<PAGE>
-------------------------------
SANFORD C. BERNSTEIN FUND, INC.
-------------------------------
ANNUAL REPORT
SEPTEMBER 30, 1999
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 ..................... 6
Statements of Operations ..................... 9
Statements of Changes in Net Assets .....................12
Financial Highlights .....................16
Notes to Financial Statements .....................26
Directors and Officers .....................inside back cover
<PAGE>
Portfolio Returns(1)
THROUGH SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
TOTAL RETURNS COMPOUND ANNUAL RETURNS
------------------- -----------------------------------
PAST SIX PAST 12 PAST PAST SINCE
MONTHS MONTHS FIVE YEARS 10 YEARS INCEPTION INCEPTION DATE
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<S> <C> <C> <C> <C> <C> <C>
SANFORD C. BERNSTEIN FUND PORTFOLIOS
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Tax-Managed International Value(2,3) 8.5% 25.3% 11.1% -- 12.1% June 22, 1992
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International Value II(2,3) -- -- -- -- 3.5 April 30, 1999
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Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below 27.4 76.9 -- -- (1.7)
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein 22.4 69.9 -- -- (2.8)
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Intermediate Duration 0.2 1.0 7.2 7.7% 8.0 January 17, 1989
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Short Duration Plus 1.9 3.8 5.8 6.4 6.6 December 12, 1988
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Government Short Duration 1.7 3.1 5.5 6.1 6.3 January 3, 1989
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Diversified Municipal (0.7) 0.8 5.4 6.0 6.0 January 9, 1989
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California Municipal (0.7) 0.6 5.5 -- 5.9 August 6, 1990
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New York Municipal (0.9) 0.7 5.4 6.0 6.1 January 9, 1989
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Short Duration Diversified Municipal 1.0 2.9 -- -- 4.1 October 3, 1994
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Short Duration California Municipal 1.2 2.9 -- -- 4.0 October 3, 1994
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Short Duration New York Municipal 0.8 2.6 -- -- 3.9 October 3, 1994
LIPPER MUTUAL-FUND COMPOSITES(4)
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Foreign Stock Composite 10.3% 30.5% 9.3% 8.2%
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Intermediate Bond Composite (0.6) (1.1) 6.7 7.1
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Short-Term Bond Composite 1.3 2.6 5.8 6.3
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Intermediate Municipal Composite (1.8) (0.8) 5.2 6.1
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Short-Term Municipal Composite 0.5 2.1 4.2 4.8
MARKET BENCHMARKS
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Major Foreign Markets Index (MSCI EAFE)(5) 8.3% 35.3% 14.6% 8.2%
- -----------------------------------------------------------------------------------------------------------------------------------
MSCI Emerging Markets Free Index 18.0 56.5 (5.5) 9.4
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Lipper Emerging Markets Index 16.4 45.1 -- --
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Lehman Brothers Aggregate Bond Index (0.2) (0.4) 7.8 8.1
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Inflation 1.8 2.6 2.4 3.0
</TABLE>
- --------------------------------------------------------------------------------
1 Except where noted for Emerging Markets Value, results are after all fees
and expenses. Past performance is not predictive of future results. The
investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than
the original cost.
2 Tax-Managed International Value, International Value II and Emerging
Markets Value returns throughout this report include dividends net of
withholding taxes.
3 International Value II (IVP II) is a continuation of Bernstein's
International Value portfolio (IVP), now called Tax-Managed International
Value (TMIVP). On April 30, 1999, IVP was split into two portfolios: IVP
II for tax-exempt investors, such as 401(k) and other retirement plans;
and TMIVP for taxable investors. Both portfolios have the same overall
investment style, except that the latter now includes tax management. IVP
II is an extension of the original IVP in that it is managed without
regard to tax considerations.
4 Lipper composites are the equal-weighted average returns of the mutual
funds in the relevant Lipper Analytical Services categories; the average
fund in a category may differ in composition from Bernstein's portfolios.
5 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:
Stock markets worldwide rebounded strongly from 1998's summer slump in the 12
months through September. As the threat of a global economic crisis abated,
Japan and the emerging markets recorded especially dramatic gains of 77% and
nearly 57%, respectively. Europe, its economic recovery gathering momentum, rose
roughly 16%. The U.S. stock market, meanwhile, gained nearly 28% in the 12
months through September 30, but this bullish figure belied enormous volatility:
For the first nine months of 1999, U.S. stocks were up only about 5%, after a
turbulent third quarter.
The unnerving performance of U.S. stocks was a reminder of why
diversification can be so important, and also of why we offer the Sanford C.
Bernstein Fund, Inc.'s combination of bonds and foreign stocks as a
counterbalance to U.S. equities. Our stock portfolios performed well in the 12
months. The Fund's Tax-Managed International Value portfolio of stocks of major
foreign markets rose 25.3%, and Emerging Markets Value's 77% gain exceeded its
benchmark by 20 percentage points.
Our nine bond portfolios also did relatively well, especially considering
the difficult conditions. The Federal Reserve Board raised interest rates twice
in 1999's first three quarters to temper excessive U.S. economic growth and stem
inflationary fears; Treasury bond yields rose roughly a full percentage point
(top display)--and bond prices fell across the board. However, all the Fund's
bond portfolios achieved positive results for the 12 months and also provided a
premium compared with their benchmarks. Our taxable-bond portfolios, for
instance, produced a meaningful yield advantage, because of their emphasis on
commercial-mortgage, corporate and other non-Treasury bonds.
In foreign capital markets, concerns over global recession receded and
economic growth picked up. The Asian emerging markets staged a remarkable
recovery, while in Japan, Tokyo's stimulus measures and banking reforms spurred
the economy. Moreover, international industrial-resources companies--which we
saw as representing an exceptional opportunity--began to benefit from rising
capacity utilization, firming industrial-commodity prices (bottom display) and
the prospect of much faster earnings growth.
Of course, investors cannot know exactly when a rebound will come. Hence,
Bernstein believes in remaining well diversified among markets and asset classes
to ensure that you do benefit from robust recoveries like that of the past 12
months.
Rising yields hurt the bond market
[Line Chart Appears Here]
10-Year Treasury Yield (%)
Oct-98 4.88
Nov-98 4.97
Dec-98 4.96
Jan-99 4.99
Feb-99 5.55
Mar-99 5.6
Apr-99 5.61
May-99 5.91
Jun-99 6.06
Jul-99 6.19
Aug-99 6.27
Sep-99 6.22
Source: Street Software Technology and Bernstein estimates
Commodity prices are rebounding
- --------------------------------------------------------------------------------
Trough September Increase
Commodity in 1998 1999 from Trough
- --------------------------------------------------------------------------------
Crude Oil
(barrel) $10 $24 134%
- --------------------------------------------------------------------------------
Ethylene
(lb) 0.16 0.26 63
- --------------------------------------------------------------------------------
Linerboard
(short ton) 300 420 40
- --------------------------------------------------------------------------------
Pulp
(metric ton) 460 560 22
- --------------------------------------------------------------------------------
Polystyrene
(lb) 0.38 0.44 17
- --------------------------------------------------------------------------------
Uncoated
Free Sheet 700 780 11
(short ton)
Source: CMAI, FactSet, Prudential Securities and Bernstein
- --------------------------------------------------------------------------------
1999 Annual Report 3
<PAGE>
FOREIGN-STOCK PORTFOLIOS
Tax-Managed International Value
Growth of $25,000(1)
[Line Chart Appears Here]
EAFE Lipper
Foreign Foreign International
Yr:Month Stock-Market Stock Value (after
Index (before Composite all costs)
all costs)
92:6 25000 25000 25000
7 23874 24128 24179
8 24569 24354 25280
9 23844 23833 23979
10 23575 23097 23419
11 24015 23221 23499
12 24102 23530 23754
93:1 24357 23608 24184
2 25178 24153 25128
3 26568 25530 27419
4 28548 26812 29208
5 28798 27393 29854
6 28578 26815 29128
7 29727 27660 30537
8 31644 29356 32261
9 30796 29171 31280
10 31943 30440 31986
11 29609 29219 29954
12 31821 31928 31953
94:1 34058 33898 34245
2 33475 33159 33820
3 32679 31686 33942
4 34146 32482 35041
5 33453 32381 34733
6 32855 32038 34142
7 33706 32919 34883
8 34225 33887 35351
9 32753 33043 33957
10 33379 33684 34140
11 32424 32027 33059
12 32660 31719 33177
95:1 31654 30143 32358
2 31388 30185 31758
3 31740 31175 31758
4 33108 32182 32769
5 32962 32455 32746
6 32483 32455 32488
7 34704 34192 34252
8 34427 33546 34360
9 34652 34035 34575
10 33819 33348 34315
11 34732 33705 34423
12 36239 34723 35854
96:1 37316 35486 37333
2 37176 35628 37267
3 37820 36241 37928
4 39199 37401 39453
5 38796 37300 39518
6 39185 37550 39960
7 37640 36175 38436
8 37769 36573 38591
9 39247 37363 40048
10 38836 37117 40004
11 40634 38705 41726
12 40502 38837 42115
97:1 40849 38713 42091
2 41530 39255 42681
3 42315 39341 43601
4 42868 39420 43884
5 44508 41738 45300
6 47326 43670 47258
7 49367 44797 49688
8 45774 41643 46574
9 48549 44125 49358
10 44565 40842 46810
11 45090 40385 46291
12 46292 40647 46017
98:1 48853 41639 48562
2 51555 44412 50614
3 54988 46748 54587
4 55299 47459 54276
5 56376 47558 55912
6 57159 47135 55678
7 58167 47786 56535
8 50245 40957 48121
9 47810 39474 45810
10 51829 42313 47913
11 55318 44496 50692
12 56631 45880 51058
99:1 57493 46320 51144
2 56523 45148 49797
3 59737 46706 52921
4 62539 48896 55702
5 59821 46882 54412
6 63022 49371 56505
7 63775 50749 57336
8 64044 51256 57996
9 64700 51523 57422
International Value II
Growth of $25,000(1)
[Line Chart Appears Here]
Foreign Lipper
Stock-Market Foreign International
Yr:Month Index (before Stock Value II
all costs) Composite (after all costs)
99:4 25000 25000 25000
5 23913 23970 24357
6 25193 25243 25270
7 25494 25947 25708
8 25602 26207 26081
9 25864 26343 25875
Emerging Markets Value
Growth of $25,000(1)
[Line Chart Appears Here]
MSCI Lipper Emerging Markets
Emerging Emerging Value after deduction of
Yr:Month Markets Free Markets 2% purchase and 2%
Index (before Index redemption fees -- both
all costs) paid to the portfolio,
not to Bernstein
See footnote 2 below.
95:12 25000 25000 25000
96:1 26777 27272 26784
2 26351 26954 26760
3 26557 27178 27071
4 27618 28131 28422
5 27495 28407 28266
6 27667 28461 27932
7 25776 26805 26186
8 26436 27536 26174
9 26665 27818 26090
10 25954 27175 24942
11 26388 27794 25803
12 26508 28037 26226
97:1 28316 30166 28281
2 29528 31243 28953
3 28753 30442 28593
4 28804 30448 28100
5 29628 31498 28401
6 31214 33048 29230
7 31680 34010 30395
8 27648 30275 27115
9 28414 31368 27079
10 23752 26132 22898
11 22885 24939 20700
12 23437 25166 19952
98:1 21599 23415 19113
2 23853 25419 20954
3 24888 26311 21956
4 24617 26366 21405
5 21243 22430 18687
6 19015 20304 16433
7 19618 20923 16595
8 13946 14928 12374
9 14830 15488 12663
10 16392 16977 14128
11 17755 18118 15618
12 17498 17891 15743
99:1 17216 17528 15350
2 17383 17377 15553
3 19674 19313 17581
4 22108 21996 21092
5 21980 21729 21498
6 24474 24170 23767
7 23809 23568 23133
8 24026 23306 23222
9 23213 22479 21950
TAXABLE-BOND PORTFOLIOS
Intermediate Duration
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper Lehman
Intermediate Brothers Intermediate
Yr:Month Bond Aggregate Duration
Composite Bond Index (after all
(before all costs) costs)
89:1 25000 25000 25000
2 24898 24820 24865
3 24982 24927 25000
4 25397 25448 25432
5 25869 26117 25948
6 26462 26911 26694
7 26919 27484 27103
8 26658 27077 26868
9 26768 27215 27003
10 27228 27885 27602
11 27424 28150 27776
12 27501 28226 27846
90:1 27289 27890 27522
2 27365 27979 27602
3 27409 27999 27649
4 27269 27741 27427
5 27861 28562 28083
6 28207 29022 28447
7 28534 29424 28769
8 28326 29030 28480
9 28447 29272 28597
10 28618 29645 28879
11 29082 30283 29443
12 29457 30757 29892
91:1 29731 31138 30044
2 30004 31403 30478
3 30229 31620 30782
4 30574 31961 31132
5 30773 32146 31361
6 30773 32130 31371
7 31124 32577 31798
8 31749 33281 32494
9 32324 33956 33042
10 32666 34333 33469
11 32987 34649 33818
12 33920 35678 35005
92:1 33533 35193 34509
2 33661 35422 34754
3 33530 35222 34594
4 33764 35476 34848
5 34308 36146 35499
6 34798 36644 35991
7 35592 37391 36844
8 35891 37770 37051
9 36372 38218 37443
10 35830 37711 36919
11 35726 37719 37071
12 36222 38319 37692
93:1 36947 39054 38306
2 37619 39738 38962
3 37766 39904 39109
4 38034 40182 39343
5 38004 40234 39503
6 38676 40962 40374
7 38839 41195 40778
8 39557 41917 41611
9 39712 42030 41673
10 39839 42187 41895
11 39484 41828 41396
12 39670 42055 41589
94:1 40174 42622 42150
2 39459 41881 41399
3 38598 40846 40633
4 38251 40520 40296
5 38194 40516 40251
6 38121 40426 40172
7 38693 41231 40833
8 38770 41280 40805
9 38332 40674 40199
10 38275 40637 40152
11 38164 40548 40034
12 38347 40828 40276
95:1 38956 41636 41077
2 39767 42626 41895
3 40013 42888 42115
4 40530 43487 42631
5 41960 45170 44120
6 42225 45501 44477
7 42111 45399 44303
8 42582 45947 44811
9 42957 46394 45353
10 43490 46998 46074
11 44098 47702 46722
12 44658 48371 47458
96:1 44953 48692 47630
2 44185 47846 46700
3 43884 47513 46435
4 43616 47246 46241
5 43538 47150 46218
6 44034 47783 46715
7 44135 47914 46889
8 44100 47834 46899
9 44819 48668 47645
10 45724 49746 48616
11 46497 50598 49536
12 46088 50127 49158
97:1 46222 50281 49215
2 46314 50406 49317
3 45828 49847 48794
4 46423 50593 49429
5 46823 51072 49802
6 47342 51678 50402
7 48559 53071 51431
8 48132 52619 51177
9 48801 53395 51772
10 49377 54169 52474
11 49515 54419 52619
12 49961 54967 52922
98:1 50605 55672 53540
2 50534 55630 53540
3 50711 55822 53715
4 50929 56113 53924
5 51382 56645 54413
6 51752 57126 54679
7 51851 57247 54896
8 52483 58179 55438
9 53643 59541 56219
10 53252 59227 55768
11 53497 59563 56338
12 53673 59742 56559
99:1 54017 60168 57106
2 53012 59118 56279
3 53394 59445 56714
4 53554 59634 56946
5 52997 59115 56731
6 52801 58923 56592
7 52621 58673 56324
8 52537 58643 56207
9 53062 59324 56803
Short Duration Plus
Growth of $25,000(1)
[Line Chart Appears Here]
Merril Lynch Lipper Short Short
1-3 Year Investment Duration Plus
Yr:Month Treasury Index Grade Bond (after all
(before all costs) Composite costs)
88:12 25000 25000 25000
89:1 25198 25208 25200
2 25198 25253 25247
3 25313 25377 25372
4 25701 25671 25674
5 26086 26005 25969
6 26574 26392 26366
7 26967 26727 26663
8 26800 26677 26653
9 26958 26815 26826
10 27365 27161 27153
11 27610 27354 27348
12 27720 27480 27453
90:1 27743 27469 27517
2 27873 27612 27637
3 27967 27739 27770
4 28022 27789 27812
5 28450 28164 28152
6 28750 28431 28399
7 29109 28889 28676
8 29196 28947 28799
9 29436 29112 28939
10 29760 29319 29153
11 30051 29621 29391
12 30416 29905 29723
91:1 30694 30099 29845
2 30877 30340 30225
3 31085 30577 30514
4 31379 30883 30847
5 31569 31099 31109
6 31698 31176 31246
7 31974 31454 31533
8 32413 31882 31918
9 32763 32261 32198
10 33114 32580 32575
11 33458 32887 32930
12 33967 33459 33404
92:1 33915 33372 33364
2 34033 33495 33526
3 34020 33482 33521
4 34333 33713 33881
5 34645 34050 34236
6 34998 34411 34608
7 35390 34848 34968
8 35702 35085 35102
9 36041 35394 35287
10 35825 35153 35147
11 35766 35090 35255
12 36106 35374 35509
93:1 36482 35788 35792
2 36794 36139 36056
3 36904 36258 36189
4 37133 36472 36321
5 37029 36457 36434
6 37302 36760 36773
7 37388 36863 36946
8 37714 37191 37200
9 37837 37325 37225
10 37911 37433 37368
11 37920 37381 37275
12 38060 37538 37435
94:1 38305 37819 37690
2 38060 37543 37522
3 37870 37232 37320
4 37736 37057 37293
5 37790 37071 37333
6 37902 37097 37408
7 38228 37405 37682
8 38362 37532 37755
9 38275 37435 37650
10 38361 37480 37740
11 38190 37386 37547
12 38277 37412 37640
95:1 38809 37786 38104
2 39343 38281 38581
3 39562 38484 38736
4 39915 38842 39076
5 40612 39572 39615
6 40830 39794 39835
7 41000 39885 39970
8 41243 40161 40202
9 41444 40394 40422
10 41794 40721 40784
11 42163 41067 41076
12 42487 41391 41441
96:1 42848 41702 41668
2 42667 41543 41521
3 42629 41506 41508
4 42665 41523 41593
5 42752 41589 41676
6 43059 41876 41913
7 43229 42035 42113
8 43377 42161 42298
9 43770 42541 42660
10 44263 42979 43167
11 44602 43318 43454
12 44602 43318 43424
97:1 44812 43509 43663
2 44915 43635 43781
3 44897 43587 43770
4 45264 43918 44072
5 45573 44217 44339
6 45887 44504 44610
7 46391 44990 44949
8 46434 45012 45058
9 46786 45341 45308
10 47134 45594 45582
11 47248 45699 45699
12 47571 45960 45830
98:1 48033 46360 46237
2 48074 46411 46299
3 48270 46587 46405
4 48496 46792 46609
5 48754 47035 46809
6 49008 47242 46993
7 49237 47436 47245
8 49856 47759 47568
9 50517 48322 48073
10 50765 48298 48127
11 50720 48399 48294
12 50899 48578 48549
99:1 51101 48797 48776
2 50852 48587 48619
3 51205 48952 48975
4 51370 49133 49153
5 51337 49039 49241
6 51497 49118 49400
7 51660 49162 49529
8 51810 49241 49635
9 52147 49590 49911
Government Short Duration
Growth of $25,000(1)
[Line Chart Appears Here]
Merril Lynch Lipper Short Government
1-3 Year U.S. Gov't Short Duration
Yr:Month Treasury Index Bond (after all
(before all costs) Composite costs)
89:1 25000 25000 25000
2 25000 25003 25037
3 25115 25108 25129
4 25499 25469 25460
5 25882 25660 25740
6 26366 26104 26140
7 26756 26464 26441
8 26590 26292 26361
9 26747 26432 26520
10 27151 26839 26880
11 27394 27051 27044
12 27503 27156 27176
90:1 27525 27115 27196
2 27654 27240 27327
3 27748 27322 27434
4 27802 27352 27496
5 28227 27759 27854
6 28524 28043 28097
7 28880 28371 28393
8 28967 28416 28515
9 29205 28626 28718
10 29526 28918 28997
11 29816 29236 29267
12 30177 29564 29615
91:1 30454 29833 29844
2 30635 30003 30055
3 30841 30168 30219
4 31133 30446 30472
5 31321 30616 30636
6 31450 30680 30723
7 31724 30972 30984
8 32159 31396 31393
9 32506 31763 31724
10 32854 32081 32079
11 33196 32386 32424
12 33700 32917 32938
92:1 33649 32723 32804
2 33767 32808 32839
3 33753 32765 32737
4 34064 33034 33115
5 34374 33381 33472
6 34724 33698 33845
7 35113 34102 34198
8 35422 34382 34285
9 35759 34660 34441
10 35544 34390 34362
11 35486 34335 34439
12 35823 34665 34707
93:1 36196 35101 34953
2 36505 35435 35181
3 36615 35548 35253
4 36842 35747 35350
5 36739 35704 35422
6 37009 36036 35715
7 37095 36134 35869
8 37419 36488 36165
9 37540 36590 36200
10 37614 36652 36319
11 37623 36546 36212
12 37762 36677 36304
94:1 38005 36927 36510
2 37762 36620 36334
3 37574 36243 36234
4 37441 35986 36125
5 37494 35921 36150
6 37605 35918 36234
7 37928 36208 36530
8 38062 36292 36624
9 37975 36165 36508
10 38061 36186 36590
11 37891 36042 36428
12 37977 36121 36456
95:1 38505 36569 36932
2 39034 37092 37399
3 39252 37285 37583
4 39602 37605 37914
5 40294 38346 38495
6 40510 38538 38766
7 40678 38584 38855
8 40920 38866 39066
9 41119 39087 39262
10 41466 39435 39568
11 41833 39814 39866
12 42154 40144 40142
96:1 42512 40433 40350
2 42332 40247 40231
3 42295 40199 40246
4 42330 40207 40224
5 42417 40255 40271
6 42722 40525 40527
7 42890 40659 40681
8 43037 40768 40820
9 43427 41119 41133
10 43916 41551 41580
11 44253 41871 41856
12 44253 41858 41783
97:1 44460 42055 42006
2 44563 42164 42113
3 44545 42088 42103
4 44909 42396 42392
5 45215 42646 42650
6 45527 42872 42913
7 46027 43318 43241
8 46070 43335 43314
9 46419 43634 43549
10 46764 43939 43848
11 46878 44036 43927
12 47198 44252 44142
98:1 47656 44628 44461
2 47697 44659 44515
3 47891 44807 44648
4 48116 44981 44808
5 48372 45211 44995
6 48624 45410 45198
7 48851 45591 45430
8 49465 46056 45805
9 50121 46618 46316
10 50367 46698 46453
11 50323 46688 46485
12 50501 46824 46594
99:1 50700 47048 46768
2 50453 46865 46628
3 50804 47141 46939
4 50967 47325 47114
5 50935 47283 47097
6 51094 47297 47215
7 51256 47358 47341
8 51404 47444 47440
9 51738 47742 47735
- --------------------------------------------------------------------------------
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 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 $22,855.
- --------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
MUNICIPAL BOND PORTFOLIOS (Intermediate and Short-Term)
Diversified Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper Lehman Brothers
Intermediate Laddered G/O Diversified
Municipal Index (before Municipal
Yr:Month Composite all costs) (after all costs)
89:1 25000 25000 25000
2 24893 24768 24863
3 24820 24631 24736
4 25212 25035 25164
5 25550 25458 25550
6 25829 25759 25878
7 26128 26112 26189
8 26011 26020 26027
9 25972 26028 25973
10 26203 26260 26266
11 26510 26583 26602
12 26743 26798 26769
90:1 26679 26814 26669
2 26884 26996 26843
3 26868 26937 26823
4 26723 26864 26741
5 27177 27321 27152
6 27405 27534 27351
7 27748 27842 27637
8 27501 27742 27510
9 27592 27806 27622
10 27934 28195 28022
11 28375 28604 28403
12 28517 28713 28590
91:1 28845 29126 28933
2 29096 29386 29187
3 29111 29347 29102
4 29416 29691 29448
5 29622 29842 29565
6 29593 29836 29545
7 29856 30114 29774
8 30166 30469 30144
9 30504 30822 30443
10 30758 31051 30652
11 30841 31172 30818
12 31433 31820 31500
92:1 31521 31906 31450
2 31555 31922 31425
3 31489 31836 31229
4 31732 32100 31393
5 32068 32389 31803
6 32520 32829 32239
7 33486 33666 33167
8 33148 33407 32915
9 33343 33648 33154
10 33067 33530 32796
11 33622 33926 33281
12 33915 34163 33560
93:1 34298 34515 33893
2 35320 35371 34711
3 34938 35031 34381
4 35225 35259 34587
5 35362 35382 34642
6 35875 35811 35137
7 35879 35836 35040
8 36542 36316 35639
9 36966 36574 36007
10 37044 36632 36062
11 36807 36530 35883
12 37436 37034 36391
94:1 37833 37386 36706
2 37008 36716 36065
3 35957 35942 35366
4 36141 36283 35368
5 36408 36483 35587
6 36303 36406 35483
7 36760 36799 35871
8 36903 36965 36012
9 36527 36714 35719
10 36100 36504 35420
11 35562 36252 35020
12 36091 36553 35475
95:1 36799 36977 36132
2 37572 37528 36876
3 37910 38057 37259
4 37974 38155 37321
5 38878 38985 38266
6 38734 38998 38107
7 39094 39515 38458
8 39478 39922 38841
9 39651 40064 38993
10 40032 40280 39376
11 40464 40637 39818
12 40735 40841 40075
96:1 41078 41274 40373
2 40946 41179 40264
3 40483 40950 39891
4 40406 40904 39808
5 40386 40854 39813
6 40629 41147 40080
7 40986 41433 40366
8 40994 41500 40331
9 41343 41815 40701
10 41740 42198 41035
11 42362 42777 41640
12 42234 42721 41532
97:1 42323 42867 41687
2 42632 43159 41938
3 42189 42733 41599
4 42396 42930 41851
5 42900 43371 42281
6 43286 43735 42594
7 44230 44515 43376
8 43867 44298 43145
9 44319 44691 43532
10 44523 44951 43687
11 44687 45090 43832
12 45246 45512 44307
98:1 45626 45900 44617
2 45644 45960 44677
3 45644 46029 44709
4 45402 45833 44638
5 46043 46375 45043
6 46172 46513 45175
7 46250 46680 45297
8 46925 47305 45750
9 47432 47774 46137
10 47418 47894 46223
11 47503 47981 46252
12 47665 48147 46356
99:1 48208 48683 46841
2 47933 48571 46767
3 47890 48617 46802
4 48020 48749 46924
5 47731 48598 46795
6 47049 48095 46390
7 47265 48343 46545
8 47029 48344 46470
9 47048 48514 46491
Short Duration Diversified Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Lipper Short Duration
Brothers Short-Term Diversified
Yr:Month One-Year Municipal Municipal
Municipal Index Composite (after all costs)
(before all costs)
94:10 25000 25000 25000
11 25038 24918 25015
12 25102 25007 25112
95:1 25231 25187 25255
2 25402 25424 25462
3 25570 25584 25617
4 25663 25669 25684
5 25904 25938 25959
6 25992 26032 26072
7 26182 26185 26204
8 26321 26313 26314
9 26394 26377 26366
10 26502 26503 26479
11 26628 26662 26616
12 26728 26777 26709
96:1 26881 26937 26844
2 26946 26970 26878
3 26964 26919 26869
4 27028 26948 26901
5 27096 27007 26968
6 27228 27105 27053
7 27343 27229 27168
8 27396 27289 27206
9 27520 27423 27336
10 27661 27574 27441
11 27828 27745 27608
12 27888 27789 27657
97:1 28049 27886 27786
2 28139 28006 27854
3 28125 27934 27827
4 28238 28029 27913
5 28380 28199 28058
6 28493 28343 28167
7 28668 28573 28298
8 28704 28573 28335
9 28852 28767 28477
10 28963 28871 28564
11 29052 28957 28624
12 29182 29114 28752
98:1 29335 29262 28882
2 29437 29332 28971
3 29521 29394 29036
4 29557 29394 29078
5 29711 29576 29204
6 29820 29677 29271
7 29922 29772 29379
8 30103 29986 29512
9 30246 30142 29622
10 30389 30245 29727
11 30480 30302 29813
12 30566 30402 29885
99:1 30737 30566 30035
2 30847 30569 30143
3 30873 30612 30184
4 30944 30689 30244
5 31005 30701 30293
6 30977 30593 30288
7 31088 30691 30363
8 31164 30694 30398
9 31269 30768 30483
California Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper
Intermediate California Lehman Brothers
California Municipal Laddered G/O
Yr:Month Municipal (after all Index (before
Composite costs) all costs)
90:8 25000 25000 25000
9 24988 25155 25058
10 25452 25459 25408
11 26015 25844 25777
12 26127 26072 25875
91:1 26424 26340 26247
2 26557 26649 26481
3 26578 26566 26446
4 26942 26814 26756
5 27184 26937 26892
6 27108 26889 26887
7 27472 27112 27137
8 27796 27378 27457
9 28168 27686 27776
10 28430 27891 27981
11 28510 27989 28090
12 29051 28558 28675
92:1 29133 28610 28752
2 29153 28600 28766
3 29074 28370 28689
4 29278 28578 28927
5 29571 28916 29187
6 29952 29279 29584
7 30776 30091 30339
8 30440 29901 30105
9 30626 30111 30322
10 30292 29803 30216
11 30792 30239 30572
12 31054 30500 30786
93:1 31389 30820 31103
2 32347 31647 31875
3 32001 31314 31569
4 32253 31469 31774
5 32369 31577 31885
6 32826 31950 32271
7 32796 31855 32293
8 33423 32374 32726
9 33820 32702 32959
10 33875 32727 33011
11 33637 32544 32919
12 34240 33015 33373
94:1 34609 33326 33690
2 33838 32694 33087
3 32890 32066 32389
4 33025 32043 32697
5 33246 32213 32876
6 33140 32168 32807
7 33617 32562 33162
8 33745 32664 33311
9 33428 32381 33084
10 32970 32096 32896
11 32459 31737 32669
12 32825 31975 32940
95:1 33495 32592 33322
2 34239 33414 33819
3 34578 33727 34296
4 34626 33804 34383
5 35481 34674 35132
6 35258 34446 35143
7 35635 34807 35609
8 36027 35120 35976
9 36229 35330 36104
10 36624 35701 36299
11 37048 36150 36620
12 37252 36362 36804
96:1 37584 36708 37194
2 37460 36580 37109
3 37029 36160 36902
4 36999 36109 36861
5 36988 36084 36816
6 37240 36350 37080
7 37571 36604 37338
8 37571 36626 37398
9 37879 36955 37682
10 38266 37284 38027
11 38874 37797 38549
12 38730 37716 38498
97:1 38804 37822 38630
2 39052 38042 38893
3 38681 37705 38509
4 38863 37898 38687
5 39372 38309 39084
6 39730 38619 39412
7 40648 39374 40115
8 40307 39162 39920
9 40710 39476 40274
10 40820 39611 40508
11 40987 39739 40633
12 41479 40108 41013
98:1 41869 40439 41363
2 41927 40519 41417
3 41856 40487 41479
4 41617 40393 41302
5 42192 40840 41791
6 42302 40959 41915
7 42428 41068 42065
8 43065 41530 42629
9 43702 41989 43052
10 43641 42030 43160
11 43759 42140 43238
12 43776 42163 43387
99:1 44289 42589 43871
2 44080 42484 43770
3 44147 42539 43811
4 44182 42586 43931
5 43912 42376 43794
6 43289 42044 43341
7 43527 42208 43565
8 43335 42105 43566
9 43491 42243 43719
Short Duration California Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Brothers Lipper Short Duration
One-Year Short-Term California
Yr:Month Municipal Municipal Municipal
Index (before Composite (after all costs)
all costs)
94:10 25000 25000 25000
11 25038 24918 24978
12 25102 25007 25055
95:1 25231 25187 25202
2 25402 25424 25451
3 25570 25584 25566
4 25663 25669 25668
5 25904 25938 25915
6 25992 26032 26000
7 26182 26185 26185
8 26321 26313 26267
9 26394 26377 26332
10 26502 26503 26442
11 26628 26662 26554
12 26728 26777 26631
96:1 26881 26937 26786
2 26946 26970 26813
3 26964 26919 26793
4 27028 26948 26841
5 27096 27007 26885
6 27228 27105 26990
7 27343 27229 27105
8 27396 27289 27146
9 27520 27423 27256
10 27661 27574 27384
11 27828 27745 27530
12 27888 27789 27578
97:1 28049 27886 27683
2 28139 28006 27747
3 28125 27934 27740
4 28238 28029 27824
5 28380 28199 27923
6 28493 28343 28030
7 28668 28573 28178
8 28704 28573 28209
9 28852 28767 28317
10 28963 28871 28393
11 29052 28957 28446
12 29182 29114 28571
98:1 29335 29262 28693
2 29437 29332 28778
3 29521 29394 28837
4 29557 29394 28849
5 29711 29576 28967
6 29820 29677 29055
7 29922 29772 29190
8 30103 29986 29317
9 30246 30142 29443
10 30389 30245 29569
11 30480 30302 29655
12 30566 30402 29686
99:1 30737 30566 29832
2 30847 30569 29915
3 30873 30612 29929
4 30944 30689 30007
5 31005 30701 30024
6 30977 30593 30014
7 31088 30691 30115
8 31164 30694 30168
9 31269 30768 30296
New York Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper
Intermediate Lehman Brothers
New York Laddered G/O New York
Yr:Month Municipal Index (before Municipal
Composite all costs) (after all costs)
89:1 25000 25000 25000
2 24750 24768 24881
3 24750 24631 24809
4 25389 25035 25201
5 25868 25458 25589
6 26197 25759 26022
7 26469 26112 26313
8 26221 26020 26154
9 26105 26028 26119
10 26319 26260 26415
11 26725 26583 26731
12 26928 26798 26872
90:1 26658 26814 26733
2 26888 26996 26912
3 26842 26937 26920
4 26514 26864 26800
5 27167 27321 27193
6 27463 27534 27412
7 27960 27842 27703
8 27420 27742 27579
9 27341 27806 27718
10 27620 28195 28096
11 28222 28604 28494
12 28323 28713 28658
91:1 28706 29126 28979
2 28878 29386 29257
3 28985 29347 29267
4 29437 29691 29548
5 29664 29842 29712
6 29634 29836 29717
7 30117 30114 29973
8 30554 30469 30301
9 31015 30822 30585
10 31313 31051 30796
11 31354 31172 30916
12 31999 31820 31642
92:1 31823 31906 31552
2 31941 31922 31632
3 32043 31836 31492
4 32383 32100 31761
5 32856 32389 32079
6 33536 32829 32544
7 34763 33666 33479
8 34235 33407 33211
9 34338 33648 33432
10 34018 33530 33106
11 34586 33926 33551
12 34901 34163 33820
93:1 35271 34515 34138
2 36294 35371 35046
3 35960 35031 34698
4 36233 35259 34941
5 36415 35382 35058
6 36884 35811 35516
7 36873 35836 35424
8 37507 36316 35981
9 37822 36574 36334
10 37909 36632 36393
11 37652 36530 36170
12 38296 37034 36714
94:1 38701 37386 37013
2 37916 36716 36374
3 36903 35942 35650
4 37092 36283 35660
5 37388 36483 35938
6 37317 36406 35864
7 37761 36799 36314
8 37882 36965 36384
9 37503 36714 36038
10 37068 36504 35665
11 36527 36252 35237
12 37053 36553 35779
95:1 37661 36977 36416
2 38418 37528 37197
3 38718 38057 37522
4 38795 38155 37644
5 39714 38985 38626
6 39583 38998 38465
7 39971 39515 38791
8 40395 39922 39206
9 40548 40064 39330
10 40950 40280 39721
11 41392 40637 40171
12 41641 40841 40419
96:1 41990 41274 40725
2 41801 41179 40529
3 41379 40950 40181
4 41263 40904 40131
5 41201 40854 40108
6 41482 41147 40379
7 41884 41433 40673
8 41859 41500 40646
9 42269 41815 41026
10 42654 42198 41401
11 43336 42777 41928
12 43176 42721 41845
97:1 43228 42867 41973
2 43560 43159 42260
3 43094 42733 41887
4 43318 42930 42143
5 43886 43371 42548
6 44312 43735 42870
7 45344 44515 43663
8 44950 44298 43396
9 45417 44691 43790
10 45576 44951 43981
11 45758 45090 44099
12 46349 45512 44582
98:1 46743 45900 44931
2 46757 45960 44962
3 46710 46029 44995
4 46402 45833 44826
5 47125 46375 45370
6 47281 46513 45542
7 47333 46680 45602
8 48052 47305 46164
9 48624 47774 46556
10 48610 47894 46675
11 48673 47981 46771
12 48863 48147 46904
99:1 49444 48683 47428
2 49157 48571 47282
3 49103 48617 47314
4 49226 48749 47407
5 48931 48598 47208
6 48216 48095 46726
7 48443 48343 46917
8 48244 48344 46840
9 48288 48514 46899
Short Duration New York Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Brothers Lipper Short Duration
One-Year Short-Term New York
Yr:Month Municipal Index Municipal Municipal
(before all costs) Composite (after all costs)
94:10 25000 25000 25000
11 25038 24918 24970
12 25102 25007 25062
95:1 25231 25187 25212
2 25402 25424 25450
3 25570 25584 25582
4 25663 25669 25659
5 25904 25938 25882
6 25992 26032 25984
7 26182 26185 26124
8 26321 26313 26221
9 26394 26377 26284
10 26502 26503 26374
11 26628 26662 26496
12 26728 26777 26583
96:1 26881 26937 26736
2 26946 26970 26803
3 26964 26919 26783
4 27028 26948 26806
5 27096 27007 26871
6 27228 27105 26956
7 27343 27229 27075
8 27396 27289 27073
9 27520 27423 27213
10 27661 27574 27350
11 27828 27745 27486
12 27888 27789 27520
97:1 28049 27886 27636
2 28139 28006 27707
3 28125 27934 27685
4 28238 28029 27779
5 28380 28199 27890
6 28493 28343 28005
7 28668 28573 28140
8 28704 28573 28158
9 28852 28767 28300
10 28963 28871 28388
11 29052 28957 28448
12 29182 29114 28553
98:1 29335 29262 28687
2 29437 29332 28755
3 29521 29394 28823
4 29557 29394 28844
5 29711 29576 28970
6 29820 29677 29061
7 29922 29772 29150
8 30103 29986 29282
9 30246 30142 29391
10 30389 30245 29497
11 30480 30302 29565
12 30566 30402 29628
99:1 30737 30566 29781
2 30847 30569 29847
3 30873 30612 29914
4 30944 30689 29957
5 31005 30701 29988
6 30977 30593 29966
7 31088 30691 30052
8 31164 30694 30096
9 31269 30768 30167
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
1999 Annual Report 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--September 30, 1999
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
TAX-MANAGED INTERNATIONAL EMERGING
INTERNATIONAL VALUE VALUE MARKETS VALUE
PORTFOLIO PORTFOLIO II PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 3,598,748,637 $ 2,428,813,862 $ 692,105,236
Investments in securities at value--affiliated issuers (Note 3) (b) 0 0 23,445,895
Foreign currency at value (c) 83,416,440 50,279,428 6,996,928
Cash in bank 91 81 806
Receivables:
Interest 11,220 6,372 647
Dividends 11,119,864 7,746,168 1,638,332
Investment securities sold 9,944,870 16,369,421 985,782
Capital shares sold 6,976,091 2,126,536 1,466,783
Foreign withholding tax reclaims 2,197,151 1,340,074 0
Margin due from broker on futures contracts 176,022 130,387 0
Unamortized organization expenses (Note 1) 0 0 11,647
Collateral held for securities loaned (Note 1) 440,459,286 263,232,448 0
Other assets 85,109 55,195 28,400
Appreciation on foreign currency contracts (Note 3D) 328,009 58,937 0
--------------- --------------- ---------------
Total assets 4,153,462,790 2,770,158,909 726,680,456
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 0 0 0
Dividends to shareholders 0 0 0
Investment securities purchased 31,295,887 29,075,857 2,397,072
Capital shares redeemed 2,069,420 2,321,397 425,213
Management fee (Note 2) 2,818,213 1,924,176 768,120
Shareholder servicing and administration fee (Note 2) 760,006 511,662 153,624
Accrued expenses 400,166 224,109 183,116
Organization costs payable to the manager 0 0 0
Foreign withholding and capital gains taxes 1,345,310 912,217 2,290,450
Margin owed to broker on futures contracts 0 0 0
Depreciation on foreign currency contracts (Note 3D) 19,735,743 12,833,961 19,312
Securities lending collateral (Note 1) 440,459,286 263,232,448 0
--------------- --------------- ---------------
Total liabilities 498,884,031 311,035,827 6,236,907
--------------- --------------- ---------------
NET ASSETS (d) $ 3,654,578,759 $ 2,459,123,082 $ 720,443,549
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $20.02 $20.11 $17.67
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 182,512 $ 122,255 $ 40,783
Additional paid-in capital 3,056,303,880 2,376,456,889 781,547,825
Undistributed net investment income/(excess distributions) 17,240,366 (539,288) 1,604,602
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 54,150,027 2,698,664 (63,432,607)
Unrealized appreciation (depreciation) of:
Investments and futures (net of accrued foreign
capital gains taxes of $0, $0 and $2,176,059) 545,388,905 93,009,414 870,003
Foreign currencies (18,686,931) (12,624,852) (187,057)
--------------- --------------- ---------------
$ 3,654,578,759 $ 2,459,123,082 $ 720,443,549
=============== =============== ===============
</TABLE>
(a) Cost:$3,051,727,089; $2,335,227,525; $678,115,197; $3,456,039,667;
$618,533,593; $134,601,584; $1,500,885,118; $591,933,519; and $843,258,622,
respectively (Note 1) (b) Cost: $34,389,872 (Note 1) (c) Cost: $82,815,111;
$50,019,113; and $7,134,153, respectively (Note 1) (d) Applicable to:
182,510,805; 122,254,873; 40,782,667; 211,115,466; 45,157,606; 10,237,664;
112,597,597; 44,260,107; and 63,315,139 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.
- --------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE SHORT GOVERNMENT
DURATION DURATION PLUS SHORT DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 3,387,098,716 $ 613,106,668 $ 133,754,271
Investments in securities at value--affiliated issuers (Note 3) (b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 0 0 697
Receivables:
Interest 28,044,968 5,607,939 1,595,291
Dividends 0 0 0
Investment securities sold 360,855,861 0 264,890
Capital shares sold 2,960,221 337,536 244,200
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 0 0 0
Collateral held for securities loaned (Note 1) 0 0 0
Other assets 60,887 12,520 2,899
Appreciation on foreign currency contracts (Note 3D) 0 0 0
--------------- --------------- ---------------
Total assets 3,779,020,653 619,064,663 135,862,248
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 37,759 4,724 0
Dividends to shareholders 4,560,946 918,427 159,506
Investment securities purchased 1,093,147,515 59,232,909 7,842,645
Capital shares redeemed 3,745,587 1,119,151 179,638
Management fee (Note 2) 1,031,687 227,630 52,265
Shareholder servicing and administration fee (Note 2) 220,131 45,526 10,453
Accrued expenses 225,951 53,811 19,851
Organization costs payable to the manager 0 0 0
Foreign withholding and capital gains taxes 0 0 0
Margin owed to broker on futures contracts 0 190,937 0
Depreciation on foreign currency contracts (Note 3D) 1,643,551 255,895 0
Securities lending collateral (Note 1) 0 0 0
--------------- --------------- ---------------
Total liabilities 1,104,613,127 62,049,010 8,264,358
--------------- --------------- ---------------
NET ASSETS (d) $ 2,674,407,526 $ 557,015,653 $ 127,597,890
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.67 $12.33 $12.46
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 211,117 $ 45,159 $ 10,238
Additional paid-in capital 2,770,261,435 568,080,972 129,510,034
Undistributed net investment income/(excess distributions) (4,578,332) (1,023,053) 55,344
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (20,892,571) (4,381,184) (1,130,413)
Unrealized appreciation (depreciation) of:
Investments and futures (net of accrued foreign
capital gains taxes of $0, $0 and $2,176,059) (68,940,951) (5,448,956) (847,313)
Foreign currencies (1,653,172) (257,285) 0
--------------- --------------- ---------------
$ 2,674,407,526 $ 557,015,653 $ 127,597,890
=============== =============== ===============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 1,499,048,490 $ 592,169,179 $ 842,760,123
Investments in securities at value--affiliated issuers (Note 3) (b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 1,481,866 46,426 3,594
Receivables:
Interest 21,665,617 8,994,024 13,729,619
Dividends 0 0 0
Investment securities sold 28,728,037 9,514,544 2,832,600
Capital shares sold 5,148,943 712,384 1,061,960
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 0 0 0
Collateral held for securities loaned (Note 1) 0 0 0
Other assets 34,426 13,680 19,434
Appreciation on foreign currency contracts (Note 3D) 0 0 0
--------------- --------------- ---------------
Total assets 1,556,107,379 611,450,237 860,407,330
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 0 0 0
Dividends to shareholders 1,715,019 653,745 994,669
Investment securities purchased 34,279,842 4,162,095 10,666,652
Capital shares redeemed 2,017,546 311,830 2,282,820
Management fee (Note 2) 600,550 247,630 349,815
Shareholder servicing and administration fee (Note 2) 124,323 49,526 69,963
Accrued expenses 137,039 63,154 73,031
Organization costs payable to the manager 0 0 0
Foreign withholding and capital gains 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 (Note 1) 0 0 0
--------------- --------------- ---------------
Total liabilities 38,874,319 5,487,980 14,436,950
--------------- --------------- ---------------
NET ASSETS (d) $ 1,517,233,060 $ 605,962,257 $ 845,970,380
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $13.47 $13.69 $13.36
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 112,599 $ 44,261 $ 63,315
Additional paid-in capital 1,513,697,951 604,210,767 843,477,967
Undistributed net investment income/(excess distributions) 32,266 (31,860) 9,519
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 5,226,872 1,503,429 2,918,078
Unrealized appreciation (depreciation) of:
Investments and futures (net of accrued foreign
capital gains taxes of $0, $0 and $2,176,059) (1,836,628) 235,660 (498,499)
Foreign currencies 0 0 0
--------------- --------------- ---------------
$ 1,517,233,060 $ 605,962,257 $ 845,970,380
=============== =============== ===============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 7
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--September 30, 1999 (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (e) $ 166,201,005 $ 109,247,473 $ 100,724,540
Investments in securities at value--affiliated issuers (Note 3) 0 0 0
Foreign currency at value 0 0 0
Cash in bank 0 40,132 95,259
Receivables:
Interest 2,457,080 1,597,424 1,751,049
Dividends 0 0 0
Investment securities sold 1,580,412 2,048,867 2,795,000
Capital shares sold 1,004,193 9,300 200,730
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 44 22 24
Collateral held for securities loaned (Note 1) 0 0 0
Other assets 3,745 2,493 2,371
Appreciation on foreign currency contracts (Note 3D) 0 0 0
------------- ------------- -------------
Total assets 171,246,479 112,945,711 105,568,973
------------- ------------- -------------
LIABILITIES
Payables:
Bank borrowing 1,819 0 0
Dividends to shareholders 157,889 97,456 109,785
Investment securities purchased 0 4,194,722 3,408,101
Capital shares redeemed 255,665 67,194 73,726
Management fee (Note 2) 68,575 44,375 42,005
Shareholder servicing and administration fee (Note 2) 13,715 8,875 8,401
Accrued expenses 26,314 21,403 25,436
Organization costs payable to the manager 706 265 297
Foreign withholding and capital gains 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 (Note 1) 0 0 0
------------- ------------- -------------
Total liabilities 524,683 4,434,290 3,667,751
------------- ------------- -------------
NET ASSETS (f) $ 170,721,796 $ 108,511,421 $ 101,901,222
============= ============= =============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.49 $12.53 $12.35
============= ============= =============
NET ASSETS CONSIST OF:
Capital stock, at par $ 13,668 $ 8,663 $ 8,253
Additional paid-in capital 170,748,201 108,378,005 102,749,308
Undistributed net investment income/(excess distributions) (9,678) (20,838) 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 544,328 319,985 (172,082)
Unrealized appreciation (depreciation) of:
Investments and futures (574,723) (174,394) (684,429)
Foreign currencies 0 0 0
------------- ------------- -------------
$ 170,721,796 $ 108,511,421 $ 101,901,222
============= ============= =============
</TABLE>
(e) Cost: $166,775,728; $109,421,867; and $101,408,969, respectively (Note 1)
(f) Applicable to: 13,667,470; 8,662,577; and 8,252,872 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.
- --------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1999
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
TAX-MANAGED BERNSTEIN EMERGING
INTERNATIONAL INTERNATIONAL MARKETS
VALUE VALUE VALUE
PORTFOLIO PORTFOLIO II (a) PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 69,322,044 $ 18,994,792 $ 644,238
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $3,593,246, $2,949,545 and $1,218,859) 24,882,284 16,020,168 13,512,329
Dividends--affiliated issuers (net of foreign
withholding taxes of $0, $0 and $645,328) 0 0 2,008,981
--------------- --------------- ---------------
Total income 94,204,328 35,014,960 16,165,548
--------------- --------------- ---------------
Expenses (Notes 1 and 2):
Management fee 43,123,530 9,459,285 7,259,085
Shareholder servicing and administration fee 11,539,641 2,511,141 1,451,817
Custodian and transfer agent fees 2,143,690 473,637 1,235,146
Auditing and tax consulting fees 119,089 50,259 20,136
Insurance 59,775 4,254 6,536
Directors' fees and expenses 57,208 15,999 6,972
Legal fees 19,269 5,200 12,323
Registration fees 173,057 65,892 59,123
Printing 63,234 27,473 23,692
Amortization of organization expense 0 0 9,930
Miscellaneous 122,064 11,702 9,871
--------------- --------------- ---------------
Total expenses 57,420,557 12,624,842 10,094,631
--------------- --------------- ---------------
Net investment income 36,783,771 22,390,118 6,070,917
--------------- --------------- ---------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 415,051,408 10,205,897 (32,273,234)(b)
Futures transactions 32,795,970 (7,507,233) 0
Foreign currency transactions (136,943,661) (22,929,406) (1,012,613)
--------------- --------------- ---------------
Net realized gain (loss) on investment,
futures and foreign currency transactions 310,903,717 (20,230,742) (33,285,847)
--------------- --------------- ---------------
Net increase in unrealized
appreciation/(depreciation) of:
Investments and futures (net of accrued foreign capital 837,628,350 93,009,414 311,942,861
gains taxes of $0, $0 and $ 2,176,059)
Foreign currencies (29,072,755) (12,624,852) (129,507)
--------------- --------------- ---------------
Net increase in unrealized appreciation/(depreciation)
on investments, futures and foreign currencies 808,555,595 80,384,562 311,813,354
--------------- --------------- ---------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 1,119,459,312 60,153,820 278,527,507
--------------- --------------- ---------------
Net increase in net assets
resulting from operations $ 1,156,243,083 $ 82,543,938 $ 284,598,424
=============== =============== ===============
</TABLE>
(a) Commenced operations April 30, 1999
(b) Includes net realized gain (loss) from investment transactions of $(472,821)
from affiliated issuers
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 1999 (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE SHORT GOVERNMENT
DURATION DURATION PLUS SHORT DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 168,917,697 $ 34,209,176 $ 7,040,539
Dividends--unaffiliated issuers 0 0 0
Dividends--affiliated issuers 0 0 0
------------- ------------- -------------
Total income 168,917,697 34,209,176 7,040,539
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 12,207,162 2,847,005 663,855
Shareholder servicing and administration fee 2,601,592 569,401 132,771
Custodian and transfer agent fees 443,305 184,908 89,785
Auditing and tax consulting fees 66,367 21,353 10,017
Insurance 26,784 7,678 1,789
Directors' fees and expenses 34,216 7,492 1,741
Legal fees 9,876 2,189 516
Registration fees 139,010 42,860 19,649
Printing 38,595 12,608 2,457
Amortization of organization expense 0 0 0
Miscellaneous 31,768 8,024 2,355
------------- ------------- -------------
Total expenses 15,598,675 3,703,518 924,935
------------- ------------- -------------
Net investment income 153,319,022 30,505,658 6,115,604
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (12,425,279) (288,171) 349,427
Futures transactions 510,475 738,412 4,819
Foreign currency transactions 599,255 (257,703) 0
------------- ------------- -------------
Net realized gain (loss) on investment,
futures and foreign currency transactions (11,315,549) 192,538 354,246
------------- ------------- -------------
Net decrease in unrealized appreciation/(depreciation) of:
Investments and futures (117,133,406) (9,835,987) (2,469,625)
Foreign currencies 1,487,797 520,651 0
------------- ------------- -------------
Net decrease in unrealized appreciation/(depreciation)
on investments, futures and foreign currencies (115,645,609) (9,315,336) (2,469,625)
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (126,961,158) (9,122,798) (2,115,379)
------------- ------------- -------------
Net increase in net assets
resulting from operations $ 26,357,864 $ 21,382,860 $ 4,000,225
============= ============= =============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
BERNSTEIN BERNSTEIN BERNSTEIN SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK DIVERSIFIED
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 68,653,110 $ 26,526,198 $ 39,930,795 $ 6,732,376
Dividends--unaffiliated issuers 0 0 0 0
Dividends--affiliated issuers 0 0 0 0
------------- ------------- ------------- -------------
Total income 68,653,110 26,526,198 39,930,795 6,732,376
------------- ------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 7,059,916 2,931,770 4,218,345 839,410
Shareholder servicing and administration fee 1,457,759 586,354 843,669 167,882
Custodian and transfer agent fees 362,452 188,675 237,476 120,490
Auditing and tax consulting fees 38,975 19,566 25,389 10,342
Insurance 14,656 5,357 8,844 1,904
Directors' fees and expenses 19,426 7,843 11,137 2,245
Legal fees 5,548 2,228 3,199 636
Registration fees 122,795 22,212 25,104 47,120
Printing 23,529 9,130 14,315 3,678
Amortization of organization expense 0 0 0 4,170
Miscellaneous 15,181 6,086 9,372 2,491
------------- ------------- ------------- -------------
Total expenses 9,120,237 3,779,221 5,396,850 1,200,368
------------- ------------- ------------- -------------
Net investment income 59,532,873 22,746,977 34,533,945 5,532,008
------------- ------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 2,609,083 1,632,836 1,683,143 478,112
Futures transactions 3,461,667 0 2,026,200 151,008
Foreign currency transactions 0 0 0 0
------------- ------------- ------------- -------------
Net realized gain (loss) on investment,
futures and foreign currency transactions 6,070,750 1,632,836 3,709,343 629,120
------------- ------------- ------------- -------------
Net decrease in unrealized appreciation/(depreciation) of:
Investments and futures (54,397,055) (20,788,841) (32,404,853) (1,250,339)
Foreign currencies 0 0 0 0
------------- ------------- ------------- -------------
Net decrease in unrealized appreciation/(depreciation)
on investments, futures and foreign currencies (54,397,055) (20,788,841) (32,404,853) (1,250,339)
------------- ------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (48,326,305) (19,156,005) (28,695,510) (621,219)
------------- ------------- ------------- -------------
Net increase in net assets
resulting from operations $ 11,206,568 $ 3,590,972 $ 5,838,435 $ 4,910,789
============= ============= ============= =============
<CAPTION>
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 3,825,390 $ 3,963,661
Dividends--unaffiliated issuers 0 0
Dividends--affiliated issuers 0 0
------------- -------------
Total income 3,825,390 3,963,661
------------- -------------
Expenses (Notes 1 and 2):
Management fee 488,910 459,860
Shareholder servicing and administration fee 97,782 91,972
Custodian and transfer agent fees 98,955 98,321
Auditing and tax consulting fees 8,753 8,620
Insurance 1,107 1,044
Directors' fees and expenses 1,625 1,202
Legal fees 381 339
Registration fees 7,924 11,736
Printing 1,838 2,132
Amortization of organization expense 1,433 1,626
Miscellaneous 1,704 1,638
------------- -------------
Total expenses 710,412 678,490
------------- -------------
Net investment income 3,114,978 3,285,171
------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 496,592 (40,934)
Futures transactions 0 74,972
Foreign currency transactions 0 0
------------- -------------
Net realized gain (loss) on investment,
futures and foreign currency transactions 496,592 34,038
------------- -------------
Net decrease in unrealized appreciation/(depreciation) of:
Investments and futures (813,411) (945,109)
Foreign currencies 0 0
------------- -------------
Net decrease in unrealized appreciation/(depreciation)
on investments, futures and foreign currencies (813,411) (945,109)
------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (316,819) (911,071)
------------- -------------
Net increase in net assets
resulting from operations $ 2,798,159 $ 2,374,100
============= =============
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
--------------------------------------------------------
BERNSTEIN TAX-MANAGED BERNSTEIN
INTERNATIONAL VALUE INTERNATIONAL VALUE
PORTFOLIO PORTFOLIO II
--------------------------------------------------------
YEAR YEAR YEAR
ENDED ENDED ENDED
9/30/99 9/30/98 9/30/99 (a)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 36,783,771 $ 51,898,112 $ 22,390,118
Net realized gain (loss) on investments
and futures transactions 447,847,378 246,291,434 2,698,664
Net realized gain (loss) on foreign
currency transactions (136,943,661) 202,852,911 (22,929,406)
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 837,628,350 (916,280,711) 93,009,414
Foreign currencies (29,072,755) 11,676,196 (12,624,852)
--------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 1,156,243,083 (403,562,058) 82,543,938
--------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (257,746,201) (264,449,031) 0
Distributions from net realized gains (242,106,908) (168,349,560) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
--------------- --------------- ---------------
Total dividends and distributions
to shareholders (499,853,109) (432,798,591) 0
--------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 899,970,956 1,172,186,510 2,511,842,933
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 482,409,395 420,644,903 0
--------------- --------------- ---------------
Total proceeds from shares sold 1,382,380,351 1,592,831,413 2,511,842,933
Cost of shares redeemed (3,296,774,363) (809,885,835) (135,263,789)
--------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (1,914,394,012) 782,945,578 2,376,579,144
--------------- --------------- ---------------
Net increase (decrease) in net assets (1,258,004,038) (53,415,071) 2,459,123,082
NET ASSETS:
Beginning of period 4,912,582,797 4,965,997,868 0
--------------- --------------- ---------------
End of period $ 3,654,578,759 $ 4,912,582,797 $ 2,459,123,082
=============== =============== ===============
(b) (c) (d)
</TABLE>
(a) Commenced operations April 30, 1999 (b) Includes undistributed net
investment income/(excess distributions) of $17,240,366 (c) Includes
undistributed net investment income/(excess distributions) of $243,194,051 (d)
Includes undistributed net investment income/(excess distributions) of
$(539,288)
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
EMERGING MARKETS VALUE INTERMEDIATE DURATION
PORTFOLIO PORTFOLIO
---------------------------------------------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/99 9/30/98 9/30/99 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 6,070,917 $ 5,396,064 $ 153,319,022 $ 124,584,854
Net realized gain (loss) on investments
and futures transactions (32,273,234) (30,463,089) (11,914,804) 38,518,633
Net realized gain (loss) on foreign
currency transactions (1,012,613) (3,198,459) 599,255 (4,285,320)
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 311,942,861 (282,080,651) (117,133,406) 34,645,475
Foreign currencies (129,507) 41,198 1,487,797 (2,661,163)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 284,598,424 (310,304,937) 26,357,864 190,802,479
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (4,614,364) (2,126,337) (150,820,312) (138,009,938)
Distributions from net realized gains 0 (12,049,985) (19,176,394) (26,215,852)
Distributions in excess of net investment
income due to timing differences 0 0 (6,432,298) (2,808,987)
Distributions in excess of net realized
gains due to timing differences (695,637) 0 (13,039,031) 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (5,310,001) (14,176,322) (189,468,035) (167,034,777)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 177,037,588 295,773,817 748,001,909 749,852,180
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 5,040,932 14,016,481 68,327,499 58,077,287
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 182,078,520 309,790,298 816,329,408 807,929,467
Cost of shares redeemed (103,609,103) (60,928,378) (520,360,615) (348,368,757)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 78,469,417+ 248,861,920+ 295,968,793 459,560,710
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 357,757,840 (75,619,339) 132,858,622 483,328,412
NET ASSETS:
Beginning of period 362,685,709 438,305,048 2,541,548,904 2,058,220,492
--------------- --------------- --------------- ---------------
End of period $ 720,443,549 $ 362,685,709 $ 2,674,407,526 $ 2,541,548,904
=============== =============== =============== ===============
(e) (f) (g) (h)
<CAPTION>
-------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
SHORT DURATION PLUS GOVERNMENT SHORT DURATION
PORTFOLIO PORTFOLIO
-------------------------------------------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/99 9/30/98 9/30/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 30,505,658 $ 31,015,431 $ 6,115,604 $ 7,151,756
Net realized gain (loss) on investments
and futures transactions 450,241 919,759 354,246 466,529
Net realized gain (loss) on foreign
currency transactions (257,703) (878,851) 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (9,835,987) 4,606,257 (2,469,625) 936,119
Foreign currencies 520,651 (612,233) 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 21,382,860 35,050,363 4,000,225 8,554,404
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (30,470,935) (34,333,057) (6,115,604) (7,151,756)
Distributions from net realized gains 0 0 0 0
Distributions in excess of net investment
income due to timing differences 0 (871,494) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (30,470,935) (35,204,551) (6,115,604) (7,151,756)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 190,562,129 200,864,826 49,143,345 48,588,624
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 10,158,499 11,759,861 2,532,738 2,955,299
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 200,720,628 212,624,687 51,676,083 51,543,923
Cost of shares redeemed (229,704,068) (230,127,588) (60,000,007) (56,990,648)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (28,983,440) (17,502,901) (8,323,924) (5,446,725)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (38,071,515) (17,657,089) (10,439,303) (4,044,077)
NET ASSETS:
Beginning of period 595,087,168 612,744,257 138,037,193 142,081,270
--------------- --------------- --------------- ---------------
End of period $ 557,015,653 $ 595,087,168 $ 127,597,890 $ 138,037,193
=============== =============== =============== ===============
(i) (j) (k) (k)
</TABLE>
(e) Includes undistributed net investment income/(excess distributions) of
$1,604,602 (f) Includes undistributed net investment income/(excess
distributions) of $1,160,120 (g) Includes undistributed net investment
income/(excess distributions) of $(4,578,332) (h) Includes undistributed net
investment income/(excess distributions) of $(2,498,711) (i) Includes
undistributed net investment income/(excess distributions) of $(1,023,053) (j)
Includes undistributed net investment income/(excess distributions) of
$(913,770) (k) Includes undistributed net investment income/(excess
distributions) of $55,344
+ Includes effect of portfolio transaction fee in the amounts of $5,666,475 and
$7,165,862 for the year ended September 30, 1999, and year ended September 30,
1998, respectively.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL
PORTFOLIO PORTFOLIO
------------------------------------------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/99 9/30/98 9/30/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 59,532,873 $ 52,097,887 $ 22,746,977 $ 19,116,294
Net realized gain (loss) on investments
and futures transactions 6,070,750 3,559,573 1,632,836 1,868,344
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (54,397,055) 17,757,074 (20,788,841) 8,730,332
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 11,206,568 73,414,534 3,590,972 29,714,970
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (59,532,873) (52,097,887) (22,746,977) (19,116,294)
Distributions from net realized gains (3,480,670) (607,173) (1,729,937) (233,401)
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 (63,013,543) (52,705,060) (24,476,914) (19,349,695)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 472,466,601 435,356,711 234,127,506 219,904,277
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 15,470,950 11,507,786 6,995,130 4,606,892
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 487,937,551 446,864,497 241,122,636 224,511,169
Cost of shares redeemed (304,682,921) (196,163,031) (164,031,885) (96,503,425)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 183,254,630 250,701,466 77,090,751 128,007,744
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 131,447,655 271,410,940 56,204,809 138,373,019
NET ASSETS:
Beginning of period 1,385,785,405 1,114,374,465 549,757,448 411,384,429
--------------- --------------- --------------- ---------------
End of period $ 1,517,233,060 $ 1,385,785,405 $ 605,962,257 $ 549,757,448
=============== =============== =============== ===============
(l) (l) (m) (m)
</TABLE>
(l) Includes undistributed net investment income/(excess distributions) of
$32,266 (m) Includes undistributed net investment income/(excess distributions)
of $(31,860)
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
BERNSTEIN BERNSTEIN SHORT DURATION
NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO
-------------------------------------------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/99 9/30/98 9/30/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 34,533,945 $ 31,746,788 $ 5,532,008 $ 5,390,695
Net realized gain (loss) on investments
and futures transactions 3,709,343 2,841,704 629,120 328,088
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (32,404,853) 11,740,142 (1,250,339) 239,108
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 5,838,435 46,328,634 4,910,789 5,957,891
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (34,533,945) (31,746,788) (5,532,008) (5,390,695)
Distributions from net realized gains (3,154,682) (346,570) (343,334) (430,886)
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 (37,688,627) (32,093,358) (5,875,342) (5,821,581)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 230,573,673 253,712,889 120,088,773 119,003,582
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 12,305,657 8,746,828 2,077,637 2,145,728
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 242,879,330 262,459,717 122,166,410 121,149,310
Cost of shares redeemed (181,140,834) (132,313,148) (109,033,244) (114,553,849)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 61,738,496 130,146,569 13,133,166 6,595,461
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 29,888,304 144,381,845 12,168,613 6,731,771
NET ASSETS:
Beginning of period 816,082,076 671,700,231 158,553,183 151,821,412
--------------- --------------- --------------- ---------------
End of period $ 845,970,380 $ 816,082,076 $ 170,721,796 $ 158,553,183
=============== =============== =============== ===============
(n) (n) (o) (o)
<CAPTION>
-------------------------------------------------------------------------
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
-------------------------------------------------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/99 9/30/98 9/30/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 3,114,978 $ 2,954,164 $ 3,285,171 $ 2,855,698
Net realized gain (loss) on investments
and futures transactions 496,592 119,716 34,038 (203,871)
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (813,411) 335,512 (945,109) 248,888
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 2,798,159 3,409,392 2,374,100 2,900,715
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (3,114,978) (2,954,164) (3,285,171) (2,855,698)
Distributions from net realized gains (295,826) (40,712) 0 (90,423)
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 (3,410,804) (2,994,876) (3,285,171) (2,946,121)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 90,607,729 81,506,038 73,741,243 58,499,121
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 1,808,106 1,233,302 1,455,231 1,206,408
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 92,415,835 82,739,340 75,196,474 59,705,529
Cost of shares redeemed (82,341,458) (70,415,018) (51,035,980) (57,150,087)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 10,074,377 12,324,322 24,160,494 2,555,442
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 9,461,732 12,738,838 23,249,423 2,510,036
NET ASSETS:
Beginning of period 99,049,689 86,310,851 78,651,799 76,141,763
--------------- --------------- --------------- ---------------
End of period $ 108,511,421 $ 99,049,689 $ 101,901,222 $ 78,651,799
=============== =============== =============== ===============
(p) (p) (q) (q)
</TABLE>
(n) Includes undistributed net investment income/(excess distributions) of
$9,519 (o) Includes undistributed net investment income/(excess distributions)
of $(9,678) (p) Includes undistributed net investment income/(excess
distributions) of $(20,838) (q) Includes undistributed net investment
income/(excess distributions) of $172
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 15
<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 TAX-MANAGED INTERNATIONAL VALUE PORTFOLIO
--------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/97 9/30/96 9/30/95
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $17.63 $20.92 $18.14 $16.08 $16.57
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.15 0.20 0.26 0.23 0.18
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 4.04 (1.67) 3.73 2.26 0.07
------ ------ ------ ------ ------
Total from investment operations 4.19 (1.47) 3.99 2.49 0.25
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.93) (1.11) (0.99) (0.10) (0.11)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains (0.87) (0.71) (0.22) (0.33) (0.63)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (1.80) (1.82) (1.21) (0.43) (0.74)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $20.02 $17.63 $20.92 $18.14 $16.08
====== ====== ====== ====== ======
Total return 25.35% (7.19)% 23.25% 15.83% 1.84%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $3,654,579 $4,912,583 $4,965,998 $3,131,258 $1,996,112
Average net assets (000 omitted) $4,618,500 $5,309,076 $3,977,823 $2,569,586 $1,591,703
Ratio of expenses to average net assets 1.24% 1.26% 1.27% 1.31% 1.35%
Ratio of net investment income to average
net assets 0.80% 0.98% 1.37% 1.37% 1.17%
Portfolio turnover rate 31.99% 30.34% 26.24% 21.89% 29.53%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
------------------ ---------------------------------------------------------
BERNSTEIN
INTERNATIONAL BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
VALUE PORTFOLIO II
------------------ ---------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 (a) 9/30/99 9/30/98 9/30/97 9/30/96 (b)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $19.43 $10.11 $22.54 $21.82 $20.00
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.19 0.16 0.20 0.14 0.18
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.49 7.39 (12.17) 0.44 0.83
------ ------ ------ ------ ------
Total from investment operations 0.68 7.55 (11.97) 0.58 1.01
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income 0 (0.12) (0.11) (0.08) 0
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 (0.61) (0.02) 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 (0.02) 0 0 0
------ ------ ------ ------ ------
Total distributions 0 (0.14) (0.72) (0.10) 0
------ ------ ------ ------ ------
Portfolio transaction fee 0 0.15 0.26 0.24 0.81
------ ------ ------ ------ ------
Net asset value, end of period $20.11 $17.67 $10.11 $22.54 $21.82
====== ====== ====== ====== ======
Total return 3.50% 69.88%+ (55.09)%+ (0.32)%+ 4.80%+
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,459,123 $720,444 $362,686 $438,305 $273,924
Average net assets (000 omitted) $2,397,807 $581,638 $417,615 $379,351 $165,362
Ratio of expenses to average net assets 1.26%* 1.74% 1.77% 1.75% 1.92%*
Ratio of net investment income to average
net assets 2.23%* 1.04% 1.29% 0.58% 1.01%*
Portfolio turnover rate 9.34% 28.54% 19.56% 32.45% 9.81%
<CAPTION>
-------------------------------
BERNSTEIN INTERMEDIATE
DURATION PORTFOLIO
-------------------------------
YEAR ENDED YEAR ENDED
9/30/99 9/30/98
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $13.49 $13.38
------ ------
Income from investment operations:
Investment income, net 0.77 0.73
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.63) 0.37
------ ------
Total from investment operations 0.14 1.10
------ ------
Less distributions:
Dividends from taxable net investment income (0.76) (0.80)
Dividends from tax-exempt net
investment income 0 0
Distributions from net realized gains (0.10) (0.17)
Distributions in excess of net investment
income due to timing differences (0.03) (0.02)
Distributions in excess of net realized
gains due to timing differences (0.07) 0
------ ------
Total distributions (0.96) (0.99)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $12.67 $13.49
====== ======
Total return 1.04% 8.59%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,674,408 $2,541,549
Average net assets (000 omitted) $2,601,959 $2,303,250
Ratio of expenses to average net assets 0.60% 0.60%
Ratio of net investment income to average
net assets 5.89% 5.41%
Portfolio turnover rate 229.75% 233.08%
</TABLE>
+ This reflects the return to a shareholder who purchased shares of the
Portfolio at the beginning of the period and redeemed them at the end of
the period, paying, in each case, the 2.00% portfolio transaction fee.
Total return to a shareholder for the periods ending September 30, 1999,
September 30, 1998, September 30, 1997, and September 30, 1996, without
taking into account these transaction fees would have been 76.88%,
(53.24)%, 3.79% and 9.10%, respectively.
* Annualized
(a) Commenced operations April 30, 1999
(b) Commenced operations December 15, 1995
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 17
<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 INTERMEDIATE SHORT
DURATION PORTFOLIO DURATION
PLUS PORTFOLIO
--------------------------------------------------------- ----------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95 9/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.08 $13.30 $12.54 $12.53
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.75 0.80 0.78 0.67
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.35 (0.14) 0.77 (0.20)
------ ------ ------ ------
Total from investment operations 1.10 0.66 1.55 0.47
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.80) (0.80) (0.76) (0.67)
Dividends from tax-exempt net
investment income 0 0 0 0
Distributions from net realized gains 0 (0.08) 0 0
Distributions in excess of net investment
income due to timing differences 0 0 (0.03) 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------ ------ ------ ------
Total distributions (0.80) (0.88) (0.79) (0.67)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $13.38 $13.08 $13.30 $12.33
====== ====== ====== ======
Total return 8.66% 5.05% 12.82% 3.82%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,058,220 $1,451,776 $1,142,768 $557,016
Average net assets (000 omitted) $1,745,554 $1,310,208 $957,247 $569,298
Ratio of expenses to average net assets 0.62% 0.63% 0.64% 0.65%
Ratio of net investment income to average
net assets 5.61% 5.99% 6.11% 5.36%
Portfolio turnover rate 238.04% 141.04% 212.40% 95.60%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
BERNSTEIN SHORT DURATION PLUS PORTFOLIO
--------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/96 9/30/95
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.48 $12.49 $12.32
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.65 0.67 0.69 0.70
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.09 0.08 (0.01) 0.18
------ ------ ------ ------
Total from investment operations 0.74 0.75 0.68 0.88
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.72) (0.70) (0.69) (0.69)
Dividends from tax-exempt net
investment income 0 0 0 0
Distributions from net realized gains 0 0 0 0
Distributions in excess of net investment
income due to timing differences (0.02) 0 0 (0.02)
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------ ------ ------ ------
Total distributions (0.74) (0.70) (0.69) (0.71)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $12.53 $12.53 $12.48 $12.49
====== ====== ====== ======
Total return 6.10% 6.21% 5.54% 7.36%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $595,087 $612,744 $538,248 $534,462
Average net assets (000 omitted) $591,866 $583,003 $532,094 $536,042
Ratio of expenses to average net assets 0.64% 0.65% 0.65% 0.65%
Ratio of net investment income to average
net assets 5.24% 5.38% 5.47% 5.69%
Portfolio turnover rate 71.40% 118.58% 169.96% 61.03%
<CAPTION>
--------------------------------------------------
BERNSTEIN GOVERNMENT
SHORT DURATION PORTFOLIO
--------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/97
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.66 $12.53 $12.48
------ ------ ------
Income from investment operations:
Investment income, net 0.58 0.64 0.67
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.20) 0.13 0.05
------ ------ ------
Total from investment operations 0.38 0.77 0.72
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.58) (0.64) (0.67)
Dividends from tax-exempt net
investment income 0 0 0
Distributions from net realized gains 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------ ------ ------
Total distributions (0.58) (0.64) (0.67)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $12.46 $12.66 $12.53
====== ====== ======
Total return 3.07% 6.35% 5.88%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $127,598 $138,037 $142,081
Average net assets (000 omitted) $132,741 $139,410 $136,888
Ratio of expenses to average net assets 0.70% 0.70% 0.69%
Ratio of net investment income to average
net assets 4.61% 5.13% 5.32%
Portfolio turnover rate 82.16% 56.93% 80.11%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
----------------------------- --------------------------------------------
BERNSTEIN GOVERNMENT BERNSTEIN DIVERSIFIED
SHORT DURATION PORTFOLIO MUNICIPAL PORTFOLIO
----------------------------- --------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95 9/30/99 9/30/98 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.55 $12.34 $13.96 $13.74 $13.44
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.65 0.69 0.56 0.58 0.60
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.07) 0.21 (0.46) 0.23 0.31
------ ------ ------ ------ ------
Total from investment operations 0.58 0.90 0.10 0.81 0.91
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.65) (0.69) (0.02) (0.02) (0.02)
Dividends from tax-exempt net
investment income 0 0 (0.54) (0.56) (0.58)
Distributions from net realized gains 0 0 (0.03) (0.01) (0.01)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.65) (0.69) (0.59) (0.59) (0.61)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.48 $12.55 $13.47 $13.96 $13.74
====== ====== ====== ====== ======
Total return 4.76% 7.55% 0.77% 5.98% 6.95%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $139,802 $143,723 $1,517,233 $1,385,785 $1,114,374
Average net assets (000 omitted) $145,268 $145,710 $1,458,118 $1,250,621 $965,455
Ratio of expenses to average net assets 0.69% 0.69% 0.63% 0.63% 0.65%
Ratio of net investment income to average
net assets 5.21% 5.58% 4.08% 4.17% 4.43%
Portfolio turnover rate 155.29% 49.34% 44.69% 22.00% 24.65%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
-------------------------------- -----------------------------------
BERNSTEIN DIVERSIFIED BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO MUNICIPAL PORTFOLIO
-------------------------------- -----------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/95 9/30/99 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.50 $12.99 $14.19 $13.90
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.63 0.65 0.54 0.57
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) 0.51 (0.46) 0.30
------ ------ ------ ------
Total from investment operations 0.59 1.16 0.08 0.87
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.62) (0.63) (0.52) (0.55)
Distributions from net realized gains (0.02) 0 (0.04) (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 0 0 0
------ ------ ------ ------
Total distributions (0.65) (0.65) (0.58) (0.58)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $13.44 $13.50 $13.69 $14.19
====== ====== ====== ======
Total return 4.38% 9.16% 0.60% 6.37%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $820,395 $660,814 $605,962 $549,757
Average net assets (000 omitted) $744,452 $572,769 $586,510 $473,077
Ratio of expenses to average net assets 0.66% 0.66% 0.64% 0.65%
Ratio of net investment income to average
net assets 4.61% 4.89% 3.88% 4.04%
Portfolio turnover rate 25.22% 42.55% 38.44% 25.33%
<CAPTION>
---------------------------------------------------
BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO
---------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.58 $13.58 $13.06
------ ------ ------
Income from investment operations:
Investment income, net 0.59 0.61 0.64
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.32 0 0.52
------ ------ ------
Total from investment operations 0.91 0.61 1.16
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.03) (0.03) (0.05)
Dividends from tax-exempt net
investment income (0.56) (0.58) (0.59)
Distributions from net realized gains 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------ ------ ------
Total distributions (0.59) (0.61) (0.64)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $13.90 $13.58 $13.58
====== ====== ======
Total return 6.82% 4.60% 9.11%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $411,384 $285,758 $213,951
Average net assets (000 omitted) $339,514 $246,410 $185,990
Ratio of expenses to average net assets 0.67% 0.68% 0.69%
Ratio of net investment income to average
net assets 4.26% 4.48% 4.78%
Portfolio turnover rate 41.32% 23.87% 63.89%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN NEW YORK MUNICIPAL PORTFOLIO
------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/97 9/30/96
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.87 $13.62 $13.35 $13.48
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.56 0.58 0.61 0.64
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.46) 0.26 0.27 (0.07)
------ ------ ------ ------
Total from investment operations 0.10 0.84 0.88 0.57
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01) (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.55) (0.57) (0.60) (0.62)
Distributions from net realized gains (0.05) (0.01) 0 (0.06)
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 (0.61) (0.59) (0.61) (0.70)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $13.36 $13.87 $13.62 $13.35
====== ====== ====== ======
Total return 0.74% 6.32% 6.73% 4.31%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $845,970 $816,082 $671,700 $539,217
Average net assets (000 omitted) $843,755 $746,257 $603,119 $497,391
Ratio of expenses to average net assets 0.64% 0.64% 0.65% 0.66%
Ratio of net investment income to average
net assets 4.09% 4.25% 4.51% 4.73%
Portfolio turnover rate 35.13% 27.20% 25.94% 26.19%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
------------- ----------------------------------------------------------------
BERNSTEIN BERNSTEIN
NEW YORK SHORT DURATION
MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO
------------- ----------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/95 9/30/99 9/30/98 9/30/97 9/30/96 9/30/95 (c)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.98 $12.57 $12.56 $12.52 $12.63 $12.50
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.65 0.42 0.45 0.46 0.52 0.55
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.50 (0.05) 0.04 0.05 (0.06) 0.13
------ ------ ------ ------ ------ ------
Total from investment operations 1.15 0.37 0.49 0.51 0.46 0.68
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.01) (0.01) (0.02) (0.02) (0.04)
Dividends from tax-exempt net
investment income (0.63) (0.41) (0.44) (0.44) (0.50) (0.51)
Distributions from net realized gains 0 (0.03) (0.03) (0.01) (0.05) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.65) (0.45) (0.48) (0.47) (0.57) (0.55)
------ ------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $13.48 $12.49 $12.57 $12.56 $12.52 $12.63
====== ====== ====== ====== ====== ======
Total return 9.14% 2.91% 4.02% 4.17% 3.68% 5.55%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $458,543 $170,722 $158,553 $151,821 $119,096 $101,325
Average net assets (000 omitted) $413,892 $167,918 $150,699 $135,288 $105,467 $85,893
Ratio of expenses to average net assets 0.66% 0.71% 0.71% 0.72% 0.71% 0.72%*
Ratio of net investment income to average
net assets 4.95% 3.29% 3.58% 3.66% 4.07% 4.32%*
Portfolio turnover rate 44.84% 95.33% 99.93% 68.25% 63.40% 73.50%
</TABLE>
*Annualized
(c) Commenced operations October 3, 1994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL PORTFOLIO
------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/97 9/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.61 $12.55 $12.53 $12.65
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.40 0.42 0.45 0.50
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) 0.07 0.03 (0.07)
------ ------ ------ ------
Total from investment operations 0.36 0.49 0.48 0.43
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.04) (0.05)
Dividends from tax-exempt net
investment income (0.38) (0.40) (0.41) (0.45)
Distributions from net realized gains (0.04) (0.01) (0.01) (0.05)
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 (0.44) (0.43) (0.46) (0.55)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $12.53 $12.61 $12.55 $12.53
====== ====== ====== ======
Total return 2.90% 3.98% 3.89% 3.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $108,511 $99,050 $86,311 $72,925
Average net assets (000 omitted) $97,808 $88,338 $76,339 $68,060
Ratio of expenses to average net assets 0.73% 0.73% 0.74% 0.72%
Ratio of net investment income to average
net assets 3.18% 3.34% 3.56% 3.96%
Portfolio turnover rate 126.65% 77.01% 75.36% 60.76%
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
------------------- ------------------------------------------------------------
BERNSTEIN SHORT
DURATION CALIFORNIA BERNSTEIN SHORT DURATION
MUNICIPAL PORTFOLIO NEW YORK MUNICIPAL PORTFOLIO
------------------- ------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/95 (c) 9/30/99 9/30/98 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.50 $12.47 $12.47 $12.52
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.53 0.44 0.46 0.50
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.15 (0.12) 0.01 (0.01)
------ ------ ------ ------
Total from investment operations 0.68 0.32 0.47 0.49
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.06) (0.02) (0.01) (0.08)
Dividends from tax-exempt net
investment income (0.47) (0.42) (0.45) (0.42)
Distributions from net realized gains 0 0 (0.01) (0.04)
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 (0.53) (0.44) (0.47) (0.54)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $12.65 $12.35 $12.47 $12.47
====== ====== ====== ======
Total return 5.58% 2.64% 3.86% 3.99%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $63,530 $101,901 $78,652 $76,142
Average net assets (000 omitted) $49,944 $92,014 $77,989 $69,567
Ratio of expenses to average net assets 0.73%* 0.74% 0.74% 0.76%
Ratio of net investment income to average
net assets 4.12%* 3.57% 3.66% 3.97%
Portfolio turnover rate 89.33% 77.64% 52.93% 98.01%
<CAPTION>
-----------------------------------
BERNSTEIN SHORT DURATION
NEW YORK MUNICIPAL PORTFOLIO
-----------------------------------
YEAR ENDED YEAR ENDED
9/30/96 9/30/95 (c)
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $12.60 $12.50
------ ------
Income from investment operations:
Investment income, net 0.51 0.54
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.07) 0.10
------ ------
Total from investment operations 0.44 0.64
------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.05)
Dividends from tax-exempt net
investment income (0.49) (0.49)
Distributions from net realized gains (0.01) 0
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences 0 0
------ ------
Total distributions (0.52) (0.54)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $12.52 $12.60
====== ======
Total return 3.53% 5.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $58,750 $55,221
Average net assets (000 omitted) $54,087 $50,642
Ratio of expenses to average net assets 0.74% 0.73%*
Ratio of net investment income to average
net assets 4.02% 4.23%*
Portfolio turnover rate 55.81% 112.15%
</TABLE>
*Annualized
(c) Commenced operations October 3, 1994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Annual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end
registered investment company, incorporated in Maryland on May 4,
1988. The Fund is currently comprised of 12 series of shares (the
"Portfolios"), each with its own investment objectives. At September
30, 1999, the three International Equity Portfolios are Bernstein
Tax-Managed International Value (formerly, Bernstein International
Value), Bernstein International Value II 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. As of the close of business on April 30, 1999, the
Bernstein International Value Portfolio's name was changed to
Bernstein Tax-Managed International Value Portfolio and the
Bernstein International Value Portfolio II commenced operations
through an in-kind redemption in the amount of $2,220,907,516 from
the Bernstein International Value Portfolio.
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,
interest and foreign withholding taxes recorded on the Fund's books
and the U.S. dollar equivalent amount actually received or paid. Net
unrealized currency gains and losses arising from valuing foreign
currency-denominated assets and liabilities, other than security
investments, at the current exchange rate are reflected as part of
unrealized appreciation/depreciation on foreign currencies.
The Fund does not isolate that portion of the results of operations
arising as a result of changes in the foreign exchange rates from
the changes in the market prices of securities held at fiscal year
end. The Fund does not isolate the effect of changes in foreign
exchange rates from changes in market prices of equity securities
sold during the year. The Fund does isolate the effect of changes in
foreign exchange rates from changes in market prices of debt
securities sold during the year, as required by the Internal Revenue
Code.
The Tax-Managed International Value Portfolio, International Value
Portfolio II, Emerging Markets Value Portfolio, Intermediate
Duration Portfolio and Short Duration Plus Portfolio invest in
foreign securities and foreign currency transactions that may
involve risks not associated with domestic investments as a result
of the level of governmental supervision and regulation of foreign
securities markets and the possibility of political or economic
instability, among others.
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date
the buy or sell order is executed). Securities gains and losses are
calculated on the identified cost basis. Interest income is recorded
on the accrual basis and dividend income is recorded on the
ex-dividend date.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
D. Futures Contracts
Upon entering into a futures contract, a Portfolio is required by
the Exchange to deposit cash or to pledge U.S. Government securities
with a broker in an amount (initial margin) equal to a certain
percentage of the purchase price indicated in the futures contract.
Subsequent payments, which are dependent on the daily fluctuations
in the market value of the underlying index or security, are made or
received by the Portfolio each day (daily variation margin) or at
other intervals as is required. The aggregate of these payments or
receipts through the expiration of the futures contract is recorded
for book purposes as unrealized gains or losses by the Portfolio. If
the Portfolio enters into a closing transaction, it will realize,
for book purposes, a gain or loss equal to the difference between
the value of the futures contract at the time it was opened or
purchased and its value at the time it was closed.
E. Written Options
When a Portfolio writes an option, an amount equal to the premium
received by the Portfolio is recorded as an asset and a
corresponding liability. The amount of the liability is adjusted
daily to reflect the current market value of the option. The current
market value is based on the last sale price on the exchange on
which the option is principally traded, or, in the absence of a last
sale, the option is priced at the mean between the bid and asked
prices. When a call option is exercised, a Portfolio realizes a gain
or loss on the underlying security, with the proceeds from the
security sale increased by the amount of the option premium
received. When a put option is exercised, the cost basis of the
security purchased by a Portfolio is reduced by the option premium
received.
F. Taxes
Each of the 12 Portfolios of the Fund is treated as a separate
entity for federal income tax purposes. Each Portfolio intends to
comply, or 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. The Fund may be subject to taxes imposed by
countries in which it invests. Such taxes are generally based on
income and/or capital gains earned or repatriated. Taxes are accrued
and applied to net investment income, net realized gains and net
unrealized appreciation/depreciation as such income and/or gains are
earned.
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 Tax-Managed
International Value Portfolio, International Value Portfolio II 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
Tax-Managed International Value Portfolio, International Value
Portfolio II 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.
- --------------------------------------------------------------------------------
1999 Annual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
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.
The effect on each portfolio is reflected as an adjustment to the
components of capital as of September 30, 1999, as shown below:
<TABLE>
<CAPTION>
INCREASE (DECREASE) TO
ACCUMULATED UNDISTRIBUTED INCREASE (DECREASE)
INCREASE (DECREASE) NET REALIZED GAIN (LOSS) TO ACCUMULATED
TO ADDITIONAL ON INVESTMENTS, FUTURES UNDISTRIBUTED NET
PAID-IN CAPITAL AND FOREIGN CURRENCIES INVESTMENT INCOME (LOSS)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Tax-Managed International Value $261,912,657 $(256,921,402) $ (4,991,255)
- ---------------------------------------------------------------------------------------------------------------------
International Value II 0 22,929,406 (22,929,406)
- ---------------------------------------------------------------------------------------------------------------------
Emerging Markets Value 0 1,012,071 (1,012,071)
- ---------------------------------------------------------------------------------------------------------------------
Intermediate Duration 0 (1,853,967) 1,853,967
- ---------------------------------------------------------------------------------------------------------------------
Short Duration Plus 0 144,006 (144,006)
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
As described in Note 1, on April 30, 1999, the Bernstein Tax-Managed
International Value Portfolio had an in-kind redemption, creating a
$387,106,705 realized gain for book purposes, but not for tax
purposes. That Portfolio also incurred other losses that are treated
differently for book and tax purposes, the majority of which were
foreign currency related.
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian, transfer-agent
and shareholder servicing and administration. Other expenses are
allocated among the Portfolios based on respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the Short
Duration Diversified Municipal Portfolio ($21,176), Short Duration
California Municipal Portfolio ($7,956), Short Duration New York
Municipal Portfolio ($8,906) and Emerging Markets Value Portfolio
($48,194) have been allocated to each respective Portfolio. All
organization costs are being amortized on a straight-line basis over
a five-year period, beginning with the commencement of operations of
each respective Portfolio.
L. Use of Estimates
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those
estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on
purchases and redemptions. This fee is retained by the Portfolio and
is included in the financial statements as an item of additional
paid-in capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities lending
transactions. By lending its portfolio securities, a Portfolio
attempts to increase its income through the interest earned on the
loan. It is the policy of each Portfolio to receive collateral
consisting of cash or U.S. Government securities in an amount at
least equal to the value of the securities loaned. The securities
lending agent has agreed to indemnify the Fund in the case of
default of any securities borrower. Collateral received and
securities loaned are marked to market daily to ensure that
collateral levels are maintained. Cash collateral received is
invested by the securities lending agent in liquid short-term
investments such as repurchase agreements and overnight time
deposits pursuant to investment guidelines set forth by the Fund.
Cash collateral received is recorded as an
- --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
asset as well as a corresponding liability in the Statements of
Assets and Liabilities. At September 30, 1999, the Tax-Managed
International Value Portfolio had securities on loan with a value of
$431,486,504 and had received collateral of $452,492,136, of which
$440,459,286 was cash collateral and $12,032,850 was collateral in
the form of U.S. Government securities. At September 30, 1999, the
International Value Portfolio II had securities on loan with a value
of $281,604,877 and had received collateral of $295,643,462, of
which $263,232,448 was cash collateral and $32,411,014 was
collateral in the form of U.S. Government securities. The
Tax-Managed International Value Portfolio and the International
Value Portfolio II earned $2,584,470 and $528,711, respectively,
from securities lending transactions for the period ended September
30, 1999. 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. For the period from October 1, 1998
through April 30, 1999, the fee paid by the Tax-Managed
International Value Portfolio was 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. For the period from May 1, 1999 through
September 30, 1999, the fee paid by the Tax-Managed International
Value Portfolio and the International Value Portfolio II is at an
annual rate of 1.00% of that Portfolio's average daily net assets up
to and including $1 billion and at an annual rate of .90 of 1% of
average daily net assets in excess of $1 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.
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 Tax-Managed International Value Portfolio,
International Value Portfolio II 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 Tax-Managed International
Value Portfolio, International Value Portfolio II and Emerging
Markets Value Portfolio for services under this agreement is .25 of
1% of average daily net assets.
C. Distribution
Under agreements (the "Distribution Agreements") between the Fund
and the Manager, the Manager agrees to act as agent to sell shares
of the 12 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.
- --------------------------------------------------------------------------------
1999 Annual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
E. Transactions with Affiliates
The Emerging Markets Value Portfolio paid commissions to Sanford C.
Bernstein & Co., Inc. in the amount of $90,581 for the period ended
September 30, 1999.
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1998 through September 30, 1999, 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>
Tax-Managed International Value $1,465,225,614 0 $1,940,450,656 0
International Value II 469,151,334 0 183,715,589 0
Emerging Markets Value 247,771,330 0 159,012,276 0
Intermediate Duration 5,779,527,590 $349,130,502 5,310,078,420 $584,991,328
Short Duration Plus 361,089,885 86,678,964 256,979,171 163,927,123
Government Short Duration 49,782,917 57,475,628 20,190,293 86,712,778
Diversified Municipal 834,007,739 0 623,805,853 11,220,330
California Municipal 297,108,260 0 208,161,463 11,089,275
New York Municipal 369,254,490 0 278,040,335 7,056,812
Short Duration Diversified Municipal 156,764,907 9,125,859 146,331,008 9,136,445
Short Duration California Municipal 124,209,522 11,747,563 114,784,255 4,875,623
Short Duration New York Municipal 83,068,039 9,828,125 64,200,817 2,948,145
</TABLE>
B. Transactions in Securities of Affiliated Issuers
Affiliated issuers, as defined under the Investment Company Act of
1940, are those in which the Portfolio's holdings of an issuer
represent 5% or more of the outstanding voting securities of the
issuer. A summary of each Portfolio's transactions in the securities
of these issuers for the year ended September 30, 1999 is set forth
below:
<TABLE>
<CAPTION>
BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
ACQUISITIONS DISPOSITIONS
BEGINNING ------------- ----------------- ENDING REALIZED INTEREST
SHARE SHARE SHARE SHARE GAIN AND DIVIDEND ENDING
AFFILIATE AMOUNT AMOUNT COST AMOUNT COST AMOUNT (LOSS) INCOME VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Israel Land 1,999,527 0 0 0 0 1,999,527 0 $1,914,193 $12,003,421
Development
Israel Land 8,500 0 0 0 0 8,500 0 24,020 153,085
Development ADR
Jilin Chemical 56,100,000 0 0 0 0 56,100,000 0 65,132 6,427,606
Industrial Co., Ltd.
Robinson's Land 57,108,500 0 0 0 0 57,108,500 0 5,636 3,769,999
Corp. - Series'B'
Thai-German 4,728,100 0 0 256,700 $ 654,195 4,471,400 $(472,821) 0 1,091,784
Ceramic Industry
Public Co., Ltd. (Foreign) --- --------- --------- ---------- -----------
0 $ 654,195 $(472,821) $2,008,981 $23,445,895
=== ========= ========= ========== ===========
</TABLE>
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Federal Income Tax Status
At September 30, 1999, the Emerging Markets Value Portfolio, the
Short Duration Plus Portfolio, Government Short Duration Portfolio
and Short Duration New York Municipal Portfolio had capital loss
carryforwards as follows:
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
- --------------------------------------------------------------------------------
Emerging Markets Value Portfolio $42,568,353 9/30/2007
Short Duration Plus Portfolio 3,657,078 9/30/2003
Government Short Duration Portfolio 1,128,171 9/30/2003
Short Duration New York Municipal Portfolio 165,582 9/30/2007
- --------------------------------------------------------------------------------
For the year ended September 30, 1999, the Short Duration Plus
Portfolio and Government Short Duration Portfolio utilized capital
loss carryforwards as follows:
CAPITAL LOSS
CARRYFORWARD UTILIZED
- --------------------------------------------------------------------------------
Short Duration Plus Portfolio $771,187
Government Short Duration Portfolio 354,246
- --------------------------------------------------------------------------------
Additionally, the Emerging Markets Value Portfolio, Intermediate
Duration Portfolio, Short Duration Plus Portfolio and Short Duration
New York Municipal Portfolio had post October loss deferrals of
$20,051,764; $13,119,149; $456,674 and $4,405 respectively. The
International Value Portfolio II, Emerging Markets Value Portfolio,
Intermediate Duration Portfolio and Short Duration Plus Portfolio
had post October FX loss deferrals of $35,132,388; $1,095,537;
$2,716,572; and $392,459, respectively. For tax purposes, these
losses are deemed to arise on October 1, 1999.
D. Foreign Currency Contracts
At September 30, 1999, the Tax-Managed International Value
Portfolio, International Value Portfolio II, Emerging Markets Value
Portfolio, Intermediate Duration Portfolio and Short Duration Plus
Portfolio had outstanding foreign currency contracts to purchase and
sell foreign currencies as follows:
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACTS--BERNSTEIN TAX-MANAGED INTERNATIONAL VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 12/01/99 through 12/31/99
Australian Dollars $ 3,926,100 $ 3,924,197 0 $(1,903)
British Pounds 39,377,280 39,529,989 $152,709 0
----------- ----------- -------- -------
Total $43,303,380 $43,454,186 $152,709 $(1,903)
=========== =========== ======== =======
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN TAX-MANAGED INTERNATIONAL VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 12/01/99 through 12/31/99
Australian Dollars $ 74,512,000 $ 75,213,787 0 $ (701,787)
British Pounds 143,030,800 144,943,291 0 (1,912,491)
Euro 281,231,100 286,022,498 0 (4,791,398)
Japanese Yen 561,847,292 573,178,098 0 (11,330,806)
Norwegian Kroner 60,327,420 61,297,481 0 (970,061)
Singapore Dollars 68,887,701 68,712,401 $175,300 0
Swedish Krona 10,037,948 10,065,245 0 (27,297)
-------------- -------------- -------- ------------
Total $1,199,874,261 $1,219,432,801 $175,300 $(19,733,840)
============== ============== ======== ============
</TABLE>
- --------------------------------------------------------------------------------
1999 Annual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO II
- -------------------------------------------------------------------------------------------------------------------
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 12/01/99 through 12/31/99
Australian Dollars $ 2,617,400 $ 2,616,131 0 $ (1,269)
Japanese Yen 18,536,947 18,030,437 0 (506,510)
----------- ----------- ---------- ----------
Total $21,154,347 $20,646,568 0 $ (507,779)
=========== =========== ========== ==========
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO II
- -------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 12/01/99 through 12/31/99
Australian Dollars $ 46,299,100 $ 46,436,338 0 $ (137,238)
British Pounds 94,270,300 95,530,805 0 (1,260,505)
Euro 229,990,000 233,531,478 0 (3,541,478)
Japanese Yen 368,087,311 374,843,293 0 (6,755,982)
Norwegian Kroner 38,101,529 38,714,199 0 (612,670)
Singapore Dollars 23,160,520 23,101,583 $58,937 0
Swedish Krona 6,732,770 6,751,079 0 (18,309)
------------ ------------ ----------- ------------
Total $806,641,530 $818,908,775 $58,937 $(12,326,182)
============ ============ =========== ============
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
- -------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/99 through 10/31/99
Greek Drachma $ 1,368,760 $ 1,376,117 0 $ (7,357)
Philippine Peso 1,824,818 1,833,741 0 (8,923)
Thailand Baht 314,389 317,421 0 (3,032)
------------ ------------ ----------- ----------
Total $ 3,507,967 $ 3,527,279 0 $ (19,312)
============ ============ =========== ==========
<CAPTION>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
- -------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/99 through 10/31/99
Euro $ 40,432,200 $ 42,075,751 0 $ (1,643,551)
------------ ------------ ----------- ------------
Total $ 40,432,200 $ 42,075,751 0 $ (1,643,551)
============ ============ =========== ============
<CAPTION>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
- -------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 10/01/99 through 10/31/99
Euro $ 6,295,140 $ 6,551,035 0 $ (255,895)
------------ ------------ ----------- -----------
Total $ 6,295,140 $ 6,551,035 0 $ (255,895)
============ ============ =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
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 September 30, 1999, 1,750 million are
divided into 12 Portfolios, allocated 400 million to the Bernstein
Tax-Managed International Value Portfolio, 300 million to the
Bernstein International Value Portfolio II, 250 million to the
Bernstein Intermediate Duration Portfolio, 150 million to the
Bernstein Diversified Municipal Portfolio, 100 million each to the
Bernstein Emerging Markets Value Portfolio, Bernstein Short Duration
Plus Portfolio, Bernstein Government Short Duration Portfolio,
Bernstein California Municipal Portfolio and Bernstein New York
Municipal Portfolio, and 50 million allocated to each of the
Bernstein Short Duration Diversified Municipal Portfolio, Bernstein
Short Duration California Municipal Portfolio and Bernstein Short
Duration New York Municipal Portfolio. Share transactions for each
portfolio for the years ended September 30, 1999, and ended
September 30, 1998 were as follows:
<TABLE>
<CAPTION>
BERNSTEIN TAX-MANAGED BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE INTERNATIONAL VALUE EMERGING MARKETS VALUE
PORTFOLIO PORTFOLIO II PORTFOLIO
------------------- ------------------- ----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/99 (a) 9/30/99 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares sold 48,336,640 59,041,183 129,078,992 12,103,044 20,333,480
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 27,820,600 23,304,425 0 427,905 833,815
Shares redeemed (172,282,426) (41,077,328) (6,824,119) (7,618,737) (4,744,203)
----------- ----------- ----------- ---------- ----------
Net increase (decrease)
in shares outstanding (96,125,186) 41,268,280 122,254,873 4,912,212 16,423,092
Shares outstanding at
beginning of period 278,635,991 237,367,711 0 35,870,455 19,447,363
----------- ----------- ----------- ---------- ----------
Shares outstanding at
end of period 182,510,805 278,635,991 122,254,873 40,782,667 35,870,455
=========== =========== =========== ========== ==========
</TABLE>
(a) Commenced operations April 30, 1999
- --------------------------------------------------------------------------------
1999 Annual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE DURATION SHORT DURATION PLUS GOVERNMENT SHORT
PORTFOLIO PORTFOLIO DURATION PORTFOLIO
--------------------- ------------------- ----------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/99 9/30/98 9/30/99 9/30/98
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 57,428,914 56,368,750 15,335,588 16,129,450 3,914,252 3,874,744
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 5,220,377 4,376,491 817,130 944,212 201,920 235,681
Shares redeemed (39,923,586) (26,187,703) (18,476,220) (18,486,032) (4,783,041) (4,543,252)
----------- ----------- ---------- ---------- ---------- ----------
Net increase (decrease)
in shares outstanding 22,725,705 34,557,538 (2,323,502) (1,412,370) (666,869) (432,827)
Shares outstanding at
beginning of period 188,389,761 153,832,223 47,481,108 48,893,478 10,904,533 11,337,360
----------- ----------- ---------- ---------- ---------- ----------
Shares outstanding at
end of period 211,115,466 188,389,761 45,157,606 47,481,108 10,237,664 10,904,533
=========== =========== ========== ========== ========== ==========
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
--------------------- ------------------- ----------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/99 9/30/98 9/30/99 9/30/98
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 34,310,891 31,521,830 16,744,542 15,733,043 16,844,970 18,521,963
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 1,122,171 832,927 499,669 329,587 898,393 638,380
Shares redeemed (22,111,212) (14,193,908) (11,737,644) (6,899,266) (13,245,252) (9,652,745)
----------- ----------- ----------- ----------- ----------- ----------
Net increase (decrease)
in shares outstanding 13,321,850 18,160,849 5,506,567 9,163,364 4,498,111 9,507,598
Shares outstanding at
beginning of period 99,275,747 81,114,898 38,753,540 29,590,176 58,817,028 49,309,430
----------- ----------- ----------- ----------- ----------- ----------
Shares outstanding at
end of period 112,597,597 99,275,747 44,260,107 38,753,540 63,315,139 58,817,028
=========== =========== =========== =========== =========== ==========
</TABLE>
- --------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION DIVERSIFIED SHORT DURATION CALIFORNIA SHORT DURATION NEW YORK
MUNICIPAL PORTFOLIO MUNICIPAL PORTFOLIO MUNICIPAL PORTFOLIO
--------------------- ------------------- ----------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/99 9/30/98 9/30/99 9/30/98
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 9,571,009 9,487,311 7,214,274 6,487,988 5,927,371 4,697,614
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 165,549 171,102 143,862 98,187 117,057 96,879
Shares redeemed (8,684,747) (9,132,723) (6,550,832) (5,606,118) (4,100,838) (4,590,799)
---------- ---------- --------- --------- --------- ---------
Net increase (decrease)
in shares outstanding 1,051,811 525,690 807,304 980,057 1,943,590 203,694
Shares outstanding at
beginning of period 12,615,659 12,089,969 7,855,273 6,875,216 6,309,282 6,105,588
---------- ---------- --------- --------- --------- ---------
Shares outstanding at
end of period 13,667,470 12,615,659 8,662,577 7,855,273 8,252,872 6,309,282
========== ========== ========= ========= ========= =========
</TABLE>
NOTE 7. Line of Credit
The Bernstein Emerging Markets Value Portfolio opened a $17,500,000
line of credit intended to provide short-term financing if
necessary, subject to certain restrictions in connection with
abnormal redemption activity. Commitment fees related to the line of
credit are paid by the Portfolio and are included in the
miscellaneous expenses in the Statement of Operations. The Portfolio
did not utilize the line of credit during the fiscal year ended
September 30, 1999.
- --------------------------------------------------------------------------------
1999 Annual Report 35
<PAGE>
[blank page]
<PAGE>
Sanford C. Bernstein Fund, Inc.
- --------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
- --------------------------------------------------------------------------------
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director,
Sanford C. Bernstein & Co., Inc.
Andrew S. Adelson
Senior Vice President and Director
Senior Vice President, Chief Investment
Officer--International and Director,
Sanford C. Bernstein & Co., Inc.
Arthur Aeder
Director
Consultant
Peter L. Bernstein*
Director
President and Chief Executive Officer,
Peter L. Bernstein, Inc.
William Kristol
Director
Editor and Publisher, The Weekly Standard
Consultant, ABC News
Theodore Levitt
Director
Professor Emeritus of Business Administration,
Harvard University
Francis H. Trainer, Jr.
Senior Vice President
Senior Vice President, Chief Investment
Officer--Global Fixed Income and Director,
Sanford C. Bernstein & Co., Inc.
Jean Margo Reid
Secretary
Senior Vice President, General Counsel and Secretary,
Sanford C. Bernstein & Co., Inc.
- --------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
- --------------------------------------------------------------------------------
LEGAL COUNSEL
- --------------------------------------------------------------------------------
Swidler Berlin Shereff Friedman, LLP
919 Third Avenue
New York, New York 10022
- --------------------------------------------------------------------------------
CUSTODIAN AND TRANSFER AGENT
- --------------------------------------------------------------------------------
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
- --------------------------------------------------------------------------------
INVESTMENT ADVISOR
- --------------------------------------------------------------------------------
Sanford C. Bernstein & Co., Inc.
767 Fifth Avenue
New York, New York 10153
227 West Monroe Street
Chicago, Illinois 60606
300 Crescent Court
Dallas, Texas 75201
1999 Avenue of the Stars
Los Angeles, California 90067
555 California Street
San Francisco, California 94104
800 Connecticut Avenue, NW
Washington, DC 20006
Phillips Point--West Tower
777 South Flagler Drive
West Palm Beach, Florida 33401
One North Lexington Avenue
White Plains, New York 10601
* Not related to Zalman C. Bernstein, deceased, former Chairman of the Executive
Committee, Sanford C. Bernstein & Co., Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
767 Fifth Avenue, New York, New York 10153
(212) 756-4097
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1999
Schedule of Investments
Stock Portfolios
-------------------------------
-------------------------------
-------------------------------
-------------------------------
-------------------------------
Tax-Managed International Value
-------------------------------
International Value II
-------------------------------
Emerging Markets Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Tax-Managed International Value Portfolio
(formerly, Bernstein International Value Portfolio), Bernstein International
Value Portfolio II and Bernstein Emerging Markets Value Portfolio (three of the
twelve portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter
referred to as the "Fund") at September 30, 1999, and the results of each of
their operations, the changes in each of their net assets and the financial
highlights for each of the periods indicated, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 15, 1999
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Tax-Managed International Value Portfolio
September 30, 1999
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 96.26%
- --------------------------------------------------------------------------------
AUSTRALIA: 1.72%
- --------------------------------------------------------------------------------
Broadcasting & Publishing
3,151,915 PMP Communications Ltd. $ 4,723,820
(Note A, p. 5)
Paper & Forest Products
2,652,993 Amcor Ltd. (Note A, p. 5) 12,728,298
Real Estate
2,550,700 Schroders Property Fund 3,995,927
13,131,680 Westfield Trust 26,520,854
453,639 Westfield Trust RFD (02/28/2000) 916,173
(Notes B & D, p. 5)
Telecommunications
6,500,000 Cable & Wireless Optus Ltd. 14,001,488
(Note B, p. 5)
--------------
Total Australian Stocks
(Cost $68,615,480) 62,886,560
--------------
- --------------------------------------------------------------------------------
AUSTRIA: 0.08%
- --------------------------------------------------------------------------------
Metal-Steel
93,867 Voest-Alpine Stahl AG 2,873,522
--------------
Total Austrian Stock
(Cost $3,292,280) 2,873,522
--------------
- --------------------------------------------------------------------------------
CANADA: 5.18%
- --------------------------------------------------------------------------------
Automobiles
138,800 Magna International Inc. (Class A) 6,858,286
Banking
700,000 Bank of Nova Scotia 15,007,146
1,670,000 National Bank of Canada 19,890,424
Broadcasting & Publishing
1,320,200 Quebecor Printing Inc. 30,235,303
334,700 Torstar Corp. (Class B) 3,633,339
Conglomerates
145,400 Edperbrascan Corp. (Class A) 2,058,341
Electrical & Electronics
204,600 Celestica Inc. (Note B, p. 5) 10,074,737
732,100 C-MAC Industries Inc. (Note B, p. 5) 18,934,050
Energy Sources
134,080 Suncor Inc. 5,110,243
Machinery & Engineering
370,200 Finning International Inc. 3,602,981
Metal-Steel
1,676,400 Dofasco Inc. 30,349,309
Telecommunications
123,400 BCE Inc. 6,130,947
2,000,000 Mitel Corp. (Note B, p. 5) 15,789,832
Utilities-Electric, Gas & Water
590,350 NS Power Holdings Inc. 6,267,923
829,300 Westcoast Energy Inc. (Note A, p. 5) 15,493,286
--------------
Total Canadian Stocks
(Cost $171,043,489) 189,436,147
--------------
- --------------------------------------------------------------------------------
FINLAND: 1.28%
- --------------------------------------------------------------------------------
Insurance
252,200 Sampo Insurance Co.-'A' Free 8,372,621
Machinery & Engineering
382,699 Metso Oyj 4,320,505
Merchandising
262,200 Kesko Ltd. 3,152,629
Paper & Forest Products
2,203,100 Enso Oy 'R' (Note B, p. 5) 29,185,380
Telecommunications
62,900 Sonera Group Oy (Note A, p. 5) 1,820,461
--------------
Total Finnish Stocks
(Cost $34,371,082) 46,851,596
--------------
- --------------------------------------------------------------------------------
FRANCE: 10.33%
- --------------------------------------------------------------------------------
Automobiles
19,030 Peugeot S.A. 3,810,835
801,128 Renault S.A. (Note A, p. 5) 44,241,624
Banking
253,000 Banque Nationale de Paris 20,176,877
168,047 Natexis (Note A, p. 5) 12,060,755
37,315 Societe Generale 7,682,918
Beverage & Tobacco
210,000 Pernod Ricard 14,099,718
Broadcasting & Publishing
8,835 Metropole Television S.A. 2,199,805
186,245 Television Francaise 1 (TF1) 52,060,278
(Note A, p. 5)
Building Materials
229,676 Lafarge 25,367,330
Electrical & Electronics
62,591 Alcatel Alsthom 8,618,029
Energy Sources
260,126 Societe Nationale Elf Aquitaine 45,393,054
Health & Personal Care
185,100 Rhone-Poulenc S.A. (Note A, p. 5) 9,552,344
Machinery & Engineering
254,460 Vallourec 10,296,927
Merchandising
101,002 Galeries Lafayette S.A. 15,346,875
Metal-Steel
1,137,798 Usinor S.A. (Note A, p. 5) 16,041,421
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments -- Stock Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Real Estate
75,944 GECINA (Note A, p. 5) $ 9,212,131
206,308 Simco 17,561,752
Telecommunications
200,000 France Telecom S.A. 17,535,534
Utilities-Electric, Gas & Water
286,180 Suez Lyonnaise des Eaux 46,285,467
(Note A, p. 5)
--------------
Total French Stocks
(Cost $282,725,769) 377,543,674
--------------
- --------------------------------------------------------------------------------
GERMANY: 14.21%
- --------------------------------------------------------------------------------
Automobiles
512,200 Bayerische Motoren Werke AG 14,442,661
(Note A, p. 5)
940,000 Volkswagen AG (Stamm) 52,410,817
Banking
1,921,830 Commerzbank (Note A, p. 5) 73,617,193
197,400 Deutsche Pfandbriefbank 16,278,360
1,698,360 IKB Deutsche Industriebank 32,438,144
Building Materials
265,330 Dyckerhoff AG (Vorzug) 8,159,170
Chemicals
1,217,600 BASF AG 51,823,461
400,000 Bayer AG 15,939,460
Electrical & Electronics
477,700 Siemens AG (Stamm) 39,418,385
Food & Household Products
100,100 Sudzucker AG (Stamm) 1,571,042
264,550 Sudzucker AG (Vorzug) 4,194,265
Insurance
64,800 Hannover Rueckversicherungs AG 4,998,904
Machinery & Engineering
257,070 Krones AG (Vorzug) 8,889,893
266,510 MAN AG (Vorzug) 5,161,153
Merchandising
429,514 Metro AG (Vorzug) 11,836,924
Non-Financial
71,870 Grohe (Friedrich) AG (Vorzug) 21,993,701
Telecommunications
593,780 Deutsche Telekom AG (Note A, p. 5) 24,324,733
Tires & Rubber
624,182 Continental AG 13,681,706
Utilities-Electric, Gas & Water
1,924,300 VEBA AG (Note A, p. 5) 105,346,460
674,960 Viag AG 12,783,796
--------------
Total German Stocks
(Cost $479,275,865) 519,310,228
--------------
- --------------------------------------------------------------------------------
HONG KONG: 1.70%
- --------------------------------------------------------------------------------
Beverage & Tobacco
5,552,000 Vitasoy International Holdings Ltd. 1,697,499
Conglomerates
6,432,500 Jardine Strategic Holdings Ltd. 13,122,300
Electrical & Electronics
7,086,000 QPL International Holdings Ltd. 2,371,761
(Note B, p. 5)
Financial Services
2,410,000 Liu Chong Hing Investment Ltd. 1,613,306
Real Estate
15,963,000 Amoy Properties Ltd. (Note A, p. 5) 14,487,718
5,552,000 Great Eagle Holdings 7,147,363
4,884,000 Hang Lung Development Co., Ltd. 5,532,924
(Note A, p. 5)
Transportation-Shipping
4,586,000 Orient Overseas International Ltd. 2,066,324
(Note B, p. 5)
Utilities-Electric, Gas & Water
2,962,000 CLP Holdings Ltd. 13,917,919
--------------
Total Hong Kong Stocks
(Cost $63,442,962) 61,957,114
--------------
- --------------------------------------------------------------------------------
ITALY: 9.38%
- --------------------------------------------------------------------------------
Automobiles
2,303,745 Magneti Marelli S.p.A. ORD 6,456,720
Banking
12,150,000 Banca Commerciale Italiana 82,611,198
(Note A, p. 5)
1,122,400 Banca Popolare di Bergamo 24,853,155
(Note A, p. 5)
3,407,100 Banca Popolare di Milano 24,648,569
(Note A, p. 5)
Broadcasting & Publishing
2,700,000 Mediaset S.p.A. 27,310,105
Chemicals
3,026,400 Montefibre S.p.A. ORD 2,097,664
456,600 Montefibre S.p.A. RNC 272,073
Conglomerates
420,800 IFIL Finanziaria di Partecipazioni 2,646,214
S.p.A. ORD
1,357,400 IFIL Finanziaria di Partecipazioni 5,647,372
S.p.A. RNC (Note A, p. 5)
217,500 Italmobiliare S.p.A. ORD (Note A, p. 5) 5,931,570
246,800 Italmobiliare S.p.A. RNC (Note A, p. 5) 3,852,188
Energy Sources
7,837,480 ENI S.p.A. (Note A, p. 5) 49,077,756
Insurance (Non-Life)
585,500 Unipol S.p.A. RNC (Note A, p. 5) 1,326,992
Paper & Forest Products
633,500 Burgo (Cartiere) S.p.A. 4,990,179
Telecommunications
5,246,355 Telecom Italia S.p.A. ORD 45,189,373
(Note A, p. 5)
7,348,873 Telecom Italia S.p.A. RNC 36,978,717
(Note A, p. 5)
2 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Tires & Rubber
7,389,000 Pirelli S.p.A. (Note A, p. 5) $ 17,902,368
Utilities-Electric, Gas & Water
75,000 Acea S.p.A. (Note B, p. 5) 886,460
--------------
Total Italian Stocks
(Cost $246,349,605) 342,678,673
--------------
- --------------------------------------------------------------------------------
JAPAN: 32.56%
- --------------------------------------------------------------------------------
Appliances & Household Durables
3,793,000 Matsushita Electric Industrial 80,456,500
Co., Ltd. (Note A, p. 5)
Banking
255,490 Bank of Iwate (Note A, p. 5) 12,154,797
4,907,000 Eighteenth Bank Ltd. (Note A, p. 5) 22,747,378
14,000 Hyakujushi Bank (Note A, p. 5) 90,466
75,200 Kita-Nippon Bank Ltd. 3,943,810
25,668,000 Mitsui Trust & Banking Co., Ltd. 52,403,297
(Note A, p. 5)
120 Miyazaki Bank 528
1,902,000 Nanto Bank 13,537,367
3,230,000 Sakura Bank (Note A, p. 5) 24,199,288
808,000 San-in Godo Bank Ltd. 6,333,546
5,600,000 Sumitomo Bank Ltd. 44,210,527
300 Yamagata Bank 1,573
Beverage & Tobacco
260,000 Hokkaido Coca-Cola Bottling Co., Ltd. 3,457,576
827,000 Kinki Coca-Cola Bottling Co., Ltd. 15,102,547
(Note A, p. 5)
424,000 Shikoku Coca-Cola Bottling Co., Ltd. 5,956,172
(Note A, p. 5)
Broadcasting & Publishing
816,700 Asatsu Inc. (Note A, p. 5) 26,616,558
Business & Public Services
719,000 Kokuyo Co., Ltd. (Note A, p. 5) 12,544,456
527,000 Toppan Printing Co., Ltd. 6,613,411
Chemicals
6,000,000 Daicel Chemical Industries Ltd. 21,914,216
(Note A, p. 5)
Construction & Housing
3,505,400 Daito Trust Construction Co., Ltd. 51,868,627
(Note A, p. 5)
1,475,000 Sekisui House Ltd. (Note A, p. 5) 16,603,765
Cosmetics & Toiletries
2,069,000 Lion Corp. (Note A, p. 5) 8,215,546
Electrical & Electronics
6,708,000 Hitachi Ltd. 74,128,489
692,000 Mitsubishi Electric Corp. (Note A, p. 5) 3,940,214
5,244,000 Sharp Corp. (Note A, p. 5) 83,782,207
2,038,000 Taiyo Yuden Co., Ltd. (Note A, p. 5) 67,182,619
Financial Services
1,899,000 Daiwa Securities Co., Ltd. (Note A, p. 5) 17,250,703
Food & Household Products
789,400 Ezaki Glico Co., Ltd. (Note A, p. 5) 4,502,197
Health & Personal Care
3,382,000 Chugai Pharmaceutical Co., Ltd. 40,699,289
(Note A, p. 5)
2,150,000 Daiichi Pharmaceutical Co., Ltd. 32,578,198
(Note A, p. 5)
791,000 Kissei Pharmaceutical Co., Ltd. 17,223,029
(Note A, p. 5)
Insurance (Non-Life)
1,671,900 Chiyoda Fire & Marine (Note A, p. 5) 6,607,434
2,581,000 Dai-Tokyo Fire & Marine (Note A, p. 5) 9,426,766
943,000 Koa Fire & Marine 3,258,728
896,000 Nippon Fire & Marine 2,970,444
Machinery & Engineering
2,926,000 Makita Corp. (Note A, p. 5) 32,882,563
7,435,000 Mitsubishi Heavy Industries Ltd. 28,547,949
Merchandising
1,848,700 Aoyama Trading Co., Ltd. 62,327,403
2,371,000 Canon Sales Co., Inc. (Note A, p. 5) 37,259,206
640,300 Deodeo Corp. (Note A, p. 5) 8,395,018
720,000 Laox Co., Ltd. 7,214,834
Metal-Steel
358,000 Kurimoto Ltd. (Note A, p. 5) 955,516
20,412,000 Nisshin Steel Co., Ltd. (Note A, p. 5) 27,526,953
1,671,400 Tokyo Steel Manufacturing Co., Ltd. 7,200,262
(Note A, p. 5)
317,000 Toyo Seikan Kaisha Ltd. 6,828,058
579,000 Yamato Kogyo Co., Ltd. (Note A, p. 5) 3,269,685
Miscellaneous Materials
800,000 Ricoh Co., Ltd. (Note A, p. 5) 13,860,274
Multi-Industry
6,815,000 Itochu Corp. (Note A, p. 5) 22,401,807
8,146,000 Marubeni Corp. (Note A, p. 5) 21,055,404
3,085,000 Sumitomo Corp. (Note A, p. 5) 22,621,793
Real Estate
501,000 TOC Co. 3,837,966
Retail
500,000 Citizen Watch Co., Ltd. 3,582,131
Textiles/Apparel
656,000 Tokyo Style Co., Ltd. (Note A, p. 5) 7,187,863
Transportation-Shipping
5,205,000 Kawasaki Kisen Kaisha Ltd. (Note A, p. 5) 9,846,507
10,735,000 Mitsui O.S.K. Lines Ltd. 20,006,228
Utilities-Electric, Gas & Water
620,600 Chugoku Electric Power Co., Inc. 9,822,195
(Note A, p. 5)
389,000 Hokkaido Electric Power Co., Inc. 5,774,162
(Note A, p. 5)
1,882,000 Kyushu Electric Power Co., Inc. 28,728,788
(Note A, p. 5)
184,800 Shikoku Electric Power Co., Inc. 2,949,047
(Note A, p. 5)
226,400 Tohoku Electric Power Co., Inc. 3,519,611
(Note A, p. 5)
--------------
Total Japanese Stocks
(Cost $1,012,607,021) 1,190,123,491
--------------
Schedule of Investments -- Stock Portfolios 3
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
MALAYSIA: 0.00%
- --------------------------------------------------------------------------------
Miscellaneous Materials
95,000 Golden Hope Plantations Berhad $ 65,500
--------------
Total Malaysian Stock
(Cost $74,296) 65,500
--------------
- --------------------------------------------------------------------------------
NORWAY: 2.09%
- --------------------------------------------------------------------------------
Banking
844,700 Christiania Bank OG (Note A, p. 5) 4,536,180
900,250 Sparebanken 19,698,235
Energy Sources
914,883 Norsk Hydro A.S.A. 38,737,704
Paper & Forest Products
333,200 Norske Skogindustrier A.S.A. 13,377,035
(Note A, p. 5)
--------------
Total Norwegian Stocks
(Cost $65,663,423) 76,349,154
--------------
- --------------------------------------------------------------------------------
SINGAPORE: 1.99%
- --------------------------------------------------------------------------------
Banking
2,930,600 Overseas Union Bank Ltd. 13,015,312
(Note A, p. 5)
1,597,000 United Overseas Bank Ltd. 12,118,412
Electrical & Electronics
432,000 Creative Technology Ltd. 4,590,000
Machinery & Engineering
7,320,500 Keppel Fels Energy 5,554,968
Multi-Industry
9,168,400 Natsteel Ltd. 16,179,529
Real Estate
7,578,000 Keppel Land Ltd. (Note A, p. 5) 9,405,635
5,341,000 Singapore Land Ltd. (Note A, p. 5) 11,750,200
--------------
Total Singapore Stocks
(Cost $57,505,663) 72,614,056
--------------
- --------------------------------------------------------------------------------
SPAIN: 4.89%
- --------------------------------------------------------------------------------
Banking
2,863,920 Argentaria S.A. (Note A, p. 5) 62,958,299
Construction & Housing
421,065 Grupo Dragados S.A. 4,838,767
Energy Sources
1,074,050 Repsol S.A. (Note A, p. 5) 21,016,869
Metal-Steel
320,000 Aceralia Corparacion Siderurgica 4,085,950
S.A. (Note A, p. 5)
Telecommunications
20,000 Telefonica Publicidad e 462,861
Informacion S.A. (Note B, p. 5)
Utilities-Electric, Gas & Water
2,380,000 Iberdrola S.A. 35,251,531
1,071,000 Red Electrica de Espana 8,216,493
(Notes A & B, p. 5)
2,790,904 Union Electrica Fenosa S.A. 41,842,505
--------------
Total Spanish Stocks
(Cost $137,613,101) 178,673,275
--------------
- --------------------------------------------------------------------------------
SWEDEN: 0.23%
- --------------------------------------------------------------------------------
Appliances & Household Durables
342,850 Electrolux AB (Class A) 6,402,545
Real Estate
156,190 Tornet Fastighets AB 1,963,575
--------------
Total Swedish Stocks
(Cost $4,671,364) 8,366,120
--------------
- --------------------------------------------------------------------------------
UNITED KINGDOM: 10.62%
- --------------------------------------------------------------------------------
Automobiles
2,858,798 Lex Service plc 26,826,690
Broadcasting & Publishing
3,434,799 Trinity Mirror plc (Note A, p. 5) 31,496,717
Chemicals
586,100 Imperial Chemical Industries plc 6,253,201
Conglomerates
1,027,200 Powell Duffryn plc 8,235,553
Construction & Housing
2,087,246 Carillion plc (Note B, p. 5) 4,289,104
622,867 Fairview Holdings plc 1,445,850
1,097,458 George Wimpey plc 2,276,498
2,087,246 Tarmac plc 14,981,969
Energy Sources
1,627,500 Lasmo plc 3,692,147
3,195,700 Shell Transport & Trading Co., plc 23,780,074
(Note A, p. 5)
Food & Household Products
6,850,560 Hazlewood Foods plc 13,026,173
572,784 Terranova Foods plc 1,414,461
1,340,909 United Biscuits plc 4,039,793
Health & Personal Care
12,371,199 Smith & Nephew plc 39,104,054
Insurance
2,847,909 CGU plc 43,790,686
4,506,270 Royal & Sun Alliance Insurance 35,832,170
Group plc
683,169 Sun Life & Provincial Holdings plc 5,342,328
Merchandising
3,135,300 Somerfield plc 6,761,751
Metal-Steel
2,556,800 British Steel plc (Note A, p. 5) 6,482,257
Multi-Industry
4,392,000 Tomkins plc 18,365,587
Paper & Forest Products
3,697,676 Arjo Wiggins Appleton plc 12,053,212
Real Estate
1,660,000 MEPC plc 12,161,212
4 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
Utilities-Electric, Gas & Water
2,527,360 Anglian Water plc $ 30,082,517
90,704 Hyder plc 809,347
2,100,917 Pennon Group plc 35,694,176
--------------
Total United Kingdom Stocks
(Cost $343,693,689) 388,237,527
--------------
Total Equities
(Cost $2,970,945,089) 3,517,966,637
--------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 2.21%
- --------------------------------------------------------------------------------
80,782,000 State Street Bank & Trust Co., 80,782,000
Repurchase Agreement,
Dated 09/30/1999, 5.00%,
maturing 10/01/1999 for $80,793,220,
collateral 55,965,000 principal
amount U.S. Treasury Bond,
11.25%, 02/15/2015,
value $82,399,732
--------------
Total Repurchase Agreement
(Cost $80,782,000) 80,782,000
--------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $3,051,727,089) 98.47% $3,598,748,637
(Note E, below)
Cash and Other Assets, Less Liabilities 1.53 55,830,122
------ --------------
(Note F, below)
Net Assets (Equivalent to $20.02
per share based on 182,510,805
shares of capital stock outstanding) 100.00% $3,654,578,759
====== ==============
- -------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- -------------------------------------------------------------------------------
594 British Pound FT-SE $61,128,184 $ (1,632,643)
December 1999
--------------
Total Long Stock Index Futures Contracts $ (1,632,643)
--------------
- -------------------------------------------------------------------------------
FOREIGN CURRENCIES
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
16,675,209 Australian Dollar $ 10,884,743
14,402,670 British Pound 23,711,105
10,369,731 Canadian Dollar 7,057,599
10,233,442 Euro 10,888,888
8,528,550 Hong Kong Dollar 1,097,922
2,232,436,400 Japanese Yen 20,906,878
9,825,261 Malaysian Ringgit 2,585,595
23,738,649 Norwegian Krone 3,064,435
1,011,417 Singapore Dollar 594,951
21,500,544 Swedish Krona 2,624,258
99 Swiss Franc 66
--------------
Total Foreign Currencies $ 83,416,440
--------------
- --------------------------------------------------------------------------------
(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
Stamm-German Ordinary Share
Vorzug-German Preference Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(D) Fair-valued security (See Note 1A of the Notes to Financial Statements)
(E) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
(F) Includes $2,927,469 (British pounds) U.S. dollar equivalent pledged as
collateral for futures transactions
(G) Allocation of assets by industry as of September 30, 1999:
Appliances & Household Durables 2.38%
Automobiles 4.24
Banking 17.00
Beverage & Tobacco 1.10
Broadcasting & Publishing 4.88
Building Materials 0.92
Business & Public Services 0.52
Chemicals 2.69
Conglomerates 1.13
Construction & Housing 2.63
Cosmetics & Toiletries 0.22
Electrical & Electronics 8.57
Energy Sources 5.11
Financial Services 0.52
Food & Household Products 0.79
Health & Personal Care 3.81
Insurance 2.69
Insurance (Non-Life) 0.64
Machinery & Engineering 2.72
Merchandising 4.17
Metal-Steel 2.89
Miscellaneous Materials 0.38
Multi-Industry 2.75
Non-Financial 0.60
Paper & Forest Products 1.98
Real Estate 3.41
Retail 0.10
Telecommunications 4.44
Textiles/Apparel 0.20
Tires & Rubber 0.86
Transportation-Shipping 0.87
Utilities-Electric, Gas & Water 11.05
Repurchase Agreement 2.21
Cash and Other Assets, Less Liabilities 1.53
------
Total 100.00%
======
See Notes to Financial Statements.
Schedule of Investments -- Stock Portfolios 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio II
September 30, 1999
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 96.90%
- --------------------------------------------------------------------------------
AUSTRALIA: 1.78%
- --------------------------------------------------------------------------------
Broadcasting & Publishing
2,707,600 PMP Communications Ltd. $ 4,057,918
(Note A, p. 10)
Building Materials
680,000 Boral Ltd. (Note A, p. 10) 1,041,319
Energy Sources
1,445,400 Caltex Australia Ltd. (Note A, p. 10) 2,745,541
Paper & Forest Products
1,646,800 Amcor Ltd. (Note A, p. 10) 7,900,874
Real Estate
1,583,300 Schroders Property Fund 2,480,398
8,151,400 Westfield Trust 16,462,637
281,593 Westfield Trust RFD (02/28/2000) 568,708
(Notes B & D, p. 10)
Telecommunications
4,000,000 Cable & Wireless Optus Ltd. 8,616,301
(Note B, p. 10)
--------------
Total Australian Stocks
(Cost $50,159,853) 43,873,696
--------------
- --------------------------------------------------------------------------------
AUSTRIA: 0.46%
- --------------------------------------------------------------------------------
Banking
193,800 Bank Austria AG (Note A, p. 10) 9,640,447
Metal-Steel
58,200 Voest-Alpine Stahl AG 1,781,659
--------------
Total Austrian Stocks
(Cost $13,996,381) 11,422,106
--------------
- --------------------------------------------------------------------------------
CANADA: 5.33%
- --------------------------------------------------------------------------------
Automobiles
126,200 Magna International Inc. (Class A) 6,235,704
Banking
450,000 Bank of Nova Scotia 9,647,451
1,036,600 National Bank of Canada 12,346,356
Broadcasting & Publishing
779,800 Quebecor Printing Inc. 17,859,028
207,700 Torstar Corp. (Class B) 2,254,689
Conglomerates
244,600 Edperbrascan Corp. (Class A) 3,462,656
Electrical & Electronics
127,000 Celestica Inc. (Note B, p. 10) 6,253,624
204,400 C-MAC Industries Inc. (Note B, p. 10) 5,286,327
Energy Sources
250,000 Shell Canada Ltd. (Class A) 5,529,844
83,300 Suncor Inc. 3,174,845
Machinery & Engineering
529,800 Finning International Inc. 5,156,292
Metal-Steel
1,040,600 Dofasco Inc. 18,838,876
Telecommunications
76,600 BCE Inc. 3,805,758
1,700,000 Mitel Corp. (Note B, p. 10) 13,421,357
Utilities-Electric, Gas & Water
366,400 NS Power Holdings Inc. 3,890,179
750,700 Westcoast Energy Inc. 14,024,852
--------------
Total Canadian Stocks
(Cost $131,553,716) 131,187,838
--------------
- --------------------------------------------------------------------------------
FINLAND: 1.37%
- --------------------------------------------------------------------------------
Food & Household Products
37,000 Huhtamaki Oy (Note A, p. 10) 1,169,284
Health & Personal Care
677,700 Tamro Oy 2,632,038
Insurance
156,500 Sampo Insurance Co.-'A' Free 5,195,540
Machinery & Engineering
397,946 Metso Oyj 4,492,637
Merchandising
162,700 Kesko Ltd. 1,956,265
Paper & Forest Products
1,367,500 Enso Oy 'R' (Notes A & B, p. 10) 18,115,840
--------------
Total Finnish Stocks
(Cost $32,509,144) 33,561,604
--------------
- --------------------------------------------------------------------------------
FRANCE: 9.20%
- --------------------------------------------------------------------------------
Automobiles
66,800 Peugeot S.A. 13,376,974
497,300 Renault S.A. (Note A, p. 10) 27,462,976
28,800 Sylea 1,628,762
Banking
157,000 Banque Nationale de Paris 12,520,829
104,300 Natexis 7,485,625
23,100 Societe Generale 4,756,141
Beverage & Tobacco
16,459 Pernod Ricard 1,105,082
Broadcasting & Publishing
70,600 Television Francaise 1 (TF1) 19,734,520
Building Materials
227,900 Ciments Francais 16,732,283
Electrical & Electronics
50,300 Alcatel Alsthom 6,925,706
Energy Sources
7,300 ESSO SAF 621,405
*See Note 1, page 26 in Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
161,400 Societe Nationale Elf Aquitaine $ 28,164,961
Health & Personal Care
114,900 Rhone-Poulenc S.A. 5,929,575
Machinery & Engineering
158,000 Vallourec 6,393,596
Merchandising
61,990 Galeries Lafayette S.A. 9,419,148
Metal-Steel
706,300 Usinor S.A. 9,957,879
Real Estate
98,100 Simco 8,350,660
Telecommunications
136,200 France Telecom S.A. (Note A, p. 10) 11,941,699
Textiles/Apparel
81,900 Chargeurs S.A. (Note A, p. 10) 5,010,874
Utilities-Electric, Gas & Water
177,600 Suez Lyonnaise des Eaux 28,724,226
(Note A, p. 10)
--------------
Total French Stocks
(Cost $202,014,300) 226,242,921
--------------
- --------------------------------------------------------------------------------
GERMANY: 15.29%
- --------------------------------------------------------------------------------
Automobiles
319,800 Bayerische Motoren Werke AG 9,017,499
(Note A, p. 10)
178,100 Phoenix AG 2,510,970
530,000 Volkswagen AG (Stamm) 29,550,780
Banking
1,192,900 Commerzbank (Note A, p. 10) 45,694,963
122,600 Deutsche Pfandbriefbank 10,110,065
1,054,300 IKB Deutsche Industriebank 20,136,799
(Note A, p. 10)
Building Materials
165,000 Dyckerhoff AG (Vorzug) 5,073,920
Business & Public Services
13,180 Herlitz AG (Vorzug) (Note B, p. 10) 277,679
Chemicals
755,900 BASF AG 32,172,597
352,700 Bayer AG 14,054,619
Electrical & Electronics
356,600 Siemens AG (Stamm) 29,425,573
Food & Household Products
62,400 Sudzucker AG (Stamm) 979,351
163,800 Sudzucker AG (Vorzug) 2,596,940
Health & Personal Care
238,500 Dragerwerk AG (Vorzug) 2,410,870
Insurance
40,300 Hannover Rueckversicherungs AG 3,108,886
6,400 Mannheimer Aktiengesellschaft 3,207,471
Machinery & Engineering
171,518 Krones AG (Vorzug) 5,931,368
165,500 MAN AG (Vorzug) 3,205,023
Merchandising
266,600 Metro AG (Vorzug) 7,347,197
Non-Financial
44,600 Grohe (Friedrich) AG (Vorzug) 13,648,519
Telecommunications
381,400 Deutsche Telekom AG (Note A, p. 10) 15,624,395
Tires & Rubber
1,620,100 Continental AG 35,511,648
Utilities-Electric, Gas & Water
1,397,700 VEBA AG (Note A, p. 10) 76,517,563
418,600 Viag AG 7,928,317
--------------
Total German Stocks
(Cost $376,029,413) 376,043,012
--------------
- --------------------------------------------------------------------------------
HONG KONG: 1.73%
- --------------------------------------------------------------------------------
Beverage & Tobacco
3,448,000 Vitasoy International Holdings Ltd. 1,054,210
Conglomerates
3,992,000 Jardine Strategic Holdings Ltd. 8,143,680
(Note A, p. 10)
Electrical & Electronics
4,400,000 QPL International Holdings Ltd. 1,472,727
(Note B, p. 10)
Financial Services
1,496,000 Liu Chong Hing Investment Ltd. 1,001,455
Real Estate
12,310,000 Amoy Properties Ltd. 11,172,325
3,448,000 Great Eagle Holdings 4,438,780
4,238,000 Hang Lung Development Co., Ltd. 4,801,092
2,480,000 Tai Cheung Holdings 587,443
Transportation-Shipping
2,848,000 Orient Overseas International Ltd. 1,283,230
(Note B, p. 10)
Utilities-Electric, Gas & Water
1,838,000 CLP Holdings Ltd. 8,636,440
--------------
Total Hong Kong Stocks
(Cost $45,357,612) 42,591,382
--------------
- --------------------------------------------------------------------------------
ITALY: 9.55%
- --------------------------------------------------------------------------------
Automobiles
4,542,700 Magneti Marelli S.p.A. ORD 12,731,853
Banking
7,542,000 Banca Commerciale Italiana 51,280,137
696,800 Banca Popolare di Bergamo 15,429,150
2,114,900 Banca Popolare di Milano 15,300,184
Broadcasting & Publishing
1,700,000 Mediaset S.p.A. 17,195,251
Chemicals
1,878,600 Montefibre S.p.A. ORD 1,302,098
283,400 Montefibre S.p.A. RNC 168,869
Schedule of Investments -- Stock Portfolios 7
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Conglomerates
261,200 IFIL Finanziaria di Partecipazioni $ 1,642,565
S.p.A. ORD
842,600 IFIL Finanziaria di Partecipazioni 3,505,581
S.p.A. RNC (Note A, p. 10)
135,000 Italmobiliare S.p.A. ORD 3,681,664
153,200 Italmobiliare S.p.A. RNC (Note A, p. 10) 2,391,228
Energy Sources
5,735,100 ENI S.p.A. 35,912,799
Financial Services
300,000 Sao Paolo IMI S.p.A. 3,878,460
Insurance (Non-Life)
2,063,500 Unipol S.p.A. RNC (Note A, p. 10) 4,676,768
Paper & Forest Products
800,000 Burgo (Cartiere) S.p.A. 6,301,726
Telecommunications
3,256,700 Telecom Italia S.p.A. ORD 28,051,519
4,561,800 Telecom Italia S.p.A. RNC 22,954,474
Tires & Rubber
1,200,000 Pirelli S.p.A. (Note A, p. 10) 2,907,409
Utilities-Electric, Gas & Water
55,000 Acea S.p.A. (Note B, p. 10) 650,071
1,500,000 Societa Nordelettrica S.p.A. 4,810,567
--------------
Total Italian Stocks
(Cost $259,351,859) 234,772,373
--------------
- --------------------------------------------------------------------------------
JAPAN: 32.69%
- --------------------------------------------------------------------------------
Appliances & Household Durables
2,354,000 Matsushita Electric Industrial 49,932,666
Co., Ltd.
Banking
158,000 Bank of Iwate 7,516,764
551,000 Biwako Bank 1,723,488
3,038,300 Eighteenth Bank Ltd. (Note A, p. 10) 14,084,646
1,295,000 Higo Bank (Note A, p. 10) 5,396,844
2,249,000 Kagoshima Bank (Note A, p. 10) 10,172,944
47,000 Kita-Nippon Bank Ltd. 2,464,881
7,966,000 Mitsui Trust & Banking Co., Ltd. 16,263,233
751,000 Miyazaki Bank (Note A, p. 10) 3,305,582
276,000 Nanto Bank 1,964,413
664,000 Oita Bank (Note A, p. 10) 3,389,024
4,462,000 Sakura Bank 33,429,481
703,000 San-in Godo Bank Ltd. 5,510,498
2,000,000 Sumitomo Bank Ltd. 16,275,238
2,328,000 Toho Bank (Note A, p. 10) 10,573,890
Beverage & Tobacco
162,000 Hokkaido Coca-Cola Bottling Co., Ltd. 2,154,336
513,000 Kinki Coca-Cola Bottling Co., Ltd. 9,368,328
(Note A, p. 10)
263,000 Shikoku Coca-Cola Bottling Co., 3,694,512
Ltd. (Note A, p. 10)
Broadcasting & Publishing
507,000 Asatsu Inc. (Note A, p. 10) 16,523,319
Business & Public Services
803,000 Kokuyo Co., Ltd. 14,010,011
327,000 Toppan Printing Co., Ltd. 4,103,577
Chemicals
534,000 Kansai Paint Co., Ltd. (Note A, p. 10) 1,500,281
Construction & Housing
776,000 Daito Trust Construction Co., Ltd. 11,482,300
1,789,000 Sekisui House Ltd. (Note A, p. 10) 20,138,397
Cosmetics & Toiletries
1,284,000 Lion Corp. (Note A, p. 10) 5,098,483
Electrical & Electronics
150,000 Futaba Corp. 7,866,642
3,437,000 Hitachi Ltd. 37,981,457
430,000 Mitsubishi Electric Corp. 2,448,399
3,256,000 Sharp Corp. 52,020,379
830,000 Taiyo Yuden Co., Ltd. 27,360,929
Energy Sources
1,136,000 General Sekiyu Group (Note A, p. 10) 3,340,551
Financial Services
1,178,000 Daiwa Securities Co., Ltd.
(Note A, p. 10) 10,701,068
Food & Household Products
603,000 Ezaki Glico Co., Ltd. 3,439,099
Health & Personal Care
2,242,000 Chugai Pharmaceutical Co., Ltd. 26,980,427
(Note A, p. 10)
1,285,000 Daiichi Pharmaceutical Co., Ltd. 19,471,156
504,000 Kissei Pharmaceutical Co., Ltd. 10,973,965
Insurance (Non-Life)
2,010,000 Chiyoda Fire & Marine (Note A, p. 10) 7,943,623
2,548,000 Dai-Tokyo Fire & Marine (Note A, p. 10) 9,306,237
1,213,000 Koa Fire & Marine 4,191,768
1,504,000 Nippon Fire & Marine 4,986,102
Machinery & Engineering
1,659,000 Makita Corp. 18,643,941
3,615,000 Mitsubishi Heavy Industries Ltd. 13,880,409
329,000 Sintokogio 828,816
Merchandising
828,000 Aoki International Co., Ltd. 3,667,765
(Note A, p. 10)
574,400 Aoyama Trading Co., Ltd. 19,365,424
1,471,000 Canon Sales Co., Inc. (Note A, p. 10) 23,116,108
397,000 Deodeo Corp. 5,205,095
447,000 Laox Co., Ltd. 4,479,210
Metal-Steel
1,920,000 Kurimoto Ltd. (Note A, p. 10) 5,124,555
1,117,000 Maruichi Steel Tube Ltd. (Note A, p. 10) 14,749,673
12,659,000 Nisshin Steel Co., Ltd. 17,071,512
1,038,000 Tokyo Steel Manufacturing Co., Ltd. 4,471,624
197,000 Toyo Seikan Kaisha Ltd. 4,243,304
394,000 Yamato Kogyo Co., Ltd. 2,224,967
2,459,000 Yodogawa Steel Works Ltd. 11,399,185
(Note A, p. 10)
8 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Miscellaneous Materials
1,000,000 Ricoh Co., Ltd. (Note A, p. 10) $ 17,325,342
1,038,000 Yamamura Glass Co., Ltd. 2,507,998
(Note A, p. 10)
Multi-Industry
3,553,000 Itochu Corp. (Note A, p. 10) 11,679,182
6,354,000 Marubeni Corp. 16,423,525
1,800,000 Mitsubishi Corp. 14,834,239
1,915,000 Sumitomo Corp. 14,042,377
Real Estate
2,442,000 Daiwa Kosho Lease Co., Ltd. 11,434,726
(Note A, p. 10)
401,000 TOC Co. 3,071,905
Textiles/Apparel
939,000 Tokyo Style Co., Ltd. (Note A, p. 10) 10,288,725
Transportation-Road & Rail
1,588,000 Seino Transportation Co., Ltd. 10,707,623
(Note A, p. 10)
Transportation-Shipping
2,835,000 Mitsui O.S.K. Lines Ltd. (Note A, p. 10) 5,283,433
Utilities-Electric, Gas & Water
385,000 Chugoku Electric Power Co., Inc. 6,093,370
(Note A, p. 10)
431,000 Hokkaido Electric Power Co., Inc. 6,397,593
(Note A, p. 10)
1,448,000 Kyushu Electric Power Co., Inc. 22,103,765
(Note A, p. 10)
115,000 Shikoku Electric Power Co., Inc. 1,835,175
(Note A, p. 10)
141,000 Tohoku Electric Power Co., Inc. 2,191,983
(Note A, p. 10)
--------------
Total Japanese Stocks
(Cost $692,878,084) 803,781,487
--------------
- --------------------------------------------------------------------------------
NORWAY: 1.93%
- --------------------------------------------------------------------------------
Banking
524,400 Christiania Bank OG (Note A, p. 10) 2,816,116
558,800 Sparebanken 12,227,018
Energy Sources
567,900 Norsk Hydro A.S.A. 24,045,853
Paper & Forest Products
206,800 Norske Skogindustrier A.S.A. 8,302,434
--------------
Total Norwegian Stocks
(Cost $38,948,209) 47,391,421
--------------
- --------------------------------------------------------------------------------
SINGAPORE: 1.17%
- --------------------------------------------------------------------------------
Banking
1,347,102 Overseas Union Bank Ltd. 5,982,718
512,000 United Overseas Bank Ltd. 3,885,176
(Note A, p. 10)
Electrical & Electronics
468,000 Creative Technology Ltd. 4,972,500
Machinery & Engineering
4,545,750 Keppel Fels Energy 3,449,422
Multi-Industry
2,075,000 Natsteel Ltd. 3,661,765
Real Estate
1,301,000 Keppel Land Ltd. 1,614,771
2,316,000 Singapore Land Ltd. 5,095,200
--------------
Total Singapore Stocks
(Cost $32,139,831) 28,661,552
--------------
- --------------------------------------------------------------------------------
SPAIN: 5.24%
- --------------------------------------------------------------------------------
Banking
1,990,800 Argentaria S.A. 43,764,275
Construction & Housing
261,300 Grupo Dragados S.A. 3,002,790
Energy Sources
1,096,400 Repsol S.A. (Note A, p. 10) 21,454,211
Metal-Steel
210,000 Aceralia Corparacion Siderurgica S.A. 2,681,404
(Note A, p. 10)
Telecommunications
10,000 Telefonica Publicidad e 231,431
Informacion S.A. (Note B, p. 10)
Utilities-Electric, Gas & Water
2,150,000 Iberdrola S.A. 31,844,870
1,732,400 Union Electrica Fenosa S.A. 25,972,930
--------------
Total Spanish Stocks
(Cost $126,881,321) 128,951,911
--------------
- --------------------------------------------------------------------------------
SWEDEN: 0.21%
- --------------------------------------------------------------------------------
Appliances & Household Durables
212,900 Electrolux AB (Class A) 3,975,796
Real Estate
97,000 Tornet Fastighets AB 1,219,456
--------------
Total Swedish Stocks
(Cost $5,579,696) 5,195,252
--------------
- --------------------------------------------------------------------------------
UNITED KINGDOM: 10.95%
- --------------------------------------------------------------------------------
Automobiles
1,774,600 Lex Service plc 16,652,679
Broadcasting & Publishing
2,153,232 Trinity Mirror plc 19,744,893
Conglomerates
637,700 Powell Duffryn plc 5,112,745
Construction & Housing
1,241,260 Carillion plc (Note B, p. 10) 2,550,678
386,700 Fairview Holdings plc 897,640
1,981,200 George Wimpey plc 4,109,677
1,241,260 Tarmac plc 8,909,596
Schedule of Investments -- Stock Portfolios 9
<PAGE>
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
Energy Sources
1,600,000 Lasmo plc $ 3,629,760
1,983,700 Shell Transport & Trading Co., plc 14,761,252
(Note A, below)
Food & Household Products
4,252,400 Hazlewood Foods plc 8,085,835
355,500 Terranova Foods plc 877,889
832,300 United Biscuits plc 2,507,493
Health & Personal Care
7,853,400 Smith & Nephew plc 24,823,769
Insurance
1,767,900 CGU plc 27,183,998
3,085,636 Royal & Sun Alliance Insurance 24,535,821
Group plc
464,452 Sun Life & Provincial Holdings plc 3,631,978
Machinery & Engineering
634,350 Invensys plc 3,080,773
Merchandising
1,946,300 Somerfield plc 4,197,492
Metal-Steel
3,887,098 British Steel plc (Note A, below) 9,854,963
Multi-Industry
900,000 Tomkins plc 3,763,440
Paper & Forest Products
2,200,000 Arjo Wiggins Appleton plc 7,171,279
Real Estate
1,998,185 MEPC plc 14,638,766
Textiles/Apparel
861,800 Courtaulds Textiles 2,014,668
Utilities-Electric, Gas & Water
1,962,900 Anglian Water plc 23,363,895
658,100 Hyder plc 5,872,188
1,304,200 Pennon Group plc 22,158,107
470,000 United Utilities plc 5,130,033
--------------
Total United Kingdom Stocks
(Cost $281,952,106) 269,261,307
--------------
Total Equities
(Cost $2,289,351,525) 2,382,937,862
--------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 1.87%
- --------------------------------------------------------------------------------
45,876,000 State Street Bank & Trust Co., 45,876,000
Repurchase Agreement,
Dated 09/30/1999, 5.00%,
maturing 10/01/1999 for $45,882,372,
collateral 31,785,000 principal
amount U.S. Treasury Bond,
11.25%, 02/15/2015,
value $46,798,454
--------------
Total Repurchase Agreement
(Cost $45,876,000) 45,876,000
--------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $2,335,227,525) 98.77% $2,428,813,862
(Note E, below)
Cash and Other Assets, Less Liabilities 1.23 30,309,220
(Note F, below) ------ --------------
Net Assets (Equivalent to $20.11
per share based on 122,254,873
shares of capital stock outstanding) 100.00% $2,459,123,082
====== ==============
- -------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- -------------------------------------------------------------------------------
440 British Pound FT-SE $44,647,694 $ (576,923)
December 1999
--------------
Total Long Stock Index Futures Contracts $ (576,923)
--------------
- -------------------------------------------------------------------------------
FOREIGN CURRENCIES
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
2,357,074 Australian Dollar $ 1,538,580
8,029,080 British Pound 13,218,269
12,469,205 Canadian Dollar 8,486,493
15,965,038 Euro 16,987,587
1,707,514 Hong Kong Dollar 219,817
492,793,077 Japanese Yen 4,615,032
27,744,088 Norwegian Krone 3,581,500
219,247 Singapore Dollar 128,969
12,315,560 Swedish Krona 1,503,181
--------------
Total Foreign Currencies $ 50,279,428
--------------
- --------------------------------------------------------------------------------
(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
Stamm-German Ordinary Share
Vorzug-German Preference Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(D) Fair-valued security (See Note 1A of the Notes to Financial Statements)
(E) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
(F) Includes $2,168,495 (British pounds) U.S. dollar equivalent pledged as
collateral for futures transactions
10 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
(G) Allocation of assets by industry as of September 30, 1999:
Appliances & Household Durables 2.19%
Automobiles 4.85
Banking 16.88
Beverage & Tobacco 0.71
Broadcasting & Publishing 3.96
Building Materials 0.93
Business & Public Services 0.75
Chemicals 2.00
Conglomerates 1.14
Construction & Housing 2.08
Cosmetics & Toiletries 0.21
Electrical & Electronics 7.40
Energy Sources 5.83
Financial Services 0.63
Food & Household Products 0.80
Health & Personal Care 3.79
Insurance 2.72
Insurance (Non-Life) 1.26
Machinery & Engineering 2.65
Merchandising 3.20
Metal-Steel 4.16
Miscellaneous Materials 0.81
Multi-Industry 2.62
Non-Financial 0.55
Paper & Forest Products 1.94
Real Estate 3.49
Telecommunications 4.26
Textiles/Apparel 0.70
Tires & Rubber 1.56
Transportation-Road & Rail 0.44
Transportation-Shipping 0.27
Utilities-Electric, Gas & Water 12.12
Repurchase Agreement 1.87
Cash and Other Assets, Less Liabilities 1.23
------
Total 100.00%
======
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 97.93%
- --------------------------------------------------------------------------------
ARGENTINA: 5.57%
- --------------------------------------------------------------------------------
Banking
361,136 Bansud S.A. (Class B) $ 975,228
(Note A, p. 16)
Beverage & Tobacco
295,082 Nobleza Piccardo S.A.I.C. 649,288
Energy Sources
5,557,440 Astra Cia Argentina de Petroleo S.A. 12,728,638
(Note A, p. 16)
Food & Household Products
650,000 Garovaglio y Zorraquin S.A. 448,574
(Note A, p. 16)
Metal-Steel
3,342,088 Siderca S.A.I.C. 6,351,015
Real Estate
1,325,953 IRSA Inversiones y 3,739,804
Representaciones S.A.
Telecommunications
195,000 Telecom Argentina Stet-France 5,204,062
Telecom S.A. ADR
Utilities-Electric, Gas & Water
2,740,000 Central Costanera S.A. (Class B) 6,522,276
1,943,759 Central Puerto S.A. 3,518,785
--------------
Total Argentine Stocks
(Cost $40,013,386) 40,137,670
--------------
- --------------------------------------------------------------------------------
BRAZIL: 7.58%
- --------------------------------------------------------------------------------
Appliances & Household Durables
69,750,000 Brasmotor S.A. (PFD) 5,649,023
Banking
545,242,478 Banco Bradesco S.A. (PFD) 2,609,780
Financial Services
5,406,000 Itausa Investimentos Itau S.A. 2,928,250
Food & Household Products
173,026,676 Ceval Alimentos S.A. (Note A, p. 16) 253,232
173,026,676 Seara Alimentos S.A. (Note A, p. 16) 35,146
Metal-Steel
67,700,000 Companhia Siderurgica de Tubarao 567,693
(PFD) (Class B) (Note A, p. 16)
4,714,293 Gerdau Metalurgica S.A. 109,263
83,558,114 Gerdau Metalurgica S.A. (PFD) 2,432,760
141,386,156 Gerdau S.A. (PFD) 2,209,159
Miscellaneous Materials
80,000 Companhia Vale do Rio Doce 1,270,833
(Note A, p. 16)
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments -- Stock Portfolios 11
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
85,000 Companhia Vale do Rio Doce (PFD) $ 1,810,677
(Note A, p. 16)
Paper & Forest Products
952,000 Companhia Suzano de Papel e 1,190,000
Celulose (PFD) (Note A, p. 16)
293,663,014 Votorantim Celulose Papel S.A. (PFD) 8,932,250
Telecommunications
450,000,000 Tele Norte Leste Participacoes S.A. 4,992,188
Utilities-Electric, Gas & Water
1,064,000 Centrais Eletricas Brasileiras ADR 9,243,500
106,400 Centrais Geradoras do Sul do 319,200
Brasil S.A. ADR (Note A, p. 16)
180,000,000 Companhia Energetica de Minas 1,706,250
Gerais
220,000,000 Companhia Energetica de Minas 3,322,917
Gerais (PFD)
1,237,700,000 Companhia Paranaense de Energia 5,028,156
--------------
Total Brazilian Stocks
(Cost $57,607,221) 54,610,277
--------------
- --------------------------------------------------------------------------------
CHILE: 2.90%
- --------------------------------------------------------------------------------
Banking
324,500 Banco BHIF S.A. ADR 4,360,469
Beverage & Tobacco
371,000 Compania Cervecerias Unidas S.A. 8,533,000
ADR
Multi-Industry
124,500 Cristalerias de Chile S.A. ADR 1,711,875
60,000 Quinenco S.A. ADR 607,500
Utilities-Electric, Gas & Water
374,959 Gener S.A. ADR 5,718,125
--------------
Total Chilean Stocks
(Cost $21,902,575) 20,930,969
--------------
- --------------------------------------------------------------------------------
CHINA: 3.40%
- --------------------------------------------------------------------------------
Appliances & Household Durables
3,700,000 Guangdong Kelon Electrical 3,715,290
Holdings Co., Ltd.
Chemicals
56,100,000 Jilin Chemical Industrial Co., Ltd. 6,427,606
(Note C, p. 16)
13,600,000 Shanghai Petrochemical Co., Ltd. 3,011,367
Energy Sources
12,330,000 Yanzhou Coal Mining Co., Ltd. 4,761,905
Machinery & Engineering
14,102,000 Harbin Power Equipment Co., Ltd. 1,180,023
Utilities-Electric, Gas & Water
433,000 Huaneng Power International Inc., 5,385,437
Ltd. ADR
--------------
Total Chinese Stocks
(Cost $27,782,841) 24,481,628
--------------
- --------------------------------------------------------------------------------
GREECE: 7.93%
- --------------------------------------------------------------------------------
Banking
266,500 Commercial Bank of Greece S.A. 24,592,831
91,950 Commercial Bank of Greece S.A. 8,485,219
(Non-Tradeable Receipts)
(Notes A & D, p. 16)
Metal-Nonferrous
264,890 Aluminum of Greece S.A. 13,980,401
Telecommunications
222,560 Hellenic Telecommunication 5,188,551
Organization S.A.
431,700 Hellenic Telecommunication 4,856,625
Organization S.A. ADR
--------------
Total Greek Stocks
(Cost $31,151,669) 57,103,627
--------------
- --------------------------------------------------------------------------------
HONG KONG: 4.67%
- --------------------------------------------------------------------------------
Banking
980,000 Dao Heng Bank Group Ltd. 4,478,688
Beverage & Tobacco
5,700,000 Vitasoy International Holdings Ltd. 1,742,749
Multi-Industry
4,660,000 Jardine Strategic Holdings Ltd. 9,506,400
Real Estate
9,797,000 Amoy Properties Ltd. 8,891,573
2,216,000 Hang Lung Development Co., Ltd. 2,510,434
Utilities-Electric, Gas & Water
1,390,000 CLP Holdings Ltd. 6,531,366
--------------
Total Hong Kong Stocks
(Cost $36,107,921) 33,661,210
--------------
- --------------------------------------------------------------------------------
INDIA: 5.45%
- --------------------------------------------------------------------------------
Chemicals
1,035,700 Indo Gulf Fertilisers & Chemicals 1,664,964
Corp., Ltd.
2,135,700 Indo Gulf Fertilisers & Chemicals 3,433,294
Corp., Ltd.
730,000 Indo Gulf Fertilisers & Chemcials 1,277,500
Corp., Ltd. GDR (Note A, p. 16)
285,000 Indo Gulf Fertilisers & Chemicals 498,750
Corp., Ltd. GDR, Rule 144A
1,254,900 Southern Petrochemical Industries 617,730
Corp., Ltd.
1,049,000 Southern Petrochemical Industries 4,117,325
Corp., Ltd. GDS
Financial Services
1,859,150 Industrial Credit & Investment 3,733,233
Corp. of India Ltd.
17,000 Industrial Credit & Investment 201,875
Corp. of India Ltd. GDR
153,000 Industrial Credit & Investment 1,816,875
Corp. of India Ltd. GDR, Rule 144A
12 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Health & Personal Care
518,000 Cheminor Drugs Ltd. $ 6,961,943
Machinery & Engineering
572,200 Ashok Leyland Ltd. 1,632,887
310,000 Ashok Leyland Ltd. GDR 2,534,250
825,000 Tata Engineering & Locomotive 5,111,876
Co., Ltd.
Utilities-Electric, Gas & Water
1,342,000 BSES Ltd. 5,651,337
--------------
Total Indian Stocks
(Cost $33,331,638) 39,253,839
--------------
- --------------------------------------------------------------------------------
INDONESIA: 3.02%
- --------------------------------------------------------------------------------
Chemicals
29,596,000 PT Indorama Synthetics (Note A, p. 16) 4,977,105
Food & Household Products
12,290,500 PT Sinar Mas Agro Resources & 5,240,994
Technology Corp. (Note A, p. 16)
Paper & Forest Products
656,500 Asia Pulp & Paper Co., Ltd. ADR 3,856,938
(Note A, p. 16)
Retail
50,000,000 PT Matahari Putra Prima Tbk 4,354,354
(Note A, p. 16)
Telecommunications
2,430,500 PT Indosat 3,269,862
5,500 PT Indosat ADR 74,250
--------------
Total Indonesian Stocks
(Cost $32,219,756) 21,773,503
--------------
- --------------------------------------------------------------------------------
ISRAEL: 5.51%
- --------------------------------------------------------------------------------
Banking
3,500,000 Bank Leumi Le-Israel 6,090,725
5,203,338 Israel Discount Bank (Note A, p. 16) 5,384,314
Electrical & Electronics
195,000 Tecnomatix Technologies Ltd. 3,461,250
(Note A, p. 16)
Health & Personal Care
272,900 Elscint Ltd. (Note A, p. 16) 2,149,087
Machinery & Engineering
556,991 Israel Electric Wire & Cable 1,822,766
(Note A, p. 16)
Multi-Industry
1,999,527 Israel Land Development 12,003,421
(Note C, p. 16)
8,500 Israel Land Development ADR 153,085
(Note C, p. 16)
54,500 Koor Industries Ltd. ADR 950,344
43,000 PEC Israel Economic Corp. 1,496,937
(Note A, p. 16)
Telecommunications
1,420,000 Bezeq The Israeli Telecommunication 5,071,547
Corp., Ltd. (Note A, p. 16)
Textiles/Apparel
100,000 Delta-Galil Industries Ltd. 1,149,237
--------------
Total Israeli Stocks
(Cost $32,165,209) 39,732,713
--------------
- --------------------------------------------------------------------------------
MALAYSIA: 5.19%
- --------------------------------------------------------------------------------
Automobiles
3,220,560 Oriental Holdings Berhad 6,356,368
Building Materials
3,560,500 Cement Industries of Malaysia 2,717,224
Berhad
Construction & Housing
2,000,000 YTL Corp. Berhad 3,210,526
Financial Services
3,467,000 Commerce Asset Holding Berhad 6,158,487
Leisure
4,602,000 Berjaya Land Berhad 2,046,679
Mining
6,881,800 Malaysia Mining Corp. Berhad 2,788,940
Miscellaneous Materials
6,210,000 Golden Hope Plantations Berhad 4,281,632
1,822,000 Kuala Lumpur Kepong Berhad 2,205,579
Utilities-Electric, Gas & Water
1,858,000 Malakoff Berhad 4,229,395
4,137,600 YTL Power International Berhad 3,418,964
--------------
Total Malaysian Stocks
(Cost $39,061,630) 37,413,794
--------------
- --------------------------------------------------------------------------------
MEXICO: 7.43%
- --------------------------------------------------------------------------------
Beverage & Tobacco
290,000 Panamerican Beverages Inc. 4,803,125
Chemicals
4,562,200 Cydsa S.A. 5,679,573
Financial Services
150,000 Grupo Financiero Banamex S.A. de 224,599
C.V. (Class B) (Note A, p. 16)
552,000 Grupo Financiero Banamex S.A. de 993,010
C.V. (NVP) (Note A, p. 16)
1,450,000 Grupo Financiero Banorte S.A. de 1,504,278
C.V. (Note A, p. 16)
Food & Household Products
494,000 Grupo Minsa S.A. de C.V. ADR 1,294,972
(Note A, p. 16)
Merchandising
10,140,000 Controladora Comercial Mexicana 8,806,075
S.A. de C.V.
102,250 Controladora Comercial Mexicana 1,789,375
S.A. de C.V. GDR
Metal-Nonferrous
1,150,144 Grupo Mexico S.A. (NVP) 4,711,285
Metal-Steel
2,292,000 Hylsamex S.A. (Note A, p. 16) 6,594,096
Schedule of Investments -- Stock Portfolios 13
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Paper & Forest Products
100,000 Grupo Industrial Durango S.A. ADR $ 762,500
(Note A, p. 16)
Telecommunications
165,000 Telefonos de Mexico S.A. 587,647
221,325 Telefonos de Mexico S.A. ADR 15,769,406
--------------
Total Mexican Stocks
(Cost $58,957,018) 53,519,941
--------------
- --------------------------------------------------------------------------------
PHILIPPINES: 4.68%
- --------------------------------------------------------------------------------
Banking
6,665,940 Equitable PCI Bank 13,853,420
Food & Household Products
22,069,500 Universal Robina Corp. 2,859,862
Multi-Industry
74,880,000 JG Summit Holding Inc. (Note B, p. 16) 5,767,041
Real Estate
57,108,500 Robinson's Land Corp. - Series 'B' 3,769,999
(Note C, p. 16)
Transportation-Shipping
43,030,000 William Gothong & Aboitiz 1,472,909
(Note A, p. 16)
Utilities-Electric, Gas & Water
6,877,920 First Philippine Holding Corp. 5,969,832
(Class B)
--------------
Total Philippine Stocks
(Cost $38,051,724) 33,693,063
--------------
- --------------------------------------------------------------------------------
PORTUGAL: 7.07%
- --------------------------------------------------------------------------------
Banking
175,000 Banco Espirito Santo S.A. 4,388,937
(Note A, p. 16)
200,450 Banco Pinto & Sotto Mayor S.A. 3,967,170
(Note A, p. 16)
Beverage & Tobacco
305,776 UNICER-Uniao Cervejeira S.A. 5,775,154
Insurance
867,883 Companhia de Seguros Imperio S.A. 6,445,823
Paper & Forest Products
797,000 Portucel Industrial-Empresa 5,834,566
Produtora de Celulose S.A.
Utilities-Electric, Gas & Water
1,553,429 Electricidade de Portugal S.A. 24,496,351
--------------
Total Portuguese Stocks
(Cost $57,816,844) 50,908,001
--------------
- --------------------------------------------------------------------------------
SINGAPORE: 3.56%
- --------------------------------------------------------------------------------
Automobiles
6,740,000 Tan Chong International Ltd. 1,292,833
Banking
1,130,580 Overseas Union Bank Ltd. 5,021,105
560,000 United Overseas Bank Ltd. 4,249,412
Electrical & Electronics
300,000 Creative Technology Ltd. 3,187,500
Machinery & Engineering
2,750,000 Keppel Fels Energy 2,086,765
Multi-Industry
1,254,000 Keppel Corp. Ltd. 3,658,730
Real Estate
2,500,000 Keppel Land Ltd. 3,102,941
1,400,000 Singapore Land Ltd. 3,080,000
--------------
Total Singapore Stocks
(Cost $18,845,395) 25,679,286
--------------
- --------------------------------------------------------------------------------
SOUTH AFRICA: 6.30%
- --------------------------------------------------------------------------------
Automobiles
873,500 Toyota South Africa Ltd. 2,357,468
Banking
1,591,946 ABSA Group Ltd. 6,232,525
Chemicals
2,204,300 AECI Ltd. 7,271,160
Food & Household Products
515,000 Tongaat-Hulett Group Ltd. 2,981,466
Insurance
3,780,000 Sanlam Ltd. (Note A, p. 16) 4,124,781
Metal-Steel
20,082,662 S.A. Iron & Steel Industrial 7,762,062
Corp., Ltd.
Mining
83,424 AngloGold Ltd. 5,253,523
263,900 De Beers Consolidated Mines Ltd. 7,254,227
Paper & Forest Products
220,000 Sappi Ltd. (Note A, p. 16) 2,144,107
--------------
Total South African Stocks
(Cost $58,335,146) 45,381,319
--------------
- --------------------------------------------------------------------------------
SOUTH KOREA: 4.35%
- --------------------------------------------------------------------------------
Banking
671,940 Kyung Nam Bank (Note A, p. 16) 1,739,919
100,000 Shinhan Bank 928,894
Beverage & Tobacco
100,865 Hite Brewery Co., Ltd. (Note A, p. 16) 3,341,438
Chemicals
409,848 Hyosung T&C Co., Ltd. (Note A, p. 16) 6,973,986
Energy Sources
35,000 Ssangyong Oil Refining Co., Ltd. 699,137
Metal-Steel
55,000 Pohang Iron & Steel Co., Ltd. 6,171,393
Telecommunications
21,715 Korea Telecom Corp. ADR 776,311
(Note A, p. 16)
Utilities-Electric, Gas & Water
84,000 Korea Electric Power Corp. 2,762,022
60,000 Seoul City Gas Co., Ltd. 1,706,535
14 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Shares Description Market Value
- -------------------------------------------------------------------------------
Wholesale & International Trade
424,431 Samsung Corp. (Note A, p. 16) $ 6,210,335
--------------
Total South Korean Stocks
(Cost $18,997,348) 31,309,970
--------------
- --------------------------------------------------------------------------------
TAIWAN: 3.51%
- --------------------------------------------------------------------------------
Appliances & Household Durables
174,786 Teco Electric & Machinery Ltd. GDR 1,437,619
Building Materials
1,878,000 Taiwan Glass Industrial Corp. 1,508,315
Chemicals
416,124 Far Eastern Textile 591,092
15,789,405 Shinkong Synthetic Fibers Corp. 6,042,245
(Note A, p. 16)
Electrical & Electronics
1,437,500 Acer Inc. (Note A, p. 16) 2,603,347
Financial Services
3,721,472 China Bills Finance Corp. 1,394,819
(Note A, p. 16)
315,266 Chung Hsing Bills Finance Corp. 127,596
(Note A, p. 16)
2,018,940 International Bills Finance Corp. 833,012
(Note A, p. 16)
Food & Household Products
4,273,360 Great Wall Enterprises Co. 1,480,534
Metal-Steel
2,409,566 China Steel Corp. 1,958,009
322,341 China Steel Corp. GDS 6,398,469
Real Estate
3,685,500 Pacific Construction (Note A, p. 16) 934,434
--------------
Total Taiwanese Stocks
(Cost $28,072,141) 25,309,491
--------------
- --------------------------------------------------------------------------------
THAILAND: 3.20%
- --------------------------------------------------------------------------------
Banking
4,295,000 Bangkok Bank Public Co., Ltd. 8,442,131
(Foreign) (Note A, p. 16)
2,979,500 Thai Farmers Bank Public Co., 3,510,215
Ltd. (Foreign) (Note A, p. 16)
Building Materials
4,471,400 Thai-German Ceramic Industry 1,091,784
Public Co., Ltd. (Foreign)
(Notes A & C, p. 16)
Food & Household Products
1,552,300 Saha Pathana Inter-Holding Ltd. 1,895,129
(Foreign)
Insurance
374,100 Ayudhya Insurance Public Co., Ltd. 1,032,189
(Foreign)
444,000 Bangkok Insurance Public Co., Ltd. 1,951,410
(Foreign)
Telecommunications
14,440,100 Jasmine International Public Co., Ltd. 5,112,476
(Foreign) (Note A, p. 16)
--------------
Total Thai Stocks
(Cost $39,644,930) 23,035,334
--------------
- --------------------------------------------------------------------------------
TURKEY: 6.61%
- --------------------------------------------------------------------------------
Aerospace & Defense
55,500,000 Aselsan Askeri Elektronik Sanayi Ve 1,894,547
Ticaret A.S.
Appliances & Household Durables
376,000,000 Arcelik A.S. 12,020,200
Automobiles
126,000,000 Ford Otomotiv Sanayi A.S. 1,747,762
(Note A, p. 16)
Banking
1,103,732,051 Yapi ve Kredi Bankasi A.S. 15,070,790
642,985,640 Yapi ve Kredi Bankasi A.S. 8,779,578
(Non-Tradeable Receipts) (Note A, p. 16)
Building Materials
113,516,662 Baticim Bati Anadolu Cimento 2,583,335
Sanayii A.S.
Chemicals
201,896,000 Sasa Sun'i Ve Sentetik Elyaf 4,157,030
Multi-Industry
204,000 Haci Omer Sabanci Holding A.S. 1,351,500
ADR
--------------
Total Turkish Stocks
(Cost $35,875,043) 47,604,742
--------------
Total Equities
(Cost $705,939,435) 705,540,377
--------------
- --------------------------------------------------------------------------------
RIGHTS (Notes A & D, p. 16): 0.28%
- --------------------------------------------------------------------------------
BRAZIL--Metal-Steel
77 Gerdau Metalurgica S.A. (PFD) 0
(Expiration 10/01/1999)
SOUTH KOREA--Multi-Industry
263,315 Daewoo Corp. 0
(Expiration 10/22/1999)
THAILAND--Banking
2,979,500 Thai Farmers Bank Public Co., Ltd. 2,055,204
(Foreign) (Expiration 10/15/1999)
--------------
Total Rights
(Cost $1,783,357) 2,055,204
--------------
- --------------------------------------------------------------------------------
WARRANTS (Note A, p. 16): 0.46%
- --------------------------------------------------------------------------------
MALAYSIA--Construction & Housing
87,500 Bolton Properties Berhad 37,763
(Expiration 09/15/2001)
500,000 YTL Corp. Berhad 85,526
(Expiration 10/15/2009) (Note D, p. 16)
Schedule of Investments -- Stock Portfolios 15
<PAGE>
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
THAILAND--Telecommunications
14,440,100 Jasmine International Public Co., $ 3,173,261
Ltd. (Foreign) (Expiration 08/02/2004)
--------------
Total Warrants (Cost $123,277) 3,296,550
--------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.65%
- --------------------------------------------------------------------------------
3,944,000 State Street Bank & Trust Co., 3,944,000
Repurchase Agreement,
Dated 09/30/1999, 5.00%, maturing 10/01/1999
for $3,944,548, collateral 2,735,000 principal
amount U.S. Treasury Bond, 11.25%,
02/15/2015, value $4,026,861
715,000 State Street Bank & Trust Co., 715,000
Repurchase Agreement,
Dated 09/30/1999, 5.00%,
maturing 10/01/1999 for $715,099,
collateral 715,000 principal
amount U.S. Treasury Note,
5.75%, 10/31/2000, value $732,875
--------------
Total Repurchase Agreements
(Cost $4,659,000) 4,659,000
--------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $712,505,069) 99.32% $ 715,551,131
(Note E, below)
Cash and Other Assets, Less Liabilities 0.68 4,892,418
------- --------------
Net Assets (Equivalent to $17.67
per share based on 40,782,667
shares of capital stock outstanding) 100.00% $ 720,443,549
======= ==============
- -------------------------------------------------------------------------------
FOREIGN CURRENCIES
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
220,811 Argentine Peso $ 220,847
510,479 Brazilian Real 265,875
16,659 Euro 17,726
438,924,398 Greek Drachma 1,421,203
555,693 Hong Kong Dollar 71,537
29,192,561 Indian Rupee 669,938
18,432,127 Indonesian Rupiah 2,214
5 Israeli Shekel 1
269,503 Malaysian Ringgit 70,922
112,872 Mexican Peso 12,072
27,420,503 New Taiwan Dollar 863,638
95,663,428 Philippine Peso 2,338,960
450,930 Singapore Dollar 265,253
1,777,727 South African Rand 296,164
95 South Korean Won 0
15,526,773 Thai Baht 379,118
46,812,687,929 Turkish Lira 101,460
--------------
Total Foreign Currencies $ 6,996,928
==============
- --------------------------------------------------------------------------------
(A) Non-income-producing security
(B) Explanation of abbreviations:
ADR-American Depository Receipts
PFD-Preference Share
GDR-Global Depository Receipts
GDS-Global Depository Share
NVP-Non-Voting Preference Share
(C) Affiliated company (see Note 3B of the Notes to Financial Statements)
(D) Fair-valued security (see Note 1A of the Notes to Financial Statements)
(E) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
(F) Allocation of assets by industry as of September 30, 1999:
Aerospace & Defense 0.26%
Appliances & Household Durables 3.17
Automobiles 1.63
Banking 18.77
Beverage & Tobacco 3.45
Building Materials 1.10
Chemicals 7.88
Construction & Housing 0.46
Electrical & Electronics 1.29
Energy Sources 2.52
Financial Services 2.76
Food & Household Products 2.29
Health & Personal Care 1.26
Insurance 1.88
Leisure 0.28
Machinery & Engineering 2.00
Merchandising 1.47
Metal-Nonferrous 2.60
Metal-Steel 5.63
Mining 2.12
Miscellaneous Materials 1.33
Multi-Industry 5.16
Paper & Forest Products 3.15
Real Estate 3.62
Retail 0.60
Telecommunications 7.51
Textiles/Apparel 0.16
Transportation-Shipping 0.20
Utilities-Electric, Gas & Water 13.26
Wholesale & International Trade 0.86
Repurchase Agreement 0.65
Cash and Other Assets, Less Liabilities 0.68
--------------
Total 100.00%
==============
See Notes to Financial Statements.
16 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1999
Schedule of Investments
Taxable Bond
Portfolios
----------------------------
----------------------------
----------------------------
----------------------------
----------------------------
Intermediate Duration
----------------------------
Short Duration Plus
----------------------------
Government Short Duration
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Intermediate Duration Portfolio, Bernstein Short
Duration Plus Portfolio and Bernstein Government Short Duration Portfolio (three
of the twelve portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter
referred to as the "Fund") at September 30, 1999, the results of each of their
operations for the year then ended, the changes in each of their net assets for
each of the two years in the period then ended and the financial highlights for
each of the five years in the period then ended, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 15, 1999
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 124.30%
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 26.16%
- -------------------------------------------------------------------------------
Commercial Paper: 2.02%
20,000,000 Cargill Inc., $ 20,000,000
Discount rate 5.55%, 10/01/1999
33,951,000 Ford Motor Credit Co., 33,951,000
Discount rate 5.56%, 10/01/1999
--------------
Total Commercial Paper (Cost $53,951,000) 53,951,000
--------------
U.S. Government Agencies: 24.14%
69,105,000 Federal Home Loan Bank 68,693,017
Consolidated Discount Notes,
Discount rate 5.19%, 11/12/1999
(Note A, p. 8)
203,726,000 Federal Home Loan Mortgage Corp. 202,406,874
Discount Notes, Discount rate
5.18%, 11/15/1999 (Note B, p. 8)
191,450,000 Federal National Mortgage 190,127,712
Association Discount Notes,
Discount rate 5.20%, 11/18/1999
(Note C, p. 8)
95,115,000 Federal National Mortgage 92,896,918
Association Discount Notes,
Discount rate 5.46%, 03/03/2000
(Note D, p. 8)
29,590,000 Federal National Mortgage 28,792,550
Association Discount Notes,
Discount rate 5.47%, 03/27/2000
64,370,000 Federal Home Loan Bank 62,657,758
Consolidated Discount Notes,
Discount rate 5.44%, 03/29/2000
--------------
Total U.S. Government Agencies
(Cost $645,518,786) 645,574,829
--------------
Total Short-Term Investments
(Cost $699,469,786) 699,525,829
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITIES: 6.92%
- -------------------------------------------------------------------------------
121,420,266 3.625%, 07/15/2002 120,661,389
(Note E, p. 8)
12,051,347 3.375%, 01/15/2007 11,512,809
(Note F, p. 8)
54,754,442 3.625%, 01/15/2008 52,992,033
(Note G, p. 8)
--------------
Total U.S. Treasury Inflation Protection
Securities (Cost $185,900,994) 185,166,231
--------------
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
AGENCY INFLATION PROTECTION SECURITY: 0.75%
- -------------------------------------------------------------------------------
21,661,915 Tennessee Valley Authority Bonds, $ 20,046,526
3.375%, 01/15/2007
--------------
Total Agency Inflation Protection Security
(Cost $20,879,042) 20,046,526
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY BONDS: 0.39%
- -------------------------------------------------------------------------------
3,435,000 7.50%, 11/15/2016 3,805,226
6,550,000 6.125%, 08/15/2029 6,616,944
--------------
Total U.S. Treasury Bonds (Cost $10,324,826) 10,422,170
--------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 5.75%
- -------------------------------------------------------------------------------
7,427,326 Federal National Mortgage 6,720,454
Association Remic Trust Series
1997-67 GA, 4.00%, 02/25/2009
6,658,825 Federal National Mortgage 6,464,639
Association Remic Trust Series
1994-20 Z, 6.50%, 02/25/2009
13,620,000 Federal National Mortgage 13,112,042
Association Remic Trust Series
1999-41 PD, 6.50%, 08/25/2013
(Note H, p. 8)
850,819 Federal National Mortgage 796,938
Association Remic Trust Series
1999-41 Z, 6.50%, 08/25/2014
(Note H, p. 8)
8,795,000 Green Tree Financial Corp. Series 8,110,881
1999-1 Class A5, 6.11%, 09/01/2023
27,895,000 Federal Home Loan Mortgage Corp. 25,662,482
Series 1584 L, 6.50%, 09/15/2023
4,974,000 Federal Home Loan Mortgage Corp. 4,660,475
Series 1650 K, 6.50%, 01/15/2024
527,156 G.E. Capital Mortgage Services, Inc. 527,327
Series 1994-11-CA Class A1,
6.50%, 03/25/2024
724,009 Prudential Home Mortgage 728,806
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
4,465,746 Government National Mortgage 4,564,884
Association Series 1995-4 CQ,
8.00%, 06/20/2025
7,305,000 Federal Home Loan Mortgage Corp. 6,810,999
Remic Trust Series 2066 PD,
6.25%, 12/15/2026
11,803,000 Federal Home Loan Mortgage Corp. 10,801,786
Series 2097 PX, 6.00%, 10/15/2027
26,595,000 Government National Mortgage 26,443,576
Association Series 1999-29 PB,
7.25%, 07/16/2028
544,148 Federal Home Loan Mortgage Corp. 528,831
Series 2136 ZM, 6.50%, 08/15/2028
12,982,000 Federal Home Loan Mortgage Corp. 12,162,663
Series 2086 PJ, 6.50%, 09/15/2028
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,211,280 Federal Home Loan Mortgage Corp. $ 3,065,379
Series 2176 OJ, 7.00%, 08/15/2029
(Note H, p. 8)
8,010,000 Federal Home Loan Mortgage Corp. 7,815,769
Series 2178 PB, 7.00%, 08/15/2029
8,150,000 Green Tree Financial Corp. Series 7,304,438
1998-4 Class A7, 6.87%, 04/01/2030
8,500,000 Green Tree Financial Corp. Series 7,449,970
1998-6 Class A8, 6.66%, 06/01/2030
(Note H, p. 8)
--------------
Total Mortgage Derivatives (Cost $161,028,855) 153,732,339
--------------
- -------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 14.11%
- -------------------------------------------------------------------------------
10,020,474 EMAC Owner Trust Series 1998-1 9,825,546
Class A1, Rule 144A,
6.11%, 07/15/2003 (Note H, p. 8)
1,992,729 Allied Capital Commercial Mortgage 1,966,764
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 09/25/2003
(Note H, p. 8)
5,000,000 Beverly Finance Corp., Rule 144A, 5,132,889
8.36%, 07/15/2004
11,636,775 TVO Southwest Mortgage 12,053,325
Series 1994-MF1 Class A1,
Rule 144A, 9.37%, 11/18/2004
(Note H, p. 8)
9,315,000 Morgan Stanley Capital I Series 9,185,596
1997-LB1 Class A2, Rule 144A,
6.86%, 07/15/2005 (Note H, p. 8)
9,152,571 Chase Commercial Mortgage 9,394,153
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
7,900,000 DLJ Mortgage Acceptance Corp. 8,011,311
Series 1996-CF1 Class A2,
7.669%, 02/12/2006 (Note H, p. 8)
9,530,472 Chase Commercial Mortgage 9,501,738
Securities Corp. Series 1996-2
Class A2, 6.90%, 09/19/2006
9,035,000 Credit Suisse First Boston Mortgage 8,743,486
Securities Corp. Series 1997-C2
Class A2, 6.52%, 07/17/2007
11,300,000 CTFS Funding Corp. Series 1997-1 10,968,435
Class A2, Rule 144A,
6.716%, 12/19/2007 (Note H, p. 8)
17,150,000 Deutsche Mortgage & Asset 16,062,930
Receiving Corp. Series 1998-C1
Class B, 6.664%, 02/15/2008
(Note H, p. 8)
11,705,000 GMAC Commercial Mortgage Security 11,311,068
Inc. Series 1998-C1 Class C,
6.806%, 04/15/2008
13,130,000 Credit Suisse First Boston 12,475,273
Mortgage Securities Corp.
Series 1998-C2 Class A2,
6.30%, 11/15/2008
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
5,345,000 First Union-Chase Commercial $ 5,170,299
Mortgage Securities Corp.
Series 1999-C2 Class A2,
6.65%, 04/15/2009
11,770,000 LB Commercial Conduit Mortgage 11,502,762
Trust Series 1999-C1 Class A2,
6.78%, 04/15/2009
4,750,000 DLJ Mortgage Acceptance Corp. 4,809,731
Series 1999-CG2 Class A1B,
7.30%, 06/10/2009
8,675,000 GMAC Commercial Mortgage Security 8,570,917
Inc. Series 1999-C3 Class B,
7.54%, 08/15/2009 (Note H, p. 8)
9,180,000 Meristar Commercial Mortgage Trust 9,140,535
Series 1999-C1 Class A1, Rule 144A,
7.28%, 09/03/2009 (Note H, p. 8)
12,000,000 Fairfax Funding Trust Series 11,313,060
1998-1A Class A, Rule 144A,
6.483%, 04/02/2013 (Note H, p. 8)
8,690 Federal National Mortgage 9,832
Association DUS Pool #303305,
12.00%, 05/01/2016
2,460,000 RMF Commercial Series 1997-1 2,400,087
Class A2, Rule 144A,
6.715%, 01/15/2019
2,713,534 FMAC Loan Receivables Trust 2,650,007
Series 1998-A Class A1,
6.20%, 09/15/2020 (Note H, p. 8)
4,670,882 FMAC Loan Receivables Trust 4,429,537
Series 1998-A Class A2,
6.50%, 09/15/2020 (Note H, p. 8)
3,260,000 FMAC Loan Receivables Trust 3,052,596
Series 1998-A Class A3,
6.69%, 09/15/2020 (Note H, p. 8)
12,122,025 Peachtree Franchise Loan LLC 11,782,487
Series 1999-A Class A1, Rule 144A,
6.68%, 01/15/2021 (Note H, p. 8)
3,483,000 Peachtree Franchise Loan LLC 3,406,116
Series 1999-A Class B, Rule 144A,
7.55%, 01/15/2021 (Note H, p. 8)
1,238,492 Asset Securitization Corp. 1,252,654
Series 1996-D3 Class A1A,
7.01%, 10/13/2026
10,015,000 Merrill Lynch Mortgage Investors 8,963,775
Inc. Series 1998-C1 Class B,
6.75%, 11/15/2026 (Note H, p. 8)
7,002,288 J.P. Morgan Commercial Mortgage 6,905,084
Finance Corp. Series 1996-C2
Class A, 6.47%, 11/25/2027
3,741,790 RMF Commercial Series 1995-1 3,725,191
Class A2, 7.10%, 11/28/2027
(Note H, p. 8)
11,500,000 DLJ Mortgage Acceptance Corp. 11,292,770
Series 1995-CF2 Class A1B,
Rule 144A, 6.85%, 12/17/2027
(Note H, p. 8)
2 Sanford C. Bernstein Fund, Inc.--1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
26,275,000 Greenpoint Manufactured Housing $ 24,001,634
Series 1999-3 Class 1A7,
7.27%, 06/15/2029 (Note H, p. 8)
3,395,954 Asset Securitization Corp. Series 3,445,178
1997-MD7 Class A1A,
7.32%, 01/13/2030
16,239,000 J.P. Morgan Commercial Mortgage 15,531,061
Finance Corp. Series 1998-C6
Class B, 6.735%, 01/15/2030
13,605,000 Nomura Asset Securities Corp. 12,711,219
Series 1998-D6 Class A2,
6.769%, 03/15/2030
12,445,000 Morgan Stanley Capital I 12,119,377
Series 1998-XL1 Class A2,
6.45%, 06/03/2030
9,914,782 Morgan Stanley Capital I 9,805,373
Series 1997-XL1 Class A1,
6.59%, 10/03/2030
17,465,000 Goldman Sachs Mortgage Securities 16,786,223
Corp. II Series 1998 Class A2,
6.562%, 04/13/2031
15,415,000 Lehman Brothers Large Loan 15,300,389
Series 1997-LLI Class A2,
6.84%, 10/12/2034
10,453,089 Credit Suisse First Boston 10,348,506
Mortgage Securities Corp.
Series 1997-C2 Class A1,
6.40%, 01/17/2035
20,270,000 Morgan Stanley Capital I 19,079,239
Series 1998-XL2 Class A2,
6.17%, 10/03/2035
3,147,910 First Union Lehman Brothers-Bank 3,074,768
of America Series 1998-C2 Class A1,
6.28%, 11/18/2035
--------------
Total Commercial Mortgage-Backed Securities
(Cost $393,064,396) 377,212,921
--------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 28.16%
- -------------------------------------------------------------------------------
37,795,000 Federal National Mortgage 37,298,752
Association Pool TBA,
6.50%, 10/25/2006 (Note I, p. 8)
28,560,000 Federal National Mortgage 28,542,007
Association Pool TBA,
7.00%, 10/19/2014 (Note I, p. 8)
79,855,000 Federal National Mortgage 79,680,277
Association Pool TBA,
7.00%, 11/18/2014 (Note I, p. 8)
2,721,064 Government National Mortgage 2,925,633
Association Pool #267832,
9.50%, 11/15/2017
2,198,275 Government National Mortgage 2,362,135
Association Pool #780118,
9.50%, 08/15/2021
2,943,095 Government National Mortgage 3,162,474
Association Pool #780049,
9.50%, 11/15/2021
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,750,978 Government National Mortgage $ 2,956,035
Association Pool #780254,
9.50%, 11/15/2021
2,119,766 Government National Mortgage 2,277,456
Association Pool #780012,
9.50%, 10/15/2024
80 Federal Home Loan Mortgage Corp. 83
Pool #C80297, 8.50%, 05/01/2025
38,345 Government National Mortgage 39,954
Association Pool #442121,
8.50%, 11/15/2026
54,452 Government National Mortgage 53,523
Association Pool #780651,
7.00%, 10/15/2027
19,265,000 Federal National Mortgage 17,964,516
Association Pool TBA,
6.00%, 10/14/2029 (Note I, p. 8)
9,865,000 Federal National Mortgage 9,464,185
Association Pool TBA,
6.50%, 10/14/2029 (Note I, p. 8)
65,855,000 Federal Home Loan Mortgage Corp. 66,204,492
Gold Pool TBA,
7.50%, 10/14/2029 (Note I, p. 8)
29,340,000 Federal National Mortgage 29,440,695
Association Pool TBA,
7.50%, 10/14/2029 (Note I, p. 8)
48,960,000 Federal National Mortgage 49,984,831
Association Pool TBA,
8.00%, 10/14/2029 (Note I, p. 8)
87,810,000 Government National Mortgage 88,111,364
Association Pool TBA,
7.50%, 10/21/2029 (Note I, p. 8)
4,900,000 Government National Mortgage 5,010,225
Association Pool TBA,
8.00%, 10/21/2029 (Note I, p. 8)
201,540,000 Federal National Mortgage 187,810,088
Association Pool TBA,
6.00%, 11/15/2029 (Note I, p. 8)
50,585,000 Federal National Mortgage 50,695,680
Association Pool TBA,
7.50%, 11/15/2029 (Note I, p. 8)
36,155,000 Federal National Mortgage 36,855,503
Association Pool TBA,
8.00%, 11/15/2029 (Note I, p. 8)
50,490,000 Federal National Mortgage 52,339,701
Association Pool TBA,
8.50%, 12/13/2029 (Note I, p. 8)
--------------
Total Mortgage Pass-Throughs
(Cost $749,723,165) 753,179,609
--------------
- -------------------------------------------------------------------------------
FINANCE: 6.11%
- -------------------------------------------------------------------------------
5,725,000 Lehman Brothers Inc. Medium-Term 5,725,361
Notes, 6.84%, 10/07/1999
15,390,000 Heller Financial Inc. Medium-Term 15,201,226
Notes, 5.48%, 02/05/2001
(Note J, p. 8)
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
15,115,000 Transamerica Finance Corp. $ 14,943,097
Medium-Term Notes,
5.48%, 02/05/2001 (Notes H & K, p. 8)
10,560,000 Case Credit Corp. Medium-Term 10,485,550
Notes, 6.12%, 08/01/2001
(Note L, p. 8)
5,000,000 Textron Financial Corp., Rule 144A, 4,887,330
5.84%, 02/19/2003
14,500,000 Wells Fargo & Co. Senior Notes, 14,384,352
6.625%, 07/15/2004
16,300,000 MBNA America Bank North America 16,138,215
Bank Notes, 6.875%, 07/15/2004
(Note M, p. 8)
14,355,000 Bank One Corp. Notes, 14,059,726
6.875%, 08/01/2006 (Note N, p. 8)
17,215,000 Bankamerica Corp. Senior Notes, 15,711,879
5.875%, 02/15/2009 (Note O, p. 8)
10,210,000 Development Bank of Singapore Ltd. 10,372,365
Subordinated Notes, Rule 144A,
7.875%, 08/10/2009
6,340,000 Transamerica Capital II, Rule 144A, 5,909,832
7.65%, 12/01/2026
11,645,000 AON Capital Trust A, 11,661,539
8.205%, 01/01/2027 (Note P, p. 8)
7,000,000 Citigroup Capital III, 6,586,558
7.625%, 12/01/2036
13,595,000 Associates Corp. of North America 13,778,768
Notes, 5.96%, 05/15/2037, Putable
Annually 05/15/2000-05/15/2036 @100
(Note Q, p. 8)
3,795,000 Transamerica Capital III, Rule 144A, 3,495,714
7.625%, 11/15/2037
--------------
Total Finance (Cost $167,746,985) 163,341,512
--------------
- -------------------------------------------------------------------------------
INDUSTRIAL: 17.71%
- -------------------------------------------------------------------------------
7,140,000 Boise Cascade Corp., 7,245,019
9.90%, 03/15/2000
9,450,000 Owens Corning Medium-Term Notes, 9,494,347
7.00%, 05/15/2000
8,255,000 B.A.T. Crave Trust Series 8,287,232
1997-800, Rule 144A,
6.68%, 08/12/2000
10,500,000 Rite Aid Corp., Rule 144A, 9,712,500
5.50%, 12/15/2000 (Note R, p. 8)
11,380,000 TTX Co. Medium-Term Notes, 11,179,746
5.75%, 03/23/2001 (Notes H & S, p. 8)
1,760,000 International Paper Co., 1,764,931
7.00%, 06/01/2001
13,060,000 Philip Morris Inc., 13,202,349
7.25%, 09/15/2001 (Note T, p. 8)
3,212,000 Boise Cascade Corp., 3,400,409
9.85%, 06/15/2002
12,335,000 Jones Apparel Group Inc., 12,279,136
Rule 144A, 7.875%, 06/15/2006
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,315,000 Williams Communications Group Inc. $ 2,315,000
Senior Notes, 10.70%, 10/01/2007
(Note I, p. 8)
3,640,000 Standard Pacific Corp. Senior 3,185,000
Notes Series A, 8.00%, 02/15/2008,
Callable 02/15/2003 @104
11,000,000 Republic of Korea, Global Bond, 11,421,395
U.S. Dollar Denominated,
8.875%, 04/15/2008
6,575,000 Temple-Inland Inc. Medium-Term 6,191,002
Notes, 6.75%, 03/01/2009
13,555,000 Qantas Airways Ltd., Rule 144A, 13,516,189
7.75%, 06/15/2009
4,480,000 Noble Drilling Corp. Senior Notes, 4,376,892
7.50%, 03/15/2019
3,775,000 Quebec Province, Canada, Yankee 3,782,691
Bond, 7.50%, 07/15/2023
8,660,000 Quebec Province, Canada, Yankee 8,316,563
Bond, 7.125%, 02/09/2024
3,995,000 Champion International Corp., 3,837,635
6.40%, 02/15/2026,
Putable 02/15/2006 @100
7,740,000 Ford Motor Co., 7,685,410
7.50%, 08/01/2026
7,095,000 Champion International Corp. 7,083,132
Debentures, 7.20%, 11/01/2026,
Putable 11/01/2011 @100
5,000,000 Coca-Cola Enterprises Inc., 4,638,000
6.95%, 11/15/2026
16,000,000 Dayton Hudson Corp., 15,986,043
5.865%, 08/15/2027, Putable
Annually 08/15/2000-08/15/2026 @100
(Note U, p. 8)
11,180,000 TRW Inc. Senior Notes, 9,410,209
6.65%, 01/15/2028 (Note V, p. 8)
7,925,000 Ingersoll Rand Medium-Term Notes, 7,868,883
6.015%, 02/15/2028, Putable
Annually 02/15/2001-02/15/2027 @100
3,680,000 Baxter International Inc. 3,222,259
Debentures, 6.625%, 02/15/2028
4,760,000 Lowe's Companies Inc. Debentures, 4,349,813
6.875%, 02/15/2028
10,000,000 General Motors Corp., 9,045,631
6.75%, 05/01/2028
3,720,000 Tyco International Group S.A., 3,423,924
7.00%, 06/15/2028
9,540,000 U.S. West Capital Funding Inc. 8,404,621
Debentures, 6.875%, 07/15/2028
20,460,000 Monsanto Co. Debentures, 17,815,089
Rule 144A, 6.60%, 12/01/2028
12,665,000 State of Israel, Yankee Bond, 10,988,302
7.25%, 12/15/2028
24,255,000 Tyco International Group S.A., 21,911,029
6.875%, 01/15/2029 (Note W, p. 8)
13,820,000 Norsk Hydro A/S Debentures, 12,522,744
Yankee Bond, 7.15%, 01/15/2029
(Note X, p. 8)
4 Sanford C. Bernstein Fund, Inc.--1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
9,845,000 Burlington Resources Inc. $ 9,353,224
Debentures, 7.375%, 03/01/2029
5,245,000 Burlington North Santa Fe Pacific, 4,700,857
6.75%, 03/15/2029
8,290,000 Anadarko Petroleum Corp. 7,647,541
Debentures, 7.20%, 03/15/2029
14,325,000 Archer Daniels Midland Co. Senior 12,811,148
Debentures, 6.625%, 05/01/2029
5,000,000 Murphy Oil Corp. Senior Notes, 4,594,775
7.05%, 05/01/2029
12,850,000 Rohm & Haas Co. Debentures, 13,117,158
Rule 144A, 7.85%, 07/15/2029
9,550,000 Albertson's Inc. Debentures, 9,458,228
7.45%, 08/01/2029
2,760,000 Masco Corp. Debentures, 2,752,416
7.75%, 08/01/2029
6,600,000 Lilly Del Mar Inc., Floating Rate Note, 6,598,910
Rule 144A, 6.57%, 08/05/2029,
Callable 08/05/2004 @100
14,660,000 Amerada Hess Corp., 14,513,400
7.875%, 10/01/2029
5,550,000 Royal & Sun Alliance Insurance 5,504,007
Group plc Subordinated Notes,
Rule 144A, 8.95%, 10/15/2029
2,935,000 New Jersey Bell Telephone Co. 3,028,046
Debentures, 7.85%, 11/15/2029,
Putable 11/15/1999 @100
6,045,000 Ford Motor Co., 6,927,764
8.90%, 01/15/2032
17,295,000 Merck & Co. Medium-Term Notes 17,307,669
Series B, 5.76%, 05/03/2037, Putable
Annually 05/03/2000-05/03/2036 @100
(Note Y, p. 8)
14,125,000 Cargill Inc. Medium-Term Notes, 14,154,975
Rule 144A, 5.95%, 05/15/2037, Putable
Annually 05/15/2000-05/15/2036 @100
(Note Z, p. 8)
5,155,000 Xerox Corp. Medium-Term Notes, 5,158,815
5.875%, 06/15/2037, Putable
Annually 06/15/2000-06/15/2036 @100
(Note AA, p. 8)
10,075,000 Dayton Hudson Corp., 10,077,023
5.895%, 06/15/2037, Putable
Annually 06/15/2000-06/15/2036 @100
(Note BB, p. 8)
17,790,000 Xerox Corp. Medium-Term Notes, 17,724,773
5.545%, 07/22/2037, Putable
Annually 07/22/2000-07/22/2036 @100
(Note CC, p. 8)
12,500,000 American General Institutional 11,489,587
Capital Series A, Rule 144A,
7.57%, 12/01/2045 (Note DD, p. 8)
4,425,000 American General Institutional 4,333,478
Capital Series B, Rule 144A,
8.125%, 03/15/2046 (Note EE, p. 8)
5,945,000 International Business Machines 5,647,145
Corp., 7.125%, 12/01/2096
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
4,330,000 Ford Motor Co., $ 4,284,949
7.70%, 05/15/2097
5,240,000 Noble Affiliates Inc. Debentures, 4,500,514
7.25%, 08/01/2097
--------------
Total Industrial (Cost $490,456,683) 473,549,527
--------------
- -------------------------------------------------------------------------------
UTILITIES: 0.82%
- -------------------------------------------------------------------------------
8,310,000 Commonwealth Edison Co., 8,317,255
9.05%, 10/15/1999
7,290,000 Cinergy Corp. Debentures, 6,951,015
6.125%, 04/15/2004
7,600,000 Hyder plc, Rule 144A, 6,659,751
U.S. Dollar Denominated Notes,
7.375%, 12/15/2028 (Note H, p. 8)
--------------
Total Utilities (Cost $23,156,504) 21,928,021
--------------
- -------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 3.39%
- -------------------------------------------------------------------------------
12,045,000 Long Island Power Authority, New 12,042,952
York Electric Systems Revenue,
5.94%, 12/01/1999 (Note FF, p. 8)
12,000,000 New York City General Obligation 12,058,200
Series B, 6.85%, 08/15/2000
33,245,000 Florida Residential Property & 33,534,052
Casualty Series A, Rule 144A,
7.25%, 07/01/2002
6,450,000 California Maritime Infrastructure 5,997,533
Authority, 6.63%, 11/01/2009
8,685,000 Florida Windstorm Underwriting 8,168,729
Secured Notes, Rule 144A,
7.125%, 02/25/2019
10,850,000 Portland, Oregon Airport Revenue, 10,743,236
Adjustable Rate Note,
5.76%, 07/01/2028
2,575,000 Edinburg, Texas Industrial 2,516,187
Development Corp. Lease Revenue,
8.18%, 11/01/2028
6,460,000 Alameda Corridor Transportation 5,707,539
Authority, Taxable Senior Lien
Series C, 6.60%, 10/01/2029
--------------
Total Taxable Municipals (Cost $92,642,433) 90,768,428
--------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 3.59%
- -------------------------------------------------------------------------------
4,002,643 Felco Funding II Series 1998-1 4,000,365
Class A1, Rule 144A, 5.97%, 10/15/2000
(Note H, p. 8)
17,399,000 Felco Funding II Auto Lease-Backed 17,353,710
Notes Series 1998-1 Class A2,
Rule 144A, 5.98%, 09/15/2001
(Note H, p. 8)
7,550,000 Health Care Receivables, 7,476,546
Securitization Program Notes
Series 1998-1A Class A, Rule 144A,
6.22%, 06/01/2002 (Note H, p. 8)
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,270,000 The Money Store Auto Trust $ 3,274,365
Series 1996-2, 6.435%, 06/20/2003
343,635 Newcourt Receivables Asset Trust 342,754
Series 1996-2, Asset-Backed Notes
Class A, 6.87%, 06/20/2004
1,219,875 Copelco Capital Funding Corp. II, 1,232,817
Class A Lease-Backed Notes
Series 1996-A, 6.34%, 07/20/2004
825,037 Copelco Capital Funding Corp. II, 826,105
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
6,447,838 Capital Asset Research Funding, 6,428,334
Rule 144A, 6.40%, 12/15/2004
(Note H, p. 8)
411,732 Newcourt Receivables Asset Trust 410,672
Series 1996-3, Asset-Backed Notes
Class A, 6.24%, 12/20/2004
11,325,000 Newcourt Receivables Asset Trust 11,319,960
Series 1997-1, Asset-Backed Notes
Class A4, 6.193%, 05/20/2005
4,221,927 New York City Tax Lien Trust 4,216,890
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note H, p. 8)
278,383 New York City Tax Lien Trust 277,800
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note H, p. 8)
3,083,829 ABFS Equipment Contract Trust 3,085,207
Series 1998-A Class A,
6.10%, 10/15/2005 (Note H, p. 8)
618,743 Green Tree Financial Corp. Series 610,089
1996-A Class A2, 5.70%, 02/15/2018
11,592,123 Green Tree Recreational Equipment 11,504,313
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
12,340,000 Green Tree Financial Corp. 11,709,735
Series 1999-1 Class A4,
5.76%, 03/01/2030
13,045,000 Green Tree Financial Corp. 12,044,018
Series 1999-2 Class A4,
6.48%, 12/01/2030 (Note H, p. 8)
--------------
Total Asset-Backed Securities (Cost $97,963,230) 96,113,680
--------------
- -------------------------------------------------------------------------------
HIGH YIELD: 7.85%
- -------------------------------------------------------------------------------
460,000 Advanta Corp. Medium-Term Notes, 455,546
6.574%, 01/27/2000
6,415,000 Meditrust Notes, 6,302,553
7.375%, 07/15/2000
1,000,000 Century Communications Corp., 1,003,750
9.50%, 08/15/2000
7,115,000 Medpartners Inc. Senior 6,777,037
Subordinated Notes,
6.875%, 09/01/2000
3,135,000 Revlon Worldwide, 1,810,463
0.00%, 03/15/2001
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
3,155,000 Fleming Companies Inc. Senior $ 3,218,100
Notes, 10.625%, 12/15/2001,
Callable 12/15/1999 @103
9,645,000 Omega Healthcare Investors Inc., 9,124,621
6.95%, 06/15/2002
6,200,000 Adelphia Communications, 6,262,000
9.25%, 10/01/2002
4,915,000 Interpool Inc., 4,523,329
6.625%, 03/01/2003
4,305,000 Century Communications Corp., 3,045,788
0.00%, 03/15/2003
6,390,000 Healthsouth Corp., 4,968,225
3.25%, 04/01/2003,
Callable 04/05/2001 @101.30
2,200,000 US Air Inc., 2,181,234
9.625%, 09/01/2003
6,965,000 Veritas DGC Inc., Rule 144A, 7,092,613
9.75%, 10/15/2003,
Callable 10/15/2000 @104.87
(Note H, p. 8)
3,505,000 Allied Waste North America Inc. 3,224,600
Series B, 7.375%, 01/01/2004
1,712,515 America West Airlines, 1,717,671
10.50%, 01/02/2004 (Note H, p. 8)
3,490,000 Verio Inc. Senior Notes, 3,847,725
13.50%, 06/15/2004,
Callable 06/15/2002 @106.75
4,830,000 Labranche & Co. Senior Notes, 4,830,000
Rule 144A, 9.50%, 08/15/2004
4,920,000 Kaufman & Broad Home Corp. 4,624,800
Senior Notes, 7.75%, 10/15/2004
4,035,000 Unisys Corp., 11.75%, 10/15/2004, 4,509,112
Callable 10/15/2001 @103.92
3,210,000 Tenet Healthcare Corp. 3,054,885
Senior Notes, 8.00%, 01/15/2005
3,330,000 Packaged Ice Inc. Senior Notes 2,938,725
Series B, 9.75%, 02/01/2005,
Callable 02/01/2002 @104.87
2,835,000 NVR Inc. Senior Notes, 2,565,675
8.00%, 06/01/2005,
Callable 06/01/2003 @104
1,000,000 Westpoint Stevens Inc., 940,000
7.875%, 06/15/2005
6,105,000 Jones International Networks Ltd., 5,555,550
11.75%, 07/01/2005,
Callable 07/01/2003 @105.87
2,385,000 Continental Airlines Inc., 2,182,275
8.00%, 12/15/2005
3,725,000 Worldwide Fibre Inc. Senior Notes, 3,790,188
Rule 144A, 12.50%, 12/15/2005,
Callable 12/15/2003 @106.25
2,120,000 Allied Waste North America Inc. 1,908,000
Series B, 7.625%, 01/01/2006
3,770,000 Federal-Mogul Co., 3,480,235
7.375%, 01/15/2006
6 Sanford C. Bernstein Fund, Inc.--1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
4,965,000 Chesapeake Energy Corp. Senior $ 4,592,625
Notes, 9.125%, 04/15/2006,
Callable 04/15/2001 @104.56
3,700,000 Alestra S.A. Senior Notes, 3,496,500
Rule 144A, 12.125%, 05/15/2006
5,040,000 Generac Portable Products Senior 5,317,200
Subordinated Notes,
11.25%, 07/01/2006,
Callable 07/01/2002 @107.63
750,000 Consumers Packaging Inc. Senior 678,750
Notes, 9.75%, 02/01/2007,
Callable 02/01/2003 @104.87
6,885,000 Lyondell Chemical Co. Senior 6,833,362
Secured Notes Series B,
9.875%, 05/01/2007,
Callable 05/01/2004 @104.94
1,925,000 RCN Corp. Senior Discount Notes, 1,260,875
0.00%, 10/15/2007
3,150,000 Interface Inc. Senior Notes, 2,948,020
7.30%, 04/01/2008
2,840,000 Pool Energy Services Co. Senior 2,797,400
Subordinated Notes,
8.625%, 04/01/2008
400,000 Beazer Homes USA Senior Notes, 358,000
8.875%, 04/01/2008,
Callable 04/01/2003 @104.44
1,092,816 Continental Airlines Inc., 1,153,976
11.50%, 04/02/2008
2,360,000 P&L Coal Holdings Corp., 2,265,600
9.625%, 05/15/2008,
Callable 05/15/2003 @104.81
1,495,000 Tenet Healthcare Corp. Senior 1,352,983
Notes, Rule 144A,
7.625%, 06/01/2008
1,090,000 United Rentals Inc., Rule 144A, 1,073,650
9.50%, 06/01/2008
3,880,000 Hadco Corp., 3,695,700
9.50%, 06/15/2008
4,610,000 United Rentals Inc. 4,379,500
Senior Subordinated Notes,
8.80%, 08/15/2008
5,645,000 Cogentrix Energy Inc. 5,553,269
Senior Notes, Rule 144A,
8.75%, 10/15/2008
6,350,000 Agrilink Foods Inc. Senior 6,000,750
Subordinated Notes, Rule 144A,
11.875%, 11/01/2008
4,340,000 ICN Pharmaceutical Inc. Senior 3,998,225
Notes, Rule 144A, 8.75%, 11/15/2008
7,450,000 Level 3 Communications Inc. 4,218,563
Senior Discount Notes, Rule 144A,
0.00%, 12/01/2008,
Callable 12/01/2003 @105.25
6,500,000 Primark Corp. Senior Subordinated 6,248,125
Notes, 9.25%, 12/15/2008,
Callable 12/15/2003 @104.63
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
5,220,000 D.R. Horton Inc., $ 4,776,300
8.00%, 02/01/2009
3,800,000 IT Group Inc. Senior Subordinated 3,610,000
Notes, Rule 144A,
11.25%, 04/01/2009,
Callable 04/01/2004 @106.63
1,290,000 K. Hovnanian Enterprises Inc. 1,212,600
Senior Notes, 9.125%, 05/01/2009,
Callable 05/01/2004 @104.56
3,290,000 Grove Holdings LLC Senior Discount 2,039,800
Development Notes, Rule 144A,
9.25%, 05/01/2009
3,405,000 Atrium Companies Inc. Senior 3,268,800
Subordinated Notes Series B,
10.50%, 05/01/2009,
Callable 05/01/2004 @105.25
6,605,000 Grove Holdings LLC Senior Discount 1,981,500
Development Notes, Rule 144A,
11.625%, 05/01/2009
3,765,000 Pride International Inc. Senior 3,859,125
Notes, 10.00%, 06/01/2009,
Callable 06/01/2004 @105
5,975,000 Sequa Corp. Senior Notes, 5,855,500
9.00%, 08/01/2009
1,775,000 PSINET Inc. Senior Notes, 1,757,250
Rule 144A, 11.00%, 08/01/2009,
Callable 08/01/2004 @105.50
3,000,000 Worldwide Fibre Inc. Senior Notes, 2,940,000
Rule 144A, 12.00%, 08/01/2009,
Callable 08/01/2004 @106
5,525,000 Monterrey Power, Rule 144A, 4,558,125
9.625%, 11/15/2009
--------------
Total High Yield (Cost $221,637,591) 210,016,773
--------------
- -------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 2.59%
- -------------------------------------------------------------------------------
9,455,000 CP Limited Partnership Senior 9,544,932
Notes, 8.75%, 03/02/2000
7,745,000 First Industrial LP, 7,702,643
6.50%, 04/05/2001
10,545,000 Trinet Corp. Realty Trust, 9,647,272
6.75%, 03/01/2003
12,865,000 ERP Operating LP, 12,636,721
7.10%, 06/23/2004
12,735,000 Security Capital Group Inc., 11,894,124
6.95%, 06/15/2005
11,965,000 Ace Ina Holdings Inc. Senior Notes, 12,130,950
8.30%, 08/15/2006
6,455,000 EOP Operating LP, Rule 144A, 5,712,139
7.25%, 02/15/2018
--------------
Total Real Estate Investment Trusts
(Cost $71,649,094) 69,268,781
--------------
Total U.S. Dollar Investments
(Cost $3,385,643,584) 3,324,272,347
--------------
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 2.35%
- -------------------------------------------------------------------------------
CANADA FINANCE-CANADIAN DOLLAR
DENOMINATED: 0.24%
- -------------------------------------------------------------------------------
C$ 9,371,000
Newcourt Credit Group Inc., $ 6,448,024
7.90%, 08/15/2000
--------------
Total Canada Finance-Canadian Dollar
Denominated (Cost $6,354,269) 6,448,024
--------------
- -------------------------------------------------------------------------------
CANADA INDUSTRIAL-CANADIAN DOLLAR
DENOMINATED: 0.25%
- -------------------------------------------------------------------------------
C$ 9,945,000
Trizec Hahn Corp., 6,572,648
6.00%, 09/03/2002
--------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $6,387,433) 6,572,648
--------------
- -------------------------------------------------------------------------------
GERMANY GOVERNMENT-EURO DENOMINATED: 0.95%
- -------------------------------------------------------------------------------
EU 22,875,198
Deutschland Republic, 25,520,847
6.25%, 01/04/2024
--------------
Total Germany Government-Euro Denominated
(Cost $32,499,904) 25,520,847
--------------
- -------------------------------------------------------------------------------
ITALY FINANCE-ITALIAN LIRA DENOMINATED: 0.75%
- -------------------------------------------------------------------------------
IL 36,345,000,000
SCCR Ltd., Floating Rate Note, 19,965,475
2.71%, 05/15/2000
(Note H, below)
--------------
Total Italy Finance-Italian Lira Denominated
(Cost $20,745,221) 19,965,475
--------------
- -------------------------------------------------------------------------------
UNITED KINGDOM FINANCE-BRITISH POUND
DENOMINATED: 0.16%
- -------------------------------------------------------------------------------
BP 2,625,000
General Motors Acceptance Corp., 4,319,375
Floating Rate Note,
5.62%, 09/25/2002 (Note H, below)
--------------
Total United Kingdom Finance-British Pound
Denominated (Cost $4,409,256) 4,319,375
--------------
Total Non-U.S. Dollar Investments
(Cost $70,396,083) 62,826,369
--------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $3,456,039,667) 126.65% $3,387,098,716
(Note GG, below)
Cash and Other Assets, Less Liabilities (26.65) (712,691,190)
------ --------------
Net Assets (Equivalent to $12.67
per share based on 211,115,466
shares of capital stock outstanding) 100.00% $2,674,407,526
====== ==============
- -------------------------------------------------------------------------------
Segregated Collateral for When-Issued Securities:
Note Principal Amount
---- ----------------
(A) $69,105,000
(B) $203,726,000
(C) $191,450,000
(D) $95,115,000
(E) $116,665,000
(F) $11,455,000
(G) $53,070,000
(J) $15,390,000
(K) $15,115,000
(L) $10,560,000
(M) $16,300,000
(N) $14,355,000
(O) $17,215,000
(P) $11,645,000
(Q) $13,595,000
(R) $10,500,000
(S) $11,380,000
(T) $13,060,000
(U) $16,000,000
(V) $11,180,000
(W) $24,255,000
(X) $13,820,000
(Y) $17,295,000
(Z) $14,125,000
(AA) $3,500,000
(BB) $10,075,000
(CC) $17,790,000
(DD) $12,500,000
(EE) $4,425,000
(FF) $12,045,000
(H) Fair-valued security
(I) When-issued security
(GG) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--1999 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration Plus Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 108.52%
- -------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 21.14%
- -------------------------------------------------------------------------------
Commercial Paper: 1.18%
6,539,000 Ford Motor Credit Co., $ 6,539,000
Discount rate 5.56%, 10/01/1999
--------------
Total Commercial Paper (Cost $6,539,000) 6,539,000
--------------
U.S. Government Agencies: 19.96%
10,395,000 Federal Home Loan Bank 10,333,028
Consolidated Discount Notes,
Discount rate 5.19%, 11/12/1999
16,805,000 Federal Home Loan Mortgage Corp. 16,696,188
Discount Notes,
Discount rate 5.18%, 11/15/1999
28,005,000 Federal National Mortgage 27,811,578
Association Discount Notes,
Discount rate 5.20%, 11/18/1999
21,100,000 Federal National Mortgage 20,607,948
Association Discount Notes,
Discount rate 5.46%, 03/03/2000
6,375,000 Federal National Mortgage 6,203,194
Association Discount Notes,
Discount rate 5.47%, 03/27/2000
30,345,000 Federal Home Loan Bank 29,537,822
Consolidated Discount Notes,
Discount rate 5.44%, 03/29/2000
--------------
Total U.S. Government Agencies
(Cost $111,168,348) 111,189,758
--------------
Total Short-Term Investments
(Cost $117,707,348) 117,728,758
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 12.12%
- -------------------------------------------------------------------------------
17,500,000 4.00%, 10/31/2000 17,234,520
27,000,000 6.625%, 03/31/2002 (Note A, p. 14) 27,573,750
4,590,000 6.25%, 08/31/2002 4,651,680
18,000,000 5.875%, 09/30/2002 18,073,134
--------------
Total U.S. Treasury Notes (Cost $67,493,760) 67,533,084
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 7.48%
- -------------------------------------------------------------------------------
41,895,794 3.625%, 07/15/2002 (Note B, p. 14) 41,633,945
--------------
Total U.S. Treasury Inflation Protection
Security (Cost $41,886,598) 41,633,945
--------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 0.33%
- -------------------------------------------------------------------------------
421,959 G.E. Capital Mortgage Services, 421,919
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
244,881 G.E. Capital Mortgage Services, $ 244,961
Inc. Series 1994-11-CA Class A1,
6.50%, 03/25/2024
437,108 Prudential Home Mortgage 440,004
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
750,000 Federal Home Loan Mortgage Corp. 731,813
Series 2178 PB, 7.00%, 08/15/2029
--------------
Total Mortgage Derivatives (Cost $1,829,029) 1,838,697
--------------
- -------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.59%
- -------------------------------------------------------------------------------
493,694 Morgan Stanley Capital Inc. Series 493,055
1997-ALIC Class A1A,
6.30%, 10/15/2000
2,648,888 Prudential Securities Secured 2,631,312
Financing Corp. Series 1998-C1
Class A-1A, 6.105%, 11/15/2002
2,725,000 Morgan Stanley Capital Inc. Series 2,698,881
1997-ALIC Class A1B,
6.44%, 11/15/2002
2,154,680 DLJ Mortgage Acceptance Corp. 2,180,310
Series 1993-MF12 Class A1,
7.35%, 09/18/2003
573,693 Allied Capital Commercial Mortgage 566,218
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 09/25/2003
(Note C, p. 14)
2,516,401 DLJ Mortgage Acceptance Corp. 2,561,052
Series 1994-MF11 Class A1,
8.10%, 06/18/2004 (Note C, p. 14)
2,495,000 Morgan Stanley Capital I Series 2,460,339
1997-LB1 Class A2, Rule 144A,
6.86%, 07/15/2005 (Note C, p. 14)
3,757,411 Chase Commercial Mortgage 3,856,588
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
4,215,000 Morgan Stanley Capital I Series 4,248,366
1996-WFI Class A2, Rule 144A,
7.22%, 01/16/2006 (Note C, p. 14)
3,045,000 Fairfax Funding Trust Series 2,870,689
1998-1A Class A, Rule 144A,
6.483%, 04/02/2013 (Note C, p. 14)
2,412,030 FMAC Loan Receivables Trust 2,355,562
Series 1998-A Class A1,
6.20%, 09/15/2020 (Note C, p. 14)
1,683,201 FDIC Remic Trust Commercial 1,675,231
Mortgage Class 1996-C1,
6.75%, 05/25/2026
2,870,245 Goldman Sachs Mortgage Securities 2,894,163
Corp. II Series 1996-PL Class A1,
7.02%, 02/15/2027
1,008,230 RMF Commercial Series 1995-1 1,003,757
Class A2, 7.10%, 11/28/2027
(Note C, p. 14)
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 9
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
2,538,391 First Union Lehman Brothers $ 2,553,735
Commericial Mortgage
Series 1997-C1 Class A1,
7.15%, 04/18/2029
3,537,533 J.P. Morgan Commercial Mortgage 3,481,304
Finance Corp. Series 1998-C6
Class A1, 6.373%, 01/15/2030
2,703,802 LB Commercial Conduit Mortgage 2,653,227
Trust Series 1998-C1 Class A1,
6.33%, 02/18/2030
4,124,876 Credit Suisse First Boston 3,978,505
Mortgage Securities Corp.
Series 1998-C2 Class A1,
5.96%, 11/17/2030
2,737,279 Credit Suisse First Boston 2,709,892
Mortgage Securities Corp.
Series 1997-C2 Class A1,
6.40%, 01/17/2035
--------------
Total Commercial Mortgage-Backed Securities
(Cost $48,975,778) 47,872,186
--------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 11.60%
- -------------------------------------------------------------------------------
14,000,000 Federal National Mortgage 13,991,180
Association Pool TBA,
7.00%, 10/19/2014 (Note D, p. 14)
3,375,000 Federal National Mortgage 3,367,616
Association Pool TBA,
7.00%, 11/18/2014 (Note D, p. 14)
6,251,200 Government National Mortgage 6,481,556
Association Pool #780772,
8.00%, 12/15/2017
2,485,000 Federal Home Loan Mortgage Corp. 2,385,588
Pool TBA, 6.50%, 10/14/2029
(Note D, p. 14)
15,000,000 Federal National Mortgage 15,313,980
Association Pool TBA,
8.00%, 10/14/2029 (Note D, p. 14)
11,000,000 Government National Mortgage 11,037,752
Association Pool TBA,
7.50%, 10/21/2029 (Note D, p. 14)
6,575,000 Federal Home Loan Mortgage Corp. 6,609,893
Gold Pool TBA,
7.50%, 11/15/2029 (Note D, p. 14)
5,415,000 Federal Home Loan Mortgage Corp. 5,435,306
Pool TBA, 7.50%, 11/15/2029
(Note D, p. 14)
--------------
Total Mortgage Pass-Throughs
(Cost $64,218,521) 64,622,871
--------------
- -------------------------------------------------------------------------------
FINANCE: 15.87%
- -------------------------------------------------------------------------------
5,320,000 Chase Manhattan Corp., 5,327,631
7.75%, 11/01/1999
2,795,000 Associates Corp. of North America 2,808,499
Notes, 8.35%, 12/09/1999
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
5,725,000 Golden West Financial, $ 5,740,137
7.00%, 01/15/2000 (Note E, p. 14)
2,500,000 Paine Webber Group, Inc. 2,514,585
Subordinated Medium-Term Notes,
7.70%, 02/11/2000
5,795,000 Ford Motor Credit Co. Medium-Term 5,796,794
Notes, 5.73%, 02/23/2000
(Note F, p. 14)
4,500,000 Key Bank North America, 4,496,918
5.75%, 04/25/2000
1,500,000 Paine Webber Group, Inc. 1,500,104
Subordinated Medium-Term Notes,
5.963%, 07/20/2000
6,815,000 Case Credit Corp. Medium-Term 6,795,959
Notes, 5.95%, 08/01/2000
(Note G, p. 14)
2,895,000 Lehman Brothers Holdings, Inc. 2,899,919
Senior Subordinated Notes,
6.625%, 11/15/2000
2,775,000 Salomon Inc. Medium-Term Notes, 2,780,916
6.625%, 11/30/2000
3,320,000 Heller Financial Inc. Medium-Term 3,279,277
Notes, 5.48%, 02/05/2001
3,000,000 Boeing Capital Corp. Medium-Term 2,973,141
Notes, 5.56%, 02/05/2001
(Note C, p. 14)
2,470,000 Heller Financial Inc. Medium-Term 2,442,971
Notes, 5.746%, 02/26/2001
(Note C, p. 14)
5,760,000 Transamerica Finance Corp. 5,720,746
Medium-Term Notes,
5.89%, 03/05/2001 (Notes C & H, p. 14)
5,500,000 First USA North America Bank 5,490,067
Notes, 6.125%, 06/25/2001
2,860,000 Boeing Capital Corp. Medium-Term 2,842,969
Notes, 6.35%, 07/26/2001
(Note C, p. 14)
4,150,000 Finovia Capital Corp. Medium-Term 4,061,139
Notes, 5.73%, 09/24/2001
5,800,000 Merrill Lynch & Co., Inc. 5,675,532
Medium-Term Notes,
5.73%, 02/26/2002 (Notes C & I, p. 14)
5,360,000 Household Finance Corp. 5,266,484
Senior Medium-Term Notes,
6.125%, 07/15/2002
4,180,000 Capital One Bank Notes, 4,138,691
6.76%, 07/23/2002
2,935,000 Textron Financial Corp. 2,945,934
Medium-Term Notes, Rule 144A,
7.18%, 10/15/2002
2,900,000 Wells Fargo & Co. Senior Notes, 2,876,870
6.625%, 07/15/2004
--------------
Total Finance (Cost $88,812,338) 88,375,283
--------------
10 Sanford C. Bernstein Fund, Inc.--1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
INDUSTRIAL: 9.46%
- -------------------------------------------------------------------------------
2,875,000 Sears Roebuck Acceptance Corp. $ 2,877,605
Medium-Term Notes,
6.27%, 11/15/1999
3,100,000 Norfolk Southern Corp., 3,115,992
6.70%, 05/01/2000
1,500,000 Owens Corning Medium-Term Notes, 1,507,039
7.00%, 05/15/2000
4,820,000 Whirlpool Corp., 4,930,633
9.50%, 06/15/2000 (Note J, p. 14)
3,600,000 Rite Aid Corp., Rule 144A, 3,330,000
5.50%, 12/15/2000 (Note K, p. 14)
5,500,000 Tyco International Group S.A., 5,454,042
6.125%, 06/15/2001 (Note L, p. 14)
3,730,000 Burlington North Sante Fe Pacific, 3,861,804
8.375%, 11/01/2001
2,620,000 K.N. Energy Inc. Senior Notes, 2,590,838
6.45%, 11/30/2001
4,200,000 TTX Co., 4,148,101
6.29%, 05/15/2002
4,950,000 Apache Corp., 5,208,744
9.25%, 06/01/2002
1,495,000 Interpool Inc., 1,375,865
6.625%, 03/01/2003
1,525,000 Healthsouth Corp., 3.25%, 04/01/2003, 1,185,688
Callable 04/05/2001 @101.30
1,395,000 Williams Communications Group Inc. 1,395,000
Senior Notes, 10.70%, 10/01/2007
(Note D, p. 14)
1,300,000 Republic of Korea, Global Bond, 1,349,801
U.S. Dollar Denominated,
8.875%, 04/15/2008
1,895,000 Champion International Corp., 1,820,355
6.40%, 02/15/2026,
Putable 02/15/2006 @100
5,530,000 Lilly Del Mar Inc., Floating Rate Note, 5,529,087
Rule 144A, 6.57%, 08/05/2029,
Callable 08/05/2004 @100
3,000,000 Merck & Co. Medium-Term Notes 3,002,197
Series B, 5.76%, 05/03/2037, Putable
Annually 05/03/2000-05/03/2036 @100
(Note M, p. 14)
--------------
Total Industrial (Cost $53,612,277) 52,682,791
--------------
- -------------------------------------------------------------------------------
UTILITIES: 1.91%
- -------------------------------------------------------------------------------
2,795,000 Union Oil Co. of California, 2,852,181
7.64%, 04/22/2002
4,590,000 Telecom de Puerto Rico, Rule 144A, 4,507,100
6.15%, 05/15/2002
1,665,000 Cinergy Corp. Debentures, 1,587,578
6.125%, 04/15/2004
1,750,000 Hyder plc, Rule 144A, U.S. Dollar 1,683,974
Denominated Notes,
6.75%, 12/15/2004
--------------
Total Utilities (Cost $10,916,413) 10,630,833
--------------
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
TAXABLE MUNICIPAL: 0.32%
- -------------------------------------------------------------------------------
1,935,000 California Maritime Infrastructure $ 1,799,260
Authority, 6.63%, 11/01/2009
--------------
Total Taxable Municipal (Cost $1,935,000) 1,799,260
--------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 8.02%
- -------------------------------------------------------------------------------
3,801,657 Copelco Capital Funding Corp. 3,803,387
Series 1998-A Class A2,
5.78%, 08/15/2000
4,629,983 Felco Funding II Series 1998-1 4,627,348
Class A1, Rule 144A,
5.97%, 10/15/2000 (Note C, p. 14)
4,185,000 Honda Auto Lease Trust 4,172,006
Series 1999-A Class A4,
6.45%, 09/16/2002 (Note C, p. 14)
224,245 TLFC IV Equipment Lease Trust 224,392
Series 1996-1 Class A,
5.98%, 11/20/2002
7,395,000 Case Equipment Loan Trust 7,376,402
Series 1998-B Class A3,
5.81%, 05/15/2003
1,380,000 The Money Store Auto Trust 1,381,842
Series 1996-2, 6.435%, 06/20/2003
2,900,000 Pemex Finance Ltd., Rule 144A, 2,858,313
6.125%, 11/15/2003
348,604 Newcourt Receivables Asset Trust 347,710
Series 1996-2, Asset-Backed Notes
Class A, 6.87%, 06/20/2004
97,763 Copelco Capital Funding Corp. II, 98,800
Class A Lease-Backed Notes
Series 1996-A, 6.34%, 07/20/2004
310,600 Copelco Capital Funding Corp. II, 311,002
Class B Lease-Backed Notes
Series 1996-A, 6.59%, 07/20/2004
1,831,186 Capital Asset Research Funding, 1,825,647
Rule 144A, 6.40%, 12/15/2004
(Note C, p. 14)
309,792 Newcourt Receivables Asset Trust 308,994
Series 1996-3, Asset-Backed Notes
Class A, 6.24%, 12/20/2004
6,250,000 Newcourt Receivables Asset Trust 6,247,219
Series 1997-1, Asset-Backed Notes
Class A4, 6.193%, 05/20/2005
1,424,419 New York City Tax Lien Trust 1,422,720
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note C, p. 14)
86,276 New York City Tax Lien Trust 86,095
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note C, p. 14)
3,328,930 Green Tree Financial Corp. 3,319,925
Series 1997-1 Class A3,
6.17%, 09/20/2005
783,769 ABFS Equipment Contract Trust 784,119
Series 1998-A Class A,
6.10%, 10/15/2005 (Note C, p. 14)
Schedule of Investments--Taxable Bond Portfolios 11
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,390,506 Capital Asset Research Funding $ 1,382,666
1998-A Tax Lien,
5.905%, 12/15/2005 (Note C, p. 14)
997,803 New York City Tax Lien Trust 990,374
Series 1998-1 Class A, Rule 144A,
5.93%, 07/25/2006 (Note C, p. 14)
1,051,022 Green Tree Financial Corp. 1,035,250
Series 1996-A Class A1,
5.55%, 02/15/2018
2,076,287 Green Tree Recreational Equipment 2,060,558
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
--------------
Total Asset-Backed Securities (Cost $44,792,262) 44,664,769
--------------
- -------------------------------------------------------------------------------
HIGH YIELD: 6.18%
- -------------------------------------------------------------------------------
1,500,000 Advanta Corp. Medium-Term Notes, 1,485,475
6.574%, 01/27/2000
265,000 Century Communications Corp., 265,994
9.50%, 08/15/2000
755,000 Revlon Worldwide, 436,013
0.00%, 03/15/2001
839,000 Fleming Companies Inc. 855,780
Senior Notes, 10.625%, 12/15/2001,
Callable 12/15/1999 @103
1,515,000 Adelphia Communications, 1,530,150
9.25%, 10/01/2002
445,000 Tenet Healthcare Corp. Senior Notes, 432,181
7.875%, 01/15/2003
790,000 Century Communications Corp., 558,925
0.00%, 03/15/2003
820,000 US Air Inc., 813,005
9.625%, 09/01/2003
1,620,000 Veritas DGC Inc., Rule 144A, 1,649,682
9.75%, 10/15/2003,
Callable 10/15/2000 @104.87
(Note C, p. 14)
790,000 Allied Waste North America Inc. 726,800
Series B, 7.375%, 01/01/2004
405,596 America West Airlines, 406,817
10.50%, 01/02/2004
(Note C, p. 14)
860,000 Verio Inc. Senior Notes, 948,150
13.50%, 06/15/2004,
Callable 06/15/2002 @106.75
980,000 Labranche & Co. Senior Notes, 980,000
Rule 144A, 9.50%, 08/15/2004
750,000 Kaufman & Broad Home Corp. 705,000
Senior Notes, 7.75%, 10/15/2004
605,000 Unisys Corp., 676,088
11.75%, 10/15/2004,
Callable 10/15/2001 @103.92
565,000 Tenet Healthcare Corp. Senior 537,698
Notes, 8.00%, 01/15/2005
550,000 Packaged Ice Inc. Senior Notes 485,375
Series B, 9.75%, 02/01/2005,
Callable 02/01/2002 @104.87
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
600,000 NVR Inc. Senior Notes, $ 543,000
8.00%, 06/01/2005,
Callable 06/01/2003 @104
250,000 Westpoint Stevens Inc., 235,000
7.875%, 06/15/2005
745,000 Jones International Networks Ltd., 677,950
11.75%, 07/01/2005,
Callable 07/01/2003 @105.87
715,000 Continental Airlines Inc., 654,225
8.00%, 12/15/2005
615,000 Worldwide Fibre Inc. Senior Notes, 625,763
Rule 144A, 12.50%, 12/15/2005,
Callable 12/15/2003 @106.25
480,000 Allied Waste North America Inc. 432,000
Series B, 7.625%, 01/01/2006
515,000 Federal-Mogul Co., 475,417
7.375%, 01/15/2006
2,170,000 Agco Corp. Senior Subordinated 2,056,075
Notes, 8.50%, 03/15/2006
460,000 Alestra S.A. Senior Notes, 434,700
Rule 144A, 12.125%, 05/15/2006
830,000 Generac Portable Products Senior 875,650
Subordinated Notes,
11.25%, 07/01/2006,
Callable 07/01/2002 @107.63
170,000 Consumers Packaging Inc. 153,850
Senior Notes, 9.75%, 02/01/2007,
Callable 02/01/2003 @104.87
1,460,000 Lyondell Chemical Co. Senior 1,449,050
Secured Notes Series B,
9.875%, 05/01/2007,
Callable 05/01/2004 @104.94
540,000 Standard Pacific Corp. Senior Notes, 472,500
8.00%, 02/15/2008,
Callable 02/15/2003 @104
595,000 Interface Inc. Senior Notes, 556,848
7.30%, 04/01/2008
575,000 Pool Energy Services Co. Senior 566,375
Subordinated Notes,
8.625%, 04/01/2008
605,000 Beazer Homes USA Senior Notes, 541,475
8.875%, 04/01/2008,
Callable 04/01/2003 @104.44
644,370 Continental Airlines Inc., 680,432
11.50%, 04/02/2008
345,000 P&L Coal Holdings Corp., 331,200
9.625%, 05/15/2008,
Callable 05/15/2003 @104.81
410,000 United Rentals Inc., 403,850
9.50%, 06/01/2008
675,000 United Rentals Inc. 641,250
Senior Subordinated Notes,
8.80%, 08/15/2008
800,000 Cogentrix Energy Inc. 787,000
Senior Notes, Rule 144A,
8.75%, 10/15/2008
12 Sanford C. Bernstein Fund, Inc.--1999 Annual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
1,500,000 Agrilink Foods Inc. $ 1,417,500
Senior Subordinated Notes,
Rule 144A, 11.875%, 11/01/2008
850,000 ICN Pharmaceutical Inc. 783,063
Senior Notes, Rule 144A,
8.75%, 11/15/2008
1,135,000 Level 3 Communications Inc. 642,693
Senior Discount Notes, Rule 144A,
0.00%, 12/01/2008,
Callable 12/01/2003 @105.25
875,000 Primark Corp. Senior Subordinated 841,093
Notes, 9.25%, 12/15/2008,
Callable 12/15/2003 @104.63
555,000 IT Group Inc. Senior Subordinated 527,250
Notes, Rule 144A, 11.25%, 04/01/2009,
Callable 04/01/2004 @106.63
650,000 K. Hovnanian Enterprises Inc. 611,000
Senior Notes,
9.125%, 05/01/2009,
Callable 05/01/2004 @104.56
465,000 Pride International Inc. Senior Notes, 476,624
10.00%, 06/01/2009,
Callable 06/01/2004 @105
1,370,000 Sequa Corp. Senior Notes, 1,342,600
9.00%, 08/01/2009
715,000 Worldwide Fibre Inc. Senior Notes, 700,700
Rule 144A, 12.00%, 08/01/2009,
Callable 08/01/2004 @106
--------------
Total High Yield (Cost $35,810,164) 34,429,266
--------------
- -------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 4.49%
- -------------------------------------------------------------------------------
2,365,000 Post Apartment Homes LP, 2,367,496
6.22%, 12/31/1999
2,880,000 CP Limited Partnership 2,907,393
Senior Notes, 8.75%, 03/02/2000
2,860,000 Archstone Communities Trust 2,832,570
Medium-Term Notes,
6.17%, 10/13/2000 (Note C, p. 14)
2,930,000 First Industrial LP, 2,913,976
6.50%, 04/05/2001
3,145,000 Archstone Communities Trust 3,078,587
Medium-Term Notes,
6.37%, 10/15/2001
3,555,000 Spieker Properties LP, 3,595,099
7.58%, 12/17/2001
3,600,000 HRPT Properties Trust Senior Notes, 3,451,064
6.75%, 12/18/2002
2,300,000 ERP Operating LP, 2,259,188
7.10%, 06/23/2004
1,725,000 Security Capital Group Inc., 1,611,100
6.95%, 06/15/2005
--------------
Total Real Estate Investment Trusts
(Cost $25,237,902) 25,016,473
--------------
- -------------------------------------------------------------------------------
Principal Amount Description Market Value
- -------------------------------------------------------------------------------
INSURED-GUARANTEED: 1.01%
- -------------------------------------------------------------------------------
5,635,000 Dutchess County, New York Resource $ 5,633,817
Recovery Agency, Taxable Solid
Waste Systems Series A, MBIA,
5.93%, 01/01/2014,
Putable 11/15/1999 @100
--------------
Total Insured-Guaranteed (Cost $5,635,000) 5,633,817
--------------
Total U.S. Dollar Investments (Cost $608,862,390) 604,462,033
--------------
- -------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 1.55%
- -------------------------------------------------------------------------------
CANADA FINANCE-CANADIAN DOLLAR
DENOMINATED: 0.14%
- -------------------------------------------------------------------------------
C$ 1,160,000
Newcourt Credit Group Inc., 798,176
7.90%, 08/15/2000
--------------
Total Canada Finance-Canadian Dollar
Denominated (Cost $792,436) 798,176
--------------
- -------------------------------------------------------------------------------
CANADA INDUSTRIAL-CANADIAN DOLLAR
DENOMINATED: 0.15%
- -------------------------------------------------------------------------------
C$ 1,300,000
Trizec Hahn Corp., 859,170
6.00%, 09/03/2002
--------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $834,959) 859,170
--------------
- -------------------------------------------------------------------------------
GERMANY GOVERNMENT-EURO DENOMINATED: 0.66%
- -------------------------------------------------------------------------------
EU 3,279,937
Deutschland Republic, 3,659,281
6.25%, 01/04/2024
--------------
Total Germany Government-Euro Denominated
(Cost $4,598,453) 3,659,281
--------------
- -------------------------------------------------------------------------------
ITALY FINANCE-ITALIAN LIRA DENOMINATED: 0.49%
- -------------------------------------------------------------------------------
IL 4,935,000,000
SCCR Ltd., Floating Rate Note, 2,710,954
2.71%, 05/15/2000 (Note C, p. 14)
--------------
Total Italy Finance-Italian Lira Denominated
(Cost $2,815,431) 2,710,954
--------------
- -------------------------------------------------------------------------------
UNITED KINGDOM FINANCE-BRITISH POUND
DENOMINATED: 0.11%
- -------------------------------------------------------------------------------
BP 375,000
General Motors Acceptance Corp., 617,054
Floating Rate Note,
5.62%, 09/25/2002 (Note C, p. 14)
--------------
Total United Kingdom Finance-British Pound
Denominated (Cost $629,924) 617,054
--------------
Total Non-U.S. Dollar Investments
(Cost $9,671,203) 8,644,635
--------------
Schedule of Investments--Taxable Bond Portfolios 13
<PAGE>
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $618,533,593) 110.07% $613,106,668
(Note N, below)
Cash and Other Assets, Less Liabilities (10.07) (56,091,015)
------ --------------
Net Assets (Equivalent to $12.33
per share based on 45,157,606
shares of capital stock outstanding) 100.00% $557,015,653
====== ==============
- -------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- -------------------------------------------------------------------------------
235 U.S. 30 Year Treasury $26,753,281 $ (22,031)
Bond December 1999
--------------
Total Short Futures Contract $ (22,031)
--------------
- -------------------------------------------------------------------------------
(A) $27,000,000 principal amount segregated as collateral for when-issued
securities
(B) $40,255,000 principal amount segregated as collateral for when-issued
securities
(C) Fair-valued security
(D) When-issued security
(E) $5,725,000 principal amount segregated as collateral for futures
transactions
(F) $5,795,000 principal amount segregated as collateral for futures
transactions
(G) $6,815,000 principal amount segregated as collateral for futures
transactions
(H) $5,760,000 principal amount segregated as collateral for futures
transactions
(I) $5,800,000 principal amount segregated as collateral for futures
transactions
(J) $4,820,000 principal amount segregated as collateral for futures
transactions
(K) $1,300,000 principal amount pledged as collateral for futures transactions
(L) $5,500,000 principal amount segregated as collateral for futures
transactions
(M) $2,100,000 principal amount segregated as collateral for when-issued
securities
(N) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
14 Sanford C. Bernstein Fund, Inc.--1999 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
COMMERCIAL PAPER: 1.67%
- -------------------------------------------------------------------------------
2,137,000 Ford Motor Credit Co., $ 2,137,000
Discount rate 5.56%, 10/01/1999
--------------
Total Commercial Paper (Cost $2,137,000) 2,137,000
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 61.96%
- -------------------------------------------------------------------------------
5,500,000 5.625%, 10/31/1999 5,505,159
8,560,000 7.50%, 10/31/1999 8,581,400
3,515,000 5.50%, 02/29/2000 3,521,591
23,435,000 4.00%, 10/31/2000 (Note A, below) 23,090,810
6,930,000 5.75%, 11/15/2000 6,953,825
16,245,000 6.625%, 06/30/2001 16,498,828
5,420,000 6.625%, 03/31/2002 5,535,175
1,075,000 6.25%, 08/31/2002 1,089,446
8,255,000 5.875%, 09/30/2002 8,288,540
--------------
Total U.S. Treasury Notes (Cost $79,389,513) 79,064,774
--------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 7.49%
- -------------------------------------------------------------------------------
9,616,622 3.625%, 07/15/2002 9,556,518
--------------
Total U.S. Treasury Inflation Protection
Security (Cost $9,612,527) 9,556,518
--------------
- -------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES: 27.72%
- -------------------------------------------------------------------------------
5,470,000 Federal Farm Credit Bank 5,395,586
Medium-Term Notes,
4.875%, 02/02/2001
7,000,000 Federal Home Loan Mortgage Corp., 6,913,872
5.00%, 02/15/2001
6,940,000 Federal Home Loan Bank, 6,904,856
5.625%, 03/19/2001
13,670,000 Federal Home Loan Bank, 13,536,964
5.50%, 08/13/2001
2,685,000 Federal National Mortgage 2,614,070
Association, 4.625%, 10/15/2001
--------------
Total U.S. Government Agencies
(Cost $35,910,713) 35,365,348
--------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 5.98%
- -------------------------------------------------------------------------------
2,500,000 Federal National Mortgage 2,498,425
Association Pool TBA,
7.00%, 10/19/2014 (Note B, below)
165,000 Federal National Mortgage 164,639
Association Pool TBA,
7.00%, 11/18/2014 (Note B, below)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,900,000 Federal National Mortgage $ 2,960,703
Association Pool TBA,
8.00%, 10/14/2029 (Note B, below)
2,000,000 Government National Mortgage 2,006,864
Association Pool TBA,
7.50%, 10/21/2029 (Note B, below)
--------------
Total Mortgage Pass-Throughs (Cost $7,551,831) 7,630,631
--------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $134,601,584) 104.82% $ 133,754,271
(Note C, below)
Cash and Other Assets, Less Liabilities (4.82) (6,156,381)
------ --------------
Net Assets (Equivalent to $12.46
per share based on 10,237,664
shares of capital stock outstanding) 100.00% $ 127,597,890
====== ==============
- -------------------------------------------------------------------------------
(A) $10,000,000 principal amount segregated as collateral for when-issued
securities
(B) When-issued security
(C) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
*See Note 1, page 26 in Notes to Financial Statements.
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 15
<PAGE>
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<PAGE>
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<PAGE>
Sanford C. Bernstein Fund, Inc.
ANNUAL REPORT
SEPTEMBER 30, 1999
Schedule of Investments
Municipal Bond
Portfolios
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
----------------------------------------
Diversified Municipal
----------------------------------------
California Municipal
----------------------------------------
New York Municipal
----------------------------------------
Short Duration Diversified Municipal
----------------------------------------
Short Duration California Municipal
----------------------------------------
Short Duration New York Municipal
<PAGE>
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Diversified Municipal Portfolio, Bernstein
California Municipal Portfolio, Bernstein New York Municipal Portfolio,
Bernstein Short Duration Diversified Municipal Portfolio, Bernstein Short
Duration California Municipal Portfolio and Bernstein Short Duration New York
Municipal Portfolio (six of the twelve portfolios constituting Sanford C.
Bernstein Fund, Inc., hereafter referred to as the "Fund") at September 30,
1999, the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with generally
accepted auditing standards, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 15, 1999
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY: 0.91%
- --------------------------------------------------------------------------------
13,875,000 Federal Home Loan Bank, $ 13,847,014
5.415%, 06/14/2000 (Note A, p. 17) ------------
Total U.S. Government Agency
(Cost $13,873,032) 13,847,014
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 14.68%
- --------------------------------------------------------------------------------
1,000,000 Salt River Agricultural 1,028,260
Improvement & Power District,
Arizona Electric System Revenue
Series A, 7.25%, 01/01/2019,
Prerefunded 01/01/2000 @102
2,685,000 Austin, Texas Utility System 2,776,881
Revenue Combined Series A,
9.50%, 05/15/2015,
Prerefunded 05/15/2000 @100
40,000 District of Columbia Series E, 40,250
4.75%, 06/01/2000,
Escrowed to Maturity
50,000 District of Columbia Series A-3, 50,327
4.90%, 06/01/2000,
Escrowed to Maturity
1,000,000 Illinois State, 1,038,580
6.70%, 06/01/2003,
Prerefunded 06/01/2000 @102
1,610,000 Honolulu City & County, Hawaii 1,661,037
Series C, 7.15%, 06/01/2009,
Prerefunded 06/01/2000 @101
6,310,000 Albuquerque, New Mexico Joint 6,413,484
Water & Sewage System Revenue
Series A, 6.00%, 07/01/2015,
Prerefunded 07/01/2000 @102
3,415,000 Delaware Transportation Authority 3,555,937
System Revenue,
6.75%, 07/01/2010,
Prerefunded 07/01/2000 @102
795,000 El Paso County, Texas, 812,625
6.80%, 07/01/2000,
Escrowed to Maturity
1,265,000 Washington Public Power Supply 1,319,003
System Revenue, Nuclear Project
No. 2 Series B, FGIC,
7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
4,605,000 Washington Public Power Supply 4,826,501
System Revenue, Nuclear Project
No. 1 Series C,
7.75%, 07/01/2008,
Prerefunded 07/01/2000 @102
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,405,000 Massachusetts Health & Educational $ 2,543,263
Facilities Authority Revenue,
Goddard Memorial Hospital Issue
Series B, 9.00%, 07/01/2015,
Prerefunded 07/01/2000 @102
2,100,000 Dade County School Board, Florida 2,122,827
Certificates of Participation Series B,
AMBAC, 5.00%, 08/01/2000,
Escrowed to Maturity
225,000 New York City Series L, 227,749
5.25%, 08/01/2000,
Escrowed to Maturity
1,000,000 Denver City & County, Colorado 1,029,540
Airport Revenue Series A,
6.20%, 08/01/2006,
Prerefunded 08/01/2000 @101
1,680,000 Minnesota State Infrastructure 1,724,100
Development, 7.00%, 08/01/2001,
Prerefunded 08/01/2000 @100
2,550,000 Palmer, Massachusetts Series B, 2,698,104
AMBAC, 7.70%, 10/01/2010,
Prerefunded 10/01/2000 @102
4,975,000 Massachusetts State Consolidated 5,157,582
Loan Series C, 7.00%, 12/01/2010,
Prerefunded 12/01/2000 @100
1,330,000 Allegheny County, Pennsylvania 1,381,019
Series C-37, 7.20%, 12/01/2006,
Prerefunded 12/01/2000 @100
2,365,000 Houston, Texas Water & Sewer 2,506,309
Systems Revenue, MBIA,
7.40%, 12/01/2018,
Prerefunded 12/01/2000 @102
3,830,000 New York State Thruway Authority, 3,917,669
Local Highway & Bridge Service
Contract Revenue,
6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
7,290,000 New York State Power Authority 7,660,915
Series Y, 6.75%, 01/01/2018,
Prerefunded 01/01/2001 @102
1,575,000 Fulton County Building Authority, 1,655,246
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity
1,770,000 Richmond, Virginia Series A, 1,849,703
6.25%, 01/15/2021,
Prerefunded 01/15/2001 @102
1,000,000 University of Maryland Auxiliary 1,045,910
Facility System & Tuition Revenue
Series A, 6.20%, 02/01/2006,
Prerefunded 02/01/2001 @102
4,920,000 Massachusetts Bay Transportation 5,207,033
Authority, General Transportation
Systems Series A, State Guaranteed,
7.00%, 03/01/2011,
Prerefunded 03/01/2001 @102
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,260,000 New York State Local Government $ 5,578,703
Assistance Corp. Series C,
7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
5,520,000 New York State Urban Development 5,893,980
Corp., 7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
3,050,000 Detroit, Michigan, 3,276,127
8.00%, 04/01/2011,
Prerefunded 04/01/2001 @102
3,000,000 Austin, Texas Utility System Revenue 3,178,980
Series A, 8.00%, 11/15/2016,
Prerefunded 05/15/2001 @100
90,000 District of Columbia Series A, 91,732
5.50%, 06/01/2001,
Escrowed to Maturity
1,565,000 Arizona State Transportation 1,648,414
Board, Highway Revenue Series A,
6.45%, 07/01/2006,
Prerefunded 07/01/2001 @101.50
5,205,000 Arizona State Transportation 5,486,747
Board, Highway Revenue Series A,
6.50%, 07/01/2011,
Prerefunded 07/01/2001 @101.50
1,000,000 Florida State Division of Bond 1,062,640
Finance, Department of General
Services, Department of Natural
Resources Preservation 2000
Series A, AMBAC,
6.70%, 07/01/2005,
Prerefunded 07/01/2001 @102
2,790,000 Los Angeles County Transportation 2,977,823
Commission, California Sales Tax
Revenue Series A, FGIC,
6.75%, 07/01/2018,
Prerefunded 07/01/2001 @102
1,600,000 Washington Public Power Supply 1,701,232
System Revenue, Nuclear Project
No. 1 Series A,
6.875%, 07/01/2017,
Prerefunded 07/01/2001 @102
1,265,000 Massachusetts Consolidated Loans 1,349,882
Series D, 7.00%, 07/01/2007,
Prerefunded 07/01/2001 @102
1,000,000 South Carolina State Public 1,066,220
Service Authority Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
1,450,000 South Carolina State Public 1,548,426
Service Authority Series B,
7.10%, 07/01/2021,
Prerefunded 07/01/2001 @102
1,140,000 Lees Summit, Missouri Water & 1,238,678
Sewer Revenue, AMBAC,
9.40%, 07/01/2015,
Prerefunded 07/01/2001 @100
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,050,000 Denver City & County, Colorado, $ 4,254,120
6.50%, 08/01/2006,
Prerefunded 08/01/2001 @101
1,900,000 Massachusetts Series B, AMBAC, 2,015,121
6.50%, 08/01/2011,
Prerefunded 08/01/2001 @102
7,095,000 Philadelphia, Pennsylvania Water 7,448,331
& Sewer Revenue Sixteenth Series,
7.00%, 08/01/2018,
Prerefunded 08/01/2001 @100
2,885,000 Philadelphia, Pennsylvania Water 3,107,289
& Sewer Revenue Sixteenth Series,
7.50%, 08/01/2010,
Prerefunded 08/01/2001 @102
1,000,000 New York City Series A, 1,078,970
7.75%, 08/15/2014,
Prerefunded 08/15/2001 @101.50
1,280,000 New York City Series A, 1,381,082
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,530,000 New York City Series A, 1,650,824
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
1,650,000 Pittsburgh Water & Sewer 1,751,409
Authority, Pennsylvania Series A,
6.50%, 09/01/2014,
Prerefunded 09/01/2001 @102
7,085,000 Lewis County Public Utility District 7,600,009
No. 001, Washington, Cowlitz
Falls Hydroelectric Project Revenue,
7.00%, 10/01/2022,
Prerefunded 10/01/2001 @102
3,005,000 Washington Suburban Sanitation 3,185,510
District, Maryland Sewage
Disposal, 6.20%, 11/01/2002,
Prerefunded 11/01/2001 @102
9,400,000 Pennsylvania State Second Series A, 9,967,290
6.50%, 11/01/2008,
Prerefunded 11/01/2001 @101.50
350,000 Denver City & County, Colorado 388,507
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
1,500,000 Massachusetts Water Resources 1,601,580
Authority Series A,
6.50%, 12/01/2019,
Prerefunded 12/01/2001 @102
1,950,000 Massachusetts Water Resources 2,096,991
Authority Series A,
6.875%, 12/01/2011,
Prerefunded 12/01/2001 @102
6,580,000 Cleveland, Ohio Waterworks 7,007,831
Revenue, First Mortgage
Series F-92A, AMBAC,
6.50%, 01/01/2021,
Prerefunded 01/01/2002 @102
2 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,170,000 Du Page County, Illinois Stormwater $ 2,313,394
Project, 6.55%, 01/01/2021,
Prerefunded 01/01/2002 @102
1,775,000 Philadelphia, Pennsylvania 1,894,600
Hospitals & Higher Education
Facilities Authority, Children's
Hospital Project Series A,
6.50%, 02/15/2021,
Prerefunded 02/15/2002 @102
1,940,000 District of Columbia Series A, 1,999,791
5.90%, 06/01/2002,
Escrowed to Maturity
2,210,000 Harris County, Texas Toll Road 2,379,816
Series A, AMBAC,
6.50%, 08/15/2017,
Prerefunded 08/15/2002 @102
505,000 Austin, Texas Utility Systems 576,553
Revenue, MBIA,
9.25%, 11/15/2002,
Escrowed to Maturity
4,970,000 Connecticut State Series A, 5,268,051
5.70%, 03/15/2011,
Prerefunded 03/15/2003 @102
375,000 Metropolitan Pier & Exposition 393,960
Authority, Illinois Dedicated State
Tax Revenue, McCormick Place
Series A, 5.90%, 06/15/2003,
Escrowed to Maturity
180,000 Grapevine-Colleyville Independent 199,602
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 820,586
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
1,045,000 District of Columbia Series B, 1,124,347
6.00%, 06/01/2007,
Prerefunded 06/01/2004 @102
3,875,000 Regional Transportation Authority, 4,177,715
Illinois Series A, AMBAC,
6.00%, 06/01/2008,
Prerefunded 06/01/2004 @102
700,000 Metropolitan Pier & Exposition 746,193
Authority, Illinois Dedicated State
Tax Revenue, McCormick Place
Series A, 5.70%, 06/15/2005,
Prerefunded 06/15/2004 @102
2,330,000 Fulton County Building Authority, 2,771,768
Georgia Series A,
8.75%, 01/01/2005,
Escrowed to Maturity
1,035,000 Massachusetts Consolidated Loans 1,090,590
Series B, FGIC, 5.50%, 06/01/2012,
Prerefunded 06/01/2006 @101
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,775,000 Chicago, Illinois, FGIC, $ 4,968,101
5.50%, 01/01/2007,
Escrowed to Maturity
1,000,000 Illinois Educational Facilities 1,135,180
Authority Revenue, Loyola
University, Chicago Series A,
7.00%, 07/01/2007,
Escrowed to Maturity
2,110,000 Mississippi State, 2,287,957
6.20%, 02/01/2008,
Escrowed to Maturity
3,035,000 Wallenpaupack Area School 3,105,442
District, Pennsylvania Series A,
FGIC, 5.25%, 11/15/2012,
Prerefunded 11/15/2008 @100
235,000 Palm Beach County, Florida Solid 254,646
Waste Authority Revenue Series A,
AMBAC, 6.00%, 10/01/2009,
Escrowed to Maturity
2,755,000 Tarrant County Health Facilities 2,665,215
Development Corp., Texas, Harris
Methodist Health Systems Series A,
5.125%, 09/01/2012,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,169,126
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
2,045,000 Retama Development Corp., 2,708,173
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education 199,127
Capital Outlay,
9.125%, 06/01/2014,
Escrowed to Maturity
3,860,000 Retama Development Corp., 5,144,994
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2014,
Escrowed to Maturity
1,125,000 Retama Development Corp., 1,512,045
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2015,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,093,950
Development Corp., Texas,
Lutheran General Health Care
Systems, 6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors Economic 5,033,564
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
Schedule of Investments -- Municipal Bond Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,500,000 Rhode Island Depositors Economic $ 1,470,735
Protection Corp. Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
5,780,000 Rhode Island Depositors Economic 6,297,483
Protection Corp. Series A,
6.375%, 08/01/2022,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed
(Cost $220,029,857) 222,687,006
------------
- --------------------------------------------------------------------------------
INSURED: 35.50%
- --------------------------------------------------------------------------------
1,175,000 Chicago, Illinois Motor Fuel Tax 1,182,356
Revenue, AMBAC,
6.60%, 01/01/2000
1,050,000 Massachusetts Consolidated Loans 1,067,619
Series B, FGIC,
7.30%, 04/01/2000
1,000,000 Averill Park Central School District, 1,008,380
New York, FGIC, 5.25%, 05/01/2000
1,200,000 Plano, Texas Waterworks & Sewer 1,220,808
Revenue, AMBAC,
6.90%, 05/01/2000
4,295,000 Clark County School District, Nevada, 4,399,497
FGIC, 8.25%, 05/01/2000
1,335,000 Jonesboro, Arkansas Sales & Use 1,342,943
Tax, FSA, 4.75%, 05/15/2000
1,130,000 District of Columbia Series E, 1,136,690
FGIC, 4.75%, 06/01/2000
3,325,000 Platte River Power Authority, 3,352,132
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/2000
2,400,000 Minnesota State Revenue Series A, 2,421,432
AMBAC, 5.00%, 06/30/2000
1,000,000 Alaska Student Loan Corp., 1,009,700
Student Loan Revenue Series A,
AMBAC, AMT,
5.375%, 07/01/2000
3,000,000 Arizona State Transportation 3,038,820
Board Excise Tax Revenue, AMBAC,
5.50%, 07/01/2000
4,000,000 Massachusetts Series A, FSA, 4,040,880
5.00%, 08/01/2000
4,220,000 Osceola County, Florida Capital 4,248,907
Improvements Revenue, MBIA,
4.50%, 09/01/2000
20,300,000 New Jersey State Transit Corp., 20,402,312
Capital Grant Anticipation Notes
Series A, FSA,
5.00%, 09/01/2000
11,210,000 New Jersey State Educational 11,348,556
Facilities Authority, Higher
Education Facilities Trust Fund
Series A, AMBAC,
5.125%, 09/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,530,000 Dade County, Florida Aviation $ 1,551,022
Revenue, Miami International
Airport Series A, FSA, AMT,
5.25%, 10/01/2000
1,070,000 Metropolitan Washington Airport 1,084,702
Authority, District of Columbia
Revenue Series B, FGIC, AMT,
5.25%, 10/01/2000
1,140,000 Wichita, Kansas Water & Sewer 1,169,925
Utility Revenue, FGIC,
6.50%, 10/01/2000
2,000,000 Dade County, Florida, FGIC, 2,156,860
12.00%, 10/01/2000
1,235,000 Indiana Health Facility Financing 1,250,388
Authority Hospital Revenue,
Sisters of St. Francis Health
Series A, MBIA,
5.00%, 11/01/2000
1,030,000 Northglenn, Colorado Water Utility 1,031,998
Series A, MBIA, 6.60%, 11/01/2000
2,395,000 Jonesboro, Arkansas Sales & Use 2,416,842
Tax, FSA, 4.75%, 11/15/2000
5,160,000 Ohio State Special Obligation, 5,244,727
Elementary & Secondary Education
Capital Facilities Series B, FSA,
5.25%, 12/01/2000
2,220,000 Carrollton & Henderson Public 2,229,435
Energy Authority, Kentucky Trust
Series A, FSA,
4.50%, 01/01/2001
2,275,000 Clark County Public Utility 2,356,149
District No. 1, Washington
Electric Revenue, FGIC,
7.10%, 01/01/2001
1,235,000 Lexington-Fayette Urban County 1,238,631
Government, Kentucky Public
Facilities Mortgage Revenue, FSA,
4.375%, 02/01/2001
1,000,000 Humble Independent School 1,044,570
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001
1,225,000 Southeastern Pennsylvania 1,243,669
Transportation Authority,
Pennsylvania Special Revenue,
FGIC, 5.25%, 03/01/2001
2,660,000 Board of Regents, Texas State 2,674,337
University Systems Revenue Series A,
FSA, 4.50%, 03/15/2001
5,760,000 Oregon State Department of 5,750,899
Administrative Services, Lottery
Revenue & Education Projects
Series A, FSA,
4.00%, 04/01/2001
1,165,000 Kansas State Finance Authority 1,163,847
Revenue, Department of Commerce,
FSA, 4.00%, 06/01/2001
4 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,080,000 Tennergy Corp., Tennessee Gas $ 1,081,145
Revenue, MBIA,
4.25%, 06/01/2001
1,125,000 District of Columbia Series E, 1,138,106
FGIC, 5.00%, 06/01/2001
4,265,000 New Jersey State Transportation 4,396,746
Trust Fund Authority, Transportation
Systems Series A, AMBAC,
6.00%, 06/15/2001
1,705,000 Moore Public Works Authority, 1,707,745
Oklahoma Utility Systems Revenue,
AMBAC, 4.25%, 07/01/2001
26,215,000 Arizona State Transportation Board 26,496,549
Excise Tax Revenue, Maricopa County
Regional Area Road Improvement,
AMBAC, 4.75%, 07/01/2001
1,750,000 Detroit, Michigan Sewage Disposal 1,772,295
Revenue Series A, FGIC,
4.85%, 07/01/2001
3,260,000 Florida State Division of Bond 3,310,204
Finance, Department of General
Services, Environmental
Protection Preservation 2000
Series B, FSA,
5.00%, 07/01/2001
1,000,000 Lancaster County Hospital 1,013,720
Authority, Pennsylvania Revenue,
Lancaster General Hospital
Project, AMBAC,
5.00%, 07/01/2001
1,000,000 University of Texas, 1,015,400
PUF Guaranteed,
5.00%, 07/01/2001
2,000,000 Illinois State, FGIC, 2,037,420
5.25%, 07/01/2001
4,390,000 Arizona State Transportation Board 4,484,561
Excise Tax Revenue, Maricopa
County Regional Area Road
Series A, AMBAC, 5.40%, 07/01/2001
1,000,000 Phoenix, Arizona Airport Revenue 1,025,690
Series A, MBIA, 5.65%, 07/01/2001
1,130,000 Boston, Massachusetts Series A, 1,172,770
MBIA, 6.30%, 07/01/2001
2,885,000 Massachusetts Consolidated Loan 2,945,066
Series C, MBIA,
5.25%, 08/01/2001
1,000,000 Louisiana State Series A, FGIC, 1,032,430
6.00%, 08/01/2001
1,475,000 Tennessee Energy Acquisition 1,486,844
Corp., Gas Revenue Series B,
AMBAC, 4.625%, 09/01/2001
1,150,000 Kansas City, Missouri Airport 1,166,847
Revenue, General Improvement
Series A, FSA, AMT,
5.00%, 09/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,525,000 New Jersey State Educational $ 5,628,594
Facilities Authority, Higher
Education Facilities Trust Fund
Series A, AMBAC,
5.125%, 09/01/2001
3,595,000 New Jersey State Transit Corp. 3,652,772
Certificates Series A, AMBAC,
5.00%, 09/15/2001
1,555,000 Lowell, Massachusetts Series B, 1,577,314
FSA, 4.75%, 11/01/2001
1,475,000 West Haven, Connecticut, AMBAC, 1,468,466
4.00%, 02/01/2002
3,065,000 United Independent School 3,090,409
District, Texas, PSF Guaranteed,
4.625%, 02/15/2002
2,000,000 Honolulu City & County, Hawaii 2,033,600
Series A, FGIC,
5.00%, 07/01/2002
5,180,000 Gulf Coast Water Authority, Texas 5,221,854
Water Systems Contract Revenue
Series A, AMBAC,
4.625%, 08/15/2002
6,585,000 New Hampshire Municipal Bond Bank 6,716,371
Series B, FSA,
5.00%, 08/15/2002
2,945,000 San Antonio Independent School 3,160,810
District, Texas, PSF Guaranteed,
7.00%, 08/15/2002
1,120,000 Northern Pennsylvania School 1,104,208
District, FSA,
3.75%, 09/01/2002
2,000,000 New Jersey State Transit Corp. 2,041,600
Certificates Series A, AMBAC,
5.00%, 09/15/2002
1,000,000 Orlando, Florida Waste Water 943,120
Systems Revenue Series A,
Variable Rate CPI Bond, MBIA,
4.85%, 10/01/2002
595,000 Austin, Texas Utility Systems 677,634
Revenue, MBIA,
9.25%, 11/15/2002
3,200,000 Chicago, Illinois Public Building 3,262,848
Revenue Series C, FGIC,
5.125%, 02/01/2003
3,000,000 New York State Thruway Authority, 3,153,660
Highway & Bridge Trust Fund
Series B, AMBAC,
6.00%, 04/01/2003
1,025,000 Niagara Frontier Authority, New 1,039,740
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT,
5.75%, 04/01/2004
1,000,000 District of Columbia Series B-3, 1,023,140
MBIA, 5.20%, 06/01/2004
Schedule of Investments -- Municipal Bond Portfolios 5
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
800,000 Metropolitan Pier & Exposition $ 839,504
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, MBIA,
5.70%, 06/15/2005
1,000,000 Utah State Board of Regents, 1,037,250
Student Loan Revenue Series J,
AMBAC, AMT,
6.00%, 05/01/2006
1,340,000 Arlington, Texas Waterworks & 1,432,942
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
2,095,000 Virginia Port Authority 2,224,492
Facilities Revenue, MBIA, AMT,
6.00%, 07/01/2006
2,200,000 Clark County Public Utility 2,276,736
District No. 1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,680,277
Revenue Series G, MBIA,
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare 6,457,720
International Airport Revenue,
Second Lien-Series A, AMBAC, AMT,
6.00%, 01/01/2007
1,000,000 Prince Georges County, Maryland 1,076,280
Consolidated Public Improvement
Series A, MBIA,
6.00%, 03/15/2007
2,000,000 Walled Lake Consolidated School 2,141,620
District, Michigan, MBIA,
6.00%, 05/01/2007
1,715,000 Northeast Hospital Authority, 1,809,925
Texas Northeast Medical Center
Hospital Revenue, FSA,
5.75%, 05/15/2007
7,095,000 District of Columbia Series B, 7,556,601
MBIA, 6.00%, 06/01/2007
2,525,000 Philadelphia, Pennsylvania 2,706,068
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,200,000 Philadelphia, Pennsylvania 1,274,196
Airport Revenue Series B, FGIC,
AMT, 6.00%, 06/15/2007
1,105,000 Delaware Transportation Authority 1,187,566
System Revenue, AMBAC,
6.00%, 07/01/2007
2,030,000 MTA, New York Commuter Facilities 2,183,021
Revenue Series C-1, FGIC,
6.00%, 07/01/2007
2,775,000 Washington Public Power Supply 2,965,726
System Revenue, Nuclear Project
No. 1 Series A, AMBAC,
6.00%, 07/01/2007
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Cook County, Illinois, MBIA, $ 1,152,200
7.25%, 11/01/2007
2,115,000 Connecticut State Resource 2,234,011
Recovery Authority,
Mid-Connecticut System Series A,
MBIA, 5.75%, 11/15/2007
1,400,000 Massachusetts Consolidated Loans 1,405,516
Series A, MBIA,
5.00%, 01/01/2008
2,270,000 Clark County Public Utility 2,345,682
District No. 1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2008
1,465,000 Sangamon County School District 1,516,905
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
1,000,000 Berkley City School District, Michigan, 1,131,440
FGIC, 7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport 1,060,570
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.00%, 02/15/2008
1,875,000 Port Arthur Navigation District, 2,010,263
Texas, AMBAC,
6.00%, 03/01/2008
1,095,000 Haverhill, Massachusetts, FGIC, 1,176,709
6.00%, 06/15/2008
2,000,000 Intermountain Power Agency, Utah 2,220,580
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008
4,140,000 Metropolitan Washington Airport 4,328,329
Authority, District of Columbia
Revenue Series A, MBIA, AMT,
5.80%, 10/01/2008
1,265,000 Emerald Peoples Utility District, 1,483,668
Oregon, FGIC,
7.35%, 11/01/2008
1,135,000 Hot Springs, Arkansas Sales & Use 1,135,182
Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,082,667
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,415,000 Greater Detroit Resource Recovery 1,537,398
Authority, Michigan Series B,
AMBAC, 6.25%, 12/13/2008
1,675,000 Chicago, Illinois O'Hare 1,753,022
International Airport Revenue,
Second Lien-Series C, MBIA,
5.75%, 01/01/2009
2,070,000 North Carolina Eastern Municipal 2,147,335
Power Agency, Power System
Revenue Series B, ACA,
6.125%, 01/01/2009
6 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 Richmond, Virginia, FSA, $ 1,986,800
5.25%, 01/15/2009 (Note C, p. 17)
1,110,000 Pittsburgh & Allegheny County, 1,124,619
Pennsylvania Public Auditorium
Authority, Regional Asset
District Sales Tax, AMBAC,
5.25%, 02/01/2009
4,000,000 Massachusetts Bay Transportation 4,163,640
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities 1,011,670
Authority, New Jersey Sewer
Revenue Series A, FGIC,
5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,541,973
Commission, Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
10,000,000 District of Columbia Series B, 10,270,600
FSA, 5.50%, 06/01/2009
7,590,000 Clark County School District, 7,807,605
Nevada Series A, FGIC,
5.50%, 06/15/2009
4,800,000 Massachusetts Port Authority 4,908,528
Revenue Series B, FSA,
5.50%, 07/01/2009
1,530,000 Texas Municipal Power Agency 1,560,722
Revenue, MBIA,
5.25%, 09/01/2009
2,765,000 South Carolina Transportation 2,861,664
Infrastructure Bank Revenue
Series A, AMBAC,
5.50%, 10/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,072,180
6.00%, 10/01/2009
4,070,000 Palm Beach County Solid Waste 4,373,663
Authority, Florida Revenue Series A,
AMBAC, 6.00%, 10/01/2009
1,370,000 Indiana Transportation Finance 1,466,119
Authority, Airport Facilities
Lease Revenue Series A, AMBAC,
6.00%, 11/01/2009
5,000,000 Connecticut State Resource 5,128,250
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 999,140
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare 1,867,509
International Airport Revenue,
Second Lien-Series C, MBIA,
5.00%, 01/01/2010
3,000,000 Chicago, Illinois O'Hare 3,085,560
International Airport Revenue
Series A, MBIA,
7.625%, 01/01/2010
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Memphis-Shelby County Airport $ 1,077,400
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.25%, 02/15/2010
1,065,000 Detroit City School District, 1,183,790
Michigan Series A, AMBAC,
6.50%, 05/01/2010
3,365,000 Lower Colorado River Authority, 3,599,204
Texas Revenue Series B, FSA,
6.00%, 05/15/2010 (Note C, p. 17)
1,000,000 Detroit, Michigan Water Supply 1,022,000
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal 2,677,668
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,000,000 Warren Township School Building 1,003,990
Corp., Indiana, FSA,
5.25%, 07/05/2010
1,945,000 Indianapolis, Indiana Gas Utility 1,951,710
Revenue, Distribution System
Series A, AMBAC,
5.25%, 08/15/2010
3,715,000 Philadelphia Parking Authority, 3,812,890
Pennsylvania Revenue, FSA,
5.50%, 09/01/2010
1,500,000 Brownsville, Texas Utility System 1,644,165
Revenue, AMBAC,
6.25%, 09/01/2010
2,065,000 Broward County, Florida Airport 2,064,979
Systems Revenue Series E, MBIA,
AMT, 5.25%, 10/01/2010
5,000,000 Connecticut State Resource 5,084,350
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
1,000,000 Bexar County Health Facilities 1,053,850
Development Corp., Texas Baptist
Health System Series A, MBIA,
6.00%, 11/15/2010
5,000,000 Long Island Power Authority, 5,176,800
New York Electric System Revenue
General Series A, AMBAC,
5.50%, 12/01/2010
3,350,000 Nebraska Public Power District 3,349,732
Revenue Series A, MBIA,
5.25%, 01/01/2011
1,190,000 Amarillo Health Facilities Corp., 1,204,827
Texas, Baptist St. Anthony's
Hospital Corp., FSA,
5.50%, 01/01/2011
2,495,000 Iron County School District, Utah 2,632,574
State School Bond Guaranty,
5.75%, 01/15/2011
1,010,000 Pittsburgh & Allegheny County 1,007,364
Public Auditorium, Pennsylvania,
AMBAC, 5.25%, 02/01/2011
Schedule of Investments -- Municipal Bond Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Amarillo Junior College District, $ 992,710
Texas, FGIC, 5.125%, 02/15/2011
3,220,000 Louisiana State Office Facilities 3,299,309
Corp., Lease Revenue Capitol
Complex Series A, MBIA,
5.50%, 03/01/2011
1,605,000 Arizona Water Infrastructure 1,614,919
Finance Authority Revenue, Water
Quality Financial Assistance
Series A, MBIA,
5.25%, 07/01/2011
5,000,000 Intermountain Power Agency, Utah 4,969,300
Power Supply Revenue Series A,
MBIA, 5.25%, 07/01/2011
3,000,000 Florida State Division of Bond 3,247,050
Finance, Department of General
Services, Environmental
Protection Series B,
AMBAC, 6.00%, 07/01/2011
3,165,000 Spotsylvania County, Virginia, 3,258,811
FSA, 5.50%, 07/15/2011
3,015,000 Clayton County Hospital 3,006,890
Authority, Georgia Revenue
Anticipation Certificates,
Southern Regional Medical Center
Project Series A, MBIA,
5.25%, 08/01/2011
2,000,000 Indianapolis, Indiana Gas Utility 1,989,400
Revenue Distribution System
Series A, AMBAC,
5.25%, 08/15/2011
1,915,000 Philadelphia Parking Authority, 1,951,787
Pennsylvania Revenue, FSA,
5.50%, 09/01/2011
1,275,000 Brownsville, Texas Utility System 1,392,657
Revenue, AMBAC,
6.25%, 09/01/2011
1,460,000 Indiana Transportation Finance 1,555,586
Authority, Airport Facilities
Lease Revenue Series A, AMBAC,
6.00%, 11/01/2011
4,000,000 Richmond, Virginia, FSA, 3,964,440
5.50%, 01/15/2012 (Note C, p. 17)
1,025,000 Goose Creek Independent School 988,305
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 975,360
Texas, FGIC, 5.125%, 02/15/2012
4,905,000 Louisiana State Office Facilities 4,982,450
Corp., Lease Revenue Capitol
Complex Series A, MBIA,
5.50%, 03/01/2012
1,000,000 St. Louis Board of Education, 1,030,080
Missouri Series A, FGIC,
5.50%, 04/01/2012
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,905,000 Regional Transportation $ 4,057,920
Authority, Illinois, FSA,
5.75%, 06/01/2012
1,840,000 East Chicago Multi-School 1,844,306
Building Corp., Indiana, AMBAC,
5.40%, 07/15/2012
2,655,000 Spotsylvania County, Virginia, 2,735,951
FSA, 5.50%, 07/15/2012
1,750,000 Dallas Independent School 1,733,760
District, Texas, PSF Guaranteed,
5.25%, 08/15/2012
1,150,000 Bell County Health Facilities 1,145,089
Development Corp., Texas Revenue,
Cook Children's Hospital
Refunding & Improvement, FSA,
5.375%, 12/01/2012
3,500,000 Northern Colorado Water 3,883,810
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
2,145,000 Providence Public Building 2,169,539
Authority, Rhode Island General
Revenue, School & Public
Facilities Projects Series A,
AMBAC, 5.50%, 12/15/2012
2,470,000 Chicago Public Building 2,445,596
Commission, Illinois Commerce
Revenue, Chicago Park District
Series A, FGIC,
5.375%, 01/01/2013
3,000,000 Chicago, Illinois, FSA, 3,030,660
5.50%, 01/01/2013
2,085,000 New York State Dormitory Authority 2,013,735
Lease Revenue, Municipal Health
Facilities Improvement Project Series 1,
FSA, 5.125%, 01/15/2013
1,195,000 New York State Dormitory Authority, 1,171,327
Mental Health Services Facilities
Improvement Series D, MBIA,
5.25%, 02/15/2013
3,140,000 Canadian River Municipal Water 3,205,814
Authority, Texas Contract,
Conjunctive Use Groundwater, MBIA,
5.75%, 02/15/2013 (Note C, p. 17)
1,035,000 Sacramento Municipal Utility 1,165,865
District, California Series G,
MBIA, 6.50%, 09/01/2013
2,405,000 Reedy Creek Improvement District, 2,428,689
Florida Utilities Revenue Series 2,
MBIA, 5.50%, 10/01/2013
2,445,000 Sunrise, Florida Utility System Revenue, 2,478,374
AMBAC, 5.50%, 10/01/2013
3,105,000 Clark County, Nevada 3,032,095
Transportation Series A, FGIC,
5.25%, 12/01/2013
8 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,100,000 Spokane County School District $ 3,108,246
Number 356, Washington Central
Valley Series A, FGIC,
5.45%, 12/01/2013
2,680,000 Pennsylvania State Turnpike 2,834,582
Commission, Turnpike Revenue
Series M, FGIC,
6.50%, 12/01/2013
3,700,000 New York State Thruway Authority 3,615,640
Highway & Bridge Trust Fund
Series C, FGIC,
5.25%, 04/01/2014
3,955,000 North Clackamas County School 3,867,753
District Number 12, Oregon, FGIC,
5.25%, 06/01/2014
1,555,000 Washoe County School District, 1,505,473
Nevada, FGIC, 5.25%, 06/01/2014
1,070,000 Illinois Health Facilities 1,046,064
Authority Revenue, Hospital
Sisters Services Inc. Series A,
MBIA, 5.375%, 06/01/2014
2,000,000 Laredo, Texas, FGIC, 1,916,540
5.125%, 08/15/2014
1,245,000 Wyandotte County Unified 1,219,739
Government, Kansas Utility System
Revenue, MBIA,
5.25%, 09/01/2014
5,815,000 Washington State Health Care 5,610,312
Facilities Authority, Children's
Hospital & Regional Medical
Center, FSA, 5.25%, 10/01/2014
2,315,000 Clark County, Nevada Transportation 2,239,670
Series B, FGIC, 5.25%, 12/01/2014
3,370,000 Cypress-Fairbanks Independent 3,240,963
School District, Texas, PSF
Guaranteed, 5.25%, 02/15/2016
10,745,000 Lower Colorado River Authority, 10,926,698
Texas Revenue Series A, FSA,
5.875%, 05/15/2016 (Note C, p. 17)
2,500,000 King County School District 2,395,375
Number 403 Renton, Washington,
MBIA, 5.25%, 06/01/2016
3,980,000 Regional Transportation Authority, 4,155,040
Illinois, FGIC, 6.00%, 06/01/2016
3,315,000 District of Columbia Water & 3,436,959
Sewer Authority, Public Utility
Revenue, FSA,
6.00%, 10/01/2016
2,325,000 Regional Transportation Authority, 2,417,605
Illinois, FGIC, 6.00%, 06/01/2017
1,760,000 Clark County, Nevada Series A, 1,933,923
AMBAC, 6.50%, 06/01/2017
2,865,000 New York State Dormitory Authority, 3,017,160
New York University Series A,
MBIA, 6.00%, 07/01/2018
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
9,750,000 Long Island Power Authority, New $ 8,864,700
York Electric System Revenue,
General Series A, FSA,
5.00%, 12/01/2018
9,420,000 Illinois Development Finance 7,487,958
Authority, Adventist Health
Systems Series B, Variable Rate
CPI Bond, MBIA,
5.76%, 01/01/2019
1,005,000 Regional Transportation 1,223,356
Authority, Illinois Series C,
FGIC, 7.75%, 06/01/2020
3,135,000 Illinois State Dedicated Tax 3,345,264
Revenue, AMBAC,
6.25%, 12/15/2020
3,980,000 McGee-Creek Authority, Oklahoma 4,121,887
Water Revenue, MBIA,
6.00%, 01/01/2023
2,500,000 Crowley Independent School 2,291,450
District, Texas, PSF Guaranteed,
5.20%, 08/01/2024
2,420,000 New York State Energy Research & 2,461,672
Development Authority, Electric
Facilities Revenue, Consolidated
Edison Co. New York Inc. Series A,
MBIA, AMT, 7.50%, 01/01/2026
4,750,000 Delaware Valley Regional Finance 4,310,055
Authority, Pennsylvania Local
Government Revenue Series A,
Variable Rate CPI Bond, AMBAC,
Mandatory Put 7/01/07,
4.56%, 07/01/2027
------------
Total Insured (Cost $542,744,017) 538,613,315
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 32.45%
- --------------------------------------------------------------------------------
State General Obligations: 13.00%
2,870,000 Maryland State First Series, 2,877,175
6.75%, 03/01/2000
1,000,000 Tennessee State Series A, 1,007,440
5.00%, 05/01/2000
2,390,000 Minnesota State, 2,402,619
4.50%, 06/01/2000
950,000 District of Columbia Series A-3, 952,983
4.90%, 06/01/2000
3,890,000 Georgia State Environmental 3,913,146
Facilities Authority Revenue,
Guaranteed Water & Waste Water
Loan, 4.50%, 07/01/2000
2,580,000 South Carolina State Capital 2,597,080
Improvement Series A,
4.50%, 08/01/2000
9,635,000 Massachusetts Series A, 9,733,470
5.00%, 08/01/2000
1,580,000 Minnesota State, 1,596,779
5.00%, 08/01/2000
Schedule of Investments -- Municipal Bond Portfolios 9
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Georgia State Series C, $ 1,020,240
6.25%, 08/01/2000
1,000,000 Georgia State Series D, 1,022,240
6.50%, 08/01/2000
2,650,000 Florida State Board of Education 2,655,565
Capital Outlay Series A,
4.25%, 01/01/2001
5,630,000 Washington State Series R-2000A, 5,661,641
4.625%, 01/01/2001
2,800,000 Illinois State, 2,795,380
4.00%, 03/01/2001
2,305,000 Wisconsin State Series A, 2,301,819
4.00%, 05/01/2001
6,155,000 Wisconsin State, 6,313,491
5.80%, 05/01/2001
1,220,000 Florida State Board of Education 1,228,259
Capital Outlay, Public Education
Series B, 4.50%, 06/01/2001
23,350,000 Minnesota State, 23,608,018
4.75%, 06/01/2001 (Note D, p. 17)
1,580,000 District of Columbia Series A, 1,601,061
5.50%, 06/01/2001
7,865,000 Washington State Series R-96B, 8,040,783
5.50%, 07/01/2001
1,000,000 Massachusetts Consolidated Loans 1,039,800
Series D, 6.50%, 07/01/2001
1,015,000 Ohio State, 1,018,481
4.25%, 08/01/2001
5,915,000 Pennsylvania State Second Series, 5,959,954
4.50%, 08/01/2001
1,410,000 Massachusetts Series A, 1,449,635
5.50%, 11/01/2001
7,525,000 Washington State Series R-2000A, 7,597,692
4.75%, 01/01/2002
22,555,000 Massachusetts Consolidated Loan 22,497,034
Series A, 4.125%, 02/01/2002
(Note E, p. 17)
3,000,000 Connecticut State Series A, 3,130,320
6.10%, 03/15/2002
2,035,000 South Carolina State Highway 2,049,672
Series A, 4.50%, 05/01/2002
5,600,000 Utah State, 5,783,176
5.50%, 07/01/2002
1,090,000 California State, 1,187,293
7.00%, 03/01/2003
2,300,000 California State, 2,547,664
7.00%, 03/01/2004
1,165,000 California State, 1,299,558
7.10%, 05/01/2004
1,500,000 Massachusetts Bay Transportation 1,604,250
Authority Series C,
6.00%, 03/01/2007
1,700,000 Georgia State Series C, 1,861,364
6.25%, 08/01/2007
1,200,000 Connecticut State Series D, 1,261,020
5.50%, 12/01/2007
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
6,240,000 Washington State Series R-2000A, $ 6,469,382
5.50%, 01/01/2008
1,940,000 Hawaii State Series CC, 1,950,961
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,346,788
5.25%, 02/01/2008
2,600,000 Georgia State Series A, 2,848,924
6.25%, 04/01/2008
1,000,000 California State, 1,169,290
7.20%, 05/01/2008
1,670,000 Georgia State Series D, 1,886,916
6.70%, 08/01/2008
1,000,000 South Carolina State Series A, 1,004,870
5.00%, 03/01/2009
1,085,000 Massachusetts Bay Transportation 1,126,903
Authority, General Transportation
Systems Series A, State Guaranty,
5.50%, 03/01/2009
3,510,000 Georgia State Series B, 3,728,884
5.75%, 08/01/2009
1,625,000 New Jersey State, 1,685,791
5.50%, 02/01/2010
2,225,000 Massachusetts Bay Transportation 2,346,062
Authority Series A,
5.75%, 03/01/2010
1,000,000 Texas State Student Loan Revenue, 982,720
AMT, 5.00%, 08/01/2010
1,490,000 Georgia State Series C, 1,638,851
6.25%, 08/01/2010
2,785,000 Massachusetts Consolidated Loan 2,798,479
Series C, 5.25%, 08/01/2011
3,775,000 Massachusetts Bay Transportation 3,856,125
Authority Series A,
5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,072,410
6.00%, 03/01/2012
7,745,000 Florida State Board of Education 7,454,795
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2014
990,000 Florida State Board of Education, 1,329,530
9.125%, 06/01/2014
5,140,000 Florida State Board of Education 4,913,069
Capital Outlay, Public Education
Series D, 5.125%, 06/01/2015
------------
Total State General Obligations
(Cost $197,002,357) 197,226,852
------------
Local General Obligations: 8.19%
1,000,000 King County, Washington Series A, 1,008,150
9.00%, 12/01/1999
1,000,000 Denver City & County School 1,009,510
District No. 1, Colorado Series B,
10.00%, 12/01/1999
2,000,000 Broward County School District, 2,020,980
Florida, 6.75%, 02/15/2000
10 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,525,000 Washington Suburban Sanitation $ 1,537,444
District, Maryland,
5.00%, 06/01/2000
1,860,000 Columbus, Ohio Limited Tax Series 1, 1,883,027
5.50%, 06/15/2000
2,725,000 Stamford, Connecticut, 2,742,058
4.50%, 07/15/2000
875,000 New York City Series L, 884,984
5.25%, 08/01/2000
2,130,000 Boston, Massachusetts Series C, 2,135,495
4.00%, 11/01/2000
4,385,000 Cincinnati, Ohio, 4,403,461
4.20%, 12/01/2000
1,160,000 King County, Washington Public 1,169,744
Transportation Sales Tax Series A,
4.625%, 12/01/2000
1,785,000 Harford County, Maryland, 1,809,312
5.00%, 12/01/2000
1,915,000 Charleston County School 1,913,449
District, South Carolina,
4.00%, 02/01/2001
3,815,000 Cobb County School District, 3,909,078
Georgia, 6.00%, 02/01/2001
2,310,000 Dallas, Texas Equipment 2,330,490
Acquisition Contractual
Obligation, 4.75%, 02/15/2001
2,085,000 Houston, Texas Refunding & Public 2,095,070
Improvement Series A,
4.50%, 03/01/2001
1,125,000 Richmond County Board of Education, 1,131,199
Georgia, 4.50%, 03/01/2001
1,685,000 Shelby County, Tennessee Public & 1,700,384
School Improvement Series B,
4.75%, 06/01/2001
2,960,000 Winston-Salem, North Carolina, 3,180,283
8.875%, 06/01/2001
1,700,000 Phoenix, Arizona Series A, 1,705,848
4.25%, 07/01/2001
2,495,000 Baltimore County, Maryland 2,514,361
Consolidated Public Improvement,
4.50%, 07/01/2001
7,640,000 Pima County Community College 7,697,988
District, Arizona Project of 1995
Series B, 4.50%, 07/01/2001
1,145,000 Pima County, Arizona, 1,190,743
6.55%, 07/01/2001
1,195,000 Stamford, Connecticut Series A, 1,193,901
4.00%, 08/01/2001
1,700,000 Monmouth County Improvement 1,713,175
Authority, New Jersey Revenue,
Capital Equipment Pooled Lease,
4.50%, 10/01/2001
1,140,000 Bloomington Independent School 1,159,403
District Number 271, Minnesota
Series B, 5.00%, 02/01/2002
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,450,000 Avondale School District, $ 1,586,880
Michigan, 8.25%, 05/01/2002
2,160,000 Montgomery County, Maryland, 2,384,878
8.60%, 05/01/2002
3,525,000 Anne Arundel County, Maryland, 3,570,578
4.75%, 05/15/2002
7,060,000 Denver City & County, Colorado 7,200,918
Series A, 5.00%, 08/01/2002
2,000,000 New York City Series G, 2,070,660
5.70%, 02/01/2003
1,780,000 Philadelphia Authority for 1,790,822
Industrial Development,
Pennsylvania, Gallery II Garage
Project, 6.125%, 02/15/2003
3,420,000 Pennsylvania Convention & 3,554,030
Exhibition Center Authority
Revenue Series A,
6.25%, 09/01/2004
3,660,000 New York City Series I, 3,928,900
6.25%, 04/15/2006
1,455,000 Montgomery County, Maryland 1,547,436
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,712,920
5.50%, 05/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,819,382
6.00%, 10/01/2007
1,650,000 Washington Suburban Sanitation 1,742,878
District, Maryland Second Series,
6.40%, 01/01/2008
8,660,000 New York City Series F, 8,794,750
5.375%, 08/01/2009
1,020,000 Indianapolis Local Public 1,011,014
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,170,000 Austin, Texas Public Improvement, 1,226,651
5.05%, 09/01/2010 (Note C, p. 17)
1,190,000 Roanoke, Virginia, 1,174,744
5.00%, 02/01/2011
1,300,000 Forsyth County, North Carolina, 1,223,898
4.75%, 02/01/2013
7,780,000 New York City Series I, 7,979,946
5.875%, 03/15/2013
1,400,000 Travis County, Texas, 1,316,742
5.00%, 03/01/2015
6,735,000 Du Page County, Illinois Jail 6,667,111
Project, 5.60%, 01/01/2021
1,920,000 Du Page County, Illinois 1,894,272
Stormwater Project,
5.60%, 01/01/2021
------------
Total Local General Obligations
(Cost $122,579,834) 124,238,947
------------
Tax Lease: 5.59%
5,550,000 New York State Certificates of 5,554,662
Participation, 4.375%, 02/01/2000
Schedule of Investments -- Municipal Bond Portfolios 11
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,140,000 Lake County, Illinois $ 1,164,031
Certificates of Participation,
7.20%, 06/01/2000
4,330,000 New York State Dormitory 4,350,654
Authority, City University Series B,
4.75%, 07/01/2000
6,020,000 Virginia State Public School 6,045,344
Authority, School Financing
Series A, 4.25%, 08/01/2000
2,635,000 Virginia State Public School Authority 2,672,496
Series A, 5.50%, 08/01/2000
5,275,000 Michigan State Building 5,340,832
Authority, Facilities Program
Series 2, 5.00%, 10/15/2000
1,500,000 Ohio State Public Facilities 1,512,270
Commission, Higher Education
Facilities Series II-B,
4.625%, 12/01/2000
2,475,000 New York State Urban Development 2,500,270
Corp., Correctional Facilities,
5.10%, 01/01/2001
6,415,000 Virginia College Building 6,420,004
Authority, Virginia Educational
Facilities Revenue, Twenty-First
Century College Program,
4.125%, 02/01/2001
4,225,000 Virginia State Public School 4,220,141
Authority, School Equipment
Financing Notes Issue 5,
4.05%, 04/01/2001
1,230,000 Indiana State Office Building 1,243,419
Commission Facilities Revenue,
Miami Correctional Phase 1 Series A,
4.75%, 07/01/2001
3,800,000 MTA, New York Commuter Facilities 3,863,422
Service Contract Series O,
5.25%, 07/01/2001
1,070,000 Ohio State Building Authority, Adult 1,083,354
Correctional State Facilities
Series A, 4.75%, 10/01/2001
4,005,000 Ohio State Building Authority, 4,073,926
Arts Facilities Building Fund
Series A, 5.00%, 10/01/2001
2,550,000 Michigan State Building Authority 2,594,676
Revenue, Facilities Program
Series 2, 5.00%, 10/15/2001
1,315,000 New York State Urban Development 1,387,838
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
1,430,000 New Jersey State Certificates of 1,504,503
Participation, Equipment Series A,
6.40%, 04/01/2005
2,000,000 New York State Dormitory 2,071,020
Authority, State University
Series A, 5.50%, 05/15/2005
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,005,000 New York State Dormitory $ 1,050,336
Authority, City University Series A,
5.70%, 07/01/2005
1,005,000 New York State Dormitory 1,050,335
Authority, City University Series C,
5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,048,490
Participation, City University,
John Jay College,
5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,764,582
Facilities Financing Authority,
Mental Health Services Series A,
5.35%, 02/15/2006
1,000,000 New York State Dormitory 1,091,130
Authority, State University
Series A, 6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,529,748
Authority, State University
Series A, 5.50%, 05/15/2007
2,285,000 New Jersey Building Authority, 2,459,483
State Building Revenue,
6.00%, 06/15/2007
1,000,000 New York State Dormitory 1,047,560
Authority, City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 3,921,042
Education Facilities Authority,
Pennsylvania Revenue,
5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,315,940
Commission, Illinois,
7.25%, 11/01/2007
2,405,000 Ohio State Building Authority, 2,489,079
State Adult Correctional
Facilities Series A,
5.50%, 10/01/2009
4,045,000 Philadelphia Hospitals & Higher 4,111,621
Education Facilities Authority,
Pennsylvania Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory 1,314,176
Authority, City University Series A,
5.75%, 07/01/2013
1,000,000 Sacramento City Finance 969,380
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
-----------
Total Tax Lease (Cost $83,802,017) 84,765,764
-----------
Special Tax: 5.30%
1,465,000 Detroit Local Development Finance 1,462,583
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
12 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
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Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,640,000 Arizona State Transportation $ 1,649,151
Board Excise Tax Revenue,
4.50%, 07/01/2000
2,050,000 Detroit Local Development Finance 2,030,341
Authority, Michigan Subordinated
Tax Increment Series A,
4.40%, 05/01/2001
1,235,000 New Jersey State Transportation Trust 1,252,735
Fund Authority, Transportation Systems
Series B, 5.00%, 06/15/2001
2,000,000 New Mexico State Severance Tax 2,021,480
Series B, 4.75%, 07/01/2001
10,990,000 MAC New York Series G, 11,237,495
5.50%, 07/01/2001
3,900,000 New Mexico State Severance Tax 3,990,480
Series A, 5.50%, 07/01/2001
4,685,000 Virginia State Public Building 4,807,700
Authority, Building Revenue
Series B, 5.60%, 08/01/2001
1,170,000 Tulsa County Criminal Justice 1,197,144
Authority, Oklahoma Sales Tax
Revenue, 5.50%, 03/01/2002
7,135,000 Mississippi State Highway 7,277,700
Revenue, Four Lane Highway
Program Series 39,
5.00%, 06/01/2003
625,000 Metropolitan Pier & Exposition 655,081
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A,
5.90%, 06/15/2003
1,500,000 Connecticut State Special Tax 1,610,130
Obligation Revenue Series B,
6.00%, 09/01/2006
1,620,000 Connecticut State Special Tax 1,663,124
Obligation Revenue Series A,
5.25%, 09/01/2007
2,250,000 Connecticut State Special Tax 2,495,025
Obligation Revenue Series B,
6.50%, 10/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,143,813
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,084,860
Obligation Revenue Series B,
6.15%, 09/01/2009
1,005,000 New Jersey State Transportation Trust 1,036,909
Fund Authority, Transportation Systems
Series A, 5.50%, 06/15/2010
(Note C, p. 17)
1,700,000 Kansas State Department of 1,760,571
Transportation, Highway Revenue,
5.50%, 09/01/2010
1,245,000 District of Columbia Redevelopment 1,264,559
Land Agency, Sports Arena Special
Tax, 5.625%, 11/01/2010
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,225,000 Illinois State Sales Tax Revenue $ 3,415,339
Series Q, 6.00%, 06/15/2012
27,175,000 New Jersey State Transportation Trust 25,970,060
Fund Authority, Transportation Systems
Series A, 5.125%, 06/15/2014
1,475,000 New Jersey State Transportation Trust 1,402,342
Fund Authority, Transportation Systems
Series A, 5.125%, 06/15/2015
------------
Total Special Tax (Cost $82,464,169) 80,428,622
------------
Miscellaneous Tax: 0.37%
5,325,000 Indianapolis Local Public 5,649,505
Improvement Bond, Indiana
Series B, 6.00%, 01/10/2013
------------
Total Miscellaneous Tax (Cost $5,201,436) 5,649,505
------------
Total Tax Supported (Cost $491,049,813) 492,309,690
------------
- --------------------------------------------------------------------------------
REVENUE: 13.53%
- --------------------------------------------------------------------------------
Airport Revenue: 0.46%
1,500,000 Denver City & County, Colorado 1,610,055
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 885,904
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
975,000 Denver City & County, Colorado 1,065,636
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare 2,446,028
International Airport Revenue,
Senior Lien Series A,
5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 943,850
Revenue Series B, AMT,
5.00%, 07/01/2013
------------
Total Airport Revenue (Cost $6,708,910) 6,951,473
------------
Electric Revenue: 2.43%
4,000,000 Nebraska Public Power District 4,039,600
Revenue, Nuclear Facilities,
5.20%, 07/01/2000
1,500,000 Massachusetts Municipal Wholesale 1,514,700
Electric Company Series D,
5.50%, 07/01/2000
1,555,000 Tallahassee, Florida Municipal 1,577,128
Electric Series A,
5.25%, 10/01/2000
4,600,000 Long Island Power Authority, 4,604,416
New York Electric System General
Series A, 4.10%, 12/01/2000
6,265,000 Pittsylvania County Industrial 6,536,525
Development Authority, Virgina
Revenue Series A, AMT,
7.30%, 01/01/2004
Schedule of Investments -- Municipal Bond Portfolios 13
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,000,000 North Carolina Eastern Municipal $ 5,102,850
Power Agency, Power System
Revenue Series B,
6.00%, 01/01/2005
3,500,000 Washington Public Power Supply 3,617,215
System Revenue, Nuclear Project
No. 3 Series B,
5.60%, 07/01/2007 (Note F, p. 17)
3,730,000 North Carolina Eastern Municipal 3,791,359
Power Agency, Power System
Revenue Series B,
6.125%, 01/01/2009
1,000,000 Washington Public Power Supply 1,039,970
System Revenue, Nuclear Project
No. 2 Series A,
5.75%, 07/01/2009
4,660,000 Orlando Utilities Commission, 5,038,112
Florida Water & Electric Revenue,
6.00%, 10/01/2009
------------
Total Electric Revenue (Cost $36,758,077) 36,861,875
------------
Health Care Revenue: 2.17%
1,400,000 Montgomery County, Ohio Hospital 1,401,092
Revenue, Grandview Hospital &
Medical Center, 5.00%, 12/01/1999
1,615,000 Pennsylvania Economic Development 1,612,432
Financing Authority Revenue,
Northwestern Human Services
Series A, 4.75%, 06/01/2000
850,000 Franklin County, Ohio Health Care 847,076
Facilities Revenue, Ohio Presbyterian
Services, 4.50%, 07/01/2000
1,235,000 Connecticut State Health & 1,244,880
Educational Facilities Authority
Revenue, Hospital for Special
Care Revenue Issue B,
5.25%, 07/01/2000
1,410,000 Connecticut State Health & 1,421,294
Educational Facilities Authority
Revenue, Hospital for Special
Care Revenue Issue B,
5.25%, 07/01/2001
2,000,000 Montgomery County, Ohio Hospital 2,009,140
Revenue, Grandview Hospital &
Medical Center,
5.25%, 12/01/2001
1,180,000 Illinois Development Finance 1,197,205
Authority Revenue, Community
Rehabilitation Providers Series A,
5.60%, 07/01/2002
1,225,000 Montgomery County, Ohio Hospital 1,224,008
Revenue, Grandview Hospital &
Medical Center, 5.25%, 12/01/2003
30,000 New York State Medical Care 30,072
Facilities Finance Agency Revenue,
5.40%, 08/15/2005
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
7,170,000 Boston, Massachusetts City $ 7,299,705
Hospital Revenue Series B, FHA,
5.75%, 02/15/2008
1,145,000 Montgomery County, Ohio Hospital 1,108,417
Revenue, Grandview Hospital &
Medical Center, 5.40%, 12/01/2009
2,100,000 Montgomery County, Ohio Hospital 2,028,537
Revenue, Grandview Hospital &
Medical Center, 5.50%, 12/01/2010
3,215,000 Chattanooga Health, Educational & 3,185,068
Housing Facility Board, Tennessee
Revenue, Catholic Health
Initiatives Series A,
5.375%, 12/01/2011
1,240,000 Kentucky Economic Development 1,232,808
Finance Authority Revenue,
Catholic Health Series A,
5.375%, 12/01/2011
1,000,000 Montgomery County, Ohio Hospital 964,070
Revenue, Grandview Hospital &
Medical Center, 5.60%, 12/01/2011
6,165,000 Pennsylvania State Higher 6,098,110
Educational Facilities Authority
Revenue, Allegheny General
Hospital Series A,
7.25%, 09/01/2017
------------
Total Health Care Revenue (Cost $33,297,153) 32,903,914
------------
Higher Education Revenue: 1.19%
2,160,000 Maryland State Health & Higher 2,187,626
Education Facilities Authority
Revenue, Johns Hopkins University,
5.50%, 07/01/2000
1,000,000 University of Texas, University 1,006,510
Revenue Financing System Series B,
4.50%, 08/15/2000
3,050,000 Ohio State Public Facilities 3,070,679
Commission, Higher Education
Capital Facilities Series 2-A,
4.50%, 12/01/2000
1,260,000 University of Nebraska Facilities 1,280,034
Corp., Deferred Maintenance
Project, 5.00%, 07/15/2001
3,250,000 University of Maryland Auxiliary 3,245,060
System Facility & Tuition Revenue
Series A, 4.00%, 10/01/2001
1,415,000 Virginia Polytechnic Institute & 1,430,593
State University Revenue Series A,
5.25%, 06/01/2008
1,000,000 Illinois Educational Facilities Authority 991,670
Revenue, University of Chicago
Series A, 5.25%, 07/01/2012
1,675,000 Private Colleges & Universities 1,709,304
Authority, Georgia Revenue, Emory
University Project Series A,
5.75%, 11/01/2015
14 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,820,000 Massachusetts Health & $ 3,048,928
Educational Facilities Authority
Revenue, Harvard University
Series N, 6.25%, 04/01/2020
------------
Total Higher Education Revenue
(Cost $17,937,675) 17,970,404
------------
Toll Revenue: 0.06%
1,000,000 Triborough Bridge & Tunnel 963,560
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
------------
Total Toll Revenue (Cost $950,856) 963,560
------------
Water/Sewer Revenue: 3.53%
2,470,000 Portland, Oregon Sewer System 2,511,496
Revenue Series A,
6.50%, 06/01/2000
1,595,000 Regional Waste Systems, Maine 1,610,902
Solid Waste Resource Recovery
Revenue Series Q, AMT,
5.25%, 07/01/2000
1,000,000 Massachusetts Water Pollution 1,005,400
Abatement Trust, Water Pollution
Abatement Loan Series A,
4.50%, 08/01/2000
7,420,000 Minnesota Rural Water Finance 7,461,033
Corp., Public Projects Construction
Notes, 4.25%, 09/01/2000
3,750,000 Sabine River Authority, Texas 3,769,725
Water Supply Facilities Revenue,
Lake Fork Project,
4.40%, 12/01/2001
1,560,000 Orlando, Florida Waste Water 1,439,412
Systems Revenue Series A,
Variable Rate CPI Bond,
4.87%, 10/01/2003
1,900,000 Orlando, Florida Waste Water 1,717,771
Systems Revenue Series A,
Variable Rate CPI Bond,
4.89%, 10/01/2004
1,925,000 Somerset-Raritan Valley, New 1,998,862
Jersey Sewage Series G,
6.40%, 07/01/2005
2,050,000 Orlando, Florida Waste Water 1,813,492
Systems Revenue Series A,
Variable Rate CPI Bond,
4.91%, 10/01/2005
2,165,000 Orlando, Florida Waste Water 1,876,297
Systems Revenue Series A,
Variable Rate CPI Bond,
4.93%, 10/01/2006
1,790,000 Orlando, Florida Waste Water 1,521,500
Systems Revenue Series A,
Variable Rate CPI Bond,
4.95%, 10/01/2007
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,220,000 Texas State Water Development $ 2,262,513
Board Revenue, Revolving Senior
Lien Series A, 5.50%, 07/15/2010
1,130,000 Michigan Municipal Bond Authority 1,167,900
Revenue Clean Water Revolving
Fund, 5.625%, 10/01/2011
(Note C, p. 17)
1,525,000 Arizona Water Infrastructure Finance 1,589,340
Authority Revenue, Water Quality
Series A, 5.75%, 10/01/2011
3,620,000 Dallas, Texas Waterworks & 3,458,548
Sewer Systems Revenue,
5.00%, 10/01/2013
1,500,000 Massachusetts Water Pollution 1,434,600
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2014
1,005,000 Massachusetts Water Pollution 984,659
Abatement Trust Series B,
5.25%, 08/01/2014
3,745,000 Michigan Municipal Bond Authority 3,821,435
Revenue, Clean Water Revolving
Fund, 5.75%, 10/01/2014
(Note C, p. 17)
4,085,000 Massachusetts Water Pollution 3,878,789
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2015
5,895,000 Orlando, Florida Waste Water 5,010,750
Systems Revenue Series A,
Variable Rate CPI Bond, Mandatory
Put 10/01/07, 4.95%, 10/01/2015
3,460,000 Massachusetts Water Pollution 3,271,222
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2016
------------
Total Water/Sewer Revenue
(Cost $54,727,520) 53,605,646
------------
Miscellaneous Revenue: 2.91%
1,000,000 Massachusetts Industrial Finance 998,500
Agency Resources Recovery
Revenue, Ogden Haverhill Series A,
4.35%, 12/01/2000
7,380,178 Tax Exempt Private Municipal Trust, 7,380,178
Rule 144A Series 1997-1
Class A-3, 4.90%, 04/06/2001
1,800,000 Northeast Maryland Waste Disposal 1,832,976
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
10,000,000 Tax Exempt Private Municipal 9,995,700
Trust, Rule 144A Series 1996-1
Class A-4, 4.60%, 11/06/2001
3,600,000 East Chicago, Indiana Bond 3,601,404
Aniticipation Notes,
5.25%, 01/01/2002
Schedule of Investments -- Municipal Bond Portfolios 15
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,775,000 Northeast Maryland Waste Disposal $ 3,863,977
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
15,000,000 Municipal Tax Exempt Trust, 14,798,100
Certificate Class A-3, MBIA,
3.85%, 04/07/2003
1,700,000 Mashantucket Western Pequot 1,707,004
Tribe, Connecticut, Special
Revenue, Sub 144A Series B,
5.55%, 09/01/2008
------------
Total Miscellaneous Revenue
(Cost $44,243,804) 44,177,839
------------
Industrial Development/Pollution
Control Revenue: 0.78%
2,100,000 Missouri State Environmental 2,100,000
Improvement & Energy Resource
Authority, Chrysler Corp.
Project, 5.70%, 10/01/1999
6,100,000 Springfield, Illinois Airport 5,679,466
Authority, Garrett Aviation
Services Project,
4.40%, 02/01/2008
3,820,000 Gulf Coast Waste Disposal 4,057,795
Authority, Texas Revenue,
Champion International Corp., AMT,
7.45%, 05/01/2026 ------------
Total Industrial Development/Pollution
Control Revenue (Cost $12,021,392) 11,837,261
------------
Total Revenue (Cost $206,645,387) 205,271,972
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.73%
- --------------------------------------------------------------------------------
Housing: 1.06%
1,040,000 Texas State Department of Housing 1,047,675
& Community Affairs, Single
Family Revenue Series E,
4.80%, 09/01/2001
995,000 Wisconsin Housing & Economic 1,036,173
Development Authority Home
Ownership Revenue Series B,
7.10%, 09/01/2015
3,030,000 Alabama Housing Finance 3,079,450
Authority, Single Family Mortgage
Revenue Series A, GNMA,
7.60%, 10/01/2022
2,265,000 Sedgwick & Shawnee Counties, 2,384,705
Kansas Single Family Revenue,
GNMA Mortgage Backed Securities
Program Series A-1, AMT,
6.50%, 12/01/2022
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,000,000 Jefferson Parish, Louisiana Home $ 2,011,280
Mortgage Revenue, FNMA & GNMA
Mortgage Backed Securities Series
C-1, AMT, 5.40%, 12/01/2024
2,330,000 District of Columbia Housing 2,390,697
Finance Agency, Single Family
FNMA & GNMA Mortgage Revenue
Series A, AMT,
6.25%, 12/01/2028
980,000 Oklahoma Housing Finance Agency, 1,028,304
Single Family Redevelopment,
Mortgage Homeownership Loan
Series B-2, AMT,
6.55%, 03/01/2029
1,915,000 Missouri State Housing 2,009,505
Development Commission FNMA &
GNMA Mortgage Revenue, Single
Family Series B-2, AMT,
6.40%, 09/01/2029
1,000,000 Chicago, Illinois Single Family 1,058,870
Mortgage Revenue Series A, FNMA,
GNMA, 6.35%, 10/01/2030
------------
Total Housing (Cost $16,382,192) 16,046,659
------------
Student Loan: 0.67%
1,580,000 Brazos Higher Education Authority 1,597,412
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,180,000 Student Loan Funding Corp., 1,192,473
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,450,000 New England Education Loan 1,458,961
Marketing Corp., Student
Loan Revenue Series G,
5.00%, 08/01/2000
1,265,000 Brazos Higher Education Authority 1,289,364
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,462,444
Authority Series A-1, AMT,
5.95%, 06/01/2001
1,200,000 South Carolina State Education 1,272,180
Assistance Authority Revenue,
Guaranteed Student Loans,
6.625%, 09/01/2006
------------
Total Student Loan (Cost $10,160,820) 10,272,834
------------
Total Asset-Backed Securities
(Cost $26,543,012) 26,319,493
------------
16 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $1,500,885,118) 98.80% $1,499,048,490
(Note G, below)
Cash and Other Assets, Less Liabilities 1.20 18,184,570
------- --------------
Net Assets (Equivalent to $13.47
per share based on 112,597,597
shares of capital stock outstanding) 100.00% $1,517,233,060
======= ==============
- --------------------------------------------------------------------------------
(A) $7,750,000 principal amount segregated as collateral for when-issued
securities
(B) Explanation of abbreviations:
Insured-bond abbreviations:
ACA-ACA Financial Guaranty Corporation
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
PUF Guaranteed-(Texas) Permanent University Funds
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
(C) When-issued security
(D) $16,400,000 principal amount segregated as collateral for when-issued
securities
(E) $19,100,000 principal amount segregated as collateral for when-issued
securities
(F) $3,000,000 principal amount segregated as collateral for when-issued
securities
(G) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
(H) Allocation of Portfolio net assets at September 30, 1999:
Alabama 0.20%
Alaska 0.14
Arizona 3.87
Arkansas 0.55
California 0.75
Colorado 1.69
Connecticut 2.55
Delaware 0.31
Florida 4.62
Georgia 2.19
Hawaii 0.37
Illinois 6.50
Indiana 1.69
Kansas 0.51
Kentucky 0.31
Louisiana 0.75
Maine 0.11
Maryland 2.27
Massachusetts 8.43
Michigan 2.16
Minnesota 2.66
Mississippi 0.63
Missouri 0.50
Nebraska 0.57
Nevada 1.38
New Hampshire 0.44
New Jersey 5.95
New Mexico 0.82
New York 8.70
North Carolina 1.29
Ohio 3.35
Oklahoma 0.53
Oregon 0.90
Pennsylvania 5.15
Rhode Island 1.05
South Carolina 0.94
Tennessee 0.70
Texas 7.52
Utah 1.10
Virginia 3.25
Washington 5.13
Wisconsin 0.64
District of Columbia 2.60
Tax-Exempt Private Municipal Trust 2.12
U.S. Government Agency 0.91
Cash and Other Assets, Less Liabilities 1.20
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 2.16%
- --------------------------------------------------------------------------------
3,700,000 Orange County Water District, $ 3,700,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 3.45%, 08/18/2015
6,600,000 California Statewide Communities 6,600,000
Development Authority
Certificates of Participation,
Northern California Hospital and
Nursing Home Revenue,
Daily Floater, Putable Daily,
3.80%, 06/01/2026
2,115,000 California Statewide Communities 2,115,000
Development Authority Certificates of
Participation, John Muir/Mount Diablo
Health Revenue, AMBAC,
Daily Floater, Putable Daily,
3.45%, 08/15/2027
700,000 California Statewide Communities 700,000
Development Authority
Certificates of Participation,
Daily Floater, Putable Daily,
3.45%, 04/01/2028
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $13,115,000) 13,115,000
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 20.14%
- --------------------------------------------------------------------------------
1,265,000 California State Department of 1,309,338
Water Resources Series I,
6.60%, 12/01/2019,
Prerefunded 06/01/2000 @101.50
1,725,000 Puerto Rico Commonwealth, 1,809,680
7.625%, 07/01/2010,
Prerefunded 07/01/2000 @102
8,950,000 Los Angeles County, California 9,366,981
Certificates of Participation,
Correctional Facilities Project,
MBIA, 6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
1,575,000 Las Virgenes Municipal Water 1,661,720
District, California Certificates
of Participation, MBIA,
8.75%, 11/01/2000,
Escrowed to Maturity
3,560,000 Los Angeles, California Wastewater 3,757,366
System Revenue Series D, MBIA,
6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,530,000 Santa Ana Community $ 1,613,048
Redevelopment Agency, California
Series A, 6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102
3,275,000 Kings River Conservation District, 3,422,441
California Pine Flat Power Revenue
Series D, 6.00%, 01/01/2017,
Prerefunded 01/01/2001 @102
7,285,000 Los Angeles County Transportation 7,775,426
Commission, California Sales Tax
Revenue Series A, 6.75%, 07/01/2020,
Prerefunded 07/01/2001 @102
3,065,000 Los Angeles County Transportation 3,278,968
Commission, California Sales Tax
Revenue Series A,
6.90%, 07/01/2021,
Prerefunded 07/01/2001 @102
4,310,000 San Bernardino County, California 4,628,380
Certificates of Participation,
Capital Facilities Project Series B,
7.00%, 08/01/2028,
Prerefunded 08/01/2001 @102
1,865,000 Colton Redevelopment Agency, 1,988,277
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
3,505,000 California State Public Works 3,740,466
Board Lease Revenue Series A,
6.50%, 09/01/2011,
Prerefunded 09/01/2001 @102
3,130,000 California State Public Works 3,340,273
Board Lease Revenue Series A,
6.50%, 09/01/2019,
Prerefunded 09/01/2001 @102
55,000 Denver City & County, Colorado 61,051
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
1,260,000 District of Columbia Series A, 1,298,833
5.90%, 06/01/2002,
Escrowed to Maturity
24,530,000 Los Angeles County Transportation 26,242,439
Commission, California Sales Tax
Revenue Series A, MBIA,
6.00%, 07/01/2023,
Prerefunded 07/01/2002 @102
1,100,000 Puerto Rico Commonwealth Public 1,191,476
Improvement, 6.80%, 07/01/2021,
Prerefunded 07/01/2002 @101.50
1,010,000 University of California Revenue, 1,086,861
Multi-Purpose Projects Series D,
MBIA, 6.125%, 09/01/2011,
Prerefunded 09/01/2002 @102
*See Note 1, page 26 in Notes to Financial Statements.
18 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,295,000 University of California Revenue, $ 2,477,453
Multi-Purpose Projects Series D,
MBIA, 6.25%, 09/01/2012,
Prerefunded 09/01/2002 @102
2,815,000 University of California Revenue, 3,048,335
Multi-Purpose Projects Series D,
MBIA, 6.375%, 09/01/2024,
Prerefunded 09/01/2002 @102
21,910,000 Guam Power Authority Revenue 23,589,621
Series A, 6.30%, 10/01/2022,
Prerefunded 10/01/2002 @102
2,000,000 Central Coast Water Authority, 2,176,260
California State Regional Facilities
Water Project Revenue,
AMBAC, 6.50%, 10/01/2014,
Prerefunded 10/01/2002 @102
1,220,000 Virgin Islands Public Financing 1,349,405
Authority Revenue, Matching Fund
Loan Notes Series A,
7.25%, 10/01/2018,
Prerefunded 10/01/2002 @102
4,270,000 Sacramento School Insurance 4,357,663
Authority, California Revenue
Liability Program Series D,
5.70%, 06/01/2003,
Escrowed to Maturity
400,000 Pomona Public Financing 426,032
Authority, California, Southwest
Pomona Revenue Series L,
5.50%, 02/01/2008,
Prerefunded 02/01/2004 @102
1,500,000 Burbank Redevelopment Agency, 1,652,610
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
1,520,000 Corona, California Certificates 1,819,668
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
920,000 Northern California Power Agency 982,707
Public Power Revenue Series A,
AMBAC, 5.80%, 07/01/2009
Escrowed to Maturity
1,000,000 Kern High School District, 1,189,600
California, 7.10%, 08/01/2011,
Escrowed to Maturity
1,000,000 Pittsburg Redevelopment Agency, 1,403,560
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed
(Cost $121,468,257) 122,045,938
------------
- --------------------------------------------------------------------------------
INSURED: 33.14%
- --------------------------------------------------------------------------------
2,620,000 Northern California Power Agency, 2,660,636
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,920,000 San Jose Redevelopment Agency, $ 1,942,003
California Tax Allocation, Merged
Area Redevelopment Project, AMBAC,
4.75%, 08/01/2000
3,015,000 Riverside County, California 3,057,421
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/2000
1,000,000 Los Angeles Municipal Improvement 1,003,660
Corp., California Certificates of
Participation, Equipment & Real
Property Acquisition Program,
AMBAC, 4.00%, 12/01/2000
2,135,000 Los Angeles Municipal Improvement 2,141,191
Corp., California Municipal
Sanitation Equipment Charge
Revenue Series A, FSA,
4.00%, 02/01/2001
1,000,000 San Diego County Regional 1,009,030
Transportation Commission,
California Sales Tax Revenue
Second Series A, FGIC,
4.40%, 04/01/2001
1,405,000 San Diego County, California 1,409,861
Certificates of Participation,
Downtown Courthouse, AMBAC,
4.00%, 05/01/2001
1,960,000 Modesto Irrigation District, 1,975,602
California Certificates of
Participation, Refunding &
Capital Improvements Series A,
AMBAC, 4.25%, 07/01/2001
5,000,000 Central Valley Financing Authority, 5,060,600
California Cogeneration Project
Revenue, Carson Ice Generation
Project, MBIA, 4.50%, 07/01/2001
1,240,000 Southern California Public Power 1,257,620
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA,
4.625%, 07/01/2001
1,000,000 Northern California Power Agency, 1,028,280
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2001
5,470,000 Puerto Rico Commonwealth Public 5,599,639
Improvement Series B, AMBAC,
5.50%, 07/01/2001
2,455,000 San Jose Redevelopment Agency, 2,496,858
California Tax Allocation Merged
Area Redevelopment Project,
AMBAC, 4.75%, 08/01/2001
2,780,000 Castaic Lake Water Agency, 2,875,882
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 5.75%, 08/01/2001
Schedule of Investments -- Municipal Bond Portfolios 19
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 South Orange County Public $ 1,012,960
Financing Authority, California
Special Tax Revenue Series A, FSA,
4.50%, 08/15/2001
1,000,000 Los Angeles Municipal Improvement 1,004,160
Corp., California Lease Revenue,
Police Emergency Special Tax,
AMBAC, 4.00%, 09/01/2001
1,085,000 University of California Revenue 1,099,398
Multi-Purpose Projects Series G,
FGIC, 4.50%, 09/01/2001
4,270,000 University of California Revenue 4,513,048
Multi-Purpose Projects Series F,
FGIC, 7.00%, 09/01/2001
1,035,000 Antioch Public Financing Authority, 1,041,200
California Reassessment Revenue
Series A, AMBAC,
4.10%, 09/02/2001
1,000,000 California Community College 1,004,360
Financing Authority, Lease Revenue
Series A, MBIA,
4.00%, 10/01/2001
1,000,000 California Health Facilities 1,023,680
Financing Authority, Stanford
Health Care Series B, AMBAC,
5.00%, 11/15/2001
4,505,000 Los Angeles Municipal Improvement 4,549,194
Corp., California Certificates of
Participation, Equipment & Real
Property Acquisition Program,
AMBAC, 4.25%, 12/01/2001
1,280,000 Puerto Rico Commonwealth Public 1,326,234
Improvement Series B, AMBAC,
5.50%, 07/01/2002
1,000,000 California Health Facilities 1,027,550
Financing Authority, Sutter
Health Series C, FSA,
5.00%, 08/15/2002
4,520,000 South Orange County Public 5,359,771
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
7.50%, 08/15/2007
1,435,000 Riverside County, California 1,526,194
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 5.50%, 11/01/2007
2,360,000 San Diego County Regional 2,455,014
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,159,359
Revenue, MBIA, AMT,
6.00%, 05/15/2008
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,815,000 Riverside, California Sewer $ 3,262,500
Revenue, FGIC,
7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,776,968
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2008
5,040,000 Contra Costa Transportation 5,485,234
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2009
1,170,000 Northern California Transmission 1,212,611
Agency Revenue Series A, MBIA,
5.30%, 05/01/2009
1,000,000 San Francisco City & County 1,036,860
Airports Commission, California
International Airport Revenue
Second Series 23A, FGIC, AMT,
5.50%, 05/01/2009
2,825,000 San Francisco City & County 2,933,254
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2009
1,475,000 Los Angeles Department of 1,535,003
Airports, California Airport
Revenue Series A, FGIC,
5.50%, 05/15/2009
1,405,000 Riverside County Transportation 1,531,689
Commission, California Sales Tax
Revenue Series A, FGIC,
6.00%, 06/01/2009
1,000,000 Redding Joint Powers Financing 1,105,220
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
1,815,000 Northern California Power Agency, 1,947,422
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public 1,362,108
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
8.00%, 08/15/2009
2,000,000 Los Angeles, California 2,057,760
Wastewater System Revenue
Series D, FGIC, 5.375%, 11/01/2009
2,365,000 San Francisco City & County 2,398,985
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.35%, 05/01/2010
20 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
600,000 Los Angeles Department of Airports, $ 626,568
California Airport Revenue, FGIC,
AMT, 5.80%, 05/15/2010
1,110,000 Long Beach, California Harbor 1,188,199
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2010
1,385,000 Puerto Rico Public Finance Corp., 1,435,511
Commonwealth Appropriation Series A,
AMBAC, 5.375%, 06/01/2010
1,235,000 Puerto Rico Highway & 1,267,555
Transportation Authority,
Subordinated State Infrastructure
Bank, MBIA, 5.25%, 07/01/2010
1,230,000 Southern California Public Power 1,260,356
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA, 5.25%, 07/01/2010
3,000,000 Riverside, California Sewer Revenue, 3,014,730
FGIC, 5.00%, 08/01/2010
1,175,000 San Jose Redevelopment Agency, 1,278,341
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2010
1,080,000 Castaic Lake Water Agency, 1,277,122
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2010
1,000,000 Los Angeles Convention & 1,088,200
Exhibition Center Authority,
California Lease Revenue, MBIA,
6.00%, 08/15/2010
2,075,000 San Joaquin County, California 2,096,497
Certificates of Participation,
General Hospital Project, MBIA,
5.125%, 09/01/2010
1,375,000 Sacramento County, California 1,367,864
Certificates of Participation,
Public Facilities Project, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,103,980
California Series A, MBIA,
6.30%, 02/01/2011
4,835,000 Orange County Local 5,021,051
Transportation Authority,
California Sales Tax Revenue
Measure M, Series A, MBIA,
5.50%, 02/15/2011
1,000,000 California Statewide Communities 1,034,450
Development Authority,
Certificates of Participation,
MBIA, 5.50%, 04/01/2011
4,665,000 Oakland State Building Authority, 4,830,467
California Lease Revenue, Elihu
M. Harris Project Series A, AMBAC,
5.50%, 04/01/2011
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,785,000 Long Beach, California Harbor $ 2,967,195
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2011
1,965,000 Puerto Rico Highway & 2,010,195
Transportation Authority,
Subordinated State Infrastructure
Bank, MBIA, 5.25%, 07/01/2011
2,770,000 Southern California Public Power 2,812,963
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA, 5.25%, 07/01/2011
1,000,000 University of California Revenue 994,640
Series C, AMBAC,
5.00%, 09/01/2011
1,100,000 Sacramento Redevelopment Agency, 1,117,512
California Tax Allocation, Merged
Downtown Redevelopment Project
Series A, FSA, 5.25%, 11/01/2011
1,000,000 California Statewide Communities 1,040,540
Development Authority,
Certificates of Participation,
MBIA, 5.625%, 04/01/2012
2,145,000 San Francisco City & County 2,159,500
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.45%, 05/01/2012
1,000,000 Los Angeles County Metropolitan 1,006,790
Transportation Authority,
California Sales Tax Revenue
Series B, AMBAC,
5.30%, 07/01/2012
1,215,000 Puerto Rico Highway & 1,261,170
Transportation Authority Series A,
AMBAC, 5.50%, 07/01/2012
2,900,000 Los Angeles Department of Water & 2,976,386
Power, California Waterworks
Revenue, MBIA,
5.50%, 10/15/2012
3,625,000 San Diego County, California 3,621,375
Certificates of Participation,
Downtown Courthouse, AMBAC,
5.25%, 05/01/2013
1,000,000 Los Angeles Convention & 986,760
Exhibition Center Authority,
California Lease Revenue, MBIA,
5.125%, 08/15/2013
1,000,000 University of California Revenue 974,530
Series C, AMBAC,
5.00%, 09/01/2013
4,220,000 Sacramento Redevelopment Agency, 4,215,653
California Tax Allocation, Merged
Downtown Redevelopment Project
Series A, FSA,
5.25%, 11/01/2013
Schedule of Investments -- Municipal Bond Portfolios 21
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,915,000 San Diego County, California $ 1,891,886
Certificates of Participation,
Downtown Courthouse, AMBAC,
5.25%, 05/01/2014
2,910,000 Northern California Power Agency, 2,865,768
Hydroelectric Project No. 1
Series A, MBIA,
5.25%, 07/01/2014
1,340,000 Los Angeles Unified School 1,432,152
District, California Series A,
FGIC, 6.00%, 07/01/2014
1,000,000 Puerto Rico Highway & 1,097,310
Transportation Authority Series Z,
MBIA, 6.25%, 07/01/2014
1,000,000 Modesto Irrigation District Financing 975,030
Authority, California Domestic Water
Project Revenue Series D, AMBAC,
5.125%, 09/01/2014
1,195,000 Culver City Redevelopment Finance 1,210,858
Authority, California Tax
Allocation, AMBAC,
5.50%, 11/01/2014
1,725,000 Long Beach, California Water 1,789,808
Revenue Series A, MBIA,
5.75%, 05/01/2015
2,060,000 Contra Costa County Public 2,016,822
Financing Authority, California
Lease Revenue, Various Capital
Facilities Series 1999-A, MBIA,
5.25%, 06/01/2015
1,595,000 Puerto Rico Highway & 1,620,089
Transportation Authority Series W,
MBIA, 5.50%, 07/01/2015
1,730,000 San Mateo County Joint Powers 1,648,171
Financing Authority, California
Capital Projects Lease Revenue
Series A, FSA, 5.00%, 07/15/2015
1,000,000 San Jose Redevelopment Agency, 1,067,600
California Tax Allocation, Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
1,135,000 Beverly Hills Public Financing 1,088,874
Authority, California Lease
Revenue Series A, MBIA,
5.125%, 06/01/2016
4,620,000 Burbank, California Public Service 4,432,243
Department Electric Revenue,
FSA, 5.125%, 06/01/2016
1,290,000 San Mateo County Transportation 1,298,307
District, California Series A,
MBIA, 5.50%, 06/01/2016
1,000,000 Tustin Unified School District, 943,270
Community Facilities District No.
88-1, California Special Tax, FSA,
5.00%, 09/01/2016
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,920,000 Alameda Corridor Transportation $ 1,841,146
Authority, California Revenue
Senior Lien Series A, MBIA,
5.125%, 10/01/2016
4,765,000 Sacramento Municipal Utility District, 4,887,985
California Electric Revenue Series K,
AMBAC, 5.70%, 07/01/2017
1,000,000 California Special Districts 1,003,300
Association Finance Corp.,
Certificates of Participation
Series Z, FSA, 5.50%, 08/01/2017
3,800,000 San Francisco City & County 3,460,964
Airport Commission, California
International Airport Revenue
Second Series 15A, FSA, AMT,
5.00%, 05/01/2018
2,070,000 Beverly Hills Public Financing 1,954,639
Authority, California Lease
Revenue Series A, MBIA,
5.125%, 06/01/2018
4,000,000 San Diego, California Certificates of 3,700,760
Undivided Interest, Water Utility Fund
System Revenue, FGIC,
5.00%, 08/01/2018
1,000,000 Los Angeles Convention & 976,200
Exhibition Center Authority,
California Lease Revenue Series A,
MBIA, 5.375%, 08/15/2018
1,660,000 Fresno, California Sewer Revenue 1,604,241
Series A-1, AMBAC,
5.25%, 09/01/2019
2,630,000 California State Public Works 2,413,814
Board Lease Revenue, Department
of Corrections, State Prison Series A,
AMBAC, 5.00%, 12/01/2019
1,000,000 Mammoth Unified School District, 280,550
California Capital Appreciation,
MBIA, 0.00%, 08/01/2021
1,000,000 Mammoth Unified School District, 263,510
California Capital Appreciation,
MBIA, 0.00%, 08/01/2022
1,010,000 Inglewood Redevelopment Agency, 964,005
California Tax Allocation Merged
Redevelopment Project Series A,
AMBAC, 5.25%, 05/01/2023
1,975,000 California Housing Financing Agency 1,970,991
Revenue, Home Mortgage Series I,
MBIA, AMT, 4.95%, 08/01/2028
7,885,000 California Housing Finance 1,821,041
Agency, Home Mortgage
Revenue Series B, AMT, MBIA,
0.00%, 08/01/2029
------------
Total Insured (Cost $202,609,785) 200,823,453
------------
22 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
TAX SUPPORTED: 27.81%
- --------------------------------------------------------------------------------
State General Obligations: 5.39%
3,585,000 California State, $ 3,642,037
5.00%, 10/01/2000
13,000,000 California State, 13,206,830
5.00%, 10/01/2000
1,080,000 California State, 1,083,823
4.00%, 02/01/2001
1,000,000 California State, 1,041,290
6.70%, 04/01/2001
1,035,000 California State, 1,111,093
9.00%, 04/01/2001
3,650,000 California State, 3,696,319
4.50%, 08/01/2001
2,500,000 California State, 2,731,675
6.20%, 09/01/2005
5,640,000 California State, 6,139,366
6.00%, 10/01/2009
------------
Total State General Obligations
(Cost $32,442,261) 32,652,433
------------
Local General Obligations: 8.39%
4,875,000 Los Angeles Unified School District, 4,906,541
California Series B, 4.25%, 07/01/2000
7,950,000 Oakland, California Tax & Revenue 8,019,801
Anticipation Notes, 4.25%, 09/29/2000
9,670,000 San Diego Unified School District, 9,744,749
California Tax & Revenue
Anticipation Notes Series A,
4.25%, 09/29/2000
12,000,000 Santa Cruz County, California Tax & 12,129,600
Revenue Anticipation Notes,
4.50%, 10/06/2000
6,000,000 Los Angeles, California Series A, 6,079,620
4.50%, 09/01/2001
1,000,000 Los Angeles, California Series B, 1,022,380
5.00%, 09/01/2001
2,235,000 Los Angeles County Public Works 2,293,222
Financing Authority, California
Capital Construction Series A,
5.10%, 03/01/2007
1,000,000 East Bay Municipal Utility 1,026,180
District, California Special
District No. 1 Series E,
5.45%, 04/01/2010
3,110,000 Los Angeles County Public Works 3,093,828
Financing Authority, California
Capital Construction,
5.00%, 03/01/2011
2,480,000 Los Angeles, California Series A, 2,503,684
5.25%, 09/01/2011
------------
Total Local General Obligations
(Cost $50,442,924) 50,819,605
------------
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Tax Lease: 6.88%
1,130,000 Cupertino, California $ 1,133,774
Certificates of Participation
Series A, 4.875%, 01/01/2000
1,095,000 Los Angeles County Capital Asset 1,104,439
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 06/01/2000
11,175,000 California State Public Works 11,292,114
Board Lease Revenue, Department
of Corrections Series C,
4.75%, 09/01/2000
1,480,000 Los Angeles County Capital Asset 1,496,976
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 12/01/2000
5,340,000 California State Public Works 5,426,454
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/2001
1,985,000 Los Angeles County Capital Asset 2,012,572
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 06/01/2001
1,595,000 Ukiah Unified School District, 1,643,679
California Certificates of
Participation,
5.60%, 09/01/2001
1,000,000 Puerto Rico Housing Bank & 1,008,590
Finance Agency, Commonwealth
Appropriation Subsidy,
4.875%, 12/01/2001
3,010,000 Puerto Rico Urban Renewal & 3,077,725
Housing Corp.,
7.875%, 10/01/2004
2,855,000 Solano County, California 2,949,472
Certificates of Participation,
Justice Facility & Public
Building Project,
5.875%, 10/01/2005
1,000,000 Los Angeles State Building 1,053,690
Authority, California Lease
Revenue, 5.50%, 05/01/2007
2,520,000 San Francisco State Building 2,599,103
Authority, California Lease
Revenue Series A,
5.125%, 10/01/2007
1,010,000 Gilroy Unified School District, 1,048,865
California Certificates of
Participation, 5.85%, 07/01/2008
2,590,000 Taft Public Financing Authority, 2,690,207
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
Schedule of Investments -- Municipal Bond Portfolios 23
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,185,000 Capistrano Unified School District, $ 1,194,871
California Certificates of Participation,
5.20%, 02/01/2018
2,000,000 Sacramento City Finance Authority, 1,938,760
California Lease Revenue Series B,
5.40%, 11/01/2020
------------
Total Tax Lease (Cost $40,977,908) 41,671,291
------------
Special Tax: 7.15%
2,505,000 Virgin Islands Public Financing 2,505,000
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/1999
1,850,000 Commerce Community Development 1,859,084
Commission, California Tax Allocation,
Redevelopment Project No. 1-Series A,
4.70%, 08/01/2000
1,000,000 Roseville North Central Community 1,001,110
Facilities District No. 1, California
Special Tax, 4.10%, 09/01/2000
1,000,000 Chino Public Financing Authority, 998,820
California Revenue,
4.30%, 09/02/2000
905,000 West Sacramento Reassessment 907,127
District, California Improvement
Bond Act of 1915,
4.50%, 09/02/2000
535,000 Fairfield Public Financing Authority, 536,728
California Revenue Reassessment,
4.60%, 09/02/2000
7,595,000 Los Angeles County Public Works 7,715,836
Financing Authority, California
Regional Park & Open Space
District Series A,
5.00%, 10/01/2000
10,350,000 Los Angeles Community 10,458,675
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/2000
1,400,000 Commerce Community Development 1,405,964
Commission, California Tax
Allocation Redevelopment Project
No. 1-Series A,
4.80%, 08/01/2001
2,150,000 Roseville North Central Community 2,149,914
District No. 1, California
Special Tax, 4.60%, 09/01/2001
690,000 Santa Clara Convention Center 685,115
Refunding & Reassessment,
California Improvement Bond Act
of 1915, 4.25%, 09/02/2001
1,200,000 Los Angeles County Public Works 1,228,020
Financing Authority, California
Regional Park & Open Space
Revenue District A,
5.00%, 10/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,245,000 Roseville North Central Community $ 2,241,902
District No. 1, California
Special Tax, 4.70%, 09/01/2002
1,000,000 Orange County Development Agency, 1,033,120
California Tax Allocation, Santa
Ana Heights Project Area,
5.70%, 09/01/2002
1,000,000 Fontana Redevelopment Agency, 1,002,220
California Tax Allocation, Jurupa
Hills Redevelopment Project
Series A, 4.30%, 10/01/2002
1,555,000 Pomona Public Financing 1,607,637
Authority, California Revenue,
Southwest Pomona Redevelopment
Series L, 5.50%, 02/01/2008
5,705,000 Los Angeles County Public Works 5,998,693
Financing Authority, California,
Regional Park & Open Space
District Series A,
5.50%, 10/01/2009
------------
Total Special Tax (Cost $43,019,407) 43,334,965
------------
Total Tax Supported (Cost $166,882,500) 168,478,294
------------
- --------------------------------------------------------------------------------
REVENUE: 12.90%
- --------------------------------------------------------------------------------
Airport Revenue: 0.62%
2,495,000 Virgin Islands Port Authority, 2,482,425
Airport Revenue Series A, AMT,
3.85%, 09/01/2000
500,000 Denver City & County, Colorado 536,685
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
145,000 Denver City & County, Colorado 158,479
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 588,245
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
------------
Total Airport Revenue (Cost $3,629,236) 3,765,834
------------
Electric Revenue: 0.63%
1,000,000 Virgin Islands Water & Power 1,007,210
Authority, Electric System Revenue,
5.00%, 07/01/2001
1,000,000 Los Angeles Department of Water & 1,106,480
Power, California Electric Plant
Revenue Second Issue,
8.00%, 08/15/2002
1,630,000 Los Angeles Department of Water & 1,717,727
Power, California Electric Plant
Revenue, 7.10%, 01/15/2031
------------
Total Electric Revenue (Cost $3,822,099) 3,831,417
------------
24 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Health Care Revenue: 0.69%
1,000,000 California Health Facilities $ 1,004,780
Financing Authority,
Catholic Healthcare West Revenue
Series A, 4.50%, 07/01/2000
3,145,000 California Statewide Community 3,179,721
Development Authority,
Certificates of Participation,
St. Joseph Health System
Obligation Group,
5.00%, 07/01/2001
------------
Total Health Care Revenue
(Cost $4,217,491) 4,184,501
------------
Higher Education Revenue: 1.08%
685,000 California Educational Facilities 685,000
Authority, University of Southern
California Series B,
7.85%, 10/01/1999
2,540,000 California Educational Facilities 2,693,314
Authority, University of Southern
California Series A,
5.50%, 10/01/2008
3,275,000 California Educational Facilities 3,177,176
Authority, Pomona College Revenue,
5.25%, 01/01/2017
------------
Total Higher Education Revenue
(Cost $6,622,045) 6,555,490
------------
Water/Sewer Revenue: 7.23%
2,455,000 Los Angeles Department of Water & 2,536,531
Power, California Waterworks
Revenue Second Issue,
9.00%, 05/15/2000
1,000,000 Metropolitan Water District of 1,025,980
Southern California Series A,
7.00%, 07/01/2000
1,050,000 California State Department of 1,105,555
Water Resources Series M,
8.50%, 12/01/2000
2,500,000 Metropolitan Water District of 2,603,225
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,498,965
District Financing Authority,
California Series A,
5.25%, 10/01/2008
2,700,000 California State Department of 2,865,213
Water Resources, Central Valley
Project, Water Systems Revenue
Series T, 5.50%, 12/01/2008
1,000,000 Orange County Water District, 1,027,620
California Certificates of
Participation Series A,
5.50%, 08/15/2010
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,545,000 San Diego County Water Authority, $ 2,699,583
California Certificates of
Participation, Water Revenue
Series A, 5.75%, 05/01/2011
2,150,000 Riverside, California Water 2,206,545
Revenue, 5.375%, 10/01/2011
1,500,000 Riverside, California Water 1,526,775
Revenue, 5.375%, 10/01/2012
2,460,000 San Francisco City & County 2,399,976
Public Utilities Commission,
California, Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,175,320
Water Resources, Water System
Revenue Series O,
5.00%, 12/01/2015
1,350,000 Metropolitan Water District of 1,273,833
Southern California, Waterworks
Revenue Series A,
5.00%, 07/01/2016
1,000,000 California State Department of 958,620
Water Resources, Central Valley
Project, Water Systems Revenue
Series U, 5.125%, 12/01/2016
12,790,000 California State Department of 11,767,439
Water Resources, Central Valley
Project, Water Systems Revenue
Series S, 5.00%, 12/01/2019
3,660,000 Metropolitan Water District of 3,746,742
Southern California Series A,
5.75%, 07/01/2021
1,330,000 Los Angeles Department of Water & 1,410,199
Power, California Waterworks
Revenue, Second Issue,
6.40%, 11/01/2031
------------
Total Water/Sewer Revenue
(Cost $44,104,210) 43,828,121
------------
Miscellaneous Revenue: 2.33%
635,000 Western Placer Waste Management 644,696
Authority, California Revenue,
AMT, 6.25%, 07/01/2000
3,710,000 Long Beach, California Harbor 3,740,830
Revenue, AMT, 4.50%, 05/15/2001
2,450,000 Long Beach, California Harbor 2,489,298
Revenue Series A, AMT,
5.00%, 05/15/2001
400,000 Del Mar, California Race Track 407,280
Authority Revenue, 6.00%, 08/15/2001
6,485,000 Los Angeles, California Harbor 6,805,165
Department Revenue Series B, AMT,
5.75%, 08/01/2009
------------
Total Miscellaneous Revenue
(Cost $13,962,895) 14,087,269
------------
Schedule of Investments -- Municipal Bond Portfolios 25
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 0.32%
650,000 Missouri State Environmental $ 650,000
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
1,305,000 California Statewide Communities 1,278,678
Development Authority
Certificates of Participation,
The Internext Group,
4.00%, 04/01/2002
------------
Total Industrial Development/Pollution
Control Revenue (Cost $1,948,848) 1,928,678
------------
Total Revenue (Cost $78,306,824) 78,181,310
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.57%
- --------------------------------------------------------------------------------
Housing: 1.57%
6,930,000 California Rural Home Mortgage 6,951,275
Finance Authority, Rural Lease
Pass-Through Obligation Revenue
Series A, MBIA,
4.45%, 08/01/2001
1,585,000 Los Angeles, California 1,566,186
Multifamily Housing Revenue,
Western Carlton Project Series A,
AMT, 3.80%, 10/01/2001
1,015,000 California Statewide Communities 1,007,723
Development Authority,
Bayport Multifamily Housing
Subordinated Revenue Series LL-4,
AMT, 4.10%, 12/01/2028
------------
Total Housing (Cost $9,551,153) 9,525,184
------------
Total Asset-Backed Securities
(Cost $9,551,153) 9,525,184
------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $591,933,519) 97.72% $592,169,179
(Note B, below)
Cash and Other Assets, Less Liabilities 2.28 13,793,078
------ ----------
Net Assets (Equivalent to $13.69
per share based on 44,260,107
shares of capital stock outstanding) 100.00% $605,962,257
======= ============
- --------------------------------------------------------------------------------
(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) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
26 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTE: 0.16%
- --------------------------------------------------------------------------------
1,400,000 Babylon, New York Industrial $ 1,400,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, 3.80%, 12/01/2024
------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $1,400,000) 1,400,000
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 27.68%
- --------------------------------------------------------------------------------
2,000,000 New York State Urban Development 2,055,360
Corp., Correctional Facilities
Series G, 7.00%, 01/01/2017,
Prerefunded 01/01/2000 @102
1,000,000 MTA, New York Commuter Facilities 1,047,050
Service Contract Series 3,
7.50%, 07/01/2016,
Prerefunded 07/01/2000 @102
1,000,000 MTA, New York Transit Facilities 1,042,190
Service Contract Series 4,
7.50%, 07/01/2019,
Prerefunded 07/01/2000 @101.50
420,000 New York State Dormitory 434,767
Authority, City University
Systems Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
3,950,000 New York State Dormitory 4,146,552
Authority, City University
Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
2,000,000 New York City Series L, 2,024,440
5.25%, 08/01/2000,
Escrowed to Maturity
220,000 New York City Series A, 224,101
6.00%, 08/01/2000,
Escrowed to Maturity
4,905,000 New York City Series E, 5,000,353
6.10%, 08/01/2000,
Escrowed to Maturity
1,000,000 New York State Medical Care 1,022,460
Facilities Finance Authority,
Brookdale Medical Center
Secured Hospital Program
Series A, 6.35%, 08/15/2000,
Escrowed to Maturity
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
5,215,000 New York State Medical Care $ 5,499,948
Facilities Finance Agency, Mental
Health Service Facilities Series B,
7.875%, 08/15/2020,
Prerefunded 08/15/2000 @102
3,045,000 New York State Housing Finance 3,219,448
Agency, Service Contract Series A,
7.80%, 09/15/2020,
Prerefunded 09/15/2000 @102
3,500,000 Virgin Islands Public Finance 3,659,600
Authority Series B,
7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
2,000,000 New York State Medical Care 2,090,160
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000,
Escrowed to Maturity
10,000,000 New York State Thruway Authority, 10,228,900
Local Highway & Bridge Service
Contract, 6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
1,000,000 New York State Power Authority 1,047,890
Series Y, 6.50%, 01/01/2004,
Prerefunded 01/01/2001 @102
8,135,000 New York State Urban Development 8,369,857
Corp., Correctional Facilities
Series 2, 6.50%, 01/01/2021,
Prerefunded 01/01/2001 @100
14,180,000 New York State Power Authority 14,901,478
Series Y, 6.75%, 01/01/2018,
Prerefunded 01/01/2001 @102
1,680,000 Triborough Bridge & Tunnel 1,762,505
Authority Series S,
7.00%, 01/01/2011,
Prerefunded 01/01/2001 @101.50
3,245,000 Triborough Bridge & Tunnel 3,404,362
Authority Series S,
7.00%, 01/01/2021,
Prerefunded 01/01/2001 @101.50
1,250,000 Triborough Bridge & Tunnel 1,317,338
Authority Series T,
7.00%, 01/01/2020,
Prerefunded 01/01/2001 @102
6,500,000 New York State Thruway Authority, 6,869,525
Local Highway & Bridge Service
Contract, 7.25%, 01/01/2010,
Prerefunded 01/01/2001 @102
125,000 New York State Power Authority 128,981
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
3,975,000 New York City Series H, 4,117,543
6.90%, 02/01/2001,
Escrowed to Maturity
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 27
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,450,000 New York State Local Government $ 1,527,488
Assistance Corp. Series A,
6.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
5,970,000 New York State Local Government 6,176,622
Assistance Corp. Series C,
6.50%, 04/01/2015,
Prerefunded 04/01/2001 @100
1,000,000 New York State Local Government 1,060,590
Assistance Corp. Series C,
7.00%, 04/01/2010,
Prerefunded 04/01/2001 @102
1,000,000 New York State Local Government 1,060,590
Assistance Corp. Series C,
7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
1,100,000 New York State Local Government 1,168,618
Assistance Corp. Series A,
7.125%, 04/01/2011,
Prerefunded 04/01/2001 @102
4,595,000 New York State Local Government 4,889,861
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
6,360,000 New York State Local Government 6,768,121
Assistance Corp. Series B,
7.25%, 04/01/2006,
Prerefunded 04/01/2001 @102
3,210,000 New York State Local Government 3,427,478
Assistance Corp. Series B,
7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
1,230,000 New York State Urban Development 1,313,332
Corp., 7.50%, 04/01/2011,
Prerefunded 04/01/2001 @102
9,690,000 New York State Urban Development 10,346,497
Corp., 7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
2,050,000 New York City Series B, 2,173,492
7.00%, 06/01/2015,
Prerefunded 06/01/2001 @101.50
1,000,000 New York City Series B, 1,060,240
7.00%, 06/01/2016,
Prerefunded 06/01/2001 @101.50
9,130,000 New York City Municipal Water 9,692,682
Finance Authority Series B,
6.375%, 06/15/2022,
Prerefunded 06/15/2001 @101
1,820,000 New York State Environmental 1,925,251
Facilities Corp., Pollution Control
Revenue, State Revolving Fund
Series E, 6.50%, 06/15/2014,
Prerefunded 06/15/2001 @102
9,185,000 New York City Municipal Water Finance 9,667,672
Authority Series A, 6.75%, 06/15/2017,
Prerefunded 06/15/2001 @101
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
14,065,000 New York State Environmental $ 14,963,894
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series E, 6.875%, 06/15/2010,
Prerefunded 06/15/2001 @102
1,770,000 New York City Municipal Water 1,899,953
Finance Authority Series C,
7.75%, 06/15/2020,
Prerefunded 06/15/2001 @101.50
5,745,000 MTA, New York Transit Facilities 5,927,921
Service Contract,
6.00%, 07/01/2021,
Prerefunded 07/01/2001 @100
340,000 New York City Series L, 345,420
5.00%, 08/01/2001,
Escrowed to Maturity
4,825,000 New York State Medical Care 5,194,161
Facilities Finance Agency,
Secured Hospital Revenue Bonds,
7.35%, 08/15/2011,
Prerefunded 08/15/2001 @102
1,000,000 New York City Series A, 1,078,970
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,105,000 New York City Series A, 1,192,262
7.75%, 08/15/2016,
Prerefunded 08/15/2001 @101.50
1,000,000 New York City Series A, 1,078,970
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
1,925,000 Suffolk County, New York Series A, 2,118,501
9.50%, 10/01/2001,
Escrowed to Maturity
1,360,000 New York City Municipal Water 1,451,582
Finance Authority Series C,
7.375%, 06/15/2014,
Prerefunded 10/15/2001 @101.50
115,000 Denver City & County, Colorado 127,652
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
5,015,000 New York State Power Authority 5,320,163
Series AA, 6.25%, 01/01/2023,
Prerefunded 01/01/2002 @102
7,610,000 New York State Power Authority 8,113,249
Series Z, 6.50%, 01/01/2019,
Prerefunded 01/01/2002 @102
(Note B, p. 37)
1,330,000 New York State Urban Development 1,442,558
Corp., Correctional Facilities
Series 3, 7.375%, 01/01/2018,
Prerefunded 01/01/2002 @102
2,500,000 New York State Local Government 2,648,525
Assistance Corp. Series B,
6.00%, 04/01/2006,
Prerefunded 04/01/2002 @102
28 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,150,000 New York State Local Government $ 2,290,309
Assistance Corp. Series B,
6.25%, 04/01/2021,
Prerefunded 04/01/2002 @102
1,500,000 New York State Thruway Authority 1,584,375
Service Contract, 6.25%, 04/01/2004,
Prerefunded 04/01/2002 @101
5,490,000 New York State Power Authority 5,691,867
Series CC, 5.00%, 01/01/2009,
Prerefunded 01/01/2003 @102
1,955,000 New York State Power Authority 2,026,886
Series CC, 5.00%, 01/01/2014,
Prerefunded 01/01/2003 @102
3,625,000 New York City Health & Hospital Corp. 3,906,336
Series A, 6.30%, 02/15/2020,
Prerefunded 02/15/2003 @102
2,070,000 New York State Medical Care 2,156,443
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage, FHA,
6.35%, 02/15/2012,
Prerefunded 02/15/2003 @102
1,460,000 New York State Medical Care 1,509,144
Facilities Finance Agency,
Hospital & Nursing Home Revenue,
FHA, 6.125%, 02/15/2014,
Prerefunded 02/15/2004 @102
830,000 New York State Medical Care 837,985
Facilities Finance Authority,
Insured Mortgage Project Series A,
FHA, 5.40%, 08/15/2004,
Escrowed to Maturity
2,800,000 New York State Thruway Authority 2,995,020
General Revenue Series C,
5.75%, 01/01/2009,
Prerefunded 01/01/2005 @102
1,925,000 New York State Local Government 2,072,243
Assistance Corp. Series A,
5.90%, 04/01/2012,
Prerefunded 04/01/2005 @102
900,000 New York City Series B, 983,205
6.30%, 08/15/2008,
Prerefunded 08/15/2005 @101
2,220,000 New York State Power Authority 2,438,470
Series W, 6.50%, 01/01/2008,
Escrowed to Maturity
4,670,000 Niagara Falls Bridge Commission, 5,132,143
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
1,600,000 New York City Series B, 1,728,080
8.25%, 06/01/2017,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed
(Cost $233,776,242) 234,129,629
------------
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
INSURED: 34.77%
- --------------------------------------------------------------------------------
5,325,000 New York City Health & Hospital $ 5,342,413
Corp. Series A, Connie Lee,
4.875%, 02/15/2000
2,255,000 Nassau County, New York Series Q, 2,278,046
FGIC, 5.00%, 08/01/2000
1,335,000 Erie County, New York Series A, 1,352,088
FGIC, 5.25%, 08/15/2000
1,085,000 Erie County, New York Series B, 1,098,888
FGIC, 5.25%, 08/15/2000
6,798,000 Nassau County, New York Series C, 6,873,526
FSA, 5.125%, 01/01/2001
1,005,000 North Hempstead, New York Series A, 1,010,025
FGIC, 4.50%, 01/15/2001
2,940,000 New York State Dormitory 2,962,961
Authority, Columbia Presbyterian
Hospital Series A, FHA, AMBAC,
4.75%, 02/15/2001
1,220,000 New York State Thruway Authority, 1,226,978
Highway & Bridge Trust Fund
Series A, FGIC,
4.50%, 04/01/2001
1,000,000 New York State Thruway Authority, 1,027,170
Highway & Bridge Trust Fund
Series B, AMBAC,
6.00%, 04/01/2001
1,490,000 Nassau County, New York Series B, 1,497,241
AMBAC, 4.50%, 06/01/2001
1,500,000 Chautauqua Lake Central School 1,497,735
District, New York, FSA,
4.00%, 06/15/2001
1,050,000 Taconic Hills Central School 1,052,667
District, New York, FSA,
4.25%, 06/15/2001
1,000,000 Longwood Central School District, 1,009,830
New York, FSA, 4.75%, 06/15/2001
2,440,000 New York State Dormitory 2,456,080
Authority, Special Act School
Districts Program, FSA,
4.50%, 07/01/2001
1,460,000 New York State Dormitory 1,469,592
Authority, Good Samaritan
Hospital, Asset Guaranty,
4.75%, 07/01/2001
1,180,000 Suffolk County, New York Series B, 1,186,844
AMBAC, 4.50%, 08/15/2001
7,159,000 Nassau County, New York Series D, 7,296,310
FSA, 5.25%, 09/01/2001
1,000,000 Buffalo, New York Series C, AMBAC, 992,400
3.75%, 12/01/2001
7,910,000 Nassau County, New York Series C, 8,042,255
FSA, 5.125%, 01/01/2002
2,425,000 Islip, New York Series C, FSA, 2,451,966
4.75%, 01/15/2002
Schedule of Investments -- Municipal Bond Portfolios 29
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,050,000 Oyster Bay, New York, FSA, $ 1,044,582
4.00%, 02/15/2002
3,760,000 Nassau County, New York Series V, 3,827,454
AMBAC, 5.125%, 03/01/2002
1,950,000 New York State Dormitory Authority, 1,985,802
University of Rochester Series A,
MBIA, 5.00%, 07/01/2002
1,805,000 Suffolk County, New York Series A, 1,832,075
MBIA, 4.875%, 08/15/2002
4,325,000 Port Authority of New York & New 4,392,254
Jersey, Consolidated 119th Series,
FGIC, 5.00%, 09/15/2002
(Note C, p. 37)
1,315,000 Suffolk County, New York Judicial 1,339,735
Agency Facility Revenue Agreement,
John P. Cohalan Complex, AMBAC,
5.00%, 10/15/2002
1,020,000 New York State Dormitory 1,053,038
Authority Brookdale Hospital,
Secured Hospital Program Series J,
FSA, 5.50%, 02/15/2003
1,340,000 New York State Dormitory 1,538,789
Authority, City University Series D,
FGIC, 8.75%, 07/01/2003
910,000 Niagara Frontier Authority, New 923,086
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT,
5.75%, 04/01/2004
3,615,000 New York State Project Finance 3,645,041
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,046,910
Corp., Correctional Facilities
Series A, AMBAC,
5.00%, 01/01/2007
2,000,000 Suffolk County, New York, 2,138,900
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
1,810,000 New York State Local Government 1,940,573
Assistance Corp. Series A, AMBAC,
6.00%, 04/01/2007
2,000,000 New York State Dormitory Authority, 2,069,920
State University Series B,
FGIC, 5.375%, 05/15/2007
4,000,000 Westchester County Industrial 4,179,640
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
1,000,000 MTA, New York Commuter Facilities 1,075,380
Series A, MBIA,
6.00%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,626,968
Series K, MBIA,
6.30%, 07/01/2007
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,880,000 Yonkers, New York Series C, $ 2,902,061
AMBAC, 5.00%, 08/01/2007
3,560,000 New York City Transportation 3,685,989
Authority, Certificates of
Participation Series A, AMBAC,
5.50%, 01/01/2008
1,265,000 New York State Urban Development 1,314,107
Corp., Correctional Facilities
Series A, AMBAC,
5.50%, 01/01/2008
1,345,000 Babylon, New York Series A, AMBAC, 1,726,025
9.20%, 01/15/2008
6,130,000 New York State Dormitory 6,062,999
Authority, Insured Mortgage
Hospital, Sound Shore Medical
Center, FHA, MBIA,
4.35%, 02/01/2008 (Note D, p. 37)
2,000,000 MTA, New York Dedicated Tax Fund 2,024,720
Series A, MBIA,
5.10%, 04/01/2008
2,300,000 New York State Dormitory 2,392,598
Authority, State University
Series A, AMBAC,
5.50%, 05/15/2008
1,000,000 Suffolk County, New York, 1,012,500
Waterworks Authority, MBIA,
5.10%, 06/01/2008
1,485,000 New York State Dormitory Authority, 1,490,762
New York University Series B,
MBIA, 5.00%, 07/01/2008
1,910,000 MTA, New York Transit Facilities 2,021,334
Service Contract Series O, AMBAC,
5.75%, 07/01/2008
4,575,000 New York State Series B, AMBAC, 4,781,104
5.625%, 08/15/2008
1,000,000 New York State Thruway Authority, 1,015,450
Highway & Bridge Trust Fund
Series A, MBIA,
5.25%, 04/01/2009
2,165,000 New York State Thruway Authority, 2,205,139
Highway & Bridge Trust Fund
Series B, MBIA,
5.30%, 04/01/2009
4,055,000 New York State Dormitory Authority, 4,207,995
State University Series A,
FGIC, 5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,238,920
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
3,630,000 New York State Dormitory 3,800,973
Authority, City University Series A,
AMBAC, 5.75%, 07/01/2009
2,000,000 New York State Dormitory 2,094,200
Authority, City University Series A,
FSA, 5.75%, 07/01/2009
30 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,125,000 Nassau County, New York Combined $ 1,204,526
Sewer Districts Series A, AMBAC,
6.00%, 07/01/2009
1,495,000 MTA, New York Commuter Facilities 1,620,431
Series A, MBIA,
6.10%, 07/01/2009
1,550,000 Babylon, New York Waste Facilities, 2,016,519
FGIC, 9.00%, 08/01/2009
1,000,000 Hempstead Town Industrial 999,930
Development Agency, New York,
American Ref-Fuel Co. Project,
MBIA, 5.00%, 12/01/2009
1,090,000 Nassau County, New York Series G, 1,109,707
MBIA, 5.40%, 01/15/2010
1,000,000 New York State Local Government 999,590
Assistance Corp. Series A, AMBAC,
5.125%, 04/01/2010
2,000,000 New York City Series J, MBIA, 2,012,820
5.25%, 05/15/2010
1,120,000 Nassau County, New York Combined 1,150,072
Sewer Districts Series A, AMBAC,
5.50%, 07/01/2010
1,000,000 New York State Dormitory Authority, 1,076,190
State University Series A,
AMBAC, 6.00%, 07/01/2010
4,390,000 Port Authority of New York & New 4,389,780
Jersey 105th Series, MBIA, AMT,
5.25%, 09/01/2010
15,840,000 Long Island Power Authority, New 16,400,102
York Electric Systems General
Revenue Series A, AMBAC,
5.50%, 12/01/2010 (Note E, p. 37)
7,355,000 Triborough Bridge & Tunnel 7,354,412
Authority, New York Special
Obligation Series A, FGIC,
5.25%, 01/01/2011
6,600,000 Long Island Power Authority, New 6,529,446
York Electric Systems General
Revenue, MBIA,
5.125%, 04/01/2011
1,040,000 MTA, New York Dedicated Tax Fund 1,035,559
Series A, FSA,
5.25%, 04/01/2011
2,060,000 New York State Thruway Authority, 2,059,980
Highway & Bridge Trust Fund
Series C, FGIC, 5.25%, 04/01/2011
1,000,000 Suffolk County, New York Series E, 1,001,700
FGIC, 5.25%, 04/01/2011
1,700,000 New York State Thruway Authority, 1,725,483
Highway & Bridge Trust Fund
Series B, FGIC,
5.375%, 04/01/2011
7,350,000 New York State Thruway Authority, 7,556,388
Highway & Bridge Trust Fund
Series A, FGIC,
5.50%, 04/01/2011
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,585,000 Oneida-Herkimer, New York Solid $ 2,629,048
Waste Management Systems, FSA,
5.50%, 04/01/2011
3,940,000 MTA, New York Dedicated Tax Fund 4,312,291
Series A, MBIA,
6.25%, 04/01/2011
1,600,000 New York City Municipal Water 1,606,368
Finance Authority Series B, FSA,
5.25%, 06/15/2011
1,000,000 New York State Environmental 1,078,450
Facilities Corp., Pollution
Control, State Revolving Fund
Series E, MBIA,
6.00%, 06/15/2011
3,415,000 New York State Dormitory 3,340,621
Authority, New York University
Series A, MBIA,
5.00%, 07/01/2011
1,000,000 New York State Dormitory 999,920
Authority, Ithaca College, AMBAC,
5.25%, 07/01/2011
1,085,000 New York State Dormitory 1,084,913
Authority, New York Medical
College, MBIA,
5.25%, 07/01/2011
1,000,000 Nassau County, New York Series A, 1,065,010
AMBAC, 6.00%, 07/01/2011
8,620,000 New York City Series G, MBIA, 8,604,311
5.25%, 08/01/2011
1,320,000 New York City Series J, MBIA, 1,317,598
5.25%, 08/01/2011
2,725,000 New York City Educational 2,777,020
Construction Fund, MBIA,
5.50%, 10/01/2011
1,540,000 New York State Dormitory 1,618,047
Authority, New York University
Series A, MBIA,
5.75%, 07/01/2012
1,000,000 Nassau County, New York Series A, 1,065,100
FGIC, 6.00%, 07/01/2012
1,630,000 Islip, New York Resource Recovery 1,725,078
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
6,940,000 New York City Series J, FGIC, 6,939,445
5.35%, 08/01/2012
1,000,000 New York State Dormitory Authority, 986,150
Mental Health Services Facilities,
MBIA, 5.25%, 08/15/2012
1,850,000 New York State Dormitory 1,786,767
Authority, Municipal Health
Facilities Series 1, FSA,
5.125%, 01/15/2013
1,110,000 New York State Dormitory 1,088,011
Authority, Mental Health Services
Facilities Series D, MBIA,
5.25%, 02/15/2013
Schedule of Investments -- Municipal Bond Portfolios 31
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 New York City Municipal Water $ 1,054,400
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,135,000 New York State Dormitory 1,168,108
Authority, City University System
Consolidated 3rd Generation
Series 1, FSA,
5.75%, 07/01/2013 (Note C, p. 37)
1,000,000 Nassau County, New York Series A, 1,060,570
FGIC, 6.00%, 07/01/2013
1,195,000 Yonkers, New York Series A, AMBAC, 1,171,542
5.25%, 12/01/2013
1,140,000 New York State Dormitory 1,102,973
Authority, Brookdale Hospital
Secured Hospital System, MBIA,
5.20%, 02/15/2014
1,000,000 New York State Urban Development 959,980
Corp. Community Enhancement
Facilities, AMBAC,
5.125%, 04/01/2014
8,575,000 New York State Thruway Authority 8,379,490
Highway & Bridge Trust Fund
Series B, FGIC,
5.25%, 04/01/2014
1,095,000 Clifton Park, New York Water 1,030,001
Authority, FGIC, 5.00%, 10/01/2014
8,265,000 New York State Dormitory 7,832,245
Authority, Municipal Health
Facilities Improvement Project
Series 1, FSA,
5.125%, 01/15/2015
1,050,000 New York State Medical Care 1,143,660
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015
1,335,000 New York State Local Government 1,255,394
Assistance Corp. Series A, FGIC,
5.00%, 04/01/2015
1,355,000 Port Authority of New York & New 1,277,589
Jersey Consolidated 117th Series,
FGIC, AMT, 5.125%, 11/15/2015
6,450,000 Long Island Power Authority, New 5,996,178
York Electric Systems General
Revenue Series A, FSA,
5.00%, 12/01/2015
2,330,000 New York State Urban Development 2,241,157
Corp., Correctional Facilities
Series B, AMBAC,
5.25%, 01/01/2016
1,000,000 New York State Dormitory 953,320
Authority, North General
Hospital, Secured Hospital
Program Series G, MBIA,
5.20%, 02/15/2016
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,985,000 New York State Dormitory $ 2,096,319
Authority, New York State
University Series A, MBIA,
6.00%, 07/01/2017
8,165,000 Triborough Bridge & Tunnel 7,566,260
Authority, New York Special
Obligation Series A, MBIA,
5.125%, 01/01/2018
3,060,000 New York State Dormitory Authority, 3,222,517
New York University Series A,
MBIA, 6.00%, 07/01/2018
3,520,000 New York State Dormitory Authority, 3,708,179
New York University Series A,
MBIA, 6.00%, 07/01/2019
1,365,000 New York State Dormitory Authority, 1,391,481
New York University Series A,
MBIA, 5.75%, 07/01/2020
1,505,000 New York State Energy Research & 1,550,060
Development Authority, Con Edison
Facilities, AMBAC,
6.75%, 01/15/2027
------------
Total Insured (Cost $298,060,144) 294,190,244
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 23.64%
- --------------------------------------------------------------------------------
State General Obligations: 0.44%
1,000,000 New York State Series D, 1,005,110
4.50%, 07/15/2000
1,670,000 New York State Series C, 1,680,905
4.50%, 10/01/2000
1,000,000 Puerto Rico Commonwealth, 1,040,970
7.00%, 07/01/2001
------------
Total State General Obligations
(Cost $3,724,029) 3,726,985
------------
Local General Obligations: 6.11%
2,000,000 New York City Series B, 2,022,140
7.40%, 02/01/2000
1,000,000 Orange County, New York, 1,006,820
4.625%, 07/15/2000
8,420,000 New York City Series L, 8,516,072
5.25%, 08/01/2000
780,000 New York City Series A, 793,268
6.00%, 08/01/2000
155,000 New York City Series D, 158,097
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,089,575
District, New York,
7.30%, 01/01/2001
3,105,000 Monroe County, New York, 3,112,731
4.25%, 06/01/2001
615,000 New York City Series C, 644,815
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,211,235
5.40%, 02/15/2003
32 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,015,000 New York City Series B, $ 1,091,693
6.75%, 08/15/2003
4,315,000 New York City Series B, 4,675,346
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,119,340
7.10%, 12/01/2004
1,000,000 New York City Series C, 1,038,530
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,371,989
5.75%, 02/01/2006
1,000,000 New York City Series I, 1,073,470
6.25%, 04/15/2006
1,300,000 Westchester County, New York 1,454,843
Series A, 6.75%, 02/01/2007
7,575,000 New York City Series F, 7,832,020
5.50%, 08/01/2007
4,455,000 New York City Series B, 4,774,424
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,742,194
5.70%, 04/01/2009
2,040,000 Onondaga County, New York, 2,143,550
5.70%, 04/01/2010
1,000,000 Orange County, New York, 1,078,200
6.00%, 11/15/2010
2,600,000 Onondaga County, New York, 2,722,824
5.70%, 04/01/2011
------------
Total Local General Obligations
(Cost $50,170,762) 51,673,176
------------
Tax Lease: 9.78%
1,550,000 New York State Urban Development 1,552,806
Corp., Correctional Facilities,
5.00%, 01/01/2000
1,000,000 New York State Certificates of 1,000,840
Participation, 4.375%, 02/01/2000
525,000 New York State Energy Research & 529,772
Development Authority, Western
New York Nuclear Service Center
Project, 6.00%, 04/01/2000
5,380,000 New York State Certificates of 5,400,175
Participation, 4.50%, 09/01/2000
1,000,000 New York State Urban Development 1,009,010
Corp. Correctional Facilities
Series B, 5.00%, 01/01/2001
1,900,000 New York State Dormitory Authority, 1,912,559
North General Hospital, Secured
Hospital Program Series G,
5.00%, 02/15/2001
1,100,000 New York State Dormitory Authority, 1,102,112
Community Enhancement Facilities
Series B, 4.375%, 04/01/2001
1,735,000 New York State Urban Development 1,741,437
Corp. Community Enhancement
Facilities Series A,
4.50%, 04/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,315,000 New York State Dormitory $ 1,327,874
Authority, Service Contract
Series C, 5.15%, 04/01/2001
(Note C, p. 37)
3,505,000 MTA, New York Commuter Facilities 3,563,498
Service Contract Series O,
5.25%, 07/01/2001
1,920,000 MTA, New York Transit Facilities 1,952,045
Service Contract Series O,
5.25%, 07/01/2001
4,145,000 New York State Certificates of 4,138,327
Participation, 4.25%, 08/01/2001
3,820,000 New York State Dormitory 3,846,817
Authority, Jamaica Hospital
Secured Hospital Progam,
5.00%, 02/15/2002
2,665,000 New York State Dormitory 2,683,708
Authority, Wyckoff Heights
Hospital Secured Hospital Program,
5.00%, 02/15/2002
2,615,000 New York State Dormitory 2,618,635
Authority, Community Enhancement
Facilities Series B, 4.50%, 04/01/2002
2,700,000 New York State Urban Development 2,703,753
Corp., Community Enhancement
Facilities Series A, 4.50%, 04/01/2002
2,345,000 New York State Dormitory 2,374,664
Authority, Service Contract
Series C, 5.15%, 04/01/2002
(Note C, p. 37)
3,900,000 New York State Dormitory 3,955,458
Authority, City University
Systems Consolidated Series 1,
5.00%, 07/01/2002
1,000,000 New York State Medical Care 1,044,970
Facilities Finance Agency Mental
Health Services Series F,
6.00%, 02/15/2003
720,000 New York State Medical Care 756,821
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
1,335,000 New York State Dormitory 1,356,053
Authority, Service Contract
Series C, 5.25%, 04/01/2003
(Note C, p. 37)
2,000,000 New York State Thruway Authority 2,090,380
Service Contract, 6.20%, 04/01/2003
1,000,000 Puerto Rico Commonwealth Urban 1,022,500
Renewal & Housing Corp.,
7.875%, 10/01/2004
2,000,000 New York State Urban Development 2,110,780
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
Schedule of Investments -- Municipal Bond Portfolios 33
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,165,000 MTA, New York Transit Facilities $ 1,194,416
Service Contract, 5.30%, 07/01/2005
1,020,000 New York State Dormitory 1,066,012
Authority, City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,860,296
Authority, City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Urban Development 1,019,080
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
1,645,000 MTA, New York Transit Facilities 1,692,540
Service Contract, 5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,285,625
Service Contract, 5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,676,936
Authority, City University Series 2,
5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,265,126
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,893,989
Service Contract, 5.125%, 04/01/2008
1,505,000 New York State Dormitory 1,563,500
Authority, Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,651,948
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,298,793
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,125,000 New York State Dormitory 1,164,634
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel 1,578,625
Authority, New York Convention
Center Series E, 6.00%, 01/01/2011
1,000,000 New York State Dormitory 985,620
Authority, Westchester County
Court Facilities, AMBAC,
5.125%, 08/01/2012
3,890,000 New York State Dormitory 3,763,147
Authority, Westchester County
Court Facilities, AMBAC,
5.25%, 08/01/2016
1,000,000 New York State Dormitory 954,270
Authority, Westchester County
Court Facilities, AMBAC,
5.25%, 08/01/2017
------------
Total Tax Lease (Cost $81,656,661) 82,709,551
------------
Special Tax: 7.31%
5,880,000 MAC New York Series I, 5,934,037
5.00%, 07/01/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,940,000 MAC New York Series L, $ 3,983,300
5.25%, 07/01/2000
4,400,000 MAC New York Series E, 4,456,276
5.50%, 07/01/2000
3,720,000 MAC New York Series G, 3,767,579
5.50%, 07/01/2000
1,630,000 MAC New York Series H, 1,653,179
5.00%, 07/01/2001
1,000,000 MAC New York Series N, 1,014,220
5.00%, 07/01/2001
2,000,000 MAC New York Series J, 2,036,740
5.25%, 07/01/2001
4,935,000 MAC New York Series E, 5,046,136
5.50%, 07/01/2001
2,140,000 MAC New York Series J, 2,206,640
5.50%, 07/01/2002
4,120,000 MAC New York Series L, 4,419,606
6.00%, 07/01/2007
3,035,000 New York State Local Government 3,251,456
Assistance Corp. Series A,
6.00%, 04/01/2008
2,280,000 MAC New York Series M, 2,371,177
5.50%, 07/01/2008
2,440,000 MAC New York Series L, 2,617,974
6.00%, 07/01/2008
8,095,000 New York City Transitional 7,999,398
Finance Authority Series C,
5.25%, 05/01/2012
1,740,000 New York State Local Government 1,716,754
Assistance Corp. Series D,
5.375%, 04/01/2014
5,355,000 New York State Local Government 5,585,961
Assistance Corp. Series E,
6.00%, 04/01/2014
2,775,000 New York City Transitional 2,695,135
Finance Authority Series C,
5.25%, 05/01/2014
1,185,000 New York City Transitional 1,113,853
Finance Authority Series B,
5.125%, 11/01/2015
------------
Total Special Tax (Cost $62,047,734) 61,869,421
------------
Total Tax Supported (Cost $197,599,186) 199,979,133
------------
- --------------------------------------------------------------------------------
REVENUE: 13.31%
- --------------------------------------------------------------------------------
Airport Revenue: 0.53%
1,300,000 Denver City & County, Colorado 1,395,381
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
1,495,000 New York City Industrial Development 1,557,087
Agency, Special Facilities Revenue,
Terminal One Group Association
Limited Partnership Project, AMT,
6.00%, 01/01/2007
34 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
310,000 Denver City & County, Colorado $ 338,818
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,176,490
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
------------
Total Airport Revenue (Cost $4,147,801) 4,467,776
------------
Electric Revenue: 2.78%
1,405,000 Virgin Islands Water & Power 1,413,711
Authority, Electric Systems
Revenue, 5.00%, 07/01/2000
2,070,000 Long Island Power Authority, 2,071,987
New York Electric Systems
General Revenue Series A,
4.10%, 12/01/2000
9,045,000 Long Island Power Authority, 9,033,332
New York Electric Systems
General Revenue, 4.25%, 04/01/2001
1,595,000 Virgin Islands Water & Power 1,606,500
Authority, Electric System
Revenue, 5.00%, 07/01/2001
4,650,000 Long Island Power Authority, 4,735,886
New York Electric Systems
General Revenue Series A,
5.25%, 12/01/2001
4,560,000 Long Island Power Authority, 4,613,078
New York Electric Systems
General Revenue, 5.00%, 04/01/2002
------------
Total Electric Revenue (Cost $23,661,204) 23,474,494
------------
Health Care Revenue: 0.97%
1,410,000 New York State Medical Care 1,471,208
Facilities Finance Authority,
Hospital & Nursing Home Insured
Mortgage, FHA, 5.875%, 02/15/2005
1,000,000 New York State Dormitory 1,018,150
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
3,945,000 New York State Medical Care 4,091,478
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series C,
6.25%, 08/15/2012
1,610,000 New York State Medical Care 1,664,192
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
------------
Total Health Care Revenue (Cost $8,260,677) 8,245,028
------------
Higher Education Revenue: 0.64%
705,000 Cattaraugus County, New York 704,662
Industrial Development Agency
Civic Facility Revenue, St.
Bonaventure University Series B,
4.50%, 09/15/2000
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 New York State Dormitory $ 1,016,070
Authority, Columbia University,
5.00%, 07/01/2001
1,000,000 New York State Dormitory 1,054,590
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,370,909
Authority, Columbia University,
5.75%, 07/01/2007
1,250,000 New York State Dormitory 1,264,637
Authority, Columbia University,
5.375%, 07/01/2011
------------
Total Higher Education Revenue
(Cost $5,285,911) 5,410,868
------------
Toll Revenue: 3.28%
8,855,000 Triborough Bridge & Tunnel 8,878,288
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2000
725,000 Triborough Bridge & Tunnel 766,028
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
3,105,000 Triborough Bridge & Tunnel 3,438,943
Authority, New York Toll Revenue
Series X, 6.60%, 01/01/2010
1,000,000 New York State Thruway Authority, 997,400
General Revenue Series E,
5.25%, 01/01/2011
2,370,000 Triborough Bridge & Tunnel 2,283,637
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
1,960,000 Triborough Bridge & Tunnel 2,078,796
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
9,370,000 Triborough Bridge & Tunnel 9,312,374
Authority, New York Toll Revenue
Series Y, 5.50%, 01/01/2017
------------
Total Toll Revenue (Cost $28,394,232) 27,755,466
------------
Water/Sewer Revenue: 4.31%
1,345,000 New York City Municipal Water 1,405,189
Finance Authority Series A,
6.60%, 06/15/2002
2,510,000 New York State Environmental 2,679,576
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.25%, 09/15/2005
2,510,000 New York State Environmental 2,686,428
Facilities Corp., Pollution Control
Revenue, State Revolving Fund
Series 92-B, 6.35%, 09/15/2006
1,000,000 Ulster County Resource Recovery 1,027,820
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
Schedule of Investments -- Municipal Bond Portfolios 35
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 New York State Environmental $ 1,055,520
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 2,020,173
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 3,036,642
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 3,152,623
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 1,588,445
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 797,027
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 3,833,075
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 3,878,508
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-B,
5.50%, 06/15/2010
1,000,000 New York City Municipal Water 1,066,600
Finance Authority Series A,
6.00%, 06/15/2010
4,680,000 New York State Environmental 4,890,507
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 94-A,
5.75%, 06/15/2011
1,000,000 New York State Environmental 1,041,130
Facilities Corp. Pollution
Control Revenue, State Revolving
Fund Series 90-A,
7.50%, 06/15/2012
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,015,000 New York State Environmental $ 980,439
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
5.20%, 12/15/2015
1,440,000 New York State Environmental 1,342,858
Facilities Corp., Pooled Loan,
State Revolving Funds Series D,
5.15%, 10/15/2019
------------
Total Water/Sewer Revenue
(Cost $35,506,797) 36,482,560
------------
Miscellaneous Revenue: 0.80%
1,000,000 Port Authority of New York & New 1,006,220
Jersey, Consolidated 112th Series,
4.50%, 12/01/2000
3,495,000 Battery Park City Authority, New 3,670,729
York Revenue Series A,
6.00%, 11/01/2003
1,000,000 Port Authority of New York & New 988,840
Jersey, Consolidated 91st Series,
5.125%, 11/15/2011
1,000,000 Port Authority of New York & New 1,080,920
Jersey, Consolidated 72nd Series,
7.35%, 10/01/2027
------------
Total Miscellaneous Revenue (Cost $6,685,271) 6,746,709
------------
Total Revenue (Cost $111,941,893) 112,582,901
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 0.06%
- --------------------------------------------------------------------------------
Housing: 0.06%
475,000 New York State Mortgage Agency, 478,216
Homeowner Mortgage Series 28,
6.45%, 10/01/2020
------------
Total Housing (Cost $481,157) 478,216
------------
Total Asset-Backed Security (Cost $481,157) 478,216
------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $843,258,622) 99.62% $842,760,123
(Note F, p. 37)
Cash and Other Assets, Less Liabilities 0.38 3,210,257
------- ------------
Net Assets (Equivalent to $13.36
per share based on 63,315,139
shares of capital stock outstanding) 100.00% $845,970,380
======= ============
36 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC - AMBAC Indemnity Corporation
Connie Lee - Connie Lee Insurance Company
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT - Subject to Alternative Minimum Tax
FHA - Federal Housing Administration
(B) $6,250,000 principal amount segregated as collateral for when-issued
securities
(C) When-issued security
(D) $2,000,000 principal amount segregated as collateral for when-issued
securities
(E) $6,250,000 principal amount segregated as collateral for when-issued
securities
(F) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTE: 0.82%
- --------------------------------------------------------------------------------
1,400,000 Delaware State Economic $ 1,400,000
Development Authority,
Delmarva Power & Light Co.
Project, Daily Floater, Putable
Daily, 3.95%, 10/01/2017
------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $1,400,000) 1,400,000
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 13.71%
- --------------------------------------------------------------------------------
1,100,000 New York State Medical Care 1,160,104
Facilities Finance Agency, Mental
Health Service Facilities Series B,
7.875%, 08/15/2020,
Prerefunded 08/15/2000 @102
1,500,000 Houston, Texas Water & Sewer 1,589,625
Systems Revenue, MBIA,
7.40%, 12/01/2018,
Prerefunded 12/01/2000 @102
3,120,000 Pennsylvania State Refunding 3,261,960
Projects First Series A,
6.75%, 01/01/2005,
Prerefunded 01/01/2001 @101.50
2,850,000 Pennsylvania State Refunding 2,979,675
Projects First Series A,
6.75%, 01/01/2011,
Prerefunded 01/01/2001 @101.50
1,200,000 Washington Public Power Supply 1,268,508
Systems, Nuclear Project Number 2
Series C, 7.375%, 07/01/2011,
Prerefunded 01/01/2001 @102
1,000,000 Richmond, Virginia Series A, 1,045,030
6.25%, 01/15/2021,
Prerefunded 01/15/2001 @102
2,450,000 New York State Local Government 2,607,216
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
1,000,000 New York State Local Government 1,064,170
Assistance Corp. Series B,
7.25%, 04/01/2005,
Prerefunded 04/01/2001 @102
3,000,000 New York State Urban Development 3,203,250
Corp., 7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
3,500,000 Massachusetts Consolidated Loan 3,606,295
Series A, 6.00%, 06/01/2011,
Prerefunded 06/01/2001 @100
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 37
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,500,000 Philadelphia, Pennsylvania Water $ 1,615,575
& Sewer Revenue Sixteenth Series,
7.50%, 08/01/2010,
Prerefunded 08/01/2001 @102
------------
Total Prerefunded/Escrowed (Cost $23,479,326) 23,401,408
------------
- --------------------------------------------------------------------------------
INSURED: 26.91%
- --------------------------------------------------------------------------------
885,000 Belmont County, Ohio Health 885,664
Systems Revenue, East Ohio
Regional Hospital, ACA,
4.20%, 01/01/2000
1,625,000 Clark County School District, 1,654,672
Nevada, FGIC,
6.50%, 06/15/2000
1,880,000 Maricopa County School District 1,905,399
No. 97, Arizona Project of 1996
Series G, FSA,
5.60%, 07/01/2000
1,625,000 Worcester, Massachusetts, MBIA, 1,645,524
5.25%, 08/01/2000
1,770,000 Washington State Health Care 1,785,240
Facilities Authority Revenue,
Virginia Mason Medical Center
Series A, MBIA,
4.75%, 08/15/2000
1,375,000 Hatboro-Horsham School District, 1,378,520
Pennsylvania Series A, FSA,
4.00%, 09/15/2000
2,065,000 South Carolina Transportation 2,085,464
Infrastructure Revenue Series A,
MBIA, 4.75%, 10/01/2000
1,750,000 Michigan State Building Authority 1,771,543
Revenue, Facilities Program
Series I, AMBAC,
5.00%, 10/01/2000
1,000,000 North East Independent School 1,021,440
District, Texas, PSF Guaranteed,
6.00%, 10/01/2000
6,100,000 Ohio State Public Facilities 6,131,842
Commission, Higher Education
Capital Facilities Series 2-A,
AMBAC, 4.25%, 12/01/2000
5,080,000 Carrollton & Henderson Public 5,101,590
Energy Authority, Kentucky Trust
Series A, FSA,
4.50%, 01/01/2001
1,000,000 Jefferson County Board of 1,006,250
Education, Alabama School
Refunding Series A, FSA,
4.50%, 02/15/2001
1,790,000 Knox County, Ohio Hospital 1,779,725
Facilities Revenue, Knox
Community Hospital, Asset
Guaranty, 4.00%, 06/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Washoe County School District, $ 1,002,010
Nevada, FGIC,
4.25%, 06/01/2001
3,055,000 Tempe High School District No. 3,103,055
213, Arizona Project of 1998
Series B, FSA,
5.00%, 07/01/2001
2,410,000 Arizona State Transportation 2,461,911
Board Excise Tax Revenue,
Maricopa County Regional Area
Road Series A, AMBAC,
5.40%, 07/01/2001
5,000,000 Municipal Tax Exempt Trust, 4,978,750
Certificate Class A-2, MBIA,
3.60%, 07/06/2001
1,650,000 Massachusetts State Housing 1,631,718
Finance Agency, Construction Loan
Notes Series A, FSA, AMT,
4.10%, 03/01/2002
2,335,000 Chicago, Illinois O'Hare 2,401,594
International Airport Revenue
Series A, MBIA,
7.625%, 01/01/2010
2,245,000 Detroit City School District, 2,206,588
Michigan Series B, FGIC,
5.375%, 05/01/2015
------------
Total Insured (Cost $46,157,046) 45,938,499
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 41.35%
- --------------------------------------------------------------------------------
State General Obligations: 9.51%
1,000,000 Washington State Series B, 1,005,020
6.00%, 01/01/2000
2,830,000 Maryland State Third Series, 2,890,619
6.60%, 07/15/2000
2,875,000 Alabama State Series A, 2,924,220
5.50%, 10/01/2000
2,000,000 Washington State Series R-2000A, 2,011,240
4.625%, 01/01/2001
3,475,000 Illinois State, 3,469,266
4.00%, 03/01/2001
1,000,000 Maryland State First Series, 1,010,640
6.60%, 03/01/2001
1,000,000 Florida State Board of Education 1,006,770
Capital Outlay, Public Education
Series B, 4.50%, 06/01/2001
1,870,000 Utah State, 1,929,541
6.00%, 07/01/2001
------------
Total State General Obligations
(Cost $16,278,555) 16,247,316
------------
Local General Obligations: 19.81%
1,950,000 Chesterfield County, Virginia, 1,978,470
5.65%, 07/15/2000
3,000,000 Boston, Massachusetts Series C, 3,007,740
4.00%, 11/01/2000
38 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
4,790,000 King County, Washington Series A, $ 4,795,173
4.00%, 12/01/2000
1,050,000 Seattle, Washington Library Facilities 1,057,361
Series A, 4.50%, 12/01/2000
2,000,000 Charleston County School District, 1,998,380
South Carolina, 4.00%, 02/01/2001
2,095,000 Bloomington Independent School 2,119,449
District No. 271, Minnesota
Building Series B,
5.00%, 02/01/2001
1,430,000 Fort Bend Independent School 1,436,678
District, Texas Public Property
Finance Contractual Obligation,
4.50%, 02/15/2001
2,135,000 North Harris-Montgomery Community 2,158,955
College District, Texas,
5.00%, 02/15/2001
3,470,000 Richmond County Board of 3,489,120
Education, Georgia,
4.50%, 03/01/2001
695,000 Fairfax County, Virginia Series B, 699,267
5.50%, 05/01/2001
4,345,000 Anne Arundel County, Maryland, 4,380,716
4.625%, 05/15/2001
1,950,000 Cedar Rapids, Iowa, 1,979,269
5.00%, 06/01/2001
1,000,000 Columbus, Ohio Limited Tax Series 1, 1,003,190
4.25%, 06/15/2001
1,000,000 Pima County Community College 1,007,590
District, Arizona Project of 1995
Series B, 4.50%, 07/01/2001
2,155,000 Frederick County, Maryland Public 2,187,454
Facilities, 5.00%, 07/01/2001
500,000 New York City Series G, 517,665
5.70%, 02/01/2003
------------
Total Local General Obligations
(Cost $33,897,293) 33,816,477
------------
Tax Lease: 9.72%
2,930,000 Virginia State Public School 2,954,085
Authority, School Financing
Series B, 4.75%, 08/01/2000
2,740,000 Ohio State Building Authority, 2,773,729
Arts Facilities Building Fund
Series A, 5.00%, 10/01/2000
1,545,000 Michigan State Building 1,578,125
Authority, Facilities Program
Series 1, 6.00%, 10/01/2000
2,500,000 Michigan State Building 2,531,200
Authority, Facilities Program
Series 2, 5.00%, 10/15/2000
1,170,000 Virginia State Public School 1,168,654
Authority, School Equipment
Financing Notes Issue 5,
4.05%, 04/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,215,000 Ohio State Special Obligation, $ 2,229,287
Elementary & Secondary Education
Capital Facilities Series A,
4.50%, 06/01/2001
1,570,000 Washington State Certificates of 1,583,455
Participation, Department of
Transportation, 4.70%, 07/01/2001
1,750,000 Cleveland, Ohio Certificates of 1,780,992
Participation, Motorized Vehicles &
Equipment, 7.10%, 07/01/2002
------------
Total Tax Lease (Cost $16,679,409) 16,599,527
------------
Special Tax: 2.31%
1,000,000 Detroit Local Development Finance 998,350
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
1,900,000 Ohio State Revenue, Major New 1,918,791
State Infrastructure,
4.75%, 12/15/2000
1,000,000 Louisiana State Gas & Fuels Tax 1,023,670
Revenue Series A,
7.25%, 11/15/2004
------------
Total Special Tax (Cost $3,945,960) 3,940,811
------------
Total Tax Supported (Cost $70,801,217) 70,604,131
------------
- --------------------------------------------------------------------------------
REVENUE: 9.82%
- --------------------------------------------------------------------------------
Airport Revenue: 1.08%
1,830,000 Denver City & County, Colorado 1,835,783
Airport Revenue Series A,
7.00%, 11/15/1999
------------
Total Airport Revenue (Cost $1,836,056) 1,835,783
------------
Electric Revenue: 1.56%
1,655,000 Grand River Dam Authority, Oklahoma 1,669,564
Revenue, 5.20%, 06/01/2000
1,000,000 North Carolina Eastern Municipal 995,740
Power Agency Series C,
5.00%, 01/01/2002
------------
Total Electric Revenue (Cost $2,674,447) 2,665,304
------------
Health Care Revenue: 2.11%
1,980,000 Montgomery County, Ohio Hospital 1,981,544
Revenue, Grandview Hospital &
Medical Center, 5.00%, 12/01/1999
1,070,000 Jacksonville Health Facilities Authority, 1,076,377
Florida Charity Obligated Group
Series C, 4.75%, 08/15/2001
550,000 Pennsylvania State Higher Educational 544,033
Facilities Authority Revenue,
Allegheny General Hospital
Series A, 7.25%, 09/01/2017
------------
Total Health Care Revenue (Cost $3,611,868) 3,601,954
------------
Schedule of Investments -- Municipal Bond Portfolios 39
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Water/Sewer Revenue: 3.48%
4,000,000 Wisconsin Rural Water $ 4,015,760
Construction Loan Bond
Anticipation Notes,
4.25%, 09/15/2000
1,895,000 Wisconsin State Clean Water 1,922,231
Revenue Series 1,
5.00%, 06/01/2001
------------
Total Water/Sewer Revenue (Cost $5,940,737) 5,937,991
------------
Miscellaneous Revenue: 0.53%
400,000 East Chicago, Indiana Bond 400,156
Anticipation Notes,
5.25%, 01/01/2002
500,000 Douglas County, Nebraska Zoo 500,750
Facilities Revenue, Henry Doorly
Zoo Aquarium Project,
6.00%, 06/01/2003
------------
Total Miscellaneous Revenue (Cost $901,859) 900,906
------------
Industrial Development/Pollution
Control Revenue: 1.06%
1,760,000 Oconee County, South Carolina 1,817,728
Pollution Control Revenue, Duke
Power Co. Project Series 1987-A,
7.50%, 02/01/2017
------------
Total Industrial Development/Pollution
Control Revenue (Cost $1,811,223) 1,817,728
------------
Total Revenue (Cost $16,776,190) 16,759,666
------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 4.74%
- --------------------------------------------------------------------------------
Housing: 3.71%
4,210,000 Florida Housing Finance Agency, 4,214,757
Floating Rate Multi-Family
Revenue Series J,
4.85%, 12/01/2005
2,075,000 District of Columbia Housing 2,124,510
Finance Agency Mortgage Revenue,
Single Family Series A, AMT,
6.75%, 06/01/2028 ------------
Total Housing (Cost $6,397,467) 6,339,267
------------
Student Loan: 1.03%
1,725,000 New England Education Loan 1,758,034
Marketing Corp., Massachusetts
Student Loan Revenue Issue D,
6.20%, 09/01/2000
------------
Total Student Loan (Cost $1,764,482) 1,758,034
------------
Total Asset-Backed Securities
(Cost $8,161,949) 8,097,301
------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $166,775,728) 97.35% $166,201,005
(Note B, below)
Cash and Other Assets, Less Liabilities 2.65 4,520,791
------ ------------
Net Assets (Equivalent to $12.49
per share based on 13,667,470
shares of capital stock outstanding) 100.00% $170,721,796
======= ============
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
ACA-ACA Financial Guaranty Corporation
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) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
(C) Allocation of Portfolio net assets at September 30, 1999:
Alabama 2.30%
Arizona 4.97
Colorado 1.08
Delaware 0.82
Florida 3.69
Georgia 2.04
Illinois 3.44
Indiana 0.23
Iowa 1.16
Kentucky 2.99
Louisiana 0.60
Maryland 6.13
Massachusetts 6.82
Michigan 5.32
Minnesota 1.24
Nebraska 0.29
Nevada 1.56
New York 5.01
North Carolina 0.58
Oklahoma 12.97
Pennsylvania 5.73
South Carolina 3.46
Texas 3.64
Utah 1.13
Virginia 4.60
Washington 7.91
Wisconsin 3.48
District of Columbia 1.24
Tax-Exempt Private Municipal Trust 2.92
Cash and Other Assets, Less Liabilities 2.65
------
Total 100.00%
======
See Notes to Financial Statements.
40 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 2.86%
- --------------------------------------------------------------------------------
900,000 Irvine Ranch Water District, $ 900,000
California, Daily Floater,
Putable Daily,
3.50%, 09/01/2006
1,100,000 California State Economic 1,100,000
Development Financing Authority
Revenue, California Independent
Systems Project D,
Daily Floater, Putable Daily,
3.60%, 04/01/2008
500,000 California Statewide Communities 500,000
Development Authority
Certificates of Participation,
Northern California Hospital and
Nursing Home Revenue,
Daily Floater, Putable Daily,
3.80%, 06/01/2026
600,000 California Statewide Communities 600,000
Development Authority
Certificates of Participation,
Daily Floater, Putable Daily,
3.45%, 04/01/2028
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $3,100,000) 3,100,000
------------
- --------------------------------------------------------------------------------
U.S. TREASURY NOTE: 6.35%
- --------------------------------------------------------------------------------
7,000,000 4.00%, 10/31/2000 6,893,740
------------
Total U.S. Treasury Note (Cost $6,890,222) 6,893,740
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 23.14%
- --------------------------------------------------------------------------------
700,000 Southern California Public Power 713,020
Authority, Multiple Projects
Revenue, 6.00%, 07/01/2018,
Prerefunded 07/01/2000 @100
1,000,000 Puerto Rico Commonwealth Highway 1,051,800
Authority, Highway Revenue Series Q,
8.00%, 07/01/2018,
Prerefunded 07/01/2000 @102
1,000,000 Los Angeles County, California 1,046,590
Certificates of Participation,
Correctional Facilities Project,
6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
1,950,000 Virgin Islands Public Financing $ 2,011,620
Authority Revenue, Matching Fund
Loan Notes Series A,
6.80%, 10/01/2000,
Escrowed to Maturity
1,000,000 Los Angeles, California Wastewater 1,055,440
System Revenue Series D,
MBIA, 6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
3,100,000 Kings River Conservation 3,161,845
District, California Pine Flat
Power Revenue Series D,
5.50%, 01/01/2020,
Prerefunded 01/01/2001 @100
1,000,000 California Health Facilities 1,071,080
Financing Authority, Los Angeles
Children's Hospital Revenue
Series A, 7.125%, 06/01/2021,
Prerefunded 06/01/2001 @102
1,700,000 Los Angeles County Transportation 1,814,444
Commission, California Sales Tax
Revenue Series A,
6.75%, 07/01/2020,
Prerefunded 07/01/2001 @102
2,270,000 Los Angeles County Transportation 2,428,469
Commission, California Sales Tax
Revenue Series A,
6.90%, 07/01/2021,
Prerefunded 07/01/2001 @102
2,005,000 Puerto Rico Electric Power 2,144,788
Authority, Power Revenue Series P,
7.00%, 07/01/2021,
Prerefunded 07/01/2001 @102
1,000,000 Sacramento City Financing 1,077,080
Authority, California Revenue,
6.80%, 11/01/2020,
Prerefunded 11/01/2001 @102
2,500,000 Los Angeles County Transportation 2,674,525
Commission, California Sales Tax
Revenue Series A, MBIA,
6.00%, 07/01/2023,
Prerefunded 07/01/2002 @102
3,500,000 Guam Power Authority Revenue 3,768,310
Series A, 6.30%, 10/01/2022,
Prerefunded 10/01/2002 @102
1,000,000 Central Coast Water Authority, 1,088,130
California State Regional Facilities
Water Project Revenue,
AMBAC, 6.50%, 10/01/2014,
Prerefunded 10/01/2002 @102
------------
Total Prerefunded/Escrowed (Cost $25,193,508) 25,107,141
------------
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 41
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
INSURED: 24.92%
- --------------------------------------------------------------------------------
1,940,000 Modesto Irrigation District, California $ 1,952,552
Certificates of Participation, Capital
Improvements Series A, AMBAC,
4.25%, 07/01/2000
1,000,000 Sierra View Local Health Care 1,009,430
District, California Revenue, ACA,
4.75%, 07/01/2000
1,005,000 San Jose Redevelopment Agency, 1,016,517
California Tax Allocation, Merged
Area Redevelopment Project, AMBAC,
4.75%, 08/01/2000
1,400,000 San Juan Unified School District, 1,415,708
California, FSA,
4.75%, 08/01/2000
1,000,000 South Orange County Public 1,009,640
Financing Authority, California
Special Tax Revenue Series A, FSA,
4.50%, 08/15/2000
1,090,000 Antioch Public Financing Authority, 1,096,246
California Reassessment Revenue
Series A, AMBAC, 4.20%, 09/02/2000
1,010,000 California Health Facilities 1,015,646
Financing Authority Revenue,
Little Company of Mary Health
Services, AMBAC,
4.00%, 10/01/2000
1,000,000 Northern Mariana Islands Public 1,002,690
School Systems Project Series A,
FSA, 4.00%, 10/01/2000
1,080,000 Palomar Pomerado, California 1,089,558
Health Systems Revenue, MBIA,
4.25%, 11/01/2000
1,185,000 Alameda County, California 1,189,337
Certificates of Participation,
Capital Projects, MBIA,
4.00%, 12/01/2000
4,505,000 Los Angeles Municipal Improvement 4,521,488
Corp., California Certificates of
Participation, Equipment & Real
Property Acquisition Program,
AMBAC, 4.00%, 12/01/2000
1,080,000 San Francisco Bay Area 1,087,247
Transportation Financing
Authority, California Bridge Toll
Notes, ACA, 4.50%, 02/01/2001
1,000,000 San Diego County Regional 1,009,030
Transportation Commission,
California Sales Tax Revenue
Second Series A, FGIC,
4.40%, 04/01/2001
2,125,000 San Mateo County Transit 2,149,586
District, California Sales Tax
Revenue Series A, FSA,
4.50%, 06/01/2001
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
3,640,000 Puerto Rico Commonwealth Public $ 3,726,268
Improvement Series B, AMBAC,
5.50%, 07/01/2001
2,655,000 Pasadena Unified School District, 2,753,580
California Series B, FGIC,
6.00%, 07/01/2001
------------
Total Insured (Cost $27,081,492) 27,044,523
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 34.72%
- --------------------------------------------------------------------------------
State General Obligations: 6.20%
2,175,000 California State, 2,188,637
4.00%, 10/01/2000
3,450,000 California State, 3,462,213
4.00%, 02/01/2001
1,000,000 California State, 1,073,520
9.00%, 04/01/2001 ------------
Total State General Obligations
(Cost $6,752,342) 6,724,370
------------
Local General Obligations: 18.14%
1,500,000 Los Angeles, California Refunding 1,515,225
Series A, 4.50%, 09/01/2000
5,000,000 San Bernardino County, California 5,017,500
Tax & Revenue Anticipation Notes,
3.75%, 09/29/2000
3,000,000 Oakland, California Tax & Revenue 3,026,340
Anticipation Notes,
4.25%, 09/29/2000
4,675,000 San Diego Unified School 4,711,138
District, California Tax &
Revenue Anticipation Notes Series A,
4.25%, 09/29/2000
4,180,000 San Diego Area Local Government, 4,222,176
California Certificates of
Participation, Pooled Tax &
Revenue Anticipation Notes Series C,
4.50%, 09/29/2000
1,170,000 San Francisco City & County, 1,193,342
California Unified School
District, Educational Facilities
Series B, 5.00%, 06/15/2001
------------
Total Local General Obligations
(Cost $19,654,249) 19,685,721
------------
Tax Lease: 7.23%
1,520,000 Los Angeles County Capital Asset 1,533,102
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 06/01/2000
1,000,000 Puerto Rico Urban Renewal & Housing 1,022,500
Corp., 7.875%, 10/01/2004
3,000,000 Solano County, California Certificates 3,099,270
of Participation, Justice Facility &
Public Building Project,
5.875%, 10/01/2005
42 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,120,000 ABAG Finance Corp., California $ 2,185,890
Certificates of Participation,
6.90%, 04/01/2012
------------
Total Tax Lease (Cost $7,840,778) 7,840,762
------------
Special Tax: 3.15%
500,000 Virgin Islands Public Financing 500,000
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/1999
500,000 Detroit Local Development Finance 499,175
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
565,000 Roseville North Central Community 565,627
Facilities District No. 1, California
Special Tax, 4.10%, 09/01/2000
940,000 San Clemente Assessment District 939,981
No. 85-1, California Improvement
Bond Act of 1915,
4.20%, 09/02/2000
180,000 Fontana Redevelopment Agency, 180,935
California Tax Allocation, Jurupa
Hills Redevelopment Project
Series A, 4.25%, 10/01/2000
730,000 Virgin Islands Public Finance 733,555
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
------------
Total Special Tax (Cost $3,422,697) 3,419,273
------------
Total Tax Supported (Cost $37,670,066) 37,670,126
------------
- -------------------------------------------------------------------------------
REVENUE: 7.28%
- -------------------------------------------------------------------------------
Electric Revenue: 1.22%
1,320,000 Virgin Islands Water & Power 1,328,184
Authority, Electric Systems
Revenue, 5.00%, 07/01/2000
------------
Total Electric Revenue (Cost $1,327,334) 1,328,184
------------
Health Care Revenue: 1.88%
2,025,000 California Health Facilities 2,034,680
Financing Authority Revenue,
Catholic Healthcare West
Series A, 4.50%, 07/01/2000
------------
Total Health Care Revenue
(Cost $2,038,489) 2,034,680
------------
Water/Sewer Revenue: 2.57%
2,630,000 Los Angeles Department of Water & 2,788,589
Power, California Waterworks
Revenue, Second Issue,
6.40%, 11/01/2031
------------
Total Water/Sewer Revenue (Cost $2,842,771) 2,788,589
------------
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 1.61%
845,000 Riverside County Public Financing $ 850,881
Authority, California
Certificates of Participation,
5.00%, 05/15/2000
885,000 Riverside County Public Financing 894,912
Authority, California
Certificates of Participation,
5.00%, 05/15/2001
------------
Total Industrial Development/Pollution
Control Revenue (Cost $1,743,286) 1,745,793
------------
Total Revenue (Cost $7,951,880) 7,897,246
------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 1.41%
- -------------------------------------------------------------------------------
Housing: 1.41%
1,530,000 California Rural Home Mortgage 1,534,697
Finance Authority, Rural Lease
Pass-Through Obligation Revenue
Series A, MBIA,
4.45%, 08/01/2001
------------
Total Housing (Cost $1,534,699) 1,534,697
------------
Total Asset-Backed Security
(Cost $1,534,699) 1,534,697
------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $109,421,867) 100.68% $109,247,473
(Note B, below)
Cash and Other Assets, Less Liabilities (0.68) (736,052)
------- ------------
Net Assets (Equivalent to $12.53
per share based on 8,662,577
shares of capital stock outstanding) 100.00% $108,511,421
------- ------------
- -------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
ACA - ACA Financial Guaranty Corporation
AMBAC - AMBAC Indemnity Corporation
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Investors Assurance Corporation
(B) At September 30, 1999, 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 43
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
September 30, 1999
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTE: 0.59%
- --------------------------------------------------------------------------------
600,000 Babylon, New York Industrial $ 600,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, 3.80%, 12/01/2024
------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $600,000) 600,000
------------
- --------------------------------------------------------------------------------
U.S. TREASURY NOTE: 6.76%
- --------------------------------------------------------------------------------
7,000,000 4.00%, 10/31/2000 6,893,740
------------
Total U.S. Treasury Note (Cost $6,890,222) 6,893,740
------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 33.53%
- --------------------------------------------------------------------------------
965,000 New York State Medical Care 993,217
Facilities Finance Agency, St.
Luke's-Roosevelt Hospital Series B,
FHA, 7.40%, 02/15/2009,
Prerefunded 02/15/2000 @102
1,200,000 MTA, New York Commuter Facilities 1,256,460
Service Contract Series 3,
7.50%, 07/01/2016,
Prerefunded 07/01/2000 @102
1,000,000 New York State Dormitory Authority, 1,047,050
City University Systems Series F,
7.50%, 07/01/2020,
Prerefunded 07/01/2000 @102
8,115,000 New York State Dormitory Authority, 8,518,802
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
315,000 New York City Series L, 318,849
5.25%, 08/01/2000,
Escrowed to Maturity
1,000,000 New York State Medical Facilities 1,053,170
Finance Agency, Hospital Insured
Mortgage Series A,
7.70%, 02/15/2025,
Prerefunded 08/15/2000 @102
1,085,000 New York State Power Authority 1,136,961
Series Y, 6.50%, 01/01/2004,
Prerefunded 01/01/2001 @102
1,000,000 New York State Urban Development 1,028,870
Corp., Correctional Facilities
Series 2, 6.50%, 01/01/2021,
Prerefunded 01/01/2001 @100
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,500,000 New York State Local Government $ 2,586,525
Assistance Corp. Series C,
6.50%, 04/01/2015,
Prerefunded 04/01/2001 @100
1,490,000 New York State Local Government 1,585,613
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
1,000,000 New York State Local Government 1,067,750
Assistance Corp. Series B,
7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
1,000,000 New York State Urban Development 1,067,750
Corp., 7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
2,120,000 New York City Series B, 2,247,709
7.00%, 06/01/2016,
Prerefunded 06/01/2001 @101.50
1,845,000 New York State Environmental 1,951,697
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series E, 6.50%, 06/15/2014,
Prerefunded 06/15/2001 @102
1,220,000 New York State Environmental 1,297,970
Facilities Corp. Pollution
Control Revenue, State Revolving
Fund Series E, 6.875%, 06/15/2010,
Prerefunded 06/15/2001 @102
1,000,000 New York City Series A, 1,078,970
7.75%, 08/15/2016,
Prerefunded 08/15/2001 @101.50
4,550,000 New York State Power Authority 4,850,891
Series Z, 6.50%, 01/01/2019,
Prerefunded 01/01/2002 @102
(Note B, p. 46)
1,000,000 New York City Series B, 1,080,050
8.25%, 06/01/2017,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed (Cost $34,584,163) 34,168,304
------------
- --------------------------------------------------------------------------------
INSURED: 19.44%
- --------------------------------------------------------------------------------
900,000 Wallkill, New York, FGIC, 903,231
4.625%, 03/01/2000
1,350,000 Taconic Hills Central School 1,354,792
District, New York, FSA,
4.25%, 06/15/2000
1,070,000 Nassau County, New York 1,076,131
Industrial Development Agency,
Civic Facility Revenue, Hofstra
University Project, MBIA,
4.50%, 07/01/2000
1,515,000 Suffolk County, New York Public 1,520,287
Improvement Series C, FGIC,
4.10%, 10/15/2000
*See Note 1, page 26 in Notes to Financial Statements.
44 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
2,135,000 Buffalo, New York General $ 2,125,649
Improvement Series A, AMBAC,
3.75%, 02/01/2001
1,000,000 Suffolk County, New York 1,001,860
Industrial Development Agency,
Southwest Sewer Systems Revenue,
MBIA, 4.25%, 02/01/2001
1,000,000 New York State Thruway Authority 1,016,440
Highway & Bridge Trust Fund
Series A, FGIC, 5.25%, 04/01/2001
1,215,000 Suffolk County, New York Judicial 1,225,668
Agency Facility Revenue Agreement,
John P. Cohalan Complex, AMBAC,
4.75%, 04/15/2001
1,140,000 Chautauqua Lake Central School 1,138,279
District, New York, FSA,
4.00%, 06/15/2001
1,000,000 Nassau County, New York General 1,019,180
Improvement Series D, FSA,
5.25%, 09/01/2001
3,250,000 Nassau County, New York General 3,304,340
Improvement Series C, FSA,
5.125%, 01/01/2002
1,650,000 Port Authority of New York & New 1,675,657
Jersey, Consolidated 119th Series,
FGIC, 5.00%, 09/15/2002
(Note C, p. 46)
1,000,000 New York State Thruway Authority 977,200
Highway & Bridge Trust Fund
Series B, FGIC, 5.25%, 04/01/2014
470,000 Long Island Power Authority, New 436,931
York Electric Systems Revenue,
General Series A, FSA,
5.00%, 12/01/2015
1,000,000 New York State Energy Research & 1,029,940
Development Authority, Con Edison
Facilities, AMBAC,
6.75%, 01/15/2027
------------
Total Insured (Cost $19,974,092) 19,805,585
------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 27.38%
- --------------------------------------------------------------------------------
State General Obligation: 1.91%
1,935,000 New York State Series D, 1,944,888
4.50%, 07/15/2000
------------
Total State General Obligation
(Cost $1,942,416) 1,944,888
------------
Local General Obligations: 4.81%
3,685,000 New York City Series L, 3,727,046
5.25%, 08/01/2000
1,175,000 Westchester County, New York 1,179,429
Series B, 4.25%, 11/15/2001 ------------
Total Local General Obligations
(Cost $4,925,967) 4,906,475
------------
- --------------------------------------------------------------------------------
Principal Amount Description Market Value
- --------------------------------------------------------------------------------
Tax Lease: 13.09%
1,710,000 New York State Urban Development $ 1,711,094
Corp., Correctional Facilities
Series A, 4.50%, 01/01/2000
1,980,000 New York State Dormitory 1,979,980
Authority, North General
Hospital, Secured Hospital
Series G, 4.10%, 02/15/2000
1,615,000 New York State Dormitory 1,620,120
Authority, Brookdale Hospital,
Secured Hospital Series J,
5.00%, 02/15/2000
1,250,000 New York State Certificates of 1,254,688
Participation, 4.50%, 09/01/2000
1,000,000 New York State Dormitory 1,006,610
Authority, North General
Hospital, Secured Hospital
Series G, 5.00%, 02/15/2001
1,400,000 New York State Dormitory 1,402,688
Authority, Community Enhancement
Series B, 4.375%, 04/01/2001
1,820,000 New York State Urban Development 1,826,752
Corp. Community Enhancement
Facilities Series A,
4.50%, 04/01/2001
1,500,000 New York State Dormitory Authority, 1,514,685
Service Contract Series C,
5.15%, 04/01/2001 (Note C, p. 46)
1,000,000 Puerto Rico Urban Renewal & 1,022,500
Housing Corp., 7.875%, 10/01/2004
------------
Total Tax Lease (Cost $13,366,156) 13,339,117
------------
Special Tax: 7.57%
1,910,000 New York State Thruway Authority, 1,916,208
Highway & Bridge Trust Fund
Series C, 4.50%, 04/01/2000
1,915,000 New York State Local Government 1,940,967
Assistance Corp. Series A,
6.70%, 04/01/2000
1,000,000 MAC New York Series J, 1,012,790
5.50%, 07/01/2000
660,000 Virgin Islands Public Finance 663,214
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
2,140,000 MAC New York Series J, 2,179,312
5.25%, 07/01/2001
------------
Total Special Tax (Cost $7,719,917) 7,712,491
------------
Total Tax Supported (Cost $27,954,456) 27,902,971
------------
Schedule of Investments -- Municipal Bond Portfolios 45
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Principal Amount Description Market Value
- --------------------------------------------------------------------------------
REVENUE: 9.71%
- --------------------------------------------------------------------------------
Electric Revenue: 2.35%
2,400,000 Long Island Power Authority, New $ 2,396,904
York Electric Systems General
Revenue, 4.25%, 04/01/2001
(Note D, below)
------------
Total Electric Revenue (Cost $2,415,541) 2,396,904
------------
Toll Revenue: 2.46%
2,500,000 Triborough Bridge & Tunnel 2,506,575
Authority, New York Revenue
Series A, 5.00%, 01/01/2000
------------
Total Toll Revenue (Cost $2,500,448) 2,506,575
------------
Water/Sewer Revenue: 3.14%
3,070,000 New York State Environmental 3,196,269
Facilities Corp. Pollution
Control Revenue, State Revolving
Fund Series 90-A,
7.50%, 06/15/2012
------------
Total Water/Sewer Revenue (Cost $3,230,103) 3,196,269
------------
Miscellaneous Revenue: 1.76%
1,780,000 Port Authority of New York & New 1,791,784
Jersey, Consolidated 108th
Series, AMT,
4.75%, 07/15/2000
------------
Total Miscellaneous Revenue (Cost $1,796,574) 1,791,784
------------
Total Revenue (Cost $9,942,666) 9,891,532
------------
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ASSET-BACKED SECURITIES: 1.44%
- --------------------------------------------------------------------------------
Housing: 1.44%
1,200,000 Virgin Islands Housing Finance 1,200,648
Authority, Single Family Revenue,
Mortgage Backed Securities Series B,
FGIC, AMT, 4.00%, 06/01/2000
260,000 New York State Mortgage Agency, 261,760
Homeowner Mortgage Series 28,
6.45%, 10/01/2020
------------
Total Housing (Cost $1,463,370) 1,462,408
------------
Total Asset-Backed Securities
(Cost $1,463,370) 1,462,408
------------
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INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $101,408,969) 98.85% 100,724,540
(Note E, below)
Cash and Other Assets, Less Liabilities 1.15 1,176,682
------ ------------
Net Assets (Equivalent to $12.35
per share based on 8,252,872
shares of capital stock outstanding) 100.00% $101,901,222
====== ============
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC - AMBAC Indemnity Corporation
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT - Subject to Alternative Minimum Tax
FHA - Federal Housing Administration
(B) $2,400,000 principal amount segregated as collateral for when-issued
securities
(C) When-issued security
(D) $2,400,000 principal amount segregated as collateral for when-issued
securities
(E) At September 30, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
46 Sanford C. Bernstein Fund, Inc. -- 1999 Annual Report
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