<PAGE>
----------------------------------
SANFORD C. BERNSTEIN FUND, INC.
----------------------------------
SEMIANNUAL REPORT
MARCH 31, 1998
Fixed-Income &
International-Equity
Investments
<PAGE>
This publication must be accompanied or preceded by a
prospectus of the Sanford C. Bernstein Fund, Inc.,
which should be read carefully before investing.
<PAGE>
Table of Contents
Portfolio Returns .................2
To Our Shareholders .................3
Statements of Assets and Liabilities ................12
Statements of Operations ................14
Statements of Changes in Net Assets ................17
Financial Highlights ................20
Notes to Financial Statements ................28
Directors and Officers ................inside back cover
Portfolio Overviews
Foreign Stocks .................8
Taxable Bonds .................9
Municipal Bonds ................10
<PAGE>
Portfolio Returns(1)
THROUGH MARCH 31, 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) 10.6% 25.2% 14.8% 14.5% June 22, 1992
Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below (18.9) (23.2) -- (3.7)
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein (22.1) (26.3) -- (5.3)
Intermediate Duration 3.8 10.1 6.6 8.7 January 17, 1989
Short Duration Plus 2.4 6.0 5.1 6.9 December 12, 1988
Government Short Duration 2.5 6.0 4.8 6.5 January 3, 1989
Diversified Municipal 2.7 7.5 5.4 6.6 January 9, 1989
California Municipal 2.6 7.4 5.3 6.5 August 6, 1990
New York Municipal 2.8 7.4 5.3 6.6 January 9, 1989
Short Duration Diversified Municipal 2.0 4.3 -- 4.4 October 3, 1994
Short Duration California Municipal 1.8 4.0 -- 4.2 October 3, 1994
Short Duration New York Municipal 1.8 4.1 -- 4.2 October 3, 1994
LIPPER MUTUAL-FUND COMPOSITES(3)
Foreign Stock Composite 5.9% 18.8% 12.9%
Intermediate Bond Composite 3.9 10.7 6.1
Short-Term Bond Composite 2.7 6.9 5.1
Intermediate Municipal Composite 3.0 8.2 5.5
Short-Term Municipal Composite 2.2 5.2 4.1
MARKET BENCHMARKS
Major Foreign Markets Index (MSCI EAFE)(4) 13.3% 29.9% 15.7%
MSCI Emerging Markets Free Index (12.4) (13.4) --
Lipper Emerging-Markets Index (16.1) (13.6) --
Lehman Brothers Aggregate Bond Index 4.5 12.0 6.9
Inflation 0.6 1.4 2.5
...............................................................................
(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
- --------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
To Our Shareholders:
While U.S. stocks monopolized the headlines, the indisputable investment
stars of the six months ended March 31 were the European markets (top
display). At an average 22.4% in dollar terms during the period,
investment results in Europe dwarfed even the continuing sky-high climb
of U.S. stocks. In aggregate, the major foreign markets returned 13.3%
despite continued weakness in Japan. The smaller Asian stock markets in
which Bernstein also invests reversed a dramatic decline halfway through
the period, ending down for the six months but far less severely than
many had feared. Bond returns, while still much lower than the
stock-market averages, continued to outpace inflation impressively.
On balance, it was an excellent period for Bernstein Fund
investors. And as U.S. stocks reached new heights--the U.S. market is now
more expensive than ever in history in relation to company earnings and
assets--the importance of diversifying into bond and foreign-stock
portfolios seemed to us ever more critical. Not only does broad
diversification lower dependence on any market or group of markets; it
also assures participation in the successes while limiting the
disappointments.
And indeed, while the investment environment has been markedly
better in the U.S. than elsewhere for several years, by the end of this
reporting period the situation had changed. Economic recovery in Europe
had solidified and picked up momentum. Many of the Asian markets rocked
by currency crises late last year seemed to have embarked on the long
road to sounder growth. Japan's stock market, too, reversed some of its
loss in this year's first quarter. And all the while, inflation remained
surprisingly well-contained almost everywhere, prompting a general
decline in interest rates that produced capital gains and
well-above-inflation returns in most bond markets.
HIGHLIGHTS:
o International Value, our major-foreign-market stock portfolio, rose a
robust 10.6% for the six months and 25.2% for the 12-month period--
===============
EUROPEAN STOCKS were the indisputable investment stars over the period,
dwarfing even U.S. stocks
[THE FOLLOWING TABLE WAS PRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Six Months Ending March 31, 1998
U.S. Stocks: 17.2%
U.S. Inflation : 0.6%
Europe* 22.4%
EAFE** 10.6%
Lehman Bond Aggregate 4.3%
Emerging Markets (12.4)%
Japan (18.1)%
*GDP-weighted
**Cap-weighted
AFTER A DISMAL start, foreign markets rose sharply early this year
[THE FOLLOWING TABLE WAS PRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
/ / 1997:4Q
/ / 1998:1Q
1997:4Q 1998:1Q
------- -------
Japan (19.8)% 2.0%
Emerging Markets (17.5)% 6.2%
EAFE (4.6)% 18.8%
Europe (0.2)% 22.7%
Source: Morgan Stanley Capital International
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1998 Semiannual Report 3
<PAGE>
not as strong as the foreign markets themselves but
dramatically ahead of the average foreign-stock mutual fund (see
Portfolio Returns).
o Emerging Markets Value reflected one of the most vivid incidents of
market volatility in recent history. Much of the volatility emanated
from East Asia, where currency crises slammed stock markets during
last year's final quarter, only to to calm down during first-quarter
1998 and create sharp rebounds in most of the markets (bottom display
on previous page). Maintaining its policy of stable diversification
among markets, our portfolio was exposed to the Asian turmoil and
sharply underperformed early in the period, but captured virtually all
the rebound and posted strong gains in this year's first quarter.
o Our nine bond portfolios profited from a sharp decline in interest
rates since last fall, with after-inflation returns remaining
unusually strong. The taxable portfolios were reconfigured noticeably
to capture better yields in high-quality corporate and mortgage-backed
bonds, relinquishing their bias toward U.S. Treasuries for the first
time in more than four years. Most important, we maintained our
exposure in inflation-protected Treasuries, which should outperform
standard Treasuries if inflation comes in at the consensus estimate.
- -------------------------------------------------------------------------
EUROPE OUTPERFORMED U.S.
.........................................................................
Europe's and emerging Asia's strong recent stock rallies came against the
backdrop of an ever-more-expensive U.S. stock market. The Standard &
Poor's 500 jumped nearly 50% in the year ended March 31, bringing its
gain to almost 160% since January 1995. At this rate, the Dow Jones
Industrial average--which ran up a mere 38% in the 12-month period--would
be above 13,000 in another year, having more than doubled in 2 1/2 years.
Nothing would be better, of course, than continuation of the
phenomenal U.S. rally. But the truth is, in first-quarter 1998, European
stock markets produced nearly twice the U.S. market's return, causing the
major foreign markets as a group to outperform the U.S. easily, despite
the weakness in Japan. At period's end, European stocks still seemed to
us attractive in relation to the U.S. market, but less so than before.
Indeed, at the end of first-quarter 1998, many of the most attractive
stocks in the industrialized world, as we saw it, were in Japan.
===============
AT THE FIVE calendar-year mark, Bernstein International Value has
outperformed the average foreign-stock fund...
Growth of $1,000
[THE FOLLOWING TABLE WAS PRESENTED AS A LINE GRAPH IN THE PRINTED MATERIAL]
Bernstein International Lipper International-
Value Fund Average
------------------- --------------------
1/1/93 1000 1000
1018 1003
1058 1026
1154 1085
1230 1139
1257 1164
1226 1140
1286 1176
1358 1248
1317 1240
1347 1294
1261 1242
1345 1357
1/1/94 1442 1441
1424 1409
1429 1347
1475 1380
1462 1376
1437 1362
1469 1399
1488 1440
1430 1404
1437 1432
1392 1361
1397 1348
1/1/95 1362 1281
1337 1283
1337 1325
1380 1368
1379 1379
1368 1379
1442 1453
1446 1426
1456 1446
1445 1417
1449 1432
1509 1476
1/1/96 1572 1508
1569 1514
1597 1540
1661 1589
1664 1585
1682 1596
1618 1537
1625 1554
1686 1588
1684 1577
1757 1645
1773 1651
1/1/97 1772 1645
1797 1668
1836 1672
1847 1675
1907 1774
1989 1856
2092 1904
1961 1770
2078 1875
1971 1736
1949 1716
1937 1727
1/1/98 2044 1770
2/1/98 2131 1887
...ranking well not only for performance but also for low risk
International Value
vs.
Foreign-Stock Mutual Funds--Five Years Ended December 31, 1997
Ranking among 117 funds with five-year records in
Morningstar's foreign-stock category*
[THE FOLLOWING TABLE WAS REPRESENTED BY A LETTER CHART IN THE PRINTED MATERIAL.]
Performance 77%
Risk 12%
Source: Lipper Analytical Services and Morningstar
.........................................................................
*Return and volatility rankings are among all funds in Morningstar's
foreign-stock category that had been in existence for five years as
of 12/31/97 (117 funds). For this period, the portfolio's annualized
return was 14.1%. Morningstar's risk measure is intended to capture
downside risk by comparing a fund's monthly returns with those of
T-bills and penalizing the fund for underperforming that risk-free
rate of return. For the one-year period ended December 31, 1997,
International Value's return was in the foreign-stock category's
26th percentile; its risk was in the seventh percentile.
- -------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
The remarkable results in Europe stemmed in part from the strides
nations had made to meet the entry criteria for currency union. Nations
had slashed their budget deficits and inflation rates, creating an
environment in which companies could make long-term decisions to boost
productivity. But it had been individual companies that had fueled
Europe's rebound--companies that had gone through a long period of
U.S.-style restructuring. Our analysts had identified many of these
companies early on, and International Value has benefited from that
research. In fact, with five calendar years under its belt, International
Value ranked high for returns and low for risk among the foreign-stock
funds monitored by Morningstar (display on facing page).
In Japan, too, corporate restructuring and public-policy reform
have taken root, but with less convincing results to date. Still, despite
the problematic investment environment, as value investors we cannot
ignore the tremendous bargains among world-class companies whose stocks
trade in Japan. Companies like Toyota and Fuji paid off early for
Bernstein, and we've sold these stocks in recent years. But others, like
Matsushita (maker of the Panasonic line) and Hitachi,+ remain available
at such low prices that we've continued to consider them perhaps the most
promising investments in the developed world. Of course, international
investing involves exposure to special risks, such as currency
fluctuations, differences in accounting standards and economic and
political instability.
WHY WE BOUGHT inflation-protected Treasury bonds
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
The coupon rate ...but their ...so that if inflation comes in at consensus
of inflation- prices had levels, after the step-up to adjust principal
adjusted bonds fallen, so we and interest for inflation, the bonds should
appeared low... obtained a beat standard Treasuries:
higher yield...
</TABLE>
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR GRAPH IN THE PRINTED MATERIAL.]
<TABLE>
<S> <C> <C> <C>
6.2%
5.8%
2.4% Inflation
3.3% 3.8% 3.8% Standard Treasury*
</TABLE>
*Representative of a 10-year maturity bond over the period
===============
Individual companies fueled Europe's rebound--companies that had gone
through a long period of U.S.-style restructuring
.........................................................................
+Keep in mind that Bernstein's foreign portfolios are broadly diversified
by design, and they avoid large positions in any single stock. As of
March 31, Matsushita represented 1.8% of International Value, while
Hitachi represented 0.9%.
- -------------------------------------------------------------------------
1998 Semiannual Report 3
<PAGE>
- -------------------------------------------------------------------------
BONDS: REMEMBER WHAT THEY'RE FOR
.........................................................................
Our bond portfolios remained predominantly conservative throughout the
six-month period, with durations (sensitivity to interest-rate changes)
toward the short end of their always-conservative ranges. Shorter
durations somewhat limited our capital gains as interest rates fell but
also decreased our exposure to inflation risk, which we saw as a mounting
concern. Economic growth over the past few years had lowered the jobless
rate to near a postwar low. Tight labor markets had pressed wage growth
upward--a condition that has generally led to higher inflation in the
past. Higher inflation would raise interest rates, depressing prices in
bond portfolios, especially at longer durations.
To defend against--and benefit from--any surprise increase in
inflation, our taxable portfolios retained significant positions in
inflation-protected Treasuries. Amid diminishing concerns about
inflation, prices on these bonds fell, boosting their yields to levels we
considered enticing (display on previous page). If inflation should come
in at the low rate consistent with consensus expectations, the step-up in
interest and principal should cause inflation-protected bonds to
outperform conventional Treasuries. If inflation should rise further, as
we anticipate, inflation-protected bonds should decisively outperform.
In other respects, our taxable portfolios changed markedly over the
six-month period to exploit elevated yields among high-quality corporate
bonds, commercial mortgage-backed securities and select lower-quality
("high-yield") bonds. This was the first time in more than four years
we'd considered nongovernment yields high enough to offset the extra
risk, thus the first time since 1993 that Treasuries failed to dominate
these portfolios. Nevertheless, we continued to maintain a very
high-quality portfolio with a triple-A credit rating (display to left).
The opportunities we observed in the taxable-bond sector simply
didn't surface for our municipal portfolios. Across the country, the
generally sound economic performances of the states fattened government
coffers, and, as a result, the extra yield in lower-quality municipal
bonds became increasingly small. As such, we had little incentive to
invest in anything but high-quality bonds.
However, the strong economy has helped many of our tax-supported
positions, particularly in our diversified and New York portfolios. As
conditions improved, our analysis suggested that our New York City bonds
were primed for a credit upgrade and that a limited supply of these bonds
augmented their return potential. The bonds were upgraded, and our
===============
WE CUT OUR standard Treasury holdings to take advantage of better returns
on higher-yielding securities in the taxable markets...
Intermediate Duration
Portfolio
December 31, 1996
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Corporate Bonds 8%
Standard Treasuries 44%
Foreign Bonds 14%
Mortgage-Backed Bonds
- ---------------------
Residential 33%
Commercial 1%
Credit Rating: AAA
...investing the proceeds in high-quality corporate and commercial
mortgage-backed bonds and inflation-protected Treasuries
March 31, 1998
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Treasuries
- ----------
Inflation-Protected 17%
Standard 7%
High-Yield Bonds 3%
Foreign Bonds 9%
Mortgage-Backed Bonds
- ---------------------
Commercial 13%
Residential 27%
Corporate Bonds 24%
Credit Rating: AAA
- -------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
returns reflected this enhancement. We kept our municipal holdings
broadly diversified (see display) and on the conservative side.
- -------------------------------------------------------------------------
REAPING THE REWARDS OF EXTENSIVE RESEARCH
.........................................................................
The diversification benefit is only part of the reason we offer the
Bernstein Fund portfolios. The Fund also enables us to deploy our
extensive research effort on behalf of all our clients, regardless of
account size. In all markets, our ongoing analyses are focused on the
same thing: distinguishing superior investment value--in other words,
seeking out securities available at unrealistically low prices. In the
past six months, our research indicated we should largely stay the course
in Europe, with a slight shift to companies in Italy and Spain, where
reforms were in an earlier stage. We were rewarded for our discipline.
Our research also pointed out the benefit of remaining in Southeast Asian
markets--the markets so rocked last year by currency speculation that
they'd retraced a decade of gains. These markets, too, responded in early
1998. Research doesn't always pay off, of course, especially in the short
term--and sometimes even over a period of years, as our disappointments
to date in Japan make clear. Still, we know of no more profitable way to
build long-term wealth than to research individual companies, industries,
fixed-income securities and currencies from the ground up, discern their
risks and realistic cash-return potential at current prices, and
construct portfolios accordingly.
As always, if you have any questions or comments, I'd be happy to
hear from you.
===============
WE KEPT OUR tax-exempt portfolios broadly diversified because spreads
were so narrow
Diversified Municipal
Allocation
(as of March 31, 1998)
[Picture of Map of U.S.]
% of Portfolio
% OF
ST PORT
-- ----
N/A3.1
AK 0.5
AR0.7
AZ 0.5
CA 3.9
CO 1.3
CT 3.6
DC 1.9
DE 0.9
FL 4.3
GA 2.3
HI 0.6
IL 7.6
IN 0.9
KS 0.3
KY 0.3
LA 0.7
MA 7.6
MD 3.6
MI 2.0
MN 0.9
MO 0.3
MS 0.2
MT 0.2
NC 0.9
NJ 6.5
NV 0.7
NY 7.6
OH 4.6
OK 1.1
OR 0.6
PA 5.8
PR 0.3
RI 1.5
SC 0.7
SD 0.4
TN 1.6
TX 7.6
UT 3.1
VA 2.4
WA 5.6
WI 1.1
[PHOTOGRAPH OF
ROGER HERTOG]
/s/ Roger Hertog
Roger Hertog, President
March 31, 1998
- -------------------------------------------------------------------------
1998 Semiannual Report 7
<PAGE>
Foreign-Stock Portfolios
================================================================================
Country Weightings*
================================================================================
(March 31, 1998)
International Value Emerging Markets Value
-------------------- ----------------------
Japan 26.7% South Africa 9.9%
Germany 15.9 Mexico 8.5
France 13.6 Malaysia 7.6
Italy 12.5 South Korea 7.2
Britain 9.8 Brazil 6.9
Spain 5.8 Taiwan 6.0
Canada 4.9 Philippines 5.9
Finland 2.4 Israel 5.5
Australia 2.1 Argentina 5.2
Austria 1.7 Indonesia 4.8
Netherlands 1.3 India 4.6
Switzerland 0.7 Turkey 4.6
Sweden 0.3 China 4.4
Hong Kong 0.1 Thailand 4.3
Portugal 4.3
Chile 3.9
*Excluding cash; figures are rounded
================================================================================
Key Currency Hedges for International Value
================================================================================
(March 31, 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 92%
German Mark 43%
French Franc 22%
British Pound Unhedged
Italian Lira 20%
Overall Currency Hedge 43%
================================================================================
International Value
================================================================================
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Growth of $25,000(1)
International Value Lipper Foreign Stock EAFE Foreign Stock Index
(after all costs) Composite (before all costs)
------------------- -------------------- ------------------------
7/1/92 25000 25000 25000
24179 24128 23874
25280 24354 24569
23979 23833 23844
23419 23097 23575
23499 23221 24015
23754 23530 24102
1/1/93 24184 23608 24357
25128 24153 25178
27419 25530 26568
29208 26812 28548
29854 27393 28798
29128 26815 28578
30537 27660 29727
32261 29356 31644
31280 29171 30796
31986 30440 31943
29954 29219 29609
31953 31928 31821
1/1/94 34245 33898 34058
33820 33159 33475
33942 31686 32679
35041 32482 34146
34733 32381 33453
34142 32038 32855
34883 32919 33706
35351 33887 34225
33957 33043 32753
34140 33684 33379
33059 32027 32424
33177 31719 32660
1/1/95 32358 30143 31654
31758 30185 31388
31758 31175 31740
32769 32182 33108
32746 32455 32962
32488 32455 32483
34252 34192 34704
34360 33546 34427
34575 34035 34652
34315 33348 33819
34423 33705 34732
35854 34723 36239
1/1/96 37333 35486 37316
37267 35628 37176
37928 36241 37820
39453 37401 39199
39518 37300 38796
39960 37550 39185
38436 36175 37640
38591 36573 37769
40048 37363 39247
40004 37117 38836
41726 38705 40634
42115 38837 40502
1/1/97 42091 38713 40849
42681 39255 41530
43601 39341 42315
43884 39420 42868
45300 41738 44508
47258 43670 47326
49688 44797 49367
46574 41643 45774
49358 44125 48549
46810 40842 44565
46291 40385 45090
46017 40647 46292
1/1/98 48562 41639 48853
50614 44412 51555
3/1/98 54587 46748 54988
================================================================================
Portfolio Value Characteristics(2)
================================================================================
(March 31, 1998)
=======================================
EAFE
International Foreign Stock-
Value Market Index*
=======================================
Price/Book 1.7x 2.7x
................................................................................
Price/Earnings 21.9x 25.6x
................................................................................
Dividend Yield 2.3% 1.8%
*CAP 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
---------------------- ------------------ ----------------
1/1/96 25000 25000 25000
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
3/1/98 21517 24888 26311
================================================================================
Portfolio Value Characteristics(2)
================================================================================
(March 31, 1998)
================================
Emerging MSCI Emerging
Markets Markets Free
Value Index
================================
Price/Book 0.8x 1.5x
................................................................................
Price/Earnings 11.1x 19.2x
................................................................................
Dividend Yield 2.8% 2.1%
................................................................................
1 Past performance is not predictive of future results. For International
Value, the index is the Morgan Stanley Capital International (MSCI) EAFE
index of major stock markets in Europe, Australia and the Far East, with
countries weighted according to gross domestic product and currency
positions half-hedged. For Emerging Markets Value, the index is the MSCI
Emerging Markets Free index. Both indexes are theoretical measures of stock
performance rather than actual available investments, which would reflect
such expenses as management fees, transaction and security-custody costs
and, in the case of a mutual fund, the costs of transfer agents and
shareholder servicing. The Lipper composites are the equal-weighted average
returns of the funds in Lipper's international and emerging-markets
categories.
2 Price/book, price/earnings and dividend yield are valuation measures: the
lower a portfolio's average price/book and price/earnings ratios and the
higher its dividend yield relative to an index, the cheaper its average
stock. The indexes in these tables are the same as those described in the
note above. Standardized 30-day SEC yields for International Value and
Emerging Markets Value were 0.6% and 0.8%, respectively.
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 $22,404.
- --------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Taxable-Bond Portfolios
================================================================================
Intermediate Duration
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lehman Brothers
Intermediate Duration Lipper Intermediate Aggregate Bond Index
(after all costs) Bond Composite (before all costs)
--------------------- ------------------- --------------------
2/1/89 25000 25000 25000
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
3/1/98 53715 50711 55822
================================================================================
Portfolio Profile(2)
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Mortgages 40%
Foreign 9%
Treasury Inflation-Protected Securities 17%
Corporates 24%
Asset-Backeds 3%
Treasury Securities 7%
Average Credit Quality: AAA-
Average Duration: 4.4 yrs.
================================================================================
Short Duration Plus
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Merrill Lynch 1-3 Year
Short Duration Plus Lipper Short-Term Treasury Index
(after all costs) Bond Composite (before all costs)
------------------- ----------------- ----------------------
1/1/89 25000 25000 25000
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
3/1/98 46405 46587 48270
================================================================================
Portfolio Profile(2)
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Mortgages 12%
Foreign 6%
Treasury Inflation-Protected Securities 15%
Corporates 13%
Asset-Backeds 6%
Treasury Securities 48%
Average Credit Quality: AAA
Average Duration: 1.5 yrs.
================================================================================
Government Short Duration
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Government Merrill Lynch 1-3 Year
Short Duration Lipper Short-Term Treasury Index
(after all costs) Bond Composite (before all costs)
----------------- ----------------- ----------------------
2/1/89 25000 25000 25000
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
3/1/98 44648 46204 47891
================================================================================
Portfolio Profile(2)
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Treasury Securities 84%
Treasury Inflation-Protected Securities 16%
Average Credit Quality: AAA
Average Duration: 1.5 yrs.
................................................................................
1 Past performance is not predictive of future results. The indexes are the
Lehman Brothers Aggregate Bond Index, which comprises Treasury, agency,
corporate, mortgage-backed and asset-backed securities of diverse
maturities, and the Merrill Lynch 1-3 Year Treasury index, which includes
short-term Treasury bonds. Both indexes are theoretical measures of
bond-market performance rather than actual available investments, which
would reflect such expenses as management fees, transaction and
security-custody costs and, in the case of a mutual fund, the costs of
transfer agents and shareholder servicing.
2 Portfolio allocations represent the exposure of the portfolios to various
sectors and include the effective market value of futures contracts and
forward commitments. To the extent that cash equivalents and short-term
Treasuries are held against these commitments, the weightings in cash
equivalents and Treasuries have been reduced.
- --------------------------------------------------------------------------------
1998 Semiannual Report 9
<PAGE>
Municipal-Bond Portfolios (Intermediate)
================================================================================
Diversified Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lehman Brothers
Diversified Municipal Lipper Intermediate Laddered G/O Index
(after all costs) Municipal Composite (before all costs)
--------------------- ------------------- ------------------
2/1/89 25000 25000 25000
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
3/1/98 44709 45644 46029
================================================================================
Portfolio Profile
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 61%
AA 23%
A 6%
BBB 8%
Other 2%
Average Credit Quality: AA1
Average Duration: 4.0 yrs.
================================================================================
California Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Lehman Brothers
California Municipal Lipper Intermediate Laddered G/O Index
(after all costs) Municipal Composite (before all costs)
-------------------- ------------------- ------------------
9/1/90 25000 25000 25000
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
3/1/98 40487 41493 41479
================================================================================
Portfolio Profile
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 60%
AA 19%
A 16%
BBB 4%
Other 1%
Average Credit Quality: AA1
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.]
Lehman Brothers
New York Municipal Lipper Intermediate Laddered G/O Index
(after all costs) Municipal Composite (before all costs)
------------------ ------------------- ------------------
2/1/89 25000 25000 25000
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
3/1/98 44995 45644 46029
================================================================================
Portfolio Profile
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 62%
AA 13%
A 17%
BBB 8%
Average Credit Quality: AA1
Average Duration: 4.0 yrs.
................................................................................
1 Past performance is not predictive of future results. The index is the
Lehman Brothers 3-5-7 Year Laddered G/O index, which includes
general-obligation municipal bonds laddered at three-, five- and seven-year
maturities. The index is a theoretical measure of bond-market performance
rather than an actual available investment, which would reflect such
expenses as management fees, transaction and security-custody costs and,
in the case of a mutual fund, the costs of transfer agents and shareholder
servicing. The Lipper Intermediate Municipal Composite is the
equal-weighted average return of the funds in Lipper's intermediate
municipal category.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
Municipal-Bond Portfolios (Short-Term)
================================================================================
Short Duration Diversified Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lehman Brothers One-
Lipper Short-Term Diversified Municipal Year Municipal Index
Municipal Composite (after all costs) (before all costs)
------------------- --------------------- --------------------
11/1/94 25000 25000 25000
24918 25015 25038
25007 25112 25102
1/1/95 25187 25255 25231
25424 25462 25402
25584 25617 25570
25669 25684 25663
25938 25959 25904
26032 26072 25992
26185 26204 26182
26313 26314 26321
26377 26366 26394
26503 26479 26502
26662 26616 26628
26777 26709 26728
1/1/96 26937 26844 26881
26970 26878 26946
26919 26869 26964
26948 26901 27028
27007 26968 27096
27105 27053 27228
27229 27168 27343
27289 27206 27396
27423 27336 27520
27574 27441 27661
27745 27608 27828
27789 27657 27888
1/1/97 27886 27786 28049
28006 27854 28139
27934 27827 28125
28029 27913 28238
28199 28058 28380
28343 28167 28493
28573 28298 28668
28573 28335 28704
28767 28477 28852
28871 28564 28963
28957 28624 29052
29114 28752 29182
1/1/98 29262 28882 29335
29332 28971 29437
3/1/98 29394 29036 29521
================================================================================
Portfolio Profile
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 49%
AA 31%
A 9%
BBB 9%
Other 2%
Average Credit Quality: AA2
Average Duration: 1.4 yrs.
================================================================================
Short Duration California Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lehman Brothers One-
Lipper Short-Term California Municipal Year Municipal Index
Municipal Composite (after all costs) (before all costs)
------------------- -------------------- --------------------
11/1/94 25000 25000 25000
24918 24978 25038
25007 25055 25102
1/1/95 25187 25202 25231
25424 25451 25402
25584 25566 25570
25669 25668 25663
25938 25915 25904
26032 26000 25992
26185 26185 26182
26313 26267 26321
26377 26332 26394
26503 26442 26502
26662 26554 26628
26777 26631 26728
1/1/96 26937 26786 26881
26970 26813 26946
26919 26793 26964
26948 26841 27028
27007 26885 27096
27105 26990 27228
27229 27105 27343
27289 27146 27396
27423 27256 27520
27574 27384 27661
27745 27530 27828
27789 27578 27888
1/1/97 27886 27683 28049
28006 27747 28139
27934 27740 28125
28029 27824 28238
28199 27923 28380
28343 28030 28493
28573 28178 28668
28573 28209 28704
28767 28317 28852
28871 28393 28963
28957 28446 29052
29114 28571 29182
1/1/98 29262 28693 29335
29332 28778 29437
3/1/98 29394 28837 29521
================================================================================
Portfolio Profile
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 67%
AA 17%
A 13%
BBB 3%
Average Credit Quality: AAA-
Average Duration: 1.1 yrs.
================================================================================
Short Duration New York Municipal
================================================================================
Growth of $25,000(1)
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.]
Short Duration Lehman Brothers One-
Lipper Short-Term New York Municipal Year Municipal Index
Municipal Composite (after all costs) (before all costs)
------------------- ------------------ --------------------
11/1/94 25000 25000 25000
24918 24970 25038
25007 25062 25102
1/1/95 25187 25212 25231
25424 25450 25402
25584 25582 25570
25669 25659 25663
25938 25882 25904
26032 25984 25992
26185 26124 26182
26313 26221 26321
26377 26284 26394
26503 26374 26502
26662 26496 26628
26777 26583 26728
1/1/96 26937 26736 26881
26970 26803 26946
26919 26783 26964
26948 26806 27028
27007 26871 27096
27105 26956 27228
27229 27075 27343
27289 27073 27396
27423 27213 27520
27574 27350 27661
27745 27486 27828
27789 27520 27888
1/1/97 27886 27636 28049
28006 27707 28139
27934 27685 28125
28029 27779 28238
28199 27890 28380
28343 28005 28493
28573 28140 28668
28573 28158 28704
28767 28300 28852
28871 28388 28963
28957 28448 29052
29114 28553 29182
1/1/98 29262 28687 29335
29332 28755 29437
3/1/98 29394 28823 29521
================================================================================
Portfolio Profile
================================================================================
(March 31, 1998)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
AAA 58%
AA 19%
A 12%
BBB 11%
Average Credit Quality: AA1
Average Duration: 1.2 yrs.
................................................................................
1 Past performance is not predictive of future results. The index is the
Lehman Brothers One-Year Municipal index, which includes municipal bonds
with maturities of up to 1.99 years. The index is a theoretical measure of
bond-market performance rather than an actual available investment, which
would reflect such expenses as management fees, transaction and
security-custody costs and, in the case of a mutual fund, the costs of
transfer agents and shareholder servicing. The Lipper Short-Term Municipal
Composite is the equal-weighted average return of the funds in Lipper's
short-term municipal category.
- --------------------------------------------------------------------------------
1998 Semiannual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--March 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL EMERGING INTERMEDIATE SHORT
VALUE MARKETS VALUE DURATION DURATION PLUS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers(a) $5,392,911,966 $ 494,234,630 $2,585,500,850 $585,595,027
Investments in securities at value--affiliated issuers(b) 52,600,360 24,661,558 0 0
Foreign currency at value(c) 149,808,968 11,044,624 19,475,630 3,675,150
Cash in bank 296 374 3,918 4,991
Receivables:
Interest 8,713 4,677 18,745,113 8,667,749
Dividends 22,240,154 1,247,634 0 0
Investment securities sold 121,867,752 3,483,858 107,444,627 11,246,220
Capital shares sold 10,848,303 2,063,400 14,849,541 1,948,823
Foreign withholding tax reclaims 2,234,055 0 103,585 18,508
Margin due from broker on futures contracts 2,356,340 0 93,244 12,080
Unamortized organization expenses (Note 1) 0 30,889 0 0
Collateral held for securities loaned, at value (Note 1) 1,330,663,564 0 0 0
Other assets 113,779 25,921 45,566 13,485
Appreciation on foreign currency contracts (Note 3D) 66,836,306 0 1,218,113 288,222
-------------- -------------- -------------- ------------
Total assets 7,152,490,556 536,797,565 2,747,480,187 611,470,255
-------------- -------------- -------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 0 0 3,717,117 925,733
Investment securities purchased 141,699,236 14,629,646 422,727,653 16,269,128
Capital shares redeemed 12,777,673 120,748 3,128,168 1,628,797
Management fee (Note 2) 4,319,346 529,115 918,836 254,550
Shareholder servicing and administration fee (Note 2) 1,152,634 105,823 194,749 50,910
Accrued expenses 358,324 204,802 145,013 36,012
Organization costs payable to the manager 0 12,742 0 0
Foreign withholding taxes 2,806,525 108,212 0 0
Margin owed to broker on futures contracts 88,118 0 0 0
Depreciation on foreign currency contracts (Note 3D) 1,696,320 5,946 179,636 39,711
Securities lending collateral, at value (Note 1) 1,330,663,564 0 0 0
-------------- -------------- -------------- ------------
Total liabilities 1,495,561,740 15,717,034 431,011,172 19,204,841
-------------- -------------- -------------- ------------
NET ASSETS(d) $5,656,928,816 $ 521,080,531 $2,316,469,015 $592,265,414
============== ============== ============== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $21.02 $17.53 $13.25 $12.42
============== ============== ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 269,170 $ 29,722 $ 174,893 $ 47,670
Additional paid-in capital 4,507,627,282 622,086,927 2,294,960,686 599,589,511
Undistributed net investment income/(excess distributions) (6,241,178) (868,842) (3,277,544) (930,191)
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 318,364,510 (13,831,865) 26,216,165 (4,203,311)
Unrealized appreciation (depreciation) of:
Investments and futures 772,863,070 (86,292,232) (2,518,641) (2,460,544)
Foreign currencies 64,045,962 (43,179) 913,456 222,279
-------------- -------------- -------------- ------------
$5,656,928,816 $ 521,080,531 $2,316,469,015 $592,265,414
============== ============== ============== ============
</TABLE>
(a)Cost:$4,635,077,765; $576,595,056; $2,588,083,649; $588,078,094;
$136,132,019; $1,218,566,680; $460,791,839; $714,049,526; $162,957,447;
$91,754,190; and $82,962,635, respectively (Note 1) (b) Cost: $37,331,780 and
$28,593,364 respectively (Note 1) (c) Cost: $150,900,832; $11,116,339;
$19,576,449; and $3,695,240, respectively (Note 1) (d) Applicable to:
269,169,144; 29,722,370; 174,891,666; 47,668,671; 10,956,687; 90,663,200;
33,931,670; 54,959,500; 12,087,020; 7,201,256; and 6,596,724 shares of capital
stock outstanding, respectively.
See Notes to Financial Statements. The Schedules of Investments, an integral
part of the financial statements for each Portfolio, are included as inserts to
this Report.
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
GOVERNMENT DIVERSIFIED CALIFORNIA NEW YORK
SHORT DURATION MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers(a) $ 136,506,036 $1,257,865,957 $ 474,368,344 $737,123,159
Investments in securities at value--affiliated issuers(b) 0 0 0 0
Foreign currency at value(c) 0 0 0 0
Cash in bank 96 10,553 96,173 185,780
Receivables:
Interest 1,957,469 17,594,067 6,743,082 11,664,880
Dividends 0 0 0 0
Investment securities sold 0 1,020,000 0 0
Capital shares sold 244,800 8,965,604 2,160,300 5,627,442
Foreign withholding tax reclaims 0 0 0 0
Margin due from broker on futures contracts 18,750 0 0 0
Unamortized organization expenses (Note 1) 0 0 0 0
Collateral held for securities loaned, at value (Note 1) 0 0 0 0
Other assets 2,960 24,776 8,949 14,979
Appreciation on foreign currency contracts (Note 3D) 0 0 0 0
-------------- -------------- -------------- ------------
Total assets 138,730,111 1,285,480,957 483,376,848 754,616,240
-------------- -------------- -------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 219,016 1,490,994 551,622 903,621
Investment securities purchased 0 29,463,744 8,524,231 0
Capital shares redeemed 1,246,857 1,337,603 239,821 715,639
Management fee (Note 2) 59,235 514,215 197,595 313,320
Shareholder servicing and administration fee (Note 2) 11,847 104,833 39,519 62,664
Accrued expenses 21,717 96,169 50,549 67,752
Organization costs payable to the manager 0 0 0 0
Foreign withholding taxes 0 0 0 0
Margin owed to broker on futures contracts 0 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0 0
-------------- -------------- -------------- ------------
Total liabilities 1,558,672 33,007,558 9,603,337 2,062,996
-------------- -------------- -------------- ------------
NET ASSETS(d) $ 137,171,439 $1,252,473,399 $ 473,773,511 $752,553,244
============== ============== ============== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.52 $13.81 $13.96 $13.69
============== ============== ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 10,957 $ 90,664 $ 33,932 $ 54,960
Additional paid-in capital 138,502,047 1,211,572,064 459,792,722 728,939,453
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 (1,751,004) 1,479,128 402,212 475,679
Unrealized appreciation (depreciation) of:
Investments and futures 354,095 39,299,277 13,576,505 23,073,633
Foreign currencies 0 0 0 0
-------------- -------------- -------------- ------------
$ 137,171,439 $1,252,473,399 $ 473,773,511 $752,553,244
============== ============== ============== ============
<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) $ 163,442,895 $ 92,089,267 $ 82,895,160
Investments in securities at value--affiliated issuers(b) 0 0 0
Foreign currency at value(c) 0 0 0
Cash in bank 136 65,843 41,015
Receivables:
Interest 2,320,502 1,532,569 1,159,612
Dividends 0 0 0
Investment securities sold 1,020,000 1,224,000 0
Capital shares sold 577,331 319,926 266,674
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 5,764 2,111 2,398
Collateral held for securities loaned, at value (Note 1) 0 0 0
Other assets 3,422 1,851 1,731
Appreciation on foreign currency contracts (Note 3D) 0 0 0
-------------- -------------- --------------
Total assets 167,370,050 95,235,567 84,366,590
-------------- -------------- --------------
LIABILITIES
Payables:
Dividends to shareholders 151,350 84,393 85,835
Investment securities purchased 14,104,257 4,032,064 1,291,932
Capital shares redeemed 1,467,542 628,136 806,248
Management fee (Note 2) 64,410 37,700 34,775
Shareholder servicing and administration fee (Note 2) 12,882 7,540 6,955
Accrued expenses 26,668 18,898 20,786
Organization costs payable to the manager 7,059 2,652 2,969
Foreign withholding taxes 0 0 0
Margin owed to broker on futures contracts 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0
-------------- -------------- --------------
Total liabilities 15,834,168 4,811,383 2,249,500
-------------- -------------- --------------
NET ASSETS(d) $ 151,535,882 $ 90,424,184 $ 82,117,090
============== ============== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.54 $12.56 $12.45
============== ============== ==============
NET ASSETS CONSIST OF:
Capital stock, at par $ 12,087 $ 7,201 $ 6,597
Additional paid-in capital 150,980,921 90,082,412 82,154,504
Undistributed net investment income/(excess distributions) (9,678) (20,838) 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 67,104 20,332 23,292
Unrealized appreciation (depreciation) of:
Investments and futures 485,448 335,077 (67,475)
Foreign currencies 0 0 0
-------------- -------------- --------------
$ 151,535,882 $ 90,424,184 $ 82,117,090
============== ============== ==============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Semiannual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Six Months Ended March 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL EMERGING INTERMEDIATE
VALUE MARKETS VALUE DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 2,892,144 $ 475,053 $ 63,494,404
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $4,444,027 and $360,108) 33,045,498 3,200,616 0
Dividends--affiliated issuers 0 0 0
------------- ------------- -------------
Total income 35,937,642 3,675,669 63,494,404
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 23,097,799 2,479,463 5,122,410
Shareholder servicing and administration fee 6,139,038 497,628 1,082,910
Custodian and transfer agent fees 1,052,837 414,742 161,219
Auditing and tax consulting fees 60,903 7,651 28,399
Insurance 31,675 3,203 12,978
Directors' fees and expenses 33,543 3,285 14,846
Legal fees 7,727 734 2,984
Registration fees 114,849 73,532 102,718
Printing 54,338 16,113 11,142
Amortization of organization expense 0 4,807 0
Miscellaneous 29,139 1,309 17,782
------------- ------------- -------------
Total expenses 30,621,848 3,502,467 6,557,388
------------- ------------- -------------
Net investment income 5,315,794 173,202 56,937,016
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 191,105,890 (11,199,227) 33,101,346
Futures transactions 6,343,919 0 2,386,540
Foreign currency transactions 124,931,548 (2,637,092) 159,027
------------- ------------- -------------
Net realized gain (loss) on investment,
futures and foreign currency transactions 322,381,325 (13,836,319) 35,646,913
------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 148,821,804 (57,300,025) (16,065,621)
Foreign currencies 65,336,334 55,569 1,393,262
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign
currencies 214,158,138 (57,244,456) (14,672,359)
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 536,539,463 (71,080,775) 20,974,554
------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 541,855,257 $ (70,907,573) $ 77,911,570
============= ============= =============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
SHORT GOVERNMENT DIVERSIFIED CALIFORNIA NEW YORK
DURATION PLUS SHORT DURATION MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 17,571,954 $4,206,726 $28,675,828 $10,343,644 $ 17,490,831
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $4,444,027 and $360,108) 0 0 0 0 0
Dividends--affiliated issuers 0 0 0 0 0
------------ ---------- ----------- ----------- ------------
Total income 17,571,954 4,206,726 28,675,828 10,343,644 17,490,831
------------ ---------- ----------- ----------- ------------
Expenses (Notes 1 and 2):
Management fee 1,511,070 359,300 2,902,388 1,089,615 1,762,195
Shareholder servicing and administration fee 302,214 71,860 589,572 217,923 352,439
Custodian and transfer agent fees 78,342 44,314 141,560 76,504 99,134
Auditing and tax consulting fees 11,444 4,157 15,938 6,765 10,663
Insurance 3,938 919 7,023 2,526 4,328
Directors' fees and expenses 5,111 1,190 8,230 2,903 5,203
Legal fees 946 222 1,631 1,878 1,019
Registration fees 11,138 15,246 67,699 18,575 25,753
Printing 4,674 1,232 7,527 2,477 4,892
Amortization of organization expense 0 0 0 0 0
Miscellaneous 6,311 1,846 7,790 2,787 5,368
------------ ---------- ----------- ----------- ------------
Total expenses 1,935,188 500,286 3,749,358 1,421,953 2,270,994
------------ ---------- ----------- ----------- ------------
Net investment income 15,636,766 3,706,440 24,926,470 8,921,691 15,219,837
------------ ---------- ----------- ----------- ------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 653,062 161,722 2,401,909 670,026 953,966
Futures transactions 47,687 38,462 0 0 0
Foreign currency transactions 122,112 0 0 0 0
------------ ---------- ----------- ----------- ------------
Net realized gain (loss) on investment,
futures and foreign currency transactions 822,861 200,184 2,401,909 670,026 953,966
------------ ---------- ----------- ----------- ------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (2,241,318) (332,098) 4,495,924 1,282,336 2,907,421
Foreign currencies 387,982 0 0 0 0
------------ ---------- ----------- ----------- ------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign
currencies (1,853,336) (332,098) 4,495,924 1,282,236 2,907,421
------------ ---------- ----------- ----------- ------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (1,030,475) (131,914) 6,897,833 1,952,362 3,861,387
------------ ---------- ----------- ----------- ------------
Net increase (decrease) in net assets
resulting from operations $ 14,606,291 $3,574,526 $31,824,303 $10,874,053 $ 19,081,224
============ ========== =========== =========== ============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Semiannual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Six Months Ended March 31, 1998 (Unaudited)
(continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 3,350,025 $ 1,762,088 $ 1,774,950
Dividends--unaffiliated issuers 0 0 0
Dividends--affiliated issuers 0 0 0
----------- ----------- -----------
Total income 3,350,025 1,762,088 1,774,950
----------- ----------- -----------
Expenses (Notes 1 and 2):
Management fee 384,325 214,175 197,535
Shareholder servicing and administration fee 76,865 42,835 39,507
Custodian and transfer agent fees 56,284 42,335 43,267
Auditing and tax consulting fees 3,788 2,925 2,825
Insurance 963 539 497
Directors' fees and expenses 1,190 682 631
Legal fees 233 125 111
Registration fees 15,534 4,531 4,167
Printing 1,312 686 837
Amortization of organization expense 2,333 683 777
Miscellaneous 1,415 1,027 905
----------- ----------- -----------
Total expenses 544,242 310,543 291,059
----------- ----------- -----------
Net investment income 2,805,783 1,451,545 1,483,891
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 136,650 20,829 25,541
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
----------- ----------- -----------
Net realized gain (loss) on investment,
futures and foreign currency transactions 136,650 20,829 25,541
----------- ----------- -----------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 48,940 31,572 (79,267)
Foreign currencies 0 0 0
----------- ----------- -----------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies 48,940 31,572 (79,267)
----------- ----------- -----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 185,590 52,401 (53,726)
----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations $ 2,991,373 $ 1,503,946 $ 1,430,165
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE EMERGING MARKETS VALUE
PORTFOLIO PORTFOLIO
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/98 ENDED ENDED 3/31/98 ENDED
(UNAUDITED) 9/30/97 (UNAUDITED) 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 5,315,794 $ 54,354,426 $ 173,202 $ 2,210,304
Net realized gain (loss) on investment
and futures transactions 197,449,809 171,493,204 (11,199,227) 12,062,290
Net realized gain (loss) on foreign
currency transactions 124,931,516 230,436,548 (2,637,092) (983,289)
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 148,821,804 409,778,908 (57,300,025) (10,738,278)
Foreign currencies 65,336,334 (20,625,048) 55,569 (92,721)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 541,855,257 845,438,038 (70,907,573) 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 (168,349,561) (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 (432,798,592) (216,253,777) (14,176,322) (1,442,532)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 570,812,407 1,450,373,271 183,742,299 179,156,364
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 420,644,905 206,728,506 14,016,194 1,364,309
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 991,457,312 1,657,101,777 197,758,493 180,520,673
Cost of shares redeemed (409,583,029) (451,546,431) (29,899,115) (17,155,531)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 581,874,283 1,205,555,346 167,859,378+ 163,365,142+
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 690,930,948 1,834,739,607 82,775,483 164,380,916
NET ASSETS:
Beginning of period 4,965,997,868 3,131,258,261 438,305,048 273,924,132
--------------- --------------- --------------- ---------------
End of period $ 5,656,928,816 $ 4,965,997,868 $ 521,080,531 $ 438,305,048
=============== =============== =============== ===============
(a) (b) (c) (d)
<CAPTION>
BERNSTEIN
INTERMEDIATE DURATION
PORTFOLIO
SIX MONTHS YEAR
ENDED 3/31/98 ENDED
(UNAUDITED) 9/30/97
- --------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 56,937,016 $ 97,883,398
Net realized gain (loss) on investment
and futures transactions 35,487,886 29,519,760
Net realized gain (loss) on foreign
currency transactions 159,027 7,976,379
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (16,065,621) 10,064,506
Foreign currencies 1,393,262 (860,039)
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 77,911,570 144,584,004
-------------- --------------
Dividends and distributions to shareholders:
Dividends from net investment income (73,639,724) (104,555,087)
Distributions from net realized gains (26,215,853) 0
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences 0 0
-------------- --------------
Total dividends and distributions
to shareholders (99,855,577) (104,555,087)
-------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 398,483,719 822,336,300
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 42,945,506 26,308,709
-------------- --------------
Total proceeds from shares sold 441,429,225 848,645,009
Cost of shares redeemed (161,236,695) (282,229,570)
-------------- --------------
Increase (decrease) in net assets from
capital-share transactions 280,192,530 566,415,439
-------------- --------------
Net increase (decrease) in net assets 258,248,523 606,444,356
NET ASSETS:
Beginning of period 2,058,220,492 1,451,776,136
-------------- --------------
End of period $2,316,469,015 $2,058,220,492
============== ==============
(e) (f)
</TABLE>
(a) Includes undistributed net investment income/(excess distributions) of
$(6,241,178) (b) Includes undistributed net investment income/(excess
distributions) of $252,892,059 (c) Includes undistributed net investment
income/(excess distributions) of $(868,842) (d) Includes undistributed net
investment income/ (excess distributions) of $1,084,293 (e) Includes
undistributed net investment income/(excess distributions) of $(3,277,544) (f)
Includes undistributed net investment income/(excess distributions) of
$13,425,164.
+ Includes effect of portfolio transaction fee in the amounts of $4,310,168
and $3,912,648 for the periods ended March 31, 1998 and September 30, 1997,
respectively.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Semiannual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION GOVERNMENT SHORT
PLUS PORTFOLIO DURATION PORTFOLIO
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/98 ENDED ENDED 3/31/98 ENDED
(UNAUDITED) 9/30/97 (UNAUDITED) 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 15,636,766 $ 31,349,977 $ 3,706,440 $ 7,279,080
Net realized gain (loss) on investment
and futures transactions 700,749 3,036,827 200,184 34,364
Net realized gain (loss) on foreign
currency transactions 122,112 2,405,385 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (2,241,318) (1,454,162) (332,098) 525,741
Foreign currencies 387,982 (253,130) 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 14,606,291 35,084,897 3,574,526 7,839,185
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (19,884,583) (32,676,633) (3,706,440) (7,279,080)
Distributions from net realized gains 0 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total dividends and distributions
to shareholders (19,884,583) (32,676,633) (3,706,440) (7,279,080)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 89,701,409 251,630,940 28,420,790 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 6,922,901 11,982,008 1,533,597 3,198,539
------------- ------------- ------------- -------------
Total proceeds from shares sold 96,624,310 263,612,948 29,954,387 56,562,674
Cost of shares redeemed (111,824,861) (191,524,695) (34,732,304) (54,843,647)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions (15,200,551) 72,088,253 (4,777,917) 1,719,027
------------- ------------- ------------- ------------
Net increase (decrease) in net assets (20,478,843) 74,496,517 (4,909,831) 2,279,132
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period 612,744,257 538,247,740 142,081,270 139,802,138
------------- ------------- ------------- -------------
End of period $ 592,265,414 $ 612,744,257 $ 137,171,439 $ 142,081,270
============= ============= ============= =============
(g ) (h) (i) (i)
<CAPTION>
BERNSTEIN
DIVERSIFIED MUNICIPAL
PORTFOLIO
SIX MONTHS YEAR
ENDED 3/31/98 ENDED
(UNAUDITED) 9/30/97
- --------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 24,926,470 $ 42,797,943
Net realized gain (loss) on investment
and futures transactions 2,401,909 921,074
Net realized gain (loss) on foreign
currency transactions 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 4,495,924 21,574,271
Foreign currencies 0 0
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 31,824,303 65,293,288
-------------- --------------
Dividends and distributions to shareholders:
Dividends from net investment income (24,926,470) (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 (25,533,643) (43,585,138)
-------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 217,255,974 412,440,715
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 5,993,372 10,732,504
-------------- --------------
Total proceeds from shares sold 223,249,346 423,173,219
Cost of shares redeemed (91,441,072) (150,902,213)
-------------- --------------
Increase (decrease) in net assets from
capital-share transactions 131,808,274 272,271,006
-------------- --------------
Net increase (decrease) in net assets 138,098,934 293,979,156
NET ASSETS:
Beginning of period 1,114,374,465 820,395,309
-------------- --------------
End of period $1,252,473,399 $1,114,374,465
============== ==============
(j) (j)
</TABLE>
(g) Includes undistributed net investment income/(excess distributions) of
$(930,191) (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.
- --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
BERNSTEIN BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/98 ENDED ENDED 3/31/98 ENDED ENDED 3/31/98 ENDED
(UNAUDITED) 9/30/97 (UNAUDITED) 9/30/97 (UNAUDITED) 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ 8,921,691 $ 14,461,741 $ 15,219,837 $ 27,216,718 $ 2,805,783 $ 4,950,067
Net realized gain (loss) on investment
and futures transactions 670,026 672,821 953,966 1,118,095 136,650 373,938
Net realized gain (loss) on foreign
currency transactions 0 0 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 1,282,336 7,475,656 2,907,421 11,126,668 48,940 105,400
Foreign currencies 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 10,874,053 22,610,218 19,081,224 39,461,481 2,991,373 5,429,405
------------ ------------ ------------ ------------ ------------ ------------
Dividends and distributions to shareholders:
Dividends from net investment income (8,921,691) (14,461,741) (15,219,837) (27,216,718) (2,805,783) (4,950,067)
Distributions from net realized gains (233,401) 0 (346,570) 0 (430,886) (123,013)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------
Total dividends and distributions
to shareholders (9,155,092) (14,461,741) (15,566,407) (27,216,718) (3,236,669) (5,073,080)
------------ ------------ ------------ ------------ ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 102,375,662 179,166,284 130,488,585 211,956,842 57,242,934 124,984,043
Net proceeds from sales of shares
issued to shareholders on
reinvestment of dividends from net
investment income and distributions
from net realized gains 2,292,819 3,573,855 4,410,284 8,095,579 1,395,528 1,725,958
------------ ------------ ------------ ------------ ------------ ------------
Total proceeds from shares sold 104,668,481 182,740,139 134,898,869 220,052,421 58,638,462 126,710,001
Cost of shares redeemed (43,998,360) (65,262,022) (57,560,673) (99,813,691) (58,678,696) (94,340,876)
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets from
capital-share transactions 60,670,121 117,478,117 77,338,196 120,238,730 (40,234) 32,369,125
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets 62,389,082 125,626,594 80,853,013 132,483,493 (285,530) 32,725,450
NET ASSETS:
Beginning of period 411,384,429 285,757,835 671,700,231 539,216,738 151,821,412 119,095,962
------------ ------------ ------------ ------------ ------------ ------------
End of period $473,773,511 $411,384,429 $752,553,244 $671,700,231 $151,535,882 $151,821,412
============ ============ ============ ============ ============ ============
(k) (k) (l) (l) (m) (m)
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/98 ENDED ENDED 3/31/98 ENDED
(UNAUDITED) 9/30/97 (UNAUDITED) 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,451,545 $ 2,715,856 $ 1,483,891 $ 2,765,206
Net realized gain (loss) on investment
and futures transactions 20,829 40,413 25,541 95,685
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 31,572 133,566 (79,267) (167,004)
Foreign currencies 0 0 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 1,503,946 2,889,835 1,430,165 2,693,887
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (1,451,545) (2,715,856) (1,483,891) (2,765,206)
Distributions from net realized gains (40,712) (72,490) (90,423) (201,609)
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total dividends and distributions
to shareholders (1,492,257) (2,788,346) (1,574,314) (2,966,815)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 35,953,880 62,920,253 33,315,165 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 616,773 1,103,952 678,483 1,353,366
------------- ------------- ------------- -------------
Total proceeds from shares sold 36,570,653 64,024,205 33,993,648 61,758,047
Cost of shares redeemed (32,469,009) (50,740,111) (27,874,172) (44,093,590)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions 4,101,644 13,284,094 6,119,476 17,664,457
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 4,113,333 13,385,583 5,975,327 17,391,529
NET ASSETS:
Beginning of period 86,310,851 72,925,268 76,141,763 58,750,234
------------- ------------- ------------- -------------
End of period $ 90,424,184 $ 86,310,851 $ 82,117,090 $ 76,141,763
============= ============= ============= =============
(n) (n) (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 Semiannual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
SIX MONTHS
ENDED 3/31/98 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/97 9/30/96 9/30/95 9/30/94 9/30/93
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $20.92 $18.14 $16.08 $16.57 $15.39 $11.98
---------- ---------- ----------- ---------- -------- -------
Income from investment operations:
Investment income, net 0.02 0.26 0.23 0.18 0.19 0.05
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 1.90 3.73 2.26 0.07 1.13 3.54
---------- ---------- ----------- ---------- -------- -------
Total from investment operations 1.92 3.99 2.49 0.25 1.32 3.59
---------- ---------- ----------- ---------- -------- -------
Less distributions:
Dividends from taxable net investment income (1.11) (0.99) (0.10) (0.11) (0.02) (0.05)
Dividends from tax-exempt net
investment income 0 0 0 0 0 0
Distributions from net realized gains (0.71) (0.22) (0.33) (0.63) (0.12) (0.13)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 0
---------- ---------- ----------- ---------- -------- -------
Total distributions (1.82) (1.21) (0.43) (0.74) (0.14) (0.18)
---------- ---------- ----------- ---------- -------- -------
Portfolio transaction fee 0 0 0 0 0 0
---------- ---------- ----------- ---------- -------- -------
Net asset value, end of period $21.02 $20.92 $18.14 $16.08 $16.57 $15.39
========== ========== =========== ========== ======== =======
Total return 10.59% 23.25% 15.83% 1.84% 8.55% 30.45%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $5,656,929 $4,965,998 $ 3,131,258 $1,996,112 $1,343,266 $539,936
Average net assets (000 omitted) $4,928,524 $3,977,823 $ 2,569,586 $1,591,703 $ 948,563 $235,839
Ratio of expenses to average net assets 1.25%* 1.27% 1.31% 1.35% 1.39% 1.53%
Ratio of net investment income to average
net assets 0.22%* 1.37% 1.37% 1.17% 1.13% 1.27%
Portfolio turnover rate 16.43% 26.24% 21.89% 29.53% 23.78% 21.22%
</TABLE>
*Annualized
See Notes To Financial Statements.
- --------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN EMERGING BERNSTEIN
MARKETS VALUE INTERMEDIATE
PORTFOLIO DURATION PORTFOLIO
SIX MONTHS SIX MONTHS
ENDED 3/31/98 YEAR ENDED YEAR ENDED ENDED 3/31/98
(UNAUDITED) 9/30/97 9/30/96 (a) (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $22.54 $21.82 $20.00 $13.38
--------- ---------- ---------- ----------
Income from investment operations:
Investment income, net 0.01 0.14 0.18 0.35
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (4.49) 0.44 0.83 0.15
---------- ---------- ----------
Total from investment operations (4.48) 0.58 1.01 0.50
---------- ---------- ----------
Less distributions:
Dividends from taxable net investment income (0.11) (0.08) 0 (0.46)
Dividends from tax-exempt net
investment income 0 0 0 0
Distributions from net realized gains (0.61) (0.02) 0 (0.17)
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 (0.72) (0.10) 0 (0.63)
--------- ---------- ---------- ----------
Portfolio transaction fee 0.19 0.24 0.81 0
--------- ----------- ---------- ----------
Net asset value, end of period $17.53 $22.54 $21.82 $13.25
========= ============ ========== ==========
Total return (22.13)%+ (0.32)%+ 4.80%+ 3.75%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $521,081 $ 438,305 $ 273,924 $2,316,469
Average net assets (000 omitted) $399,649 $ 379,351 $ 165,362 $2,173,186
Ratio of expenses to average net assets 1.76%* 1.75% 1.92%* 0.61%*
Ratio of net investment income to average
net assets 0.09%* 0.58% 1.01%* 5.25%*
Portfolio turnover rate 10.14% 32.45% 9.81% 118.38%
<CAPTION>
BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95 9/30/94 9/30/93
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.08 $13.30 $12.54 $13.92 $13.82
--------- --------- --------- --------- ---------
Income from investment operations:
Investment income, net 0.75 0.80 0.78 0.68 0.76
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.35 (0.14) 0.77 (1.15) 0.68
--------- --------- --------- --------- ---------
Total from investment operations 1.10 0.66 1.55 (0.47) 1.44
--------- --------- --------- --------- ---------
Less distributions:
Dividends from taxable net investment income (0.80) (0.80) (0.76) (0.70) (0.76)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 (0.08) 0 (0.08) (0.58)
Distributions in excess of net investment
income due to timing differences 0 0 (0.03) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.13) 0
--------- --------- --------- --------- ---------
Total distributions (0.80) (0.88) (0.79) (0.91) (1.34)
--------- --------- --------- --------- ---------
Portfolio transaction fee 0 0 0 0 0
--------- --------- --------- --------- ---------
Net asset value, end of period $13.38 $13.08 $13.30 $12.54 $13.92
========= ========= ========= ========= =========
Total return 8.66% 5.05% 12.82% (3.54)% 11.30%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,058,220 $1,451,776 $1,142,768 $848,529 $693,772
Average net assets (000 omitted) $1,745,554 $1,310,208 $ 957,247 $764,519 $595,273
Ratio of expenses to average net assets 0.62% 0.63% 0.64% 0.65% 0.66%
Ratio of net investment income to average
net assets 5.61% 5.99% 6.11% 5.14% 5.59%
Portfolio turnover rate 238.04% 141.04% 212.40% 203.73% 60.77%
</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 March 31, 1998, September 30,
1997 and September 30, 1996, without taking account of these transaction
fees would have been (18.92)%, 3.79% and 9.10%, respectively.
*Annualized
(a) Commenced operations December 15, 1995
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Semiannual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN SHORT DURATION PLUS PORTFOLIO
SIX MONTHS
ENDED 3/31/98 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 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 0.32 0.67 0.69 0.70 0.55
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.02) 0.08 (0.01) 0.18 (0.40)
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.30 0.75 0.68 0.88 0.15
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.41) (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 0 0 (0.02) 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 (0.16)
----------- ----------- ----------- ----------- -----------
Total distributions (0.41) (0.70) (0.69) (0.71) (0.72)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $12.42 $12.53 $12.48 $12.49 $12.32
=========== =========== =========== =========== ===========
Total return 2.42% 6.21% 5.54% 7.36% 1.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 592,265 $ 612,744 $ 538,248 $ 534,462 $ 550,415
Average net assets (000 omitted) $ 605,978 $ 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 5.18%* 5.38% 5.47% 5.69% 4.30%
Portfolio turnover rate 41.00% 118.58% 169.96% 61.03% 285.80%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
SHORT DURATION
PLUS PORTFOLIO BERNSTEIN GOVERNMENT SHORT DURATION PORTFOLIO
SIX MONTHS
YEAR ENDED ENDED 3/31/98 YEAR ENDED YEAR ENDED YEAR ENDED
9/30/93 (UNAUDITED) 9/30/97 9/30/96 9/30/95
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.14 $12.53 $12.48 $12.55 $12.34
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.59 0.32 0.67 0.65 0.69
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.10 (0.01) 0.05 (0.07) 0.21
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.69 0.31 0.72 0.58 0.90
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.59) (0.32) (0.67) (0.65) (0.69)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains (0.35) 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
----------- ----------- ----------- ----------- -----------
Total distributions (0.94) (0.32) (0.67) (0.65) (0.69)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
---------- ----------- ----------- ----------- -----------
Net asset value, end of period $12.89 $12.52 $12.53 $12.48 $12.55
========== =========== =========== =========== ===========
Total return 5.49% 2.52% 5.88% 4.76% 7.55%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 508,959 $ 137,171 $ 142,081 $ 139,802 $ 143,723
Average net assets (000 omitted) $ 535,889 $ 144,093 $ 136,888 $ 145,268 $ 145,710
Ratio of expenses to average net assets 0.66% 0.70%* 0.69% 0.69% 0.69%
Ratio of net investment income to average
net assets 4.52% 5.16%* 5.32% 5.21% 5.58%
Portfolio turnover rate 112.87% 17.66% 80.11% 155.29% 49.34%
<CAPTION>
BERNSTEIN GOVERNMENT BERNSTEIN DIVERSIFIED
SHORT DURATION PORTFOLIO MUNICIPAL PORTFOLIO
SIX MONTHS
YEAR ENDED YEAR ENDED ENDED 3/31/98 YEAR ENDED
9/30/94 9/30/93 (UNAUDITED) 9/30/97
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.87 $13.14 $13.74 $13.44
----------- ----------- ------------- -------------
Income from investment operations:
Investment income, net 0.49 0.44 0.29 0.60
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.38) 0.20 0.08 0.31
----------- ----------- ------------- -------------
Total from investment operations 0.11 0.64 0.37 0.91
----------- ----------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02)
(0.49) (0.44)
Dividends from tax-exempt net
investment income 0 0 (0.28) (0.58)
Distributions from net realized gains 0 (0.47) (0.01) (0.01)
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 (0.15) 0 0 0
----------- ----------- ------------- -------------
Total distributions (0.64) (0.91) (0.30) (0.61)
----------- ----------- ------------- -------------
Portfolio transaction fee 0 0 0 0
----------- ----------- ------------- -------------
Net asset value, end of period $12.34 $12.87 $13.81 $13.74
=========== =========== ============= =============
Total return 0.85% 5.11% 2.70% 6.95%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 185,028 $ 212,531 $ 1,252,473 $ 1,114,374
Average net assets (000 omitted) $ 188,013 $ 239,462 $ 1,183,123 $ 965,455
Ratio of expenses to average net assets 0.68% 0.68% 0.64%* 0.65%
Ratio of net investment income to average
net assets 3.85% 3.40% 4.23%* 4.43%
Portfolio turnover rate 213.02% 130.40% 11.74% 24.65%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Semiannual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN
CALIFORNIA
MUNICIPAL
BERNSTEIN DIVERSIFIED MUNICIPAL PORTFOLIO PORTFOLIO
SIX MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED ENDED 3/31/98
9/30/96 9/30/95 9/30/94 9/30/93 (UNAUDITED)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.50 $12.99 $13.78 $13.40 $13.90
------------- ------------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.63 0.65 0.61 0.63 0.29
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) 0.51 (0.72) 0.49 0.07
------------- ------------- ----------- ----------- -----------
Total from investment operations 0.59 1.16 (0.11) 1.12 0.36
------------- ------------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02) (0.01) (0.01) (0.01)
Dividends from tax-exempt net
investment income (0.62) (0.63) (0.60) (0.62) (0.28)
Distributions from net realized gains (0.02) 0 (0.03) (0.11) (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 (0.04) 0 0
------------- ------------- ----------- ----------- -----------
Total distributions (0.65) (0.65) (0.68) (0.74) (0.30)
------------- ------------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
------------- ------------- ----------- ----------- -----------
Net asset value, end of period $13.44 $13.50 $12.99 $13.78 $13.96
============= ============= =========== =========== ===========
Total return 4.38% 9.16% (0.80)% 8.61% 2.56%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 820,395 $ 660,814 $ 552,134 $ 449,668 $ 473,774
Average net assets (000 omitted) $ 744,452 $ 572,769 $ 509,380 $ 375,576 $ 437,381
Ratio of expenses to average net assets 0.66% 0.66% 0.67% 0.69% 0.65%*
Ratio of net investment income to average
net assets 4.61% 4.89% 4.57% 4.64% 4.09%*
Portfolio turnover rate 25.22% 42.55% 34.45% 34.74% 11.05%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN CALIFORNIA MUNICIPAL PORTFOLIO
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95 9/30/94 9/30/93
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.58 $13.58 $13.06 $13.83 $13.38
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.59 0.61 0.64 0.61 0.60
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.32 0 0.52 (0.74) 0.52
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.91 0.61 1.16 (0.13) 1.12
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.03) (0.03) (0.05) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.56) (0.58) (0.59) (0.59) (0.58)
Distributions from net realized gains 0 0 0 0 (0.07)
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 (0.03) 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.59) (0.61) (0.64) (0.64) (0.67)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $13.90 $13.58 $13.58 $13.06 $13.83
=========== =========== =========== =========== ===========
Total return 6.82% 4.60% 9.11% (0.98)% 8.60%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 411,384 $ 285,758 $ 213,951 $ 192,993 $ 150,115
Average net assets (000 omitted) $ 339,514 $ 246,410 $ 185,990 $ 168,797 $ 116,301
Ratio of expenses to average net assets 0.67% 0.68% 0.69% 0.70% 0.73%
Ratio of net investment income to average
net assets 4.26% 4.48% 4.78% 4.51% 4.36%
Portfolio turnover rate 41.32% 23.87% 63.89% 24.55% 23.79%
<CAPTION>
BERNSTEIN NEW YORK MUNICIPAL PORTFOLIO
SIX MONTHS
ENDED 3/31/98 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/97 9/30/96 9/30/95
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.62 $13.35 $13.48 $12.98
----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.30 0.61 0.64 0.65
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.08 0.27 (0.07) 0.50
----------- ----------- ----------- -----------
Total from investment operations 0.38 0.88 0.57 1.15
----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.29) (0.60) (0.62) (0.63)
Distributions from net realized gains (0.01) 0 (0.06) 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 (0.31) (0.61) (0.70) (0.65)
----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0
----------- ----------- ----------- -----------
Net asset value, end of period $13.69 $13.62 $13.35 $13.48
=========== =========== =========== ===========
Total return 2.75% 6.73% 4.31% 9.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 752,553 $ 671,700 $ 539,217 $ 458,543
Average net assets (000 omitted) $ 707,258 $ 603,119 $ 497,391 $ 413,892
Ratio of expenses to average net assets 0.64%* 0.65% 0.66% 0.66%
Ratio of net investment income to average
net assets 4.32%* 4.51% 4.73% 4.95%
Portfolio turnover rate 10.93% 25.94% 26.19% 44.84%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Semiannual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN
BERNSTEIN NEW YORK SHORT DURATION
MUNICIPAL PORTFOLIO DIVERSIFIED MUNICIPAL
PORTFOLIO
SIX MONTHS
YEAR ENDED YEAR ENDED ENDED 3/31/98 YEAR ENDED YEAR ENDED
9/30/94 9/30/93 (UNAUDITED) 9/30/97 9/30/96
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.80 $13.47 $12.56 $12.52 $12.63
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.64 0.67 0.23 0.46 0.52
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.75) 0.46 0.01 0.05 (0.06)
----------- ----------- ----------- ----------- -----------
Total from investment operations (0.11) 1.13 0.24 0.51 0.46
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.02) (0.01) (0.01) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.62) (0.66) (0.22) (0.44) (0.50)
Distributions from net realized gains (0.03) (0.13) (0.03) (0.01) (0.05)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences (0.04) 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.71) (0.80) (0.26) (0.47) (0.57)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $12.98 $13.80 $12.54 $12.56 $12.52
=========== =========== =========== =========== ===========
Total return (0.81)% 8.68% 1.96% 4.17% 3.68%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 408,021 $ 336,101 $ 151,536 $ 151,821 $ 119,096
Average net assets (000 omitted) $ 381,144 $ 277,930 $ 154,157 $ 135,288 $ 105,467
Ratio of expenses to average net assets 0.67% 0.69% 0.71%* 0.72% 0.71%
Ratio of net investment income to average
net assets 4.78% 4.91% 3.65%* 3.66% 4.07%
Portfolio turnover rate 22.45% 34.58% 53.73% 68.25% 63.40%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL
PORTFOLIO PORTFOLIO
SIX MONTHS
YEAR ENDED ENDED 3/31/98 YEAR ENDED YEAR ENDED YEAR ENDED
9/30/95(b) (UNAUDITED) 9/30/97 9/30/96 9/30/95(b)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.50 $12.55 $12.53 $12.65 $12.50
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Investment income, net 0.55 0.21 0.45 0.50 0.53
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.13 0.02 0.03 (0.07) 0.15
----------- ----------- ----------- ----------- -----------
Total from investment operations 0.68 0.23 0.48 0.43 0.68
----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from taxable net investment income (0.04) (0.01) (0.04) (0.05) (0.06)
Dividends from tax-exempt net
investment income (0.51) (0.20) (0.41) (0.45) (0.47)
Distributions from net realized gains 0 (0.01) (0.01) (0.05) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Total distributions (0.55) (0.22) (0.46) (0.55) (0.53)
----------- ----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0 0
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $12.63 $12.56 $12.55 $12.53 $12.65
=========== =========== =========== =========== ===========
Total return 5.55% 1.84% 3.89% 3.50% 5.58%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 101,325 $ 90,424 $ 86,311 $ 72,925 $ 63,530
Average net assets (000 omitted) $ 85,893 $ 85,956 $ 76,339 $ 68,060 $ 49,944
Ratio of expenses to average net assets 0.72%* 0.72%* 0.74% 0.72% 0.73%*
Ratio of net investment income to average
net assets 4.32%* 3.39%* 3.56% 3.96% 4.12%*
Portfolio turnover rate 73.50% 24.15% 75.36% 60.76% 89.33%
<CAPTION>
BERNSTEIN
SHORT DURATION
NEW YORK MUNICIPAL
PORTFOLIO
SIX MONTHS
ENDED 3/31/98 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 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 0.23 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 0.22 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 (0.22) (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 (0.24) (0.54) (0.52) (0.54)
----------- ----------- ----------- -----------
Portfolio transaction fee 0 0 0 0
----------- ----------- ----------- -----------
Net asset value, end of period $12.45 $12.47 $12.52 $12.60
=========== =========== =========== ===========
Total return 1.85% 3.99% 3.53% 5.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 82,117 $ 76,142 $ 58,750 $ 55,221
Average net assets (000 omitted) $ 79,268 $ 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 3.75%* 3.97% 4.02% 4.23%*
Portfolio turnover rate 21.17% 98.01% 55.81% 112.15%
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1998 Semiannual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (Unaudited)
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed
open-end registered investment company, incorporated in
Maryland on May 4, 1988. The Fund is currently comprised of 11
series of shares (the "Portfolios"), each with its own
investment objectives. At March 31, 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.
B. Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars.
Prices of securities and other assets and liabilities denominated in
non-U.S. currencies are translated into U.S. dollars using the
exchange rate at 12:00 p.m. New York time. Amounts related to the
purchase and sales of securities, investment income and expenses are
translated at the rates of exchange prevailing on the respective
dates of such transactions.
Net realized gain on foreign currency transactions represents
net foreign exchange gains from the closure of forward
currency contracts, disposition of foreign currencies,
currency gains or losses realized between the trade and
settlement dates on security transactions and the difference
between the amount of dividends and foreign withholding taxes
recorded on the Fund's books and the U.S. dollar equivalent
amount actually received or paid. Net unrealized currency
gains and losses arising from valuing foreign currency
denominated assets and liabilities at the current exchange
rate are reflected as part of unrealized
appreciation/depreciation on investments and foreign
currencies.
The International Value Portfolio, Emerging Markets Value
Portfolio, Intermediate Duration Portfolio and Short Duration
Plus Portfolio invest in foreign securities and foreign
currency transactions that may involve risks not associated
with domestic investments as a result of the level of
governmental supervision and regulation of foreign securities
markets and the possibility of political or economic
instability, among others.
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the
date the buy or sell order is executed). Securities gains and
losses are calculated on the identified cost basis. Interest
income is recorded on the accrual basis and dividend income is
recorded on the ex-dividend date.
D. Futures Contracts
Upon entering into a futures contract, a Portfolio is required
by the Exchange to deposit cash or to pledge U.S. Government
securities with a broker in an amount (initial margin) equal
to a certain percentage of the purchase price indicated in the
futures contract. Subsequent payments, which are dependent on
the daily fluctuations in the market value of the underlying
index or security, are made or received by the Portfolio each
day (daily variation margin) or at other intervals as is
required. The aggregate of these payments or receipts through
the expiration of the futures contract is recorded for book
purposes as unrealized gains or losses by the Portfolio. If
the Portfolio enters into a closing transaction, it will
realize, for book purposes, a gain or loss equal to the
difference between the value of the futures contract at the
time it was opened or purchased and its value at the time it
was closed.
- -------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
E. Written Options
When a Portfolio writes an option, an amount equal to the
premium received by the Portfolio is recorded as an asset and
a corresponding liability. The amount of the liability is
adjusted daily to reflect the current market value of the
option. The current market value is based on the last sale
price on the exchange on which the option is principally
traded, or, in the absence of a last sale, the option is
priced at the mean between the bid and asked prices. When a
call option is exercised, a Portfolio realizes a gain or loss
on the underlying security, with the proceeds from the
security sale increased by the amount of the option premium
received. When a put option is exercised, the cost basis of
the security purchased by a Portfolio is reduced by the option
premium received.
F. Federal Income Taxes
Each of the 11 Portfolios of the Fund is treated as a separate
entity for federal income tax purposes. Each Portfolio intends
to continue to comply with the requirements of Subchapter M of
the Internal Revenue Code of 1986 as they apply to regulated
investment companies. By so complying, each Portfolio will not
be subject to federal income taxes to the extent that all of
its income is distributed.
G. Repurchase Agreements
Each Portfolio may enter into repurchase agreements with banks
or securities broker-dealers. It is the Fund's policy that its
custodian receives delivery of the securities collateralizing
repurchase agreements, the amount of which at the time of
purchase and each subsequent business day is required to be
maintained at such a level that the market value of the
collateral is equal to at least 100% of the repurchase price.
Repurchase agreements could involve certain risks in the event
of default or insolvency of the other party, including
possible delays or restrictions on the Portfolio's ability to
dispose of the underlying securities.
H. Securities Transactions on a When-Issued or Delayed-Delivery Basis
Any Portfolio of the Fund may purchase securities on a
when-issued basis or sell securities on a delayed-delivery
basis. At the time 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,
"excess distributions" are reflected in the accompanying
financial statements. Certain other differences--permanent
differences--arise because treatment of elements of income and
gains is different between book and tax accounting. Permanent
differences are reclassified to paid-in capital in the year
they arise.
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian,
transfer-agent and shareholder servicing and administration.
Other expenses are allocated among the Portfolios based on
respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the
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.
- -------------------------------------------------------------------------------
1998 Semiannual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
L. Use of Estimates
The preparation of financial statements in accordance with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on
purchases and redemptions. This fee is retained by the
Portfolio and is included in the financial statements as an
item of additional paid-in capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities
lending transactions. By lending its portfolio securities, a
Portfolio attempts to increase its income through the interest
earned on the loan. It is the policy of each Portfolio to
receive collateral consisting of cash or U.S. Government
securities in an amount at least equal to the value of the
securities loaned. The securities lending agent has agreed to
indemnify the Fund in the case of default of any securities
borrower. Collateral received and securities loaned are marked
to market daily to ensure collateral levels are maintained.
Cash collateral received is invested by the securities lending
agent pursuant to investment guidelines set forth by the Fund.
Collateral received is recorded as an asset as well as a
corresponding liability in the Statements of Assets and
Liabilities. The International Value Portfolio earned
$1,535,243 from securities lending transactions for the period
ended March 31, 1998. This amount is reflected in the
Statement of Operations as a component of interest income.
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.
- -------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
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 $52,740 for the period ended
March 31, 1998.
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1997 through March 31, 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 $1,007,714,037 0 $809,892,938 0
Emerging Markets Value 174,678,749 0 39,872,056 0
Intermediate Duration 2,211,747,175 $470,681,560 1,674,046,088 $808,923,399
Short Duration Plus 149,197,088 96,325,573 117,879,702 149,832,293
Government Short Duration 0 24,638,975 0 32,371,750
Diversified Municipal 245,633,493 0 123,949,544 9,101,443
California Municipal 109,981,752 0 43,773,030 3,092,133
New York Municipal 130,139,712 0 74,991,181 0
Short Duration Diversified
Municipal 85,381,757 10,885,703 61,744,200 19,980,921
Short Duration California
Municipal 31,325,984 0 19,043,142 0
Short Duration New York
Municipal 29,616,721 0 13,217,600 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 Fund's holdings of an
issuer represent 5% or more of the outstanding voting
securities of the issuer. A summary of the Fund's transactions
in the securities of these issuers for the period ended March
31, 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>
Magneti Marelli 14,676,478 0 $0 0 $0 14,676,478 $0 $0 $45,712,036
S.p.A. ORD
Magneti Marelli 2,267,500 0 0 0 0 2,267,500 0 0 6,888,324
--- --- --- --- -----------
S.p.A. RNC
$0 $0 $0 $0 $52,600,360
=== === === === ===========
</TABLE>
- -------------------------------------------------------------------------------
1998 Semiannual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
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 $11,374,821
Development
Israel Land 8,500 0 0 0 0 8,500 0 0 155,125
Development ADR
Jilin Chemical 40,300,000 15,800,000 $2,646,532 0 0 56,100,000 0 0 6,588,246
Industrial Co., Ltd.
Robinson's Land 57,108,500 0 0 0 0 57,108,500 0 0 3,697,024
Corp. - Series'B'
Shenzhen China 16,350,889 108,613 32,113 0 0 16,459,502 0 0 2,846,342
Bicycles Co., Ltd. ---------- --- --- --- -----------
$2,678,645 $0 $0 $0 $24,661,558
========== === === === ===========
</TABLE>
C. Federal Income Tax Status
At March 31, 1998, the Short Duration Plus Portfolio,
Government Short Duration Portfolio and Diversified Municipal
Portfolio had capital loss carryforwards as follows:
<TABLE>
<CAPTION>
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Short Duration Plus Portfolio $5,096,709 9/30/2003
Government Short Duration Portfolio 1,967,096 9/30/2003
Diversified Municipal Portfolio 34,001 9/30/2005
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Additionally, the Short Duration Plus Portfolio, Government
Short Duration Portfolio, Diversified Municipal Portfolio and
California Municipal Portfolio had post October loss deferrals
of $106,578; $10,499; $15,113; and $260,619, respectively. The
Emerging Markets Value Portfolio had post October FX loss
deferrals of $958,343. For tax purposes, these losses are
deemed to arise on October 1, 1997.
D. Foreign Currency Contracts
At March 31, 1998, the International Value Portfolio, Emerging
Markets Value Portfolio, Intermediate Duration Portfolio and
Short Duration Plus Portfolio had outstanding foreign currency
contracts to purchase and sell foreign currencies as follows:
FOREIGN CURRENCY BUY CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
<TABLE>
<CAPTION>
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 4/01/98 through 4/30/98
Deutschemarks $3,251,328 $3,244,032 0 $(7,296)
Japanese Yen 7,513,148 7,506,098 0 (7,050)
------------ ----------- ----------- --- ---------
Total $10,764,476 $10,750,130 0 $(14,346)
=========== =========== === =========
</TABLE>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
<TABLE>
<CAPTION>
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 6/1/98 through 6/30/98
Austrian Schillings $88,136,651 $87,262,144 $874,507 0
Australian Dollars 100,050,000 99,370,455 679,545 0
Deutschemarks 384,996,150 380,276,472 4,719,678 0
Finnish Markka 57,997,281 57,272,334 724,947 0
French Francs 163,778,702 162,124,321 1,654,381 0
Italian Lira 140,003,111 138,348,781 1,654,330 0
Japanese Yen 1,383,976,938 1,327,448,020 56,528,918 0
Singapore 43,942,993 45,624,967 0 $(1,681,974)
-------------- -------------- ----------- ------------
Total $2,362,881,826 $2,297,727,494 $66,836,306 $(1,681,974)
============== ============== =========== ============
</TABLE>
- ------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
FOREIGN CURRENCY BUY CONTRACTS--BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
<TABLE>
<CAPTION>
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 4/01/98 through 4/30/98
Argentine Peso $1,300,650 $1,300,214 0 $ (436)
South Korean Won 646,772 642,569 0 (4,203)
Turkish Lira 1,399,822 1,398,515 0 (1,307)
---------- ---------- ----------- -----------
Total $3,347,244 $3,341,298 0 $(5,946)
========== ========== =========== ===========
</TABLE>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
<TABLE>
<CAPTION>
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 4/01/98 through 4/30/98
Malaysian Ringitt $1,643,836 $1,643,836 0 0
---------- ---------- ---------- ----------
Total $1,643,836 $1,643,836 0 0
========== ========== ========== ==========
</TABLE>
FOREIGN CURRENCY BUY CONTRACT--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
<TABLE>
<CAPTION>
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATE VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 4/01/98 through 4/30/98
Deutschemarks $8,503,345 $8,323,709 0 $(179,636)
---------- ---------- --------- ----------
Total $8,503,345 $8,323,709 0 $(179,636)
========== ========== ========= ==========
</TABLE>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
<TABLE>
<CAPTION>
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 4/01/98 through 4/30/98
Deutschemarks $62,117,030 $60,898,917 $1,218,113 0
----------- ----------- ---------- ---------
Total $62,117,030 $60,898,917 $1,218,113 0
=========== =========== ========== =========
</TABLE>
FOREIGN CURRENCY BUY CONTRACT--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
<TABLE>
<CAPTION>
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATE VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 4/01/98 through 4/30/98
Deutschemarks $1,879,803 $1,840,092 0 $(39,711)
---------- ---------- --------- ---------
Total $1,879,803 $1,840,092 0 $(39,711)
========== ========== ========= =========
</TABLE>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
<TABLE>
<CAPTION>
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 4/01/98 through 4/30/98
Deutschemarks $14,697,764 $14,409,542 $288,222 0
----------- ----------- -------- ---------
Total $14,697,764 $14,409,542 $288,222 0
=========== =========== ======== =========
</TABLE>
- -------------------------------------------------------------------------------
1998 Semiannual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
NOTE 4. Concentration of Credit Risk
The two California Municipal Portfolios and the two New York
Municipal Portfolios invest primarily in securities issued by
the States of California and New York, respectively, and their
various political subdivisions, and the performance of each of
these Portfolios is closely tied to economic conditions within
the applicable State and the financial condition of that State
and its agencies and municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial
futures contracts. Financial futures contracts obligate the
buyer to take and the seller to make delivery at a future date
of a specified quantity of a financial instrument or an amount
of cash based on the value of a securities index or the market
value in U.S. dollars of a foreign currency. The contract
amounts reflect the extent of each Portfolio's involvement and
risk of loss in these financial instruments. A Portfolio's
participation in the futures markets involves certain risks,
including imperfect correlation between movements in the price
of the futures contracts and movements in the price of the
securities hedged or used for cover. The Fund's activities in
futures contracts are conducted through regulated exchanges
that do not result in counterparty credit risks.
Foreign currency contracts involve elements of market risk in
excess of the amount reflected in the Statements of Assets and
Liabilities. The Fund bears the risk of an unfavorable change
in the foreign exchange rate underlying the foreign currency
contract. In addition, the Fund could be exposed to risks if
the counterparties to the contracts are unable to meet the
terms of their contracts.
NOTE 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par
value $0.001 per share, of which, at March 31, 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 six months ended March 31, 1998, and the
year ended September 30, 1997 were as follows:
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE ENERGING MARKET VALUE INTERMEDIATE DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/98 9/30/97 ENDED 3/31/98 9/30/97 ENDED 3/31/98 9/30/97
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 29,924,264 76,579,608 11,473,706 7,748,663 29,941,279 62,200,789
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 23,304,425 11,725,832 833,801 63,046 3,239,062 1,985,098
Shares redeemed (21,427,256) (23,582,282) (2,032,500) (918,731) (12,120,898) (21,358,980)
----------- ----------- ---------- ---------- ------------ ------------
Net increase (decrease)
in shares outstanding 31,801,433 64,723,158 10,275,007 6,892,978 21,059,443 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 269,169,144 237,367,711 29,722,370 19,447,363 174,891,666 153,832,223
=========== =========== ========== ========== =========== ===========
</TABLE>
- ------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION PLUS GOVERNMENT SHORT DIVERSIFIED MUNICIPAL
PORTFOLIO DURATION PORTFOLIO PORTFOLIO
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/98 9/30/97 ENDED 3/31/98 9/30/97 ENDED 3/31/98 9/30/97
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 7,189,576 20,114,755 2,265,283 4,264,809 15,732,228 30,378,901
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 555,122 957,167 122,258 255,433 433,950 790,315
Shares redeemed (8,969,505) (15,307,647) (2,768,214) (4,381,871) (6,617,876) (11,115,453)
---------- ----------- ---------- ---------- ----------- ----------
Net increase (decrease)
in shares outstanding (1,224,807) 5,764,275 (380,673) 138,371 9,548,302 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 47,668,671 48,893,478 10,956,687 11,337,360 90,663,200 81,114,898
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/98 9/30/97 ENDED 3/31/98 9/30/97 ENDED 3/31/98 9/30/97
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 7,327,387 13,046,313 9,525,151 15,729,863 4,562,204 9,964,084
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 164,168 260,098 322,093 600,550 111,273 137,634
Shares redeemed (3,150,061) (4,762,980) (4,197,174) (7,417,377) (4,676,426) (7,527,905)
---------- ---------- ----------- ---------- ---------- ----------
Net increase (decrease)
in shares outstanding 4,341,494 8,543,431 5,650,070 8,913,036 (2,949) 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 33,931,670 29,590,176 54,959,500 49,309,430 12,087,020 12,089,969
========== ========== ========== ========== ========== ==========
</TABLE>
- ------------------------------------------------------------------------------
1998 Semiannual Report 35
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/98 9/30/97 ENDED 3/31/98 9/30/97
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 2,863,001 5,015,641 2,673,524 4,862,743
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 49,124 87,998 54,445 108,413
Shares redeemed (2,586,085) (4,047,977) (2,236,833) (3,559,396)
----------- ----------- ----------- -----------
Net increase (decrease)
in shares outstanding 326,040 1,055,662 491,136 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 7,201,256 6,875,216 6,596,724 6,105,588
=========== ========== =========== ==========
</TABLE>
- ------------------------------------------------------------------------------
36 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
- -------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
...............................................................................
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director,
Sanford C. Bernstein & Co.,Inc.
Andrew S. Adelson
Senior Vice President and Director
Senior Vice President, Chief Investment
Officer--International and Director,
Sanford C. Bernstein & Co., Inc.
Arthur Aeder
Director
Consultant
Peter L. Bernstein*
Director
President and Chief Executive Officer,
Peter L. Bernstein, Inc.
William Kristol
Director
Editor and Publisher, The Weekly Standard
Theodore Levitt
Director
Professor Emeritus of Business Administration,
Harvard University
Francis H. Trainer, Jr.
Senior Vice President
Senior Vice President, Director--
Fixed-Income Investments and Director,
Sanford C. Bernstein & Co., Inc.
Jean Margo Reid
Secretary
Vice President and General Counsel,
Sanford C. Bernstein & Co., Inc.
- -------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS
...............................................................................
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York 10036
- -------------------------------------------------------------------------------
LEGAL COUNSEL
...............................................................................
Shereff, Friedman, Hoffman & Goodman, LLP
919 Third Avenue
New York, New York 10022
- -------------------------------------------------------------------------------
CUSTODIAN AND TRANSFER AGENT
...............................................................................
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
- -------------------------------------------------------------------------------
INVESTMENT ADVISOR
...............................................................................
Sanford C. Bernstein & Co., Inc.
767 Fifth Avenue
New York, New York 10153
227 West Monroe Street
Chicago, Illinois 60606
300 Crescent Court
Dallas, Texas 75201
1999 Avenue of the Stars
Los Angeles, California 90067
555 California Street
San Francisco, California 94104
800 Connecticut Avenue, NW
Washington, DC 20006
Phillips Point--West Tower
777 South Flagler Drive
West Palm Beach, Florida 33401
*Not related to Zalman C. Bernstein, Chairman of the Executive Committee,
Sanford C. Bernstein & Co., Inc.
These financial statements are taken from the records of the Fund without
examination by independent public accountants who express no opinion thereon.
<PAGE>
Sanford C. Bernstein Fund, Inc.
767 Fifth Avenue, New York, New York 10153
(212) 756-4097
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 1998
Schedule of Investments
Taxable Bond Portfolios
-------------------------
Intermediate Duration
Short Duration Plus
Government Short Duration
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
March 31, 1998 (Unaudited)
- -----------------------------------------------------------------------------
Principal Amount Description Market Value*
- -----------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 108.56%
- -----------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (Note A, p. 6): 17.69%
- -----------------------------------------------------------------------------
Commercial Paper: 1.71%
39,524,000 Associates First Capital Corp., $ 39,524,000
04/01/1998
-------------
Total Commercial Paper (Cost $39,524,000) 39,524,000
-------------
U.S. Treasury Bills: 15.98%
81,675,000 11/12/1998 (Note B, p. 6) 79,081,819
168,325,000 12/10/1998 162,339,194
135,290,000 03/04/1999 128,830,985
-------------
Total U.S. Treasury Bills (Cost $369,999,533) 370,251,998
-------------
Total Short-Term Investments
(Cost $409,523,533) 409,775,998
-------------
- -----------------------------------------------------------------------------
U.S. TREASURY NOTES: 3.00%
- -----------------------------------------------------------------------------
17,080,000 5.00%, 02/15/1999 16,999,946
52,350,000 5.625%, 11/30/1999 52,382,771
(Note C, p. 6)
-----------
Total U.S. Treasury Notes (Cost $69,442,181) 69,382,717
-----------
- -----------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITIES: 17.28%
- -----------------------------------------------------------------------------
191,571,235 3.625%, 07/15/2002 (Note D, p. 6) 189,775,447
199,387,305 3.375%, 01/15/2007 193,405,886
(Notes E, F & G, p. 6)
17,298,805 3.625%, 01/15/2008 17,104,193
(Notes H & I, p. 6)
-----------
Total U.S. Treasury Inflation Protection
Securities (Cost $403,999,874) 400,285,526
-----------
- -----------------------------------------------------------------------------
U.S. TREASURY BONDS: 3.84%
- -----------------------------------------------------------------------------
14,330,000 8.875%, 08/15/2017 18,996,221
21,780,000 6.50%, 11/15/2026 23,236,559
43,115,000 6.625%, 02/15/2027 46,779,818
-----------
Total U.S. Treasury Bonds (Cost $86,371,429) 89,012,598
-----------
- -----------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 12.49%
- -----------------------------------------------------------------------------
4,866,744 Allied Capital Commercial Mortgage 4,826,112
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 05/25/2003
(Note I, p. 6)
11,300,000 CTFS Funding Corp. Series 1997-1 11,499,162
Class A2, Rule 144A,
6.716%, 12/19/2004
(Note I, p. 6)
9,315,000 Morgan Stanley Capital I Series 9,443,417
1997-LB1 Class A2, Rule 144A,
6.86%, 07/15/2005 (Note I, p. 6)
11,614,812 Chase Commercial Mortgage 12,211,175
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
9,530,472 Chase Commercial Mortgage 9,823,105
Securities Corp. Series 1996-2
Class A2, 6.90%, 09/19/2006
9,035,000 Credit Suisse First Boston 9,099,266
Mortgage Securities Corp.
Series 1997-C2 Class A2,
6.52%, 07/17/2007 (Note I, p. 6)
15,340,000 Federal National Mortgage 15,765,240
Association Series 1997-M5 Class C,
6.74%, 08/25/2007 (Note I, p. 6)
17,150,000 Deutsche Mortgage & Asset 17,405,933
Receiving Corp. Series 1998-C1
Class B, 6.664%, 02/15/2008
12,000,000 Fairfax Funding Trust Series 12,064,920
1998-1A Class A, Rule 144A,
6.483%, 04/02/2013 (Note I, p. 6)
7,335,057 Federal National Mortgage 7,574,680
Association Series 1993-215 Class H,
9.00%, 08/25/2017
10,382,804 Federal National Mortgage 10,525,909
Association Remic Trust Series
1992-10 Class ZA, 8.00%, 09/25/2018
9,379,056 Federal National Mortgage 9,472,143
Association Remic Trust Series
1996-49 Class BA, 7.00%, 08/25/2020
3,375,000 FMAC Loan Receivables Trust Series 3,369,968
1998-A Class A1, 6.20%, 09/15/2020
(Note I, p. 6)
5,000,000 FMAC Loan Receivables Trust Series 5,011,135
1998-A Class A2, 6.50%, 09/15/2020
(Note I, p. 6)
3,260,000 FMAC Loan Receivables Trust Series 3,286,924
1998-A Class A3, 6.69%, 09/15/2020
(Note I, p. 6)
6,890,000 Federal National Mortgage 6,850,665
Association Series 1998-M2 Class B,
6.247%, 03/17/2021 (Note I, p. 6)
4,700,000 G.E. Capital Mortgage Services, 4,388,601
Inc. Series 1993-10 Class A15,
6.50%, 09/25/2023
1,545,134 G.E. Capital Mortgage Services, 1,548,062
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
2,835,000 Federal National Mortgage 3,045,900
Association Series 1994-G6 Class PY,
7.75%, 05/17/2024
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
1,911,619 Prudential Home Mortgage $ 1,942,861
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
10,328 Residential Funding Mortgage Inc., 10,363
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
2,307,000 Citicorp Mortgage Securities, Inc. 2,151,727
Series 1994-11 Class A9,
6.25%, 08/25/2024
4,056,390 Ryland Mortgage Securities Corp. 4,090,849
Series 1993-4 Class A2,
7.50%, 08/25/2024
1,814,072 Asset Securitization Corp. 1,842,961
Series 1996-D3 Class A1A,
7.01%, 10/13/2026
10,015,000 Merrill Lynch Mortgage Investors, 9,801,971
Inc. Series 1998-C1 Class B,
6.75%, 11/15/2026 (Note I, p. 6)
10,347,975 J.P. Morgan Commercial Mortgage 10,489,845
Finance Corp. Series 1996-C2
Class A, 6.47%, 11/25/2027
6,105,000 RMF Commercial Series 1995-1 6,176,685
Class A2, 7.10%, 11/28/2027
(Note I, p. 6)
11,500,000 DLJ Mortgage Acceptance Corp. 11,774,884
Series 1995-CF2 Class A1B,
Rule 144A, 6.85%, 12/17/2027
(Note I, p. 6)
7,900,000 DLJ Mortgage Acceptance Corp. 8,405,687
Series 1996-CF1 Class A2,
7.668%, 03/13/2028 (Note I, p. 6)
13,605,000 Nomura Asset Securities Corp. 13,821,830
Series 1998-D6 Class A2,
6.769%, 03/17/2028
3,867,026 Asset Securitization Corp. 4,031,731
Series 1997-MD7 Class A1A,
7.32%, 01/13/2030 (Note I, p. 6)
14,600,000 J.P. Morgan Commercial Mortgage 14,708,887
Finance Corp. Series 1998-C6
Class B, 6.735%, 01/15/2030
(Note I, p. 6)
10,380,811 Morgan Stanley Capital I 10,549,894
Series 1997-XL1 Class A1,
6.59%, 10/03/2030 (Note I, p. 6)
12,435,000 Lehman Large Loan Series 1997-LLI 12,781,302
Class A2, 6.84%, 10/12/2034
(Note I, p. 6)
12,247,995 Credit Suisse First Boston 12,405,125
Mortgage Securities Corp.
Series 1997-C2 Class A1,
6.40%, 01/17/2035 (Note I, p. 6)
6,984,974 Federal National Mortgage 7,158,201
Association Series 1997-M2 Class Z,
7.35%, 01/17/2037 (Note I, p. 6)
------------
Total Mortgage Derivatives
(Cost $287,314,958) 289,357,120
------------
- -----------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 26.79%
- -----------------------------------------------------------------------------
1,442,144 Federal National Mortgage 1,508,068
Association DUS Pool #073565,
7.31%, 07/01/2003 (Note I, p. 6)
1,497,847 Federal National Mortgage 1,562,059
Association DUS Pool #073712,
7.235%, 10/01/2003 (Note I, p. 6)
1,964,401 Federal Home Loan Mortgage Corp. 2,010,761
Pool #W20002, 6.775%, 11/01/2003
(Note I, p. 6)
1,967,600 Federal National Mortgage 2,041,551
Association DUS Pool #073733,
7.06%, 11/01/2003 (Note I, p. 6)
1,538,156 Federal National Mortgage 1,582,258
Association DUS Pool #073789,
6.85%, 12/01/2003 (Note I, p. 6)
1,904,755 Federal National Mortgage 1,983,617
Association DUS Pool #073798,
6.94%, 12/01/2006 (Note I, p. 6)
2,700,230 Federal National Mortgage 2,829,995
Association DUS Pool #073980,
7.04%, 03/01/2007 (Note I, p. 6)
25,235,870 Federal National Mortgage 26,274,150
Association DUS Pool #313709,
6.907%, 06/01/2007 (Note I, p. 6)
11,686,655 Federal National Mortgage 12,206,162
Association DUS Pool #313543,
6.98%, 06/01/2007 (Note I, p. 6)
19,307,310 Federal National Mortgage 20,231,184
Association Mega DUS Pool #313672,
7.033%, 06/01/2007 (Note I, p. 6)
20,785,000 Federal National Mortgage 20,051,040
Association 15 Year TBA,
6.00%, 04/16/2013 (Note J, p. 6)
1,917,661 Federal National Mortgage 2,201,609
Association DUS Pool #303305,
12.00%, 05/01/2016
246,209 Federal Home Loan Mortgage Corp. 257,134
Pool #293246, 8.50%, 05/01/2017
5,869,400 Government National Mortgage 6,436,560
Association Pool #267832,
9.50%, 11/15/2017
1,871,546 Federal Home Loan Mortgage Corp. 1,958,330
Pool #304272, 8.50%, 06/01/2018
3,213,996 Government National Mortgage 3,476,902
Association Pool #312952,
9.00%, 08/15/2021
4,215,004 Government National Mortgage 4,606,198
Association Pool #780118,
9.50%, 08/15/2021
5,438,014 Government National Mortgage 5,942,717
Association Pool #780049,
9.50%, 11/15/2021
5,240,566 Government National Mortgage 5,726,943
Association Pool #780254,
9.50%, 11/15/2021
2 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
4,039,801 Federal Home Loan Mortgage Corp. $ 4,344,806
Gold Pool #G00391,
9.00%, 06/01/2022
4,330,150 Government National Mortgage 4,490,193
Association Pool #392349,
8.00%, 07/15/2024
4,070,575 Government National Mortgage 4,436,235
Association Pool #780012,
9.50%, 10/15/2024
55,458 Federal Home Loan Mortgage Corp. 58,751
Gold Pool #C80286,
9.00%, 03/01/2025
24,108 Federal Home Loan Mortgage Corp. 25,539
Gold Pool #D59810, 9.00%, 04/01/2025
209 Federal Home Loan Mortgage Corp. 219
Pool #C80297, 8.50%, 05/01/2025
25,552 Federal Home Loan Mortgage Corp. 27,069
Gold Pool #G00350,
9.00%, 05/01/2025
5,259,192 Government National Mortgage 5,400,717
Association Pool #409928,
7.50%, 08/15/2025
2,517,227 Government National Mortgage 2,584,965
Association Pool #410088,
7.50%, 08/15/2025
4,721,564 Government National Mortgage 4,848,622
Association Pool #409946,
7.50%, 09/15/2025
6,773,906 Government National Mortgage 6,956,191
Association Pool #413123,
7.50%, 09/15/2025
5,797,398 Government National Mortgage 5,953,406
Association Pool #387136,
7.50%, 11/15/2025
3,053,526 Government National Mortgage 3,135,697
Association Pool #418352,
7.50%, 11/15/2025
6,685,367 Government National Mortgage 6,865,270
Association Pool #419244,
7.50%, 11/15/2025
6,857,848 Government National Mortgage 7,043,215
Association Pool #417275,
7.50%, 02/15/2026
19,208,771 Government National Mortgage 19,727,984
Association Pool #412603,
7.50%, 05/15/2026
1,701,306 Government National Mortgage 1,747,292
Association Pool #423798,
7.50%, 05/15/2026
4,157,217 Government National Mortgage 4,269,587
Association Pool #398717,
7.50%, 06/15/2026
5,243,534 Government National Mortgage 5,385,267
Association Pool #422926,
7.50%, 06/15/2026
9,019,157 Government National Mortgage 9,262,945
Association Pool #423876,
7.50%, 07/15/2026
12,793,779 Government National Mortgage 13,139,595
Association Pool #423906,
7.50%, 07/15/2026
87,025 Government National Mortgage 91,964
Association Pool #442121,
8.50%, 11/15/2026
864,825 Government National Mortgage 888,089
Association Pool #433505,
7.50%, 04/15/2027
4,971,065 Federal Home Loan Mortgage Corp. 5,098,125
Gold Pool #C00563, 7.50%, 11/01/2027
4,381,734 Federal Home Loan Mortgage Corp. 4,493,731
Gold Pool #D83799, 7.50%, 11/01/2027
5,385,270 Federal Home Loan Mortgage Corp. 5,522,918
Pool #D84270, 7.50%, 12/01/2027
4,971,710 Government National Mortgage 5,105,449
Association Pool #451150,
7.50%, 12/15/2027
5,805,851 Government National Mortgage 5,961,564
Association Pool #449500,
7.50%, 01/15/2028
6,764,414 Government National Mortgage 6,945,835
Association Pool #458760,
7.50%, 01/15/2028
19,715,149 Government National Mortgage 20,243,909
Association Pool #462482,
7.50%, 01/15/2028
19,966,840 Government National Mortgage 20,502,351
Association Pool #462493,
7.50%, 01/15/2028
82,970,000 Federal National Mortgage 80,383,825
Association TBA,
6.00%, 04/13/2028 (Note J, p. 6)
72,240,000 Federal National Mortgage 71,517,600
Association Pool TBA,
6.50%, 04/13/2028 (Note J, p. 6)
31,240,000 Government National Mortgage 31,581,703
Association Pool TBA,
7.00%, 04/13/2028 (Note J, p. 6)
131,155,000 Federal National Mortgage 129,720,558
Association Pool TBA,
6.50%, 05/13/2028 (Note J, p. 6)
------------
Total Mortgage Pass-Throughs
(Cost $616,521,825) 620,648,424
------------
- -----------------------------------------------------------------------------
FINANCE: 8.56%
- -----------------------------------------------------------------------------
9,640,000 Associates Corp. of North America 9,647,905
Senior Notes, 6.625%, 05/15/1998
1,605,000 Lehman Brothers Inc. Senior 1,669,954
Subordinated Notes,
10.00%, 05/15/1999
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
7,570,000 Capital One Bank Senior Notes, $ 7,607,169
6.83%, 05/17/1999
11,380,000 Taubman Realty Group, 11,546,034
8.00%, 06/15/1999
5,165,000 Associates Corp. of North America 5,243,043
Notes, 7.25%, 09/01/1999
2,270,000 Lehman Brothers Holdings, Inc. 2,299,006
Medium-Term Notes,
7.11%, 09/27/1999
5,725,000 Lehman Brothers Inc. Medium-Term 5,777,475
Notes, 6.84%, 10/07/1999
9,390,000 CP Limited Partnership Senior 9,591,228
Notes, 8.75%, 03/02/2000
7,470,000 Salomon Inc. Medium-Term Notes, 7,569,575
6.625%, 11/30/2000
10,545,000 Trinet Corp. Realty Trust, 10,514,029
6.75%, 03/01/2003 (Note I, p. 6)
5,000,000 Beverly Finance Corp., Rule 144A, 5,416,500
8.36%, 07/15/2004
21,240,000 Korea Development Bank, Global 19,252,786
Bond, U.S. Dollar Denominated Note,
7.25%, 05/15/2006
10,325,000 Paine Webber Group, Inc. 10,780,797
Medium-Term Notes,
7.605%, 07/17/2017
6,455,000 EOP Operating LP, Rule 144A, 6,440,670
7.25%, 02/15/2018
6,340,000 Transamerica Capital II, Rule 144A, 6,580,603
7.65%, 12/01/2026
8,930,000 AON Capital Trust A, 10,143,141
8.205%, 01/01/2027
21,785,000 Southtrust Bank North America, 21,340,390
6.125%, 01/09/2028 (Note I, p. 6)
22,405,000 Ameritech Capital Funding Corp., 21,914,330
6.55%, 01/15/2028
7,000,000 Travelers Capital III, 7,413,980
7.625%, 12/01/2036
13,415,000 Associates Corp. of North America 13,505,954
Notes, 5.96%, 05/15/2037, Putable
Annually 05/15/1999-05/15/2036 @100
3,795,000 Transamerica Capital III, 3,938,413
Rule 144A, 7.625%, 11/15/2037
------------
Total Finance (Cost $199,336,045) 198,192,982
------------
- -----------------------------------------------------------------------------
INDUSTRIAL: 12.66%
- -----------------------------------------------------------------------------
3,813,000 Unisys Corp. Senior Notes, 3,879,727
10.625%, 10/01/1999
2,860,000 News America Holdings Inc., 2,933,044
7.50%, 03/01/2000
7,140,000 Boise Cascade Corp., 7,568,043
9.90%, 03/15/2000
9,450,000 Owens Corning Medium-Term Notes, 9,595,152
7.00%, 05/15/2000
8,290,000 Meditrust Notes, 8,449,334
7.375%, 07/15/2000
8,255,000 B.A.T. Crave Trust Series 8,313,520
1997-800, Rule 144A,
6.68%, 08/12/2000 (Note I, p. 6)
1,000,000 Century Communications Corp., 1,050,000
9.50%, 08/15/2000
10,500,000 Medpartners Inc. Senior 10,116,225
Subordinated Notes,
6.875%, 09/01/2000
4,315,000 Federated Department Stores 4,747,320
Senior Notes, 10.00%, 02/15/2001
4,005,000 RJR Nabisco Inc., 4,095,353
8.00%, 07/15/2001
13,060,000 Philip Morris Inc., 13,414,318
7.25%, 09/15/2001
3,155,000 Fleming Companies Inc. 3,383,737
Senior Notes, 10.625%, 12/15/2001
4,115,000 RJR Nabisco Inc., 4,378,072
8.625%, 12/01/2002
4,920,000 Kaufman & Broad Home Corp. 4,920,000
Senior Notes, 7.75%, 10/15/2004
1,940,000 Unisys Corp. Senior Notes, 2,252,825
11.75%, 10/15/2004
2,805,000 Continental Homes Holding Corp., 3,053,944
10.00%, 04/15/2006
3,525,000 GCB Qwest Communications 2,595,281
International Inc. Senior Discount
Notes, 9.47%, 10/15/2007
2,050,000 MDC Holdings Inc., 2,075,625
8.375%, 02/01/2008
3,640,000 Standard Pacific Corp., Rule 144A, 3,630,900
8.00%, 02/15/2008
1,935,000 Conmed Corp., Rule 144A, 1,968,862
9.00%, 03/15/2008
3,150,000 Interface Inc. Senior Notes, 3,149,811
7.30%, 04/01/2008
1,240,000 Pool Energy Services Co. Senior 1,249,300
Subordinated Notes, Rule 144A,
8.625%, 04/01/2008
2,225,000 Beazer Homes USA Senior Notes, 2,233,344
Rule 144A, 8.875%,
04/01/2008
5,755,000 Jones Intercable Inc. Senior Notes, 5,671,898
7.625%, 04/15/2008
3,865,000 CSC Holdings Inc., 3,836,012
7.875%, 02/15/2018
2,000,000 Auburn Hills Trust-Chrysler, 3,186,240
Credit Sensitive Notes,
12.00%, 05/01/2020
6,160,000 Motorola, Inc. Debentures, 6,363,958
6.50%, 09/01/2025,
Putable 09/01/2005 @100
14,945,000 Ford Motor Co., 16,052,126
7.50%, 08/01/2026
16,000,000 Dayton Hudson Corp., 16,059,200
5.865%, 08/15/2027, Putable Annually
08/15/1999-08/15/2026 @100
4 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
6,265,000 Sherwin Williams Medium-Term $ 6,263,998
Notes, 5.50%, 10/15/2027
5,860,000 Archer Daniels Midland Co., 5,934,715
6.75%, 12/15/2027
11,220,000 Anheuser Busch Companies Inc., 10,986,826
6.50%, 01/01/2028 (Note I, p. 6)
19,990,000 International Business Machines 19,499,445
Corp., 6.50%, 01/15/2028
11,150,000 TRW Inc. Senior Notes, 10,852,853
6.65%, 01/15/2028
7,925,000 Ingersoll Rand Medium-Term Notes, 7,947,769
6.015%, 02/15/2028 (Note I, p. 6)
5,215,000 Ford Motor Co., 6.625%, 02/15/2028 5,046,764
17,295,000 Merck & Co. Medium-Term Notes 17,623,951
Series B, 5.76%, 05/03/2037
14,125,000 Cargill Inc. Medium-Term Notes, 14,208,761
Rule 144A, 5.95%, 05/15/2037,
Putable Annually
05/15/1999-05/15/2036 @100
6,060,000 Dayton Hudson Corp., 6,063,939
5.895%, 06/15/2037, Putable Annually
06/15/1999-06/15/2036 @100
17,750,000 Xerox Corp. Medium-Term Notes, 17,780,530
5.545%, 07/22/2037, Putable Annually
07/22/1999-07/22/2036 @100
5,840,000 American General Institutional 6,008,326
Capital Series A, Rule 144A,
7.57%, 12/01/2045
4,425,000 American General Institutional 4,882,987
Capital Series B, Rule 144A,
8.125%, 03/15/2046
------------
Total Industrial (Cost $291,933,443) 293,324,035
------------
- -----------------------------------------------------------------------------
UTILITIES: 1.11%
- -----------------------------------------------------------------------------
8,310,000 Commonwealth Edison Co., 8,632,511
9.05%, 10/15/1999
10,680,000 Niagara Mohawk Power Corp., 10,713,856
6.875%, 03/01/2001
5,350,000 New Jersey Bell Telephone Co. 6,264,743
Debentures, 7.85%, 11/15/2029,
Putable 11/15/1999 @100
------------
Total Utilities (Cost $24,957,576) 25,611,110
------------
- -----------------------------------------------------------------------------
TAXABLE MUNICIPALS: 1.63%
- -----------------------------------------------------------------------------
2,075,000 New York State Job Development 2,079,212
Authority Series B, 6.19%, 03/01/1999
3,880,000 New York City General Obligation 3,899,128
Series E, 6.35%, 08/01/1999
12,000,000 New York City General Obligation 12,175,920
Series B, 6.85%, 08/15/2000
19,130,000 Florida Residential Property & 19,673,675
Casualty Series A, Rule 144A,
7.25%, 07/01/2002
------------
Total Taxable Municipals (Cost $37,303,407) 37,827,935
------------
- -----------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 3.51%
- -----------------------------------------------------------------------------
2,650,000 Health Care Receivables, 2,648,521
Securitization Program Notes
Series 1997-1A Class A, Rule 144A,
6.339%, 07/01/2000
(Note I, p. 6)
4,200,000 Health Care Receivables, 4,254,264
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note I, p. 6)
3,270,000 The Money Store Auto Trust Series 3,299,871
1996-2, 6.435%, 06/20/2003
1,806,371 Newcourt Receivables Asset Trust 1,814,780
Series 1996-2, Asset Backed Note
Class A, 6.87%, 06/20/2004
3,845,890 Copelco Capital Funding Corp. II, 3,897,656
Class A Lease-Backed Notes Series
1996-A, 6.34%, 07/20/2004
2,601,033 Copelco Capital Funding Corp. II, 2,614,052
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
15,974,155 Capital Asset Research Funding, 15,976,583
Rule 144A, 6.40%, 12/15/2004
(Note I, p. 6)
1,889,323 Newcourt Receivables Asset Trust 1,888,426
Series 1996-3, Asset Backed Note
Class A, 6.24%, 12/20/2004
11,325,000 Newcourt Receivables Asset Trust 11,397,084
Series 1997-1, Asset Backed Note,
Class A4, 6.193%, 05/20/2005
11,159,549 New York City Tax Lien Trust 11,191,800
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note I, p. 6)
729,648 New York City Tax Lien Trust 731,296
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note I, p. 6)
1,535,690 Green Tree Financial Corp. 1,532,373
Series 1996-A, Class A2,
5.70%, 02/15/2018
20,120,000 Green Tree Recreational, Equipment 20,090,343
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
(Note I, p. 6)
-------------
Total Asset-Backed Securities
(Cost $81,118,848) 81,337,049
-------------
Total U.S. Dollar Investments
(Cost $2,507,823,119) 2,514,755,494
-------------
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 3.05%
- -----------------------------------------------------------------------------
GOVERNMENT-CANADIAN DOLLAR DENOMINATED
(Note K, below): 0.97%
- -----------------------------------------------------------------------------
C$ 33,285,000
Canadian Government Treasury Bill, 22,617,981
02/04/1999
------------
Total Government-Canadian Dollar
Denominated (Cost $22,239,271) 22,617,981
------------
- -----------------------------------------------------------------------------
GOVERNMENT-DEUTSCHEMARK DENOMINATED: 2.08%
- -----------------------------------------------------------------------------
DM 57,485,000
German Unity Fund, 34,881,682
8.00%, 01/21/2002
DM 22,515,000
Deutschland Republic, 13,245,693
6.50%, 07/15/2003
------------
Total Government-Deutschemark Denominated
(Cost $58,021,259) 48,127,375
------------
Total Non-U.S. Dollar Investments
(Cost $80,260,530) 70,745,356
------------
- -----------------------------------------------------------------------------
INVESTMENT SUMMARY
- -----------------------------------------------------------------------------
Total Investments (Cost $2,588,083,649) 111.61% $2,585,500,850
(Note L, below)
Cash and Other Assets, Less Liabilities (11.61) (269,031,835)
------- --------------
Net Assets (Equivalent to $13.25
per share based on 174,891,666
shares of capital stock outstanding) 100.00% $2,316,469,015
======= ==============
- -----------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- -----------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Quantity Description Amount (Depreciation)
- ------------------------------------------------------------------------------
200 Australian 3 Year Bond $ 15,586,224 $ 117,680
June 1998
700 German 5 Year Bond 99,468,234 (53,522)
June 1998
--------------
Total Long Futures Contracts $ 64,158
--------------
- -----------------------------------------------------------------------------
FOREIGN CURRENCIES
- -----------------------------------------------------------------------------
Quantity Description Market Value
- -----------------------------------------------------------------------------
1,373,404 Australian Dollar $ 908,301
8,827,611 British Pound 14,777,409
5,015 Canadian Dollar 3,540
6,992,164 Deutschemark 3,780,468
10,778,205 Italian Lira 5,912
------------
Total Foreign Currencies $ 19,475,630
------------
- -----------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1998, was purchased at a rate of
6.02%. U.S. Treasury Bills owned at March 31, 1998, were purchased at an
average rate of 5.19%.
(B) $66,000,000 principal amount segregated as collateral for when-issued
securities
(C) $52,350,000 principal amount segregated as collateral for when-issued
securities
(D) $189,870,000 principal amount segregated as collateral for when-issued
securities
(E) $1,650,000 principal amount pledged as collateral for futures
transactions
(F) $140,000,000 principal amount segregated as collateral for futures
transactions
(G) $57,350,000 principal amount segregated as collateral for when-issued
securities
(H) $17,000,000 principal amount segregated as collateral for when-issued
securities
(I) Fair-valued security
(J) When-issued security
(K) Canadian Treasury Bills owned at March 31, 1998, were purchased at an
average rate of 5.01%.
(L) At March 31, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Plus Portfolio
March 31, 1998 (Unaudited)
- -----------------------------------------------------------------------------
Principal Amount Description Market Value*
- -----------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 96.30%
- -----------------------------------------------------------------------------
U.S. TREASURY NOTES: 49.97%
- -----------------------------------------------------------------------------
11,410,000 5.625%, 11/30/1998 $ 11,420,703
62,500,000 5.875%, 01/31/1999 62,675,813
38,300,000 6.375%, 04/30/1999 38,635,163
86,280,000 6.25%, 05/31/1999 86,927,185
59,215,000 5.625%, 10/31/1999 59,233,534
36,915,000 5.875%, 11/15/1999 37,072,996
------------
Total U.S. Treasury Notes (Cost $295,062,657) 295,965,394
------------
- -----------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 15.38%
- -----------------------------------------------------------------------------
91,946,525 3.625%, 07/15/2002 91,084,618
(Notes A, B, C & D, p. 9) ------------
Total U.S. Treasury Inflation Protection
Security (Cost $91,951,618) 91,084,618
------------
- -----------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 10.17%
- -----------------------------------------------------------------------------
3,797,100 Morgan Stanley Capital Inc. Series 3,800,727
1997-ALIC Class A1A,
6.30%, 10/15/2000 (Note E, p. 9)
2,700,000 Morgan Stanley Capital Inc. Series 2,716,899
1997-ALIC Class A1B,
6.44%, 11/15/2002 (Note E, p. 9)
1,402,084 Allied Capital Commercial Mortgage 1,390,378
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 05/25/2003
(Note E, p. 9)
2,952,952 First Union Lehman Brothers 3,053,781
Commercial Mortgage Series
1997-C1 Class A1, 7.15%, 02/18/2004
3,115,000 LB Commercial Conduit Mortgage 3,128,532
Trust Series 1998-C1
Class A1, 6.33%, 11/18/2004 (Note E, p. 9)
3,124,676 Chase Commercial Mortgage 3,285,112
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
1,622,940 Federal Home Loan Mortgage Corp. 1,611,110
Series 1998-M2 Class A,
5.929%, 05/25/2006
(Note E, p. 9)
3,045,000 Fairfax Funding Trust Series 3,061,473
1998-1A Class A, Rule 144A,
6.483%, 04/02/2013 (Note E, p. 9)
4,627,297 Federal National Mortgage 4,691,074
Association Remic Trust Series
1992-10 Class ZA, 8.00%, 09/25/2018
3,680,000 Residential Funding Mortgage Inc., 3,704,086
Securities 1, Series 1993-S12
Class A7, 7.50%, 05/25/2020
3,000,000 Federal Home Loan Mortgage Corp. 2,995,527
Loan Receivables Trust Series
1998-A Class A1, 6.20%, 09/15/2020
2,495,000 Morgan Stanley Capital I Series 2,529,396
1997-LB1 Class A2, Rule 144A,
6.86%, 08/15/2023 (Note E, p. 9)
2,684,588 CMC Securities Corp. III 2,674,091
Series 1993-F Class A2,
6.75%, 11/25/2023
2,618,916 Prudential Home Mortgage 2,600,754
Securities Series 1993-54 Class A6,
6.50%, 01/25/2024
1,511,319 G.E. Capital Mortgage Services, 1,513,790
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
349,782 G.E. Capital Mortgage Services, 350,445
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
1,154,105 Prudential Home Mortgage 1,172,967
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
5,633 Residential Funding Mortgage Inc., 5,653
Securities 1, Series 1994-S15
Class A8, 7.75%, 07/25/2024
3,844,592 FDIC Remic Trust Commercial 3,871,869
Mortgage Class 1996-C1,
6.75%, 05/25/2026
1,645,000 RMF Commercial Series 1995-1 1,664,316
Class A2, 7.10%, 11/28/2027
(Note E, p. 9)
2,887,360 J. P. Morgan Commercial Mortgage 2,935,102
Finance Corp. Series 1997-C4
Class A1, 6.939%, 12/26/2028
4,223,000 J. P. Morgan Commercial Mortgage 4,239,229
Finance Corp. Series 1998-C6
Class A1, 6.373%, 01/15/2030
(Note E, p. 9)
3,220,075 Credit Suisse First Boston 3,261,386
Mortgage Securities Corp.
Series 1997-C2 Class A1,
6.40%, 01/17/2035
(Note E, p. 9)
----------
Total Mortgage Derivatives (Cost $60,329,045) 60,257,697
----------
- -----------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 1.88%
- -----------------------------------------------------------------------------
1,120,395 Federal National Mortgage 1,286,292
Association Pool #303305,
12.00%, 05/01/2016
6,494 Government National Mortgage 6,957
Association Pool #183717,
9.00%, 11/15/2016
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
9,500,000 Government National Mortgage $ 9,847,349
Association Pool
TBA, 8.00%, 04/27/2017 (Note F, p. 9)
-----------
Total Mortgage Pass-Throughs
(Cost $11,248,621) 11,140,598
-----------
- -----------------------------------------------------------------------------
FINANCE: 5.90%
- -----------------------------------------------------------------------------
2,740,000 Capital One Bank Senior Notes, 2,753,453
6.83%, 05/17/1999
4,400,000 Taubman Realty Group, 4,464,196
8.00%, 06/15/1999
5,025,000 General Motors Acceptance Corp., 5,164,193
8.625%, 06/15/1999
5,575,000 Associates Corp. of North America 5,659,238
Notes, 7.25%, 09/01/1999
1,610,000 Post Apartment Homes LP, 1,607,295
6.22%, 12/31/1999 (Note E, p. 9)
2,500,000 Paine Webber Group, Inc. 2,565,400
Subordinated Medium-Term Notes,
7.70%, 02/11/2000
2,880,000 CP Limited Partnership Senior 2,941,718
Notes, 8.75%, 03/02/2000
2,750,000 Salomon Inc. Medium-Term Notes, 2,786,658
6.625%, 11/30/2000
1,725,000 EOP Operating LP Senior Notes, 1,716,841
6.625%, 02/15/2005
5,795,000 Korea Development Bank, Global 5,252,820
Bond, U.S. Dollar Denominated Note,
7.25%, 05/15/2006
-----------
Total Finance (Cost $35,192,599) 34,911,812
-----------
- -----------------------------------------------------------------------------
INDUSTRIAL: 3.25%
- -----------------------------------------------------------------------------
1,120,000 Unisys Corp. Senior Notes, 1,139,600
10.625%, 10/01/1999
2,590,000 News America Holdings Inc., ` 2,656,148
7.50%, 03/01/2000
1,500,000 Owens Corning Medium-Term Notes, 1,523,040
7.00%, 05/15/2000
4,820,000 Whirlpool Corp., 5,151,809
9.50%, 06/15/2000
265,000 Century Communications Corp., 278,250
9.50%, 08/15/2000
839,000 Fleming Companies Inc. Senior 899,827
Notes, 10.625%, 12/15/2001
900,000 Adelphia Communications Senior 938,250
Notes Series B, 9.25%, 10/01/2002
750,000 Kaufman & Broad Home Corp. Senior 750,000
Notes, 7.75%, 10/15/2004
540,000 Standard Pacific Corp., Rule 144A, 538,650
8.00%, 02/15/2008
595,000 Interface Inc. Senior Notes, 594,964
7.30%, 04/01/2008
195,000 Pool Energy Services Co. Senior 196,463
Subordinated Notes, Rule 144A,
8.625%, 04/01/2008
605,000 Beazer Homes USA Senior Notes, 607,269
Rule 144A, 8.875%, 04/01/2008
925,000 Jones Intercable Inc. Senior Notes, 911,643
7.625%, 04/15/2008
3,000,000 Merck & Company Medium-Term 3,057,060
Notes, 5.76%, 05/03/2037
-----------
Total Industrial (Cost $19,198,488) 19,242,973
-----------
- -----------------------------------------------------------------------------
TAXABLE MUNICIPALS: 3.56%
- -----------------------------------------------------------------------------
2,040,000 New York State Job Development 2,044,141
Authority Series B,
6.19%, 03/01/1999
3,945,000 Chicago, Illinois Tax Increment 3,950,720
Allocation Series B,
6.00%, 06/01/1999
3,605,000 New York City General Obligation 3,604,640
Series B, 5.95%, 08/01/1999
5,250,000 New York City General Obligation 5,275,882
Series E, 6.35%, 08/01/1999
1,490,000 New York State Environmental 1,496,050
Facilities Series A,
6.31%, 09/15/1999
4,690,000 New York State Power Authority 4,690,000
Revenue & General Purpose
Series D, 6.08%, 02/15/2000
(Note G, p. 9)
-----------
Total Taxable Municipals (Cost $20,998,270) 21,061,433
-----------
- -----------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 6.19%
- -----------------------------------------------------------------------------
500,000 Health Care Receivables, 499,721
Securitization Program Notes
Series 1997-1A Class A, Rule 144A,
6.339%, 07/01/2000 (Note E, p. 9)
1,700,000 Health Care Receivables, 1,721,964
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note E, p. 9)
1,325,953 TLFC IV Equipment Lease Trust 1,327,829
Series 1996-1 Class
A, 5.98%, 11/20/2002
1,380,000 The Money Store Auto Trust Series 1,392,606
1996-2, 6.435%, 06/20/2003
1,819,429 Newcourt Receivables Asset Trust 1,827,899
Series 1996-2, Asset Backed Note
Class A, 6.87%, 06/20/2004
308,217 Copelco Capital Funding Corp. II, 312,365
Class A Lease-Backed Notes Series
1996-A, 6.34%, 07/20/2004
8 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- -----------------------------------------------------------------------------
Principal Amount Description Market Value
- -----------------------------------------------------------------------------
979,206 Copelco Capital Funding Corp. II, $ 984,107
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
4,536,660 Capital Asset Research Funding, 4,537,350
Rule 144A, 6.40%, 12/15/2004
1,418,436 Newcourt Receivables Asset Trust 1,417,762
Series 1996-3, Asset Backed Note
Class A, 6.24%, 12/20/2004
6,215,000 Newcourt Receivables Asset Trust 6,254,558
Series 1997-1, Asset Backed Note
Class A4, 6.193%, 05/20/2005
3,765,076 New York City Tax Lien Trust 3,775,957
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note E, below)
226,380 New York City Tax Lien Trust 226,892
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note E, below)
6,200,000 Green Tree Financial Corp. Series 6,227,249
1997-1 Class A3,
6.17%, 09/20/2005
2,580,322 Green Tree Financial Corp. Series 2,572,117
1996-A Class A1,
5.55%, 02/15/2018
3,610,000 Green Tree Recreation Equipment & 3,604,679
Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
(Note E, below)
-----------
Total Asset-Backed Securities
(Cost $36,539,196) 36,683,055
-----------
Total U.S. Dollar Investments
(Cost $570,520,494) 570,347,580
-----------
- -----------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 2.57%
- -----------------------------------------------------------------------------
GOVERNMENT-CANADIAN DOLLAR DENOMINATED
(Note H, below): 0.63%
- -----------------------------------------------------------------------------
C$ 5,475,000
Canadian Government Treasury Bill, 3,719,839
02/04/1999
-----------
Total Government-Canadian Dollar
Denominated (Cost $3,657,554) 3,719,839
-----------
- -----------------------------------------------------------------------------
GOVERNMENT-DEUTSCHEMARK DENOMINATED: 1.94%
- -----------------------------------------------------------------------------
DM 13,350,000
German Unity Fund, 8,100,730
8.00%, 01/21/2002
DM 5,825,000
Deutschland Republic, 3,426,878
6.50%, 07/15/2003
-----------
Total Government-Deutschemark
Denominated (Cost $13,900,046) 11,527,608
-----------
Total Non-U.S. Dollar Investments
(Cost $17,557,600) 15,247,447
-----------
- -----------------------------------------------------------------------------
INVESTMENT SUMMARY
- -----------------------------------------------------------------------------
Total Investments (Cost $588,078,094) 98.87% $585,595,027
(Note I, below)
Cash and Other Assets, Less Liabilities 1.13 6,670,387
------- ------------
Net Assets (Equivalent to $12.42
per share based on 47,668,671
shares of capital stock outstanding) 100.00% $592,265,414
======= ============
- -----------------------------------------------------------------------------
LONG FUTURES CONTRACTS
- -----------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Quantity Description Amount (Depreciation)
- -------------------------------------------------------------------------------
40 Australian 3 Year Bond $ 3,110,812 $ 29,969
June 1998
86 German 5 Year Bond 12,221,254 (7,446)
June 1998
-----------
Total Long Futures Contracts $ 22,523
-----------
- -----------------------------------------------------------------------------
FOREIGN CURRENCIES
- -----------------------------------------------------------------------------
Quantity Description Market Value
- -----------------------------------------------------------------------------
284,792 Australian Dollar $ 188,347
1,577,496 British Pound 2,640,727
1,024 Canadian Dollar 723
1,561,854 Deutschemark 844,451
1,644,257 Italian Lira 902
-----------
Total Foreign Currencies $ 3,675,150
-----------
- -----------------------------------------------------------------------------
(A) $225,000 principal amount pledged as collateral for futures transactions
(B) $20,000,000 principal amount segregated as collateral for futures
transactions
(C) $12,000,000 principal amount pledged as collateral for when-issued
securities
(D) $6,000,000 principal amount pledged as collateral for delayed-delivery
securities
(E) Fair-valued security
(F) When-issued security
(G) Delayed-delivery security
(H) Canadian Treasury Bills owned at March 31, 1998, were purchased at an
average rate of 5.01%.
(I) At March 31, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
March 31, 1998 (Unaudited)
Principal Amount Decription Market Value*
- -----------------------------------------------------------------------------
COMMERCIAL PAPER (Note A, below): 1.66%
- -----------------------------------------------------------------------------
2,274,000 Associates First Capital Corp., $ 2,274,000
04/01/1998
-----------
Total Commercial Paper (Cost $2,274,000) 2,274,000
-----------
- -----------------------------------------------------------------------------
U.S. TREASURY NOTES: 80.60%
- -----------------------------------------------------------------------------
6,710,000 5.50%, 11/15/1998 6,707,906
12,915,000 5.875%, 01/31/1999 12,951,330
22,500,000 5.00%, 02/15/1999 22,394,543
17,000,000 6.25%, 03/31/1999 17,116,892
12,000,000 6.375%, 04/30/1999 12,105,012
3,500,000 6.25%, 05/31/1999 3,526,254
19,520,000 5.625%, 10/31/1999 19,526,110
15,790,000 7.50%, 10/31/1999 16,234,109
-----------
Total U.S. Treasury Notes (Cost $109,985,978) 110,562,156
-----------
- -----------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 15.67%
- -----------------------------------------------------------------------------
21,697,685 3.625%, 07/15/2002 21,494,291
(Notes B & C, below)
-----------
Total U.S. Treasury Inflation Protection Security
(Cost $21,696,268) 21,494,291
-----------
- -----------------------------------------------------------------------------
U.S. TREASURY BONDS: 1.58%
- -----------------------------------------------------------------------------
870,000 7.50%, 11/15/2016 1,014,638
1,070,000 6.625%, 02/15/2027 1,160,951
-----------
Total U.S. Treasury Bonds (Cost $2,175,773) 2,175,589
-----------
- -----------------------------------------------------------------------------
INVESTMENT SUMMARY
- -----------------------------------------------------------------------------
Total Investments (Cost $136,132,019) 99.51% $136,506,036
(Note D, below)
Cash and Other Assets, Less Liabilities 0.49 665,403
------ ------------
Net Assets (Equivalent to $12.52
per share based on 10,956,687
shares of capital stock outstanding) 100.00% $137,171,439
======= ============
- -----------------------------------------------------------------------------
LONG FUTURES CONTRACT
- -----------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Quantity Description Amount (Depreciation)
- -----------------------------------------------------------------------------
75 U.S. 2 Year $15,614,063 $ (19,922)
Treasury Note
June 1998
-----------
Total Long Futures Contract $ (19,922)
-----------
- -----------------------------------------------------------------------------
(A) Commercial paper owned at March 31, 1998, was purchased at a rate of 6.02%.
(B) $500,000 principal amount pledged as collateral for futures transactions
(C) $21,000,000 principal amount segregated as collateral for futures
transactions
(D) At March 31, 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 28 in Notes to Financial Statements.
10 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 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.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 4.49%
- --------------------------------------------------------------------------------
Municipal Note: 0.55%
6,745,000 Cincinnati City School District, $ 6,885,350
Ohio Tax Anticipation Notes
Series C, AMBAC,
5.00%, 12/01/1999
-----------------
Total Municipal Note (Cost $6,813,430) 6,885,350
-----------------
Tax Exempt Variable-Rate Demand Notes: 3.94%
2,020,000 New York State Job Development 2,020,000
Authority, State Guaranteed
Special Purpose Series B-1,
Daily Floater, Putable Daily, AMT,
3.80%, 03/01/2002
1,600,000 New York State Job Development 1,600,000
Authority, State Guaranteed
Series B-1, Daily Floater,
Putable Daily, AMT,
3.80%, 03/01/2005
20,400,000 Los Angeles Regional Airports 20,674,612
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
3.75%, 12/01/2025
13,250,000 California Pollution Control 13,250,000
Financing Authority, Pacific Gas
& Electric Co. Series C, Daily
Floater, Putable Daily,
AMT, 3.65%, 11/01/2026
11,770,000 Harris County Health Facilities 11,770,000
Development Corporation Revenue,
Texas, St. Luke's Episcopal
Hospital Series A, Daily Floater,
Putable Daily, 3.75%, 02/15/2027
-----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $49,040,000) 49,314,612
-----------------
Total Short-Term Investments
(Cost $55,853,430) 56,199,962
-----------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.88%
- --------------------------------------------------------------------------------
11,351,598 3.375%, 01/15/2007 11,011,062
-----------------
Total U.S. Treasury Inflation Protection Security
(Cost $11,047,482) 11,011,062
-----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 15.32%
- --------------------------------------------------------------------------------
470,000 New York State Dormitory Authority, 474,249
City University Series A,
7.40%, 07/01/1998,
Escrowed to Maturity
1,450,000 Washington State Motor Vehicle $ 1,492,412
Fuel Tax, 7.00%, 03/01/1999,
Escrowed to Maturity
1,250,000 Ohio State Building Authority, 1,315,200
Correctional Facilities Series A,
7.35%, 03/01/2003,
Prerefunded 03/01/1999 @102
1,000,000 Fairfax County, Virginia Public 1,043,450
Improvement Series A,
6.25%, 04/01/2008,
Prerefunded 04/01/1999 @102
1,660,000 Rutgers State University, 1,748,279
New Jersey, 7.00%, 05/01/2019,
Prerefunded 05/01/1999 @102
1,000,000 New York State Dormitory 1,055,700
Authority, State University
Series A, 7.125%, 05/15/2017,
Prerefunded 05/15/1999 @102
1,250,000 Illinois Health Facilities 1,330,750
Authority Revenue, Delnor
Community Hospital Project,
8.00%, 05/15/2019,
Prerefunded 05/15/1999 @102
785,000 Massachusetts Turnpike Authority, 795,558
Bond Anticipation Notes
Series A, 5.00%, 06/01/1999,
Escrowed to Maturity
1,405,000 Florida State Board of Education 1,481,643
Series B, 6.90%, 06/01/2009,
Prerefunded 06/01/1999 @102
1,000,000 Massachusetts Consolidated Loans 1,056,260
Series C, AMBAC,
7.00%, 06/01/2001,
Prerefunded 06/01/1999 @102
1,000,000 Massachusetts Consolidated Loans 1,055,670
Series C, AMBAC,
7.00%, 06/01/2009,
Prerefunded 06/01/1999 @102
2,000,000 Pennsylvania Intergovernmental 2,045,180
Cooperation Authority, Special Tax
Revenue, FGIC, 5.75%, 06/15/1999,
Escrowed to Maturity
3,170,000 Puerto Rico Electric Power Authority 3,348,027
Series O, 7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50
1,200,000 Metropolitan Atlanta Rapid 1,272,696
Transit Authority, Georgia
Sales Tax Revenue Series L,
7.20%, 07/01/2020,
Prerefunded 07/01/1999 @102
3,475,000 Pennsylvania Higher Education 3,683,291
Facilities Authority, College &
University Revenue, Hahneman
University Project, 7.20%, 07/01/2019,
Prerefunded 07/01/1999 @102
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,650,000 Florida State Turnpike Authority $ 1,755,914
Revenue, 7.50%, 07/01/2019,
Prerefunded 07/01/1999 @102
1,800,000 Washington Public Power Supply 1,914,390
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 4,256,760
Educational Facilities Authority
Revenue, Good Samaritan Hospital,
7.50%, 07/01/2021,
Prerefunded 07/01/1999 @102
3,000,000 Maryland State Second Series, 3,116,490
6.50%, 07/15/2001,
Prerefunded 07/15/1999 @100.50
1,000,000 Kentucky State Property & 1,031,360
Buildings Commission Revenue,
Project No. 51, 6.25%, 08/01/1999,
Escrowed to Maturity
1,000,000 Ohio State Building Authority, 1,065,160
Correctional Facilities Series A,
7.35%, 08/01/2006,
Prerefunded 08/01/1999 @102
1,350,000 Maryland State Department of 1,428,151
Transportation, 6.70%, 08/15/2005,
Prerefunded 08/15/1999 @102
1,070,000 University of Maryland Auxiliary 1,141,776
Facility System & Tuition Revenue
Series A, 7.20%, 10/01/2009,
Prerefunded 10/01/1999 @102
1,000,000 Maryland State Department of 1,052,590
Transportation Second Issue,
6.70%, 11/01/2001,
Prerefunded 11/01/1999 @101
1,390,000 Montgomery County Higher 1,510,374
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 2,278,767
System, 7.375%, 12/01/2023,
Prerefunded 12/01/1999 @102
4,250,000 Pennsylvania Turnpike Commission 4,576,527
Revenue Series E, 7.55%, 12/01/2017,
Prerefunded 12/01/1999 @102
3,880,000 Metropolitan Seattle, Washington 4,138,253
Sewer Revenue Series T,
6.875%, 01/01/2031,
Prerefunded 01/01/2000 @102
4,635,000 Pinellas County Health Facilities 5,105,267
Authority, Florida, Sun Coast
Health Systems Revenue,
8.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
4,910,000 Maury County Health & Educational $ 5,582,277
Facilities Board Revenue, Tennessee,
Southern Healthcare Heritage Series E,
10.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
6,700,000 Texas State National Research 7,221,327
Laboratory Commission,
7.125%, 04/01/2020,
Prerefunded 04/01/2000 @102
1,940,000 Massachusetts Water Resources 2,102,107
Authority Series A,
7.375%, 04/01/2003,
Prerefunded 04/01/2000 @102
1,000,000 Massachusetts Water Resources 1,085,940
Authority Series A, 7.50%,
04/01/2016, Prerefunded 04/01/2000 @102
4,330,000 Massachusetts Water Resources 4,712,382
Authority Series A,
7.625%, 04/01/2014,
Prerefunded 04/01/2000 @102
6,680,000 Franklin County, Ohio Hospital 7,285,809
Revenue, 7.60%, 05/15/2020,
Prerefunded 05/15/2000 @102
4,735,000 Austin, Texas Utility Systems Revenue, 5,253,009
Combined Series A, 9.50%, 05/15/2015,
Prerefunded 05/15/2000 @100
4,525,000 Pennsylvania Intergovernmental 4,713,466
Cooperation Authority, Special Tax
Revenue, FGIC, 6.00%, 06/15/2000,
Escrowed to Maturity
4,455,000 Delaware Transportation Authority 4,796,654
Systems Revenue, 6.75%, 07/01/2010,
Prerefunded 07/01/2000 @102
795,000 El Paso County, Texas, 841,388
6.80%, 07/01/2000,
Escrowed to Maturity
1,265,000 Washington Public Power Supply 1,367,301
System Revenue, Nuclear Project
No. 2 Series B, FGIC,
7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
1,885,000 Washington Public Power Supply 2,037,440
System Revenue, Nuclear Project
No. 1 Series A, 7.00%, 07/01/2011,
Prerefunded 07/01/2000 @102
16,020,000 Washington Public Power Supply 17,315,537
System Revenue, Nuclear Project
No. 2 Series B, FSA,
7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
(Note B, p. 13)
1,000,000 New York State Dormitory Authority, 1,095,280
City University Systems Series A,
7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
2 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,605,000 Washington Public Power Supply $ 5,050,764
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, 3,301,770
City University Systems Series F,
7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
2,405,000 Massachusetts Health & Educational 2,701,657
Facilities Authority Revenue, Goddard
Memorial Hospital Issue Series B,
9.00%, 07/01/2015,
Prerefunded 07/01/2000 @102
1,680,000 Minnesota State Infrastructure 1,790,830
Development, 7.00%, 08/01/2001,
Prerefunded 08/01/2000 @100
3,830,000 New York State Thruway Authority, 4,016,789
Local Highway & Bridge Service
Contract Revenue, 6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
1,575,000 Fulton County Building Authority, 1,748,943
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity
1,000,000 New York State Local Assistance 1,098,650
Corp. Series C, 7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
2,790,000 Los Angeles County Transportation 3,065,624
Commission, California Sales Tax
Revenue Series A, 6.75%, 07/01/2018,
Prerefunded 07/01/2001 @102
1,000,000 South Carolina Public Service 1,104,700
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
1,265,000 Massachusetts Consolidated Loans 1,397,446
Series D, 7.00%, 07/01/2007,
Prerefunded 07/01/2001 @102
1,900,000 Massachusetts Series B, 2,073,565
AMBAC, 6.50%, 08/01/2011,
Prerefunded 08/01/2001 @102
1,280,000 New York City Series A, 1,442,176
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
350,000 Denver City & County, Colorado 409,721
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
505,000 Austin, Texas Utility Systems 609,798
Revenue, MBIA, 9.25%, 11/15/2002,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 854,271
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
2,330,000 Fulton County Building Authority, $ 2,931,187
8.75%, 01/01/2005,
Escrowed to Maturity
2,130,000 Mississippi State, 2,385,408
6.20%, 02/01/2008,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,400,448
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
2,045,000 Retama Development Corporation, 2,897,274
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education, 212,325
9.125%, 06/01/2014,
Escrowed to Maturity
3,860,000 Retama Development Corporation, 5,507,602
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2014,
Escrowed to Maturity
1,125,000 Retama Development Corporation, 1,614,870
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2015,
Escrowed to Maturity
3,000,000 Austin, Texas Utility Systems Revenue 3,334,200
Series A, 8.00%, 11/15/2016,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,177,340
Development Corp., Texas,
Lutheran General Health Care
Systems, 6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors Economic 5,387,959
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
1,500,000 Rhode Island Depositors Economic 1,587,570
Protection Corp. Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
5,780,000 Rhode Island Depositors Economic 6,836,179
Protection Corp. Series A,
6.375%, 08/01/2022,
Escrowed to Maturity
-----------------
Total Prerefunded/Escrowed
(Cost $186,349,976) 191,919,127
-----------------
- --------------------------------------------------------------------------------
INSURED: 31.40%
- --------------------------------------------------------------------------------
1,480,000 Arizona State Certificates of 1,495,895
Participation Series A, AMBAC,
5.45%, 11/01/1998
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,295,000 Pennsylvania Higher Educational $ 2,303,905
Facilities Authority, Allegheny
Delaware Valley Obligation, MBIA,
4.40%, 11/15/1998
2,210,000 Texas State Public Finance Authority 2,259,659
Building Revenue, MBIA,
6.50%, 02/01/1999
1,165,000 Massachusetts Consolidated Loans 1,198,715
Series A, FGIC, 7.20%, 02/01/1999
1,070,000 New Jersey Wastewater Series C, 1,101,180
MBIA, 6.25%, 05/15/1999
1,000,000 Convention Center Authority of 1,054,830
Rhode Island Revenue Series A,
MBIA, 8.90%, 05/15/1999
1,880,000 Platte River Power Authority, 1,907,862
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/1999
3,560,000 Massachusetts Consolidated Loans 3,613,969
Series B, FSA, 5.00%, 06/01/1999
13,300,000 Pennsylvania Intergovernmental 13,616,274
Cooperation Authority, Special
Tax Revenue, FGIC,
5.75%, 06/15/1999
3,200,000 Minnesota State Series A, AMBAC, 3,254,912
5.00%, 06/30/1999
4,350,000 North Slope Boro, Alaska Series B, 4,473,105
FSA, 6.10%, 06/30/1999
3,520,000 Wisconsin State Transportation 3,573,645
Revenue, FGIC,
5.00%, 07/01/1999
4,680,000 Florida State General Services 4,751,885
Revenue, Environmental
Preservation Department
Series 2000-A, AMBAC,
5.00%, 07/01/1999
2,000,000 Wilmington, Delaware Series A, 2,036,860
MBIA, 5.00%, 10/01/1999
3,210,000 Dade County, Florida Aviation 3,262,162
Revenue Series C, AMBAC,
5.00%, 10/01/1999
7,680,000 Dade County, Florida Sales Tax 7,814,861
Revenue, AMBAC,
5.00%, 10/01/1999
1,855,000 Wichita, Kansas Water & Sewer 1,928,996
Utility Revenue, FGIC,
6.50%, 10/01/1999
1,450,000 Montgomery County, Ohio Solid 1,477,913
Waste Revenue, MBIA,
5.00%, 11/01/1999
3,600,000 South Dakota State Building 3,681,396
Authority, Lease Revenue Series A,
AMBAC, 5.15%, 12/01/1999
6,780,000 Inland Protection Financing 6,856,682
Corp., Florida Special Obligation
Revenue, FSA, 4.50%, 01/01/2000
1,420,000 Chatham County Hospital Authority $ 1,444,807
Revenue, Georgia, Memorial
Medical Center Series A, AMBAC,
5.00%, 01/01/2000
7,820,000 Chicago, Illinois O'Hare International 7,988,677
Airport Revenue, Senior Lien Series A,
AMBAC, AMT, 5.50%, 01/01/2000
1,175,000 Chicago, Illinois Motor Fuel Tax 1,224,879
Revenue, AMBAC,
6.60%, 01/01/2000
1,000,000 New Haven, Connecticut, FGIC, 1,020,290
5.00%, 02/15/2000
2,265,000 Plano Independent School 2,318,590
District, Texas, PSF Guaranteed,
5.25%, 02/15/2000
5,365,000 Hawaii State Series CO, FGIC, 5,493,921
5.25%, 03/01/2000
1,050,000 Massachusetts Consolidated Loans 1,104,905
Series B, FGIC, 7.30%, 04/01/2000
2,340,000 Clemson University, South 2,373,462
Carolina University Revenue
Series A, AMBAC,
4.625%, 05/01/2000
1,000,000 Averill Park Central School 1,027,060
District, New York, FGIC,
5.25%, 05/01/2000
1,200,000 Plano, Texas Waterworks & Sewer 1,269,900
Revenue, AMBAC,
6.90%, 05/01/2000
4,295,000 Clark County School District, 4,659,731
Nevada, FGIC, 8.25%, 05/01/2000
1,335,000 Jonesboro, Arkansas Sales & Use 1,356,694
Tax, FSA, 4.75%, 05/15/2000
2,035,000 Philadelphia Hospital & Higher 2,072,912
Education Facilities Authority,
Pennsylvania, Jefferson Health
Systems Revenue Series A, AMBAC,
5.00%, 05/15/2000
1,170,000 District of Columbia Series E, 1,187,445
FGIC, 4.75%, 06/01/2000
3,325,000 Platte River Power Authority, 3,399,912
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/2000
2,400,000 Minnesota State Revenue Series A, 2,461,704
AMBAC, 5.00%, 06/30/2000
1,000,000 Alaska Student Loan Corp., 1,025,490
Student Loan Revenue Series A,
AMBAC, AMT, 5.375%, 07/01/2000
6,110,000 Intermountain Power Agency, Utah 6,376,029
Power Supply Revenue Series C,
MBIA, 6.00%, 07/01/2000
1,350,000 Dade County School Board, Florida 1,383,872
Certificates of Participation
Series B, AMBAC,
5.00%, 08/01/2000
4 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,220,000 Osceola County, Florida Capital $ 4,281,443
Improvements Revenue, MBIA,
4.50%, 09/01/2000
20,300,000 New Jersey State Transit Corp., 20,736,653
Capital Grant Anticipation Notes
Series A, FSA, 5.00%, 09/01/2000
(Note C, p. 13)
11,210,000 New Jersey State Educational 11,574,774
Facilities Authority, Higher
Education Facilities Trust Fund
Series A, AMBAC,
5.125%, 09/01/2000
1,070,000 Metropolitan Washington Airport 1,100,163
Authority, D.C. Revenue Series B,
FGIC, AMT, 5.25%, 10/01/2000
1,530,000 Dade County, Florida Aviation 1,576,069
Revenue, Miami International
Airport Series A, FSA, AMT,
5.25%, 10/01/2000
1,015,000 Wichita, Kansas Water & Sewer 1,077,392
Utility Revenue, FGIC,
6.50%, 10/01/2000
2,000,000 Dade County, Florida, FGIC, 2,380,980
12.00%, 10/01/2000
1,235,000 Indiana Health Facility Financing 1,261,886
Authority, Hospital Revenue,
Sisters of St. Francis Health
Series A, MBIA, 5.00%, 11/01/2000
1,030,000 Northglenn, Colorado Water 1,037,334
Utility Series A, MBIA,
6.60%, 11/01/2000
2,395,000 Jonesboro, Arkansas Sales & Use 2,442,684
Tax, FSA, 4.75%, 11/15/2000
2,275,000 Clark County Public Utility 2,444,123
District No. 1, Washington
Electric Revenue, FGIC,
7.10%, 01/01/2001
1,000,000 Humble Independent School 1,095,370
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001
1,225,000 Southeastern Pennsylvania 1,262,559
Transportation Authority,
Pennsylvania Special Revenue,
FGIC, 5.25%, 03/01/2001
1,000,000 Phoenix, Arizona Airport Revenue 1,046,570
Series A, MBIA,
5.65%, 07/01/2001
595,000 Austin, Texas Utility Systems Revenue, 717,641
MBIA, 9.25%, 11/15/2002
180,000 Grapevine-Colleyville Independent 208,543
School District, Texas, AMBAC,
7.50%, 08/15/2003
1,130,000 Niagara Frontier Authority, 1,204,094
New York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
1,000,000 District of Columbia Series B-3, $ 1,044,340
MBIA, 5.20%, 06/01/2004
1,500,000 Metropolitan Pier & Exposition 1,614,315
Authority, Illinois, McCormick
Place Expansion Project Series A,
MBIA, 5.70%, 06/15/2005
1,000,000 Utah State Board of Regents, 1,073,980
Student Loan Revenue Series J,
AMBAC, AMT, 6.00%, 05/01/2006
4,700,000 Lansing, Michigan Sewage Disposal 4,761,100
System Revenue, MBIA,
7.625%, 05/01/2006
1,340,000 Arlington, Texas Waterworks & 1,480,740
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
2,095,000 Virginia Port Authority 2,309,277
Facilities Revenue, MBIA, AMT,
6.00%, 07/01/2006
2,200,000 Clark County Public Utility 2,357,410
District No. 1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,805,902
Revenue Series G, MBIA,
5.50%, 01/01/2007
4,775,000 Chicago, Illinois, FGIC, 5,088,240
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare International 6,650,796
Airport Revenue, Second Lien-Series A,
AMBAC, AMT, 6.00%, 01/01/2007
1,000,000 Prince Georges County, Maryland 1,118,850
Consolidated Public Improvement
Series A, MBIA, 6.00%, 03/15/2007
2,000,000 Walled Lake Consolidated School 2,219,880
District, Michigan, MBIA,
6.00%, 05/01/2007
1,715,000 Northeast Hospital Authority, Texas, 1,867,069
Northeast Medical Center Hospital
Revenue, FSA, 5.75%, 05/15/2007
8,140,000 District of Columbia, MBIA, 8,858,599
6.00%, 06/01/2007
1,200,000 Philadelphia, Pennsylvania 1,318,152
Airport Revenue Series B, FGIC,
AMT, 6.00%, 06/15/2007
2,425,000 Philadelphia, Pennsylvania 2,692,502
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,105,000 Delaware Transportation Authority 1,233,556
Systems Revenue, AMBAC,
6.00%, 07/01/2007
1,650,000 Maricopa County School District 1,835,361
No. 4, Arizona Series D, FGIC,
6.00%, 07/01/2007
2,030,000 MTA, New York Commuter Facilities 2,264,546
Revenue Series C-1, FGIC,
6.00%, 07/01/2007
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,775,000 Washington Public Power Supply $ 3,064,627
System Revenue, Nuclear Project
No. 1 Series A, AMBAC,
6.00%, 07/01/2007
4,610,000 Detroit, Michigan Sewage Disposal 5,164,905
Revenue Series A, MBIA,
6.00%, 07/01/2007
1,000,000 Cook County, Illinois, MBIA, 1,205,090
7.25%, 11/01/2007
1,965,000 Connecticut State Resource Recovery 2,148,492
Authority, Mid-Connecticut Systems
Series A, MBIA, 5.75%, 11/15/2007
1,400,000 Massachusetts Consolidated Loans 1,453,508
Series A, MBIA, 5.00%, 01/01/2008
2,270,000 Clark County Public Utility 2,428,809
District No. 1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2008
1,465,000 Sangamon County School District 1,561,983
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
5,240,000 Chicago, Illinois Series A, AMBAC, 5,695,671
5.75%, 01/01/2008
1,000,000 Berkley City School District, 1,187,540
Michigan, FGIC, 7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport 1,105,790
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.00%, 02/15/2008
1,875,000 Port Arthur Navigation 2,088,281
District, Texas, AMBAC,
6.00%, 03/01/2008
3,875,000 Regional Transportation 4,219,255
Authority, Illinois Series A,
AMBAC, 6.00%, 06/01/2008
1,095,000 Haverhill, Massachusetts, FGIC, 1,210,840
6.00%, 06/15/2008
2,000,000 Intermountain Power Agency, Utah 2,316,340
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008
4,140,000 Metropolitan Washington Airport 4,465,652
Authority, D.C. Revenue Series A,
MBIA, AMT, 5.80%, 10/01/2008
1,265,000 Emerald Peoples Utility District, 1,565,728
Oregon, FGIC, 7.35%, 11/01/2008
1,740,000 Hot Springs, Arkansas Sales & Use 1,765,856
Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
4,200,000 Port Authority of New York & New 4,759,524
Jersey Special Obligation Revenue,
JFK International Airport Terminal 6,
MBIA, AMT, 6.25%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,243,598
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,415,000 Greater Detroit Resource Recovery $ 1,623,260
Authority, Michigan Series B,
AMBAC, 6.25%, 12/13/2008
1,675,000 Chicago, Illinois O'Hare 1,816,001
International Airport Revenue,
Second Lien-Series C, MBIA,
5.75%, 01/01/2009
4,000,000 Massachusetts Bay Transportation 4,309,480
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities 1,047,200
Authority, New Jersey Sewer
Revenue Series A, FGIC,
5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,613,690
Commission, Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
10,000,000 Intermountain Power Agency, Utah 11,614,400
Power Supply Revenue Series B,
MBIA, 6.50%, 07/01/2009
1,530,000 Texas Municipal Power Agency 1,611,901
Revenue, MBIA, 5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,125,800
6.00%, 10/01/2009
2,000,000 Palm Beach County, Florida Solid 2,236,400
Waste Revenue Series A, AMBAC,
6.00%, 10/01/2009
5,000,000 Connecticut State Resource 5,292,150
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 1,034,960
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare 1,916,706
International Airport Revenue,
Second Lien-Series C, MBIA,
5.00%, 01/01/2010
1,000,000 Memphis-Shelby County Airport 1,126,080
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.25%, 02/15/2010
1,065,000 Detroit City School District, 1,241,162
Michigan Series A, AMBAC,
6.50%, 05/01/2010
1,000,000 Detroit, Michigan Water Supply 1,065,490
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal 2,813,434
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,500,000 Brownsville, Texas Utility System 1,718,190
Revenue, AMBAC, 6.25%, 09/01/2010
5,000,000 Connecticut State Resource 5,270,700
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
6 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Bexar County Health Facilities $ 1,107,510
Development Corp., Texas Baptist
Health Systems Series A, MBIA,
6.00%, 11/15/2010
2,495,000 Iron County School District, Utah, 2,729,305
School Bond Guarantee,
5.75%, 01/15/2011
1,000,000 Amarillo Junior College District, 1,018,170
Texas, FGIC, 5.125%, 02/15/2011
1,275,000 Brownsville, Texas Utility 1,457,567
Systems Revenue, AMBAC,
6.25%, 09/01/2011
1,025,000 Goose Creek Independent School 1,029,069
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 1,011,180
Texas, FGIC, 5.125%, 02/15/2012
1,000,000 St. Louis, Missouri Board of Education 1,054,020
Series A, FGIC, 5.50%, 04/01/2012
(Note D, p. 13)
1,035,000 Massachusetts Consolidated Loans 1,080,416
Series B, FGIC,
5.50%, 06/01/2012
3,500,000 Northern Colorado Water 4,020,310
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
3,000,000 Chicago, Illinois, FSA, 3,177,420
5.50%, 01/01/2013 (Note D, p. 13)
1,035,000 Sacramento Municipal Utility 1,218,806
District, California Series G,
MBIA, 6.50%, 09/01/2013
2,445,000 Sunrise, Florida Utility Systems 2,602,947
Revenue, AMBAC,
5.50%, 10/01/2013
3,980,000 Regional Transportation Authority, 4,481,639
Illinois, FGIC, 6.00%, 06/01/2016
3,315,000 District of Columbia Water & 3,690,656
Sewer Authority, Public Utility
Revenue, FSA, 6.00%, 10/01/2016
(Note D, p. 13)
2,325,000 Regional Transportation Authority, 2,615,462
Illinois, FGIC, 6.00%, 06/01/2017
1,760,000 Clark County, Nevada Series A, 2,082,872
AMBAC, 6.50%, 06/01/2017
2,865,000 New York State Dormitory 3,234,757
Authority, New York University
Series A, MBIA,
6.00%, 07/01/2018
9,420,000 Illinois Development Finance 9,419,623
Authority, Adventist Health
Systems Series B, Variable Rate
CPI Bond, MBIA,
3.621%, 01/01/2019
1,005,000 Regional Transportation $ 1,359,323
Authority, Illinois Series C,
FGIC, 7.75%, 06/01/2020
3,135,000 Illinois State Dedicated Tax 3,625,533
Revenue, AMBAC,
6.25%, 12/15/2020
3,980,000 McGee-Creek Authority, Oklahoma 4,553,438
Water Revenue, MBIA,
6.00%, 01/01/2023
4,650,000 Delaware Valley Regional Finance 4,649,674
Authority, Pennsylvania Local
Government Revenue Series A,
Variable Rate CPI Bond,
AMBAC, 3.771%, 07/01/2027
-----------------
Total Insured (Cost $377,889,365) 393,246,069
-----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 33.32%
- --------------------------------------------------------------------------------
State General Obligations: 11.57%
1,000,000 New Jersey State, 1,001,150
7.20%, 04/15/1998
1,100,000 District of Columbia Series A, 1,101,694
5.00%, 06/01/1998
2,375,000 District of Columbia Series C, 2,387,588
4.90%, 12/01/1998
215,000 Massachusetts Turnpike 217,746
Authority Series A,
5.00%, 06/01/1999
2,375,000 Utah State, 2,398,370
4.40%, 07/01/1999
3,565,000 South Carolina State Capital 3,622,824
Improvements Series A,
5.00%, 07/01/1999
6,575,000 Washington State Series R-97-B, 6,678,425
5.00%, 07/01/1999
1,000,000 Georgia State Series B, 1,052,240
8.00%, 07/01/1999
1,750,000 New Jersey State Series E, 1,779,032
5.00%, 07/15/1999
2,960,000 Maryland State Third Series, 3,045,485
6.00%, 07/15/1999
4,025,000 Minnesota State, 4,145,709
6.00%, 08/01/1999
2,275,000 Rhode Island State Series A, 2,356,559
6.60%, 08/01/1999
4,305,000 Washington State Series R-92-C, 4,399,279
5.30%, 09/01/1999
2,625,000 Texas State Series A, 2,782,106
8.00%, 10/01/1999
2,315,000 Delaware State Series A, 2,339,956
4.50%, 02/01/2000
2,870,000 Maryland State First Series, 2,948,093
6.75%, 03/01/2000
3,685,000 New Jersey State, 3,906,505
7.00%, 04/01/2000
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,480,000 Wisconsin State Series A, $5,547,020
4.50%, 05/01/2000
4,280,000 Tennessee State Series B, 4,381,522
5.00%, 05/01/2000
1,000,000 District of Columbia Series A-3, 1,010,750
4.90%, 06/01/2000
3,890,000 Georgia State Environmental 3,945,316
Facilities Authority Revenue,
Guaranteed Water & Waste Water
Loan, 4.50%, 07/01/2000
1,890,000 Maryland State & Local Facilities 1,928,273
Loan Second Series,
4.75%, 08/01/2000
9,635,000 Massachusetts Series A, 9,863,831
5.00%, 08/01/2000
1,000,000 Georgia State Series D, 1,057,930
6.50%, 08/01/2000
1,220,000 District of Columbia Series A, 1,256,576
5.50%, 06/01/2001
1,000,000 Massachusetts Consolidated Loans 1,073,080
Series D, 6.50%, 07/01/2001
2,000,000 District of Columbia Series A, 2,099,620
5.90%, 06/01/2002
5,600,000 Utah State, 5,926,760
5.50%, 07/01/2002
1,090,000 California State, 1,228,234
7.00%, 03/01/2003
1,000,000 Illinois State, 1,071,280
6.70%, 06/01/2003
2,300,000 California State, 2,624,852
7.00%, 03/01/2004
1,165,000 California State, 1,339,797
7.10%, 05/01/2004
1,500,000 Massachusetts Bay Transportation 1,660,125
Authority Series C,
6.00%, 03/01/2007
3,715,000 Connecticut State Series C, 4,006,924
5.50%, 08/01/2007
5,180,000 Georgia State Series C, 5,906,288
6.25%, 08/01/2007
8,305,000 Connecticut State Series D, 8,976,376
5.50%, 12/01/2007
1,940,000 Hawaii State Series CC, 2,021,228
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,544,495
5.25%, 02/01/2008
2,600,000 Georgia State Series A, 2,972,008
6.25%, 04/01/2008
1,000,000 California State, 1,220,420
7.20%, 05/01/2008
1,670,000 Georgia State Series D, 1,976,762
6.70%, 08/01/2008
1,000,000 South Carolina State Series A, 1,025,250
5.00%, 03/01/2009
2,225,000 Massachusetts Bay Transportation $ 2,436,130
Authority Series A,
5.75%, 03/01/2010
1,000,000 Texas State, Student Loan 996,290
Revenue, AMT,
5.00%, 08/01/2010
1,490,000 Georgia State Series C, 1,719,237
6.25%, 08/01/2010
4,970,000 Connecticut State Series A, 5,369,240
5.70%, 03/15/2011
3,775,000 Massachusetts Bay Transportation 4,009,163
Authority Series A,
5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,125,050
6.00%, 03/01/2012
990,000 Florida State Board of Education, 1,397,553
9.125%, 06/01/2014
-----------------
Total State General Obligations
(Cost $140,417,146) 144,880,141
-----------------
Local General Obligations: 8.50%
1,275,000 Columbus, Ohio, 1,286,947
12.00%, 05/15/1998
1,020,000 Du Page County Forest Preserve 1,042,848
District, Illinois,
7.40%, 11/01/1998
1,000,000 De Kalb County, Georgia, 1,009,700
4.90%, 01/01/1999
1,245,000 Chicago, Illinois, 1,314,546
11.50%, 01/01/1999
3,140,000 Jordan School District, Utah, 3,184,337
5.00%, 06/15/1999
1,000,000 Montgomery County, Maryland 1,018,280
Series A, 5.10%, 07/01/1999
1,000,000 Dallas, Texas Series B, 1,031,000
6.00%, 08/15/1999
1,000,000 Montgomery County, Maryland 1,047,530
Series B, 6.875%, 10/01/1999
1,025,000 Harris County Flood Control 1,074,507
District, Texas Series A,
7.125%, 10/01/1999
1,000,000 King County, Washington Series A, 1,082,680
9.00%, 12/01/1999
1,000,000 Denver City & County School 1,094,040
District No. 1, Colorado Series B,
10.00%, 12/01/1999
1,455,000 Tulsa Independent School District 1,483,911
No. 1, Oklahoma, 5.00%, 02/01/2000
1,350,000 Rocky Mount, North Carolina, 1,384,978
6.50%, 02/01/2000
1,600,000 Boston, Massachusetts Series A, 1,676,304
7.40%, 02/01/2000
2,000,000 Broward County School District, 2,088,600
Florida, 6.75%, 02/15/2000
8 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,525,000 Seattle, Washington Limited Tax $ 1,542,477
Series B, 4.50%, 03/01/2000
1,885,000 Knox County, Tennessee, 1,908,336
4.50%, 03/01/2000
1,075,000 Shelby County, Tennessee Series B, 1,100,682
5.10%, 03/01/2000
1,525,000 Washington Suburban Sanitation 1,559,679
District, Maryland,
5.00%, 06/01/2000
2,785,000 Jordan School District, Utah, 2,850,002
5.00%, 06/15/2000
1,860,000 Columbus, Ohio Limited Tax Series 1, 1,924,021
5.50%, 06/15/2000
2,725,000 Stamford, Connecticut, 2,767,973
4.50%, 07/15/2000
1,100,000 New York City Series L, 1,129,216
5.25%, 08/01/2000
1,000,000 Morris County, New Jersey General 1,013,170
Improvements, 4.50%, 08/15/2000
1,785,000 Harford County, Maryland, 1,834,980
5.00%, 12/01/2000
2,310,000 Dallas, Texas Equipment 2,360,127
Acquisition Contractual
Obligation, 4.75%, 02/15/2001
2,960,000 Winston-Salem, North Carolina, 3,385,174
8.875%, 06/01/2001
2,160,000 Montgomery County, Maryland, 2,524,111
8.60%, 05/01/2002
2,000,000 New York City Series G, 2,110,060
5.70%, 02/01/2003
2,165,000 Philadelphia Authority for 2,226,551
Industrial Development,
Pennsylvania, Gallery II Garage
Project, 6.125%, 02/15/2003
3,420,000 Pennsylvania Convention & 3,702,458
Exhibition Center Authority
Revenue Series A,
6.25%, 09/01/2004
3,660,000 New York City Series I, 4,030,721
6.25%, 04/15/2006
1,455,000 Montgomery County, Maryland 1,607,469
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,885,637
5.50%, 05/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,925,230
6.00%, 10/01/2007
4,355,000 Metropolitan Milwaukee Sewage 4,723,651
District, Wisconsin Series A,
5.50%, 10/01/2008
8,660,000 New York City Series F, 8,998,433
5.375%, 08/01/2009
1,020,000 Indianapolis Local Public 1,049,458
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,190,000 Roanoke, Virginia, 1,211,194
5.00%, 02/01/2011
1,300,000 Forsyth County, North Carolina, $ 1,282,216
4.75%, 02/01/2013
7,780,000 New York City Series I, 8,183,626
5.875%, 03/15/2013
1,400,000 Travis County, Texas, 1,392,034
5.00%, 03/01/2015
1,920,000 Du Page County, Illinois 2,078,035
Stormwater Project,
5.60%, 01/01/2021
6,735,000 Du Page County, Illinois Jail 7,289,358
Project, 5.60%, 01/01/2021
-----------------
Total Local General Obligations
(Cost $101,818,364) 106,416,287
-----------------
Tax Lease: 8.88%
1,000,000 New Haven Unified School District, 1,002,490
California Certificates of
Participation, 4.90%, 07/01/1998
995,000 New York State Dormitory 1,003,895
Authority, City University Series A,
7.40%, 07/01/1998
1,835,000 Virginia College Building 1,844,689
Authority, Virginia, Equipment
Leasing Program,
5.00%, 08/01/1998
2,170,000 New York State Urban Development 2,182,803
Corp., Correctional Facilities,
4.70%, 01/01/1999
2,350,000 New York State Certificates of 2,371,174
Participation, 4.90%, 03/01/1999
1,000,000 New York State Energy Research & 1,010,820
Development Authority, Western
New York Nuclear Service Center
Series B, 5.00%, 04/01/1999
1,000,000 Ohio State Public Facilities 1,010,330
Commission, Higher Education
Capital Facilities Series 2A,
4.75%, 05/01/1999
2,385,000 New Jersey Building Authority, 2,422,039
State Building Revenue,
5.00%, 06/15/1999
2,850,000 Middlesex County Improvement 2,889,387
Authority, New Jersey Lease
Revenue, Raritan Center Overpass
Project, 4.75%, 08/01/1999
1,040,000 New York State Medical Care 1,072,874
Facilities Financing Authority,
Brookdale Hospital Medical
Center, Secured Hospital Program,
6.20%, 08/15/1999
1,500,000 Ukiah Unified School District, 1,517,790
California Certificates of
Participation, 5.30%, 09/01/1999
1,630,000 Kentucky State Property & 1,679,030
Buildings Commission Revenue,
Project No. 53, 5.90%, 10/01/1999
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
17,015,000 Ohio State Public Facilities $17,198,592
Commission, Higher Education
Capital Facilities Series 2A,
4.50%, 12/01/1999
2,125,000 Virginia State Public School 2,190,153
Authority, 5.75%, 01/01/2000
5,550,000 New York State Certificates of 5,575,364
Participation, 4.375%, 02/01/2000
3,760,000 Virginia College Building 3,832,079
Authority, Virginia, Equipment
Leasing Program, 5.00%, 02/01/2000
1,140,000 Lake County, Illinois 1,216,916
Certificates of Participation,
7.20%, 06/01/2000
17,760,000 New Jersey State Transportation 18,136,867
Trust Fund, Transportation Systems
Series A, 5.00%, 06/15/2000
(Note E, p. 13)
4,330,000 New York State Dormitory Authority, 4,379,882
City University Series B,
4.75%, 07/01/2000
(Note D, p. 13)
1,000,000 Virginia State Public School 1,036,110
Authority Series A,
5.50%, 08/01/2000
1,000,000 Virginia State Public Building 1,039,840
Authority Series A,
5.70%, 08/01/2000
2,475,000 New York State Urban Development 2,528,138
Corp., Correctional Facilities,
5.10%, 01/01/2001
3,800,000 MTA, New York Commuter Facilities 3,912,594
Service Contract Series O,
5.25%, 07/01/2001
1,315,000 New York State Urban Development 1,415,861
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
2,000,000 New York State Dormitory Authority, 2,126,780
State University Series A,
5.50%, 05/15/2005
1,005,000 New York State Dormitory Authority, 1,068,556
City University, 5.70%, 07/01/2005
1,005,000 New York State Dormitory Authority, 1,068,556
City University Series C,
5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,067,240
Participation, City University,
John Jay College,
5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,784,689
Facilities Financing Authority,
Mental Health Services Series A,
5.35%, 02/15/2006
1,000,000 New York State Dormitory 1,134,670
Authority, State University
Series A, 6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,601,288
Authority, State University
Series A, 5.50%, 05/15/2007
2,285,000 New Jersey Building Authority, 2,568,180
State Building Revenue,
6.00%, 06/15/2007
1,000,000 New York State Dormitory Authority, 1,073,260
City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 4,089,051
Education Facilities,
Pennsylvania Authority Revenue,
5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,439,740
Commission, Illinois,
7.25%, 11/01/2007
1,000,000 New York State Dormitory 1,029,410
Authority, City University,
8.125%, 07/01/2008
4,045,000 Philadelphia Hospitals & Higher 4,278,396
Education Facilities,
Pennsylvania Authority Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory Authority, 1,372,941
City University Series A,
5.75%, 07/01/2013
1,000,000 Sacramento City Finance 1,041,270
Authority, California, Lease
Revenue Series B,
5.40%, 11/01/2020
-----------------
Total Tax Lease (Cost $108,647,618) 111,213,744
-----------------
Special Tax: 3.90%
1,175,000 Las Vegas Special Improvement 1,188,724
District No. 707, Nevada,
Local Improvement Bonds,
5.50%, 06/01/1999
1,860,000 Montana State Department of 1,881,408
Transportation, 4.70%, 07/01/1999
5,710,000 Tulsa Criminal Justice Authority, 5,733,811
Oklahoma Sales Tax Revenue,
4.50%, 09/01/1999
13,435,000 Los Angeles Community 13,615,298
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/1999
1,000,000 Maryland State Department of 1,050,450
Transportation Second Issue,
6.60%, 11/01/2000
2,290,000 Arizona State Transportation 2,372,967
Board Excise Tax Revenue,
6.125%, 07/01/2001
1,000,000 Metropolitan Pier & Exposition 1,074,730
Authority, Illinois, McCormick
Place Expansion Project Series A,
5.90%, 06/15/2003
10 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,365,000 New Jersey State Transportation $ 4,831,575
Trust Fund, Transportation
Systems Series B,
6.00%, 06/15/2006
1,500,000 Connecticut State Special Tax 1,663,800
Obligation Revenue Series B,
6.00%, 09/01/2006
2,620,000 Connecticut State Special Tax 2,787,916
Obligation Revenue Series A,
5.25%, 09/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,170,815
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,135,410
Obligation Series B,
6.15%, 09/01/2009
945,000 District of Columbia Redevelopment 971,139
Land Agency, Sports Arena Special Tax,
5.625%, 11/01/2010
3,635,000 Massachusetts Special Obligation 3,867,058
Revenue, Consolidated Loans
Series A, 5.50%, 06/01/2012
3,225,000 Illinois State Sales Tax Revenue 3,574,138
Series Q, 6.00%, 06/15/2012
1,830,000 Massachusetts Special Obligation 1,942,344
Revenue, Consolidated Loans
Series A, 5.50%, 06/01/2013
-----------------
Total Special Tax (Cost $47,544,791) 48,861,583
-----------------
Miscellaneous Tax: 0.47%
5,325,000 Indianapolis Local Public 5,929,174
Improvement Bond Bank, Indiana
Series B, 6.00%, 01/10/2013
-----------------
Total Miscellaneous Tax (Cost $5,187,475) 5,929,174
-----------------
Total Tax Supported (Cost $403,615,394) 417,300,929
-----------------
- --------------------------------------------------------------------------------
REVENUE: 12.90%
- --------------------------------------------------------------------------------
Airport Revenue: 0.72%
1,845,000 Tulsa, Oklahoma Airports 1,858,247
Improvement Trust General
Revenue, Tulsa International
Airport, 6.125%, 06/01/1999
1,500,000 Denver City & County, Colorado 1,667,940
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 908,400
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
975,000 Denver City & County, Colorado 1,129,937
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare 2,544,074
International Airport Revenue
Senior Lien Series A,
5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority $ 982,130
Revenue Series B, AMT,
5.00%, 07/01/2013
-----------------
Total Airport Revenue (Cost $8,543,473) 9,090,728
-----------------
Electric Revenue: 2.04%
1,045,000 North Carolina Eastern Municipal 1,050,915
Power Agency Series A,
5.00%, 01/01/1999
9,065,000 Lower Colorado River Authority, 9,306,673
Texas, 5.50%, 01/01/2000
1,500,000 Massachusetts Municipal Wholesale 1,538,970
Electric Company Series D,
5.50%, 07/01/2000
1,555,000 Tallahassee, Florida Municipal 1,607,792
Electric Series A, 5.25%,
10/01/2000
6,700,000 Pittsylvania County Industrial 7,235,062
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
3,500,000 Washington Public Power Supply 3,741,815
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
1,000,000 Washington Public Power Supply 1,080,820
System Revenue, Nuclear Project
No. 2 Series A, 5.75%, 07/01/2009
-----------------
Total Electric Revenue (Cost $24,675,152) 25,562,047
-----------------
Health Care Revenue: 1.94%
1,275,000 Tyler Health Facilities Development 1,277,614
Corporation, Texas, Mother Frances
Hospital Series A, 5.00%, 07/01/1998
1,000,000 Camden County Improvement 1,003,490
Authority, New Jersey Revenue,
Health Care Redevelopment Project
Cooper Health, 4.50%, 02/15/1999
1,200,000 Illinois Development Finance 1,207,128
Authority Revenue, Community
Rehabilitation Providers Series A,
4.70%, 07/01/1999
1,000,000 Illinois Health Facilities Authority 1,010,880
Revenue, Advocate Health Care
Series A, 4.80%, 08/15/1999
1,400,000 Montgomery County, Ohio Hospital 1,418,606
Revenue, Grandview Hospital &
Medical Center, 5.00%, 12/01/1999
1,235,000 Connecticut State Health & 1,256,316
Educational Facilities Authority
Revenue, Hospital For Special
Care Revenue Issue B,
5.25%, 07/01/2000
1,410,000 Connecticut State Health & 1,440,202
Educational Facilities Authority
Revenue, Hospital For Special
Care Revenue Issue B,
5.25%, 07/01/2001
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 Montgomery County, Ohio Hospital $ 2,056,100
Revenue, Grandview Hospital &
Medical Center, 5.25%, 12/01/2001
1,180,000 Illinois Development Finance 1,222,633
Authority Revenue, Community
Rehabilitation Providers Series A,
5.60%, 07/01/2002
430,000 New York State Medical Care 444,745
Facilities Finance Agency Revenue,
5.40%, 08/15/2005
7,240,000 Boston, Massachusetts Hospital 7,521,998
Revenue Series B,
5.75%, 02/15/2008
4,150,000 Saginaw General Hospital, Michigan 4,421,161
Hospital Finance Authority Revenue,
7.625%, 10/01/2019
-----------------
Total Health Care Revenue (Cost $23,966,582) 24,280,873
-----------------
Higher Education Revenue: 1.60%
1,060,000 University of Cincinnati, Ohio 1,080,575
Series A1, 5.00%, 06/01/2000
2,160,000 Maryland State Health & Higher 2,235,319
Education Facilities Authority Revenue,
Johns Hopkins University, 5.50%, 07/01/2000
(Note D, p. 13)
1,000,000 University of Texas, University 1,013,170
Revenue Financing System Series B,
4.50%, 08/15/2000
1,000,000 Illinois Educational Facilities 1,187,270
Authority Revenue, Loyola
University, Chicago Series A,
7.00%, 07/01/2007
1,415,000 Virginia Polytechnic Institute 1,500,692
& State University Revenue
Series A, 5.25%, 06/01/2008
1,255,000 University of Texas, University 1,274,503
Revenue Series A,
4.70%, 08/15/2008
5,000,000 Maryland State Health & Higher 5,604,100
Educational Facilities Authority
Revenue, Johns Hopkins University,
6.00%, 07/01/2009 (Note D, p. 13)
1,380,000 University of Texas, University 1,399,058
Revenue Series A,
4.80%, 08/15/2009
1,445,000 University of Texas, University 1,467,340
Revenue Series B,
4.80%, 08/15/2009
2,820,000 Massachusetts Health & 3,287,048
Educational Facilities Authority
Revenue, Harvard University
Series N, 6.25%, 04/01/2020
-----------------
Total Higher Education Revenue
(Cost $19,166,617) 20,049,075
-----------------
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Toll Revenue: 0.08%
1,000,000 Triborough Bridge & Tunnel $ 1,001,590
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
-------------
Total Toll Revenue (Cost $928,206) 1,001,590
-------------
Water/Sewer Revenue: 1.13%
2,350,000 Philadelphia, Pennsylvania Water 2,353,877
& Wastewater Revenue,
4.75%, 06/15/1998
3,600,000 Portland, Oregon Sewer System 3,731,472
Revenue Series A, 7.00%, 06/01/1999
2,470,000 Portland, Oregon Sewer System 2,602,738
Revenue Series A, 6.50%, 06/01/2000
1,925,000 Somerset-Raritan Valley, 2,048,431
New Jersey Sewage Series G,
6.40%, 07/15/2005
2,220,000 Texas State Water Development 2,340,524
Board Revenue, Revolving Senior
Lien-Series A, 5.50%, 07/15/2010
1,005,000 Massachusetts Water Pollution 1,034,999
Abatement Trust Series B,
5.25%, 08/01/2014
-------------
Total Water/Sewer Revenue (Cost $13,768,382) 14,112,041
-------------
Miscellaneous Revenue: 3.83%
3,800,000 Philadelphia, Pennsylvania Gas 3,812,920
Work Series A, 5.40%, 07/01/1998
15,000,000 Tax Exempt Private Municipal 15,054,150
Trust, Rule 144A Series 1996-1
Class A-3, 4.50%, 01/01/2000
12,000,000 Tax Exempt Private Municipal 12,167,280
Trust, Rule 144A Series 1997-1
Class A-3, 4.90%, 04/06/2001
1,600,000 Northeast Maryland Waste Disposal 1,653,040
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
10,000,000 Tax Exempt Private Municipal 10,068,700
Trust, Rule 144A Series 1996-1
Class A-4, 4.60%, 11/06/2001
3,775,000 Northeast Maryland Waste Disposal 3,934,984
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
1,200,000 Mashantucket Western Pequot 1,254,984
Tribe, Connecticut, Special
Revenue, Sub 144A Series B,
5.55%, 09/01/2008
-------------
Total Miscellaneous Revenue
(Cost $47,322,154) 47,946,058
-------------
Industrial Development/Pollution
Control Revenue: 1.56%
1,000,000 Fairfax County Economic 1,026,050
Development Authority, Virginia,
Ogden Martin System Project
Series A, AMT, 7.20%, 02/01/1999
12 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,100,000 Missouri State Environmental $ 2,146,368
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
7,125,000 Schuylkill County Industrial 7,337,753
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
8,470,000 St. Charles Parish, Louisiana 9,046,807
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
(Note F, below)
-----------------
Total Industrial Development/Pollution
Control Revenue (Cost $19,300,026) 19,556,978
-----------------
Total Revenue (Cost $157,670,592) 161,599,390
-----------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 2.12%
- --------------------------------------------------------------------------------
Housing: 0.18%
2,125,000 Ohio Housing Finance Agency, 2,221,284
Single Family Mortgage Revenue
Series A, AMT, 7.65%, 03/01/2029
-----------------
Total Housing (Cost $2,208,556) 2,221,284
-----------------
Student Loan: 1.94%
1,000,000 New England Education Loan 1,008,740
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1998
1,525,000 New England Education Loan 1,565,946
Marketing Corporation, Student
Loan Revenue, 6.00%, 09/01/1999
1,640,000 New England Education Loan 1,686,822
Marketing Corporation, Student
Loan Revenue Issue A,
6.125%, 09/01/1999
1,600,000 Brazos Higher Education Authority 1,644,624
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,340,000 Student Loan Funding Corporation, 1,382,719
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,450,000 New England Education Loan 1,476,028
Marketing Corporation, Student
Loan Revenue Series G,
5.00%, 08/01/2000
1,265,000 Brazos Higher Education Authority 1,312,716
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,555,466
Authority Series A-1, AMT,
5.95%, 06/01/2001
8,605,000 New England Education Loan $ 9,067,863
Marketing Corporation, Student
Loan Revenue Issue A,
5.80%, 03/01/2002
1,565,000 South Dakota Student Loan 1,667,210
Assistance Corporation, Student
Loan Revenue Series B, AMT,
7.625%, 08/01/2006
-----------------
Total Student Loan (Cost $23,931,885) 24,368,134
-----------------
Total Asset-Backed Securities
(Cost $26,140,441) 26,589,418
-----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $1,218,566,680) 100.43% $1,257,865,957
(Note G, below)
Cash and Other Assets, Less Liabilities (0.43) (5,392,558)
------- -----------------
Net Assets (Equivalent to $13.81
per share based on 90,663,200
shares of capital stock outstanding) 100.00% $1,252,473,399
======= =================
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
PSF Guaranteed-(Texas) Permanent School Funds
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) $7,000,000 principal amount segregated as collateral for when-issued
securities
(C) $20,300,000 principal amount segregated as collateral for when-issued
securities
(D) When-issued security
(E) $12,750,000 principal amount segregated as collateral for delayed-delivery
securities
(F) Delayed-delivery security
(G) At March 31, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
- ----------------------------------------------------------------
(H) Allocation of Portfolio net assets at March 31, 1998:
Alaska 0.53%
Arizona 0.54
Arkansas 0.73
California 4.93
Colorado 1.24
Connecticut 3.54
Delaware 0.83
Florida 4.24
Georgia 2.25
Hawaii 0.60
Illinois 7.54
Indiana 0.92
Kansas 0.24
Kentucky 0.22
Louisiana 0.72
Maryland 3.52
Massachusetts 7.54
Michigan 1.96
Minnesota 0.93
Mississippi 0.19
Missouri 0.25
Montana 0.15
Nevada 0.63
New Jersey 6.44
New York 7.53
North Carolina 0.92
Ohio 4.47
Oklahoma 1.09
Oregon 0.63
Pennsylvania 5.77
Rhode Island 1.46
South Carolina 0.65
South Dakota 0.43
Tennessee 1.21
Texas 7.51
Utah 3.07
Virginia 1.94
Washington 5.51
Wisconsin 1.10
Puerto Rico 0.27
District of Columbia 2.33
Tax-Exempt Private Municipal Trust 2.98
U.S. Treasury Obligations 0.88
Cash and Other Assets, Less Liabilities (0.43)
------
Total 100.00%
======
See Notes to Financial Statements.
14 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 5.19%
- --------------------------------------------------------------------------------
600,000 Orange County Water District, $ 600,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 3.60%, 08/15/2015
2,400,000 Orange County, California 2,400,000
Improvement Bond, Irvine Coast
Assessment District No. 88-1,
Daily Floater, Putable Daily,
3.70%, 09/02/2018
21,600,000 California Pollution Control 21,600,000
Financing Authority Revenue,
Pacific Gas & Electric Series F,
Daily Floater, Putable Daily, AMT,
3.70%, 11/01/2026
-----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $24,600,000) 24,600,000
-----------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 2.30%
- --------------------------------------------------------------------------------
11,219,010 3.375%, 01/15/2007 10,882,451
-----------------
Total U.S. Treasury Inflation Protection Security
(Cost $10,918,446) 10,882,451
-----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 22.84%
- --------------------------------------------------------------------------------
1,730,000 Fontana Redevelopment Agency, 1,794,737
California, North Fontana
Redevelopment Project,
8.00%, 09/01/2018,
Prerefunded 09/01/1998 @102
1,135,000 Antelope Valley Hospital 1,165,066
District, California Certificates
of Participation,
7.25%, 01/01/2017,
Prerefunded 01/01/1999 @100
1,325,000 San Diego County Regional 1,397,663
Transportation Authority,
California Sales Tax Revenue
Series A, 7.375%, 04/01/2006,
Prerefunded 04/01/1999 @102
1,875,000 California State Department of 1,974,150
Water Resources Series G,
7.125%, 12/01/2024,
Prerefunded 06/01/1999 @101.50
2,870,000 Puerto Rico Electric Power 3,031,179
Authority Series O,
7.125%, 07/01/2014,
Prerefunded 07/01/1999 @101.50
3,650,000 Puerto Rico Public Improvement $ 3,882,469
Series A, 7.75%, 07/01/2017,
Prerefunded 07/01/1999 @101.50
8,480,000 Los Angeles Convention & 9,012,035
Exhibition 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 Authority, 7,515,210
California Tax Allocation Revenue,
South Gate Redevelopment Project
Series A-2, 7.375%, 09/01/2009,
Prerefunded 09/01/1999 @102
(Note B, p. 21)
2,190,000 Santa Cruz County Public 2,355,827
Financing Authority, California
Tax Allocation, 7.625%, 09/01/2021,
Prerefunded 09/01/1999 @102.50
4,890,000 Alameda Community Facilities 5,252,447
District, California Special Tax No. 1,
7.75%, 09/01/2019,
Prerefunded 09/01/1999 @102
570,000 Temecula Valley Unified School 612,659
District, California Series B,
AMBAC, 9.25%, 09/01/1999,
Escrowed to Maturity
3,920,000 Tehachapi Community Facilities 4,234,266
District, California Special Tax,
7.40%, 10/01/2014,
Prerefunded 10/01/1999 @103
9,665,000 Stockton East Water District, 10,468,645
California Certificates of Participation,
1990 Project Series A, AMBAC,
7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102
(Note C, p. 21)
1,430,000 California Health Facilities 1,558,114
Financing Authority, Health
Dimensions Series A,
7.50%, 05/01/2015,
Prerefunded 05/15/2000 @102
1,265,000 California State Department of 1,352,500
Water Resources Series I,
6.60%, 12/01/2019,
Prerefunded 06/01/2000 @101.50
2,060,000 California State Department of 2,215,159
Water Resources Series H,
6.90%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
1,725,000 Puerto Rico Commonwealth, 1,893,291
7.625%, 07/01/2010,
Prerefunded 07/01/2000 @102
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,705,000 Desert Hospital District, $ 2,993,136
California Desert Hospital
Project, 8.10%, 07/01/2020,
Prerefunded 07/01/2000 @102
14,250,000 Castaic Lake Water Agency, California 15,593,205
Certificates of Participation, Water
Systems Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
(Note D, p. 21)
1,175,000 Los Angeles Convention & 1,276,555
Exhibition Center Authority,
California Certificates of
Participation, AMBAC,
7.00%, 08/15/2021,
Prerefunded 08/15/2000 @102
11,825,000 Los Angeles County, California 12,712,466
Certificates of Participation,
Correctional Facilities Project,
6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
1,840,000 California State Public Works 2,001,258
Board Lease Revenue, Regents of
the University of California
Series A, 7.00%, 09/01/2015,
Prerefunded 09/01/2000 @102
3,450,000 Los Angeles, California 3,744,768
Wastewater System Revenue Series
D, MBIA, 6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
1,585,000 Santa Ana Community Redevelopment 1,713,813
Agency, California Series A,
6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102
1,000,000 Los Angeles County Transportation 1,098,790
Commission, California Sales Tax
Revenue Series A,
6.75%, 07/01/2020,
Prerefunded 07/01/2001 @102
1,865,000 Colton Redevelopment Agency, 2,068,173
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
55,000 Denver City & County, Colorado 64,385
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
1,605,000 Burbank Redevelopment Agency, 1,832,493
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
1,520,000 Corona, California Certificates 1,893,677
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
1,000,000 Pittsburg Redevelopment Agency, $ 1,495,870
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
-----------------
Total Prerefunded/Escrowed
(Cost $106,527,890) 108,204,006
-----------------
- --------------------------------------------------------------------------------
INSURED: 34.09%
- --------------------------------------------------------------------------------
1,000,000 San Francisco City & County, 1,007,190
California, FGIC,
7.25%, 06/15/1998
5,095,000 Industry Urban Development 5,140,193
Agency, California, MBIA,
4.50%, 05/01/1999
1,035,000 East Bay Municipal Utility 1,062,345
District, California Water System
Revenue, FGIC, 6.00%, 06/01/1999
1,390,000 University of Puerto Rico Revenue 1,426,404
Series N, MBIA, 6.00%, 06/01/1999
1,800,000 East Bay Municipal Utility 1,847,556
District, California Water System
Revenue, FGIC, 6.00%, 06/01/1999
1,030,000 Southern California Public Power 1,040,496
Authority, Power Project Revenue,
Palo Verde Project Series A, FSA,
4.50%, 07/01/1999
2,740,000 Orange County Municipal Water 2,784,443
District, California Certificates
of Participation, Allen McColloch
Pipeline, MBIA, 5.00%, 07/01/1999
3,530,000 Northern California Power Agency, 3,587,256
Geothermal Project No. 3 Series B,
AMBAC, 5.00%, 07/01/1999
2,475,000 Santa Clara Unified School 2,582,960
District, California, FGIC,
7.00%, 08/01/1999
2,515,000 Vallejo Unified School District, 2,644,095
California, FGIC, 7.60%, 08/01/1999
1,965,000 Los Angeles Convention & 2,041,478
Exhibition Center Authority,
California Certificates of
Participation, AMBAC,
6.60%, 08/15/1999
1,535,000 University of California Revenue 1,667,117
Series C, AMBAC, 10.00%, 09/01/1999
4,285,000 Modesto Irrigation District 4,337,491
Financing Authority, California
Series A, MBIA, 4.50%, 10/01/1999
2,695,000 Riverside, California 2,739,953
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/1999
16 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,085,000 Los Angeles County Board of $ 1,102,783
Education, California
Certificates of Participation,
Local Educational Agencies,
Pooled Capital Projects Series A,
MBIA, 4.75%, 03/01/2000
2,885,000 California Health Facilities 2,937,045
Financing Authority, Catholic
Healthcare West Series A, MBIA,
4.75%, 07/01/2000
1,000,000 Sacramento Municipal Utility 1,024,440
District, California Series L,
AMBAC, 5.00%, 07/01/2000
1,695,000 Orange County, California Airport 1,739,935
Revenue, MBIA, AMT,
5.25%, 07/01/2000
1,000,000 Los Angeles County Metropolitan 1,035,080
Transportation Authority,
California Sales Tax Revenue
Series A, MBIA,
5.50%, 07/01/2000
2,530,000 Northern California Power Agency, 2,618,752
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2000
3,015,000 Riverside, California 3,080,878
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/2000
1,575,000 Las Virgenes Municipal Water 1,759,291
District, California Certificates
of Participation, MBIA,
8.75%, 11/01/2000
2,780,000 Castaic Lake Water Agency, 2,929,981
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 5.75%, 08/01/2001
1,000,000 California Health Facilities 1,029,920
Financing Authority, Stanford
Health Care Series B, AMBAC,
5.00%, 11/15/2001
1,000,000 California Health Facilities 1,035,600
Financing Authority, Sutter
Health Series C, FSA,
5.00%, 08/15/2002
5,025,000 San Diego County, California 5,308,661
Certificates of Participation,
AMBAC, 5.25%, 09/01/2005
1,390,000 South Orange County Public 1,638,490
Finance Authority, California
Special Tax Revenue Series A,
MBIA, 7.00%, 09/01/2006
1,590,000 San Diego County Regional 1,660,214
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.00%, 04/01/2007
1,200,000 San Francisco City & County $ 1,290,384
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2007
4,765,000 California State, AMBAC, 5,060,621
5.20%, 06/01/2007
4,520,000 South Orange County Public 5,535,102
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
7.50%, 08/15/2007
1,435,000 Riverside, California 1,545,595
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 5.50%, 11/01/2007
2,910,000 Contra Costa Transportation 3,268,163
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2008
2,360,000 San Diego County Regional 2,510,969
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC,
5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,267,906
Revenue, MBIA, AMT,
6.00%, 05/15/2008
2,815,000 Riverside, California Sewer 3,396,157
Revenue, FGIC, 7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,845,658
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2008
4,930,000 Contra Costa Transportation 5,530,178
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2009
2,825,000 San Francisco City & County 2,994,754
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2009
1,475,000 Los Angeles Department of 1,565,373
Airports, California Airport
Revenue Series A, FGIC,
5.50%, 05/15/2009
1,405,000 Riverside County Transportation 1,579,023
Commission, California Sales Tax
Revenue Series A, FGIC,
6.00%, 06/01/2009
1,000,000 Redding Joint Powers Financing 1,145,520
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,735,000 Northern California Power Agency, $ 3,028,001
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public 1,422,399
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
8.00%, 08/15/2009
2,000,000 Los Angeles, California Wastewater 2,091,620
System Revenue Series D,
FGIC, 5.375%, 11/01/2009
2,365,000 San Francisco City & County 2,458,276
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.35%, 05/01/2010
600,000 Los Angeles Department of 643,842
Airports, California Airport
Revenue, FGIC, AMT,
5.80%, 05/15/2010
1,000,000 Long Beach, California Harbor 1,112,140
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2010
1,320,000 East Bay Municipal Utility 1,343,760
District, California Water System
Revenue, MBIA, 5.00%, 06/01/2010
3,000,000 Riverside, California Sewer 3,106,020
Revenue, FGIC, 5.00%, 08/01/2010
1,175,000 San Jose Redevelopment Agency, 1,326,011
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2010
1,000,000 Castaic Lake Water Agency, 1,231,160
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2010
1,000,000 Los Angeles Convention & 1,128,830
Exhibition Center Authority,
California Lease Revenue, MBIA,
6.00%, 08/15/2010
1,375,000 Sacramento County, California 1,403,738
Certificates of Participation,
Public Facilities Project, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,152,750
California Series A, MBIA,
6.30%, 02/01/2011
4,835,000 Orange County Local Transportation 5,180,799
Authority, California Sales Tax Revenue
Series A, MBIA, 5.50%, 02/15/2011
(Note E, p. 21)
4,665,000 Oakland, State Building Authority, 4,931,791
California Lease Revenue,
Elihu M. Harris Project Series A,
AMBAC, 5.50%, 04/01/2011
2,785,000 Long Beach, California Harbor $ 3,101,571
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2011
1,000,000 University of California Revenue 1,012,300
Series C, AMBAC, 5.00%, 09/01/2011
2,145,000 San Francisco City & County Airport 2,229,191
Commission, California International
Airport Revenue Second Series 10A,
MBIA, AMT, 5.45%, 05/01/2012
1,000,000 Los Angeles County Metropolitan 1,027,130
Transportation Authority,
California Sales Tax Revenue
Series B, AMBAC,
5.30%, 07/01/2012
1,155,000 Puerto Rico Highway & 1,241,348
Transportation Authority Series A,
AMBAC, 5.50%, 07/01/2012
1,000,000 Los Angeles Convention & 1,007,560
Exhibition Center Authority,
California Lease Revenue, MBIA,
5.125%, 08/15/2013
1,000,000 University of California Revenue 1,003,020
Series C, AMBAC,
5.00%, 09/01/2013
1,340,000 Los Angeles Unified School 1,500,465
District, California Series A,
FGIC, 6.00%, 07/01/2014
1,000,000 Puerto Rico Highway & 1,151,140
Transportation Authority Series Z,
MBIA, 6.25%, 07/01/2014
1,195,000 Culver City Redevelopment Finance 1,275,686
Authority, California Tax Allocation,
AMBAC, 5.50%, 11/01/2014
1,725,000 Long Beach, California Water 1,882,751
Revenue Series A, MBIA,
5.75%, 05/01/2015
1,565,000 Puerto Rico Highway & 1,669,558
Transportation Authority Series W,
MBIA, 5.50%, 07/01/2015
1,000,000 San Jose Redevelopment Agency, 1,121,120
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
1,000,000 California Special Districts 1,055,040
Association Finance Corporation,
Certificates of Participation,
Series Z, FSA, 5.50%, 08/01/2017
1,000,000 Los Angeles Convention & 1,013,580
Exhibition Center Authority,
California Lease Revenue Series A,
MBIA, 5.375%, 08/15/2018
1,660,000 Fresno, California Sewer Revenue 1,703,060
Series A-1, AMBAC,
5.25%, 09/01/2019
18 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,630,000 California State Public Works Board $ 2,595,573
Lease Revenue, Department of
Corrections, State Prison Series A,
AMBAC, 5.00%, 12/01/2019
-----------------
Total Insured (Cost $155,243,668) 161,496,680
-----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 24.87%
- --------------------------------------------------------------------------------
State General Obligations: 7.46%
1,295,000 California State, 1,342,591
7.00%, 06/01/1999
1,000,000 Puerto Rico Commonwealth, 1,022,240
5.50%, 07/01/1999
3,335,000 California State, 3,677,338
9.00%, 06/01/2000
16,310,000 California State, 16,736,343
5.00%, 10/01/2000
1,000,000 California State, 1,077,230
6.70%, 04/01/2001
1,300,000 District of Columbia Series A, 1,364,753
5.90%, 06/01/2002
1,020,000 California State, Veterans 1,040,400
Series AW, AMT,
7.25%, 04/01/2003
2,500,000 California State, 2,801,975
6.20%, 09/01/2005
5,560,000 California State, 6,270,068
6.00%, 10/01/2009
-----------------
Total State General Obligations
(Cost $34,809,822) 35,332,938
-----------------
Local General Obligations: 2.41%
1,045,000 East Bay Regional Park District, 1,117,147
California Series B,
8.75%, 09/01/1999
2,235,000 Los Angeles County Public Works 2,312,443
Authority, California Capital
Construction Series A,
5.10%, 03/01/2007
1,000,000 East Bay Municipal Utility District, 1,043,660
California Special District No. 1
Series E, 5.45%, 04/01/2010
3,110,000 Los Angeles County Public Works 3,144,241
Authority, California Capital
Construction, 5.00%, 03/01/2011
1,000,000 Kern High School District, 1,232,240
California, 7.10%, 08/01/2011
2,480,000 Los Angeles, California Series A, 2,564,419
5.25%, 09/01/2011
-----------------
Total Local General Obligations
(Cost $10,755,405) 11,414,150
-----------------
Tax Lease: 8.77%
4,040,000 Los Angeles Municipal Improvement 4,061,776
Corp., California Certificates of
Participation, 4.50%, 12/01/1998
1,065,000 California State Public Works $ 1,076,939
Board Lease Revenue,
Community Colleges Series A,
5.00%, 04/01/1999
1,215,000 San Diego County Unified School 1,224,878
District, California Certificates
of Participation, Project Phase XII
Series B, 4.50%, 07/01/1999
1,130,000 Cupertino, California 1,147,379
Certificates of Participation
Series A, 4.875%, 01/01/2000
11,175,000 California State Public Works 11,396,265
Board Lease Revenue,
Department of Corrections Series C,
4.75%, 09/01/2000
5,340,000 California State Public Works 5,484,714
Board Lease Revenue, Community
Colleges Series A, 5.00%, 04/01/2001
1,595,000 Ukiah Unified School District, 1,646,263
California Certificates of Participation,
5.60%, 09/01/2001
2,980,000 Puerto Rico Urban Renewal & Housing 3,191,223
Corp., 7.875%, 10/01/2004
1,000,000 Los Angeles State Building 1,060,800
Authority, California Lease
Revenue, 5.50%, 05/01/2007
2,520,000 San Francisco State Building Authority, 2,607,116
California Lease Revenue Series A,
5.125%, 10/01/2007
1,010,000 Gilroy Unified School District, 1,075,145
California Certificates of
Participation, 5.85%, 07/01/2008
725,000 San Francisco City & County 743,212
Parking Authority, California,
7.50%, 12/01/2008
2,590,000 Taft Public Financing Authority, 2,765,861
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
2,000,000 Capistrano Unified School 2,008,220
District, California Certificates
of Participation, 5.20%, 02/01/2018
2,000,000 Sacramento City Finance Authority, 2,082,540
California Lease Revenue Series B,
5.40%, 11/01/2020
-----------------
Total Tax Lease (Cost $40,505,530) 41,572,331
-----------------
Special Tax: 6.23%
2,005,000 Puerto Rico Highway & Transit 2,010,674
Authority, 5.00%, 07/01/1998
3,240,000 Orange County, Local 3,300,458
Transportation Authority,
California Sales Tax Revenue
Series A, 5.00%, 02/15/2000
(Note E, p. 21)
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Los Angeles County Metropolitan $ 1,020,800
Transportation Authority,
California Series A,
4.90%, 07/01/2000
5,810,000 Los Angeles County Public Works 5,964,662
Financing Authority, California,
Regional Park & Open Space
District Series A,
5.00%, 10/01/2000
7,450,000 Los Angeles Community 7,590,284
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/2000
1,300,000 Los Angeles County Transportation 1,476,111
Commission, California Series A,
6.40%, 07/01/2006
1,955,000 Pomona Public Financing 2,032,926
Authority, California Revenue,
Southwest Pomona Redevelopment,
5.50%, 02/01/2008
5,705,000 Los Angeles County Public Works 6,101,555
Financing Authority, California,
Regional Park & Open Space
District Series A,
5.50%, 10/01/2009
-----------------
Total Special Tax (Cost $28,870,384) 29,497,470
-----------------
Total Tax Supported (Cost $114,941,141) 117,816,889
-----------------
- --------------------------------------------------------------------------------
REVENUE: 10.84%
- --------------------------------------------------------------------------------
Airport Revenue: 0.29%
500,000 Denver City & County, Colorado 555,980
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
145,000 Denver City & County, Colorado 168,042
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 630,820
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-----------------
Total Airport Revenue (Cost $1,148,972) 1,354,842
-----------------
Electric Revenue: 0.90%
1,250,000 Los Angeles Department of Water & 1,357,412
Power, California, Electric Plant
Revenue Second Issue,
9.00%, 12/15/1999
1,000,000 Los Angeles Department of Water & 1,153,100
Power, California, Electric Plant
Revenue Second Issue,
8.00%, 08/15/2002
1,615,000 Los Angeles Department of Water & 1,767,682
Power, California, Electric Plant
Revenue, 7.10%, 01/15/2031
-----------------
Total Electric Revenue (Cost $4,181,767) 4,278,194
-----------------
Higher Education Revenue: 1.18%
1,000,000 University of California, $ 1,015,410
Research Facilities Revenue
Series B, 7.50%, 09/01/1998
685,000 California Educational Facilities 726,264
Authority, University of Southern
California Series B,
7.85%, 10/01/1999
1,035,000 California Educational Facilities 1,061,569
Authority, Stanford University
Series M, 5.25%, 12/01/1999
2,540,000 California Educational Facilities 2,768,346
Authority, University of Southern
California Series A,
5.50%, 10/01/2008
-----------------
Total Higher Education Revenue
(Cost $5,294,980) 5,571,589
-----------------
Water/Sewer Revenue: 5.29%
2,175,000 Metropolitan Water District of 2,206,081
Southern California Waterworks
Revenue, 4.85%, 07/01/1999
2,455,000 Los Angeles Department of Water & 2,702,611
Power, California, Waterworks
Revenue Second Issue,
9.00%, 05/15/2000
1,000,000 Metropolitan Water District of 1,065,250
Southern California Series A,
7.00%, 07/01/2000
1,050,000 California State Department of 1,170,025
Water Resources Series M,
8.50%, 12/01/2000
2,500,000 Metropolitan Water District of 2,651,300
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,532,796
District Financing Authority,
California Series A,
5.25%, 10/01/2008
2,700,000 California State Department of 2,936,007
Water Resources, Central Valley
Project, Water System Revenue
Series T, 5.50%, 12/01/2008
1,000,000 Orange County Water District, 1,051,810
California Certificates of
Participation Series A,
5.50%, 08/15/2010
2,460,000 San Francisco City & County 2,477,983
Public Utilities Commission,
California, Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,255,821
Water Resources, Water System
Revenue Series O,
5.00%, 12/01/2015
20 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- ------------------------------------------------------------------------------
Principal Market
Amount Description Value
- ------------------------------------------------------------------------------
3,660,000 Metropolitan Water District of Southern California $ 4,013,117
Series A, 5.75%, 07/01/2021
------------
Total Water/Sewer Revenue (Cost $23,258,401) 25,062,801
------------
Miscellaneous Revenue: 2.77%
2,335,000 Long Beach, California Harbor Revenue Series A, 2,384,198
AMT, 5.00%, 05/15/2000
1,235,000 Western Placer Waste Management Authority, 1,275,471
California Revenue, AMT, 6.25%, 07/01/2000
2,450,000 Long Beach, California Harbor Revenue Series A, 2,513,773
AMT, 5.00%, 05/15/2001
6,485,000 Los Angeles, California Harbor Department Revenue 6,965,474
Series B, AMT, 5.75%, 08/01/2009
------------
Total Miscellaneous Revenue (Cost $12,820,265) 13,138,916
------------
Industrial Development/Pollution Control Revenue: 0.41%
650,000 Missouri State Environmental Improvement & 664,352
Energy Resource Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
1,260,000 Schuylkill County Industrial Development Authority, 1,297,624
Pennsylvania, Energy Reserves, AMT, 6.50%,
01/01/2010
------------
Total Industrial Development/Pollution Control Revenue
(Cost $1,856,309) 1,961,976
------------
Total Revenue (Cost $48,560,694) 51,368,318
------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $460,791,839) 100.13% $474,368,344
(Note F, below)
Cash and Other Assets, Less Liabilities (0.13) (594,833)
------- -------------
Net Assets (Equivalent to $13.96 per share based
on 33,931,670 shares of capital stock outstanding) 100.00% $473,773,511
======= =============
- ------------------------------------------------------------------------------
(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) $1,800,000 principal amount segregated as collateral for when-issued
securities
(C) $7,950,000 principal amount segregated as collateral for when-issued
securities
(D) $1,300,000 principal amount segregated as collateral for when-issued
securities
(E) When-issued security
(F) At March 31, 1998, the cost basis of investment securities owned was
substantially indentical for both book and tax.
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 3.57%
- --------------------------------------------------------------------------------
3,500,000 Babylon, New York Industrial $ 3,500,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, AMT, 3.75%, 12/01/2004
7,240,000 New York State Job Development 7,240,000
Authority, State Guaranteed
Series A-1, Daily Floater,
Putable Daily, AMT, 3.80%, 03/01/2005
9,065,000 New York State Job Development 9,065,000
Authority, State Guaranteed
Series B-1, Daily Floater,
Putable Daily, AMT, 3.80%, 03/01/2005
2,700,000 New York State Energy Research & 2,700,000
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power Series A, Daily Floater,
Putable Daily, AMT, 3.95%, 07/01/2015
2,500,000 New York State Energy Research & 2,500,000
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power, Daily Floater, Putable
Daily, AMT, 4.00%, 12/01/2023
1,900,000 New York State Energy Research & 1,900,000
Development Authority, Pollution
Control Revenue, New York State
Electric & Gas Series C, Daily
Floater, Putable Daily,
3.65%, 06/01/2029
-----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $26,905,000) 26,905,000
-----------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.92%
- --------------------------------------------------------------------------------
7,139,370 3.375%, 01/15/2007 6,925,196
-----------------
Total U.S. Treasury Inflation Protection Security
(Cost $6,948,102) 6,925,196
-----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 27.24%
- --------------------------------------------------------------------------------
825,000 MAC New York Series 64, 831,171
6.75%, 07/01/1998,
Escrowed to Maturity
220,000 New York State Dormitory 226,402
Authority, City University Series D,
7.50%, 07/01/2000,
Prerefunded 07/01/1998 @102
525,000 New York State Medical Care $ 529,310
Facilities Finance Authority, Brookdale
Medical Center Secured Hospital
Program Series A, 5.95%, 08/15/1998,
Escrowed to Maturity
3,440,000 Albany Parking Authority, New York, 3,503,709
6.875%, 11/01/2016,
Prerefunded 11/01/1998 @100
330,000 Nassau County, New York Series L, 335,267
FGIC, 6.30%, 11/15/1998,
Escrowed to Maturity
10,185,000 Battery Park City Authority, New York 10,477,717
Revenue, 6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
3,235,000 Battery Park City Authority, New York 3,430,750
Revenue, 7.70%, 05/01/2015,
Prerefunded 05/01/1999 @102
6,415,000 New York State Dormitory Authority, 6,623,167
State University Series A,
6.75%, 05/15/2018,
Prerefunded 05/15/1999 @100
4,315,000 New York State Dormitory Authority, 4,555,345
State University Series A,
7.125%, 05/15/2017,
Prerefunded 05/15/1999 @102
1,000,000 Suffolk County Water Authority, 1,057,080
New York, 7.125%, 06/01/2015,
Prerefunded 06/01/1999 @102
1,000,000 New York City Series B, 1,047,760
8.00%, 06/01/1999,
Escrowed to Maturity
2,625,000 New York City Municipal Water 2,773,076
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
3,425,000 New York City Municipal Water 3,618,205
Finance Authority Series A,
7.375%, 06/15/2009,
Prerefunded 06/15/1999 @101.50
3,095,000 MAC New York Series 67, 3,221,462
7.20%, 07/01/1999,
Escrowed to Maturity
1,000,000 Albany County, New York, 1,045,320
7.00%, 10/01/1999,
Escrowed to Maturity
1,000,000 Nassau County, New York Series H, 1,049,390
AMBAC, 7.20%, 10/15/1999,
Escrowed to Maturity
1,400,000 Nassau County, New York Series J, 1,471,218
FGIC, 7.30%, 10/15/1999,
Escrowed to Maturity
1,000,000 Triborough Bridge & Tunnel 1,034,150
Authority, New York Toll Revenue
Series R, 6.00%, 01/01/2020,
Prerefunded 01/01/2000 @100
*See Note 1, page 28 in Notes to Financial Statements.
22 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 New York State Urban Development $ 2,139,040
Corp., Correctional Facilities
Series G, 7.00%, 01/01/2017,
Prerefunded 01/01/2000 @102
6,700,000 New York State Medical Care 7,242,097
Facilities Finance Agency Series B,
7.45%, 02/15/2029,
Prerefunded 02/15/2000 @102
6,195,000 New York City Series A, 6,660,926
7.25%, 03/15/2020,
Prerefunded 03/15/2000 @101.50
3,765,000 New York City Series A, 4,083,180
7.75%, 03/15/2004,
Prerefunded 03/15/2000 @101.50
1,195,000 New York State Dormitory 1,296,252
Authority, State University
Series B, 7.25%, 05/15/2015,
Prerefunded 05/15/2000 @102
2,375,000 New York State Dormitory 2,594,141
Authority, State University
Series A, 7.625%, 05/15/2005,
Prerefunded 05/15/2000 @102
18,275,000 New York State Dormitory 19,988,647
Authority, State University
Series A, 7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
5,000,000 New York City Municipal Water 5,407,250
Finance Authority, Water & Sewer
Systems Revenue Series A,
7.25%, 06/15/2015,
Prerefunded 06/15/2000 @101.50
3,450,000 New York State Dormitory Authority, 3,778,716
City University Systems Series A,
7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
420,000 New York State Dormitory 456,485
Authority, City University Systems
Series A, 7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
1,000,000 MTA, New York Commuter Facilities 1,096,020
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
2,250,000 MTA, New York Transit Facilities 2,466,045
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
3,950,000 New York State Dormitory Authority, 4,347,330
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
10,040,000 New York State Dormitory 11,049,924
Authority, City University
Systems Series F,
7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
1,000,000 New York State Medical Care $ 1,051,340
Facilities Finance Authority,
Brookdale Medical Center Secured
Hospital Program Series A,
6.35%, 08/15/2000,
Escrowed to Maturity
3,045,000 New York State Housing Finance 3,367,648
Agency, Service Contract
Obligation Revenue Series A,
7.80%, 09/15/2020,
Prerefunded 09/15/2000 @102
3,500,000 Virgin Islands Public Finance Authority 3,803,555
Series B, 7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
2,000,000 New York State Medical Care 2,191,420
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000,
Escrowed to Maturity
10,000,000 New York State Thruway Authority 10,487,700
Service Contract,
6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
5,065,000 New York State Urban Development 5,377,054
Corp., Correctional Facilities
Series 2, 6.50%, 01/01/2021,
Prerefunded 01/01/2001 @100
1,360,000 Triborough Bridge & Tunnel Authority 1,479,517
Series S, 7.00%, 01/01/2021,
Prerefunded 01/01/2001 @101.50
1,680,000 Triborough Bridge & Tunnel 1,827,638
Authority, New York Toll Revenue
Series S, 7.00%, 01/01/2011,
Prerefunded 01/01/2001 @101.50
230,000 New York State Power Authority 244,127
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
1,000,000 New York State Local Government 1,098,650
Assistance Corp. Series C,
7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
4,595,000 New York State Local Government 5,080,324
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
9,310,000 New York State Local Government 10,293,322
Assistance Corp. Series B,
7.25%, 04/01/2006,
Prerefunded 04/01/2001 @102
3,110,000 New York State Local Government 3,460,186
Assistance Corp. Series B,
7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
2,050,000 New York City Series B, 2,251,474
7.00%, 06/01/2015,
Prerefunded 06/01/2001 @101.50
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
9,185,000 New York City Municipal Water $ 9,987,861
Finance Authority Series A,
6.75%, 06/15/2017,
Prerefunded 06/15/2001 @101
1,000,000 New York City Series A, 1,126,700
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,925,000 Suffolk County, New York Series A, 2,253,386
FGIC, 9.50%, 10/01/2001,
Escrowed to Maturity
1,500,000 New York State Thruway Authority 1,627,575
Service Contract, 6.25%, 04/01/2004,
Prerefunded 04/01/2002 @101
825,000 New York State Power Authority, 864,790
Series CC, 5.00%, 01/01/2009,
Prerefunded 01/01/2003 @103
1,955,000 New York State Power Authority 2,049,289
Series CC, 5.00%, 01/01/2014,
Prerefunded 01/01/2003 @102
4,665,000 New York State Power Authority 4,889,993
Series CC, 5.00%, 01/01/2009,
Prerefunded 01/01/2003 @102
2,550,000 New York State Medical Care 2,786,819
Facilities Finance Agency, Hospital &
Nursing Home Insured Mortgage, FHA,
6.35%, 02/15/2012,
Prerefunded 02/15/2003 @102
2,220,000 New York State Power Authority 2,566,942
Series W, 6.50%, 01/01/2008,
Escrowed to Maturity
4,670,000 Niagara Falls Bridge Commission, 5,390,207
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
-----------------
Total Prerefunded/Escrowed (Cost $201,978,677) 204,994,069
-----------------
- --------------------------------------------------------------------------------
INSURED: 25.82%
- --------------------------------------------------------------------------------
1,000,000 New York City Industrial 1,011,310
Development Agency, USTA National
Tennis Center, FSA,
5.50%, 11/15/1998
1,570,000 Brookhaven, New York, MBIA, 1,590,049
5.70%, 11/15/1998
1,000,000 Suffolk County, New York Series A, 1,016,000
AMBAC, 5.00%, 06/15/1999
2,550,000 Suffolk County, New York Series D, 2,590,978
FGIC, 4.875%, 08/01/1999
4,420,000 Nassau County, New York Series W, 4,471,670
FGIC, 4.50%, 09/01/1999
7,130,000 Nassau County, New York Series T, 7,274,097
FGIC, 5.125%, 09/01/1999
1,380,000 Suffolk County, New York Series B, 1,402,604
FGIC, 4.75%, 11/01/1999
4,850,000 Nassau County, New York Series X, $ 4,950,104
AMBAC, 5.00%, 11/01/1999
3,620,000 Nassau County, New York Series U, 3,701,595
AMBAC, 5.125%, 11/01/1999
5,035,000 New York City Trust Cultural 5,126,335
Resource Revenue, Museum of
Modern Art Series 1, AMBAC,
5.00%, 01/01/2000
3,385,000 New York State Dormitory 3,429,445
Authority, Hospital Series A,
AMBAC, 4.75%, 02/15/2000
5,325,000 New York City Health & Hospital 5,405,834
Corp. Series A, Connie Lee,
4.875%, 02/15/2000
1,000,000 New York State Thruway Authority, 1,016,730
Highway & Bridge Trust Fund
Series A, AMBAC,
4.75%, 04/01/2000
1,470,000 New York State Thruway Authority, 1,528,962
Highway & Bridge Trust Fund
Series A, AMBAC,
6.00%, 04/01/2000
2,255,000 Nassau County, New York Series Q, 2,312,074
FGIC, 5.00%, 08/01/2000
1,085,000 Erie County, New York Series B, 1,119,481
FGIC, 5.25%, 08/15/2000
1,335,000 Erie County, New York Series A, 1,377,427
FGIC, 5.25%, 08/15/2000
2,940,000 New York State Dormitory 2,990,245
Authority, Columbia Presbyterian
FHA Hospital Series A, AMBAC,
4.75%, 02/15/2001
1,460,000 New York State Dormitory 1,484,041
Authority, Good Samaritan
Hospital, Asset Guarantee,
4.75%, 07/01/2001
1,340,000 New York State Dormitory Authority, 1,624,174
City University Series D, FGIC,
8.75%, 07/01/2003
1,000,000 Niagara Frontier Authority, New 1,065,570
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
3,615,000 New York State Project Finance 3,720,666
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,103,327
Corp., Correctional Facilities
Revenue, AMBAC,
5.00%, 01/01/2007
4,285,000 Suffolk County, New York, 4,725,712
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
1,810,000 New York State Local Government 2,017,498
Assistance Corp. Series A, AMBAC,
6.00%, 04/01/2007
24 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,360,000 New York State Dormitory $ 5,719,656
Authority Series B, FGIC,
5.375%, 05/15/2007
4,000,000 Westchester County Industrial 4,264,920
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
1,000,000 MTA, New York Commuter Facilities 1,115,540
Series A, MBIA,
6.00%, 07/01/2007
1,500,000 New York State Dormitory 1,674,510
Authority, Rochester Institute of
Technology, MBIA,
6.00%, 07/01/2007
2,500,000 MTA, New York Transit Authority, 2,788,850
Commuter Facilities Series C-1,
FGIC, 6.00%, 07/01/2007
2,500,000 MTA, New York Commuter Facilities 2,807,625
Series A, MBIA,
6.10%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,731,344
Series K, MBIA,
6.30%, 07/01/2007
2,880,000 Yonkers, New York Series C, AMBAC, 2,972,995
5.00%, 08/01/2007
1,265,000 New York State Urban Development 1,357,611
Corp., Correctional Facilities
Series A, AMBAC,
5.50%, 01/01/2008
1,345,000 Babylon, New York Series A, AMBAC, 1,831,688
9.20%, 01/15/2008
2,000,000 MTA, New York Dedicated Tax 2,084,280
Series A, MBIA,
5.10%, 04/01/2008
2,300,000 New York State Dormitory 2,469,671
Authority, State University
Series A, AMBAC,
5.50%, 05/15/2008
4,200,000 Suffolk County, New York, 4,410,420
Waterworks Authority Revenue,
MBIA, 5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,519,289
Authority, New York University
Series B, MBIA,
5.00%, 07/01/2008
1,910,000 MTA, New York Transit Facilities 2,102,432
Service Contract Series O, AMBAC,
5.75%, 07/01/2008
4,575,000 New York State Series B AMBAC, 4,915,426
5.625%, 08/15/2008
2,800,000 New York State Thruway Authority 3,012,324
General Revenue Series C, FGIC,
5.75%, 01/01/2009
6,635,000 New York State Thruway Authority, 6,910,021
Highway & Bridge Trust Fund
Series A, MBIA, 5.25%, 04/01/2009
2,165,000 New York State Thruway Authority, $ 2,262,598
Highway & Bridge Trust Fund
Series B, MBIA, 5.30%, 04/01/2009
4,055,000 New York State Dormitory Authority, 4,384,266
State University Series A, FGIC,
5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,259,424
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
1,000,000 New York State Dormitory 1,094,470
Authority, City University Series A,
AMBAC, 5.75%, 07/01/2009
8,535,000 New York State Dormitory Authority, 9,364,858
City University Second Series A, FSA,
5.75%, 07/01/2009
1,125,000 Nassau County, New York Series A, 1,249,425
AMBAC, 6.00%, 07/01/2009
1,495,000 MTA, New York Commuter Facilities 1,688,617
Revenue Series A, MBIA,
6.10%, 07/01/2009
1,550,000 Babylon, New York Waste 2,135,048
Facilities, FGIC,
9.00%, 08/01/2009
1,000,000 Hempstead Town Industrial 1,022,340
Development Agency, New York
American Ref-Fuel Co. Project, MBIA,
5.00%, 12/01/2009
1,090,000 Nassau County, New York Series G, 1,156,316
MBIA, 5.40%, 01/15/2010
1,000,000 New York State Local Government 1,037,030
Assistance Corp. Series A, AMBAC,
5.125%, 04/01/2010
1,120,000 Nassau County, New York Series A, 1,200,450
AMBAC, 5.50%, 07/01/2010
1,000,000 New York State Dormitory Authority, 1,115,940
State University Series A, AMBAC,
6.00%, 07/01/2010
4,390,000 Port Authority of New York & New 4,519,681
Jersey Revenue, MBIA, AMT,
5.25%, 09/01/2010
7,350,000 New York State Thruway Authority, 7,752,412
Highway & Bridge Trust Fund
Series A, FGIC, 5.50%, 04/01/2011
3,940,000 MTA, New York Dedicated Tax 4,483,484
Series A, MBIA, 6.25%, 04/01/2011
3,415,000 New York State Dormitory Authority, 3,431,221
State University Series A, MBIA,
5.00%, 07/01/2011
1,000,000 Nassau County, New York Series A, 1,118,610
AMBAC, 6.00%, 07/01/2011
4,500,000 Babylon, New York Waste 6,355,440
Facilities, FGIC, 9.00%, 08/01/2011
2,725,000 New York City Educational 2,839,368
Construction Fund, MBIA,
5.50%, 10/01/2011
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Nassau County, New York Series A, $ 1,119,400
FGIC, 6.00%, 07/01/2012
1,630,000 Islip, New York Resource Recovery 1,752,022
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
1,000,000 New York City Municipal Water 1,113,820
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,000,000 Nassau County, New York Series A, 1,117,070
FGIC, 6.00%, 07/01/2013
1,095,000 Clifton Park, New York Water 1,084,083
Authority, FGIC,
5.00%, 10/01/2014
1,050,000 New York State Medical Care 1,140,006
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015
1,985,000 New York State Dormitory 2,233,601
Authority, State University
Series A, MBIA,
6.00%, 07/01/2017
1,365,000 New York State Dormitory 1,499,425
Authority, State University
Series A, MBIA,
5.75%, 07/01/2020
-----------------
Total Insured (Cost $187,288,631) 194,274,955
-----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 27.28%
- --------------------------------------------------------------------------------
State General Obligations: 1.70%
1,500,000 New York State, 1,555,500
6.20%, 11/01/1999
1,355,000 New York State, 1,419,010
6.875%, 11/01/1999
3,730,000 New York State, 3,963,983
7.80%, 11/15/1999
4,640,000 New York State, 4,728,670
5.00%, 03/01/2000
1,000,000 Puerto Rico Commonwealth, 1,085,610
7.00%, 07/01/2001
-----------------
Total State General Obligations
(Cost $12,531,381) 12,752,773
-----------------
Local General Obligations: 9.39%
7,235,000 Westchester County, New York 7,345,623
Series D, 4.625%, 11/15/1999
2,000,000 New York City Series B, 2,117,080
7.40%, 02/01/2000
1,025,000 Monroe County, New York Series B, 1,047,048
5.00%, 03/01/2000
6,085,000 Monroe County, New York Series A, 6,215,888
5.00%, 03/01/2000
2,550,000 Monroe County, New York, 2,586,516
4.60%, 06/01/2000
9,000,000 New York City Series L, 9,239,040
5.25%, 08/01/2000
2,000,000 New York City Series D, $ 2,055,060
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,140,258
District, New York,
7.30%, 01/01/2001
3,005,000 New York City Series G, 3,074,987
5.00%, 08/01/2001
615,000 New York City Series C, 662,552
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,230,067
5.40%, 02/15/2003
4,315,000 New York City Series B, 4,816,489
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,168,170
7.10%, 12/01/2004
1,000,000 New York City Series C, 1,056,750
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,397,351
5.75%, 02/01/2006
1,000,000 New York City Series I, 1,101,290
6.25%, 04/15/2006
1,300,000 Westchester County, New York 1,524,497
Series A, 6.75%, 02/01/2007
7,575,000 New York City Series F, 7,957,765
5.50%, 08/01/2007
5,355,000 New York City Series B, 5,861,422
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,863,510
5.70%, 04/01/2009
2,040,000 Onondaga County, New York, 2,241,124
5.70%, 04/01/2010
1,000,000 Orange County, New York, 1,129,740
6.00%, 11/15/2010
2,600,000 Onondaga County, New York, 2,850,692
5.70%, 04/01/2011
-----------------
Total Local General Obligations
(Cost $67,675,089) 70,682,919
-----------------
Tax Lease: 9.17%
1,700,000 New York State Dormitory 1,764,566
Authority, State University
Series B, 7.25%, 05/15/1999
2,600,000 New York State Medical Care 2,629,406
Facilities Finance Authority,
Mental Health Services Series F,
4.60%, 08/15/1999
1,550,000 New York State Urban Development 1,573,932
Corp., Correctional Facilities,
5.00%, 01/01/2000
1,175,000 New York State Urban Development 1,212,717
Corp., Project Center for
Industrial Innovation,
6.00%, 01/01/2000
1,000,000 New York State Certificates of 1,004,570
Participation, 4.375%, 02/01/2000
26 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,055,000 New York State Thruway Authority $ 3,105,835
Service Contract Revenue,
5.20%, 04/01/2000
525,000 New York State Energy Research & 542,183
Development Authority, Western
New York Nuclear Service Center
Project, 6.00%, 04/01/2000
635,000 New York State Dormitory 652,723
Authority, City University Series D,
7.50%, 07/01/2000
1,920,000 MTA, New York Transit Facilities 1,976,890
Service Contract Series O,
5.25%, 07/01/2001
3,505,000 MTA, New York Commuter Facilities 3,608,853
Service Contract Series O,
5.25%, 07/01/2001
2,665,000 New York State Dormitory 2,722,084
Authority, Wyckoff Heights
Hospital Secured Hospital Program,
5.00%, 02/15/2002
3,820,000 New York State Dormitory 3,901,825
Authority, Jamaica Hospital
Secured Hospital Program,
5.00%, 02/15/2002
720,000 New York State Medical Care 777,154
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
2,000,000 New York State Thruway Authority 2,150,400
Service Contract,
6.20%, 04/01/2003
2,000,000 New York State Urban Development 2,153,400
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
3,825,000 New York State Dormitory 4,009,709
Authority, State University
Series B, 5.25%, 05/15/2005
1,000,000 MTA, New York Commuter Facilities 1,038,890
Service Contract,
5.30%, 07/01/2005
1,165,000 MTA, New York Transit Facilities 1,210,307
Service Contract,
5.30%, 07/01/2005
1,020,000 New York State Dormitory 1,084,505
Authority, City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,892,567
Authority, City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Dormitory 1,108,890
Authority, City University Series U,
6.45%, 07/01/2005
1,000,000 New York State Urban Development 1,026,140
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
3,300,000 New York State Dormitory $ 3,522,123
Authority, State University
Series A, 5.50%, 05/15/2006
1,645,000 MTA, New York Transit Facilities 1,721,673
Service Contract,
5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,313,800
Service Contract,
5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,767,143
Authority, City University Series 2,
5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,371,721
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,913,325
Service Contract,
5.125%, 04/01/2008
1,505,000 New York State Dormitory 1,602,795
Authority, Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,709,981
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,370,072
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,125,000 New York State Dormitory 1,209,848
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel 1,630,522
Authority, New York Convention
Center Series E, 6.00%, 01/01/2011
3,550,000 New York State Dormitory 3,736,481
Authority, State University
Series A, 5.50%, 05/15/2013
-----------------
Total Tax Lease (Cost $65,577,615) 69,017,030
-----------------
Special Tax: 7.02%
1,110,000 New York State Local Government 1,110,000
Assistance Corp. Series A,
5.75%, 04/01/1998
695,000 MAC New York Series I, 705,168
5.00%, 07/01/1999
5,895,000 MAC New York Series L, 5,981,244
5.00%, 07/01/1999
4,930,000 New York State Thruway Authority, 4,973,926
Highway & Bridge Trust Fund
Series A, FGIC,
4.50%, 04/01/2000
6,805,000 MAC New York Series I, 6,959,542
5.00%, 07/01/2000
6,880,000 MAC New York Series L, 7,072,846
5.25%, 07/01/2000
6,160,000 MAC New York Series E, 6,365,374
5.50%, 07/01/2000
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,025,000 Grand Central District Management $ 1,060,158
Association, New York Business
Improvement District Series 1994,
5.00%, 01/01/2006
2,500,000 New York State Local Government 2,711,050
Assistance Corp. Series B,
6.00%, 04/01/2006
1,000,000 New York State Local Government 1,033,120
Assistance Corp. Series D,
5.10%, 04/01/2008
3,035,000 New York State Local Government 3,365,238
Assistance Corp. Series A,
6.00%, 04/01/2008
2,440,000 MAC New York Series L, 2,729,042
6.00%, 07/01/2008
1,925,000 New York State Local Government 2,063,658
Assistance Corp. Series A,
5.90%, 04/01/2012
1,740,000 New York State Local Government 1,768,797
Assistance Corp. Series D,
5.375%, 04/01/2014
4,430,000 New York State Local Government 4,908,617
Assistance Corp. Series E,
6.00%, 04/01/2014
-----------------
Total Special Tax (Cost $51,072,706) 52,807,780
-----------------
Total Tax Supported (Cost $196,856,791) 205,260,502
-----------------
- --------------------------------------------------------------------------------
REVENUE: 13.12%
- --------------------------------------------------------------------------------
Airport Revenue: 0.42%
1,300,000 Denver City & County, Colorado 1,445,548
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
115,000 Denver City & County, Colorado 134,623
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
310,000 Denver City & County, Colorado 359,262
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,261,640
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-----------------
Total Airport Revenue (Cost $2,742,238) 3,201,073
-----------------
Electric Revenue: 0.15%
1,100,000 Guam Power Authority Revenue 1,107,623
Series A, 5.30%, 10/01/1998
-----------------
Total Electric Revenue (Cost $1,099,890) 1,107,623
-----------------
Health Care Revenue: 1.65%
750,000 New York State Dormitory Authority, 757,890
Grace Manor Health Care, SONYMA,
4.80%, 07/01/1999
1,750,000 New York State Medical Care $ 1,823,465
Facilities Finance Authority,
Insured Mortgage Project Series A,
FHA, 5.40%, 08/15/2004
1,410,000 New York State Medical Care Facilities 1,517,372
Finance Authority, Hospital & Nursing
Home Insured Mortgage, FHA,
5.875%, 02/15/2005
1,000,000 New York State Dormitory 1,064,990
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
3,785,000 New York State Medical Care 4,069,594
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
3,090,000 New York State Medical Care 3,196,141
Facilities Finance Agency, Hospital &
Nursing Home Insured Mortgage
Series A, FHA, 8.00%, 02/15/2028
Partially Prerefunded
08/15/1998 @102
-----------------
Total Health Care Revenue (Cost $11,902,343) 12,429,452
-----------------
Higher Education Revenue: 0.34%
1,000,000 New York State Dormitory 1,094,710
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,431,345
Authority, Columbia University,
5.75%, 07/01/2007
-----------------
Total Higher Education Revenue
(Cost $2,280,493) 2,526,055
-----------------
Toll Revenue: 2.39%
8,855,000 Triborough Bridge & Tunnel 9,006,686
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2000
725,000 Triborough Bridge & Tunnel 792,440
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
3,105,000 Triborough Bridge & Tunnel 3,626,392
Authority, New York Toll Revenue
Series X, 6.60%, 01/01/2010
2,370,000 Triborough Bridge & Tunnel 2,373,768
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
1,960,000 Triborough Bridge & Tunnel 2,186,125
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
-----------------
Total Toll Revenue (Cost $17,641,653) 17,985,411
-----------------
28 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Water/Sewer Revenue: 6.09%
1,000,000 New York State Environmental $ 1,002,300
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 94-A,
4.80%, 06/15/1998
1,895,000 New York State Environmental 1,934,568
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 94-D,
5.60%, 05/15/1999
2,510,000 New York State Environmental 2,771,467
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.25%, 09/15/2005
3,550,000 New York City Municipal Water 3,749,581
Finance Authority Series B,
5.30%, 06/15/2006
2,510,000 New York State Environmental 2,776,161
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 1,066,590
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
1,000,000 New York State Environmental 1,080,380
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 2,091,426
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 3,161,176
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 3,270,100
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 1,662,487
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental $ 825,396
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.40%, 05/15/2010
3,865,000 New York State Environmental 3,939,169
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
4.95%, 06/15/2010
3,800,000 New York State Environmental 3,999,310
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
3,445,000 New York City Municipal Water 3,850,132
Finance Authority Series A,
6.00%, 06/15/2010
4,680,000 New York State Environmental 5,096,239
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 2,530,892
Facilities Corp., Huntington
Project Series A, AMT,
7.50%, 10/01/2012
1,015,000 New York State Environmental 1,035,046
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
5.20%, 12/15/2015
-----------------
Total Water/Sewer Revenue (Cost $43,263,200) 45,842,420
-----------------
Miscellaneous Revenue: 1.00%
2,715,000 MTA, New York Transit Facilities 2,724,285
Series M, 5.10%, 07/01/1998
3,495,000 Battery Park City Authority, 3,788,510
New York Revenue,
6.00%, 11/01/2003
1,000,000 Port Authority of New York & 1,012,200
New Jersey Revenue,
5.125%, 11/15/2011
-----------------
Total Miscellaneous Revenue (Cost $7,328,551) 7,524,995
-----------------
Industrial Development/Pollution
Control Revenue: 1.08%
4,040,000 New York City Industrial 4,117,124
Development Agency, Special
Facilities Revenue, Terminal One
Group Association Limited
Partnership Project, AMT,
5.30%, 01/01/2000
Schedule of Investments--Municipal Bond Portfolios 29
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,495,000 New York City Industrial $ 1,609,113
Development Agency, Special
Facilities Revenue, Terminal One
Group Association Limited
Partnership Project, AMT,
6.00%, 01/01/2007
2,350,000 Schuylkill County Industrial 2,420,171
Development Authority,
Pennsylvania, Energy Reserves,
AMT, 6.50%, 01/01/2010
-----------------
Total Industrial Development/Pollution
Control Revenue (Cost $7,813,957) 8,146,408
-----------------
Total Revenue (Cost $94,072,325) 98,763,437
-----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $714,049,526) 97.95% $737,123,159
(Note B, below)
Cash and Other Assets, Less Liabilities 2.05 15,430,085
------- ------------
Net Assets (Equivalent to $13.69
per share based on 54,959,500
shares of capital stock outstanding) 100.00% $752,553,244
======= ============
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
Connie Lee-Connie Lee Insurance Company
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
SONYMA-State of New York Mortgage Agency
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
(B) At March 31, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
30 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 5.33%
- --------------------------------------------------------------------------------
Repurchase Agreement: 0.12%
176,000 State Street Bank & Trust Co., $ 176,000
Repurchase Agreement, Dated
03/31/1998, 5.20%, maturing
04/01/1998 for $176,025,
Collateral 140,000 principal amount
U.S. Treasury Bond,
8.50%, 02/15/2020, Value $182,506
-----------------
Total Repurchase Agreement (Cost $176,000) 176,000
-----------------
Municipal Note: 0.66%
1,000,000 California Statewide Community 1,004,820
Development Authority, Tax &
Revenue Anticipation Notes
Series B, 4.75%, 09/30/1998
-----------------
Total Municipal Note (Cost $1,003,356) 1,004,820
-----------------
Tax Exempt Variable-Rate Demand Notes: 4.55%
1,400,000 Metropolitan Nashville Airport 1,400,000
Authority, Tennessee Special
Facilities Revenue, American
Airlines Project Series A, Daily
Floater, Putable Daily,
3.75%, 10/01/2012
3,400,000 Metropolitan Nashville Airport 3,400,000
Authority, Tennessee Special
Facilities Revenue, American
Airlines Project Series A, Daily
Floater, Putable Daily,
3.75%, 10/01/2012
300,000 Los Angeles Regional Airports 300,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
3.75%, 12/01/2025
1,800,000 Los Angeles Regional Airports 1,800,000
Improvement Corp., California,
Daily Floater, Putable Daily, AMT,
3.80%, 12/01/2025
-----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $6,900,000) 6,900,000
-----------------
Total Short-Term Investments
(Cost $8,079,356) 8,080,820
-----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 19.06%
- --------------------------------------------------------------------------------
1,000,000 Massachusetts Health & Education $ 1,029,530
Facilities Authority, Lahey Clinic
Medical Center Series A, MBIA,
7.625%, 07/01/2018,
Prerefunded 07/01/1998 @102
1,000,000 Pennsylvania Turnpike Commission 1,076,040
Revenue Series K, 7.50%, 12/01/2019,
Prerefunded 02/01/1999 @102
(Note B, p. 34)
1,400,000 New Jersey State Building Authority 1,469,692
Revenue, 9.875%, 02/01/2013,
Prerefunded 02/01/1999 @100
4,000,000 Broward County School District, 4,194,800
Florida, 7.125%, 02/15/2008,
Prerefunded 02/15/1999 @102
2,020,000 Fairfax County, Virginia Public 2,107,769
Improvement Series A,
6.25%, 04/01/2007,
Prerefunded 04/01/1999 @102
2,460,000 Massachusetts Turnpike Authority, 2,493,087
Bond Anticipation Notes Series A,
5.00%, 06/01/1999, Escrowed to Maturity
1,000,000 Washington Public Power Supply 1,063,550
System Revenue, Nuclear Project
No. 1, 7.50%, 07/01/2007,
Prerefunded 07/01/1999 @102
4,425,000 Ohio State Building Authority, 4,713,333
Correctional Facilities Series A,
7.35%, 08/01/2006,
Prerefunded 08/01/1999 @102
(Notes C & D, p. 34)
1,000,000 Maryland State Department of 1,063,530
Transportation, Second Issue,
6.80%, 11/01/2005,
Prerefunded 11/01/1999 @102
4,340,000 Pinellas County Health Facilities 4,780,337
Authority, Florida, Sun Coast Health
Systems Revenue, 8.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
(Note E, p. 34)
1,000,000 Massachusetts Water Resources 1,083,560
Authority Series A, 7.375%, 04/01/2003,
Prerefunded 04/01/2000 @102
1,375,000 Massachusetts Water Resources 1,496,426
Authority Series A, 7.625%, 04/01/2014,
Prerefunded 04/01/2000 @102
2,115,000 Sedona, Arizona Sewer Revenue 2,310,891
Series A, 7.50%, 07/01/2020,
Prerefunded 07/01/2000 @102
-----------------
Total Prerefunded/Escrowed
(Cost $28,879,028) 28,882,545
-----------------
*See Note 1, page 28 in Notes to Financial Statements
Schedule of Investments--Municipal Bond Portfolios 31
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
INSURED: 20.30%
- --------------------------------------------------------------------------------
1,600,000 Worcester, Massachusetts $ 1,622,288
Municipal Purpose Series C, MBIA,
6.50%, 10/01/1998
1,065,000 Montgomery County, Ohio Solid 1,073,722
Waste Revenue, MBIA,
5.00%, 11/01/1998
1,000,000 Jefferson Parish, Louisiana Sales 1,017,090
Tax Revenue Series A, FGIC,
6.25%, 12/01/1998
1,000,000 New Orleans, Louisiana Water 1,017,250
Revenue, MBIA,
7.00%, 12/01/1998
1,000,000 New Haven, Connecticut, FGIC, 1,011,960
5.00%, 02/15/1999
1,200,000 Clemson University, South Carolina 1,210,272
Revenue Series A, AMBAC,
4.50%, 05/01/1999
1,000,000 Johnston County, North Carolina, 1,013,700
FGIC, 4.90%, 05/01/1999
4,480,000 Platte River Power Authority, 4,546,394
Colorado Power Revenue
Series DD, MBIA,
5.00%, 06/01/1999
4,500,000 Massachusetts Consolidated Loans 4,568,220
Series B, FSA, 5.00%, 06/01/1999
1,955,000 Dade County, Florida Series I, 2,024,011
AMBAC, 6.80%, 07/01/1999
1,545,000 Hamilton County, Ohio Sewer 1,563,911
Systems Revenue Series A, FGIC,
4.50%, 12/01/1999
2,000,000 Mansfield Independent School 2,091,880
District, Texas, PSF Guaranteed,
6.50%, 02/15/2000
1,785,000 Butler County Transportation 1,812,114
Improvement District, Ohio
Series A, FSA,
4.75%, 04/01/2000
1,625,000 Clark County School District, 1,711,369
Nevada, FGIC, 6.50%, 06/15/2000
1,625,000 Worcester, Massachusetts, MBIA, 1,672,905
5.25%, 08/01/2000
1,770,000 Washington State Health Care 1,795,612
Facilities Authority Revenue,
Virginia Mason Medical Center
Series A, MBIA, 4.75%, 08/15/2000
1,000,000 Lansing, Michigan Sewage Disposal 1,013,000
System Revenue, MBIA,
7.625%, 05/01/2006
-----------------
Total Insured (Cost $30,618,453) 30,765,698
-----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 34.92%
- --------------------------------------------------------------------------------
State General Obligations: 9.66%
600,000 District of Columbia Series A-3, 600,300
4.45%, 06/01/1998
1,060,000 New Jersey State, $ 1,072,476
6.25%, 09/15/1998
1,000,000 District of Columbia Series C, 1,005,300
4.90%, 12/01/1998
1,000,000 Vermont State Series A, 1,006,600
4.50%, 01/15/1999
2,430,000 Georgia State Series A, 2,479,159
5.80%, 03/01/1999
1,060,000 Maryland State First Series, 1,063,562
6.50%, 05/15/1999
370,000 District of Columbia Series A-3, 371,761
4.70%, 06/01/1999
1,000,000 Illinois State, 6.30%, 08/01/1999 1,031,480
1,000,000 Washington State Series B, 1,036,040
6.00%, 01/01/2000
1,975,000 North Carolina State Series A, 2,059,372
6.10%, 03/01/2000
2,750,000 Maryland State Third Series, 2,914,807
6.60%, 07/15/2000
-----------------
Total State General Obligations
(Cost $14,553,532) 14,640,857
-----------------
Local General Obligations: 14.21%
1,285,000 Milwaukee County, Wisconsin 1,297,709
Series A, 5.125%, 12/01/1998
1,390,000 Prince Georges County, Maryland 1,416,229
Consolidated Public Improvement
Authority, 6.125%, 01/15/1999
1,000,000 Anne Arundel County, Maryland 1,025,340
Consolidated General Improvement,
6.90%, 01/15/1999
1,020,000 Northside Independent School 1,027,548
District, Texas Public Property
Finance Contractual Obligation,
4.50%, 02/15/1999
1,000,000 Wake County, North Carolina, 1,010,460
4.70%, 03/01/1999
1,745,000 Fort Worth, Texas Series A, 1,774,700
5.50%, 03/01/1999
1,055,000 Detroit, Michigan Series A, 1,061,921
4.60%, 04/01/1999
2,920,000 Maricopa County Community College 2,946,922
District, Arizona, 4.50%, 07/01/1999
(Note F, p. 34)
1,000,000 Plano, Texas, 1,006,010
4.375%, 09/01/1999 (Note F, p. 34)
1,000,000 Monmouth County Improvement 1,019,450
Authority, New Jersey Revenue
Capital Equipment Pooled Lease,
5.00%, 10/01/1999
1,000,000 Burlington County, New Jersey, 1,022,480
5.20%, 10/01/1999
1,685,000 Harford County, Maryland, 1,720,166
5.00%, 12/01/1999
1,435,000 Chesterfield County, Virginia 1,450,024
Public Improvement Series A,
4.50%, 01/01/2000
32 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 Spartanburg County School $ 2,041,160
District 7, South Carolina,
5.00%, 03/01/2000
1,150,000 Fairfax County, Virginia Series B, 1,184,857
5.50%, 05/01/2001
500,000 New York City Series G, 527,515
5.70%, 02/01/2003
-----------------
Total Local General Obligations
(Cost $21,405,611) 21,532,491
-----------------
Tax Lease: 6.25%
1,620,000 New York State Urban Development 1,628,392
Corp., Correctional Facilities Service
Contract Series A, 4.50%, 01/01/1999
2,625,000 Ohio State Public Facilities 2,652,116
Commission, Higher Education
Capital Facilities Series 2A,
4.75%, 05/01/1999
1,900,000 Ohio State Public Facilities 1,920,501
Commission, Higher Education
Capital Facilities Series 2A,
4.50%, 12/01/1999
2,200,000 New York State Thruway Authority, 2,236,608
Service Contract Revenue,
5.20%, 04/01/2000
1,000,000 New York State Dormitory Authority, 1,029,410
City University, 8.125%, 07/01/2008
-----------------
Total Tax Lease (Cost $9,459,512) 9,467,027
-----------------
Special Tax: 4.80%
2,425,000 New Jersey State Transportation 2,447,625
Trust Fund, Transportation Systems
Series A, 5.00%, 12/15/1998
1,050,000 New Jersey State Transportation 1,064,585
Trust Fund, Transportation Systems
Series B, 5.00%, 06/15/1999
1,555,000 Illinois State Sales Tax Revenue 1,579,336
Series Y, 5.00%, 06/15/1999
2,150,000 New Jersey State Transportation 2,181,626
Trust Fund, Transportation Systems
Series B, 5.00%, 06/15/1999
-----------------
Total Special Tax (Cost $7,236,200) 7,273,172
-----------------
Total Tax Supported (Cost $52,654,855) 52,913,547
-----------------
- --------------------------------------------------------------------------------
REVENUE: 22.65%
- --------------------------------------------------------------------------------
Electric Revenue: 3.21%
3,825,000 Intermountain Power Agency, Utah 3,858,851
Power Supply Revenue,
6.75%, 07/01/1998
1,000,000 North Carolina Eastern Municipal 1,005,660
Power Agency Series A,
5.00%, 01/01/1999
-----------------
Total Electric Revenue (Cost $4,840,449) 4,864,511
-----------------
Health Care Revenue: 7.50%
1,000,000 Northeast Hospital Authority, $ 1,000,370
Texas, Northeast Medical Center
Revenue, 4.50%, 05/15/1998
1,015,000 Illinois Development Finance 1,016,106
Authority Revenue, Community
Rehabilitation Providers Series A,
4.50%, 07/01/1998
950,000 Philadelphia Hospitals & Higher 951,663
Education Facilities Authority,
Pennsylvania, Graduate Health
Systems Obligation,
6.70%, 07/01/1998
510,000 Garden City Hospital Finance 509,817
Authority, Michigan,
4.50%, 09/01/1998
355,000 Cumberland County Municipal 357,116
Authority, Pennsylvania Revenue,
5.50%, 11/15/1998
2,410,000 Philadelphia Hospitals & Higher 2,431,015
Education Facilities Authority,
Pennsylvania, Jefferson Health
Systems Revenue Series A,
4.75%, 05/15/1999
525,000 Hawaii State Department of Budget 525,026
& Finance, Wilcox Memorial
Hospital Project, 4.70%, 07/01/1999
(Note F, p. 34)
365,000 Garden City Hospital Finance 365,394
Authority, Michigan,
4.75%, 09/01/1999
1,000,000 Bell County, Texas Health 1,034,280
Facilities, Scott & White
Memorial Hospital,
7.40%, 09/01/1999
1,980,000 Montgomery County, Ohio Hospital 2,006,314
Revenue, Grandview Hospital &
Medical Center, 5.00%, 12/01/1999
1,100,000 Saginaw General Hospital, 1,171,874
Michigan Hospital Finance
Authority Revenue,
7.625%, 10/01/2019
-----------------
Total Health Care Revenue (Cost $11,358,301) 11,368,975
-----------------
Higher Education Revenue: 0.67%
1,000,000 University of Cincinnati, Ohio 1,013,450
Series A1, 5.00%, 06/01/1999 -----------------
Total Higher Education Revenue
(Cost $1,012,980) 1,013,450
-----------------
Water/Sewer Revenue: 8.61%
1,050,000 Philadelphia, Pennsylvania Water & 1,051,732
Wastewater Revenue,
4.75%, 06/15/1998
Schedule of Investments--Municipal Bond Portfolios 33
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Metropolitan Water Reclamation $ 1,019,290
District of Greater Chicago,
Illinois, Capital Improvement
Bonds, 6.30%, 01/01/1999
1,720,000 Athens-Clarke County, Georgia 1,751,201
Water & Sewer Revenue,
5.00%, 01/01/2000
1,745,000 Fort Worth, Texas Water & Sewer 1,778,836
Revenue, 5.00%, 02/15/2000
3,135,000 Minnesota Public Facilities 3,203,594
Authority, Water Pollution
Control Revenue,
5.00%, 03/01/2000
4,070,000 Texas Water Resources Finance 4,233,736
Authority Revenue,
7.40%, 08/15/2000
-----------------
Total Water/Sewer Revenue (Cost $13,012,200) 13,038,389
-----------------
Miscellaneous Revenue: 0.73%
1,085,000 Tampa, Florida Capital 1,105,789
Improvement Revenue Series A,
8.25%, 10/01/2018 -----------------
Total Miscellaneous Revenue (Cost $1,100,736) 1,105,789
-----------------
Industrial Development/Pollution
Control Revenue: 1.93%
1,000,000 St. Charles Parish, Louisiana 1,068,100
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
(Note G, below)
1,760,000 Oconee County, South Carolina 1,861,217
Pollution Control Revenue, Duke
Power Co. Project Series 1987A,
7.50%, 02/01/2017
-----------------
Total Industrial Development/Pollution
Control Revenue (Cost $2,925,485) 2,929,317
-----------------
Total Revenue (Cost $34,250,151) 34,320,431
-----------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 5.60%
- --------------------------------------------------------------------------------
Housing: 5.60%
4,200,000 Franklin County, Ohio Housing 4,248,804
Revenue, Rosewind Limited
Partnership, 5.20%, 01/01/1999
4,210,000 Florida Housing Finance Agency, 4,231,050
Floating Rate Multi-Family
Revenue Series J,
4.85%, 12/01/2005
-----------------
Total Housing (Cost $8,475,604) 8,479,854
-----------------
Total Asset-Backed Securities
(Cost $8,475,604) 8,479,854
-----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $162,957,447) 107.86% $163,442,895
(Note H, below)
Cash and Other Assets, Less Liabilities (7.86) (11,907,013)
------- ------------
Net Assets (Equivalent to $12.54
per share based on 12,087,020
shares of capital stock outstanding) 100.00% $151,535,882
======= ============
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
PSF Guaranteed-(Texas) Permanent School Funds
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) $1,000,000 principal amount segregated as collateral for when-issued
securities
(C) $2,925,000 principal amount segregated as collateral for when-issued
securities
(D) $1,500,000 principal amount segregated as collateral for delayed-delivery
securities
(E) $2,200,000 principal amount segregated as collateral for when-issued
securities
(F) When-issued security
(G) Delayed-delivery security
(H) At March 31, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
(I) Allocation of Portfolio net assets at March 31, 1998:
Arizona 3.47%
California 2.05
Colorado 3.00
Connecticut 0.67
Florida 10.78
Georgia 2.79
Hawaii 0.35
Illinois 3.07
Louisiana 2.05
Maryland 6.07
Massachusetts 9.22
Michigan 2.72
Minnesota 2.11
Nevada 1.13
New Jersey 6.78
New York 3.58
North Carolina 3.36
Ohio 13.86
Pennsylvania 3.87
South Carolina 3.37
Tennessee 3.17
Texas 9.20
Utah 2.55
Vermont 0.66
Virginia 3.13
Washington 2.57
Wisconsin 0.86
District of Columbia 1.30
Repurchase Agreement 0.12
Cash and Other Assets, Less Liabilities (7.86)
-------
Total 100.00%
=======
See Notes to Financial Statements.
34 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 11.19%
- --------------------------------------------------------------------------------
Municipal Note: 2.68%
2,410,000 California Statewide Community $ 2,421,616
Development Authority, Tax &
Revenue Anticipation Notes Series B,
4.75%, 09/30/1998
-----------------
Total Municipal Note (Cost $2,418,088) 2,421,616
-----------------
Tax Exempt Variable-Rate Demand Notes: 8.51%
800,000 Orange County Water District, 800,000
California Certificates of Participation,
Daily Floater, Putable Daily,
3.60%, 08/15/2015
3,500,000 Orange County Water District, 3,500,000
California Certificates of Participation,
Daily Floater, Putable Daily,
3.60%, 08/18/2015
3,400,000 California Pollution Control 3,400,000
Financing Authority Revenue,
Pacific Gas & Electric Series F,
Daily Floater, Putable Daily, AMT,
3.70%, 11/01/2026
-----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $7,700,000) 7,700,000
-----------------
Total Short-Term Investments
(Cost $10,118,088) 10,121,616
-----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 40.17%
- --------------------------------------------------------------------------------
2,670,000 Puerto Rico Aqueduct & Sewer 2,750,794
Authority Revenue Series A,
7.875%, 07/01/2017,
Prerefunded 07/01/1998 @102
750,000 Northern California Power Agency 757,950
Series B, 8.00%, 07/01/2024,
Prerefunded 07/01/1998 @100
3,855,000 Puerto Rico Highway Authority Revenue 3,973,965
Series P, 8.125%, 07/01/2013,
Prerefunded 07/01/1998 @102
(Note B, p. 37)
1,000,000 Contra Costa County Water 1,039,440
District, California Revenue
Series B, 7.625%, 10/01/2018,
Prerefunded 10/01/1998 @102
2,250,000 Goleta Sanitation & Water District, 2,351,363
California Certificates of Participation,
7.50%, 12/01/2012,
Prerefunded 12/01/1998 @102
1,000,000 Los Angeles, California Wastewater $ 1,047,640
System Revenue Series A,
7.10%, 02/01/2021,
Prerefunded 02/01/1999 @102
2,250,000 Riverside County Asset Leasing 2,386,710
Corporation, California Leasehold
Revenue, Riverside County
Hospital Project Series A,
7.40%, 06/01/2014,
Prerefunded 06/01/1999 @102
3,820,000 Los Angeles Convention & Exhibition 4,059,668
Center Authority, California Certificates
of Participation Series A,
7.375%, 08/15/2018,
Prerefunded 08/15/1999 @101.50
1,320,000 South Gate Public Financing 1,411,106
Authority, 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 4,033,050
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 1,513,750
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, 3,200,708
California Certificates of Participation,
1990 Project Series A, AMBAC,
7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102
1,000,000 Northern California Transmission 1,075,090
Agency Revenue Series A, MBIA,
7.00%, 05/01/2024,
Prerefunded 05/01/2000 @101.50
1,000,000 California Health Facilities Financing 1,089,590
Authority, Health Dimensions Series A,
7.50%, 05/01/2015,
Prerefunded 05/01/2000 @102
1,150,000 Puerto Rico Commonwealth, 1,264,023
7.70%, 07/01/2020,
Prerefunded 07/01/2000 @102
3,000,000 Castaic Lake Water Agency, California 3,282,780
Certificates of Participation, Water
Systems Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
(Note C, p. 37)
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 35
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Los Angeles, California $ 1,085,440
Wastewater System Revenue
Series D, MBIA, 6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
-----------------
Total Prerefunded/Escrowed (Cost $36,305,592) 36,323,067
-----------------
- --------------------------------------------------------------------------------
INSURED: 27.51%
- --------------------------------------------------------------------------------
1,375,000 Northern California Power Agency, 1,379,675
Geothermal Project No. 3 Series B,
AMBAC, 5.00%, 07/01/1998
800,000 Capistrano Unified Public 804,648
Financing Authority, California
Special Tax Revenue Series A,
AMBAC, 5.00%, 09/01/1998
2,000,000 Anaheim, California Electric 2,008,720
Revenue, AMBAC,
4.50%, 10/01/1998
1,325,000 Rancho Water District Financing 1,347,101
Authority, California Revenue,
FGIC, 6.50%, 11/01/1998
500,000 California Educational Facilities 504,660
Authority Revenue, Pepperdine
University, AMBAC,
4.875%, 01/15/1999
2,260,000 Los Angeles County Board of 2,276,973
Education, California
Certificates of Participation,
Local Educational Agencies,
Pooled Capital Projects Series A,
MBIA, 4.50%, 03/01/1999
1,230,000 Los Angeles, California 1,259,249
Department of Airports,
International Airport Series D,
FGIC, AMT, 6.00%, 05/15/1999
4,015,000 San Francisco City & County, 4,056,836
California Series 1, FGIC,
4.50%, 06/15/1999
1,075,000 California Health Facilities Financing 1,085,309
Authority, Catholic Healthcare West
Series A, MBIA, 4.50%, 07/01/1999
2,800,000 MSR Public Power Agency, 2,853,844
California, San Juan Project
Revenue Series G, MBIA,
5.25%, 07/01/1999
1,000,000 Santa Clara Unified School District, 1,043,620
California, FGIC, 7.00%, 08/01/1999
1,650,000 Los Angeles Convention & Exhibition 1,714,218
Center Authority, California Certificates
of Participation, AMBAC,
6.60%, 08/15/1999
1,000,000 Riverside, California 1,016,680
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/1999
1,020,000 California Health Facilities $ 1,046,163
Authority, Valley Presbyterian
Hospital, MBIA,
5.25%, 05/01/2000
2,415,000 Sacramento Municipal Utility 2,474,023
District, California Series L,
AMBAC, 5.00%, 07/01/2000
-----------------
Total Insured (Cost $24,743,657) 24,871,719
-----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 16.01%
- --------------------------------------------------------------------------------
State General Obligations: 3.69%
1,700,000 California State, 1,798,719
9.00%, 06/01/1999
1,500,000 California State, 1,539,210
5.00%, 10/01/2000
-----------------
Total State General Obligations
(Cost $3,216,261) 3,337,929
-----------------
Local General Obligation: 1.63%
1,460,000 East Bay California Regional Park 1,469,694
District, 4.25%, 09/01/1999
(Note D, p. 37)
-----------------
Total Local General Obligation
(Cost $1,470,629) 1,469,694
-----------------
Tax Lease: 6.44%
1,700,000 California State Public Works Board 1,715,487
Lease Revenue, Community Colleges
Series A, 5.90%, 09/01/1998
1,400,000 Los Angeles Municipal Improvement 1,407,546
Corp., California Certificates of
Participation, 4.50%, 12/01/1998
1,000,000 California State Public Works Board 1,011,210
Lease Revenue, Community Colleges
Series A, 5.00%, 04/01/1999
620,000 Stockton, California Community Facilities 621,941
District Number 90-2, Brookside Estates,
4.60%, 08/01/1999
1,000,000 Puerto Rico Urban Renewal & 1,070,880
Housing Corp., 7.875%, 10/01/2004
-----------------
Total Tax Lease (Cost $5,796,625) 5,827,064
-----------------
Special Tax: 4.25%
1,275,000 Los Angeles Community 1,292,110
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/1999
2,500,000 Orange County, Local Transportation 2,546,650
Authority, California Sales Tax Revenue
Series A, 5.00%, 02/15/2000
(Note D, p. 37)
-----------------
Total Special Tax (Cost $3,835,452) 3,838,760
-----------------
Total Tax Supported (Cost $14,318,967) 14,473,447
-----------------
36 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REVENUE: 6.96%
- --------------------------------------------------------------------------------
Health Care Revenue: 2.00%
1,800,000 California Statewide Community $ 1,807,074
Development Authority,
Certificates of Participation,
Hollywood Presbyterian Medical
Center, 4.60%, 01/01/1999
-----------------
Total Health Care Revenue (Cost $1,803,233) 1,807,074
-----------------
Higher Education Revenue: 1.32%
1,190,000 California Educational Facilities 1,194,558
Authority, University of Southern
California, 4.35%, 10/01/2019
-----------------
Total Higher Education Revenue
(Cost $1,190,000) 1,194,558
-----------------
Water/Sewer Revenue: 0.82%
730,000 California State Department of 745,111
Water Resources Series F,
7.25%, 12/01/2002
-----------------
Total Water/Sewer Revenue (Cost $744,026) 745,111
-----------------
Miscellaneous Revenue: 2.82%
2,500,000 Long Beach, California Harbor 2,552,675
Revenue Series A, AMT,
5.00%, 05/15/2000
-----------------
Total Miscellaneous Revenue (Cost $2,530,627) 2,552,675
-----------------
Total Revenue (Cost $6,267,886) 6,299,418
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $91,754,190) 101.84% $92,089,267
(Note E, below)
Cash and Other Assets, Less Liabilities (1.84) (1,665,083)
------- -----------
Net Assets (Equivalent to $12.56
per share based on 7,201,256
shares of capital stock outstanding) 100.00% $90,424,184
====== ===========
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
MBIA-Municipal Bond Investors Assurance Corporation
FGIC-Financial Guaranty Insurance Company
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) $2,300,000 principal amount segregated as collateral for when-issued
securities
(C) $3,000,000 principal amount segregated as collateral for when-issued
securities
(D) When-issued security
(E) At March 31, 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 37
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
March 31, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 6.34%
- --------------------------------------------------------------------------------
3,740,000 New York State Job Development $ 3,740,000
Authority, Special Purpose Series
A1 Through A13, Daily Floater,
Putable Daily, AMT,
3.80%, 03/01/2002
700,000 New York State Energy Research & 700,000
Development Authority, Pollution
Control Revenue, Niagara Mohawk
Power, Daily Floater,
Putable Daily, AMT,
3.50%, 12/01/2023
770,000 New York State Energy Research & 770,000
Development Authority, Pollution
Control Revenue, Daily Floater,
Putable Daily, 3.65%, 06/01/2029
-----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $5,210,000) 5,210,000
-----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 24.19%
- --------------------------------------------------------------------------------
2,750,000 Battery Park City Authority, 2,829,035
New York Revenue,
6.50%, 05/01/2020,
Prerefunded 05/01/1999 @100
2,500,000 New York City Series A, 2,688,025
7.25%, 03/15/2020,
Prerefunded 03/15/2000 @101.50
1,925,000 New York City Series B, 2,051,973
7.50%, 03/15/2000,
Escrowed to Maturity
2,075,000 New York State Dormitory 2,269,573
Authority, State University
Series A, 7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
1,000,000 New York State Dormitory 1,092,620
Authority, City University Series F,
7.50%, 07/01/2020,
Prerefunded 07/01/2000 @102
8,115,000 New York State Dormitory Authority, 8,931,288
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
(Note B, p. 40)
-----------------
Total Prerefunded/Escrowed (Cost $20,121,024) 19,862,514
-----------------
- --------------------------------------------------------------------------------
INSURED: 29.48%
- --------------------------------------------------------------------------------
1,115,000 Yonkers, New York Series C, $ 1,117,029
AMBAC, 4.25%, 08/01/1998
1,000,000 Suffolk County, New York Series D, 1,003,900
FGIC, 4.875%, 08/01/1998
1,420,000 Nassau County, New York Series U, 1,432,226
AMBAC, 5.125%, 11/01/1998
650,000 New York State Thruway Authority, 656,344
General Revenue Series C, FGIC,
5.10%, 01/01/1999
2,975,000 Hempstead Town, New York, AMBAC, 3,010,581
5.00%, 02/15/1999
255,000 Wallkill, New York, FGIC, 257,122
4.50%, 03/01/1999
1,000,000 Geneva, New York Industrial 1,006,260
Development Agency, Civic
Facilities Revenue, AMBAC,
4.50%, 03/01/1999
1,475,000 New York State Thruway Authority, 1,486,121
Highway & Bridge Trust Fund
Series A, AMBAC,
4.50%, 04/01/1999
1,635,000 Broome County, New York, MBIA, 1,663,155
5.375%, 04/15/1999
1,100,000 Albany City School District, 1,115,169
New York Series A, FGIC,
5.00%, 05/01/1999
1,645,000 Averill Park Central School 1,671,633
District, New York, FGIC,
5.25%, 05/01/1999
1,000,000 New York State Dormitory 1,007,280
Authority, Good Samaritan
Hospital, Asset Guarantee,
4.50%, 07/01/1999
1,245,000 Erie County, New York Series B, 1,271,755
FGIC, 5.25%, 08/15/1999
1,645,000 Erie County, New York Series A, 1,680,351
FGIC, 5.25%, 08/15/1999
500,000 Rockville Centre, New York, FGIC, 514,970
5.90%, 08/15/1999
1,275,000 North Hempstead, New York, FGIC, 1,289,203
4.50%, 09/01/1999 (Note C, p. 40)
700,000 Nassau County, New York Series T, 714,147
FGIC, 5.125%, 09/01/1999
1,500,000 Nassau County, New York Series X, 1,530,960
AMBAC, 5.00%, 11/01/1999
900,000 Wallkill, New York, FGIC, 913,860
4.625%, 03/01/2000
835,000 Suffolk County, New York 864,743
Waterworks Authority Revenue,
AMBAC, 7.375%, 06/01/2012
-----------------
Total Insured (Cost $24,090,696) 24,206,809
-----------------
*See Note 1, page 28 in Notes to Financial Statements.
38 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
TAX SUPPORTED: 31.19%
- --------------------------------------------------------------------------------
State General Obligation: 1.25%
1,000,000 Puerto Rico Commonwealth, $ 1,022,240
5.50%, 07/01/1999
-----------------
Total State General Obligation
(Cost $1,019,239) 1,022,240
-----------------
Local General Obligations: 9.35%
1,000,000 Monroe County, New York Series E, 1,007,230
4.50%, 02/01/1999
2,000,000 Monroe County, New York Series A, 2,021,080
4.75%, 03/01/1999
3,100,000 Monroe County, New York Series A, 3,127,435
4.50%, 06/01/1999
1,500,000 Westchester County, New York 1,522,935
Series D, 4.625%, 11/15/1999
-----------------
Total Local General Obligations
(Cost $7,646,709) 7,678,680
-----------------
Tax Lease: 12.50%
550,000 New York State Energy Research & 550,000
Development Authority, Western
New York Nuclear Service Center
Project, 5.00%, 04/01/1998
1,000,000 New York State Dormitory 1,004,340
Authority, Mental Health Services
Facilities Series A,
4.40%, 02/15/1999
1,480,000 New York State Dormitory 1,536,210
Authority, State University
Series B, 7.25%, 05/15/1999
1,710,000 New York State Urban Development 1,721,012
Corp., Correctional Facilities
Series A, 4.50%, 01/01/2000
1,980,000 New York State Dormitory 1,980,258
Authority, North General Hospital
Series G, 4.10%, 02/15/2000
1,615,000 New York State Dormitory 1,641,066
Authority, Brookdale Hospital
Series J, 5.00%, 02/15/2000
750,000 New York State Thruway Authority, 762,480
Service Contract Revenue,
5.20%, 04/01/2000
1,000,000 Puerto Rico Urban Renewal & 1,070,880
Housing Corp., 7.875%, 10/01/2004
-----------------
Total Tax Lease (Cost $10,259,984) 10,266,246
-----------------
Special Tax: 8.09%
1,000,000 New York State Thruway Authority, 1,000,000
Highway & Bridge Trust Fund
Series B, 5.00%, 04/01/1998
1,000,000 MAC New York Series G, 1,002,000
4.50%, 07/01/1998
1,420,000 New York State Local Government $ 1,451,865
Assistance Corp. Series A,
6.00%, 04/01/1999
1,000,000 MAC New York Series I, 1,014,630
5.00%, 07/01/1999
1,000,000 MAC New York Series L, 1,014,630
5.00%, 07/01/1999
1,145,000 MAC New York Series H, 1,161,751
5.00%, 07/01/1999
-----------------
Total Special Tax (Cost $6,605,429) 6,644,876
-----------------
Total Tax Supported (Cost $25,531,361) 25,612,042
-----------------
- --------------------------------------------------------------------------------
REVENUE: 9.75%
- --------------------------------------------------------------------------------
Health Care Revenue: 3.27%
550,000 New York State Dormitory 562,430
Authority, Long Island Medical
Center, FHA, 7.75%, 08/15/2027
2,050,000 New York State Medical Care 2,120,418
Facilities Finance Agency, Hospital &
Nursing Home Revenue Series A,
FHA, 8.00%, 02/15/2028, Partially
Prerefunded 08/15/1998 @102
-----------------
Total Health Care Revenue (Cost $2,695,080) 2,682,848
-----------------
Toll Revenue: 5.19%
1,700,000 New York State Bridge Authority 1,714,722
Revenue, 5.00%, 01/01/1999
2,500,000 Triborough Bridge & Tunnel 2,542,825
Authority, New York Revenue
Series A, 5.00%, 01/01/2000
-----------------
Total Toll Revenue (Cost $4,249,323) 4,257,547
-----------------
Water/Sewer Revenue: 1.29%
1,000,000 New York State Environmental 1,063,400
Facilities Corp., Huntington
Project Series A, AMT,
7.50%, 10/01/2012
-----------------
Total Water/Sewer Revenue (Cost $1,065,151) 1,063,400
-----------------
Total Revenue (Cost $8,009,554) 8,003,795
-----------------
Schedule of Investments--Municipal Bond Portfolios 39
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $82,962,635) 100.95% $82,895,160
(Note D, below)
Cash and Other Assets, Less Liabilities (0.95) (778,070)
------- -----------
Net Assets (Equivalent to $12.45
per share based on 6,596,724
shares of capital stock outstanding) 100.00% $82,117,090
------- -----------
------- -----------
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
(B) $2,300,000 principal amount segregated as collateral for
when-issued securities
(C) When-issued security
(D) At March 31, 1998, the cost basis of investment securities
owned was substantially identical for both book and tax.
See Notes to Financial Statements.
40 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 1998
Schedule of Investments
Stock Portfolios
-----------------------
International Value
Emerging Markets Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio
March 31, 1998 (Unaudited)
- ------------------------------------------------------------------------------
Shares Description Market Value*
- ------------------------------------------------------------------------------
EQUITIES: 95.26%
- ------------------------------------------------------------------------------
AUSTRALIA: 1.75%
- ------------------------------------------------------------------------------
Broadcasting & Publishing
7,069,515 PMP Communications Limited $ 13,558,726
(Note A, p. 6)
Building Materials
3,072,047 Boral Limited (Note A, p. 6) 7,651,374
Paper & Forest Products
4,899,941 Amcor Limited (Note A, p. 6) 21,063,739
Real Estate
4,134,000 Schroders Property Fund 7,491,216
22,775,634 Westfield Trust 47,899,266
745,135 Westfield Trust RFD (08/31/98) 1,547,376
(Note B, p. 6)
--------------
Total Australian Stocks
(Cost $108,353,368) 99,211,697
--------------
- ------------------------------------------------------------------------------
AUSTRIA: 1.67%
- ------------------------------------------------------------------------------
Banking
425,828 Bank Austria AG (Note B, p. 6) 28,372,169
Construction & Housing
136,850 Wienerberger Baustoffindustrie AG 28,164,017
Food & Household Products
225,465 Brau-Union Goess-Reinighaus 13,480,250
181,650 Oesterreichische 10,707,054
Brau-Beteiligungs AG
Metal-Steel
314,400 Voest-Alpine Stahl AG 13,771,988
--------------
Total Austrian Stocks
(Cost $83,413,207) 94,495,478
--------------
- ------------------------------------------------------------------------------
CANADA: 4.29%
- ------------------------------------------------------------------------------
Banking
750,000 Canadian Imperial Bank of Commerce 26,202,492
2,706,600 National Bank of Canada 50,813,819
Beverage & Tobacco
20,000 Imasco Ltd. 809,542
Broadcasting & Publishing
771,200 Torstar Corp. (Class B) 26,807,072
Conglomerates
260,000 Edperbrascan Corp. (Class A) 5,312,489
Energy Sources
984,350 Nova Scotia Power Inc. 13,825,433
1,069,400 Suncor Inc. 39,059,498
468,000 Westcoast Energy Inc. 11,560,857
Food & Household Products
355,250 Saskatchewan Wheat Pool (Class B) $ 5,415,817
Metal-Steel
3,138,900 Dofasco Inc. 56,271,348
Paper & Forest Products
275,900 Donohue Inc. (Class A) 6,426,016
--------------
Total Canadian Stocks
(Cost $153,531,860) 242,504,383
--------------
- ------------------------------------------------------------------------------
FINLAND: 2.42%
- ------------------------------------------------------------------------------
Energy Sources
23,900 Neste Oy 706,641
Food & Household Products
56,900 Huhtamaki Oy 3,091,042
Health & Personal Care
2,719,000 Tamro Oy 16,853,156
Insurance
1,147,600 Sampo Insurance Co.-'A' Free 45,377,054
Machinery & Engineering
229,800 Rauma Oy 4,256,730
788,900 Valmet Oy (Note A, p. 6) 12,646,119
Merchandising
424,900 Kesko Ltd. (Note A, p. 6) 6,886,854
Paper & Forest Products
5,107,800 Enso Oy 'R' (Note A, p. 6) 47,125,549
--------------
Total Finnish Stocks
(Cost $106,078,818) 136,943,145
--------------
- ------------------------------------------------------------------------------
FRANCE: 12.62%
- ------------------------------------------------------------------------------
Automobiles
300,830 Peugeot S.A. (Note A, p. 6) 51,841,297
955,875 Renault S.A. (Notes A & B, p. 6) 42,569,020
84,454 Sylea (Note A, p. 6) 9,157,416
Banking
410,000 Banque Nationale de Paris 31,853,973
540,796 Credit National 36,649,346
180,415 Societe Generale (Note A, p. 6) 36,097,556
Broadcasting & Publishing
14,335 Metropole S.A. 1,919,814
601,845 Television Francaise 1 (TF1) 74,775,418
Building Materials
208,000 Lafarge (Note A, p. 6) 17,687,132
Business & Public Services
249,152 Compagnie Generale des Eaux 40,443,229
(Note A, p. 6)
Chemicals
700,000 Rhone-Poulenc 35,567,568
Electrical & Electronics
364,891 Alcatel Alsthom (Note A, p. 6) 68,474,100
Energy Sources
93,702 ESSO SAF 9,071,594
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 1
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
521,526 Societe Nationale Elf Aquitaine $ 68,330,635
(Note A, p. 6)
Food & Household Products
70,000 Eridania Beghin-Say S.A. 14,005,647
Machinery & Engineering
412,460 Vallourec (Note A, p. 6) 32,610,795
Merchandising
16,817 Galeries Lafayette S.A. 11,662,681
Metal-Steel
3,544,098 Usinor, S.A. (Note A, p. 6) 59,244,623
Real Estate
258,705 Sefimeg (Note A, p. 6) 17,198,299
334,408 Simco (Note A, p. 6) 28,490,105
Textiles/Apparel
293,000 Chargeurs S.A. 18,958,128
Utilities-Electric, Gas & Water
48,780 Suez Lyonnaise des Eaux 7,044,469
--------------
Total French Stocks
(Cost $532,306,093) 713,652,845
--------------
- ------------------------------------------------------------------------------
GERMANY: 15.86%
- ------------------------------------------------------------------------------
Banking
3,114,730 Commerzbank (Note A, p. 6) 112,494,371
1,736,650 Dresdner Bank (Note A, p. 6) 79,060,274
2,752,660 IKB Deutsche Industriebank 56,554,881
Building Materials
43,033 Dyckerhoff AG (Vorzug) 11,982,372
Chemicals
1,973,500 BASF AG (Note A, p. 6) 87,762,091
1,482,700 Bayer AG (Note A, p. 6) 67,819,967
Electrical & Electronics
1,234,300 Siemens AG (Stamm) (Note A, p. 6) 82,618,118
Food & Household Products
6,250 Sudzucker AG (Stamm) 3,112,244
16,475 Sudzucker AG (Vorzug) 8,551,269
Health & Personal Care
622,660 Dragerwerk AG (Vorzug) 13,028,543
96,176 Merck KGaA 4,068,975
22,800 Wella AG (Stamm) 18,306,074
11,275 Wella AG (Vorzug) (Note A, p. 6) 9,692,763
Insurance
105,100 Hannover Rueckversicherungs AG 14,376,632
Machinery & Engineering
64,200 MAN AG (Stamm) (Note A, p. 6) 21,382,066
116,750 MAN AG (Vorzug) (Note A, p. 6) 29,320,848
Merchandising
57,450 Herlitz AG (Stamm) (Note A, p. 6) 4,255,441
79,600 Herlitz AG (Vorzug) 5,680,949
79,680 Metro AG (Stamm) (Note A, p. 6) 3,515,389
947,635 Metro AG (Vorzug) 30,741,586
Non-Financial
61,470 Grohe (Friedrich) AG (NVP) 17,348,728
Tires & Rubber
1,655,200 Continental AG $ 41,971,766
Utilities-Electric, Gas & Water
2,047,000 VEBA AG (Note A, p. 6) 145,206,347
51,920 Viag AG (Note A, p. 6) 28,296,267
--------------
Total German Stocks
(Cost $668,723,703) 897,147,961
--------------
- ------------------------------------------------------------------------------
HONG KONG: 0.04%
- ------------------------------------------------------------------------------
Real Estate
6,474,000 Tai Cheung Holdings 2,193,146
--------------
Total Hong Kong Stocks
(Cost $5,773,715) 2,193,146
--------------
- ------------------------------------------------------------------------------
ITALY: 12.08%
- ------------------------------------------------------------------------------
Automobiles
14,676,478 Magneti Marelli S.p.A. ORD 45,712,036
(Notes A & D, p. 6)
2,267,500 Magneti Marelli S.p.A. RNC 6,888,324
(Notes A & D, p. 6)
Banking
31,392,000 Banca Commerciale Italiana 156,477,841
(Note A, p. 6)
1,819,200 Banca Popolare di Bergamo 41,638,025
3,422,000 Banca Popolare di Milano 31,432,469
(Note A, p. 6)
Chemicals
4,110,000 Montefibre S.p.A. ORD (Note A, p. 6) 4,599,232
740,000 Montefibre S.p.A. RNC 762,732
Conglomerates
1,364,000 IFIL Finanziaria di 7,632,564
Partecipazioni S.p.A.
52,500 Italmobiliare S.p.A. RNC 2,080,590
Energy Sources
14,702,580 ENI S.p.A. (Note A, p. 6) 99,595,261
Insurance
4,000,000 Istituto Nazionale delle Assicurazioni 13,070,762
Machinery & Engineering
6,090,000 Finmeccanica S.p.A. ORD 8,361,640
(Notes A & B, p. 6)
750,000 Finmeccanica S.p.A. RNC 1,028,113
(Notes A & B, p. 6)
Telecommunications
24,303,055 Telecom Italia S.p.A. ORD (Note A, p. 6) 191,544,868
11,910,673 Telecom Italia S.p.A. RNC 72,731,548
--------------
Total Italian Stocks
(Cost $363,209,478) 683,556,005
--------------
- ------------------------------------------------------------------------------
JAPAN: 25.62%
- ------------------------------------------------------------------------------
Appliances & Household Durables
6,416,000 Matsushita Electric Industrial 103,060,532
Co., Ltd. (Note A, p. 6)
2 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
Automobiles
1,282,000 Aisin Seiki Co., Ltd. (Note A, p. 6) $ 13,279,489
393,000 Toyoda Gosei Co., Ltd. 1,233,057
Banking
413,490 Bank of Iwate 21,384,470
390,000 Bank of Kyoto 2,019,891
1,540,000 Biwako Bank 5,143,929
3,381,000 Higo Bank 17,688,549
2,194,000 Hyakugo Bank 9,930,433
207,000 Hyakujushi Bank 1,055,005
2,896,000 Kagoshima Bank 12,781,745
2,801,000 Michinoku Bank (Note A, p. 6) 15,663,313
1,961,120 Miyazaki Bank (Note A, p. 6) 7,890,113
368,000 Nanto Bank 1,850,704
1,733,000 Oita Bank 8,936,543
9,150,000 Sakura Bank (Note A, p. 6) 32,486,018
6,078,000 Toho Bank (Note A, p. 6) 25,274,624
162,300 Yamagata Bank (Note A, p. 6) 743,126
Beverage & Tobacco
15,000 Chukyo Coca-Cola Bottling Co., Ltd. 120,473
422,000 Hokkaido Coca-Cola Bottling Co., Ltd. 3,801,088
1,341,000 Kinki Coca-Cola Bottling Co., Ltd. 15,199,174
(Note A, p. 6)
408,540 Kita Kyushu Coca-Cola Bottling 8,034,338
Co., Ltd.
715,000 Sanyo Coca-Cola Bottling Co., Ltd. 6,869,581
(Note A, p. 6)
687,000 Shikoku Coca-Cola Bottling Co., Ltd. 6,909,964
(Note A, p. 6)
Business & Public Services
1,254,000 Toppan Printing Co., Ltd. (Note A, p. 6) 15,436,742
Chemicals
1,393,000 Kansai Paint Co., Ltd. (Note A, p. 6) 3,555,038
Construction & Housing
1,881,400 Daito Trust Construction Co., Ltd. 14,121,973
(Note A, p. 6)
4,677,000 Sekisui House Ltd. (Note A, p. 6) 38,265,564
Electrical & Electronics
342,000 Canon Sales Co., Inc. (Note A, p. 6) 4,749,108
7,145,000 Hitachi Ltd. (Note A, p. 6) 52,022,141
2,612,000 Mitsubishi Electric Corp. 6,862,075
2,568,000 Taiyo Yuden Co., Ltd. (Note A, p. 6) 29,299,004
18,356,000 Toshiba Corp. (Note A, p. 6) 74,402,249
Energy Sources
2,651,000 General Sekiyu Group (Note A, p. 6) 12,177,984
Financial Services
7,000,000 Daiwa Securities Co., Ltd. 29,423,906
(Note A, p. 6)
5,000,000 Nikko Securities Co., Ltd. 16,138,111
(Note A, p. 6)
Food & Household Products
1,347,400 Ezaki Glico Co., Ltd. (Note A, p. 6) 7,686,425
Health & Personal Care
6,699,000 Chugai Pharmaceutical Co., Ltd. 43,746,517
(Note A, p. 6)
1,367,000 Daiichi Pharmaceutical Co., Ltd. $ 17,340,814
(Note A, p. 6)
983,000 Kissei Pharmaceutical Co., Ltd. 14,019,140
(Note A, p. 6)
1,341,000 Yamanouchi Pharmaceutical Co., Ltd. 30,800,974
Insurance (Non-Life)
5,247,900 Chiyoda Fire & Marine (Note A, p. 6) 20,325,887
6,945,000 Dai-Tokyo Fire & Marine (Note A, p. 6) 27,316,043
2,249,000 Koa Fire & Marine (Note A, p. 6) 9,588,530
664,000 Mitsui Marine & Fire (Note A, p. 6) 3,434,010
7,562,000 Nippon Fire & Marine (Note A, p. 6) 31,048,330
700,000 Sumitomo Marine & Fire (Note A, p. 6) 4,329,518
1,037,000 Yasuda Fire & Marine 5,300,784
Leisure
2,646,000 Heiwa Corp. 28,798,647
513,700 Sankyo Gunma Co., Ltd. 9,446,913
Machinery & Engineering
6,250,000 Makita Corp. (Note A, p. 6) 65,678,361
5,050,000 Mitsubishi Heavy Industries, Ltd. 19,218,239
973,000 Sintokogio (Note A, p. 6) 4,162,957
Merchandising
2,201,000 Aoki International Co., Ltd. 14,059,305
(Note A, p. 6)
3,033,900 Aoyama Trading Co., Ltd. (Note A, p. 6) 72,872,806
2,010,000 Deodeo Corp. (Note A, p. 6) 14,182,022
1,167,000 Laox Co., Ltd. (Note A, p. 6) 8,584,425
Metal-Steel
5,090,000 Kurimoto Ltd. (Note A, p. 6) 23,076,448
2,981,000 Maruichi Steel Tube Ltd. (Note A, p. 6) 38,709,925
1,483,000 Yamato Kogyo Co., Ltd. (Note A, p. 6) 11,465,490
5,420,000 Yodogawa Steel Works Ltd. 27,257,646
(Note A, p. 6)
Miscellaneous Materials
2,709,000 Yamamura Glass Co., Ltd. 5,124,173
(Note A, p. 6)
Multi-Industry
10,700,000 Itochu Corp. (Note A, p. 6) 25,700,881
11,700,000 Marubeni Corp. (Note A, p. 6) 30,825,294
7,454,000 Nissho Iwai Corp. (Note A, p. 6) 20,421,917
Real Estate
6,377,000 Daiwa Kosho Lease Co., Ltd. 29,150,631
(Note A, p. 6)
1,046,480 TOC Co. (Note A, p. 6) 8,797,580
Textiles/Apparel
1,345,000 Gunze Limited (Note A, p. 6) 3,139,763
858,000 Tokyo Style Co., Ltd. 8,436,705
970,000 Wacoal Corp. (Note A, p. 6) 10,338,900
350,400 World Co., Ltd. (Note A, p. 6) 8,153,424
Transportation-Road & Rail
3,469,000 Seino Transportation Co., Ltd. 23,096,287
(Note A, p. 6)
3,086 West Japan Railway Co. 10,493,210
Transportation-Shipping
8,929,000 Mitsui O.S.K. Lines Ltd. 14,945,896
(Notes A & B, p. 6)
Schedule of Investments--Stock Portfolios 3
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
7,887,000 Nippon Yusen Kabushiki Kaisha $ 28,357,086
(Note A, p. 6)
Utilities-Electric, Gas & Water
1,165,000 Hokkaido Electric Power Co., Inc. 16,527,303
(Note A, p. 6)
401,800 Hokuriku Electric Power Co., Inc. 5,489,030
1,133,000 Kyushu Electric Power Co., Inc. 16,583,598
(Note A, p. 6)
317,200 Shikoku Electric Power Co., Inc. 4,404,729
(Note A, p. 6)
617,400 Tohoku Electric Power Co., Inc. 9,268,530
(Note A, p. 6)
--------------
Total Japanese Stocks
(Cost $1,914,144,703) 1,449,515,147
--------------
- ------------------------------------------------------------------------------
MALAYSIA: 0.20%
- ------------------------------------------------------------------------------
Automobiles
928,000 Oriental Holdings Berhad 1,932,274
Financial Services
3,957,000 Commerce Asset Holding Berhad 3,447,468
Leisure
362,000 Berjaya Land Berhad 374,893
Miscellaneous Materials
1,000,000 Golden Hope Plantations Berhad 1,260,274
Telecommunications
2,326,000 Technology Resources Industries 2,651,003
Berhad
Transportation-Airlines
1,300,000 Malaysian Airline System Berhad 1,531,507
--------------
Total Malaysian Stocks
(Cost $11,277,182) 11,197,419
--------------
- ------------------------------------------------------------------------------
NETHERLANDS: 1.34%
- ------------------------------------------------------------------------------
Chemicals
67,872 DSM NV 7,096,619
Energy Sources
259,347 Royal Dutch Petroleum 14,678,024
Financial Services
300,000 ING Groep NV 17,021,991
Food & Household Products
1,557,360 Unilever plc 14,729,656
Real Estate
227,529 Wereldhave NV 13,008,205
Telecommunications
178,578 Koninklijke PTT Nederland NV 9,250,305
--------------
Total Netherlands Stocks (Cost $52,865,209) 75,784,800
--------------
- ------------------------------------------------------------------------------
SINGAPORE: 1.20%
- ------------------------------------------------------------------------------
Banking
2,200,000 Development Bank of Singapore 16,076,792
Ltd. (Foreign)
3,666,000 Overseas Union Bank Ltd. (Foreign) $ 14,303,019
Electrical & Electronics
975,000 Creative Technology Ltd. (Note B, p. 6) 21,937,500
Machinery & Engineering
1,662,000 Keppel Fels Ltd. (Note A, p. 6) 4,652,262
Real Estate
2,155,000 Keppel Land Ltd. 2,976,095
2,548,000 Singapore Land Ltd. (Note A, p. 6) 8,205,357
--------------
Total Singapore Stocks
(Cost $70,940,847) 68,151,025
--------------
- ------------------------------------------------------------------------------
SPAIN: 5.80%
- ------------------------------------------------------------------------------
Banking
1,516,180 Argentaria S.A. 125,607,560
Construction & Housing
1,227,455 Dragados Y Construcciones S.A. 40,440,618
Energy Sources
460,150 Repsol S.A. 23,488,409
Utilities-Electric, Gas & Water
2,601,907 Fuerzas Electricas de Cataluna S.A. 27,027,199
8,431,704 Union Electrica Fenosa S.A. 111,494,930
--------------
Total Spanish Stocks
(Cost $164,391,345) 328,058,716
--------------
- ------------------------------------------------------------------------------
SWEDEN: 0.26%
- ------------------------------------------------------------------------------
Appliances & Household Durables
111,150 Electrolux AB (Class B) 9,175,036
Paper & Forest Products
25,000 Svenska Cellulosa AB 687,887
Real Estate
56,080 Nackebro Fastighets AB 862,715
253,190 Tornet Fastighets AB (Note A, p. 6) 3,736,655
--------------
Total Swedish Stocks
(Cost $7,437,276) 14,462,293
--------------
- ------------------------------------------------------------------------------
SWITZERLAND: 0.69%
- ------------------------------------------------------------------------------
Banking
9,700 Swiss Bank Corporation 3,416,792
Food & Household Products
6,575 Nestle S.A. 12,563,447
Machinery & Engineering
7,350 Bobst AG Bearer 14,029,846
3,115 Bobst AG Registered 2,962,775
Retail
23,000 Valora Holdings AG 5,778,288
--------------
Total Swiss Stocks
(Cost $25,654,704) 38,751,148
--------------
4 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
UNITED KINGDOM: 9.42%
- ------------------------------------------------------------------------------
Automobiles
4,633,398 Lex Service plc $ 41,961,597
Beverage & Tobacco
613,000 Imperial Tobacco Group plc 4,504,848
450,000 Matthew Clark plc 1,581,929
Broadcasting & Publishing
3,000,000 Mirror Group plc 9,717,563
1,169,540 United News & Media plc 16,024,663
Building Materials
364,434 Hanson plc 2,208,425
359,333 Redland plc 2,075,254
Construction & Housing
9,415,494 Tarmac plc 18,519,792
Energy Sources
1,694,000 Premier Oil plc 1,091,765
6,179,400 Shell Transport & Trading Co., plc 45,385,652
Food & Household Products
11,102,960 Hazlewood Foods plc 36,800,956
4,038,269 Hillsdown Holdings plc 11,897,701
Health & Personal Care
6,250,000 Smith & Nephew plc 17,367,737
Insurance
4,615,809 Commercial Union plc 90,172,445
5,171,622 Guardian Royal Exchange plc 37,053,197
2,986,503 Royal & Sun Alliance Insurance 37,995,458
Group plc
Merchandising
358,491 J. Sainsbury plc 3,089,084
279,399 Safeway plc 1,732,879
5,081,600 Somerfield plc 30,092,070
Metal-Steel
4,143,900 British Steel plc 9,833,032
Miscellaneous Materials
6,257,500 BTR plc 20,609,656
1,664,900 Powell Duffryn plc 15,523,816
Textiles/Apparel
2,250,000 Courtaulds Textiles plc 13,213,626
Utilities-Electric, Gas & Water
724,600 Anglian Water plc 11,341,358
3,262,480 South West Water plc 53,248,529
--------------
Total United Kingdom Stocks
(Cost $348,299,037) 533,043,032
--------------
Total Equities
(Cost $4,616,400,545) 5,388,668,240
--------------
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
RIGHTS (Note B, p. 6): 0.00%
- ------------------------------------------------------------------------------
FRANCE-Building Materials
208,000 Lafarge (Expiration 04/08/1998) $ 271,852
SINGAPORE-Banking
400,000 Development Bank of Singapore 0
Ltd. (Foreign)
(Expiration 04/28/1998)
(Note E, p. 6)
--------------
Total Rights (Cost $0) 271,852
--------------
- ------------------------------------------------------------------------------
WARRANTS (Note B, p. 6): 0.01%
- ------------------------------------------------------------------------------
FRANCE-Business & Public Services
456,869 Compagnie Generale des Eaux 512,342
(Expiration 05/02/2001)
HONG KONG-Real Estate
1,011,229 Great Eagle Holdings 50,892
(Expiration 11/30/1998)
--------------
Total Warrants (Cost $0) 563,234
--------------
- ------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.99%
- ------------------------------------------------------------------------------
56,009,000 State Street Bank & Trust Co., 56,009,000
Repurchase Agreement,
Dated 03/31/1998, 5.60%
maturing 04/01/1998 for $56,017,713,
Collateral 55,345,000 principal
amount U.S. Treasury Note,
7.125%, 02/29/2000, Value
$57,129,987
--------------
Total Repurchase Agreement
(Cost $56,009,000) 56,009,000
--------------
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $4,672,409,545) 96.26% $5,445,512,326
(Note F, p. 6)
Cash and Other Assets, Less Liabilities 3.74 211,416,490
(Note G, p. 6) -------- --------------
Net Assets (Equivalent to $21.02
per share based on 269,169,144
shares of capital stock outstanding) 100.00% $5,656,928,816
======== ==============
Schedule of Investments--Stock Portfolios 5
<PAGE>
- ------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
- ------------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Quantity Description Amount (Depreciation)
- ------------------------------------------------------------------------------
400 Australian ALL ORD $18,583,463 $ (251,342)
June 1998
147 British FT-SE 100 14,411,911 270,864
June 1998
227 Canadian TSE 35 1,508,719 (197,053)
June 1998
400 French CAC 40 48,969,361 702,281
June 1998
100 Italian MIB30 19,116,909 244,583
June 1998
600 Japanese TOPIX 57,214,710 (1,009,044)
June 1998
--------------
Total Long Stock Index Futures Contracts $ (239,711)
--------------
- ------------------------------------------------------------------------------
FOREIGN CURRENCIES
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
2,344,592 Australian Dollar $ 1,550,595
12,014,814 Austrian Schilling 923,329
6,109,550 British Pound 10,227,380
14,229,116 Canadian Dollar 10,042,783
4,349,741 Deutschemark 2,351,783
72,771,837 Finnish Markka 12,961,525
166,501,804 French Franc 26,865,963
11,977,524 Hong Kong Dollar 1,545,726
24,676,843,960 Italian Lira 13,536,393
5,086,086,501 Japanese Yen 38,176,666
39,941,494 Malaysian Ringgit 10,942,875
17,402,107 Netherlands Guilder 8,346,534
8,266,444 Singapore Dollar 5,119,334
169,059,031 Spanish Peseta 1,077,358
871,258 Swedish Krona 108,969
9,195,410 Swiss Franc 6,031,755
--------------
Total Foreign Currencies $ 149,808,968
--------------
- ------------------------------------------------------------------------------
(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 Preferred Share
Stamm-German Ordinary Share
NVP-Non-Voting Preference 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
(F) At March 31, 1998, the cost basis of investment securities owned was
substantially identical for both book and tax.
(G) Includes $925,890 (Australian dollar), $615,195 (British pound), $801,073
(Canadian dollar), $2,258,975 (French franc), $1,137,009 (Italian lira),
and $7,431,037 (Japanese yen) U.S. dollar equivalent pledged as collateral
for futures transactions.
(H) Allocation of assets by industry as of March 31, 1998:
Appliances & Household Durables 1.98%
Automobiles 3.79
Banking 17.85
Beverage & Tobacco 0.85
Broadcasting & Publishing 2.52
Building Materials 0.74
Business & Public Services 1.00
Chemicals 3.66
Conglomerates 0.27
Construction & Housing 2.47
Electrical & Electronics 6.02
Energy Sources 5.99
Financial Services 1.17
Food & Household Products 2.51
Health & Personal Care 3.27
Insurance 4.21
Insurance (Non-Life) 1.79
Leisure 0.68
Machinery & Engineering 3.89
Merchandising 3.67
Metal-Steel 4.24
Miscellaneous Materials 0.75
Multi-Industry 1.36
Non-Financial 0.31
Paper & Forest Products 1.33
Real Estate 3.03
Retail 0.10
Telecommunications 4.88
Textiles/Apparel 1.10
Tires & Rubber 0.74
Transportation-Airlines 0.03
Transportation-Road & Rail 0.59
Transportation-Shipping 0.77
Utilities-Electric, Gas & Water 7.71
Repurchase Agreement 0.99
Cash and Other Assets, Less Liabilities 3.74
--------
Total 100.00%
========
See Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
March 31, 1998 (Unaudited)
Shares Description Market Value*
- ------------------------------------------------------------------------------
EQUITIES: 93.81%
- ------------------------------------------------------------------------------
ARGENTINA: 5.20%
- ------------------------------------------------------------------------------
Beverage & Tobacco
50,082 Nobleza Piccardo S.A.I.C. $ 252,956
Energy Sources
2,490,600 Astra Cia Argentina de Petroleo S.A. 4,732,921
565,000 Central Costanera S.A. (Class B) 1,938,270
60,000 YPF S.A. 2,034,335
25,000 YPF S.A. ADR 850,000
Financial Services
89,000 Bansud S.A. (Class B) (Note B, p. 11) 845,640
Metal-Steel
3,342,088 Siderca S.A.I.C. 8,891,421
Real Estate
332,300 IRSA Inversiones y 1,256,302
Representaciones S.A.
3,700 IRSA Inversiones y 141,756
Representaciones S.A. GDR
Utilities-Electric, Gas & Water
1,943,759 Central Puerto S.A. 6,143,292
--------------
Total Argentine Stocks (Cost $20,629,646) 27,086,893
--------------
- ------------------------------------------------------------------------------
BRAZIL: 6.72%
- ------------------------------------------------------------------------------
Banking
111,900,000 Banco Bradesco S.A. (PFD) 1,156,399
Financial Services
4,406,000 Itausa Investimentos Itau S.A. 3,526,350
Food & Household Products
173,026,676 Ceval Alimentos S.A. (Note B, p. 11) 456,535
493,493 Santista Alimentos S.A. 520,837
Metal-Steel
67,700,000 Companhia Siderurgica de 1,149,173
Tubarao (PFD) (Class B)
4,714,293 Gerdau Metalurgica S.A. 124,388
83,558,114 Gerdau Metalurgica S.A. (PFD) 3,174,767
191,486,156 Gerdau S.A. (PFD) 3,587,208
Paper & Forest Products
183,000 Companhia Suzano de Papel 273,615
e Celulose (PFD)
148,663,014 Votorantim Celulose Papel S.A. (PFD) 3,138,005
Utilities-Electric, Gas & Water
779,000 Centrais Eletricas Brasileiras ADR 17,917,000
--------------
Total Brazilian Stocks (Cost $26,157,121) 35,024,277
--------------
- ------------------------------------------------------------------------------
CHILE: 3.91%
- ------------------------------------------------------------------------------
Banking
80,000 Banco BHIF S.A. ADR $ 1,060,000
33,800 Banco de Santiago S.A. ADR 760,500
Beverage & Tobacco
196,000 Compania Cervecerias Unidas 5,929,000
S.A. ADR
Food & Household Products
158,000 Cristalerias de Chile ADR 2,192,250
Telecommunications
155,550 Compania de Telecomunicaciones 4,287,347
de Chile S.A. ADR
Utilities-Electric, Gas & Water
254,959 Chilgener S.A. ADR 6,134,951
--------------
Total Chilean Stocks
(Cost $18,505,125) 20,364,048
--------------
- ------------------------------------------------------------------------------
CHINA: 4.40%
- ------------------------------------------------------------------------------
Appliances & Household Durables
16,459,502 Shenzhen China Bicycles Co., Ltd. 2,846,342
(Notes B & C, p. 11)
Chemicals
56,100,000 Jilin Chemical Industrial Co., Ltd. 6,588,246
(Note C, p. 11)
13,600,000 Shanghai Petrochemical Co., Ltd. 2,053,479
Energy Sources
14,102,000 Harbin Power Equipment Co., Ltd. 1,965,486
Metal-Steel
4,968,000 Maanshan Iron & Steel Co., Ltd. 506,494
Mining
4,980,000 Yanzhou Coal Mining Co., Ltd. 1,568,140
(Note B, p. 11)
Utilities-Electric, Gas & Water
315,000 Huaneng Power International Inc., 7,402,500
Ltd. ADR (Note B, p. 11)
--------------
Total Chinese Stocks
(Cost $27,034,041) 22,930,687
--------------
- ------------------------------------------------------------------------------
INDIA: 5.13%
- ------------------------------------------------------------------------------
Automobiles
572,200 Ashok Leyland Ltd. 599,648
310,000 Ashok Leyland Ltd. GDR 883,500
Chemicals
1,035,700 Indo Gulf Fertilisers & Chemicals 967,405
Corp., Ltd.
285,000 Indo Gulf Fertilisers & Chemicals 235,125
Corp., Ltd. GDR
600,000 Indo Gulf Fertilisers & Chemicals 495,000
Corp., Ltd. GDR
1,254,900 Southern Petrochemical Industries 1,065,736
Corp., Ltd.
*See Note 1, page 28 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 7
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
1,014,000 Southern Petrochemical Industries $ 4,613,700
Corp., Ltd. GDS
Financial Services
1,859,150 Industrial Credit & Investment Corp. 4,334,330
of India Ltd.
17,000 Industrial Credit & Investment Corp. 259,250
of India Ltd. GDR
303,000 Industrial Credit & Investment Corp. 4,620,750
of India Ltd. GDR
Health & Personal Care
578,950 Cheminor Drugs Ltd. 2,322,835
Utilities-Electric, Gas & Water
667,000 BSES Ltd. 3,538,874
157,000 BSES Ltd. GDR 2,786,750
--------------
Total Indian Stocks
(Cost $28,793,493) 26,722,903
--------------
- ------------------------------------------------------------------------------
INDONESIA: 4.77%
- ------------------------------------------------------------------------------
Automobiles
16,001,000 PT Gajah Tunggal 739,931
Food & Household Products
31,726,000 PT Fiskaragung Perkasa 2,475,728
12,403,500 PT Sinar Mas Agro Resources 1,613,172
& Technology Corp.
Miscellaneous Materials
23,825,000 GT Kabelmetal Indonesia 895,159
Paper & Forest Products
361,500 Asia Pulp & Paper Co., Ltd. ADR 5,377,313
9,628,500 PT Inti Indorayon Utama (Note B, p. 11) 1,140,949
Real Estate
2,320,800 PT Dharmala Intiland 93,905
Telecommunications
1,680,500 PT Indosat 2,700,457
5,500 PT Indosat ADR 84,906
Textiles/Apparel
29,596,000 PT Indorama Synthetics 9,751,283
--------------
Total Indonesian Stocks
(Cost $44,022,143) 24,872,803
--------------
- ------------------------------------------------------------------------------
ISRAEL: 5.47%
- ------------------------------------------------------------------------------
Banking
2,430,000 Bank Hapoalim 6,648,851
1,543,430 Israel Discount Bank 1,760,322
Electrical & Electronics
556,991 Israel Electric Wire & Cable 1,986,162
Health & Personal Care
242,100 Elscint Ltd. (Note B, p. 11) 1,755,225
Multi-Industry
1,999,527 Israel Land Development 11,374,821
(Notes B & C, p. 11)
8,500 Israel Land Development ADR 155,125
(Note B, p. 11)
Telecommunications
570,000 Bezeq The Israeli Telecommunication $ 1,537,463
Corp., Ltd.
Textiles/Apparel
2,913,527 Kitan Consolidated Ltd. 3,298,698
(Note B, p. 11)
--------------
Total Israeli Stocks
(Cost $21,081,213) 28,516,667
--------------
- ------------------------------------------------------------------------------
MALAYSIA: 7.54%
- ------------------------------------------------------------------------------
Automobiles
674,560 Oriental Holdings Berhad 1,404,564
2,696,000 Tan Chong Motor Berhad 1,942,597
Building Materials
3,645,500 Cement Industries of Malaysia 3,116,153
Berhad
Financial Services
4,864,000 Commerce Asset Holding Berhad 4,237,677
Leisure
2,513,000 Berjaya Land Berhad 2,602,504
Miscellaneous Materials
2,910,000 Golden Hope Plantations Berhad 3,667,397
1,822,000 Kuala Lumpur Kepong Berhad 4,367,808
11,720,800 Malaysia Mining Corp. Berhad 7,546,269
Real Estate
2,101,000 Bolton Properties Berhad 638,934
Transportation-Airlines
3,652,000 Malaysian Airline System Berhad 4,302,356
Utilities-Electric, Gas & Water
2,174,000 Tenaga Nasional Berhad 5,479,671
--------------
Total Malaysian Stocks
(Cost $52,301,908) 39,305,930
--------------
- ------------------------------------------------------------------------------
MEXICO: 8.46%
- ------------------------------------------------------------------------------
Banking
2,530,000 Grupo Financiero Bancomer S.A. 1,491,381
de C.V.
4,254,000 Grupo Financiero Serfin S.A. de C.V. 949,107
Financial Services
150,000 Grupo Financiero Banamex S.A. de C.V. 348,755
(Note B, p. 11)
552,000 Grupo Financiero Banamex S.A. (NVP) 1,406,576
(Note B, p. 11)
Food & Household Products
494,000 Grupo Minsa S.A. de C.V. ADR 2,725,793
(Note B, p. 11)
Merchandising
6,240,000 Controladora Comercial Mexicana 7,620,479
S.A. de C.V.
272,250 Controladora Comercial Mexicana 6,670,125
S.A. de C.V. GDR
8 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
Metal-Nonferrous
253,000 Grupo Mexico S.A. (Note B, p. 11) $ 772,428
197,144 Grupo Mexico S.A. (NVP) 643,566
(Note B, p. 11)
Metal-Steel
1,442,000 Hylsamex S.A. 6,646,137
Multi-Industry
2,430,200 Cydsa S.A. 4,993,953
Telecommunications
165,000 Telefonos de Mexico S.A. 466,944
165,325 Telefonos de Mexico S.A. ADR 9,320,197
--------------
Total Mexican Stocks
(Cost $43,970,330) 44,055,441
--------------
- ------------------------------------------------------------------------------
PHILIPPINES: 5.90%
- ------------------------------------------------------------------------------
Banking
672,000 Philippine Commercial International 3,324,631
Bank
2,217,577 Philippine National Bank (Note B, p. 11) 5,427,228
Conglomerates
655,920 First Philippine Holdings Corp. 621,398
(Class B)
48,507,000 JG Summit Holding Inc. 5,297,475
Food & Household Products
22,069,500 Universal Robina Corp. 4,646,210
Real Estate
57,108,500 Robinson's Land Corp. - Series 'B' 3,697,024
(Notes B & C, p. 11)
Telecommunications
143,940 Philippine Long Distance 3,996,229
Telephone Co.
59,400 Philippine Long Distance 1,655,775
Telephone Co. ADR
Transportation-Shipping
43,030,000 William Gothong & Aboitiz 2,060,911
--------------
Total Philippine Stocks
(Cost $51,342,371) 30,726,881
--------------
- ------------------------------------------------------------------------------
PORTUGAL: 4.29%
- ------------------------------------------------------------------------------
Banking
255,000 Banco Totta & Acores S.A. 9,453,921
Paper & Forest Products
397,000 Portucel Industrial-Empresa 3,627,198
Produtora de Celulose S.A.
Utilities-Electric, Gas & Water
398,000 Electricidade de Portugal S.A. 9,248,482
--------------
Total Portuguese Stocks
(Cost $15,003,376) 22,329,601
--------------
- ------------------------------------------------------------------------------
Shares Description Market Value
- ------------------------------------------------------------------------------
SOUTH AFRICA: 9.87%
- ------------------------------------------------------------------------------
Automobiles
672,300 Toyota South Africa Ltd. $3,070,777
Banking
1,993,362 ABSA Group Ltd. 18,110,677
Beverage & Tobacco
611,800 Rembrandt Group Ltd. 5,054,291
Chemicals
2,204,300 AECI Ltd. 8,229,737
Food & Household Products
543,000 Foodcorp Ltd. 3,407,566
Metal-Steel
20,082,662 S.A. Iron & Steel Industrial 5,543,620
Corp., Ltd.
Mining
193,900 De Beers Consolidated Mines Ltd. 4,228,025
2,500 De Beers Consolidated Mines 54,844
Ltd. ADR
719,800 Free State Consolidated Gold 3,359,209
Mines Ltd.
75,000 Free State Consolidated Gold Mines 346,875
Ltd. ADR
--------------
Total South African Stocks
(Cost $61,847,397) 51,405,621
--------------
- ------------------------------------------------------------------------------
SOUTH KOREA: 7.20%
- ------------------------------------------------------------------------------
Banking
899,579 Daegu Bank 1,831,634
428,060 Jeon Buk Bank (Note B, p. 11) 809,760
1,294,680 Kwang Ju Bank (Note B, p. 11) 2,402,402
1,171,940 Kyung Nam Bank (Note B, p. 11) 2,538,498
1,256,830 Pusan Bank (Note B, p. 11) 2,686,077
Beverage & Tobacco
86,618 Hite Brewery Co., Ltd. 794,259
Building Materials
82,430 Asia Cement Manufacturing Co., Ltd. 833,227
Electrical & Electronics
1,587,890 Daewoo Electronics Co. (Note B, p. 11) 6,821,621
Energy Sources
60,000 Seoul City Gas Co., Ltd. (Note B, p. 11) 1,793,502
140,000 Ssangyong Oil Refining Co., Ltd. 1,263,538
(Note B, p. 11)
Metal-Steel
97,692 Inchon Iron & Steel Co., Ltd. 472,589
(Note B, p. 11)
95,000 Pohang Iron & Steel Co., Ltd. 4,252,708
Multi-Industry
890,310 Daewoo Corp. 3,439,104
237,000 Samsung Corp. (Note B, p. 11) 973,668
Textiles/Apparel
409,848 Hyosung T&C Co., Ltd. (Note B, p. 11) 3,728,581
Schedule of Investments--Stock Portfolios 9
<PAGE>
Tires & Rubber
294,660 Korea Kumho Petrochemical Co. $559,535
Utilities-Electric, Gas & Water
154,000 Korea Electric Power Corp. 2,001,444
25,000 Kukdong City Gas Co., Ltd. 333,935
(Note B, p. 11)
--------------
Total South Korean Stocks (Cost $62,722,588) 37,536,082
--------------
- ------------------------------------------------------------------------------
TAIWAN: 5.90%
- ------------------------------------------------------------------------------
Building Materials
3,412,500 Pacific Construction 2,179,848
Electrical & Electronics
322,069 Teco Electric & Machinery Ltd. GDR 4,299,621
Financial Services
3,226,524 China Bills Finance Corp. 1,737,170
1,771,000 International Bills Finance Corp. 1,007,383
Food & Household Products
6,819,700 Great Wall Enterprises Co. 4,418,543
Metal-Steel
484,825 China Steel Corp. 324,446
436,992 China Steel Corp. GDS 6,194,361
Textiles/Apparel
6,219,430 Far Eastern Textile 6,810,631
6,594,000 Shinkong Synthetic Fibers Corp. 3,790,923
--------------
Total Taiwanese Stocks
(Cost $33,781,408) 30,762,926
--------------
- ------------------------------------------------------------------------------
THAILAND: 4.27%
- ------------------------------------------------------------------------------
Banking
7,277,700 First Bangkok City Bank Public 0
Co., Ltd. (Foreign) (Note D, p. 11)
279,500 Thai Farmers Bank Public Co., 692,535
Ltd. (Foreign)
Building Materials
4,728,100 Thai-German Ceramic Industry 1,201,550
Co., Ltd. (Foreign) (Note B, p. 11)
Financial Services
10,000 Asia Credit Public Co., Ltd. 5,845
2,550,000 Industrial Finance Corporation of 1,490,470
Thailand (Foreign) (Note B, p. 11)
3,019,200 National Finance & Securities 1,668,808
Public Co., Ltd. (Foreign)
2,089,400 Phatra Thanakit Public Co., 2,920,382
Ltd. (Foreign) (Note B, p. 11)
Insurance
369,000 Ayudhya Insurance Public Co., 1,781,703
Ltd. (Foreign)
5,100 Ayudhya Insurance Public Co., 22,681
Ltd. (Local)
444,000 Bangkok Insurance Public Co., 3,949,174
Ltd. (Foreign)
Merchandising
1,552,300 Saha Pathana Inter-Holding $ 1,538,493
Ltd. (Foreign)
Telecommunications
10,003,900 Jasmine International Public Co., 6,037,933
Ltd. (Foreign)
3,754,900 Thai Telephone & Telecommunication 954,231
Public Co., Ltd. (Foreign)
(Note B, p. 11)
--------------
Total Thai Stocks (Cost $49,555,426) 22,263,805
--------------
- ------------------------------------------------------------------------------
TURKEY: 4.78%
- ------------------------------------------------------------------------------
Automobiles
6,000,000 Ford Otomotiv Sanayi A.S. 3,701,952
Banking
376,297,933 Yapi ve Kredi Bankasi A.S. 13,001,677
Building Materials
48,650,000 Baticim Bati Anadolu Cimento 4,352,415
Sanayii A.S.
Chemicals
50,948,000 Sasa Sun'i Ve Sentetik Elyaf 2,116,590
Multi-Industry
120,000 Haci Omer Sabanci Holding 1,740,000
A.S. ADR (Note B, p. 11)
--------------
Total Turkish Stocks
(Cost $18,345,736) 24,912,634
--------------
Total Equities
(Cost $575,093,322) 488,817,199
--------------
- ------------------------------------------------------------------------------
WARRANTS--MALAYSIA REAL ESTATE
(Note B, p. 11): 0.00%
- ------------------------------------------------------------------------------
87,500 Bolton Properties Berhad 8,989
(Expiration 09/15/2001)
--------------
Total Warrants (Cost $25,098) 8,989
--------------
- ------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 5.77%
- ------------------------------------------------------------------------------
30,070,000 State Street Bank & Trust Co., 30,070,000
Repurchase Agreement,
Dated 03/31/1998, 5.60%,
maturing 04/01/1998 for $30,074,678,
Collateral 22,860,000 principal
amount U.S. Treasury Bond,
8.875%, 02/15/2019, Value
$30,671,834
--------------
Total Repurchase Agreement
(Cost $30,070,000) 30,070,000
--------------
10 Sanford C. Bernstein Fund, Inc.--1998 Semiannual Report
<PAGE>
- ------------------------------------------------------------------------------
INVESTMENT SUMMARY
- ------------------------------------------------------------------------------
Total Investments (Cost $605,188,420) 99.58% $518,896,188
(Note E, below)
Cash and Other Assets, Less Liabilities 0.42 2,184,343
----------------------------
Net Assets (Equivalent to $17.53
per share based on 29,722,370
shares of capital stock outstanding) 100.00% $521,080,531
============================
- ------------------------------------------------------------------------------
FOREIGN CURRENCIES
- ------------------------------------------------------------------------------
Quantity Description Market Value
- ------------------------------------------------------------------------------
38,975 Argentine Peso $ 38,981
221,222 Brazilian Real 194,567
73,749 Hong Kong Dollar 9,517
16,776,439 Indian Rupee 424,666
766,388,676 Indonesian Rupiah 88,600
1,600,849 Israeli Shekel 444,236
19,865,339 Malaysian Ringgit 5,442,559
563,059 Mexican Peso 66,118
24,599,810 New Taiwan Dollar 748,283
1,584,884 Philippine Peso 41,707
1,908,210 Portuguese Escudo 10,078
419,018 South African Rand 83,213
2,718,318,832 South Korean Won 1,962,685
58,558,703 Thai Baht 1,488,150
307,236,353 Turkish Lira 1,264
--------------
Total Foreign Currencies $11,044,624
--------------
(A) Explanation of abbreviations:
ADR-American Depository Receipts
GDR-Global Depository Receipts
PFD-Preferred Share
GDS-Global Depository Share
NVP-Non-Voting Preference Share
(B) Non-income-producing security
(C) Affiliated company (see Note 3B of the Notes to Financial
Statements)
(D) Fair-valued security
(E) At March 31, 1998, the cost basis of investment securities
owned was substantially identical for both book and tax.
(F) Allocation of assets by industry as of March 31, 1998:
Appliances & Household Durables 0.55%
Automobiles 2.37
Banking 14.22
Beverage & Tobacco 2.31
Building Materials 2.24
Chemicals 5.06
Conglomerates 1.14
Electrical & Electronics 2.52
Energy Sources 2.80
Financial Services 5.45
Food & Household Products 4.31
Health & Personal Care 0.78
Insurance 1.10
Leisure 0.50
Merchandising 3.04
Metal-Nonferrous 0.27
Metal-Steel 7.84
Mining 1.83
Miscellaneous Materials 3.16
Multi-Industry 4.35
Paper & Forest Products 2.60
Real Estate 1.12
Telecommunications 5.96
Textiles/Apparel 5.25
Tires & Rubber 0.11
Transportation-Airlines 0.83
Transportation-Shipping 0.40
Utilities-Electric, Gas & Water 11.70
Repurchase Agreement 5.77
Cash and Other Assets, Less Liabilities 0.42
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 11
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