 1.19%
- -------------------------------------------------------------------------------
3,314,565 Federal National Mortgage 3,333,507
Association Remic Trust Series
1992-10 Class ZA, 8.00%, 09/25/2018
1,428,632 Prudential Home Mortgage 1,425,639
Securities Series 1993-54 Class A6,
6.50%, 01/25/2024
1,124,944 G.E. Capital Mortgage Services, 1,132,262
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
270,415 G.E. Capital Mortgage Services, 272,356
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
909,463 Prudential Home Mortgage 925,886
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
1,524 Residential Funding Mortgage Inc., 1,523
Securities 1 Series 1994-S15
Class A8, 7.75%, 07/25/2024
-------------
Total Mortgage Derivatives (Cost $7,077,202) 7,091,173
-------------
*See Note 1, page 26 in Notes to Financial Statements.
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 12.07%
- -------------------------------------------------------------------------------
3,593,882 Morgan Stanley Capital Inc. $ 3,655,104
Series 1997-ALIC Class A1A,
6.30%, 10/15/2000
2,700,000 Morgan Stanley Capital Inc. 2,792,246
Series 1997-ALIC Class A1B,
6.44%, 11/15/2002
2,250,247 DLJ Mortgage Acceptance Corp. 2,412,996
Series 1993-MF12 Class A1,
7.35%, 09/18/2003
2,800,713 DLJ Mortgage Acceptance Corp. 3,031,929
Series 1994-MF11 Class A1,
8.10%, 06/18/2004 (Note D, p. 13)
2,495,000 Morgan Stanley Capital I 2,657,554
Series 1997-LB1 Class A2, Rule 144A,
6.86%, 07/15/2005 (Note D, p. 13)
4,695,337 Chase Commercial Mortgage 5,112,071
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
4,215,000 Morgan Stanley Capital I 4,551,989
Series 1996-WFI Class A2, Rule 144A,
7.22%, 01/16/2006 (Note D, p. 13)
1,548,976 Federal National Mortgage Association 1,556,225
Series 1998-M2 Class A,
5.929%, 05/25/2006
3,331,362 Prudential Securities Secured 3,436,516
Financing Corp. Series 1998-C1
Class A1A1, 6.105%, 09/15/2007
6,253,563 Federal National Mortgage 6,409,445
Association-ACES Series 1998 M4
Class A, 6.06%, 09/25/2011
(Note D, p. 13)
3,045,000 Fairfax Funding Trust Series 1998-1A 3,255,346
Class A, Rule 144A,
6.483%, 04/02/2013 (Note D, p. 13)
2,817,562 FMAC Loan Receivables Trust 2,879,672
Series 1998-A Class A1,
6.20%, 09/15/2020 (Note D, p. 13)
2,801,914 FDIC Remic Trust Commercial 2,918,012
Mortgage Class 1996-C1,
6.75%, 05/25/2026
3,753,213 Goldman Sachs Mortgage Securities 3,886,677
Corp. II Series 1996-PL
Class A1, 7.02%, 02/15/2027
1,645,000 RMF Commercial Series 1995-1 1,680,453
Class A2, 7.10%, 11/28/2027
(Note D, p. 13)
1,019,197 Allied Capital Commercial Mortgage 1,036,150
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 01/01/2028
(Note D, p. 13)
2,661,165 J. P. Morgan Commercial Mortgage 2,737,713
Finance Corp. Series 1997-C4
Class A1, 6.939%, 12/25/2028
Schedule of Investments--Taxable Bond Portfolios 9
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,847,852 First Union Lehman Brothers $ 2,976,106
Commercial Mortgage
Series 1997-C1 Class A1,
7.15%, 04/18/2029
4,003,356 J. P. Morgan Commercial Mortgage 4,160,984
Finance Corp. Series 1998-C6
Class A1, 6.373%, 01/15/2030
2,995,001 LB Commercial Conduit Mortgage 3,091,065
Trust Series 1998-C1 Class A1,
6.33%, 02/18/2030
3,073,014 Credit Suisse First Boston 3,161,747
Mortgage Securities Corp.
Series 1997-C2 Class A1,
6.40%, 01/17/2035
4,247,067 First Union Lehman Brothers-Bank of 4,442,929
America Series 1998-C2 Class A1,
6.28%, 11/18/2035 (Note D, p. 13)
-------------
Total Commercial Mortgage-Backed Securities
(Cost $69,742,576) 71,842,929
-------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 1.51%
- -------------------------------------------------------------------------------
5,579 Government National Mortgage 5,954
Association Pool #183717,
9.00%, 11/15/2016
8,490,753 Government National Mortgage 8,996,037
Association Pool #780772,
8.00%, 12/15/2017
-------------
Total Mortgage Pass-Throughs (Cost $8,954,466) 9,001,991
-------------
- -------------------------------------------------------------------------------
FINANCE: 8.72%
- -------------------------------------------------------------------------------
2,740,000 Capital One Bank Medium-Term 2,759,920
Notes, 6.83%, 05/17/1999
5,025,000 General Motors Acceptance Corp., 5,145,097
8.625%, 06/15/1999
5,575,000 Associates Corp. of North America 5,684,827
Notes, 7.25%, 09/01/1999
5,305,000 Case Manhattan Corp., 5,432,850
7.75%, 11/01/1999
2,795,000 Associates Corp. of North America 2,897,839
Notes, 8.35%, 12/09/1999 (Note D, p. 13)
5,710,000 Golden West Financial, 5,838,418
7.00%, 01/15/2000
2,500,000 Paine Webber Group, Inc. 2,584,500
Subordinated Medium-Term Notes,
7.70%, 02/11/2000
5,795,000 Ford Motor Credit Co. Medium-Term 5,822,138
Notes, 5.73%, 02/23/2000 (Note D, p. 13)
4,500,000 Key Bank North America, 4,529,903
5.75%, 04/25/2000
1,500,000 Paine Webber Group, Inc. 1,517,169
Subordinated Medium-Term Notes,
5.963%, 07/20/2000 (Note D, p. 13)
6,800,000 Case Credit Corp. Medium-Term 6,837,094
Notes, 5.95%, 08/01/2000 (Note D, p. 13)
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,750,000 Salomon Inc. Medium-Term Notes, $ 2,838,193
6.625%, 11/30/2000
--------------
Total Finance (Cost $51,413,020) 51,887,948
--------------
- -------------------------------------------------------------------------------
INDUSTRIAL: 2.13%
- -------------------------------------------------------------------------------
2,875,000 Sears Roebuck Acceptance Corp. 2,910,075
Medium-Term Notes,
6.27%, 11/15/1999
1,500,000 Owens Corning Medium-Term Notes, 1,543,905
7.00%, 05/15/2000
4,820,000 Whirlpool Corp., 5,169,980
9.50%, 06/15/2000
3,000,000 Merck & Co. Medium-Term Notes, 3,081,510
5.76%, 05/03/2037, Putable Annually
05/03/1999-05/03/2036 @100
-------------
Total Industrial (Cost $12,531,617) 12,705,470
-------------
- -------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 5.13%
- -------------------------------------------------------------------------------
1,025,000 Virgin Islands Public Finance 1,025,000
Authority Revenue, Taxable
Refunding Subordinated Lien Loan
Notes B, 6.28%, 10/01/1998
2,040,000 New York State Job Development 2,051,383
Authority Series B,
6.19%, 03/01/1999
3,945,000 Chicago, Illinois Tax Increment 3,974,114
Allocation Series B,
6.00%, 06/01/1999
3,605,000 New York City General Obligation 3,629,622
Series B, 5.95%, 08/01/1999
5,250,000 New York City General Obligation 5,302,553
Series E, 6.35%, 08/01/1999
1,490,000 New York State Environmental 1,509,385
Facilities Series A,
6.31%, 09/15/1999
4,690,000 New York State Power Authority 4,759,834
Revenue & General Purpose Series D,
6.08%, 02/15/2000
5,800,000 Richmond County, Georgia 5,800,000
Development Authority Industrial
Development Revenue,
Monsanto Co. Project,
6.00%, 06/01/2020
2,490,000 Torrance, California Redevelopment 2,500,508
Agency, Taxable Refunding Tax
Allocation Senior Lien,
6.81%, 09/01/2028
--------------
Total Taxable Municipals (Cost $30,321,352) 30,552,399
--------------
10 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 9.37%
- -------------------------------------------------------------------------------
500,000 Health Care Receivables, $ 503,954
Securitization Program Notes
Series 1997-1A Class A, Rule 144A,
6.339%, 07/01/2000 (Note D, p. 13)
1,700,000 Health Care Receivables, 1,727,249
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note D, p. 13)
5,310,000 Copelco Capital Funding Corp. 5,340,617
Series 1998-A Class A2,
5.78%, 08/15/2000 (Note D, p. 13)
8,635,000 Felco Funding II Series 1998-1 8,702,206
Class A1, 5.97%, 10/15/2000
(Note D, p. 13)
862,651 TLFC IV Equipment Lease Trust 867,831
Series 1996-1 Class A,
5.98%, 11/20/2002
7,375,000 Case Equipment Loan Trust 7,454,606
Series 1998-B Class A3,
5.81%, 05/15/2003 (Note D, p. 13)
1,380,000 The Money Store Auto Trust 1,410,822
Series 1996-2, 6.435%, 06/20/2003
1,200,103 Newcourt Receivables Asset Trust 1,209,818
Series 1996-2, Asset-Backed Note
Class A, 6.87%, 06/20/2004
223,434 Copelco Capital Funding Corp. II, 227,363
Class A Lease-Backed Notes
Series 1996-A, 6.34%, 07/20/2004
709,855 Copelco Capital Funding Corp. II, 716,708
Class B Lease-Backed Notes
Series 1996-A , 6.59%, 07/20/2004
3,061,700 Capital Asset Research Funding, 3,087,872
Rule 144A, 6.40%, 12/15/2004
(Note D, p. 13)
963,035 Newcourt Receivables Asset Trust 967,894
Series 1996-3, Asset-Backed Note
Class A, 6.24%, 12/20/2004
6,215,000 Newcourt Receivables Asset Trust 6,343,744
Series 1997-1, Asset-Backed Note
Class A4, 6.193%, 05/20/2005
2,480,368 New York City Tax Lien Trust 2,527,220
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note D, p. 13)
149,482 New York City Tax Lien Trust 152,241
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note D, p. 13)
6,200,000 Green Tree Financial Corp. 6,289,187
Series 1997-1 Class A3,
6.17%, 09/20/2005
1,210,644 ABFS Equipment Contract Trust 1,223,963
Series 1998-A Class A,
6.10%, 10/15/2005 (Note D, p. 13)
1,895,000 New York City Tax Lien Trust 1,915,699
Series 1998-1 Class A, Rule 144A,
5.93%, 07/25/2006 (Note D, p. 13)
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,895,616 Green Tree Financial Corp. $ 1,914,061
Series 1996-A Class A1,
5.55%, 02/15/2018
3,115,937 Green Tree Recreational Equipment & 3,171,687
Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
(Note D, p. 13)
------------
Total Asset-Backed Securities (Cost $55,063,034) 55,754,742
------------
- -------------------------------------------------------------------------------
HIGH YIELD: 4.05%
- -------------------------------------------------------------------------------
295,000 Loewen Group International, 284,614
Rule 144A, 6.70%, 10/01/1999
265,000 Century Communications Corp., 274,937
9.50%, 08/15/2000
855,000 Niagara Mohawk Power Corp. 871,442
Senior Notes Series B,
7.00%, 10/01/2000
920,000 Revlon Worldwide, 706,100
0.00%, 03/15/2001
800,000 Continental Airlines Inc., 828,000
9.50%, 12/15/2001
839,000 Fleming Companies Inc. 855,780
Senior Notes, 10.625%, 12/15/2001,
Callable 12/15/1999 @103
1,515,000 Adelphia Communications, 1,579,387
9.25%, 10/01/2002
790,000 Century Communications Corp., 559,912
0.00%, 03/15/2003
1,140,000 Loewen Group International, 1,086,728
Rule 144A, 7.20%, 06/01/2003
300,000 US Air Inc., 319,500
9.625%, 09/01/2003
463,152 America West Airlines, 480,314
10.50%, 01/02/2004 (Note D, p. 13)
750,000 Kaufman & Broad Home Corp. 746,250
Senior Notes, 7.75%, 10/15/2004
605,000 Unisys Corp., 680,625
11.75%, 10/15/2004,
Callable 10/15/2001 @103.92
565,000 Tenet Healthcare Corp. Senior Notes, 599,680
8.00%, 01/15/2005
600,000 NVR Inc. Senior Notes, 585,000
8.00%, 06/01/2005,
Callable 06/01/2003 @104
980,000 Westpoint Stevens Inc., 997,150
Rule 144A, 7.875%, 06/15/2005
745,000 Jones International Networks Ltd., 740,344
Rule 144A, 11.75%, 07/01/2005
5,795,000 Korea Development Bank, Global 4,387,047
Bond, U.S. Dollar Denominated Notes,
7.25%, 05/15/2006
630,000 Generac Portable Products, 600,862
Rule 144A, 11.25%, 07/01/2006
540,000 Standard Pacific Corp., 507,600
Schedule of Investments--Taxable Bond Portfolios 11
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
Rule 144A, 8.00%, 02/15/2008
595,000 Interface Inc. Senior Notes, $ 641,856
7.30%, 04/01/2008
195,000 Pool Energy Services Co. Senior 174,525
Subordinated Notes, Rule 144A,
8.625%, 04/01/2008
605,000 Beazer Homes USA Senior Notes, 565,675
Rule 144A, 8.875%, 04/01/2008
719,157 Continental Airlines Inc., 777,222
11.50%, 04/02/2008 (Note D, p. 13)
925,000 Jones Intercable Inc. Senior Notes, 955,062
7.625%, 04/15/2008
910,000 Enterprises Shipholding, 805,350
8.875%, 05/01/2008
345,000 P & L Coal Holdings Corp., 339,825
Rule 144A, 9.625%, 05/15/2008
410,000 United Rentals Inc., 402,825
Rule 144A, 9.50%, 06/01/2008
755,000 Hadco Corp., 691,769
Rule 144A, 9.50%, 06/15/2008
675,000 United Rentals Inc. 631,969
Senior Subordinated Notes,
Rule 144A, 8.80%, 08/15/2008
410,000 Great Lakes Dredge & Dock, 403,850
Rule 144A, 11.25%, 08/15/2008
-----------
Total High Yield (Cost $25,383,187) 24,081,200
-----------
- -------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 2.22%
- -------------------------------------------------------------------------------
2,365,000 Post Apartment Homes LP, 2,391,086
6.22%, 12/31/1999
2,880,000 CP Limited Partnership 3,009,715
Senior Notes, 8.75%, 03/02/2000
2,845,000 Archstone Communities Trust 2,859,205
Medium-Term Notes,
6.17%, 10/13/2000 (Note D, p. 13)
3,145,000 Archstone Communities Trust 3,179,212
Medium-Term Notes,
6.37% 10/15/2001 (Note D, p. 13)
1,725,000 Security Capital Group Inc., 1,779,872
Rule 144A, 6.95%, 06/15/2005
------------
Total Real Estate Investment Trusts
(Cost $13,057,592) 13,219,090
------------
- -------------------------------------------------------------------------------
INSURED/GUARANTEED: 0.96%
- -------------------------------------------------------------------------------
5,635,000 Dutchess County New York Resource 5,686,955
Recovery Agency, Taxable Solid
Waste Systems Series A, MBIA,
5.93%, 01/01/2014
------------
Total Insured/Guaranteed (Cost $5,635,000) 5,686,955
------------
Total U.S. Dollar Investments
(Cost $575,849,802) 579,789,151
------------
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 1.69%
- -------------------------------------------------------------------------------
FINANCE-BRITISH POUND DENOMINATED: 0.63%
- -------------------------------------------------------------------------------
BP 1,800,000
Capital One Master Trust, $ 3,075,146
7.625%, 08/10/1999
BP 375,000
General Motors Acceptance Corp., 668,646
Floating Rate Note,
7.50391%, 09/25/2002 (Note D, p. 13)
------------
Total Finance-British Pound Denominated
(Cost $3,674,373) 3,743,792
------------
- -------------------------------------------------------------------------------
FINANCE-ITALIAN LIRA DENOMINATED: 0.54%
- -------------------------------------------------------------------------------
IL 325,000,000
General Electric Capital Corp., 197,165
8.00%, 10/29/1998
IL 4,935,000,000
SCCR Ltd., 2,989,797
4.838%, 05/15/2000 (Note D, p. 13)
-----------
Total Finance-Italian Lira Denominated
(Cost $2,998,567) 3,186,962
-----------
- -------------------------------------------------------------------------------
GOVERNMENT-DEUTSCHEMARK DENOMINATED: 0.52%
- -------------------------------------------------------------------------------
DM 4,330,000
Deutschland Republic, 3,121,842
6.25%, 01/04/2024
------------
Total Government-Deutschemark
Denominated (Cost $3,072,123) 3,121,842
------------
Total Non-U.S. Dollar Investments
(Cost $9,745,063) 10,052,596
------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $585,594,865) 99.12% $589,841,747
(Note E, p. 13)
Cash and Other Assets, Less Liabilities 0.88 5,245,421
----- ------------
Net Assets (Equivalent to $12.53
per share based on 47,481,108
shares of capital stock outstanding) 100.00% $595,087,168
====== ============
- -------------------------------------------------------------------------------
LONG FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- -------------------------------------------------------------------------------
86 German 5 Year Bond $13,837,344 $ 140,149
December 1998
------------
Total Long Futures Contract $ 140,149
------------
- -------------------------------------------------------------------------------
FOREIGN CURRENCY
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
2,876,015 Deutschemark $ 1,722,216
------------
Total Foreign Currency $ 1,722,216
------------
12 Sanford C. Bernstein Fund, Inc.--1998 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1998 were purchased at an average
rate of 5.53%.
(B) $225,000 principal amount pledged as collateral for
futures transactions
(C) $17,000,000 principal amount segregated as
collateral for futures transactions
(D) Fair-valued security
(E) At September 30, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
September 30, 1998
- -------------------------------------------------------------------------------
Principal Amount Description Market Value*
- -------------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, below): 1.83%
- -------------------------------------------------------------------------------
2,533,000 Prudential Funding Corp., $ 2,533,000
10/01/1998
------------
Total Commercial Paper (Cost $2,533,000) 2,533,000
------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 73.02%
- -------------------------------------------------------------------------------
8,480,000 5.00%, 02/15/1999 8,493,254
4,000,000 6.25%, 03/31/1999 4,033,752
12,000,000 6.375%, 04/30/1999 12,123,756
3,500,000 6.25%, 05/31/1999 3,537,191
19,520,000 5.625%, 10/31/1999 19,733,510
15,790,000 7.50%, 10/31/1999 16,268,642
3,515,000 5.50%, 02/29/2000 3,562,234
15,000,000 6.375%, 05/15/2000 15,445,320
6,930,000 5.75%, 11/15/2000 7,120,582
9,915,000 6.625%, 06/30/2001 10,478,926
------------
Total U.S. Treasury Notes (Cost $99,406,764) 100,797,167
------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 13.51%
- -------------------------------------------------------------------------------
18,565,633 3.625%, 07/15/2002 18,652,669
-----------
Total U.S. Treasury Inflation Protection Security
(Cost $18,551,709) 18,652,669
-----------
- -------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY: 10.11%
- -------------------------------------------------------------------------------
13,635,000 Federal Home Loan Bank, 13,948,728
5.50%, 08/13/2001
-----------
Total U.S. Government Agency
(Cost $13,817,779) 13,948,728
-----------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $134,309,252) 98.47% $135,931,564
(Note B, below)
Cash and Other Assets, Less Liabilities 1.53 2,105,629
----- ------------
Net Assets (Equivalent to $12.66
per share based on 10,904,533
shares of capital stock outstanding) 100.00% $138,037,193
====== ============
- -------------------------------------------------------------------------------
(A) Commercial paper owned at September 30, 1998 was purchased at a rate of
5.75%.
(B) At September 30, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 13
