<PAGE>
-------------------------------
SANFORD C. BERNSTEIN FUND, INC.
-------------------------------
SEMIANNUAL REPORT
MARCH 31, 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...................4
Statements of Operations...................6
Statements of Changes in Net Assets...................9
Financial Highlights..................12
Notes to Financial Statements..................22
Directors and Officers..................inside back cover
<PAGE>
Portfolio Returns(1)
THROUGH MARCH 31, 1999
<TABLE>
<CAPTION>
TOTAL RETURNS COMPOUND ANNUAL RETURNS
-------------------- ------------------------------------
PAST SIX PAST 12 PAST PAST SINCE
MONTHS MONTHS FIVE YEARS 10 YEARS INCEPTION INCEPTION DATE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
SANFORD C. BERNSTEIN FUND PORTFOLIOS
- -----------------------------------------------------------------------------------------------------------------------------------
International Value(2) 15.5% (3.1)% 9.3% -- 11.7% June 22, 1992
- -----------------------------------------------------------------------------------------------------------------------------------
Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below 38.8 (19.9) -- -- (8.9)
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein 33.3 (23.1) -- -- (10.0)
- -----------------------------------------------------------------------------------------------------------------------------------
Intermediate Duration 0.9 5.6 6.9 8.5% 8.4 January 17, 1989
- -----------------------------------------------------------------------------------------------------------------------------------
Short Duration Plus 1.9 5.5 5.6 6.8 6.8 December 12, 1988
- -----------------------------------------------------------------------------------------------------------------------------------
Government Short Duration 1.3 5.1 5.3 6.4 6.4 January 3, 1989
- -----------------------------------------------------------------------------------------------------------------------------------
Diversified Municipal 1.4 4.7 5.8 6.6 6.4 January 9, 1989
- -----------------------------------------------------------------------------------------------------------------------------------
California Municipal 1.3 5.1 5.8 -- 6.3 August 6, 1990
- -----------------------------------------------------------------------------------------------------------------------------------
New York Municipal 1.6 5.2 5.8 6.7 6.5 January 9, 1989
- -----------------------------------------------------------------------------------------------------------------------------------
Short Duration Diversified Municipal 1.9 4.0 -- -- 4.3 October 3, 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Short Duration California Municipal 1.7 3.8 -- -- 4.1 October 3, 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Short Duration New York Municipal 1.8 3.8 -- -- 4.1 October 3, 1994
Lipper Mutual-Fund Composites(3)
- -----------------------------------------------------------------------------------------------------------------------------------
Foreign Stock Composite 18.3% (0.1)% 8.1%
- -----------------------------------------------------------------------------------------------------------------------------------
Intermediate Bond Composite (0.5) 5.3 6.7
- -----------------------------------------------------------------------------------------------------------------------------------
Short-Term Bond Composite 1.3 5.1 5.6
- -----------------------------------------------------------------------------------------------------------------------------------
Intermediate Municipal Composite 1.0 4.9 5.9
- -----------------------------------------------------------------------------------------------------------------------------------
Short-Term Municipal Composite 1.6 4.1 4.4
MARKET BENCHMARKS
- -----------------------------------------------------------------------------------------------------------------------------------
Major Foreign Markets Index (MSCI EAFE)(4) 24.9% 8.6% 12.8%
- -----------------------------------------------------------------------------------------------------------------------------------
MSCI Emerging Markets Free Index 32.7 (21.0) (5.3)
- -----------------------------------------------------------------------------------------------------------------------------------
Lipper Emerging-Markets Index 24.7 (26.6) --
- -----------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers Aggregate Bond Index (0.2) 6.5 7.8
- -----------------------------------------------------------------------------------------------------------------------------------
Inflation 0.9 1.7 2.3
- -----------------------------------------------------------------------------------------------------------------------------------
1 Except where noted for Emerging Markets Value, results are after all fees and expenses. Past performance is not predictive of
future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost.
2 International Value and Emerging Markets Value returns throughout this report include dividends net of withholding taxes.
3 Lipper composites are the equal-weighted average returns of the mutual funds in the relevant Lipper Analytical Services
categories; the average fund in a category may differ in composition from Bernstein's portfolios.
4 Morgan Stanley Capital International (MSCI) EAFE index of major foreign markets in Europe, Australia and the Far East, with
currencies half-hedged and countries weighted according to gross domestic product
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
To Our
Shareholders:
It was with deep sadness that we marked the passing of our founder and
inspiration, Zalman C. Bernstein, on January 6; he was 72. Although he was
taken too early, he left us a tremendous legacy, one that we endeavor every
day to uphold.
U.S. stocks passed a milestone this spring when the Dow Jones index crossed
the 10,000 mark. But perhaps the most significant investment story of the past
six months unfolded abroad: Japan and the emerging markets rebounded from
their doldrums, as the Asian crisis eased. Japanese stocks soared 42.3% in
dollar terms, in the best six-month gain for Tokyo in six years. For their
part, the emerging markets surged back from their precipitous decline, with a
32.7% return in dollars. And Bernstein's Emerging Markets Value portfolio did
even better: 38.8%. Bond returns slipped some as interest rates rose, but were
still well in excess of inflation, and handily beat the competition (see
Portfolio Returns, opposite).
For Bernstein Fund investors, the past six months were a compelling
demonstration of why diversification among markets can be critical to superior
long-term returns. Clearly, markets don't all move alike, or predictably. In
fact, as the display at right attests, they have routinely traded off
leadership over the years. Most recently, the U.S. market has surged ahead,
but the emerging markets stood out in the prior period, and in the four years
before that, the major foreign markets were at the forefront.
Rotations among markets have been especially notable lately. Even as
Japan and the emerging markets were regaining lost ground, Europe fell back in
the first quarter, declining 2.1%, following a robust 28.5% rise in 1998.
Germany, for instance, was up 29.4% in 1998, but plunged 9.3% in the first
quarter. In the mixed environment of the past six months, International Value
achieved a respectable 15.5% return.
Investing in a combination of markets has thus been important to
tempering risk by limiting losses in the worst-performing markets. But
diversification has also augmented returns by allowing participation in the
best-performing. And by smoothing returns year to year, it has actually
enhanced them.
LEADERSHIP ROTATES AMONG MARKETS: Lately, the U.S. has been
dominant...
[Line Chart Appears Here]
Growth of $1 (Dec 94-Dec 98)
Emerging Major Foreign
Markets++ Markets+ U.S.*
Dec-94 1 1 1
1/31/95 0.89 0.96 1.03
2/28/95 0.87 0.96 1.07
3/31/95 0.88 1.02 1.1
4/28/95 0.92 1.06 1.13
5/31/95 0.96 1.04 1.17
6/30/95 0.97 1.03 1.2
7/31/95 0.99 1.09 1.24
8/31/95 0.97 1.05 1.25
9/29/95 0.96 1.07 1.3
10/31/95 0.92 1.04 1.29
11/30/95 0.91 1.07 1.35
Jan-96 0.95 1.11 1.38
1/31/96 1.02 1.12 1.42
2/29/96 1 1.12 1.44
3/29/96 1.01 1.14 1.45
4/30/96 1.05 1.18 1.47
5/31/96 1.04 1.16 1.51
6/28/96 1.05 1.16 1.51
7/31/96 0.98 1.13 1.45
8/30/96 1 1.13 1.48
9/30/96 1.01 1.16 1.56
10/31/96 0.98 1.15 1.6
11/29/96 1 1.19 1.73
Jan-97 1.01 1.18 1.69
1/31/97 1.07 1.14 1.8
2/28/97 1.12 1.16 1.81
3/31/97 1.09 1.16 1.74
4/30/97 1.09 1.17 1.84
5/31/97 1.12 1.24 1.95
6/30/97 1.18 1.31 2.04
7/31/97 1.2 1.33 2.2
8/29/97 1.05 1.23 2.08
9/30/97 1.08 1.3 2.19
10/31/97 0.9 1.2 2.12
11/28/97 0.87 1.19 2.22
Jan-98 0.89 1.2 2.26
1/31/98 0.82 1.26 2.28
2/28/98 0.9 1.34 2.45
3/31/98 0.94 1.38 2.57
4/30/98 0.93 1.39 2.6
5/29/98 0.81 1.38 2.55
6/30/98 0.72 1.39 2.66
7/31/98 0.74 1.41 2.63
8/31/98 0.53 1.23 2.25
9/30/98 0.56 1.19 2.39
10/31/98 0.62 1.32 2.59
Nov-98 0.67 1.39 2.74
Dec-98 0.66 1.44 2.9
...but emerging markets were the
stars before that...
[Line Chart Appears Here]
Growth of $1 (Aug 87-Nov 94)
Emerging Major Foreign
Markets Markets U.S.
Aug-87 1 1 1
9/30/87 1.15 0.98 0.98
10/30/87 0.86 0.85 0.77
11/30/87 0.78 0.85 0.7
12/31/87 0.74 0.88 0.76
1/29/88 0.82 0.9 0.79
2/29/88 0.82 0.96 0.83
3/31/88 0.91 1.01 0.8
4/29/88 0.96 1.03 0.81
5/31/88 0.99 1 0.82
6/30/88 1.02 0.97 0.85
7/29/88 0.99 1 0.85
8/31/88 0.97 0.94 0.82
9/30/88 1.03 0.98 0.86
10/31/88 1.02 1.06 0.88
11/30/88 1.02 1.12 0.87
12/30/88 1.05 1.13 0.88
1/31/89 1.03 1.15 0.95
2/28/89 1.11 1.15 0.92
3/31/89 1.22 1.13 0.95
4/28/89 1.45 1.14 0.99
5/31/89 1.47 1.08 1.03
6/30/89 1.3 1.06 1.03
7/31/89 1.38 1.2 1.12
8/31/89 1.41 1.14 1.14
9/29/89 1.59 1.19 1.14
10/31/89 1.61 1.15 1.11
11/30/89 1.54 1.2 1.14
12/29/89 1.73 1.25 1.16
1/31/90 1.78 1.2 1.08
2/28/90 1.85 1.12 1.1
3/30/90 1.6 1 1.13
4/30/90 1.72 0.99 1.1
5/31/90 1.86 1.11 1.2
6/29/90 1.92 1.1 1.2
7/31/90 2.09 1.11 1.19
8/31/90 1.82 1 1.08
9/28/90 1.59 0.86 1.03
10/31/90 1.56 1 1.03
11/30/90 1.48 0.94 1.09
12/31/90 1.54 0.96 1.12
1/31/91 1.67 0.99 1.17
2/28/91 1.91 1.09 1.26
3/29/91 1.99 1.03 1.29
4/30/91 2.01 1.04 1.29
5/31/91 2.17 1.05 1.35
6/28/91 2.09 0.97 1.28
7/31/91 2.2 1.02 1.34
Aug-91 2.25 1 1.38
9/30/91 2.16 1.05 1.35
10/31/91 2.25 1.07 1.37
11/29/91 2.22 1.02 1.31
12/31/91 2.47 1.07 1.47
1/31/92 2.75 1.05 1.44
2/28/92 2.88 1.01 1.46
3/31/92 2.97 0.94 1.43
4/30/92 2.95 0.95 1.47
5/29/92 2.94 1.01 1.48
6/30/92 2.65 0.96 1.46
7/31/92 2.68 0.94 1.51
8/31/92 2.55 1 1.48
9/30/92 2.56 0.98 1.5
10/30/92 2.7 0.93 1.51
11/30/92 2.67 0.94 1.56
Jan-93 2.75 0.94 1.58
1/29/93 2.76 0.94 1.59
2/26/93 2.81 0.97 1.61
3/31/93 2.9 1.05 1.65
4/30/93 2.97 1.15 1.61
5/31/93 3.05 1.18 1.65
6/30/93 3.14 1.16 1.65
7/30/93 3.22 1.2 1.65
8/31/93 3.5 1.26 1.71
9/30/93 3.62 1.24 1.7
10/29/93 3.95 1.27 1.73
11/30/93 4.12 1.16 1.72
12/31/93 4.81 1.25 1.74
1/31/94 4.89 1.35 1.8
2/28/94 4.81 1.35 1.75
3/31/94 4.37 1.29 1.67
4/29/94 4.28 1.35 1.69
5/31/94 4.43 1.34 1.72
6/30/94 4.31 1.36 1.68
7/29/94 4.58 1.37 1.73
8/31/94 5.15 1.4 1.8
9/30/94 5.2 1.36 1.76
10/31/94 5.11 1.4 1.8
Nov-94 4.84 1.34 1.73
...and the major foreign markets led the pack in the prior period
[Line Chart Appears Here]
Growth of $1 (Apr 84 -- Jul 87)
Emerging Major Foreign
Markets Markets U.S.
Apr-84 1 1 1
5/31/84 1.03 0.9 0.95
6/29/84 1.01 0.9 0.97
7/31/84 0.99 0.84 0.95
8/31/84 1.04 0.91 1.06
9/28/84 1 0.9 1.06
10/31/84 1 0.93 1.06
11/30/84 1.14 0.93 1.05
Dec-84 1.19 0.95 1.08
1/31/85 1.15 0.97 1.16
2/28/85 1.14 0.96 1.18
3/29/85 1.15 1.04 1.18
4/30/85 1.14 1.03 1.18
5/31/85 1.19 1.08 1.25
6/28/85 1.26 1.11 1.27
7/31/85 1.3 1.16 1.27
Aug-85 1.36 1.2 1.26
9/30/85 1.5 1.27 1.22
10/31/85 1.61 1.36 1.27
11/29/85 1.63 1.41 1.36
86 1.52 1.48 1.43
1/31/86 1.5 1.52 1.43
2/28/86 1.53 1.69 1.54
3/31/86 1.7 1.92 1.63
4/30/86 1.84 2.05 1.61
5/30/86 1.92 1.96 1.7
6/30/86 1.92 2.09 1.72
7/31/86 1.91 2.22 1.63
8/29/86 1.82 2.44 1.75
9/30/86 1.74 2.41 1.6
10/31/86 1.83 2.25 1.69
11/28/86 1.69 2.38 1.74
Dec-87 1.72 2.51 1.69
1/30/87 1.73 2.77 1.92
2/27/87 1.79 2.86 2
3/31/87 1.83 3.09 2.05
4/30/87 2.01 3.42 2.03
5/29/87 2.04 3.42 2.05
6/30/87 2.09 3.31 2.16
Jul-87 2.41 3.3 2.26
* S&P 500
+ Morgan Stanley Capital International Europe, Australia and Far East index
++ Emerging Markets Free index (reconstructed for the period 4/84-12/84 from
International Finance Corporation data)
Source: IFC, MSCI and Standard & Poor's
- --------------------------------------------------------------------------------
1999 Semiannual Report 3
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--March 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL EMERGING INTERMEDIATE SHORT
VALUE MARKETS VALUE DURATION DURATION PLUS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated
issuers (a) $5,345,362,452 $483,436,890 $2,758,331,217 $550,199,891
Investments in securities at value--affiliated
issuers (Note 3)(b) 0 29,662,283 0 0
Foreign currency at value (c) 73,284,273 5,912,155 2,162,756 503,266
Cash in bank 591 44 243 498
Receivables:
Interest 30,978 469 25,668,845 5,464,642
Dividends 28,416,157 1,247,688 0 0
Investment securities sold 59,629,586 1,079,157 14,408,441 0
Capital shares sold 7,237,912 712,820 7,592,327 806,770
Foreign withholding tax reclaims 4,617,159 0 0 0
Margin due from broker on futures contracts 237,332 0 256,399 34,578
Unamortized organization expenses (Note 1) 0 16,770 0 0
Collateral held for securities loaned, at value
(Note 1) 1,666,640,950 0 0 0
Other assets 60,555 17,109 25,328 6,025
Appreciation on foreign currency contracts (Note 3D) 15,783,690 0 2,671,592 377,708
-------------- ------------ -------------- ------------
Total assets 7,201,301,635 522,085,385 2,811,117,148 557,393,378
-------------- ------------ -------------- ------------
LIABILITIES
Payables:
Dividends to shareholders 88,916 3,083 4,858,951 976,985
Investment securities purchased 3,548,147 483,097 244,811,866 3,566,841
Capital shares redeemed 14,795,513 251,199 1,343,144 1,357,512
Management fee (Note 2) 4,287,944 524,660 1,022,063 239,285
Shareholder servicing and administration fee (Note 2) 1,143,906 104,932 217,688 47,857
Accrued expenses 916,570 204,376 142,475 45,682
Organization costs payable to the manager 0 0 0 0
Foreign withholding taxes 2,952,840 109,597 3,074 402
Margin owed to broker on futures contracts 809,806 0 0 0
Depreciation on foreign currency contracts (Note 3D) 1,601,522 0 0 0
Securities lending collateral, at value (Note 1) 1,666,640,950 0 0 0
-------------- ------------ -------------- ------------
Total liabilities 1,696,786,114 1,680,944 252,399,261 6,234,564
-------------- ------------ -------------- ------------
NET ASSETS (d) $5,504,515,521 $520,404,441 $2,558,717,887 $551,158,814
============== ============ ============== ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $18.46 $13.87 $13.04 $12.44
============== ============ ============== ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 298,241 $ 37,509 $ 196,271 $ 44,303
Additional paid-in capital 5,042,492,693 721,625,253 2,579,013,678 557,541,505
Undistributed net investment income/(excess
distributions) (7,472,745) (3,403,425) (6,331,130) (909,123)
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 167,455,293 (69,069,635) 2,044,573 (4,898,707)
Unrealized appreciation (depreciation) of:
Investments and futures 287,505,610 (128,671,349) (18,651,582) (946,562)
Foreign currencies 14,236,429 (113,912) 2,446,077 327,398
-------------- ------------ -------------- ------------
$5,504,515,521 $520,404,441 $2,558,717,887 $551,158,814
============== ============ ============== ============
</TABLE>
(a) Cost: $5,076,954,546; $595,963,531; $2,777,233,331; $551,379,805;
$128,944,461; $1,419,081,965; $572,919,280; $819,648,497; $187,273,206;
$96,371,664; and $96,086,236, respectively (Note 1) (b) Cost: $45,806,991 (Note
1) (c) Cost: $73,663,697; $5,996,528; $2,342,452; and $547,064, respectively
(Note 1) (d) Applicable to: 298,239,811; 37,511,361; 196,269,666; 44,301,423;
10,358,353; 105,010,825; 42,018,837; 61,877,361; 14,027,111; 7,603,822; and
7,704,595 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.
- --------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN BERNSTEIN
GOVERNMENT DIVERSIFIED CALIFORNIA NEW YORK
SHORT DURATION MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated
issuers (a) $128,854,480 $1,453,195,268 $589,628,245 $842,951,278
Investments in securities at value--affiliated
issuers (Note 3)(b) 0 0 0 0
Foreign currency at value (c) 0 0 0 0
Cash in bank 31 284 14,862 2,111
Receivables:
Interest 2,015,357 19,588,362 8,378,866 12,644,660
Dividends 0 0 0 0
Investment securities sold 0 105,387 5,006,003 90,316
Capital shares sold 191,660 5,279,312 2,616,690 1,853,610
Foreign withholding tax reclaims 0 0 0 0
Margin due from broker on futures contracts 9,141 0 0 0
Unamortized organization expenses (Note 1) 0 0 0 0
Collateral held for securities loaned, at value
(Note 1) 0 0 0 0
Other assets 1,397 13,614 5,189 7,985
Appreciation on foreign currency contracts (Note 3D) 0 0 0 0
------------ -------------- ------------ ------------
Total assets 131,072,066 1,478,182,227 605,649,855 857,549,960
------------ -------------- ------------ ------------
LIABILITIES
Payables:
Dividends to shareholders 197,498 1,865,520 716,437 1,085,264
Investment securities purchased 704,345 20,014,568 13,462,399 3,779,290
Capital shares redeemed 204,610 1,642,793 282,885 931,849
Management fee (Note 2) 56,485 596,742 249,970 361,980
Shareholder servicing and administration fee (Note 2) 11,297 123,172 49,994 72,396
Accrued expenses 26,949 119,611 65,486 81,346
Organization costs payable to the manager 0 0 0 0
Foreign withholding taxes 0 0 0 0
Margin owed to broker on futures contracts 0 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0 0
------------ -------------- ------------ ------------
Total liabilities 1,201,184 24,362,406 14,827,171 6,312,125
------------ -------------- ------------ ------------
NET ASSETS (d) $129,870,882 $1,453,819,821 $590,822,684 $851,237,835
============ ============== ============ ============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.54 $13.84 $14.06 $13.76
============ ============== ============ ============
NET ASSETS CONSIST OF:
Capital stock, at par $ 10,359 $ 105,012 $ 42,019 $ 61,878
Additional paid-in capital 131,038,644 1,410,218,805 573,222,589 823,992,446
Undistributed net investment income/(excess
distributions) 55,344 32,266 (31,860) 9,519
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (1,203,069) 9,350,435 880,971 3,871,211
Unrealized appreciation (depreciation) of:
Investments and futures (30,396) 34,113,303 16,708,965 23,302,781
Foreign currencies 0 0 0 0
------------ -------------- ------------ ------------
$129,870,882 $1,453,819,821 $590,822,684 $851,237,835
============ ============== ============ ============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated
issuers (a) $187,820,540 $96,626,046 $96,158,873
Investments in securities at value--affiliated
issuers (Note 3)(b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 706 122 50,638
Receivables:
Interest 2,769,150 1,498,040 1,427,657
Dividends 0 0 0
Investment securities sold 0 0 0
Capital shares sold 139,614 844,338 107,700
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 4,324 762 862
Collateral held for securities loaned, at value
(Note 1) 0 0 0
Other assets 1,530 908 938
Appreciation on foreign currency contracts (Note 3D) 0 0 0
------------ ----------- -----------
Total assets 190,735,864 98,970,216 97,746,668
------------ ----------- -----------
LIABILITIES
Payables:
Dividends to shareholders 189,526 91,555 103,735
Investment securities purchased 12,991,088 2,811,843 1,420,169
Capital shares redeemed 1,086,159 386,674 100,930
Management fee (Note 2) 75,670 40,330 40,655
Shareholder servicing and administration fee (Note 2) 15,134 8,066 8,131
Accrued expenses 40,031 26,199 33,980
Organization costs payable to the manager 4,941 1,061 1,187
Foreign withholding taxes 0 0 0
Margin owed to broker on futures contracts 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral, at value (Note 1) 0 0 0
------------ ----------- -----------
Total liabilities 14,402,549 3,365,728 1,708,787
------------ ----------- -----------
NET ASSETS (d) $176,333,315 $95,604,488 $96,037,881
============ =========== ===========
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.57 $12.57 $12.47
============ =========== ===========
NET ASSETS CONSIST OF:
Capital stock, at par $ 14,027 $ 7,604 $ 7,705
Additional paid-in capital 175,356,972 95,139,854 96,001,225
Undistributed net investment income/(excess
distributions) (9,678) (20,838) 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 424,660 223,486 (43,858)
Unrealized appreciation (depreciation) of:
Investments and futures 547,334 254,382 72,637
Foreign currencies 0 0 0
------------ ----------- -----------
$176,333,315 $95,604,488 $96,037,881
============ =========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual Report 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Six Months Ended March 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL EMERGING INTERMEDIATE
VALUE MARKETS VALUE DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 3,840,957 348,057 $80,976,556
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $4,090,888 and $337,927) 36,426,032 2,963,774 0
Dividends--affiliated issuers (net of foreign
withholding taxes of $0 and $216,110) 0 656,195 0
------------ ------------ -----------
Total income 40,266,989 3,968,026 80,976,556
------------ ------------ -----------
Expenses (Notes 1 and 2):
Management fee 24,704,475 2,834,145 6,007,825
Shareholder servicing and administration fee 6,585,337 566,829 1,279,669
Custodian and transfer agent fees 1,386,711 455,020 181,152
Auditing and tax consulting fees 67,129 8,316 30,789
Insurance 31,513 3,088 12,946
Directors' fees and expenses 37,727 3,099 16,038
Legal fees 24,774 1,347 4,342
Registration fees 38,322 24,187 45,857
Printing 35,519 11,433 13,351
Amortization of organization expense 0 4,807 0
Miscellaneous 38,477 2,949 19,661
------------ ------------ -----------
Total expenses 32,949,984 3,915,220 7,611,630
------------ ------------ -----------
Net investment income 7,317,005 52,806 73,364,926
------------ ------------ -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 309,288,154 (37,379,570) 13,139,221
Futures transactions (550,812) 0 (351,432)
Foreign currency transactions (141,403,248) (530,944) (3,020,161)
------------ ------------ -----------
Net realized gain (loss) on investment,
futures and foreign currency transactions 167,334,094 (37,910,514) 9,767,628
------------ ------------ -----------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 579,745,055 182,401,509 (66,844,037)
Foreign currencies 3,850,605 (56,362) 5,587,046
------------ ------------ -----------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign
currencies 583,595,660 182,345,147 (61,256,991)
------------ ------------ -----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 750,929,754 144,434,633 (51,489,363)
------------ ------------ -----------
Net increase in net assets
resulting from operations $758,246,759 $144,487,439 $21,875,563
============ ============ ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT GOVERNMENT DIVERSIFIED
DURATION PLUS SHORT DURATION MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $17,107,891 $3,661,329 $33,775,726
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $4,090,888 and $337,927) 0 0 0
Dividends--affiliated issuers (net of foreign
withholding taxes of $0 and $216,110) 0 0 0
------------ ------------ -----------
Total income 17,107,891 3,661,329 33,775,726
------------ ------------ -----------
Expenses (Notes 1 and 2):
Management fee 1,471,165 347,265 3,463,198
Shareholder servicing and administration fee 294,233 69,453 714,196
Custodian and transfer agent fees 79,740 44,211 160,479
Auditing and tax consulting fees 10,378 4,592 17,763
Insurance 3,967 924 7,029
Directors' fees and expenses 4,122 1,012 8,630
Legal fees 1,276 477 2,446
Registration fees 12,284 8,013 65,967
Printing 4,563 1,163 9,661
Amortization of organization expense 0 0 0
Miscellaneous 5,114 1,348 7,151
------------ ------------ -----------
Total expenses 1,886,842 478,458 4,456,520
------------ ------------ -----------
Net investment income 15,221,049 3,182,871 29,319,206
------------ ------------ -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 700,608 302,307 6,732,645
Futures transactions (121,198) (20,717) 3,461,668
Foreign currency transactions (760,389) 0 0
------------ ------------ -----------
Net realized gain (loss) on investment,
futures and foreign currency transactions (180,979) 281,590 10,194,313
------------ ------------ -----------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (5,333,593) (1,652,708) (18,447,124)
Foreign currencies 1,105,334 0 0
------------ ------------ -----------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign
currencies (4,228,259) (1,652,708) (18,447,124)
------------ ------------ -----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (4,409,238) (1,371,118) (8,252,811)
------------ ------------ -----------
Net increase in net assets
resulting from operations $10,811,811 $1,811,753 $21,066,395
============ ============ ===========
<CAPTION>
BERNSTEIN BERNSTEIN
CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Income:
Interest $12,908,956 $19,668,740
Dividends--unaffiliated issuers (net of foreign
withholding taxes of $4,090,888 and $337,927) 0 0
Dividends--affiliated issuers (net of foreign
withholding taxes of $0 and $216,110) 0 0
----------- -----------
Total income 12,908,956 19,668,740
----------- -----------
Expenses (Notes 1 and 2):
Management fee 1,435,520 2,089,020
Shareholder servicing and administration fee 287,104 417,804
Custodian and transfer agent fees 83,636 108,878
Auditing and tax consulting fees 8,108 11,413
Insurance 2,513 4,306
Directors' fees and expenses 3,280 5,202
Legal fees 1,065 1,554
Registration fees 15,129 14,242
Printing 3,445 6,115
Amortization of organization expense 0 0
Miscellaneous 2,722 4,652
----------- -----------
Total expenses 1,842,522 2,663,186
----------- -----------
Net investment income 11,066,434 17,005,554
----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 1,010,379 2,636,277
Futures transactions 0 2,026,199
Foreign currency transactions 0 0
----------- -----------
Net realized gain (loss) on investment,
futures and foreign currency transactions 1,010,379 4,662,476
----------- -----------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (4,315,536) (8,603,573)
Foreign currencies 0 0
----------- -----------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign
currencies (4,315,536) (8,603,573)
----------- -----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (3,305,157) (3,941,097)
----------- -----------
Net increase in net assets
resulting from operations $ 7,761,277 $13,064,457
=========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual Report 7
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Six Months Ended March 31, 1999 (Unaudited)
(continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $3,505,219 $1,933,983 $1,894,076
Dividends--unaffiliated issuers 0 0 0
Dividends--affiliated issuers 0 0 0
---------- ---------- ----------
Total income 3,505,219 1,933,983 1,894,076
---------- ---------- ----------
Expenses (Notes 1 and 2):
Management fee 431,305 240,405 221,465
Shareholder servicing and administration fee 86,261 48,081 44,293
Custodian and transfer agent fees 58,203 45,194 43,460
Auditing and tax consulting fees 4,288 4,325 4,209
Insurance 965 539 495
Directors' fees and expenses 1,061 712 579
Legal fees 495 382 167
Registration fees 17,095 1,733 10,147
Printing 1,600 817 976
Amortization of organization expense 2,007 694 788
Miscellaneous 1,310 897 834
---------- ---------- ----------
Total expenses 604,590 343,779 327,413
---------- ---------- ----------
Net investment income 2,900,629 1,590,204 1,566,663
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions 358,444 400,094 87,290
Futures transactions 151,008 0 74,972
Foreign currency transactions 0 0 0
---------- ---------- ----------
Net realized gain on investment,
futures and foreign currency transactions 509,452 400,094 162,262
---------- ---------- ----------
Net decrease in unrealized
appreciation/(depreciation) of:
Investments and futures (128,282) (384,635) (188,043)
Foreign currencies 0 0 0
---------- ---------- ----------
Net decrease in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies (128,282) (384,635) (188,043)
---------- ---------- ----------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 381,170 15,459 (25,781)
---------- ---------- ----------
Net increase in net assets
resulting from operations $3,281,799 $1,605,663 $1,540,882
========== ========== ==========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE EMERGING MARKETS VALUE
PORTFOLIO PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/99 ENDED ENDED 3/31/99 ENDED
(UNAUDITED) 9/30/98 (UNAUDITED) 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 7,317,005 $ 51,898,112 $ 52,806 $ 5,396,064
Net realized gain (loss) on investments
and futures transactions 308,737,342 246,291,434 (37,379,570) (30,463,089)
Net realized gain (loss) on foreign
currency transactions (141,403,248) 202,852,911 (530,944) (3,198,459)
Increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures 579,745,055 (916,280,711) 182,401,509 (282,080,651)
Foreign currencies 3,850,605 11,676,196 (56,362) 41,198
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations 758,246,759 (403,562,058) 144,487,439 (310,304,937)
-------------- -------------- ------------ ------------
Dividends and distributions to shareholders:
Dividends from net investment income (257,983,801) (264,449,031) (4,616,351) (2,126,337)
Distributions from net realized gains (242,153,421) (168,349,560) (695,927) (12,049,985)
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 (500,137,222) (432,798,591) (5,312,278) (14,176,322)
-------------- -------------- ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 496,755,397 1,172,186,510 65,255,317 295,773,817
Net proceeds from sales of shares issued to
shareholders on reinvestment of dividends from
net investment income and distributions from net
realized gains 482,585,479 420,644,903 5,047,783 14,016,481
-------------- -------------- ------------ ------------
Total proceeds from shares sold 979,340,876 1,592,831,413 70,303,100 309,790,298
Cost of shares redeemed (645,517,689) (809,885,835) (51,759,529) (60,928,378)
-------------- -------------- ------------ ------------
Increase (decrease) in net assets from
capital-share transactions 333,823,187 782,945,578 18,543,571+ 248,861,920+
-------------- -------------- ------------ ------------
Net increase (decrease) in net assets 591,932,724 (53,415,071) 157,718,732 (75,619,339)
NET ASSETS:
Beginning of period 4,912,582,797 4,965,997,868 362,685,709 438,305,048
-------------- -------------- ------------ ------------
End of period $5,504,515,521 $4,912,582,797 $520,404,441 $362,685,709
============== ============== ============ ============
(a) (b) (c) (d)
<CAPTION>
--------------------------------
BERNSTEIN
INTERMEDIATE DURATION
PORTFOLIO
--------------------------------
SIX MONTHS YEAR
ENDED 3/31/99 ENDED
(UNAUDITED) 9/30/98
- -------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $73,364,926 $ 124,584,854
Net realized gain (loss) on investments
and futures transactions 12,787,789 38,518,633
Net realized gain (loss) on foreign
currency transactions (3,020,161) (4,285,320)
Increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (66,844,037) 34,645,475
Foreign currencies 5,587,046 (2,661,163)
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 21,875,563 190,802,479
-------------- --------------
Dividends and distributions to shareholders:
Dividends from net investment income (77,197,345) (138,009,938)
Distributions from net realized gains (32,215,425) (26,215,852)
Distributions in excess of net investment
income due to timing differences 0 (2,808,987)
Distributions in excess of net realized
gains due to timing differences 0 0
-------------- --------------
Total dividends and distributions
to shareholders (109,412,770) (167,034,777)
-------------- --------------
Capital-share transactions: 341,813,324 749,852,180
Net proceeds from sales of shares
Net proceeds from sales of shares issued to
shareholders on reinvestment of dividends from
net investment income and distributions from net
realized gains 49,552,351 58,077,287
-------------- --------------
Total proceeds from shares sold 391,365,675 807,929,467
Cost of shares redeemed (286,659,485) (348,368,757)
-------------- --------------
Increase (decrease) in net assets from
capital-share transactions 104,706,190 459,560,710
-------------- --------------
Net increase (decrease) in net assets 17,168,983 483,328,412
NET ASSETS:
Beginning of period 2,541,548,904 2,058,220,492
-------------- --------------
End of period $2,558,717,887 $2,541,548,904
============== ==============
(e) (f)
</TABLE>
(a) Includes undistributed net investment income/(excess distributions) of
$(7,472,745) (b) Includes undistributed net investment income/(excess
distributions) of $243,194,051 (c) Includes undistributed net investment
income/(excess distributions) of $(3,403,425) (d) Includes undistributed net
investment income/(excess distributions) of $1,160,120 (e) Includes
undistributed net investment income/(excess distributions) of $(6,331,130) (f)
Includes undistributed net investment income/(excess distributions) of
$(2,498,711)
+ Includes effect of portfolio transaction fee in the amounts of $2,354,330 and
$7,165,862 for the six months ended March 31, 1999 and year ended September 30,
1998, respectively. See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual Report 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
SHORT DURATION GOVERNMENT SHORT
PLUS PORTFOLIO DURATION PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/99 ENDED ENDED 3/31/99 ENDED
(UNAUDITED) 9/30/98 (UNAUDITED) 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $15,221,049 $31,015,431 $3,182,871 $7,151,756
Net realized gain (loss) on investments
and futures transactions 579,410 919,759 281,590 466,529
Net realized gain (loss) on foreign
currency transactions (760,389) (878,851) 0 0
Increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (5,333,593) 4,606,257 (1,652,708) 936,119
Foreign currencies 1,105,334 (612,233) 0 0
------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 10,811,811 35,050,363 1,811,753 8,554,404
------------ ------------ ------------ ------------
Dividends and distributions to shareholders:
Dividends from net investment income (15,216,402) (34,333,057) (3,182,871) (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 (15,216,402) (35,204,551) (3,182,871) (7,151,756)
------------ ------------ ------------ ------------
Capital-share transactions:
Net proceeds from sales of shares 84,291,536 200,864,826 27,078,682 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 5,112,831 11,759,861 1,367,888 2,955,299
------------ ------------ ------------ ------------
Total proceeds from shares sold 89,404,367 212,624,687 28,446,570 51,543,923
Cost of shares redeemed (128,928,130) (230,127,588) (35,241,763) (56,990,648)
------------ ------------ ------------ ------------
Increase (decrease) in net assets from
capital-share transactions (39,523,763) (17,502,901) (6,795,193) (5,446,725)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (43,928,354) (17,657,089) (8,166,311) (4,044,077)
NET ASSETS:
Beginning of period 595,087,168 612,744,257 138,037,193 142,081,270
------------ ------------ ------------ ------------
End of period $551,158,814 $595,087,168 $129,870,882 $138,037,193
============ ============ ============ ============
(g) (h) (i) (i)
<CAPTION>
------------------------------------
BERNSTEIN
DIVERSIFIED MUNICIPAL
PORTFOLIO
------------------------------------
SIX MONTHS YEAR
ENDED 3/31/99 ENDED
(UNAUDITED) 9/30/98
- --------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $29,319,206 $52,097,887
Net realized gain (loss) on investments
and futures transactions 10,194,313 3,559,573
Net realized gain (loss) on foreign
currency transactions 0 0
Increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (18,447,124) 17,757,074
Foreign currencies 0 0
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 21,066,395 73,414,534
-------------- --------------
Dividends and distributions to shareholders:
Dividends from net investment income (29,319,206) (52,097,887)
Distributions from net realized gains (3,480,670) (607,173)
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences 0 0
Total dividends and distributions
to shareholders (32,799,876) (52,705,060)
-------------- --------------
Capital-share transactions:
Net proceeds from sales of shares 215,901,204 435,356,711
Net proceeds from sales of shares issued to
shareholders on reinvestment of dividends from
net investment income and distributions from
net realized gains 9,466,435 11,507,786
-------------- --------------
Total proceeds from shares sold 225,367,639 446,864,497
Cost of shares redeemed (145,599,742) (196,163,031)
-------------- --------------
Increase (decrease) in net assets from
capital-share transactions 79,767,897 250,701,466
-------------- --------------
Net increase (decrease) in net assets 68,034,416 271,410,940
NET ASSETS:
Beginning of period 1,385,785,405 1,114,374,465
-------------- --------------
End of period $1,453,819,821 $1,385,785,405
============== ==============
(j) (j)
</TABLE>
(g) Includes undistributed net investment income/(excess distributions) of
$(909,123) (h) Includes undistributed net investment income/(excess
distributions) of $(913,770) (i) Includes undistributed net investment
income/(excess distributions) of $55,344 (j) Includes undistributed net
investment income/(excess distributions) of $32,266
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/99 ENDED ENDED 3/31/99 ENDED
(UNAUDITED) 9/30/98 (UNAUDITED) 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 11,066,434 19,116,294 $ 17,005,554 $ 31,746,788
Net realized gain (loss) on investments
and futures transactions 1,010,379 1,868,344 4,662,476 2,841,704
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (4,315,536) 8,730,332 (8,603,573) 11,740,142
Foreign currencies 0 0 0 0
------------ ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations 7,761,277 29,714,970 13,064,457 46,328,634
------------ ----------- ----------- -----------
Dividends and distributions to shareholders:
Dividends from net investment income (11,066,434) (19,116,294) (17,005,554) (31,746,788)
Distributions from net realized gains (1,729,938) (233,401) (3,154,682) (346,570)
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 (12,796,372) (19,349,695) (20,160,236) (32,093,358)
------------ ----------- ----------- -----------
Capital-share transactions:
Net proceeds from sales of shares 110,541,779 219,904,277 112,502,291 253,712,889
Net proceeds from sales of shares issued to
shareholders on reinvestment of dividends from
net investment income and distributions from
net realized gains 4,378,378 4,606,892 7,724,569 8,746,828
------------ ----------- ----------- -----------
Total proceeds from shares sold 114,920,157 224,511,169 120,226,860 262,459,717
Cost of shares redeemed (68,819,826) (96,503,425) (77,975,322) (132,313,148)
------------ ----------- ----------- -----------
Increase (decrease) in net assets from
capital-share transactions 46,100,331 128,007,744 42,251,538 130,146,569
------------ ----------- ----------- -----------
Net increase (decrease) in net assets 41,065,236 138,373,019 35,155,759 144,381,845
NET ASSETS:
Beginning of period 549,757,448 411,384,429 816,082,076 671,700,231
------------ ------------ ------------ ------------
End of period $590,822,684 $549,757,448 $851,237,835 $816,082,076
============ ============ ============ ============
(k) (k) (l) (l)
<CAPTION>
-------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL
PORTFOLIO PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/99 ENDED ENDED 3/31/99 ENDED
(UNAUDITED) 9/30/98 (UNAUDITED) 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 2,900,629 $ 5,390,695 $ 1,590,204 $ 2,954,164
Net realized gain (loss) on investments
and futures transactions 509,452 328,088 400,094 119,716
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (128,282) 239,108 (384,635) 335,512
Foreign currencies 0 0 0 0
Net increase (decrease) in net assets
resulting from operations 3,281,799 5,957,891 1,605,663 3,409,392
Dividends and distributions to shareholders:
Dividends from net investment income (2,900,629) (5,390,695) (1,590,204) (2,954,164)
Distributions from net realized gains (343,334) (430,886) (295,827) (40,712)
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 (3,243,963) (5,821,581) (1,886,031) (2,994,876)
------------ ------------ ----------- -----------
Capital-share transactions:
Net proceeds from sales of shares 58,912,287 119,003,582 36,418,336 81,506,038
Net proceeds from sales of shares issued to
shareholders on reinvestment of dividends from
net investment income and distributions from
net realized gains 1,243,072 2,145,728 1,042,001 1,233,302
------------ ------------ ----------- -----------
Total proceeds from shares sold 60,155,359 121,149,310 37,460,337 82,739,340
Cost of shares redeemed (42,413,063) (114,553,849) (40,625,170) (70,415,018)
------------ ------------ ----------- -----------
Increase (decrease) in net assets from
capital-share transactions 17,742,296 6,595,461 (3,164,833) 12,324,322
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 17,780,132 6,731,771 (3,445,201) 12,738,838
NET ASSETS:
Beginning of period 158,553,183 151,821,412 99,049,689 86,310,851
------------ ------------ ----------- -----------
End of period $176,333,315 $158,553,183 $95,604,488 $99,049,689
============ ============ =========== ===========
(m) (m) (n) (n)
<CAPTION>
-------------------------------------
BERNSTEIN
SHORT DURATION
NEW YORK MUNICIPAL
PORTFOLIO
-------------------------------------
SIX MONTHS YEAR
ENDED 3/31/99 ENDED
(UNAUDITED) 9/30/98
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,566,663 $ 2,855,698
Net realized gain (loss) on investments
and futures transactions 162,262 (203,871)
Net realized gain (loss) on foreign
currency transactions 0 0
Increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (188,043) 248,888
Foreign currencies 0 0
----------- -----------
Net increase (decrease) in net assets
resulting from operations 1,540,882 2,900,715
----------- -----------
Dividends and distributions to shareholders:
Dividends from net investment income (1,566,663) (2,855,698)
Distributions from net realized gains 0 (90,423)
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences 0 0
----------- -----------
Total dividends and distributions
to shareholders (1,566,663) (2,946,121)
----------- -----------
Capital-share transactions:
Net proceeds from sales of shares 37,342,131 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 657,284 1,206,408
----------- -----------
Total proceeds from shares sold 37,999,415 59,705,529
Cost of shares redeemed (20,587,552) (57,150,087)
----------- -----------
Increase (decrease) in net assets from
capital-share transactions 17,411,863 2,555,442
----------- -----------
Net increase (decrease) in net assets 17,386,082 2,510,036
NET ASSETS:
Beginning of period 78,651,799 76,141,763
----------- -----------
End of period $96,037,881 $78,651,799
=========== ===========
(o) (o)
</TABLE>
(k) Includes undistributed net investment income/(excess distributions) of
$(31,860) (l) Includes undistributed net investment income/(excess
distributions) of $9,519 (m) Includes undistributed net investment income/
(excess distributions) of $(9,678) (n) Includes undistributed net investment
income/(excess distributions) of $(20,838) (o) Includes undistributed net
investment income/(excess distributions) of $172
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/99 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 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 0.02 0.20 0.26 0.23 0.18
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 2.61 (1.67) 3.73 2.26 0.07
------ ------ ------ ------ ------
Total from investment operations 2.63 (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 $18.46 $17.63 $20.92 $18.14 $16.08
====== ====== ====== ====== ======
Total return 15.52% (7.19)% 23.25% 15.83% 1.84%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $5,504,516 $4,912,583 $4,965,998 $3,131,258 $1,996,112
Average net assets (000 omitted) $5,286,069 $5,309,076 $3,977,823 $2,569,586 $1,591,703
Ratio of expenses to average net assets 1.25%* 1.26% 1.27% 1.31% 1.35%
Ratio of net investment income to average
net assets 0.28%* 0.98% 1.37% 1.37% 1.17%
Portfolio turnover rate 15.11% 30.34% 26.24% 21.89% 29.53%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
--------- ------------------------------------------------------------
BERNSTEIN
INTERNATIONAL BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
VALUE
PORTFOLIO ------------------------------------------------------------
---------- SIX MONTHS
YEAR ENDED ENDED 3/31/99 YEAR ENDED YEAR ENDED YEAR ENDED
9/30/94 (UNAUDITED) 9/30/98 9/30/97 9/30/96(a)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $15.39 $10.11 $22.54 $21.82 $20.00
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.19 0 0.20 0.14 0.18
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 1.13 3.84 (12.17) 0.44 0.83
------ ------ ------ ------ ------
Total from investment operations 1.32 3.84 (11.97) 0.58 1.01
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.12) (0.11) (0.08) 0
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains (0.12) (0.02) (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 0 0 0
------ ------ ------ ------ ------
Total distributions (0.14) (0.14) (0.72) (0.10) 0
------ ------ ------ ------ ------
Portfolio transaction fee 0 0.06 0.26 0.24 0.81
------ ------ ------ ------ ------
Net asset value, end of period $16.57 $13.87 $10.11 $22.54 $21.82
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Total return 8.55% 33.30%+ (55.09)%+ (0.32)%+ 4.80%+
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $1,343,266 $520,404 $362,686 $438,305 $273,924
Average net assets (000 omitted) $948,563 $455,488 $417,615 $379,351 $165,362
Ratio of expenses to average net assets 1.39% 1.72%* 1.77% 1.75% 1.92%*
Ratio of net investment income to average
net assets 1.13% 0.02%* 1.29% 0.58% 1.01%*
Portfolio turnover rate 23.78% 13.50% 19.56% 32.45% 9.81%
<CAPTION>
---------------------------------
BERNSTEIN INTERMEDIATE
DURATION PORTFOLIO
---------------------------------
SIX MONTHS
ENDED 3/31/99 YEAR ENDED
(UNAUDITED) 9/30/98
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $13.49 $13.38
------ ------
Income from investment operations:
Investment income, net 0.38 0.73
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.26) 0.37
------ ------
Total from investment operations 0.12 1.10
------ ------
Less distributions:
Dividends from taxable net investment income (0.40) (0.80)
Dividends from tax-exempt net
investment income 0 0
Distributions from net realized gains (0.17) (0.17)
Distributions in excess of net investment
income due to timing differences 0 (0.02)
Distributions in excess of net realized
gains due to timing differences 0 0
------ ------
Total distributions (0.57) (0.99)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $13.04 $13.49
------ ------
------ ------
Total return 0.88% 8.59%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,558,718 $2,541,549
Average net assets (000 omitted) $2,566,456 $2,303,250
Ratio of expenses to average net assets 0.59%* 0.60%
Ratio of net investment income to average
net assets 5.73%* 5.41%
Portfolio turnover rate 87.47% 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 March 31, 1999, September 30, 1998, September
30, 1997 and September 30, 1996, without taking into account these transaction
fees would have been 38.84%, (53.24)%, 3.79% and 9.10%, respectively.
*Annualized
(a) Commenced operations December 15, 1995
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual Report 13
<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
BERNSTEIN INTERMEDIATE DURATION
DURATION PORTFOLIO PLUS
PORTFOLIO
---------------------------------------------------------------- -------------
SIX MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED ENDED 3/31/99
9/30/97 9/30/96 9/30/95 9/30/94 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.08 $13.30 $12.54 $13.92 $12.53
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.75 0.80 0.78 0.68 0.32
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.35 (0.14) 0.77 (1.15) (0.09)
------ ------ ------ ------ ------
Total from investment operations 1.10 0.66 1.55 (0.47) 0.23
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.80) (0.80) (0.76) (0.70) (0.32)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 (0.08) 0 (0.08) 0
Distributions in excess of net investment
income due to timing differences 0 0 (0.03) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.13) 0
------ ------ ------ ------ ------
Total distributions (0.80) (0.88) (0.79) (0.91) (0.32)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.38 $13.08 $13.30 $12.54 $12.44
====== ====== ====== ====== ======
Total return 8.66% 5.05% 12.82% (3.54)% 1.88
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,058,220 $1,451,776 $1,142,768 $848,529 $551,159
Average net assets (000 omitted) $1,745,554 $1,310,208 $957,247 $764,519 $589,848
Ratio of expenses to average net assets 0.62% 0.63% 0.64% 0.65% 0.64%*
Ratio of net investment income to average
net assets 5.61% 5.99% 6.11% 5.14% 5.18%*
Portfolio turnover rate 238.04% 141.04% 212.40% 203.73% 50.22%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
BERNSTEIN SHORT DURATION PLUS PORTFOLIO
--------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/96 9/30/95 9/30/94
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.48 $12.49 $12.32 $12.89
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.65 0.67 0.69 0.70 0.55
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.09 0.08 (0.01) 0.18 (0.40)
------ ------ ------ ------ ------
Total from investment operations 0.74 0.75 0.68 0.88 0.15
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.72) (0.70) (0.69) (0.69) (0.56)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 0 0 0
Distributions in excess of net investment
income due to timing differences (0.02) 0 0 (0.02) 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 (0.16)
------ ------ ------ ------ ------
Total distributions (0.74) (0.70) (0.69) (0.71) (0.72)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.53 $12.53 $12.48 $12.49 $12.32
------ ------ ------ ------ ------
Total return 6.10% 6.21% 5.54% 7.36% 1.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $595,087 $612,744 $538,248 $534,462 $550,415
Average net assets (000 omitted) $591,866 $583,003 $532,094 $536,042 $529,892
Ratio of expenses to average net assets 0.64% 0.65% 0.65% 0.65% 0.65%
Ratio of net investment income to average
net assets 5.24% 5.38% 5.47% 5.69% 4.30%
Portfolio turnover rate 71.40% 118.58% 169.96% 61.03% 285.80%
<CAPTION>
-----------------------------------------------
BERNSTEIN GOVERNMENT
SHORT DURATION PORTFOLIO
-----------------------------------------------
SIX MONTHS
ENDED 3/31/99 YEAR ENDED
(UNAUDITED) 9/30/98
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $12.66 $12.53
------ ------
Income from investment operations:
Investment income, net 0.29 0.64
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.12) 0.13
------ ------
Total from investment operations 0.17 0.77
------ ------
Less distributions:
Dividends from taxable net investment income (0.29) (0.64)
Dividends from tax-exempt net
investment income 0 0
Distributions from net realized gains 0 0
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences 0 0
------ ------
Total distributions (0.29) (0.64)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $12.54 $12.66
====== ======
Total return 1.34% 6.35%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $129,871 $138,037
Average net assets (000 omitted) $139,241 $139,410
Ratio of expenses to average net assets 0.69%* 0.70%
Ratio of net investment income to average
net assets 4.58%* 5.13%
Portfolio turnover rate 42.81% 56.93%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual Report 15
<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 GOVERNMENT DIVERSIFIED
SHORT DURATION PORTFOLIO MUNICIPAL
PORTFOLIO
--------------------------------------------------------------- -------------
SIX MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED ENDED 3/31/99
9/30/97 9/30/96 9/30/95 9/30/94 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.48 $12.55 $12.34 $12.87 $13.96
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.67 0.65 0.69 0.49 0.29
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.05 (0.07) 0.21 (0.38) (0.09)
------ ------ ------ ------ ------
Total from investment operations 0.72 0.58 0.90 0.11 0.20
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.67) (0.65) (0.69) (0.49) (0.01)
Dividends from tax-exempt net
investment income 0 0 0 0 (0.28)
Distributions from net realized gains 0 0 0 0 (0.03)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.15) 0
------ ------ ------ ------ ------
Total distributions (0.67) (0.65) (0.69) (0.64) (0.32)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.53 $12.48 $12.55 $12.34 $13.84
====== ====== ====== ====== ======
Total return 5.88% 4.76% 7.55% 0.85% 1.44%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $142,081 $139,802 $143,723 $185,028 $1,453,820
Average net assets (000 omitted) $136,888 $145,268 $145,710 $188,013 $1,432,683
Ratio of expenses to average net assets 0.69% 0.69% 0.69% 0.68% 0.62%*
Ratio of net investment income to average
net assets 5.32% 5.21% 5.58% 3.85% 4.10%*
Portfolio turnover rate 80.11% 155.29% 49.34% 213.02% 25.81%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN DIVERSIFIED MUNICIPAL PORTFOLIO
------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/96 9/30/95 9/30/94
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.74 $13.44 $13.50 $12.99 $13.78
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.58 0.60 0.63 0.65 0.61
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.23 0.31 (0.04) 0.51 (0.72)
------ ------ ------ ------ ------
Total from investment operations 0.81 0.91 0.59 1.16 (0.11)
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.01) (0.02) (0.01)
Dividends from tax-exempt net
investment income (0.56) (0.58) (0.62) (0.63) (0.60)
Distributions from net realized gains (0.01) (0.01) (0.02) 0 (0.03)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 (0.04)
------ ------ ------ ------ ------
Total distributions (0.59) (0.61) (0.65) (0.65) (0.68)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.96 $13.74 $13.44 $13.50 $12.99
====== ====== ====== ====== ======
Total return 5.98% 6.95% 4.38% 9.16% (0.80)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $1,385,785 $1,114,374 $820,395 $660,814 $552,134
Average net assets (000 omitted) $1,250,621 $965,455 $744,452 $572,769 $509,380
Ratio of expenses to average net assets 0.63% 0.65% 0.66% 0.66% 0.67%
Ratio of net investment income to average
net assets 4.17% 4.43% 4.61% 4.89% 4.57%
Portfolio turnover rate 22.00% 24.65% 25.22% 42.55% 34.45%
<CAPTION>
----------------------------------
BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO
----------------------------------
SIX MONTHS
ENDED
3/31/99 YEAR ENDED
(UNAUDITED) 9/30/98
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $14.19 $13.90
------ ------
Income from investment operations:
Investment income, net 0.27 0.57
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.09) 0.30
------ ------
Total from investment operations 0.18 0.87
------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.26) (0.55)
Distributions from net realized gains (0.04) (0.01)
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gains due to timing differences 0 0
------ ------
Total distributions (0.31) (0.58)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $14.06 $14.19
====== ======
Total return 1.31% 6.37%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $590,823 $549,757
Average net assets (000 omitted) $576,011 $473,077
Ratio of expenses to average net assets 0.64%* 0.65%
Ratio of net investment income to average
net assets 3.85%* 4.04%
Portfolio turnover rate 12.08% 25.33%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual 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
NEW YORK
BERNSTEIN CALIFORNIA MUNICIPAL PORTFOLIO MUNICIPAL
PORTFOLIO
------------------------------------------------------------ --------------
SIX MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED ENDED 3/31/99
9/30/97 9/30/96 9/30/95 9/30/94 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.58 $13.58 $13.06 $13.83 $13.87
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.59 0.61 0.64 0.61 0.28
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.32 0 0.52 (0.74) (0.06)
------ ------ ------ ------ ------
Total from investment operations 0.91 0.61 1.16 (0.13) 0.22
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.03) (0.03) (0.05) (0.02) (0.01)
Dividends from tax-exempt net
investment income (0.56) (0.58) (0.59) (0.59) (0.27)
Distributions from net realized gains 0 0 0 0 (0.05)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 (0.03) 0
------ ------ ------ ------ ------
Total distributions (0.59) (0.61) (0.64) (0.64) (0.33)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.90 $13.58 $13.58 $13.06 $13.76
====== ====== ====== ====== ======
Total return 6.82% 4.60% 9.11% (0.98)% 1.63%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $411,384 $285,758 $213,951 $192,993 $851,238
Average net assets (000 omitted) $339,514 $246,410 $185,990 $168,797 $838,096
Ratio of expenses to average net assets 0.67% 0.68% 0.69% 0.70% 0.64%*
Ratio of net investment income to average
net assets 4.26% 4.48% 4.78% 4.51% 4.07%*
Portfolio turnover rate 41.32% 23.87% 63.89% 24.55% 18.86%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN NEW YORK MUNICIPAL PORTFOLIO
------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/96 9/30/95 9/30/94
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.62 $13.35 $13.48 $12.98 $13.80
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.58 0.61 0.64 0.65 0.64
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.26 0.27 (0.07) 0.50 (0.75)
------ ------ ------ ------ ------
Total from investment operations 0.84 0.88 0.57 1.15 (0.11)
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01) (0.02) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.57) (0.60) (0.62) (0.63) (0.62)
Distributions from net realized gains (0.01) 0 (0.06) 0 (0.03)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 (0.04)
------ ------ ------ ------ ------
Total distributions (0.59) (0.61) (0.70) (0.65) (0.71)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.87 $13.62 $13.35 $13.48 $12.98
====== ====== ====== ====== ======
Total return 6.32% 6.73% 4.31% 9.14% (0.81)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $816,082 $671,700 $539,217 $458,543 $408,021
Average net assets (000 omitted) $746,257 $603,119 $497,391 $413,892 $381,144
Ratio of expenses to average net assets 0.64% 0.65% 0.66% 0.66% 0.67%
Ratio of net investment income to average
net assets 4.25% 4.51% 4.73% 4.95% 4.78%
Portfolio turnover rate 27.20% 25.94% 26.19% 44.84% 22.45%
<CAPTION>
------------------------------------------
BERNSTEIN
SHORT DURATION
DIVERSIFIED MUNICIPAL
PORTFOLIO
------------------------------------------
SIX MONTHS
ENDED 3/31/99 YEAR ENDED
(UNAUDITED) 9/30/98
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $12.57 $12.56
------ ------
Income from investment operations:
Investment income, net 0.21 0.45
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.03 0.04
------ ------
Total from investment operations 0.24 0.49
------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01)
Dividends from tax-exempt net
investment income (0.20) (0.44)
Distributions from net realized gains (0.03) (0.03)
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 (0.24) (0.48)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $12.57 $12.57
====== ======
Total return 1.90% 4.02%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $176,333 $158,553
Average net assets (000 omitted) $173,106 $150,699
Ratio of expenses to average net assets 0.70%* 0.71%
Ratio of net investment income to average
net assets 3.36%* 3.58%
Portfolio turnover rate 47.16% 99.93%
</TABLE>
*Annualized
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
1999 Semiannual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
DIVERSIFIED MUNICIPAL PORTFOLIO CALIFORNIA MUNICIPAL PORTFOLIO
-----------------------------------------------------------------------------------
SIX MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED ENDED 3/31/99 YEAR ENDED
9/30/97 9/30/96 9/30/95(b) (UNAUDITED) 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.52 $12.63 $12.50 $12.61 $12.55
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.46 0.52 0.55 0.21 0.42
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.05 (0.06) 0.13 0 0.07
------ ------ ------ ------ ------
Total from investment operations 0.51 0.46 0.68 0.21 0.49
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.04) (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.44) (0.50) (0.51) (0.20) (0.40)
Distributions from net realized gains (0.01) (0.05) 0 (0.04) (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 (0.47) (0.57) (0.55) (0.25) (0.43)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.56 $12.52 $12.63 $12.57 $12.61
====== ====== ====== ====== ======
Total return 4.17% 3.68% 5.55% 1.65% 3.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $151,821 $119,096 $101,325 $95,604 $99,050
Average net assets (000 omitted) $135,288 $105,467 $85,893 $96,404 $88,338
Ratio of expenses to average net assets 0.72% 0.71% 0.72%* 0.72%* 0.73%
Ratio of net investment income to average
net assets 3.66% 4.07% 4.32%* 3.31%* 3.34%
Portfolio turnover rate 68.25% 63.40% 73.50% 47.27% 77.01%
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------- ----------------------------
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL PORTFOLIO NEW YORK MUNICIPAL PORTFOLIO
----------------------------------------------- ----------------------------
SIX MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED ENDED 3/31/99 YEAR ENDED
9/30/97 9/30/96 9/30/95(b) (UNAUDITED) 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.65 $12.50 $12.47 $12.47
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.45 0.50 0.53 0.22 0.46
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.03 (0.07) 0.15 0 0.01
------ ------ ------ ------ ------
Total from investment operations 0.48 0.43 0.68 0.22 0.47
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.04) (0.05) (0.06) (0.01) (0.01)
Dividends from tax-exempt net
investment income (0.41) (0.45) (0.47) (0.21) (0.45)
Distributions from net realized gains (0.01) (0.05) 0 0 (0.01)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.46) (0.55) (0.53) (0.22) (0.47)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.55 $12.53 $12.65 $12.47 $12.47
====== ====== ====== ====== ======
Total return 3.89% 3.50% 5.58% 1.78% 3.86%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $86,311 $72,925 $63,530 $96,038 $78,652
Average net assets (000 omitted) $76,339 $68,060 $49,944 $88,925 $77,989
Ratio of expenses to average net assets 0.74% 0.72% 0.73%* 0.74%* 0.74%
Ratio of net investment income to average
net assets 3.56% 3.96% 4.12%* 3.53%* 3.66%
Portfolio turnover rate 75.36% 60.76% 89.33% 38.80% 52.93%
<CAPTION>
------------------------------------------------
BERNSTEIN SHORT DURATION
NEW YORK MUNICIPAL PORTFOLIO
------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95(b)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $12.52 $12.60 $12.50
------ ------ ------
Income from investment operations:
Investment income, net 0.50 0.51 0.54
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.01) (0.07) 0.10
------ ------ ------
Total from investment operations 0.49 0.44 0.64
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.08) (0.02) (0.05)
Dividends from tax-exempt net
investment income (0.42) (0.49) (0.49)
Distributions from net realized gains (0.04) (0.01) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------ ------ ------
Total distributions (0.54) (0.52) (0.54)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $12.47 $12.52 $12.60
====== ====== ======
Total return 3.99% 3.53% 5.24%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $76,142 $58,750 $55,221
Average net assets (000 omitted) $69,567 $54,087 $50,642
Ratio of expenses to average net assets 0.76% 0.74% 0.73%*
Ratio of net investment income to average
net assets 3.97% 4.02% 4.23%*
Portfolio turnover rate 98.01% 55.81% 112.15%
</TABLE>
*Annualized
(b) Commenced operations October 3, 1994
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
1999 Semiannual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (Unaudited)
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end
registered investment company, incorporated in Maryland on May 4,
1988. The Fund is currently comprised of 12 series of shares (the
"Portfolios"), each with its own investment objectives. At March 31,
1999, the three International Equity Portfolios are 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. Subsequent to March 31, 1999, the Bernstein International
Value Portfolio's name was changed to Bernstein International Value
Tax-Managed Portfolio and the Bernstein International Value II
Portfolio commenced operations.
A. Portfolio Valuation
The net asset value of each Portfolio is computed as of the close
of regular trading of the New York Stock Exchange (normally 4:00
p.m., New York time). The value of each security for which readily
available market quotations exist is based on the most recent sales
price, bid price or the mean between the most recent available bid
and asked prices in the broadest and most representative market for
that security as determined by Sanford C. Bernstein & Co., Inc.
(the "Manager"). Debt instruments with remaining maturities of 60
days or less may be valued at amortized cost. Securities and other
assets for which market quotations are not readily available are
valued by appraisal at their fair value as determined in good faith
by the Manager of the Fund under procedures established by and
under the general supervision of the Board of Directors. The Fund
used an independent pricing service to value the Portfolios' assets
at such times and to the extent that the Manager deemed
appropriate.
Beginning September 1, 1998, the Malaysian government fixed the
rate of exchange of its currency to the U.S. dollar and implemented
restrictions on currency trading and on the repatriation of
proceeds from equity trading. At March 31, 1999, Malaysian currency
and equities have been fair valued under procedures adopted by the
Board of Directors at a 15% discount to the Malaysian
currency-denominated closing market values.
B. Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars.
Prices of securities and other assets and liabilities denominated in
non-U.S. currencies are translated into U.S. dollars using the
exchange rate at 12:00 p.m. New York time. Amounts related to the
purchase and sales of securities, investment income and expenses are
translated at the rates of exchange prevailing on the respective
dates of such transactions.
Net realized gain on foreign currency transactions represents net
foreign exchange gains from the closure of forward currency
contracts, disposition of foreign currencies, currency gains or
losses realized between the trade and settlement dates on security
transactions and the difference between the amount of dividends,
interest and foreign withholding taxes recorded on the Fund's books
and the U.S. dollar equivalent amount actually received or paid.
Net unrealized currency gains and losses arising from valuing
foreign currency-denominated assets and liabilities, other than
security investments, at the current exchange rate are reflected as
part of unrealized appreciation/depreciation on foreign currencies.
The Fund does not isolate that portion of the results of operations
arising as a result of changes in the foreign exchange rates from
the changes in the market prices of securities held at fiscal year
end. The Fund does not isolate the effect of changes in foreign
exchange rates from changes in market prices of equity securities
sold during the year.
The International Value Portfolio, Emerging Markets Value
Portfolio, Intermediate Duration Portfolio and Short Duration Plus
Portfolio invest in foreign securities and foreign currency
transactions that may involve risks not associated with domestic
investments as a result of the level of governmental supervision
and regulation of foreign securities markets and the possibility of
political or economic instability, among others.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date
the buy or sell order is executed). Securities gains and losses are
calculated on the identified cost basis. Interest income is
recorded on the accrual basis and dividend income is recorded on
the ex-dividend date.
D. Futures Contracts
Upon entering into a futures contract, a Portfolio is required by
the Exchange to deposit cash or to pledge U.S. Government
securities with a broker in an amount (initial margin) equal to a
certain percentage of the purchase price indicated in the futures
contract. Subsequent payments, which are dependent on the daily
fluctuations in the market value of the underlying index or
security, are made or received by the Portfolio each day (daily
variation margin) or at other intervals as is required. The
aggregate of these payments or receipts through the expiration of
the futures contract is recorded for book purposes as unrealized
gains or losses by the Portfolio. If the Portfolio enters into a
closing transaction, it will realize, for book purposes, a gain or
loss equal to the difference between the value of the futures
contract at the time it was opened or purchased and its value at
the time it was closed.
E. Written Options
When a Portfolio writes an option, an amount equal to the premium
received by the Portfolio is recorded as an asset and a
corresponding liability. The amount of the liability is adjusted
daily to reflect the current market value of the option. The
current market value is based on the last sale price on the
exchange on which the option is principally traded, or, in the
absence of a last sale, the option is priced at the mean between
the bid and asked prices. When a call option is exercised, a
Portfolio realizes a gain or loss on the underlying security, with
the proceeds from the security sale increased by the amount of the
option premium received. When a put option is exercised, the cost
basis of the security purchased by a Portfolio is reduced by the
option premium received.
F. Federal Income Taxes
Each of the 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.
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.
- --------------------------------------------------------------------------------
1999 Semiannual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
I. Distribution of Income and Gains
Net investment income of each Portfolio except the International
Value Portfolio and Emerging Markets Value Portfolio is declared
and recorded as a dividend to shareholders daily and is payable to
shareholders monthly. Dividends from net investment income, if any,
of the International Value Portfolio and Emerging Markets Value
Portfolio will be paid to shareholders at least once a year.
Distributions of net realized gains, less any available loss
carryforwards, if any, for all Portfolios will be paid to
shareholders at least once a year, and recorded on the ex-dividend
date.
Elements of realized gains and net investment income may be
recorded in different accounting periods for financial reporting
(book) and federal income tax (tax) purposes (temporary
differences). To the extent that such distributions required for
tax purposes exceed income and gains recorded for book purposes as
a result of such temporary differences, "excess distributions" are
reflected in the accompanying financial statements. Certain other
differences--permanent differences--arise because treatment of
elements of income and gains is different between book and tax
accounting. Permanent differences are reclassified to paid-in
capital in the year they arise.
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian, transfer-agent
and shareholder servicing and administration. Other expenses are
allocated among the Portfolios based on respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the Short
Duration Diversified Municipal Portfolio ($21,176), Short Duration
California Municipal Portfolio ($7,956), Short Duration New York
Municipal Portfolio ($8,906) and Emerging Markets Value Portfolio
($48,194) have been allocated to each respective Portfolio. All
organization costs are being amortized on a straight-line basis
over a five-year period, beginning with the commencement of
operations of each respective Portfolio.
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 asset as well as a
corresponding liability in the Statements of Assets and
Liabilities. At March 31, 1999, the fund has securities on loan
with a value of $1,640,306,681 and has received collateral of
$1,705,484,443, of which $1,666,640,950
- --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
is cash collateral and $38,843,493 is collateral in the form of U.S.
Government securities. The International Value Portfolio earned
$856,197 from securities lending transactions for the period ended
March 31, 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. The fee paid by
the International Value Portfolio is at an annual rate of 1.00% of
that Portfolio's average daily net assets up to and including $2
billion and at an annual rate of .90 of 1% of average daily net
assets in excess of $2 billion. The fee paid by the Emerging
Markets Value Portfolio is at an annual rate of 1.25% of that
Portfolio's average daily net assets.
B. Shareholder Servicing and Administrative Fee
Under agreements (the "Shareholder Servicing and Administrative
Agreements") between the Fund and the Manager, the Manager agrees
to pay expenses it incurs in providing shareholder servicing to the
Fund, the Portfolios and individual shareholders, and
administrative services to the Fund and the Portfolios. The fee
payable by each Portfolio except the International Value Portfolio
and Emerging Markets Value Portfolio for services under this
agreement is .10 of 1% of average daily net assets, and the fee
paid by the International Value Portfolio and Emerging Markets
Value Portfolio for services under this agreement is .25 of 1% of
average daily net assets.
C. Distribution
Under agreements (the "Distribution Agreements") between the Fund
and the Manager, the Manager agrees to act as agent to sell shares
of the 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.
E. Transactions with Affiliates
The Emerging Markets Value Portfolio paid commissions to Sanford C.
Bernstein & Co., Inc. in the amount of $39,540 for the period ended
March 31, 1999.
- --------------------------------------------------------------------------------
1999 Semiannual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1998 through March 31, 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>
International Value $ 788,523,206 0 $1,277,855,844 0
Emerging Markets Value 82,987,047 0 59,092,719 0
Intermediate Duration 2,101,767,803 $111,147,312 2,065,783,772 $147,853,578
Short Duration Plus 196,123,863 19,192,117 113,419,497 123,454,288
Government Short Duration 38,518,837 19,478,528 15,252,187 46,884,033
Diversified Municipal 376,737,579 0 358,027,470 0
California Municipal 122,078,621 0 67,815,913 0
New York Municipal 162,895,445 0 152,189,962 0
Short Duration Diversified Municipal 98,549,451 9,125,859 72,513,883 6,090,938
Short Duration California Municipal 44,614,152 4,867,875 44,334,837 0
Short Duration New York Municipal 46,749,136 0 32,302,681 0
</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 six months ended March 31, 1999
is set forth below:
Bernstein Emerging Markets Value
Portfolio
<TABLE>
<CAPTION>
Acquisitions Dispositions
Beginning ------------ ------------ Ending Realized Interest
Share Share Share Share Gain and Dividend Ending
Affiliate Amount Amount Cost Amount Cost Amount (Loss) Income Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Central Puerto S.A. 1,943,759 0 0 0 0 1,943,759 0 0 $ 4,746,118
First Philippine 7,829,820 830,000 $244,706 0 0 8,659,820 0 $ 14,828 6,704,377
Holding Corp.
(Class B)
Israel Land 1,999,527 0 0 0 0 1,999,527 0 633,502 10,872,796
Development
Israel Land 8,500 0 0 0 0 8,500 0 7,865 131,750
Development ADR
Jilin Chemical 56,100,000 0 0 0 0 56,100,000 0 0 2,823,279
Industrial Co., Ltd.
Robinson's Land 57,108,500 0 0 0 0 57,108,500 0 0 3,301,240
Corp. - Series 'B'
Thai-German 4,728,100 0 0 0 0 4,728,100 0 0 1,082,723
Ceramic Industry
Co., Ltd.
-------- ---- ---- -------- -----------
$244,706 0 0 $656,195 $29,662,283
======== ==== ==== ======== ===========
</TABLE>
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Federal Income Tax Status
At March 31, 1999, the Short Duration Plus Portfolio and Government
Short Duration Portfolio had capital loss carryforwards as follows:
<TABLE>
<CAPTION>
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Short Duration Plus Portfolio $4,428,265 9/30/2003
Government Short Duration Portfolio 1,483,117 9/30/2003
</TABLE>
Additionally, the Emerging Markets Value Portfolio, Intermediate
Duration Portfolio and Short Duration New York Municipal Portfolio
had post October loss deferrals of $30,641,332; $3,856,761; and
$232,802, respectively. The Emerging Markets Value Portfolio,
Intermediate Duration Portfolio and Short Duration Plus Portfolio
had post October FX loss deferrals of $3,098,281; $3,080,315; and
$910,629, respectively. For tax purposes, these losses are deemed
to arise on October 1, 1998.
D. Foreign Currency Contracts
At March 31, 1999, the International Value Portfolio, Intermediate
Duration Portfolio and Short Duration Plus Portfolio had
outstanding foreign currency contracts to sell foreign currencies
as follows:
<TABLE>
<CAPTION>
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 06/01/99 through
06/30/99
Australian Dollars $ 98,627,400 $ 99,599,761 0 $ (972,361)
British Pounds 107,715,900 108,113,168 0 (397,268)
Euro 384,664,710 377,490,897 $ 7,173,813 0
Japanese Yen 992,438,134 988,694,332 3,743,802 0
Norwegian Kroner 80,406,682 80,638,575 0 (231,893)
Settlement 09/01/99 through
09/30/99
Singapore Dollars 96,469,128 91,603,053 4,866,075 0
-------------- -------------- ------------ -----------
Total $1,760,321,954 $1,746,139,786 $15,783,690 $(1,601,522)
============== ============== ============ ===========
<CAPTION>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 04/01/99 through 04/30/99
Euro $34,054,700 $31,383,108 $2,671,592 0
-------------- -------------- ------------ -----------
Total $34,054,700 $31,383,108 $2,671,592 0
============== ============== ============ ===========
<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 04/01/99 through 04/30/99
Euro $4,814,630 $4,436,922 $377,708 0
-------------- -------------- ------------ -----------
Total $4,814,630 $4,436,922 $377,708 0
============== ============== ============ ===========
</TABLE>
- --------------------------------------------------------------------------------
1999 Semiannual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
NOTE 4. Concentration of Credit Risk
The two California Municipal Portfolios and the two New York
Municipal Portfolios invest primarily in securities issued by the
States of California and New York, respectively, and their various
political subdivisions, and the performance of each of these
Portfolios is closely tied to economic conditions within the
applicable State and the financial condition of that State and its
agencies and municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial futures
contracts. Financial futures contracts obligate the buyer to take
and the seller to make delivery at a future date of a specified
quantity of a financial instrument or an amount of cash based on
the value of a securities index or the market value in U.S. dollars
of a foreign currency. The contract amounts reflect the extent of
each Portfolio's involvement and risk of loss in these financial
instruments. A Portfolio's participation in the futures markets
involves certain risks, including imperfect correlation between
movements in the price of the futures contracts and movements in
the price of the securities hedged or used for cover. The Fund's
activities in futures contracts are conducted through regulated
exchanges that do not result in counterparty credit risks.
Foreign currency contracts involve elements of market risk in
excess of the amount reflected in the Statements of Assets and
Liabilities. The Fund bears the risk of an unfavorable change in
the foreign exchange rate underlying the foreign currency contract.
In addition, the Fund could be exposed to risks if the
counterparties to the contracts are unable to meet the terms of
their contracts.
NOTE 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par value
$0.001 per share, of which, at March 31, 1999, 1,550 million are
divided into 12 Portfolios, allocated 400 million to the Bernstein
International Value Portfolio, 250 million to the Bernstein
Intermediate Duration Portfolio, 150 million to the Bernstein
Diversified Municipal Portfolio, 100 million each to the Bernstein
International Value II Portfolio, 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
(except the Bernstein International Value II Portfolio which
commenced operations subsequent to March 31, 1999) for the six
months ended March 31, 1999 and the year ended September 30, 1998
were as follows:
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE EMERGING MARKETS VALUE INTERMEDIATE DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
------------------- ---------------------- ---------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98 ENDED 3/31/99 9/30/98 ENDED 3/31/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 27,783,881 59,041,183 5,681,477 20,333,480 25,841,956 56,368,750
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 27,830,728 23,304,425 428,483 833,815 3,758,256 4,376,491
Shares redeemed (36,010,789) (41,077,328) (4,469,054) (4,744,203) (21,720,307) (26,187,703)
----------- ----------- ---------- ---------- ----------- -----------
Net increase (decrease)
in shares outstanding 19,603,820 41,268,280 1,640,906 16,423,092 7,879,905 34,557,538
----------- ----------- ---------- ---------- ----------- -----------
Shares outstanding at
beginning of period 278,635,991 237,367,711 35,870,455 19,447,363 188,389,761 153,832,223
----------- ----------- ---------- ---------- ----------- -----------
Shares outstanding at
end of period 298,239,811 278,635,991 37,511,361 35,870,455 196,269,666 188,389,761
=========== =========== ========== ========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION PLUS GOVERNMENT SHORT DIVERSIFIED MUNICIPAL
PORTFOLIO DURATION PORTFOLIO PORTFOLIO
------------------- ------------------ ---------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98 ENDED 3/31/99 9/30/98 ENDED 3/31/99 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 6,755,425 16,129,450 2,146,374 3,874,744 15,535,338 31,521,830
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 409,912 944,212 108,603 235,681 682,051 832,927
Shares redeemed (10,345,022) (18,486,032) (2,801,157) (4,543,252) (10,482,311) (14,193,908)
----------- ----------- ---------- ---------- ----------- -----------
Net increase (decrease)
in shares outstanding (3,179,685) (1,412,370) (546,180) (432,827) 5,735,078 18,160,849
Shares outstanding at
beginning of period 47,481,108 48,893,478 10,904,533 11,337,360 99,275,747 81,114,898
----------- ----------- ---------- ---------- ----------- -----------
Shares outstanding at
end of period 44,301,423 47,481,108 10,358,353 10,904,533 105,010,825 99,275,747
=========== =========== ========== ========== =========== ===========
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------- ------------------ ------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98 ENDED 3/31/99 9/30/98 ENDED 3/31/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 7,830,269 15,733,043 8,137,439 18,521,963 4,685,514 9,487,311
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 310,440 329,587 559,657 638,380 98,896 171,102
Shares redeemed (4,875,412) (6,899,266) (5,636,763) (9,652,745) (3,372,958) (9,132,723)
----------- ----------- ---------- ---------- ----------- -----------
Net increase (decrease)
in shares outstanding 3,265,297 9,163,364 3,060,333 9,507,598 1,411,452 525,690
Shares outstanding at
beginning of period 38,753,540 29,590,176 58,817,028 49,309,430 12,615,659 12,089,969
----------- ----------- ---------- ---------- ----------- -----------
Shares outstanding at
end of period 42,018,837 38,753,540 61,877,361 58,817,028 14,027,111 12,615,659
=========== =========== ========== ========== =========== ===========
</TABLE>
- --------------------------------------------------------------------------------
1999 Semiannual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
------------------------ ---------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98 ENDED 3/31/99 9/30/98
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
Shares sold 2,890,053 6,487,988 2,992,329 4,697,614
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 82,737 98,187 52,678 96,879
Shares redeemed (3,224,241) (5,606,118) (1,649,694) (4,590,799)
---------- ---------- ---------- ----------
Net increase (decrease)
in shares outstanding (251,451) 980,057 1,395,313 203,694
Shares outstanding at
beginning of period 7,855,273 6,875,216 6,309,282 6,105,588
---------- ---------- ---------- ----------
Shares outstanding at
end of period 7,603,822 7,855,273 7,704,595 6,309,282
========== ========== ========== ==========
</TABLE>
NOTE 7. Year 2000 Risks
Like other mutual funds and financial and business operations around
the world, the Fund could be adversely affected if the computer
software, and to a lesser extent, hardware used by the Manager and
other service providers are not able to process and calculate
date-related information and data before, during, and after January
1, 2000. This is commonly known as the "Year 2000 Issue". The Manager
is taking steps that it believes are reasonably designed to address
the Year 2000 Issue with respect to the computer software and
hardware that it uses and to obtain satisfactory assurances that
comparable steps are being taken by the Fund's other major service
providers. However, there can be no assurance that these steps will
be sufficient to avoid any adverse impact on the Fund. In addition,
companies or governmental entities in which the Fund Portfolios
invest could be affected by the Year 2000 Issue, but at this time the
Fund cannot predict the degree of impact. To the extent the impact on
a portfolio holding is negative, a Portfolio's returns could be
adversely affected.
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
- --------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
- --------------------------------------------------------------------------------
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director,
Sanford C. Bernstein & Co.,Inc.
Andrew S. Adelson
Senior Vice President and Director
Senior Vice President, Chief Investment
Officer--International and Director,
Sanford C. Bernstein & Co., Inc.
Arthur Aeder
Director
Consultant
Peter L. Bernstein*
Director
President and Chief Executive Officer,
Peter L. Bernstein, Inc.
William Kristol
Director
Editor and Publisher, The Weekly Standard
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.
These financial statements are taken from the records of the Fund without
examination by independent public accounts who express no opinion thereon.
<PAGE>
Sanford C. Bernstein Fund, Inc.
767 Fifth Avenue, New York, New York 10153
(212) 756-4097
<PAGE>
SEMIANNUAL REPORT
MARCH 31, 1999
Sanford C. Bernstein Fund, Inc.
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>
(Blank Page)
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
March 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 5.92%
- --------------------------------------------------------------------------------
Commercial Paper: 1.95%
28,386,000 Prudential Funding Corp., $ 28,386,000
Discount rate 5.05%, 04/01/1999
-------------
Total Commercial Paper (Cost $28,386,000) 28,386,000
-------------
Tax Exempt Variable-Rate Demand Notes: 3.97%
2,100,000 Louisiana State Offshore Terminal 2,100,000
Authority, Deepwater Port
Revenue, Weekly Floater, Putable
Weekly, 3.05%, 09/01/2008
4,000,000 Montgomery County, Maryland 4,000,000
Economic Development Revenue,
Institute for Genomic Research
Facility, Weekly Floater, Putable
Weekly, 3.00%, 03/01/2009
4,400,000 South Carolina Jobs Economic 4,400,000
Development Authority, Hospital
Facilities Revenue, Tuomey
Regional Medical Center Series B,
Weekly Floater, Putable Weekly,
3.00%, 11/01/2025
11,100,000 Massachusetts Health & 11,100,000
Educational Facilities Authority,
Partners Healthcare Systems P-1,
Daily Floater, Putable Daily,
2.95%, 07/01/2027
5,400,000 Massachusetts Water Resources 5,400,000
Authority, Multi-Modal
Subordinated General Series B,
Daily Floater, Putable Daily,
2.95%, 04/01/2028
8,700,000 Massachusetts Water Resources 8,700,000
Authority, Multi-Modal
Subordinated General Series B,
Weekly Floater, Putable Weekly,
2.80%, 08/01/2028
22,000,000 Collier County, Florida Health 22,000,000
Facilities Authority, Cleveland
Clinic Health Systems, Daily
Floater, Putable Daily,
3.10%, 01/01/2033
----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $57,700,000) 57,700,000
----------------
Total Short-Term Investments
(Cost $86,086,000) 86,086,000
----------------
* See Note 1, page 22 in Notes to Financial Statements.
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.77%
- --------------------------------------------------------------------------------
11,541,031 3.375%, 01/15/2007 (Note A, p. 15) $ 11,115,455
----------------
Total U.S. Treasury Inflation Protection
Security (Cost $11,236,915) 11,115,455
----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 14.12%
- --------------------------------------------------------------------------------
1,565,000 South Dakota Student Loan 1,617,662
Assistance Corp., Student Loan
Revenue Series B, AMT,
7.625%, 08/01/2006,
Prerefunded 08/01/1999 @102
3,880,000 Metropolitan Seattle, Washington 4,059,916
Sewer Revenue Series T,
6.875%, 01/01/2031,
Prerefunded 01/01/2000 @102
1,000,000 Salt River Agricultural Improvement & 1,049,080
Power District, Arizona Electric
Systems Revenue Series A,
7.25%, 01/01/2019,
Prerefunded 01/01/2000 @102
4,845,000 Maury County Health & Educational 5,251,108
Facilities Board, Tennessee Revenue,
Southern Healthcare Heritage
Series E, 10.50%, 03/01/2020,
Prerefunded 03/01/2000 @102
1,940,000 Massachusetts Water Resources 2,055,605
Authority Series A, 7.375%,
04/01/2003,
Prerefunded 04/01/2000 @102
1,000,000 Massachusetts Water Resources 1,061,300
Authority Series A, 7.50%, 04/01/2016,
Prerefunded 04/01/2000 @102
3,000,000 Massachusetts Water Resources 3,187,500
Authority Series A, 7.625%, 04/01/2014,
Prerefunded 04/01/2000 @102
7,420,000 Rhode Island State Health & 7,933,612
Educational Building Corp.
Revenue, Johnson & Wales
University, 8.375%, 04/01/2020,
Prerefunded 04/01/2000 @102
2,000,000 New York State Dormitory 2,123,760
Authority, State University
Series B, 7.25%, 05/15/2015,
Prerefunded 05/15/2000 @102
8,150,000 Franklin County, Ohio Hospital 8,680,483
Revenue, 7.60%, 05/15/2020,
Prerefunded 05/15/2000 @102
2,685,000 Austin, Texas Utility Systems 2,863,016
Revenue Combined Series A,
9.50%, 05/15/2015,
Prerefunded 05/15/2000 @100
40,000 District of Columbia Series E, 40,604
4.75%, 06/01/2000,
Escrowed to Maturity
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
50,000 District of Columbia Series A-3, $ 50,810
4.90%, 06/01/2000,
Escrowed to Maturity
1,000,000 Illinois State, 6.70%, 06/01/2003, 1,056,760
Prerefunded 06/01/2000 @102
1,610,000 Honolulu City & County, Hawaii 1,694,010
Series C, 7.15%,06/01/2009,
Prerefunded 06/01/2000 @101
4,525,000 Pennsylvania Intergovernmental 4,666,361
Cooperation Authority, Special Tax
Revenue, FGIC, 6.00%, 06/15/2000,
Escrowed to Maturity
1,690,000 Albuquerque, New Mexico Joint 1,744,722
Water & Sewage Systems Revenue
Series A, 6.00%, 07/01/2015,
Prerefunded 07/01/2000 @102
4,455,000 Delaware Transportation Authority 4,722,122
Systems Revenue, 6.75%, 07/01/2010,
Prerefunded 07/01/2000 @102
795,000 El Paso County, Texas, 827,889
6.80%, 07/01/2000,
Escrowed to Maturity
1,885,000 Washington Public Power Supply 2,003,680
System Revenue, Nuclear Project
No. 1 Series A, 7.00%, 07/01/2011,
Prerefunded 07/01/2000 @102
1,265,000 Washington Public Power Supply 1,344,644
System Revenue, Nuclear Project
No. 2 Series B, FGIC,
7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
16,020,000 Washington Public Power Supply 17,028,619
System Revenue, Nuclear Project
No. 2 Series B, FSA, 7.00%, 07/01/2012,
Prerefunded 07/01/2000 @102
(Note C, p. 15)
1,000,000 New York State Dormitory Authority, 1,070,460
City University Systems Series A,
7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
4,605,000 Washington Public Power Supply 4,936,376
System Revenue, Nuclear Project
No. 1 Series C, 7.75%, 07/01/2008,
Prerefunded 07/01/2000 @102
3,000,000 New York State Dormitory Authority, 3,218,460
City University Systems Series F,
7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
2,405,000 Massachusetts Health & Educational 2,612,600
Facilities Authority Revenue, Goddard
Memorial Hospital Issue Series B,
9.00%, 07/01/2015,
Prerefunded 07/01/2000 @102
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,100,000 Dade County School Board, Florida $ 2,145,633
Certificates of Participation Series B,
AMBAC, 5.00%, 08/01/2000,
Escrowed to Maturity
155,000 New York City Series L, 158,762
5.25%, 08/01/2000,
Escrowed to Maturity
1,000,000 Denver City & County, Colorado 1,046,660
Airport Revenue Series A,
6.20%, 08/01/2006,
Prerefunded 08/01/2000 @101
1,680,000 Minnesota State Infrastructure 1,758,389
Development, 7.00%, 08/01/2001,
Prerefunded 08/01/2000 @100
1,330,000 Allegheny County, Pennsylvania 1,411,582
Series C-37, 7.20%, 12/01/2006,
Prerefunded 12/01/2000 @100
2,365,000 Houston, Texas Water & Sewer 2,562,383
Systems Revenue, MBIA,
7.40%, 12/01/2018,
Prerefunded 12/01/2000 @102
3,830,000 New York State Thruway Authority, 3,989,673
Local Highway & Bridge Service
Contract Revenue,
6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
7,290,000 New York State Power Authority 7,816,046
Revenue & General Purpose
Series Y, 6.75%, 01/01/2018,
Prerefunded 01/01/2001 @102
1,575,000 Fulton County Building Authority, 1,702,370
Georgia Series A, 8.40%, 01/01/2001,
Escrowed to Maturity
1,770,000 Richmond, Virginia Series A, 1,886,236
6.25%, 01/15/2021,
Prerefunded 01/15/2001 @102
1,000,000 University of Maryland Auxiliary 1,065,910
Facility System & Tuition Revenue
Series A, 6.20%, 02/01/2006,
Prerefunded 02/01/2001 @102
5,260,000 New York State Local Government 5,703,102
Assistance Corp. Series C,
7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
3,000,000 Austin, Texas Utility Systems 3,268,710
Revenue Series A,
8.00%, 11/15/2016,
Prerefunded 05/15/2001 @100
90,000 District of Columbia Series A, 93,413
5.50%, 06/01/2001,
Escrowed to Maturity
1,565,000 Arizona State Transportation Board, 1,685,083
Highway Revenue Series A,
6.45%, 07/01/2006,
Prerefunded 07/01/2001 @101.50
2 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,205,000 Arizona State Transportation Board, $ 1,297,387
Highway Revenue Series A,
6.50%, 07/01/2011,
Prerefunded 07/01/2001 @101.50
2,790,000 Los Angeles County Transportation 3,044,336
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 1,742,848
System Revenue, Nuclear Project
No. 1 Series A, 6.875%, 07/01/2017,
Prerefunded 07/01/2001 @102
1,265,000 Massachusetts Consolidated Loans 1,381,317
Series D, 7.00%, 07/01/2007,
Prerefunded 07/01/2001 @102
1,000,000 South Carolina Public Service 1,091,950
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
1,450,000 South Carolina State Public 1,586,416
Service Authority Series B,
7.10%, 07/01/2021,
Prerefunded 07/01/2001 @102
1,900,000 Massachusetts Series B, AMBAC, 2,058,650
6.50%, 08/01/2011,
Prerefunded 08/01/2001 @102
1,000,000 New York City Series A, 1,107,950
7.75%, 08/15/2014,
Prerefunded 08/15/2001 @101.50
1,280,000 New York City Series A, 1,418,176
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,530,000 New York City Series A, 1,695,163
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
4,585,000 Lewis County Public Utility 5,042,216
District No. 1, Washington,
Cowlitz Falls Hydroelectric Project
Revenue, 7.00%, 10/01/2022,
Prerefunded 10/01/2001 @102
3,005,000 Washington Suburban Sanitation 3,257,600
District, Maryland Sewage
Disposal, 6.20%, 11/01/2002,
Prerefunded 11/01/2001 @102
350,000 Denver City & County, Colorado 400,981
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
1,500,000 Massachusetts Water Resources 1,638,330
Authority Series A, 6.50%, 12/01/2019,
Prerefunded 12/01/2001 @102
1,950,000 Massachusetts Water Resources 2,148,179
Authority Series A, 6.875%, 12/01/2011,
Prerefunded 12/01/2001 @102
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
505,000 Austin, Texas Utility Systems $ 596,950
Revenue, MBIA, 9.25%, 11/15/2002,
Escrowed to Maturity
4,970,000 Connecticut State Series A, 5,398,215
5.70%, 03/15/2011,
Prerefunded 03/15/2003 @102
375,000 Metropolitan Pier & Exposition 405,983
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, 5.90%, 06/15/2003,
Escrowed to Maturity
180,000 Grapevine-Colleyville Independent 206,507
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 848,972
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
1,045,000 District of Columbia Series B, 1,159,459
6.00%, 06/01/2007,
Prerefunded 06/01/2004 @102
700,000 Metropolitan Pier & Exposition 770,812
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, 2,887,988
Georgia Series A, 8.75%, 01/01/2005,
Escrowed to Maturity
1,035,000 Massachusetts Consolidated Loans 1,133,077
Series B, FGIC, 5.50%, 06/01/2012,
Prerefunded 06/01/2006 @101
1,000,000 Illinois Educational Facilities Authority 1,187,040
Revenue, Loyola University, Chicago
Series A, 7.00%, 07/01/2007,
Escrowed to Maturity
2,120,000 Mississippi State, 6.20%, 02/01/2008, 2,399,607
Escrowed to Maturity
3,035,000 Wallenpaupack Area School 3,277,193
District, Pennsylvania Series A,
FGIC, 5.25%, 11/15/2012,
Prerefunded 11/15/2008 @100
235,000 Palm Beach County, Florida Solid 268,436
Waste Authority Revenue Series A,
AMBAC, 6.00%, 10/01/2009,
Escrowed to Maturity
2,755,000 Tarrant County Health Facilities 2,816,354
Development Corp., Texas, Harris
Methodist Health Systems Series A,
5.125%, 09/01/2012,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,450,550
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,045,000 Retama Development Corporation, $ 2,900,117
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education 212,535
Capital Outlay, 9.125%, 06/01/2014,
Escrowed to Maturity
3,860,000 Retama Development Corporation, 5,532,345
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2014,
Escrowed to Maturity
1,125,000 Retama Development Corporation, 1,627,909
Texas, Special Facilities Revenue,
Retama Racetrack, 8.75%, 12/15/2015,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,172,530
Development Corp., Texas,
Lutheran General Health Care
Systems, 6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors Economic 5,408,954
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
1,500,000 Rhode Island Depositors Economic 1,601,625
Protection Corp. Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
5,780,000 Rhode Island Depositors Economic 6,866,523
Protection Corp. Series A,
6.375%, 08/01/2022,
Escrowed to Maturity
----------------
Total Prerefunded/Escrowed
(Cost $199,055,754) 205,236,291
----------------
- --------------------------------------------------------------------------------
INSURED: 32.53%
- --------------------------------------------------------------------------------
1,175,000 Chicago, Illinois Motor Fuel Tax 1,203,764
Revenue, AMBAC, 6.60%, 01/01/2000
1,050,000 Massachusetts Consolidated Loans 1,074,150
Series B, FGIC, 7.30%, 04/01/2000
2,340,000 Clemson University, South Carolina 2,372,760
University Revenue Series A,
AMBAC, 4.625%, 05/01/2000
1,000,000 Averill Park Central School District, 1,020,720
New York, FGIC, 5.25%, 05/01/2000
1,200,000 Plano, Texas Waterworks & Sewer 1,245,252
Revenue, AMBAC, 6.90%, 05/01/2000
4,295,000 Clark County School District, Nevada, 4,512,714
FGIC, 8.25%, 05/01/2000
1,335,000 Jonesboro, Arkansas Sales & Use 1,355,118
Tax, FSA, 4.75%, 05/15/2000
2,035,000 Philadelphia Hospital & Higher 2,071,610
Education Facilities Authority,
Pennsylvania, Jefferson Health
Systems Revenue Series A, AMBAC,
5.00%, 05/15/2000
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,130,000 District of Columbia Series E, $ 1,146,419
FGIC, 4.75%, 06/01/2000
3,325,000 Platte River Power Authority, 3,387,909
Colorado Power Revenue Series DD,
MBIA, 5.00%, 06/01/2000
1,000,000 Ohio State Water Development 1,022,370
Authority Revenue, MBIA,
5.40%, 06/01/2000
2,400,000 Minnesota State Revenue Series A, 2,448,792
AMBAC, 5.00%, 06/30/2000
1,000,000 Alaska Student Loan Corp., Student 1,020,120
Loan Revenue Series A, AMBAC, AMT,
5.375%, 07/01/2000
3,000,000 Arizona State Transportation Board 3,078,780
Excise Tax Revenue, AMBAC,
5.50%, 07/01/2000
6,110,000 Intermountain Power Agency, Utah 6,303,320
Power Supply Revenue Series C,
MBIA, 6.00%, 07/01/2000
4,000,000 Massachusetts Series A, FSA, 4,087,960
5.00%, 08/01/2000
4,220,000 Osceola County, Florida Capital 4,285,241
Improvements Revenue, MBIA,
4.50%, 09/01/2000
20,300,000 New Jersey State Transit Corp., 20,603,891
Capital Grant Anticipation Notes
Series A, FSA, 5.00%, 09/01/2000
11,210,000 New Jersey State Educational 11,487,784
Facilities Authority, Higher Education
Facilities Trust Fund Series A,
AMBAC, 5.125%, 09/01/2000
1,530,000 Dade County, Florida Aviation 1,568,433
Revenue, Miami International
Airport Series A, FSA, AMT,
5.25%, 10/01/2000
1,070,000 Metropolitan Washington Airport 1,097,510
Authority, District of Columbia
Revenue Series B, FGIC, AMT,
5.25%, 10/01/2000
1,015,000 Wichita, Kansas, Water & Sewer 1,061,568
Utility Revenue, FGIC,
6.50%, 10/01/2000
2,000,000 Dade County, Florida, FGIC, 2,246,560
12.00%, 10/01/2000
1,235,000 Indiana Health Facility Financing 1,266,060
Authority Hospital Revenue,
Sisters of St. Francis Health
Series A, MBIA, 5.00%, 11/01/2000
1,030,000 Northglenn, Colorado Water Utility 1,032,307
Series A, MBIA, 6.60%, 11/01/2000
2,395,000 Jonesboro, Arkansas Sales & Use 2,446,995
Tax, FSA, 4.75%, 11/15/2000
5,160,000 Ohio State Special Obligation, 5,317,793
Elementary & Secondary Education
Capital Facilities Series B, FSA,
5.25%, 12/01/2000
4 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,220,000 Carrollton & Henderson Public $ 2,256,230
Energy Authority, Kentucky
Trust Series A, FSA, 4.50%, 01/01/2001
2,275,000 Clark County Public Utility District 2,409,248
No. 1, Washington Electric Revenue,
FGIC, 7.10%, 01/01/2001
1,000,000 Humble Independent School 1,070,200
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001
1,225,000 Southeastern Pennsylvania 1,262,951
Transportation Authority,
Pennsylvania Special Revenue,
FGIC, 5.25%, 03/01/2001
2,660,000 Board of Regents, Texas State 2,708,971
University Systems Revenue Series A,
FSA, 4.50%, 03/15/2001
5,760,000 Oregon State Department of 5,815,872
Administrative Services, Lottery
Revenue, Education Projects
Series A, FSA, 4.00%, 04/01/2001
1,125,000 District of Columbia Series E, 1,154,948
FGIC, 5.00%, 06/01/2001
4,265,000 New Jersey State Transportation 4,487,804
Trust Fund Authority, Transportation
Systems Series A, AMBAC,
6.00%, 06/15/2001
1,750,000 Detroit, Michigan Sewage Disposal 1,801,818
Revenue Series A, FGIC,
4.85%, 07/01/2001
3,260,000 Florida State Division of Bond 3,367,678
Finance, Department of General
Services, Environmental Protection
Preservation 2000 Series B, FSA,
5.00%, 07/01/2001
1,000,000 University of Texas, PUF Guaranteed, 1,032,380
5.00%, 07/01/2001
2,390,000 Arizona State Transportation Board 2,483,592
Excise Tax Revenue, Maricopa
County Regional Area Road Series A,
AMBAC, 5.40%, 07/01/2001
1,000,000 Phoenix, Arizona Airport Revenue 1,044,480
Series A, MBIA, 5.65%, 07/01/2001
2,885,000 Massachusetts Consolidated Loan 2,996,390
Series C, MBIA, 5.25%, 08/01/2001
1,000,000 Louisiana State Series A, FGIC, 1,054,720
6.00%, 08/01/2001
1,475,000 Tennessee Energy Acquisition 1,509,117
Corp., Gas Revenue Series B,
AMBAC, 4.625%, 09/01/2001
5,525,000 New Jersey State Educational 5,729,977
Facilities Authority, Higher
Education Facilities Trust Fund
Series A, AMBAC,
5.125%, 09/01/2001
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
3,595,000 New Jersey State Transit Corp. $ 3,720,070
Certificates Series A, AMBAC,
5.00%, 09/15/2001
1,475,000 West Haven, Connecticut, AMBAC, 1,489,838
4.00%, 02/01/2002
2,000,000 Honolulu City & County, Hawaii 2,072,320
Series A, FGIC, 5.00%, 07/01/2002
(Note D, p. 15)
2,000,000 New Jersey State Transit Corp. 2,085,220
Certificates Series A, AMBAC,
5.00%, 09/15/2002
1,000,000 Orlando, Florida Waste Water 939,770
Systems Revenue Series A,
Variable Rate CPI Bond, MBIA,
3.38%, 10/01/2002
595,000 Austin, Texas Utility Systems 703,558
Revenue, MBIA, 9.25%, 11/15/2002
1,025,000 Niagara Frontier Authority, New 1,058,569
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
1,000,000 District of Columbia Series B-3, 1,052,950
MBIA, 5.20%, 06/01/2004
800,000 Metropolitan Pier & Exposition 867,952
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, MBIA,
5.70%, 06/15/2005
1,000,000 Utah State Board of Regents, 1,074,280
Student Loan Revenue Series J,
AMBAC, AMT, 6.00%, 05/01/2006
1,340,000 Arlington, Texas Waterworks & 1,487,614
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
2,095,000 Virginia Port Authority Facilities 2,314,305
Revenue, MBIA, AMT,
6.00%, 07/01/2006
4,775,000 Chicago, Illinois, FGIC, 5,148,357
5.50%, 01/01/2007
2,200,000 Clark County Public Utility 2,372,018
District No.1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,857,166
Revenue Series G, MBIA,
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare International 6,690,144
Airport Revenue, Second Lien-Series A,
AMBAC, AMT, 6.00%, 01/01/2007
1,000,000 Prince Georges County, Maryland 1,124,050
Consolidated Public Improvement
Series A, MBIA, 6.00%, 03/15/2007
2,000,000 Walled Lake Consolidated School 2,236,920
District, Michigan, MBIA,
6.00%, 05/01/2007
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,715,000 Northeast Hospital Authority, Texas, $ 1,877,496
Northeast Medical Center Hospital
Revenue, FSA, 5.75%, 05/15/2007
7,095,000 District of Columbia Series B, 7,774,488
MBIA, 6.00%, 06/01/2007
2,425,000 Philadelphia, Pennsylvania 2,715,806
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,200,000 Philadelphia, Pennsylvania 1,330,776
Airport Revenue Series B, FGIC,
AMT, 6.00%, 06/15/2007
1,105,000 Delaware Transportation Authority 1,234,860
Systems Revenue, AMBAC,
6.00%, 07/01/2007
2,030,000 MTA, New York Commuter Facilities 2,270,048
Revenue Series C-1, FGIC,
6.00%, 07/01/2007
2,775,000 Washington Public Power Supply 3,099,064
System Revenue, Nuclear Project
No. 1 Series A, AMBAC,
6.00%, 07/01/2007
1,000,000 Cook County, Illinois, MBIA, 1,201,600
7.25%, 11/01/2007
1,965,000 Connecticut State Resource Recovery 2,166,609
Authority, Mid-Connecticut Systems
Series A, MBIA, 5.75%, 11/15/2007
1,400,000 Massachusetts Consolidated Loans 1,470,560
Series A, MBIA, 5.00%, 01/01/2008
2,270,000 Clark County Public Utility 2,457,888
District No. 1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2008
1,465,000 Sangamon County School District 1,579,328
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
1,000,000 Berkley City School District, Michigan, 1,186,800
FGIC, 7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport 1,107,760
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.00%, 02/15/2008
1,875,000 Port Arthur Navigation District, 2,113,069
Texas, AMBAC,
6.00%, 03/01/2008
3,875,000 Regional Transportation Authority, 4,248,007
Illinois Series A, AMBAC,
6.00%, 06/01/2008
1,095,000 Haverhill, Massachusetts, FGIC, 1,230,035
6.00%, 06/15/2008
2,000,000 Intermountain Power Agency, Utah 2,324,040
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008
4,140,000 Metropolitan Washington Airport 4,474,429
Authority, District of Columbia
Revenue Series A,
MBIA, AMT, 5.80%, 10/01/2008
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,265,000 Emerald Peoples Utility District, $ 1,562,781
Oregon, FGIC, 7.35%, 11/01/2008
1,380,000 Hot Springs, Arkansas Sales & Use 1,393,207
Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,263,150
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,415,000 Greater Detroit Resource Recovery 1,629,189
Authority, Michigan Series B,
AMBAC, 6.25%, 12/13/2008
1,675,000 Chicago, Illinois O'Hare 1,837,073
International Airport Revenue,
Second Lien-Series C, MBIA,
5.75%, 01/01/2009
4,000,000 Massachusetts Bay Transportation 4,356,640
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities 1,053,100
Authority, New Jersey Sewer
Revenue Series A, FGIC,
5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,657,308
Commission, Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
1,530,000 Texas Municipal Power Agency 1,642,853
Revenue, MBIA, 5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,124,290
6.00%, 10/01/2009
1,765,000 Palm Beach County Solid Waste 2,004,934
Authority, Florida Revenue Series A,
AMBAC, 6.00%, 10/01/2009
5,000,000 Connecticut State Resource 5,382,450
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 1,049,850
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare 1,966,356
International Airport Revenue,
Second Lien-Series C, MBIA,
5.00%, 01/01/2010
3,000,000 Chicago, Illinois O'Hare 3,150,810
International Airport Revenue
Series A, MBIA, 7.625%, 01/01/2010
1,000,000 Memphis-Shelby County Airport 1,129,660
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.25%, 02/15/2010
1,065,000 Detroit City School District, 1,249,064
Michigan Series A, AMBAC,
6.50%, 05/01/2010
6 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Detroit, Michigan Water Supply $ 1,076,790
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewer Disposal 2,822,470
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,000,000 Warren Township School Building 1,060,440
Corp., Indiana, FSA,
5.25%, 07/05/2010
1,945,000 Indianapolis, Indiana Gas Utility 2,050,750
Revenue, Distribution Systems
Series A, AMBAC, 5.25%, 08/15/2010
1,500,000 Brownsville, Texas Utility System 1,736,430
Revenue, AMBAC,
6.25%, 09/01/2010
2,065,000 Broward County, Florida Airport 2,188,817
Systems Revenue Series E, MBIA,
AMT, 5.25%, 10/01/2010
5,000,000 Connecticut State Resource 5,346,050
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
1,000,000 Bexar County Health Facilities 1,112,390
Development Corp., Texas Baptist
Health Systems Series A, MBIA,
6.00%, 11/15/2010
3,350,000 Nebraska Public Power District 3,547,315
Revenue Series A, MBIA,
5.25%, 01/01/2011
1,190,000 Amarillo Health Facilities Corp., 1,272,812
Texas, Baptist St. Anthony's
Hospital Corp., FSA,
5.50%, 01/01/2011
2,495,000 Iron County School District, Utah 2,782,299
State School Bond Guaranty,
5.75%, 01/15/2011
1,000,000 Amarillo Junior College District, 1,028,190
Texas, FGIC, 5.125%, 02/15/2011
1,605,000 Arizona Water Infrastructure 1,680,210
Finance Authority Revenue, Water
Quality Financial Assistance
Series A, MBIA, 5.25%, 07/01/2011
5,000,000 Intermountain Power Agency, Utah 5,250,950
Power Supply Revenue Series A,
MBIA, 5.25%, 07/01/2011
(Note D, p. 15)
3,165,000 Spotsylvania County, Virginia, 3,467,036
FSA, 5.50%, 07/15/2011
3,015,000 Clayton County Hospital Authority, 3,194,634
Georgia Revenue Anticipation
Certificates, Southern Regional Medical
Center Project Series A, MBIA,
5.25%, 08/01/2011
2,000,000 Indianapolis, Indiana Gas Utility 2,093,200
Revenue Distribution Systems
Series A, AMBAC,
5.25%, 08/15/2011
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,275,000 Brownsville, Texas Utility $ 1,476,016
Systems Revenue, AMBAC,
6.25%, 09/01/2011
1,025,000 Goose Creek Independent School 1,042,107
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 1,023,030
Texas, FGIC, 5.125%, 02/15/2012
1,000,000 St. Louis Board of Education, 1,077,100
Missouri Series A, FGIC,
5.50%, 04/01/2012
1,840,000 East Chicago Multi-School 1,946,334
Building Corp., Indiana, AMBAC,
5.40%, 07/15/2012
2,655,000 Spotsylvania County, Virginia, 2,895,755
FSA, 5.50%, 07/15/2012
1,150,000 Bell County Health Facilities 1,208,420
Development Corp., Texas Revenue,
Cook Children's Hospital
Refunding & Improvement, FSA,
5.375%, 12/01/2012
3,500,000 Northern Colorado Water 4,055,380
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
2,470,000 Chicago Public Building Commission, 2,588,906
Illinois Commerce Revenue,
Chicago Park District Series A,
FGIC, 5.375%, 01/01/2013
3,000,000 Chicago, Illinois, FSA, 3,212,340
5.50%, 01/01/2013
2,085,000 New York State Dormitory Authority 2,156,641
Lease Revenue, Municipal Health
Facilities Improvement Project Series 1,
FSA, 5.125%, 01/15/2013
1,195,000 New York State Dormitory Authority, 1,247,974
Mental Health Services Facilities
Improvement Series D,
MBIA, 5.25%, 02/15/2013
1,035,000 Sacramento Municipal Utility 1,247,703
District, California Series G,
MBIA, 6.50%, 09/01/2013
2,445,000 Sunrise, Florida Utility Systems 2,675,808
Revenue, AMBAC, 5.50%, 10/01/2013
3,105,000 Clark County, Nevada Transportation 3,233,423
Series A, FGIC, 5.25%, 12/01/2013
3,100,000 Spokane County School District 3,259,340
Number 356, Washington Central
Valley Series A, FGIC,
5.45%, 12/01/2013
4,920,000 Snohomish & Island Counties School 5,027,453
District Number 401, Washington,
FGIC, 5.125%, 12/15/2013
3,700,000 New York State Thruway Authority 3,866,574
Highway & Bridge Trust Fund
Series C, FGIC, 5.25%, 04/01/2014
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
4,255,000 North Clackamas County School $ 4,424,519
District Number 12, Oregon, FGIC,
5.25%, 06/01/2014
1,555,000 Washoe County School District, 1,608,446
Nevada, FGIC, 5.25%, 06/01/2014
1,070,000 Illinois Health Facilities 1,114,137
Authority Revenue, Hospital
Sisters Services Inc. Series A,
MBIA, 5.375%, 06/01/2014
2,320,000 Louisiana Stadium & Exposition 2,409,065
District, Hotel Occupancy Tax &
Stadium Revenue Series B, FGIC,
5.25%, 07/01/2014
2,000,000 Laredo, Texas, FGIC, 2,052,440
5.125%, 08/15/2014
1,245,000 Wyandotte County Unified 1,298,523
Government, Kansas Utility
Systems Revenue, MBIA,
5.25%, 09/01/2014
5,815,000 Washington State Health Care 6,023,119
Facilities Authority, Children's
Hospital & Regional Medical
Center, FSA, 5.25%, 10/01/2014
1,750,000 Montgomery Special Care 1,814,627
Facilities Financing Authority,
Alabama, Baptist Health Series B,
MBIA, 5.25%, 11/15/2014
2,315,000 Clark County, Nevada 2,400,933
Transportation Series B, FGIC,
5.25%, 12/01/2014
4,315,000 Washoe County School District, 4,439,790
Nevada, FGIC, 5.25%, 06/01/2015
1,650,000 North East Independent School 1,701,001
District, Texas, PSF Guaranteed,
5.25%, 10/01/2015
22,130,000 Alabama State Public School & 22,571,493
College Authority Capital
Improvement, FSA,
5.125%, 11/01/2015
1,000,000 Montgomery Special Care Facilities 1,025,310
Financing Authority, Alabama Revenue,
Baptist Health Series B, MBIA,
5.25%, 11/15/2015
3,370,000 Cypress-Fairbanks Independent 3,448,858
School District, Texas, PSF
Guaranteed, 5.25%, 02/15/2016
2,500,000 King County School District 2,563,750
Number 403, Washington, MBIA,
5.25%, 06/01/2016
3,980,000 Regional Transportation Authority, 4,473,799
Illinois, FGIC, 6.00%, 06/01/2016
2,615,000 Louisiana Stadium & Exposition 2,676,505
District, Hotel Occupancy Tax &
Stadium Revenue Series B, FGIC,
5.25%, 07/01/2016
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
3,315,000 District of Columbia Water & $ 3,807,742
Sewer Authority, Public Utility
Revenue, FSA, 6.00%, 10/01/2016
2,325,000 Regional Transportation Authority, 2,609,022
Illinois, FGIC, 6.00%, 06/01/2017
1,760,000 Clark County, Nevada Series A, 2,091,162
AMBAC, 6.50%, 06/01/2017
10,000,000 New York City Series B, AMBAC, 10,190,800
5.25%, 08/01/2017
2,865,000 New York State Dormitory Authority, 3,258,307
New York University Series A,
MBIA, 6.00%, 07/01/2018
17,055,000 Long Island Power Authority, New 16,969,384
York Electric Systems Revenue,
General Series A, FSA,
5.00%, 12/01/2018
9,420,000 Illinois Development Finance 7,677,488
Authority, Adventist Health
Systems Series B, Variable Rate
CPI Bond, MBIA,
3.621%, 01/01/2019
1,005,000 Regional Transportation 1,317,364
Authority, Illinois Series C,
FGIC, 7.75%, 06/01/2020
3,135,000 Illinois State Dedicated Tax 3,636,255
Revenue, AMBAC,
6.25%, 12/15/2020
3,980,000 McGee-Creek Authority, Oklahoma 4,559,369
Water Revenue, MBIA,
6.00%, 01/01/2023
2,500,000 Crowley Independent School 2,514,475
District, Texas, PSF Guaranteed,
5.20%, 08/01/2024
2,420,000 New York State Energy Research & 2,505,571
Development Authority, Electric
Facilities Revenue, Consolidated
Edison Co., New York Inc. Series A,
MBIA, AMT, 7.50%, 01/01/2026
4,650,000 Delaware Valley Regional Finance 4,227,082
Authority, Pennsylvania Local
Government Revenue Series A,
Variable Rate CPI Bond, AMBAC,
3.771%, 07/01/2027
----------------
Total Insured (Cost $461,217,726) 472,924,178
----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 32.58%
- --------------------------------------------------------------------------------
State General Obligations: 13.57%
6,845,000 District of Columbia Series B, 6,855,884
4.50%, 06/01/1999
2,275,000 Rhode Island State Series A, 2,299,547
6.60%, 08/01/1999
2,870,000 Maryland State First Series, 2,878,610
6.75%, 03/01/2000
5,480,000 Wisconsin State Series A, 5,549,596
4.50%, 05/01/2000
8 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Tennessee State Series A, $ 1,018,220
5.00%, 05/01/2000
4,280,000 Tennessee State Series B, 4,357,982
5.00%, 05/01/2000
2,390,000 Minnesota State, 2,423,986
4.50%, 06/01/2000
950,000 District of Columbia Series A-3, 960,345
4.90%, 06/01/2000
3,890,000 Georgia State Environmental 3,943,565
Facilities Authority Revenue,
Guaranteed Water & Waste Water
Loan, 4.50%, 07/01/2000
2,580,000 South Carolina State Capital 2,622,880
Improvement Series A,
4.50%, 08/01/2000
1,890,000 Maryland State & Local Facilities 1,926,742
Loan Second Series,
4.75%, 08/01/2000
9,635,000 Massachusetts Series A, 9,850,631
5.00%, 08/01/2000
1,000,000 Georgia State Series C, 1,037,990
6.25%, 08/01/2000
1,000,000 Georgia State Series D, 1,041,190
6.50%, 08/01/2000
2,800,000 Illinois State, 2,825,984
4.00%, 03/01/2001
2,305,000 Wisconsin State Series A, 2,328,234
4.00%, 05/01/2001
3,730,000 Wisconsin State, 3,898,969
5.80%, 05/01/2001
23,350,000 Minnesota State, 23,978,582
4.75%, 06/01/2001
1,580,000 District of Columbia Series A, 1,627,669
5.50%, 06/01/2001
1,000,000 Massachusetts Consolidated Loans 1,062,810
Series D, 6.50%, 07/01/2001
1,015,000 Ohio State, 1,033,362
4.25%, 08/01/2001
5,915,000 Pennsylvania State Second Series, 6,046,727
4.50%, 08/01/2001
1,410,000 Massachusetts Series A, 1,477,976
5.50%, 11/01/2001
22,555,000 Massachusetts Consolidated Loan 22,820,472
Series A, 4.125%, 02/01/2002
2,035,000 South Carolina State, State Highway 2,087,137
Series A, 4.50%, 05/01/2002
2,000,000 District of Columbia Series A, 2,096,280
5.90%, 06/01/2002
5,600,000 Utah State, 5,925,472
5.50%, 07/01/2002
1,090,000 California State, 1,222,500
7.00%, 03/01/2003
2,300,000 California State, 2,629,613
7.00%, 03/01/2004
1,165,000 California State, 1,342,453
7.10%, 05/01/2004
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,500,000 Massachusetts Bay Transportation $ 1,671,375
Authority Series C, 6.00%, 03/01/2007
1,700,000 Georgia State Series C, 1,943,729
6.25%, 08/01/2007
1,200,000 Connecticut State Series D, 1,319,436
5.50%, 12/01/2007
1,940,000 Hawaii State Series CC, 2,035,991
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,612,210
5.25%, 02/01/2008
2,600,000 Georgia State Series A, 2,989,220
6.25%, 04/01/2008
1,000,000 California State, 1,225,980
7.20%, 05/01/2008
1,670,000 Georgia State Series D, 1,984,845
6.70%, 08/01/2008
1,000,000 South Carolina State Series A, 1,048,490
5.00%, 03/01/2009
2,225,000 Massachusetts Bay Transportation 2,466,524
Authority Series A, 5.75%, 03/01/2010
1,000,000 Texas State Student Loan 1,027,680
Revenue, AMT, 5.00%, 08/01/2010
1,490,000 Georgia State Series C, 1,733,585
6.25%, 08/01/2010
2,785,000 Massachusetts Consolidated Loan 2,949,872
Series C, 5.25%, 08/01/2011
3,775,000 Massachusetts Bay Transportation 4,046,045
Authority Series A, 5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,139,240
6.00%, 03/01/2012
9,500,000 Florida State Board of Education 9,830,220
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2013
11,145,000 Florida State Board of Education 11,495,956
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2014
990,000 Florida State Board of Education, 1,418,967
9.125%, 06/01/2014
9,900,000 Florida State Board of Education 10,163,538
Capital Outlay, Public Education
Series D, 5.125%, 06/01/2015
----------------
Total State General Obligations
(Cost $192,960,066) 197,274,311
----------------
Local General Obligations: 7.49%
1,000,000 King County, Washington Series A, 1,037,760
9.00%, 12/01/1999
1,000,000 Denver City & County School 1,043,830
District No. 1, Colorado Series B,
10.00%, 12/01/1999
2,000,000 Broward County School District, 2,045,200
Florida, 6.75%, 02/15/2000
1,525,000 Washington Suburban Sanitation 1,554,890
District, Maryland, 5.00%, 06/01/2000
2,785,000 Jordan School District, Utah, 2,840,087
5.00%, 06/15/2000
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,860,000 Columbus, Ohio Limited Tax $ 1,908,658
Series 1, 5.50%, 06/15/2000
2,725,000 Stamford, Connecticut, 2,767,755
4.50%, 07/15/2000
945,000 New York City Series L, 967,321
5.25%, 08/01/2000
1,000,000 Morris County, New Jersey General 1,016,710
Improvements, 4.50%, 08/15/2000
2,130,000 Boston, Massachusetts Series C, 2,154,218
4.00%, 11/01/2000
1,160,000 King County, Washington Public 1,183,919
Transportation Sales Tax Series A,
4.625%, 12/01/2000
1,785,000 Harford County, Maryland, 1,833,927
5.00%, 12/01/2000
1,915,000 Charleston County School 1,931,316
District, South Carolina,
4.00%, 02/01/2001
3,815,000 Cobb County School District, 3,984,233
Georgia, 6.00%, 02/01/2001
2,310,000 Dallas, Texas Equipment 2,362,252
Acquisition Contractual
Obligation, 4.75%, 02/15/2001
1,125,000 Richmond County Board of Education, 1,145,914
Georgia, 4.50%, 03/01/2001
2,960,000 Winston-Salem, North Carolina, 3,288,234
8.875%, 06/01/2001
1,700,000 Phoenix, Arizona Series A, 1,727,846
4.25%, 07/01/2001
2,495,000 Baltimore County, Maryland 2,551,337
Consolidated Public Improvement,
4.50%, 07/01/2001
1,145,000 Pima County, Arizona, 1,217,879
6.55%, 07/01/2001
1,450,000 Avondale School District, 1,637,471
Michigan, 8.25%, 05/01/2002
2,160,000 Montgomery County, Maryland, 2,464,344
8.60%, 05/01/2002
7,060,000 Denver City & County, Colorado 7,350,590
Series A, 5.00%, 08/01/2002
2,000,000 New York City Series G, 2,122,840
5.70%, 02/01/2003
1,780,000 Philadelphia Authority for Industrial 1,823,023
Development, Pennsylvania, Gallery II
Garage Project, 6.125%, 02/15/2003
3,420,000 Pennsylvania Convention & Exhibition 3,629,988
Center Authority Revenue Series A,
6.25%, 09/01/2004
3,660,000 New York City Series I, 4,069,993
6.25%, 04/15/2006
1,455,000 Montgomery County, Maryland 1,610,627
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,992,516
5.50%, 05/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,951,744
6.00%, 10/01/2007
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
8,660,000 New York City Series F, $ 9,218,916
5.375%, 08/01/2009
1,020,000 Indianapolis Local Public 1,064,278
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,190,000 Roanoke, Virginia, 1,234,601
5.00%, 02/01/2011
1,300,000 Forsyth County, North Carolina, 1,317,043
4.75%, 02/01/2013
7,780,000 New York City Series I, 8,429,319
5.875%, 03/15/2013
1,400,000 Travis County, Texas, 1,402,366
5.00%, 03/01/2015
1,255,000 Columbus Ohio Series 2, 1,277,540
5.00%, 06/15/2015
2,305,000 Harris County, Texas Certificates 2,331,024
of Obligation, 5.125%, 10/01/2015
6,735,000 Du Page County, Illinois Jail 7,248,948
Project, 5.60%, 01/01/2021
1,920,000 Du Page County, Illinois 2,058,778
Stormwater Project,
5.60%, 01/01/2021
----------------
Total Local General Obligations
(Cost $103,833,503) 108,799,235
----------------
Tax Lease: 4.26%
1,040,000 New York State Medical Care 1,051,513
Facilities Financing Authority,
Brookdale Hospital Medical
Center, Secured Hospital Program,
6.20%, 08/15/1999
795,000 Ukiah Unified School District, 802,227
California Certificates of
Participation, 5.30%, 09/01/1999
5,550,000 New York State Certificates of 5,586,408
Participation, 4.375%, 02/01/2000
1,140,000 Lake County, Illinois 1,188,496
Certificates of Participation,
7.20%, 06/01/2000
4,330,000 New York State Dormitory Authority, 4,392,092
City University Series B,
4.75%, 07/01/2000
1,000,000 Virginia State Public School 1,029,300
Authority Series A,
5.50%, 08/01/2000
1,000,000 Virginia State Public Building 1,030,030
Authority Series A,
5.70%, 08/01/2000
2,475,000 New York State Urban Development 2,531,776
Corp., Correctional Facilities,
5.10%, 01/01/2001
4,225,000 Virginia State Public School 4,276,503
Authority, School Equipment
Financing Notes Issue 5,
4.05%, 04/01/2001
10 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
3,800,000 MTA, New York Commuter Facilities $ 3,927,566
Service Contract Series O,
5.25%, 07/01/2001
4,005,000 Ohio State Building Authority, Arts 4,137,165
Facilities Building Fund Series A,
5.00%, 10/01/2001 (Note D, p. 15)
2,550,000 Michigan State Building Authority 2,639,148
Revenue, Facilities Program
Series 2, 5.00%, 10/15/2001
1,315,000 New York State Urban Development 1,433,744
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
2,000,000 New York State Dormitory 2,146,500
Authority, State University
Series A, 5.50%, 05/15/2005
1,005,000 New York State Dormitory Authority, 1,086,305
City University Series A,
5.70%, 07/01/2005
1,005,000 New York State Dormitory Authority, 1,086,304
City University Series C,
5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,085,070
Participation, City University,
John Jay College,
5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,827,861
Facilities Financing Authority,
Mental Health Services Series A,
5.35%, 02/15/2006
1,000,000 New York State Dormitory Authority, 1,138,050
State University Series A,
6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,642,398
Authority, State University
Series A, 5.50%, 05/15/2007
2,285,000 New Jersey Building Authority, 2,559,017
State Building Revenue,
6.00%, 06/15/2007
1,000,000 New York State Dormitory 1,090,910
Authority, City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 4,095,820
Education Facilities,
Pennsylvania Authority Revenue,
5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,428,700
Commission, Illinois,
7.25%, 11/01/2007
4,045,000 Philadelphia Hospitals & Higher 4,290,006
Education Facilities,
Pennsylvania Authority Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory Authority, 1,402,880
City University Series A,
5.75%, 07/01/2013
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Sacramento City Finance Authority, $ 1,059,210
California Lease Revenue
Series B, 5.40%, 11/01/2020
----------------
Total Tax Lease (Cost $59,324,141) 61,964,999
----------------
Special Tax: 6.85%
2,245,000 Detroit Local Development Finance 2,245,359
Authority, Michigan Subordinated
Tax Increment Series A,
4.10%, 05/01/1999
1,175,000 Las Vegas Special Improvement 1,177,609
District No. 707, Nevada, Local
Improvement Bonds,
5.50%, 06/01/1999
1,860,000 Montana State Department of 1,866,361
Transportation, 4.70%, 07/01/1999
1,465,000 Detroit Local Development Finance 1,469,820
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
17,760,000 New Jersey State Transportation 18,098,683
Trust Fund Authority, Transportation
Systems Series A, 5.00%, 06/15/2000
1,640,000 Arizona State Transportation 1,662,583
Board Excise Tax Revenue,
4.50%, 07/01/2000
2,050,000 Detroit Local Development Finance 2,048,339
Authority, Michigan Subordinated
Tax Increment Series A,
4.40%, 05/01/2001
1,235,000 New Jersey State Transportation 1,273,693
Trust Fund Authority, Transportation
Systems Series B, 5.00%, 06/15/2001
2,000,000 New Mexico State Severance Tax 2,050,620
Series B, 4.75%, 07/01/2001
10,990,000 MAC New York City Series G, 11,446,085
5.50%, 07/01/2001
3,900,000 New Mexico State Severance Tax 4,061,031
Series A, 5.50%, 07/01/2001
2,290,000 Arizona State Transportation 2,327,327
Board Excise Tax Revenue,
6.125%, 07/01/2001
2,845,000 Virginia State Public Building 2,977,492
Authority, Building Revenue
Series B, 5.60%, 08/01/2001
1,170,000 Tulsa County Criminal Justice 1,222,825
Authority, Oklahoma Sales Tax
Revenue, 5.50%, 03/01/2002
625,000 Metropolitan Pier & Exposition 673,119
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, 5.90%, 06/15/2003
1,500,000 Connecticut State Special Tax 1,678,290
Obligation Revenue Series B,
6.00%, 09/01/2006
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,620,000 Connecticut State Special Tax $ 1,736,948
Obligation Revenue Series A,
5.25%, 09/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,192,792
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,144,770
Obligation Series B,
6.15%, 09/01/2009
1,645,000 District of Columbia Redevelopment 1,702,246
Land Agency, Sports Arena Special
Tax, 5.625%, 11/01/2010
3,225,000 Illinois State Sales Tax Revenue 3,629,576
Series Q, 6.00%, 06/15/2012
31,605,000 New Jersey State Transportation 32,448,537
Trust Fund Authority, Transportation
Systems Series A,
5.125%, 06/15/2014
1,475,000 New Jersey State Transportation 1,506,019
Trust Fund Authority, Transportation
Systems Series A,
5.125%, 06/15/2015
----------------
Total Special Tax (Cost $98,786,564) 99,640,124
----------------
Miscellaneous Tax: 0.41%
5,325,000 Indianapolis Local Public 5,997,920
Improvement Bond Bank, Indiana
Series B, 6.00%, 01/10/2013
----------------
Total Miscellaneous Tax (Cost $5,196,774) 5,997,920
----------------
Total Tax Supported (Cost $460,101,048) 473,676,589
----------------
- --------------------------------------------------------------------------------
REVENUE: 12.43%
- --------------------------------------------------------------------------------
Airport Revenue: 0.53%
370,000 Tulsa, Oklahoma Airports 371,606
Improvement Trust General
Revenue, Tulsa International
Airport, 6.125%, 06/01/1999
1,500,000 Denver City & County, Colorado 1,651,920
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 920,304
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
975,000 Denver City & County, Colorado 1,094,623
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare International 2,605,694
Airport Revenue Senior Lien Series A,
5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 1,006,310
Revenue Series B, AMT,
5.00%, 07/01/2013
----------------
Total Airport Revenue (Cost $7,069,258) 7,650,457
----------------
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
Electric Revenue: 1.33%
1,500,000 Massachusetts Municipal Wholesale $ 1,528,770
Electric Company Series D,
5.50%, 07/01/2000
1,555,000 Tallahassee, Florida Municipal 1,596,565
Electric Series A, 5.25%, 10/01/2000
4,600,000 Long Island Power Authority, New 4,643,792
York Electric Systems General
Series A, 4.10%, 12/01/2000
6,265,000 Pittsylvania County Industrial 6,696,596
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
3,500,000 Washington Public Power Supply 3,789,800
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
1,000,000 Washington Public Power Supply 1,092,970
System Revenue, Nuclear Project
No. 2 Series A, 5.75%, 07/01/2009
----------------
Total Electric Revenue (Cost $18,575,036) 19,348,493
----------------
Health Care Revenue: 2.08%
1,200,000 Illinois Development Finance 1,202,112
Authority Revenue, Community
Rehabilitation Providers Series A,
4.70%, 07/01/1999
1,000,000 Illinois Health Facilities 1,005,230
Authority Revenue, Advocate
Health Care Series A,
4.80%, 08/15/1999
1,400,000 Montgomery County, Ohio Hospital 1,395,464
Revenue, Grandview Hospital &
Medical Center, 5.00%, 12/01/1999
1,615,000 Pennsylvania Economic Development 1,619,215
Financing Authority Revenue,
Northwestern Human Services
Series A, 4.75%, 06/01/2000
850,000 Franklin County, Ohio Health Care 851,164
Facilities Revenue, Ohio
Presbyterian Services,
4.50%, 07/01/2000
1,235,000 Connecticut State Health & 1,257,255
Educational Facilities Authority
Revenue, Hospital For Special
Care Revenue Issue B,
5.25%, 07/01/2000
1,410,000 Connecticut State Health & 1,449,071
Educational Facilities Authority
Revenue, Hospital For Special
Care Revenue Issue B,
5.25%, 07/01/2001
2,000,000 Montgomery County, Ohio Hospital 1,939,800
Revenue, Grandview Hospital &
Medical Center, 5.25%, 12/01/2001
12 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,180,000 Illinois Development Finance $ 1,215,011
Authority Revenue, Community
Rehabilitation Providers Series A,
5.60%, 07/01/2002
165,000 New York State Medical Care 166,280
Facilities Finance Agency Revenue,
5.40%, 08/15/2005
7,190,000 Boston, Massachusetts Hospital 7,456,605
Revenue Series B, FHA,
5.75%, 02/15/2008
3,215,000 Chattanooga Health, Educational & 3,385,910
Housing Facility Board, Tennessee
Revenue, Catholic Health Initiatives
Series A, 5.375%, 12/01/2011
1,240,000 Kentucky Economic Development 1,305,918
Finance Authority Revenue,
Catholic Health Series A,
5.375%, 12/01/2011
1,750,000 Pennsylvania State Higher 1,751,190
Educational Facilities Authority
Revenue, Allegheny General
Hospital Series A,
7.25%, 09/01/2017
4,150,000 Saginaw General Hospital, 4,298,570
Michigan Hospital Finance
Authority Revenue,
7.625%, 10/01/2019
----------------
Total Health Care Revenue (Cost $30,129,226) 30,298,795
----------------
Higher Education Revenue: 1.23%
1,060,000 University of Cincinnati, Ohio 1,077,882
Series A-1, 5.00%, 06/01/2000
2,160,000 Maryland State Health & Higher 2,216,182
Education Facilities Authority
Revenue, Johns Hopkins University,
5.50%, 07/01/2000
1,000,000 University of Texas, University 1,015,240
Revenue Financing System Series B,
4.50%, 08/15/2000
3,050,000 Ohio State Public Facilities 3,109,780
Commission, Higher Education
Capital Facilities Series 2-A,
4.50%, 12/01/2000
1,260,000 University of Nebraska Facilities 1,299,803
Corp., Deferred Maintenance
Project, 5.00%, 07/15/2001
3,250,000 University of Maryland Systems 3,283,735
Auxiliary Facility & Tuition Revenue
Series A, 4.00%, 10/01/2001
1,415,000 Virginia Polytechnic Institute & 1,502,546
State University Revenue
Series A, 5.25%, 06/01/2008
1,000,000 Illinois Educational Facilities 1,049,560
Authority Revenue, University of
Chicago Series A,
5.25%, 07/01/2012
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,820,000 Massachusetts Health & $ 3,307,409
Educational Facilities Authority
Revenue, Harvard University
Series N, 6.25%, 04/01/2020
----------------
Total Higher Education Revenue
(Cost $17,352,315) 17,862,137
----------------
Toll Revenue: 0.07%
1,000,000 Triborough Bridge & Tunnel 1,010,440
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
----------------
Total Toll Revenue (Cost $943,292) 1,010,440
----------------
Water/Sewer Revenue: 3.38%
2,470,000 Portland, Oregon Sewer System 2,557,117
Revenue Series A, 6.50%, 06/01/2000
1,595,000 Regional Waste Systems, Maine 1,627,028
Solid Waste Resource Recovery
Revenue Series Q, AMT,
5.25%, 07/01/2000
1,000,000 Massachusetts Water Pollution 1,014,680
Abatement Trust, Water Pollution
Abatement Loan Series A,
4.50%, 08/01/2000
7,420,000 Minnesota Rural Water Finance 7,515,644
Corp., Public Projects Construction
Notes, 4.25%, 09/01/2000
1,560,000 Orlando, Florida Waste Water 1,436,370
Systems Revenue Series A,
Variable Rate CPI Bond,
3.34%, 10/01/2003
1,900,000 Orlando, Florida Waste Water 1,711,368
Systems Revenue Series A,
Variable Rate CPI Bond,
3.42%, 10/01/2004
1,925,000 Somerset-Raritan Valley, New 2,032,338
Jersey Sewage Series G,
6.40%, 07/01/2005
2,050,000 Orlando, Florida Waste Water 1,806,440
Systems Revenue Series A,
Variable Rate CPI Bond,
3.44%, 10/01/2005
2,165,000 Orlando, Florida Waste Water 1,868,893
Systems Revenue Series A,
Variable Rate CPI Bond,
3.46%, 10/01/2006
1,790,000 Orlando, Florida Waste Water 1,513,696
Systems Revenue Series A,
Variable Rate CPI Bond,
3.48%, 10/01/2007
2,220,000 Texas State Water Development 2,357,684
Board Revenue, Revolving Senior
Lien Series A, 5.50%, 07/15/2010
3,620,000 Dallas, Texas Waterworks & Sewer 3,673,105
Systems Revenue, 5.00%, 10/01/2013
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,500,000 Massachusetts Water Pollution $ 1,533,030
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2014
3,760,000 Minnesota Public Facilities 3,876,184
Authority, Water Pollution
Control Revenue Series B,
5.125%, 03/01/2014
1,005,000 Massachusetts Water Pollution 1,063,682
Abatement Trust Series B,
5.25%, 08/01/2014
5,085,000 Massachusetts Water Pollution 5,167,021
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2015
5,875,000 Orlando, Florida Waste Water 4,968,135
Systems Revenue Series A,
Variable Rate CPI Bond,
3.48%, 10/01/2015
3,460,000 Massachusetts Water Pollution 3,492,662
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2016
----------------
Total Water/Sewer Revenue (Cost $49,242,999) 49,215,077
----------------
Miscellaneous Revenue: 3.05%
1,000,000 Massachusetts Industrial Finance 1,005,820
Agency Resources Recovery
Revenue, Odgen Series A,
4.35%, 12/01/2000
11,355,921 Tax Exempt Private Municipal 11,436,662
Trust, Rule 144A Series 1997-1
Class A-3, 4.90%, 04/06/2001
1,600,000 Northeast Maryland Waste Disposal 1,652,816
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
10,000,000 Tax Exempt Private Municipal 10,062,600
Trust, Rule 144A Series 1996-1
Class A-4, 4.60%, 11/06/2001
3,775,000 Northeast Maryland Waste Disposal 3,951,708
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
15,000,000 Municipal Tax Exempt Trust, 14,947,800
Certificate Class A-3, MBIA,
3.75%, 04/07/2003
1,200,000 Mashantucket Western Pequot 1,268,340
Tribe, Connecticut, Special
Revenue, Sub 144A Series B,
5.55%, 09/01/2008
----------------
Total Miscellaneous Revenue
(Cost $43,884,976) 44,325,746
----------------
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
Industrial Development/Pollution
Control Revenue: 0.76%
2,100,000 Missouri State Environmental $ 2,119,005
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
8,570,000 St. Charles Parish, Louisiana 8,874,406
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
----------------
Total Industrial Development/Pollution
Control Revenue (Cost $10,979,660) 10,993,411
----------------
Total Revenue (Cost $178,176,762) 180,704,556
----------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.61%
- --------------------------------------------------------------------------------
Housing: 0.98%
1,085,000 Texas State Department of 1,102,664
Housing & Community Affairs, Single
Family Revenue Series E,
4.80%, 09/01/2001
2,265,000 Sedgwick & Shawnee Counties, 2,438,204
Kansas Single Family Revenue,
GNMA Mortgage Backed Securities
Program Series A-1, AMT,
5.50%, 12/01/2022
2,000,000 Jefferson Parish, Louisiana Home 2,072,120
Mortgage Revenue, FNMA & GNMA
Mortgage Backed Securities Series C-1,
AMT, 5.40%, 12/01/2024
1,170,000 Massachusetts Housing Finance 1,235,812
Agency, Single Family Series 38,
AMT, 7.20%, 12/01/2026
2,330,000 District of Columbia Housing 2,460,923
Finance Agency, Single Family
FNMA & GNMA Mortgage Revenue
Series A, AMT, 6.25%, 12/01/2028
1,025,000 Oklahoma Housing Finance Agency, 1,111,807
Single Family Redevelopment,
Mortgage Homeownership Loan
Series B-2, AMT, 6.55%, 03/01/2029
1,700,000 Ohio Housing Finance Agency, 1,747,532
Single Family Mortgage Revenue
Series A, AMT, 7.65%, 03/01/2029
1,985,000 Missouri State Housing 2,158,132
Development Commission FNMA &
GNMA Mortgage Revenue, Single
Family Series B-2, AMT,
6.40%, 09/01/2029
----------------
Total Housing (Cost $14,319,561) 14,327,194
----------------
14 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
Student Loan: 0.63%
1,600,000 Brazos Higher Education Authority $ 1,632,048
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,180,000 Student Loan Funding Corporation, 1,203,411
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,450,000 New England Education Loan 1,476,985
Marketing Corporation, Student
Loan Revenue Series G,
5.00%, 08/01/2000
1,265,000 Brazos Higher Education Authority 1,304,013
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,508,548
Authority Series A-1, AMT,
5.95%, 06/01/2001
----------------
Total Student Loan (Cost $8,888,199) 9,125,005
----------------
Total Asset-Backed Securities
(Cost $23,207,760) 23,452,199
----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $1,419,081,965) 99.96% $ 1,453,195,268
(Note E, below)
Cash and Other Assets, Less Liabilities 0.04 624,553
------------ --------------
Net Assets (Equivalent to $13.84
per share based on 105,010,825
shares of capital stock outstanding) 100.00% $ 1,453,819,821
============ ================
(A) $11,500,000 principal amount segregated as collateral for when-issued
securities
(B) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
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
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
(C) $2,900,000 principal amount segregated as collateral for when-issued
security
(D) When-issued security
(E) At March 31, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
- -------------------------------------------------------------------------------
(F) Allocation of Portfolio net assets at March 31, 1999:
Alabama 1.75%
Alaska 0.15
Arizona 1.32
Arkansas 0.60
California 0.86
Colorado 1.51
Connecticut 2.23
Delaware 0.41
Florida 6.45
Georgia 1.98
Hawaii 0.40
Illinois 5.93
Indiana 1.29
Kansas 0.33
Kentucky 0.25
Louisiana 1.32
Maine 0.11
Maryland 2.43
Massachusetts 9.84
Michigan 1.81
Minnesota 2.89
Mississippi 0.17
Missouri 0.37
Montana 0.13
Nebraska 0.33
Nevada 1.34
New Jersey 7.64
New Mexico 0.54
New York 10.14
North Carolina 0.62
Ohio 2.97
Oklahoma 0.50
Oregon 0.99
Pennsylvania 3.04
Rhode Island 1.73
South Carolina 1.18
South Dakota 0.11
Tennessee 1.22
Texas 5.29
Utah 1.82
Virginia 2.02
Washington 5.33
Wisconsin 0.81
District of Columbia 2.58
Tax-Exempt Private Municipal Trust 2.51
U.S. Treasury Obligations 0.77
Commercial Paper 1.95
Cash and Other Assets, Less Liabilities 0.04
------
Total 100.00%
======
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
March 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 2.76%
- --------------------------------------------------------------------------------
10,000,000 California State Economic $ 10,000,000
Development Financing Authority
Revenue, California Independent
Systems Project A, Daily Floater,
Putable Daily, 3.00%, 04/01/2008
4,300,000 California Statewide Communities 4,300,000
Development Authority Certificates
of Participation, Memorial Health
Services, Daily Floater,
Putable Daily, 2.85%, 10/01/2026
2,000,000 California Educational Facilities 2,000,000
Authority, Pepperdine University
Revenue Series A, Daily Floater,
Putable Daily, 2.85%, 11/01/2029
----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $16,300,000) 16,300,000
----------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION
SECURITY: 1.86%
- --------------------------------------------------------------------------------
11,406,230 3.375%, 01/15/2007 (Note A, p. 24) 10,985,625
----------------
Total U.S. Treasury Inflation Protection
Security (Cost $11,105,666) 10,985,625
----------------
PREREFUNDED/ESCROWED: 15.77%
- --------------------------------------------------------------------------------
570,000 Temecula Valley Unified School 584,353
District, California Series B,
AMBAC, 9.25%, 09/01/1999,
Escrowed to Maturity
6,200,000 Stockton-East Water District, California 6,580,680
Certificates of Participation, 1990 Project
Series A, AMBAC, 7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102
1,430,000 California Health Facilities Financing 1,524,881
Authority, Health Dimensions Series A,
7.50%, 05/01/2015,
Prerefunded 05/15/2000 @102
1,265,000 California State Department of Water 1,332,260
Resources Series I, 6.60%, 12/01/2019,
Prerefunded 06/01/2000 @101.50
2,610,000 California State Department of Water 2,757,569
Resources Series H, 6.90%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
8,785,000 California State Department of 9,286,624
Water Resources, Central Valley
Project, Water Systems Series I,
6.95%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
*See Note 1, page 22 in Notes to Financial Statements.
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,725,000 Puerto Rico Commonwealth, $ 1,848,734
7.625%, 07/01/2010,
Prerefunded 07/01/2000 @102
2,705,000 Desert Hospital District, 2,917,938
California Desert Hospital
Project, 8.10%, 07/01/2020,
Prerefunded 07/01/2000 @102
14,250,000 Castaic Lake Water Agency, 15,290,107
California Certificates of
Participation, Water Systems
Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
1,175,000 Los Angeles Convention & 1,257,156
Exhibition Center Authority,
California Certificates of
Participation, AMBAC,
7.00%, 08/15/2021,
Prerefunded 08/15/2000 @102
14,270,000 Los Angeles County, California 15,193,555
Certificates of Participation,
Correctional Facilities Project,
MBIA, 6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
2,940,000 California State Public Works 3,150,298
Board Lease Revenue, Regents of
the University of California
Series A, 7.00%, 09/01/2015,
Prerefunded 09/01/2000 @102
3,560,000 Los Angeles, California Wastewater 3,829,421
System Revenue Series D, MBIA,
6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
1,530,000 Santa Ana Community Redevelopment 1,642,730
Agency, California Series A,
6.50%, 12/15/2015,
Prerefunded 12/15/2000 @102
1,000,000 Los Angeles County Transportation 1,091,160
Commission, California Sales Tax
Revenue Series A, 6.75%, 07/01/2020,
Prerefunded 07/01/2001 @102
1,595,000 Los Angeles County Transportation 1,745,520
Commission, California Sales Tax
Revenue Series A, 6.90%, 07/01/2021,
Prerefunded 07/01/2001 @102
4,310,000 San Bernardino County, California 4,737,767
Certificates of Participation,
Capital Facilities Project Series B,
7.00%, 08/01/2028,
Prerefunded 08/01/2001 @102
1,865,000 Colton Redevelopment Agency, 2,040,963
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
16 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
3,130,000 California State Public Works $ 3,413,484
Board Lease Revenue Series A,
6.50%, 09/01/2019,
Prerefunded 09/01/2001 @102
55,000 Denver City & County, Colorado 63,011
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
4,855,000 Sacramento School Insurance 5,061,726
Authority, California Revenue
Liability Program Series D,
5.70%, 06/01/2003,
Escrowed to Maturity
400,000 Pomona Public Financing 437,640
Authority, California Southwest
Pomona Revenue Series L,
5.50%, 02/01/2008,
Prerefunded 02/01/2004 @102
1,500,000 Burbank Redevelopment Agency, 1,686,000
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
1,520,000 Corona, California Certificates 1,890,758
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
920,000 Northern California Power Agency 1,037,300
Public Power Revenue Series A,
AMBAC, 5.80%, 07/01/2009,
Escrowed to Maturity
1,000,000 Kern High School District, 1,260,050
California, 7.10%, 08/01/2011,
Escrowed to Maturity
1,000,000 Pittsburg Redevelopment Agency, 1,502,730
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
----------------
Total Prerefunded/Escrowed (Cost $91,284,219) 93,164,415
----------------
- --------------------------------------------------------------------------------
INSURED: 40.91%
- --------------------------------------------------------------------------------
5,310,000 Southern California Public Power 5,327,470
Authority, Power Project Revenue,
Palo Verde Project Series A, FSA,
5.00%, 07/01/1999 (Note C, p. 24)
1,120,000 San Diego County, California 1,128,389
Certificates of Participation,
Downtown Courthouse, AMBAC,
4.00%, 05/01/2000
13,010,000 Central Valley Financing 13,208,012
Authority, California
Cogeneration Project Revenue,
Carson Ice Generation Project,
MBIA, 4.50%, 07/01/2000
4,805,000 Southern California Public Power 4,878,132
Authority, Subordinated Southern
Transmission Project Revenue Series A,
MBIA, 4.50%, 07/01/2000
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,885,000 California Health Facilities $ 2,935,834
Financing Authority, Catholic
Healthcare West Series A, MBIA,
4.75%, 07/01/2000
1,000,000 Sacramento Municipal Utility 1,021,230
District, California Series L,
AMBAC, 5.00%, 07/01/2000
1,695,000 Orange County, California Airport 1,734,002
Revenue, MBIA, AMT,
5.25%, 07/01/2000
1,000,000 Los Angeles County Metropolitan 1,027,240
Transportation Authority,
California Sales Tax Revenue
Series A, MBIA,
5.50%, 07/01/2000
2,620,000 Northern California Power Agency, 2,690,399
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2000
1,000,000 Puerto Rico Commonwealth, FGIC, 1,045,300
6.90%, 07/01/2000
1,920,000 San Jose Redevelopment Agency, 1,957,325
California Tax Allocation Merged
Area Redevelopment Project, AMBAC,
4.75%, 08/01/2000
2,190,000 University of California Revenue, 2,300,705
Multi-Purpose Projects Series F,
FGIC, 7.00%, 09/01/2000
3,015,000 Riverside, California 3,084,526
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 4.75%, 11/01/2000
1,575,000 Las Virgenes Municipal Water 1,707,709
District, California Certificates
of Participation, MBIA,
8.75%, 11/01/2000
1,000,000 Los Angeles Municipal Improvement 1,011,460
Corp., California Certificates of
Participation, Equipment & Real
Property Acquisition Program,
AMBAC, 4.00%, 12/01/2000
2,135,000 Los Angeles Municipal Improvement 2,159,980
Corp., California Municipal
Sanitation Equipment Charge
Revenue Series A, FSA,
4.00%, 02/01/2001
1,000,000 San Diego County Regional 1,020,400
Transportation Commission,
California Sales Tax Revenue
Second Series A, FGIC,
4.40%, 04/01/2001
1,405,000 San Diego County, California 1,422,239
Certificates of Participation,
Downtown Courthouse, AMBAC,
4.00%, 05/01/2001
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,960,000 Modesto Irrigation District, California $ 1,996,338
Certificates of Participation, Refunding
& Capital Improvements Series A,
AMBAC, 4.25%, 07/01/2001
5,000,000 Central Valley Financing 5,124,850
Authority, California
Cogeneration Project Revenue,
Carson Ice Generation Project,
MBIA, 4.50%, 07/01/2001
1,240,000 Southern California Public Power 1,274,274
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA, 4.625%, 07/01/2001
1,000,000 Northern California Power Agency, 1,045,670
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2001
5,120,000 Puerto Rico Commonwealth Public 5,342,618
Improvement Series B, AMBAC,
5.50%, 07/01/2001
2,455,000 San Jose Redevelopment Agency, 2,532,087
California Tax Allocation Merged
Area Redevelopment Project, AMBAC,
4.75%, 08/01/2001
2,780,000 Castaic Lake Water Agency, 2,925,644
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 5.75%, 08/01/2001
1,000,000 Los Angeles Municipal Improvement 1,013,570
Corp., California Lease Revenue,
Police Emergency Special Tax,
AMBAC, 4.00%, 09/01/2001
(Note C, p. 24)
1,085,000 University of California Revenue 1,114,046
Multi-Purpose Projects Series G,
FGIC, 4.50%, 09/01/2001
4,270,000 University of California Revenue 4,623,684
Multi-Purpose Projects Series F,
FGIC, 7.00%, 09/01/2001
1,040,000 Antioch Public Financing Authority 1,057,129
California Reassessment Revenue
Series A, AMBAC, 4.10%, 09/02/2001
1,000,000 California Community College 1,015,860
Financing Authority, Lease Revenue
Series A, MBIA, 4.00%, 10/01/2001
1,000,000 California Health Facilities Financing 1,040,090
Authority, Stanford Health Care
Series B, AMBAC, 5.00%, 11/15/2001
4,505,000 Los Angeles Municipal Improvement 4,603,479
Corp., California Certificates of
Participation, Equipment & Real
Property Acquisition Program,
AMBAC, 4.25%, 12/01/2001
1,000,000 California Health Facilities Financing 1,046,130
Authority, Sutter Health Series C,
FSA, 5.00%, 08/15/2002
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
5,025,000 San Diego County, California $ 5,408,860
Certificates of Participation,
AMBAC, 5.25%, 09/01/2005
1,200,000 San Francisco City & County 1,321,068
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2007
4,520,000 South Orange County Public 5,601,591
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
7.50%, 08/15/2007
1,435,000 Riverside, California 1,579,978
Certificates of Participation,
1997 Lease Refunding Project,
MBIA, 5.50%, 11/01/2007
2,360,000 San Diego County Regional 2,556,730
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC,
5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,345,217
Revenue, MBIA, AMT,
6.00%, 05/15/2008
2,815,000 Riverside, California Sewer 3,422,308
Revenue, FGIC,
7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,864,669
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2008
5,040,000 Contra Costa Transportation 5,755,428
Authority, California Sales Tax
Revenue Series A, FGIC,
6.00%, 03/01/2009
2,825,000 San Francisco City & County 3,075,521
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2009
1,475,000 Los Angeles Department of Airports, 1,598,694
California Airport Revenue Series A,
FGIC, 5.50%, 05/15/2009
1,405,000 Riverside County Transportation 1,608,458
Commission, California Sales Tax
Revenue Series A, FGIC,
6.00%, 06/01/2009
1,000,000 Redding Joint Powers Financing 1,165,260
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
1,815,000 Northern California Power Agency, 2,041,603
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
18 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,100,000 South Orange County Public $ 1,439,405
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
8.00%, 08/15/2009
2,000,000 Los Angeles, California Wastewater 2,135,840
System Revenue Series D, FGIC,
5.375%, 11/01/2009
2,365,000 San Francisco City & County 2,525,986
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.35%, 05/01/2010
600,000 Los Angeles Department of 659,796
Airports, California Airport
Revenue, FGIC, AMT,
5.80%, 05/15/2010
1,110,000 Long Beach, California Harbor 1,259,450
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2010
1,235,000 Puerto Rico Highway & 1,328,971
Transportation Authority,
Subordinated State Infrastructure
Bank, MBIA, 5.25%, 07/01/2010
3,000,000 Riverside, California Sewer 3,172,680
Revenue, FGIC,
5.00%, 08/01/2010
1,175,000 San Jose Redevelopment Agency, 1,346,773
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2010
1,080,000 Castaic Lake Water Agency, 1,352,020
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2010
1,000,000 Los Angeles Convention & 1,146,590
Exhibition Center Authority,
California Lease Revenue, MBIA,
6.00%, 08/15/2010
1,375,000 Sacramento County, California 1,431,210
Certificates of Participation,
Public Facilities Project, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,170,550
California Series A, MBIA,
6.30%, 02/01/2011
4,835,000 Orange County Local 5,303,270
Transportation Authority,
California Sales Tax Revenue
Measure M, Series A, MBIA,
5.50%, 02/15/2011
1,000,000 California Statewide Communities 1,093,800
Development Authority,
Certificates of Participation,
MBIA, 5.50%, 04/01/2011
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
4,665,000 Oakland State Building Authority, $ 5,099,451
California Lease Revenue, Elihu
M. Harris Project Series A, AMBAC,
5.50%, 04/01/2011
2,785,000 Long Beach, California Harbor 3,163,175
Revenue Series A, FGIC, AMT,
6.00%, 05/15/2011
1,965,000 Puerto Rico Highway & 2,102,118
Transportation Authority,
Subordinated State Infrastructure
Bank, MBIA, 5.25%, 07/01/2011
2,770,000 Southern California Public Power 2,958,941
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA, 5.25%, 07/01/2011
1,000,000 University of California Revenue 1,028,630
Series C, AMBAC,
5.00%, 09/01/2011
1,100,000 Sacramento Redevelopment Agency, 1,180,927
California Tax Allocation, Merged
Downtown Redevelopment Project
Series A, FSA, 5.25%, 11/01/2011
1,000,000 California Statewide Communities 1,108,680
Development Authority,
Certificates of Participation,
MBIA, 5.625%, 04/01/2012
2,145,000 San Francisco City & County 2,277,239
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.45%, 05/01/2012
1,000,000 Los Angeles County Metropolitan 1,050,770
Transportation Authority,
California Sales Tax Revenue
Series B, AMBAC, 5.30%, 07/01/2012
1,215,000 Puerto Rico Highway & 1,337,642
Transportation Authority Series A,
AMBAC, 5.50%, 07/01/2012
3,625,000 San Diego County, California 3,823,976
Certificates of Participation,
Downtown Courthouse, AMBAC,
5.25%, 05/01/2013
1,000,000 Los Angeles Convention & 1,029,160
Exhibition Center Authority,
California Lease Revenue, MBIA,
5.125%, 08/15/2013
1,000,000 University of California Revenue 1,019,700
Series C, AMBAC, 5.00%, 09/01/2013
4,220,000 Sacramento Redevelopment Agency, 4,467,714
California Tax Allocation, Merged
Downtown Redevelopment Project,
Series A, FSA, 5.25%, 11/01/2013
1,915,000 San Diego County, California 2,012,225
Certificates of Participation,
Downtown Courthouse, AMBAC,
5.25%, 05/01/2014
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,910,000 Northern California Power Agency, $ 3,060,942
Hydroelectric Project No. 1
Series A, MBIA, 5.25%, 07/01/2014
1,340,000 Los Angeles Unified School 1,546,949
District, California Series A,
FGIC, 6.00%, 07/01/2014
1,000,000 Puerto Rico Highway & 1,185,290
Transportation Authority Series Z,
MBIA, 6.25%, 07/01/2014
1,195,000 Culver City Redevelopment Finance 1,309,397
Authority, California Tax Allocation,
AMBAC, 5.50%, 11/01/2014
1,725,000 Long Beach, California Water 1,935,950
Revenue Series A, MBIA,
5.75%, 05/01/2015
2,060,000 Contra Costa County Public 2,159,972
Financing Authority, California
Lease Revenue, Various Capital
Facilities Series 1999-A, MBIA,
5.25%, 06/01/2015
1,595,000 Puerto Rico Highway & 1,744,388
Transportation Authority Series W,
MBIA, 5.50%, 07/01/2015
1,730,000 San Mateo County Joint Powers 1,766,520
Authority, California Capital
Projects Lease Revenue Series A,
FSA, 5.00%, 07/15/2015
1,000,000 San Jose Redevelopment Agency, 1,155,620
California Tax Allocation, Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
4,620,000 Burbank, California Public Service 4,756,244
Department Electric Revenue,
FSA, 5.125%, 06/01/2016
1,290,000 San Mateo County Transportation 1,407,325
District, California Series A,
MBIA, 5.50%, 06/01/2016
1,000,000 Tustin Unified School District, 1,013,730
California Community Facilities
District No. 88-1 Special Tax,
FSA, 5.00%, 09/01/2016
1,920,000 Alameda Corridor Transportation 1,981,728
Authority, California Revenue
Senior Lien Series A, MBIA,
5.125%, 10/01/2016
4,555,000 Los Angeles Department of Water & 4,618,223
Power, California Waterworks
Revenue, MBIA, 5.00%, 10/15/2016
4,765,000 Sacramento Municipal Utility 5,245,074
District, California Electric
Revenue Series K, AMBAC,
5.70%, 07/01/2017
2,925,000 San Diego, California 2,942,404
Certificates of Undivided
Interest, Water Utility Fund
Systems Revenue, FGIC,
5.00%, 08/01/2017
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 California Special Districts $ 1,092,290
Association Finance Corporation,
Certificates of Participation
Series Z, FSA, 5.50%, 08/01/2017
3,800,000 San Francisco City & County 3,767,586
Airport Commission, California
International Airport Revenue
Second Series 15A, FSA, AMT,
5.00%, 05/01/2018
2,070,000 Beverly Hills Public Financing 2,105,956
Authority, California Lease
Revenue Series A, MBIA,
5.125%, 06/01/2018
4,000,000 San Diego, California 3,989,880
Certificates of Undivided
Interest, Water Utility Fund
Systems Revenue, FGIC,
5.00%, 08/01/2018
1,000,000 Los Angeles Convention & 1,030,020
Exhibition Center Authority,
California Lease Revenue Series A,
MBIA, 5.375%, 08/15/2018
1,660,000 Fresno, California Sewer Revenue 1,740,908
Series A-1, AMBAC,
5.25%, 09/01/2019
2,630,000 California State Public Works 2,656,931
Board Lease Revenue, Department
of Corrections, State Prison
Series A, AMBAC, 5.00%, 12/01/2019
1,000,000 Mammoth Unified School District, 319,360
California Capital Appreciation,
MBIA, 0.00%, 08/01/2021
1,000,000 Mammoth Unified School District, 302,750
California Capital Appreciation,
MBIA, 0.00%, 08/01/2022
1,010,000 Inglewood Redevelopment Agency, 1,055,218
California Tax Allocation Merged
Redevelopment Project Series A,
AMBAC, 5.25%, 05/01/2023
----------------
Total Insured (Cost $233,767,540) 241,678,550
----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 22.29%
- --------------------------------------------------------------------------------
State General Obligations: 5.81%
1,000,000 Puerto Rico Commonwealth, 1,005,280
5.50%, 07/01/1999
3,335,000 California State, 3,548,807
9.00%, 06/01/2000
3,585,000 California State, 3,676,346
5.00%, 10/01/2000
13,000,000 California State, 13,331,240
5.00%, 10/01/2000
1,080,000 California State, 1,092,636
4.00%, 02/01/2001
1,000,000 California State, 1,063,250
6.70%, 04/01/2001
20 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,300,000 District of Columbia Series A, $ 1,362,582
5.90%, 06/01/2002
2,500,000 California State, 2,824,425
6.20%, 09/01/2005
5,640,000 California State, 6,452,667
6.00%, 10/01/2009
----------------
Total State General Obligations
(Cost $33,540,608) 34,357,233
----------------
Local General Obligations: 3.44%
4,875,000 Los Angeles Unified School 4,934,572
District, California Series B,
4.25%, 07/01/2000
6,000,000 Los Angeles, California Refunding 6,160,620
Series A, 4.50%, 09/01/2001
2,235,000 Los Angeles County Public Works 2,357,903
Financing Authority, California
Capital Construction Series A,
5.10%, 03/01/2007
1,000,000 East Bay Municipal Utility 1,063,140
District, California Special
District No. 1 Series E,
5.45%, 04/01/2010
3,110,000 Los Angeles County Public Works 3,192,944
Financing Authority, California
Capital Construction,
5.00%, 03/01/2011
2,480,000 Los Angeles, California Series A, 2,606,281
5.25%, 09/01/2011
----------------
Total Local General Obligations
(Cost $19,612,462) 20,315,460
----------------
Tax Lease: 6.79%
1,130,000 Cupertino, California 1,143,605
Certificates of Participation
Series A, 4.875%, 01/01/2000
1,095,000 Los Angeles County Capital Asset 1,112,980
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2000
11,175,000 California State Public Works 11,398,053
Board Lease Revenue, Department
of Corrections Series C,
4.75%, 09/01/2000
1,480,000 Los Angeles County Capital Asset 1,514,558
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 12/01/2000
5,340,000 California State Public Works 5,499,613
Board Lease Revenue, Community
Colleges Series A, 5.00%, 04/01/2001
1,985,000 Los Angeles County Capital Asset 2,038,655
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2001
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,595,000 Ukiah Unified School District, $ 1,672,246
California Certificates of Participation,
5.60%, 09/01/2001
1,000,000 Puerto Rico Housing Bank & 1,027,090
Finance Agency, Commonwealth
Appropriation Subsidy,
4.875%, 12/01/2001
3,010,000 Puerto Rico Urban Renewal & 3,125,644
Housing Corp., 7.875%, 10/01/2004
1,000,000 Los Angeles State Building 1,088,880
Authority, California Lease
Revenue, 5.50%, 05/01/2007
2,520,000 San Francisco State Building 2,686,799
Authority, California Lease
Revenue Series A,
5.125%, 10/01/2007
1,010,000 Gilroy Unified School District, 1,087,002
California Certificates of
Participation, 5.85%, 07/01/2008
2,590,000 Taft Public Financing Authority, 2,810,538
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
1,745,000 Capistrano Unified School 1,768,994
District, California Certificates
of Participation, 5.20%, 02/01/2018
2,000,000 Sacramento City Finance 2,118,420
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
----------------
Total Tax Lease (Cost $38,676,013) 40,093,077
----------------
Special Tax: 6.25%
2,505,000 Virgin Islands Public Financing 2,525,892
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/1999
3,315,000 Orange County Local 3,366,416
Transportation Authority,
California Sales Tax Revenue
Series A, 5.00%, 02/15/2000
1,850,000 California Commerce Community 1,868,518
Development Commission, Tax
Allocation Redevelopment Project
No. 1-Series A, 4.70%, 08/01/2000
1,000,000 Chino Public Financing Authority, 1,000,100
California Revenue,
4.30%, 09/02/2000
905,000 West Sacramento Reassessment 909,127
District, California Improvement
Bond Act of 1915,
4.50%, 09/02/2000
555,000 Fairfield Public Financing 559,562
Authority, California Revenue
Reassessment, 4.60%, 09/02/2000
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
7,595,000 Los Angeles County Public Works $ 7,788,521
Financing Authority, California
Regional Park & Open Space
District Series A, 5.00%, 10/01/2000
7,450,000 Los Angeles Community 7,613,602
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/2000
1,400,000 California Commerce Community 1,421,084
Development Commission, Tax
Allocation Redevelopment Project
No. 1-Series A, 4.80%, 08/01/2001
690,000 Santa Clara Convention Center 691,069
Refunding & Reassessment,
California Improvement Bond Act
of 1915, 4.25%, 09/02/2001
1,200,000 Los Angeles County Public Works 1,247,436
Financing Authority, California
Regional Park & Open Space
Revenue District A, 5.00%, 10/01/2001
1,555,000 Pomona Public Financing 1,665,607
Authority, California Revenue,
Southwest Pomona Redevelopment
Series L, 5.50%, 02/01/2008
5,705,000 Los Angeles County Public Works 6,278,467
Financing Authority, California,
Regional Park & Open Space
District Series A, 5.50%, 10/01/2009
----------------
Total Special Tax (Cost $36,115,345) 36,935,401
----------------
Total Tax Supported (Cost $127,944,428) 131,701,171
----------------
- --------------------------------------------------------------------------------
REVENUE: 15.11%
- --------------------------------------------------------------------------------
Airport Revenue: 0.91%
1,525,000 Virgin Islands Port Authority, 1,524,024
Airport Revenue Series A, AMT,
3.45%, 09/01/1999
2,495,000 Virgin Islands Port Authority, 2,487,166
Airport Revenue Series A, AMT,
3.85%, 09/01/2000
500,000 Denver City & County, Colorado 550,640
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
145,000 Denver City & County, Colorado 162,790
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 628,730
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
----------------
Total Airport Revenue (Cost $5,145,140) 5,353,350
----------------
Electric Revenue: 0.88%
1,250,000 Los Angeles Department of Water & 1,301,750
Power, California, Electric Plant
Revenue Second Issue,
9.00%, 12/15/1999
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Virgin Islands Water & Power $ 1,018,120
Authority, Electric Systems
Revenue, 5.00%, 07/01/2001
1,000,000 Los Angeles Department of Water & 1,140,330
Power, California, Electric Plant
Revenue Second Issue,
8.00%, 08/15/2002
1,630,000 Los Angeles Department of Water & 1,750,392
Power, California, Electric Plant
Revenue, 7.10%, 01/15/2031
----------------
Total Electric Revenue (Cost $5,125,721) 5,210,592
----------------
Health Care Revenue: 0.72%
1,000,000 California Health Facilities 1,013,400
Financing Authority, Catholic
Healthcare West Revenue Series A,
4.50%, 07/01/2000
3,145,000 California Statewide Community 3,242,023
Development Authority, Certificates
of Participation, St. Joseph Health
Systems Obligation Group,
5.00%, 07/01/2001
----------------
Total Health Care Revenue (Cost $4,239,918) 4,255,423
----------------
Higher Education Revenue: 1.17%
685,000 California Educational Facilities 700,905
Authority, University of Southern
California Series B,
7.85%, 10/01/1999
2,540,000 California Educational Facilities 2,821,356
Authority, University of Southern
California Series A,
5.50%, 10/01/2008
3,275,000 California Educational Facilities 3,396,863
Authority, Pomona College Revenue,
5.25%, 01/01/2017
----------------
Total Higher Education Revenue
(Cost $6,630,582) 6,919,124
----------------
Water/Sewer Revenue: 7.37%
2,455,000 Los Angeles Department of Water & 2,605,099
Power, California Waterworks
Revenue Second Issue,
9.00%, 05/15/2000
1,000,000 Metropolitan Water District of 1,044,630
Southern California Series A,
7.00%, 07/01/2000
1,050,000 California State Department of 1,137,402
Water Resources Series M,
8.50%, 12/01/2000
2,500,000 Metropolitan Water District of 2,694,025
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,575,364
District Financing Authority,
California Series A, 5.25%, 10/01/2008
22 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,700,000 California State Department of $ 2,991,870
Water Resources, Central Valley
Project, Water Systems Revenue
Series T, 5.50%, 12/01/2008
1,000,000 Orange County Water District, 1,068,740
California Certificates of
Participation Series A,
5.50%, 08/15/2010
2,150,000 Riverside, California Water 2,314,948
Revenue, 5.375%, 10/01/2011
1,500,000 Riverside, California Water 1,605,465
Revenue, 5.375%, 10/01/2012
2,460,000 San Francisco City & County 2,533,480
Public Utilities Commission,
California Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,318,224
Water Resources, Water System
Revenue Series O,
5.00%, 12/01/2015
1,350,000 Metropolitan Water District of 1,368,954
Southern California, Waterworks
Revenue Series A,
5.00%, 07/01/2016
1,000,000 California State Department of 1,028,480
Water Resources, Central Valley
Project, Water Systems Revenue
Series U, 5.125%, 12/01/2016
12,790,000 California State Department of 12,772,861
Water Resources, Central Valley
Project, Water Systems Revenue
Series S, 5.00%, 12/01/2019
3,660,000 Metropolitan Water District of 4,078,191
Southern California Series A,
5.75%, 07/01/2021
1,330,000 Los Angeles Department of Water & 1,436,294
Power, California Waterworks
Revenue, Second Issue,
6.40%, 11/01/2031
----------------
Total Water/Sewer Revenue
(Cost $41,443,085) 43,574,027
----------------
Miscellaneous Revenue: 3.35%
2,335,000 Long Beach, California Harbor 2,377,007
Revenue Series A, AMT,
5.00%, 05/15/2000
1,900,000 Long Beach, California Harbor 1,979,306
Revenue, 7.15%, 05/15/2000
1,235,000 Western Placer Waste Management 1,268,394
Authority, California Revenue,
AMT, 6.25%, 07/01/2000
3,710,000 Long Beach, California Harbor 3,789,950
Revenue AMT, 4.50%, 05/15/2001
2,450,000 Long Beach, California Harbor 2,527,518
Revenue Series A, AMT,
5.00%, 05/15/2001
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
700,000 Del Mar, California Race Track $ 722,883
Authority Revenue, 6.00%, 08/15/2001
6,485,000 Los Angeles, California Harbor 7,125,783
Department Revenue Series B, AMT,
5.75%, 08/01/2009
----------------
Total Miscellaneous Revenue
(Cost $19,232,154) 19,790,841
----------------
Industrial Development/Pollution
Control Revenue: 0.71%
650,000 Missouri State Environmental 655,883
Improvement & Energy Resource
Authority, Chrysler Corporation
Project, 5.70%, 10/01/1999
3,400,000 St. Charles Parish, Louisiana 3,520,768
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
----------------
Total Industrial Development/Pollution
Control Revenue (Cost $4,177,152) 4,176,651
----------------
Total Revenue (Cost $85,993,752) 89,280,008
----------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.10%
- --------------------------------------------------------------------------------
Housing: 1.10%
1,585,000 Los Angeles, California Multi-Family 1,582,385
Housing Revenue, Western Carlton
Project Series A, AMT,
3.80%, 10/01/2001
2,070,000 California Housing Financing Agency 2,098,794
Revenue, Home Mortgage Series I,
MBIA, AMT, 4.95%, 08/01/2028
1,015,000 California Statewide Community 1,020,278
Development Authority,
Multi-Family Housing Bayport
Subordinated Revenue Series LL-4,
AMT, 4.10%, 12/01/2028
7,885,000 California Housing Finance Agency, 1,817,019
Home Mortgage Revenue Series B,
AMT, 0.00%, 08/01/2029
(Note C, p. 24)
----------------
Total Housing (Cost $6,523,675) 6,518,476
----------------
Total Asset-Backed Securities
(Cost $6,523,675) 6,518,476
----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $572,919,280) 99.80% $589,628,245
(Note D, p. 24)
Cash and Other Assets, Less Liabilities 0.20 1,194,439
--------- ----------------
Net Assets (Equivalent to $14.06
per share based on 42,018,837
shares of capital stock outstanding) 100.00% $590,822,684
========= ================
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
- --------------------------------------------------------------------------------
(A) $10,200,000 principal amount segregated as collateral for when-issued
securities
(B) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
(C) When-issued security
(D) At March 31, 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 New York Municipal Portfolio
March 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND
NOTES: 5.58%
- --------------------------------------------------------------------------------
3,900,000 New York State Job Development $ 3,900,000
Authority, State Guaranteed
Series A-1 Through A-13, Daily
Floater, Putable Daily,
3.00%, 03/01/2002
7,150,000 New York State Job Development 7,150,000
Authority, State Guaranteed
Series A-1-A-42, Daily Floater,
Putable Daily, 3.00%, 03/01/2005
9,100,000 New York State Local Government 9,100,000
Assistance Corp. Series B, Weekly
Floater, Putable Weekly,
2.75%, 04/01/2025
20,000,000 New York City Transitional Finance 20,000,000
Authority, Future Tax Second
Sub-Series B-3, Daily Floater,
Putable Daily, 3.00%, 11/01/2028
1,245,000 New York State Housing Finance 1,245,000
Agency, Multifamily Housing
Series A, AMBAC, Daily Floater,
Putable Daily, 3.10%, 11/01/2028
6,130,000 Long Island Power Authority, New 6,130,000
York Electric Systems Revenue
Series 6, Daily Floater, Putable
Daily, 3.00%, 05/01/2033
----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $47,525,000) 47,525,000
----------------
- --------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION
SECURITY: 0.82%
- --------------------------------------------------------------------------------
7,258,510 3.375%, 01/15/2007 (Note B, p. 33) 6,990,853
----------------
Total U.S. Treasury Inflation Protection
Security (Cost $7,067,242) 6,990,853
----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 25.71%
- --------------------------------------------------------------------------------
2,000,000 New York State Urban Development 2,094,560
Corp., Correctional Facilities
Series G, 7.00%, 01/01/2017,
Prerefunded 01/01/2000 @102
6,700,000 New York State Medical Care 7,072,185
Facilities Finance Agency Series B,
7.45%, 02/15/2029,
Prerefunded 02/15/2000 @102
1,100,000 New York State Dormitory Authority, 1,168,068
State University Series B,
7.25%, 05/15/2015,
Prerefunded 05/15/2000 @102
*See Note 1, page 22 in Notes to Financial Statements.
24 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,375,000 New York State Dormitory Authority, $ 2,531,584
State University Series A,
7.625%, 05/15/2005,
Prerefunded 05/15/2000 @102
16,265,000 New York State Dormitory Authority, 17,350,526
State University Series A,
7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
5,000,000 New York City Municipal Water 5,297,700
Finance Authority, Water & Sewer
Systems Revenue Series A,
7.25%, 06/15/2015,
Prerefunded 06/15/2000 @101.50
2,660,000 MTA, New York Transit Facilities 2,840,242
Service Contract Series 3,
7.40%, 07/01/2001,
Prerefunded 07/01/2000 @102
1,000,000 MTA, New York Commuter Facilities 1,068,960
Service Contract Series 3,
7.50%, 07/01/2016,
Prerefunded 07/01/2000 @102
3,450,000 New York State Dormitory Authority, 3,693,087
City University Systems Series A,
7.625%, 07/01/2020,
Prerefunded 07/01/2000 @102
1,000,000 MTA, New York Commuter Facilities 1,068,660
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
2,250,000 MTA, New York Transit Facilities 2,404,485
Service Contract Series 4,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @101.50
420,000 New York State Dormitory Authority, 444,805
City University Systems Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
9,460,000 New York State Dormitory Authority, 10,148,877
City University Systems Series F,
7.875%, 07/01/2007,
Prerefunded 07/01/2000 @102
3,950,000 New York State Dormitory Authority, 4,237,639
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
1,290,000 New York City Series L, 1,321,308
5.25%, 08/01/2000,
Escrowed to Maturity
4,905,000 New York City Series E, 5,080,648
6.10%, 08/01/2000,
Escrowed to Maturity
1,000,000 New York State Medical Care 1,040,140
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 $ 5,625,160
Facilities Finance Agency,
7.875%, 08/15/2020,
Prerefunded 08/15/2000 @102
3,045,000 New York State Housing Finance 3,292,102
Agency, Service Contract
Obligation Revenue Series A,
7.80%, 09/15/2020,
Prerefunded 09/15/2000 @102
3,500,000 Virgin Islands Public Finance Authority 3,737,510
Series B, 7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
2,000,000 New York State Medical Care 2,140,960
Facilities Finance Authority,
Mental Health Services Series A,
8.00%, 11/01/2000,
Escrowed to Maturity
10,000,000 New York State Thruway Authority 10,416,900
Service Contract, 6.00%, 01/01/2011,
Prerefunded 01/01/2001 @100
1,000,000 New York State Power Authority 1,067,990
Revenue & General Purpose Series Y,
6.50%, 01/01/2004,
Prerefunded 01/01/2001 @102
8,135,000 New York State Urban Development 8,535,079
Corp., Correctional Facilities
Series 2, 6.50%, 01/01/2021,
Prerefunded 01/01/2001 @100
14,180,000 New York State Power Authority 15,203,229
Revenue & General Purpose Series Y,
6.75%, 01/01/2018,
Prerefunded 01/01/2001 @102
1,680,000 Triborough Bridge & Tunnel 1,800,338
Authority Series S,
7.00%, 01/01/2011,
Prerefunded 01/01/2001 @101.50
3,245,000 Triborough Bridge & Tunnel 3,477,440
Authority Series S, 7.00%,
01/01/2021, Prerefunded 01/01/2001 @101.50
1,250,000 Triborough Bridge & Tunnel 1,345,412
Authority, New York Revenue
Series T, 7.00%, 01/01/2020,
Prerefunded 01/01/2001 @102
125,000 New York State Power Authority 131,954
Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
3,975,000 New York City Series H, 4,207,339
6.90%, 02/01/2001,
Escrowed to Maturity
1,450,000 New York State Local Government 1,558,373
Assistance Corp. Series A,
6.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
1,000,000 New York State Local Government 1,084,240
Assistance Corp. Series C,
7.00%, 04/01/2010,
Prerefunded 04/01/2001 @102
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 New York State Local Government $ 1,084,240
Assistance Corp. Series C,
7.00%, 04/01/2021,
Prerefunded 04/01/2001 @102
4,595,000 New York State Local Government 5,003,955
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
6,360,000 New York State Local Government 6,926,040
Assistance Corp. Series B,
7.25%, 04/01/2006,
Prerefunded 04/01/2001 @102
3,210,000 New York State Local Government 3,510,937
Assistance Corp. Series B,
7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
4,280,000 New York State Urban Development 4,681,250
Corp., 7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
2,050,000 New York City Series B, 2,223,717
7.00%, 06/01/2015,
Prerefunded 06/01/2001 @101.50
1,020,000 New York State Environmental 1,101,733
Facilities Corp., Pollution
Control Revenue, Water Revolving
Fund Series E, 6.50%, 06/15/2014,
Prerefunded 06/15/2001 @102
9,185,000 New York City Municipal Water 9,883,887
Finance Authority Series A,
6.75%, 06/15/2017,
Prerefunded 06/15/2001 @101
5,400,000 New York State Environmental 5,874,984
Facilities Corp., Pollution
Control Revenue, Water Revolving
Fund Series E, 6.875%, 06/15/2010,
Prerefunded 06/15/2001 @102
1,770,000 New York City Municipal Water 1,949,867
Finance Authority, Water & Sewer
Systems Series C, 7.75%, 06/15/2020,
Prerefunded 06/15/2001 @101.50
340,000 New York City Series L, 351,251
5.00%, 08/01/2001,
Escrowed to Maturity
4,825,000 New York State Medical Care 5,324,822
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, 1,107,950
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,000,000 New York City Series A, 1,107,950
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
1,925,000 Suffolk County, New York Series A, 2,190,303
FGIC, 9.50%, 10/01/2001,
Escrowed to Maturity
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
115,000 Denver City & County, Colorado $ 131,751
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
2,500,000 New York State Local Government 2,709,650
Assistance Corp. Series B,
6.00%, 04/01/2006,
Prerefunded 04/01/2002 @102
2,150,000 New York State Local Government 2,345,370
Assistance Corp. Series B,
6.25%, 04/01/2021,
Prerefunded 04/01/2002 @102
1,500,000 New York State Thruway Authority 1,622,850
Service Contract, 6.25%, 04/01/2004,
Prerefunded 04/01/2002 @101
5,490,000 New York State Power Authority 5,822,420
Series CC, 5.00%, 01/01/2009,
Prerefunded 01/01/2003 @102
1,955,000 New York State Power Authority 2,073,375
Series CC, 5.00%, 01/01/2014,
Prerefunded 01/01/2003 @102
2,235,000 New York State Medical Care 2,381,817
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage, FHA, 6.35%, 02/15/2012,
Prerefunded 02/15/2003 @102
1,600,000 New York State Medical Care 1,691,888
Facilities Finance Agency,
Hospital & Nursing, FHA,
6.125%, 02/15/2014,
Prerefunded 02/15/2004 @102
1,005,000 New York State Medical Care 1,032,225
Facilities Finance Authority,
Insured Mortgage Project Series A,
FHA, 5.40%, 08/15/2004,
Escrowed to Maturity
2,800,000 New York State Thruway Authority 3,096,408
General Revenue Series C, FGIC,
5.75%, 01/01/2009,
Prerefunded 01/01/2005 @102
1,925,000 New York State Local Government 2,145,085
Assistance Corp. Series A,
5.90%, 04/01/2012,
Prerefunded 04/01/2005 @102
900,000 New York City Series B, 1,020,519
6.30%, 08/15/2008,
Prerefunded 08/15/2005 @101
2,220,000 New York State Power Authority 2,541,767
Series W, 6.50%, 01/01/2008,
Escrowed to Maturity
4,670,000 Niagara Falls Bridge Commission, 5,430,463
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
----------------
Total Prerefunded/Escrowed
(Cost $215,041,752) 218,855,974
----------------
26 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
INSURED: 31.23%
- --------------------------------------------------------------------------------
5,325,000 New York City Health & Hospital $ 5,396,568
Corp. Series A, Connie Lee,
4.875%, 02/15/2000
2,255,000 Nassau County, New York Series Q, 2,304,001
FGIC, 5.00%, 08/01/2000
1,000,000 Suffolk County, New York Series B, 1,015,780
AMBAC, 4.50%, 08/15/2000
1,335,000 Erie County, New York Series A, 1,369,243
FGIC, 5.25%, 08/15/2000
1,085,000 Erie County, New York Series B, 1,112,830
FGIC, 5.25%, 08/15/2000
1,000,000 Nassau County, New York 1,012,890
Improvement Series Z, FGIC,
4.25%, 09/01/2000
1,005,000 North Hempstead, New York Series A, 1,021,753
FGIC, 4.50%, 01/15/2001
2,940,000 New York State Dormitory Authority, 3,000,123
Columbia Presbyterian Hospital
Series A, FHA, AMBAC,
4.75%, 02/15/2001
1,000,000 New York State Thruway Authority, 1,046,580
Highway & Bridge Trust Fund
Series B, AMBAC,
6.00%, 04/01/2001
1,500,000 Chautauqua Lake Central School 1,515,000
District, New York, FSA,
4.00%, 06/15/2001
1,050,000 Taconic Hills Central School 1,065,981
District, New York, FSA,
4.25%, 06/15/2001
1,000,000 Longwood Central School District, 1,024,620
Middle Island, New York, FSA,
4.75%, 06/15/2001
2,440,000 New York State Dormitory 2,489,288
Authority, Special Act School
Districts Program, FSA,
4.50%, 07/01/2001
1,460,000 New York State Dormitory 1,490,952
Authority, Good Samaritan
Hospital, Asset Guaranty,
4.75%, 07/01/2001
1,180,000 Suffolk County, New York Series B, 1,203,753
AMBAC, 4.50%, 08/15/2001
1,000,000 Buffalo, New York Series C, AMBAC, 1,005,740
3.75%, 12/01/2001
2,425,000 Islip, New York Refunding Public 2,494,670
Improvement Series C, FSA,
4.75%, 01/15/2002
1,050,000 Oyster Bay, New York Public 1,059,849
Improvement, FSA,
4.00%, 02/15/2002
3,760,000 Nassau County, New York General 3,901,865
Improvement Series V, AMBAC,
5.125%, 03/01/2002
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,340,000 New York State Dormitory $ 1,597,146
Authority, City University Series D,
FGIC, 8.75%, 07/01/2003
910,000 Niagara Frontier Authority, New 939,803
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
3,615,000 New York State Project Finance 3,779,699
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,124,104
Corp., Correctional Facilities
Revenue, AMBAC, 5.00%, 01/01/2007
2,000,000 Suffolk County, New York, 2,225,020
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
1,810,000 New York State Local Government 2,018,711
Assistance Corp. Series A, AMBAC,
6.00%, 04/01/2007
2,000,000 New York State Dormitory 2,152,880
Authority Series B, FGIC,
5.375%, 05/15/2007
4,000,000 Westchester County Industrial 4,288,760
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
1,000,000 MTA, New York Commuter Facilities 1,120,460
Series A, MBIA, 6.00%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,738,712
Series K, MBIA, 6.30%, 07/01/2007
2,880,000 Yonkers, New York Series C, AMBAC, 3,017,520
5.00%, 08/01/2007
1,265,000 New York State Urban Development 1,374,498
Corp., Correctional Facilities
Series A, AMBAC, 5.50%, 01/01/2008
1,345,000 Babylon, New York Series A, AMBAC, 1,815,293
9.20%, 01/15/2008
6,620,000 New York State Dormitory Authority, 6,639,066
Insured Mortgage Hospital,
Sound Shore Medical Center, FHA,
MBIA, 4.35%, 02/01/2008
2,000,000 MTA, New York Dedicated Tax 2,118,200
Series A, MBIA, 5.10%, 04/01/2008
2,300,000 New York State Dormitory Authority, 2,506,080
State University Series A, AMBAC,
5.50%, 05/15/2008
1,000,000 Suffolk County, New York, 1,059,950
Waterworks Authority Revenue,
MBIA, 5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,542,054
Authority, New York University
Series B, MBIA, 5.00%, 07/01/2008
1,910,000 MTA, New York Transit Facilities 2,119,126
Service Contract Series O, AMBAC,
5.75%, 07/01/2008
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
4,575,000 New York State Series B, AMBAC, $ 4,949,052
5.625%, 08/15/2008
1,000,000 New York State Thruway Authority, 1,060,170
Highway & Bridge Trust Fund
Series A, MBIA, 5.25%, 04/01/2009
2,165,000 New York State Thruway Authority, 2,302,499
Highway & Bridge Trust Fund
Series B, MBIA, 5.30%, 04/01/2009
4,055,000 New York State Dormitory Authority, 4,415,611
State University Series A,
FGIC, 5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,279,716
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
1,000,000 New York State Dormitory Authority, 1,101,550
City University Series A, AMBAC,
5.75%, 07/01/2009
2,000,000 New York State Dormitory Authority, 2,220,440
City University Second Series A, FSA,
5.75%, 07/01/2009
1,125,000 Nassau County, New York Combined 1,267,031
Sewer Districts Series A, AMBAC,
6.00%, 07/01/2009
1,495,000 MTA, New York Commuter Facilities 1,702,536
Revenue Series A, MBIA,
6.10%, 07/01/2009
1,550,000 Babylon, New York Waste Facilities, 2,126,786
FGIC, 9.00%, 08/01/2009
1,000,000 Hempstead Town Industrial 1,042,720
Development Agency, New York
American Ref-Fuel Co. Project,
MBIA, 5.00%, 12/01/2009
1,090,000 Nassau County, New York Series G, 1,171,031
MBIA, 5.40%, 01/15/2010
1,000,000 New York State Local Government 1,049,920
Assistance Corp. Series A, AMBAC,
5.125%, 04/01/2010
1,120,000 Nassau County, New York Combined 1,215,782
Sewer Districts Series A, AMBAC,
5.50%, 07/01/2010
1,000,000 New York State Dormitory Authority, 1,133,910
State University Series A, AMBAC,
6.00%, 07/01/2010
4,390,000 Port Authority of New York & New 4,588,999
Jersey Revenue, MBIA, AMT,
5.25%, 09/01/2010
7,355,000 Triborough Bridge & Tunnel 7,760,922
Authority, New York Special
Obligation Series A, FGIC,
5.25%, 01/01/2011
2,060,000 New York State Thruway Authority, 2,179,130
Highway & Bridge Trust Fund
Series C, FGIC, 5.25%, 04/01/2011
7,350,000 New York State Thruway Authority, 7,937,559
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 $ 2,753,309
Waste Management Systems, FSA,
5.50%, 04/01/2011
3,940,000 MTA, New York Dedicated Tax 4,553,537
Series A, MBIA, 6.25%, 04/01/2011
3,415,000 New York State Dormitory Authority, 3,488,081
New York University Series A, MBIA,
5.00%, 07/01/2011
1,000,000 New York State Dormitory Authority, 1,054,960
Ithaca College, AMBAC,
5.25%, 07/01/2011
1,085,000 New York State Dormitory Authority, 1,140,444
New York Medical College, MBIA,
5.25%, 07/01/2011
1,000,000 Nassau County, New York Series A, 1,129,800
AMBAC, 6.00%, 07/01/2011
8,620,000 New York City Series G, MBIA, 9,066,774
5.25%, 08/01/2011
1,320,000 New York City Series J, MBIA, 1,390,937
5.25%, 08/01/2011
2,725,000 New York City Educational 2,878,227
Construction Fund, MBIA,
5.50%, 10/01/2011
1,000,000 Nassau County, New York Series A, 1,132,240
FGIC, 6.00%, 07/01/2012
1,630,000 Islip, New York Resource Recovery 1,772,446
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
6,940,000 New York City Series J, FGIC, 7,316,426
5.35%, 08/01/2012
1,000,000 New York State Dormitory Authority, 1,050,000
Mental Health Services Facilities,
MBIA, 5.25%, 08/15/2012
1,850,000 New York State Dormitory Authority 1,913,566
Lease Revenue, Municipal Health
Facilities Improvement Project-Series 1,
FSA, 5.125%, 01/15/2013
1,110,000 New York State Dormitory Authority, 1,159,206
Mental Health Services Facilities
Improvement Series D,
MBIA, 5.25%, 02/15/2013
1,000,000 New York City Municipal Water 1,128,380
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,000,000 Nassau County, New York Series A, 1,130,400
FGIC, 6.00%, 07/01/2013
8,000,000 Long Island Power Authority, New 8,128,480
York Electric Systems Revenue,
MBIA, 5.00%, 04/01/2014
1,000,000 New York State Urban Development 1,028,430
Corp., Community Enhancement
Facilities, AMBAC, 5.125%, 04/01/2014
8,090,000 MTA, New York Dedicated Tax Fund 8,426,059
Series A, FGIC, 5.25%, 04/01/2014
28 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
8,575,000 New York State Thruway Authority, $ 8,931,205
Highway & Bridge Trust Fund
Series B, FGIC, 5.25%, 04/01/2014
1,260,000 New York City Series I, MBIA, 1,271,705
5.00%, 05/15/2014
1,095,000 Clifton Park, New York Water 1,106,465
Authority, FGIC, 5.00%, 10/01/2014
8,265,000 New York State Dormitory Authority, 8,414,431
Lease Revenue, Municipal Health
Facilities Improvement Project-Series 1,
FSA, 5.125%, 01/15/2015
1,050,000 New York State Medical Care Facilities 1,181,345
Finance Authority, Mental Health
Services, MBIA, 6.15%, 02/15/2015
1,735,000 New York State Local Government 1,751,604
Assistance Corp. Series A, FGIC,
5.00%, 04/01/2015
1,355,000 Port Authority of New York & New 1,373,279
Jersey Consolidated-One Hundred
Seventeenth Series, Secured
Installments, FGIC, AMT,
5.125%, 11/15/2015
13,450,000 Long Island Power Authority, New 13,575,219
York Electric Systems Revenue
General Series A, FSA,
5.00%, 12/01/2015
2,330,000 New York State Urban Development 2,393,562
Corp., Correctional Facilities
Service Contract Series B, AMBAC,
5.25%, 01/01/2016
1,000,000 New York State Dormitory Authority, 1,017,380
North General Hospital Series G,
MBIA, 5.20%, 02/15/2016
3,580,000 New York City Municipal Water 3,615,012
Finance Authority Series A, FGIC,
5.125%, 06/15/2017
1,985,000 New York State Dormitory Authority, 2,261,669
New York State University Series A,
MBIA, 6.00%, 07/01/2017
8,165,000 Triborough Bridge & Tunnel 8,225,258
Authority, New York Special
Obligation Series A,
MBIA, 5.125%, 01/01/2018
3,060,000 New York State Dormitory Authority, 3,480,077
New York University Series A, MBIA,
6.00%, 07/01/2018
8,300,000 Long Island Power Authority, New 8,258,334
York Electric Systems Revenue,
General Series A, FSA,
5.00%, 12/01/2018
3,520,000 New York State Dormitory Authority, 4,023,043
New York University Series A,
MBIA, 6.00%, 07/01/2019
1,365,000 New York State Dormitory Authority, 1,515,041
New York University Series A,
MBIA, 5.75%, 07/01/2020
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,505,000 New York State Energy $ 1,587,023
Research & Development
Authority, Con Edison Facilities,
AMBAC, 6.75%, 01/15/2027
----------------
Total Insured (Cost $259,030,224) 265,837,286
----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 22.85%
- --------------------------------------------------------------------------------
State General Obligations: 1.00%
4,640,000 New York State, 4,711,503
5.00%, 03/01/2000
1,000,000 New York State Series D, 1,014,190
4.50%, 07/15/2000
1,670,000 New York State Series C, 1,697,605
4.50%, 10/01/2000
1,000,000 Puerto Rico Commonwealth, 1,063,470
7.00%, 07/01/2001
----------------
Total State General Obligations
(Cost $8,396,769) 8,486,768
----------------
Local General Obligations: 6.82%
2,000,000 New York City Series B, 2,066,440
7.40%, 02/01/2000
2,550,000 Monroe County, New York, 2,588,836
4.60%, 06/01/2000
1,000,000 Orange County, New York, 1,017,120
4.625%, 07/15/2000
9,130,000 New York City Series L, 9,345,651
5.25%, 08/01/2000
1,000,000 New York City Series A, 1,032,560
6.00%, 08/01/2000
155,000 New York City Series D, 158,495
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,115,467
District, New York,
7.30%, 01/01/2001
3,005,000 New York City Series G, 3,089,561
5.00%, 08/01/2001
1,275,000 New York City Series L, 1,310,878
5.00%, 08/01/2001
615,000 New York City Series C, 660,498
6.30%, 08/01/2002
1,180,000 New York City Series D, 1,240,617
5.40%, 02/15/2003
1,015,000 New York City Series B, 1,125,564
6.75%, 08/15/2003
4,315,000 New York City Series B, 4,781,193
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,161,970
7.10%, 12/01/2004
1,000,000 New York City Series C, 1,069,950
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,418,743
5.75%, 02/01/2006
1,000,000 New York City Series I, 1,112,020
6.25%, 04/15/2006
Schedule of Investments--Municipal Bond Portfolios 29
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,300,000 Westchester County, New York $ 1,521,741
Series A, 6.75%, 02/01/2007
7,575,000 New York City Series F, 8,133,353
5.50%, 08/01/2007
4,455,000 New York City Series B, 4,966,657
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,875,184
5.70%, 04/01/2009
2,040,000 Onondaga County, New York, 2,250,344
5.70%, 04/01/2010
1,000,000 Orange County, New York, 1,134,430
6.00%, 11/15/2010
2,600,000 Onondaga County, New York, 2,861,248
5.70%, 04/01/2011
----------------
Total Local General Obligations
(Cost $54,951,061) 58,038,520
----------------
Tax Lease: 8.66%
1,550,000 New York State Urban Development 1,566,105
Corp., Correctional Facilities,
5.00%, 01/01/2000
1,000,000 New York State Certificates of 1,006,560
Participation, 4.375%, 02/01/2000
3,055,000 New York State Thruway Authority 3,103,422
Service Contract Revenue,
5.20%, 04/01/2000
525,000 New York State Energy Research & 537,353
Development Authority, Western
New York Nuclear Service Center
Project, 6.00%, 04/01/2000
5,380,000 New York State Certificates of 5,449,187
Participation, 4.50%, 09/01/2000
1,000,000 New York State Urban Development 1,021,270
Corp., Correctional Facilities
Series B, 5.00%, 01/01/2001
1,900,000 New York State Dormitory Authority, 1,944,916
North General Hospital, Secured
Hospital Program Series G,
5.00%, 02/15/2001
1,100,000 New York State Dormitory Authority, 1,113,662
Service Contract Community
Enhancement Series B,
4.375%, 04/01/2001 (Note C, p. 33)
1,735,000 New York State Urban Development 1,760,678
Corp., Community Enhancement
Facilities Series A, 4.50%, 04/01/2001
3,505,000 MTA, New York Commuter Facilities 3,622,663
Service Contract Series O,
5.25%, 07/01/2001
1,920,000 MTA, New York Transit Facilities 1,984,454
Service Contract Series O,
5.25%, 07/01/2001
3,820,000 New York State Dormitory 3,936,625
Authority, Jamaica Hospital
Secured Hospital Program,
5.00%, 02/15/2002
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,665,000 New York State Dormitory $ 2,746,362
Authority, Wyckoff Heights
Hospital Secured Hospital Program,
5.00%, 02/15/2002
2,615,000 New York State Dormitory 2,661,024
Authority, Service Contract
Community Enhancement Series B,
4.50%, 04/01/2002 (Note C, p. 33)
2,700,000 New York State Urban Development 2,747,520
Corp., Community Enhancement
Facilities Series A,
4.50%, 04/01/2002
720,000 New York State Medical Care 779,011
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
2,000,000 New York State Thruway Authority 2,142,780
Service Contract,
6.20%, 04/01/2003
1,000,000 Puerto Rico Commonwealth Urban 1,038,420
Renewal & Housing Corp.,
7.875%, 10/01/2004
2,000,000 New York State Urban Development 2,180,600
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
1,165,000 MTA, New York Transit Facilities 1,237,218
Service Contract, 5.30%, 07/01/2005
1,020,000 New York State Dormitory Authority, 1,102,518
City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory Authority, 1,924,002
City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Urban Development 1,054,380
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
1,645,000 MTA, New York Transit Facilities 1,760,611
Service Contract, 5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,342,450
Service Contract, 5.45%, 07/01/2007
3,510,000 New York State Dormitory Authority, 3,829,094
City University Series 2,
5.75%, 07/01/2007
2,980,000 New York State Dormitory Authority, 3,420,653
Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,969,884
Service Contract, 5.125%, 04/01/2008
1,505,000 New York State Dormitory Authority, 1,644,559
Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory Authority, 1,735,942
Mental Health Services,
6.50%, 02/15/2009
30 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,215,000 New York State Urban Development $ 2,412,024
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,125,000 New York State Dormitory Authority, 1,231,515
City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel Authority, 1,680,318
New York Convention Center Series E,
6.00%, 01/01/2011
1,000,000 New York State Dormitory Authority, 1,039,100
Westchester County Court Facilities,
AMBAC, 5.125%, 08/01/2012
3,890,000 New York State Dormitory Authority, 3,996,430
Westchester County Court Facilities,
AMBAC, 5.25%, 08/01/2016
1,000,000 New York State Dormitory Authority, 1,023,140
Westchester County Court Facilities,
AMBAC, 5.25%, 08/01/2017
----------------
Total Tax Lease (Cost $70,590,543) 73,746,450
----------------
Special Tax: 6.37%
5,880,000 MAC New York Series I, 5,998,364
5.00%, 07/01/2000
2,170,000 MAC New York Series M, 2,213,682
5.00%, 07/01/2000
3,940,000 MAC New York Series L, 4,031,132
5.25%, 07/01/2000
4,400,000 MAC New York Series E, 4,514,972
5.50%, 07/01/2000
3,720,000 MAC New York Series G, 3,817,204
5.50%, 07/01/2000
1,630,000 MAC New York Series H, 1,680,644
5.00%, 07/01/2001
1,000,000 MAC New York Series N, 1,031,070
5.00%, 07/01/2001
4,935,000 MAC New York Series E, 5,139,803
5.50%, 07/01/2001
3,035,000 New York State Local Government 3,395,679
Assistance Corp. Series A,
6.00%, 04/01/2008
2,440,000 MAC New York Series L, 2,745,317
6.00%, 07/01/2008
8,095,000 New York City Transitional Finance 8,473,522
Authority Second Series C,
5.25%, 05/01/2012
1,740,000 New York State Local Government 1,807,147
Assistance Corp. Series D,
5.375%, 04/01/2014
5,355,000 New York State Local Government 5,973,181
Assistance Corp. Series E,
6.00%, 04/01/2014
1,185,000 New York City Transitional Finance 1,210,122
Authority, Future Tax Second
Series B, 5.125%, 11/01/2015
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,160,000 New York City Transitional Finance $ 2,162,441
Authority, Future Tax Second Series A,
5.125%, 08/15/2021
----------------
Total Special Tax (Cost $52,543,537) 54,194,280
----------------
Total Tax Supported (Cost $186,481,910) 194,466,018
- --------------------------------------------------------------------------------
REVENUE: 12.84%
- --------------------------------------------------------------------------------
Airport Revenue: 0.55%
1,300,000 Denver City & County, Colorado 1,431,664
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
1,495,000 New York City Industrial 1,612,462
Development Agency, Special
Facilities Revenue, Terminal One
Group Association Limited
Partnership Project, AMT,
6.00%, 01/01/2007
310,000 Denver City & County, Colorado 348,034
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,257,460
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
----------------
Total Airport Revenue (Cost $4,149,397) 4,649,620
----------------
Electric Revenue: 2.23%
1,405,000 Virgin Islands Water & Power 1,422,197
Authority, Electric Systems Revenue,
5.00%, 07/01/2000
2,070,000 Long Island Power Authority, 2,089,707
New York Electric Systems
General Revenue Series A,
4.10%, 12/01/2000
9,045,000 Long Island Power Authority, 9,130,747
New York Electric Systems
General Revenue,
4.25%, 04/01/2001
1,595,000 Virgin Islands Water & Power 1,623,901
Authority, Electric Systems
Revenue, 5.00%, 07/01/2001
4,560,000 Long Island Power Authority, New 4,700,083
York Electric Systems General
Revenue, 5.00%, 04/01/2002
----------------
Total Electric Revenue (Cost $18,931,286) 18,966,635
----------------
Health Care Revenue: 0.51%
1,410,000 New York State Medical Care 1,511,379
Facilities Finance Authority,
Hospital & Nursing Home Insured
Mortgage, FHA, 5.875%, 02/15/2005
1,000,000 New York State Dormitory 1,063,250
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
Schedule of Investments--Municipal Bond Portfolios 31
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,720,000 New York State Medical Care $ 1,809,130
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
----------------
Total Health Care Revenue (Cost $4,129,301) 4,383,759
----------------
Higher Education Revenue: 0.66%
705,000 Cattaraugus County, New York 711,944
Industrial Development Agency
Civic Facility Revenue, St.
Bonaventure University Project
Series B, 4.50%, 09/15/2000
1,000,000 New York State Dormitory 1,033,250
Authority, Columbia University,
5.00%, 07/01/2001
1,000,000 New York State Dormitory 1,102,480
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,434,558
Authority, Columbia University,
5.75%, 07/01/2007
1,250,000 New York State Dormitory 1,342,075
Authority, Columbia University,
5.375%, 07/01/2011
----------------
Total Higher Education Revenue
(Cost $5,294,072) 5,624,307
----------------
Toll Revenue: 3.43%
8,855,000 Triborough Bridge & Tunnel Authority, 8,976,048
New York Toll Revenue Series A,
5.00%, 01/01/2000
725,000 Triborough Bridge & Tunnel Authority, 796,855
New York Toll Revenue Series Y,
5.80%, 01/01/2006
3,105,000 Triborough Bridge & Tunnel Authority, 3,686,007
New York Toll Revenue
Series X, 6.60%, 01/01/2010
1,000,000 New York State Thruway Authority, 1,055,190
General Revenue Series E,
5.25%, 01/01/2011
2,370,000 Triborough Bridge & Tunnel Authority, 2,394,743
New York Toll Revenue
Series A, 5.00%, 01/01/2012
1,960,000 Triborough Bridge & Tunnel 2,228,657
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
9,370,000 Triborough Bridge & Tunnel 10,041,735
Authority, New York Toll Revenue,
General Purpose Series Y,
5.50%, 01/01/2017
----------------
Total Toll Revenue (Cost $28,401,732) 29,179,235
----------------
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
Water/Sewer Revenue: 4.77%
1,345,000 New York City Municipal Water $ 1,436,944
Finance Authority Series A,
6.60%, 06/15/2002
2,510,000 New York State Environmental Facilities 2,740,443
Corp., Pooled Loan, Pollution Control
Revenue, State Revolving Fund
Series 92-B, 6.25%, 09/15/2005
2,510,000 New York State Environmental 2,748,450
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.35%, 09/15/2006
1,000,000 Ulster County Resource Recovery 1,062,290
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
1,000,000 New York State Environmental 1,091,610
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 2,129,145
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 3,169,119
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 3,296,353
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 1,675,748
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 835,419
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.40%, 05/15/2010
3,865,000 New York State Environmental 4,009,242
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
4.95%, 06/15/2010
3,800,000 New York State Environmental 4,042,554
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund, New York City
Municipal Water Finance Authority
Series 95-B, 5.50%, 06/15/2010
32 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 New York City Municipal Water $ 1,128,800
Finance Authority Series A,
6.00%, 06/15/2010
4,680,000 New York State Environmental 5,224,003
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 1,063,580
Facilities Corp. Pollution
Control Revenue, Water Revolving
Fund Series A, 7.50%, 06/15/2012
2,380,000 New York State Environmental 2,472,868
Facilities Corp., Huntington
Project Series A, AMT,
7.50%, 10/01/2012
1,015,000 New York State Environmental 1,039,512
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 1,452,442
Facilities Corp., Clean Drinking
Water, Revolving Funds Pooled
Lien Series D, 5.15%, 10/15/2019
----------------
Total Water/Sewer Revenue
(Cost $37,995,739) 40,618,522
----------------
Miscellaneous Revenue: 0.69%
1,000,000 Port Authority of New York & New 1,017,490
Jersey, Consolidated-One Hundred
Twelfth Series, 4.50%, 12/01/2000
3,495,000 Battery Park City Authority, New 3,806,999
York Revenue, 6.00%, 11/01/2003
1,000,000 Port Authority of New York & New 1,029,580
Jersey Revenue, 5.125%, 11/15/2011
----------------
Total Miscellaneous Revenue (Cost $5,600,842) 5,854,069
----------------
Total Revenue (Cost $104,502,369) 109,276,147
----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $819,648,497) 99.03% $ 842,951,278
(Note D, below)
Cash and Other Assets, Less Liabilities 0.97 8,286,557
------ --------------
Net Assets (Equivalent to $13.76
per share based on 61,877,361
shares of capital stock outstanding) 100.00% $ 851,237,835
====== ==============
(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)$4,750,000 principal amount segregated as collateral for when-issued
securities
(C)When-issued security
(D)At March 31, 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 33
<PAGE>
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
March 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
COMMERCIAL PAPER: 3.70%
- --------------------------------------------------------------------------------
6,530,000 Prudential Funding Corp., $ 6,530,000
Discount rate 5.05%, 04/01/1999
----------------
Total Commercial Paper (Cost $6,530,000) 6,530,000
- --------------------------------------------------------------------------------
U.S. TREASURY NOTE: 1.73%
- --------------------------------------------------------------------------------
3,000,000 6.375%, 05/15/2000 (Note A, p. 37) 3,046,860
----------------
Total U.S. Treasury Note (Cost $3,039,633) 3,046,860
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 14.26%
- --------------------------------------------------------------------------------
20,000 District of Columbia Series A, 20,044
4.70%, 06/01/1999,
Escrowed to Maturity
1,000,000 Massachusetts Water Resources 1,059,590
Authority Series A,
7.375%, 04/01/2003,
Prerefunded 04/01/2000 @102
1,375,000 Massachusetts Water Resources 1,460,937
Authority Series A,
7.625%, 04/01/2014,
Prerefunded 04/01/2000 @102
1,120,000 Pennsylvania State Series A, 1,180,603
7.00%, 05/01/2003,
Prerefunded 05/01/2000 @101.50
2,090,000 New York State Dormitory 2,219,329
Authority, State University
Series B, 7.25%, 05/15/2015,
Prerefunded 05/15/2000 @102
5,170,000 Pennsylvania Intergovernmental 5,331,511
Cooperation Authority, Special
Tax Revenue, FGIC,
6.00%, 06/15/2000,
Escrowed to Maturity
1,615,000 Scottsdale, Arizona, 1,714,742
6.90%, 07/01/2008,
Prerefunded 07/01/2000 @102
2,100,000 Jacksonville Transportation 2,241,666
Authority, Florida,
7.375%, 07/01/2020,
Prerefunded 07/01/2000 @102
2,115,000 Sedona, Arizona Sewer Revenue 2,260,851
Series A, 7.50%, 07/01/2020,
Prerefunded 07/01/2000 @102
1,100,000 New York State Medical Care 1,186,515
Facilities Finance Agency,
7.875%, 08/15/2020,
Prerefunded 08/15/2000 @102
*See Note 1, page 22 in Notes to Financial Statements.
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,500,000 Houston, Texas Water & Sewer $ 1,625,190
Systems Revenue, MBIA,
7.40%, 12/01/2018,
Prerefunded 12/01/2000 @102
1,000,000 Washington State Public Power 1,082,590
Supply, Nuclear Project Number 2
Series C, 7.375%, 07/01/2011,
Prerefunded 01/01/2001 @102
1,000,000 New York State Local Assistance 1,089,000
Corp. Series B, 7.25%, 04/01/2005,
Prerefunded 04/01/2001 @102
2,450,000 New York State Local Government 2,668,050
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102 ----------------
Total Prerefunded/Escrowed (Cost $25,083,965) 25,140,618
----------------
- --------------------------------------------------------------------------------
INSURED: 28.70%
- --------------------------------------------------------------------------------
885,000 Belmont County, Ohio Health 890,832
Systems Revenue, East Ohio
Regional Hospital, ACA,
4.20%, 01/01/2000
2,000,000 Mansfield Independent School 2,056,200
District, Texas, PSF Guaranteed,
6.50%, 02/15/2000
1,785,000 Butler County Transportation 1,812,507
Improvement District, Ohio Series A,
FSA, 4.75%, 04/01/2000
1,640,000 Ohio State Water Development 1,676,687
Authority Revenue, MBIA,
5.40%, 06/01/2000
1,625,000 Clark County School District, 1,684,589
Nevada, FGIC, 6.50%, 06/15/2000
2,825,000 Inland Protection Financing 2,882,574
Corp., Florida Special Obligation
Revenue, FSA, 5.00%, 07/01/2000
2,340,000 New Jersey Economic Development 2,391,199
Authority, Senior Lien Series A,
MBIA, 5.125%, 07/01/2000
1,625,000 Worcester, Massachusetts, MBIA, 1,665,934
5.25%, 08/01/2000
1,770,000 Washington State Health Care 1,802,338
Facilities Authority Revenue,
Virginia Mason Medical Center
Series A, MBIA, 4.75%, 08/15/2000
2,065,000 South Carolina Transportation 2,108,675
Infrastructure Revenue Series A,
MBIA, 4.75%, 10/01/2000
1,000,000 North East Independent School 1,038,100
District, Texas, PSF Guaranteed,
6.00%, 10/01/2000
6,100,000 Ohio State Public Facilities 6,182,411
Commission, Higher Education
Capital Facilities Series 2-A,
AMBAC, 4.25%, 12/01/2000
34 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
5,000,000 Carrollton & Henderson Public $ 5,081,600
Energy Authority, Kentucky Trust
Series A, FSA, 4.50%, 01/01/2001
1,000,000 Jefferson County Board of 1,017,800
Education, Alabama School
Refunding Series A, FSA,
4.50%, 02/15/2001
1,790,000 Knox County, Ohio Hospital 1,802,798
Facilities Revenue, Knox
Community Hospital, Asset
Guaranty, 4.00%, 06/01/2001
1,000,000 Washoe County School District, 1,014,350
Nevada, FGIC, 4.25%, 06/01/2001
4,000,000 New Jersey State Transit Corp. 4,139,160
Certificates Series A, AMBAC,
5.00%, 09/15/2001
(Note C, p. 37)
1,650,000 Massachusetts State Housing 1,651,138
Finance Agency, Construction Loan
Notes Series A, FSA, AMT,
4.10%, 03/01/2002
2,335,000 Chicago, Illinois O'Hare 2,452,380
International Airport Revenue
Series A, MBIA, 7.625%, 01/01/2010
3,160,000 St. Charles Parish, Louisiana 3,274,708
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, ACA, 8.15%, 06/01/2014
1,565,000 Ware, Massachusetts, FGIC, 1,634,470
5.25%, 12/15/2014
2,245,000 Detroit City School District, 2,347,462
Michigan Series B, FGIC,
5.375%, 05/01/2015 ----------------
Total Insured (Cost $50,375,195) 50,607,912
----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 36.33%
- --------------------------------------------------------------------------------
State General Obligations: 10.31%
1,060,000 Maryland State First Series, 1,062,226
6.50%, 05/15/1999
1,500,000 District of Columbia Series B, 1,502,385
4.50%, 06/01/1999
350,000 District of Columbia Series A-3, 350,770
4.70%, 06/01/1999
1,000,000 Washington State Series B, 1,020,520
6.00%, 01/01/2000
2,950,000 Tennessee State Series A, 3,003,749
5.00%, 05/01/2000
2,750,000 Maryland State Third Series, 2,864,318
6.60%, 07/15/2000
3,475,000 Illinois State, 3,507,248
4.00%, 03/01/2001
1,000,000 Maryland State First Series, 1,028,440
6.60%, 03/01/2001
1,000,000 Florida State Board of Education 1,021,360
Capital Outlay, Public Education
Series B, 4.50%, 06/01/2001
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,625,000 Illinois State, $ 1,673,100
6.40%, 08/01/2001
1,100,000 Florida State Board of Education 1,138,236
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2013 ----------------
Total State General Obligations
(Cost $18,106,190) 18,172,352
----------------
Local General Obligations: 11.43%
1,055,000 Detroit, Michigan Series A, 1,055,000
4.60%, 04/01/1999
1,435,000 Chesterfield County, Virginia 1,449,450
Public Improvement Series A,
4.50%, 01/01/2000
1,105,000 Dallas, Texas, 1,127,719
5.50%, 02/15/2000
1,000,000 Phoenix, Arizona, 1,031,800
5.90%, 07/01/2000
1,950,000 Chesterfield County, Virginia, 2,007,389
5.65%, 07/15/2000
3,000,000 Boston, Massachusetts Series C, 3,034,110
4.00%, 11/01/2000
2,000,000 Charleston County School 2,017,040
District, South Carolina,
4.00%, 02/01/2001
2,135,000 North Harris Montgomery Community 2,188,161
College District, Texas,
5.00%, 02/15/2001
(Note D, p. 37)
3,470,000 Richmond County Board of 3,534,507
Education, Georgia,
4.50%, 03/01/2001
1,150,000 Fairfax County, Virginia Series B, 1,169,700
5.50%, 05/01/2001
1,000,000 Columbus, Ohio Limited Tax Series 1, 1,016,710
4.25%, 06/15/2001
500,000 New York City Series G, 530,710
5.70%, 02/01/2003 ----------------
Total Local General Obligations
(Cost $20,073,962) 20,162,296
----------------
Tax Lease: 10.73%
2,200,000 New York State Thruway Authority, 2,234,870
Service Contract Revenue,
5.20%, 04/01/2000
3,930,000 Virginia State Public School 4,004,866
Authority, School Financing
Series B, 4.75%, 08/01/2000
2,740,000 Ohio State Building Authority, 2,808,199
Arts Facilities Building Fund
Series A, 5.00%, 10/01/2000
(Note D, p. 37)
1,545,000 Michigan State Building 1,603,864
Authority, Facilities Program
Series 1, 6.00%, 10/01/2000
Schedule of Investments--Municipal Bond Portfolios 35
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
2,500,000 Michigan State Building Authority, $ 2,560,800
Facilities Program Series 2,
5.00%, 10/15/2000
1,170,000 Virginia State Public School 1,184,262
Authority, School Equipment
Financing Notes Issue 5,
4.05%, 04/01/2001
2,215,000 Ohio State Special Obligation, 2,255,845
Elementary & Secondary Education
Capital Facilities Series A,
4.50%, 06/01/2001
2,180,000 Cleveland, Ohio Certificates of 2,259,178
Participation, Motorized Vehicles
& Equipment, 7.10%, 07/01/2002
----------------
Total Tax Lease (Cost $18,871,531) 18,911,884
----------------
Special Tax: 3.86%
1,000,000 Detroit Local Development Finance 1,003,290
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
1,000,000 New Jersey State Transportation 1,019,070
Trust Fund, Transportation Systems
Series A, 5.00%, 06/15/2000
3,700,000 Arizona State Transportation 3,750,949
Board Excise Tax Revenue,
4.50%, 07/01/2000
1,000,000 Louisiana State Gas & Fuels Tax 1,040,480
Revenue Series A,
7.25%, 11/15/2004
----------------
Total Special Tax (Cost $6,782,857) 6,813,789
----------------
Total Tax Supported (Cost $63,834,540) 64,060,321
----------------
- --------------------------------------------------------------------------------
REVENUE: 16.46%
- --------------------------------------------------------------------------------
Airport Revenue: 1.06%
1,830,000 Denver City & County, Colorado 1,867,570
Airport Revenue Series A,
7.00%, 11/15/1999 ----------------
Total Airport Revenue (Cost $1,860,656) 1,867,570
----------------
Electric Revenue: 0.96%
1,655,000 Grand River Dam Authority, 1,686,064
Oklahoma Revenue,
5.20%, 06/01/2000
----------------
Total Electric Revenue (Cost $1,690,714) 1,686,064
----------------
Health Care Revenue: 4.19%
1,650,000 Pennsylvania Economic Development 1,651,122
Financing Authority Revenue,
Northwestern Human Services
Series A, 4.15%, 06/01/1999
725,000 Franklin County, Ohio Healthcare 725,768
Facilities Revenue, Ohio
Presbyterian Services,
4.40%, 07/01/1999
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
525,000 Hawaii State Department of Budget $ 526,360
& Finance, Wilcox Memorial
Hospital Project, 4.70%, 07/01/1999
365,000 Garden City Hospital Finance 366,205
Authority, Michigan, 4.75%, 09/01/1999
1,000,000 Bell County, Texas Health Facilities, 1,016,610
Scott & White Memorial Hospital,
7.40%, 09/01/1999
1,980,000 Montgomery County, Ohio Hospital 1,973,585
Revenue, Grandview Hospital &
Medical Center, 5.00%, 12/01/1999
1,100,000 Michigan Hospital Finance Authority 1,139,380
Revenue, Saginaw General Hospital,
7.625%, 10/01/2019
----------------
Total Health Care Revenue (Cost $7,400,056) 7,399,030
----------------
Water/Sewer Revenue: 5.51%
2,075,000 Virgin Islands Water & Power 2,078,216
Authority Electric Systems
Revenue, 4.25%, 07/01/1999
3,550,000 Texas Water Resources Finance 3,600,091
Authority Revenue,
7.40%, 08/15/2000
4,000,000 Wisconsin Rural Water Construction 4,034,040
Loan, Bond Anticipation Notes,
4.25%, 09/15/2000
----------------
Total Water/Sewer Revenue (Cost $9,703,544) 9,712,347
----------------
Miscellaneous Revenue: 3.12%
5,000,000 Municipal Tax Exempt Trust, 5,005,400
Certificate Class A-2, MBIA,
3.60%, 07/06/2001
500,000 Douglas County, Nebraska Zoo 500,855
Facilities Revenue, Henry Doorly
Zoo Aquarium Project,
6.00%, 06/01/2003
----------------
Total Miscellaneous Revenue (Cost $5,502,084) 5,506,255
----------------
Industrial Development/Pollution
Control Revenue: 1.62%
1,000,000 St. Charles Parish, Louisiana 1,035,520
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
1,760,000 Oconee County, South Carolina 1,816,830
Pollution Control Revenue, Duke
Power Co. Project Series 1987A,
7.50%, 02/01/2017
----------------
Total Industrial Development/Pollution
Control Revenue (Cost $2,848,628) 2,852,350
----------------
Total Revenue (Cost $29,005,682) 29,023,616
----------------
36 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 5.33%
- --------------------------------------------------------------------------------
Housing: 4.32%
4,210,000 Florida Housing Finance Agency, $ 4,215,852
Floating Rate Multi-Family Revenue
Series J, 4.85%, 12/01/2005
1,000,000 Massachusetts Housing Finance 1,056,250
Agency, Single Family Series 38,
AMT, 7.20%, 12/01/2026
2,230,000 District of Columbia Housing 2,354,322
Finance Agency Mortgage Revenue,
Single Family Series A, AMT,
6.75%, 06/01/2028
----------------
Total Housing (Cost $7,618,801) 7,626,424
----------------
Student Loan: 1.01%
1,725,000 New England Education Loan 1,784,789
Marketing Corp., Massachusetts
Student Loan Revenue Issue D,
6.20%, 09/01/2000
----------------
Total Student Loan (Cost $1,785,390) 1,784,789
----------------
Total Asset-Backed Securities
(Cost $9,404,191) 9,411,213
----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $187,273,206) 106.51% $187,820,540
(Note E, below)
Cash and Other Assets, Less Liabilities (6.51) (11,487,225)
------- ------------
Net Assets (Equivalent to $12.57
per share based on 14,027,111
shares of capital stock outstanding) 100.00% $176,333,315
======= ============
- --------------------------------------------------------------------------------
(A) $2,600,000 principal amount segregated as collateral for when-issued
security
(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
Other Abbreviations:
AMT-Subject to Alternative Minimum Tax
(C) $3,900,000 principal amount segregated as collateral for when-issued
security
(D) When-issued security
(E) At March 31, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
- --------------------------------------------------------------------------------
(F) Allocation of Portfolio net assets at March 31, 1999:
Alabama 0.58%
Arizona 4.97
Colorado 1.06
Florida 6.52
Georgia 2.00
Hawaii 0.30
Illinois 4.33
Kentucky 2.88
Louisiana 3.03
Maryland 2.81
Massachusetts 7.57
Michigan 5.71
Nebraska 0.28
Nevada 1.53
New Jersey 4.28
New York 5.63
Ohio 13.27
Oklahoma 0.96
Pennsylvania 4.63
South Carolina 3.37
Tennessee 1.70
Texas 7.18
Virginia 5.57
Washington 2.21
Wisconsin 2.29
District of Columbia 2.40
Virgin Islands 1.18
Tax-Exempt Private Municipal Trust 2.84
U.S. Treasury Obligations 1.73
Commercial Paper 3.70
Cash and Other Assets, Less Liabilities (6.51)
--------
Total 100.00%
========
See Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 37
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
March 31, 1999 (Unaudited)
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 0.75%
- --------------------------------------------------------------------------------
Repurchase Agreement: 0.12%
119,000 State Street Bank & Trust Co., $ 119,000
Repurchase Agreement, dated
03/31/1999, 4.50%, maturing
04/01/1999 for $119,015, collateral
115,000 principal amount U.S.
Treasury Bond, 6.375%,
08/15/2027, value $124,056
----------------
Total Repurchase Agreement (Cost $119,000) 119,000
----------------
Tax Exempt Variable-Rate Demand Note: 0.63%
600,000 Orange County Water District, 600,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 2.95%, 08/18/2015
----------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $600,000) 600,000
----------------
Total Short-Term Investments (Cost $719,000) 719,000
----------------
- --------------------------------------------------------------------------------
U.S. TREASURY NOTE: 5.10%
- --------------------------------------------------------------------------------
4,800,000 6.375%, 05/15/2000 (Note A, p. 40) 4,873,502
----------------
Total U.S. Treasury Note (Cost $4,863,681) 4,873,502
----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 28.89%
- --------------------------------------------------------------------------------
2,955,000 Stockton-East Water District, 3,136,437
California Certificates of
Participation, 1990 Project
Series A, AMBAC,
7.30%, 04/01/2020,
Prerefunded 04/01/2000 @102
1,835,000 Northern California Transmission 1,939,301
Agency Revenue Series A, MBIA,
7.00%, 05/01/2024,
Prerefunded 05/01/2000 @101.50
1,000,000 California Health Facilities 1,066,350
Financing Authority, Health
Dimensions Series A,
7.50%, 05/01/2015,
Prerefunded 05/01/2000 @102
3,000,000 California State Department of 3,171,300
Water Resources, Central Valley
Project, Water Systems Series I,
6.95%, 12/01/2025,
Prerefunded 06/01/2000 @101.50
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Southern California Public Power $ 1,028,830
Authority, Power Project Revenue,
5.50%, 07/01/2020,
Prerefunded 07/01/2000 @100
1,345,000 Puerto Rico Commonwealth, 1,442,687
7.70%, 07/01/2020,
Prerefunded 07/01/2000 @102
1,000,000 Puerto Rico Commonwealth Highway 1,076,240
Authority, Highway Revenue Series Q,
8.00%, 07/01/2018,
Prerefunded 07/01/2000 @102
3,000,000 Castaic Lake Water Agency, 3,218,970
California Certificates of
Participation, Water Systems
Improvement Project,
7.35%, 08/01/2020,
Prerefunded 08/01/2000 @102
2,700,000 Los Angeles County, California 2,874,744
Certificates of Participation,
Correctional Facilities Project,
6.50%, 09/01/2013,
Prerefunded 09/01/2000 @102
2,850,000 California State Public Works 3,053,861
Board Lease Revenue, Department
of Corrections State Prison
Series A, 7.00%, 09/01/2009,
Prerefunded 09/01/2000 @102
1,950,000 Virgin Islands Public Financing 2,051,088
Authority Revenue, Matching Fund
Loan Notes Series A,
6.80%, 10/01/2000,
Escrowed to Maturity
1,000,000 Los Angeles, California Wastewater 1,075,680
System Revenue Series D, MBIA,
6.70%, 12/01/2021,
Prerefunded 12/01/2000 @102
2,270,000 Los Angeles County Transportation 2,484,220
Commission, California Sales Tax
Revenue Series A, 6.90%, 07/01/2021,
Prerefunded 07/01/2001 @102
----------------
Total Prerefunded/Escrowed (Cost $27,572,129) 27,619,708
----------------
- --------------------------------------------------------------------------------
INSURED: 38.07%
- --------------------------------------------------------------------------------
1,000,000 San Diego County, California 1,007,490
Certificates of Participation,
Downtown Courthouse, AMBAC,
4.00%, 05/01/2000
1,000,000 Pasadena Unified School District, 1,015,300
California Series A, FGIC,
4.75%, 05/01/2000
1,020,000 California Health Facilities 1,040,920
Authority, Valley Presbyterian
Hospital, MBIA, 5.25%, 05/01/2000
*See Note 1, page 22 in Notes to Financial Statements.
38 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
4,495,000 San Mateo County Transportation $ 4,533,702
District, California Series A,
MBIA, 4.00%, 06/01/2000
1,940,000 Modesto Irrigation District, 1,962,523
California Certificates of
Participation, Capital
Improvements Series A, AMBAC,
4.25%, 07/01/2000
3,600,000 Central Valley Financing Authority, 3,654,792
California Cogeneration Project
Revenue, Carson Ice
Generation Project,
MBIA, 4.50%, 07/01/2000
3,500,000 Southern California Public Power 3,553,270
Authority, Transmission Project
Revenue, Subordinated Southern
Transmission Project Series A,
MBIA, 4.50%, 07/01/2000
1,000,000 Sierra View Local Health Care 1,015,190
District, California Revenue, ACA,
4.75%, 07/01/2000
1,000,000 Pasadena California Electric 1,019,440
Revenue, MBIA, 4.75%, 08/01/2000
1,005,000 San Jose Redevelopment Agency, 1,024,537
California Tax Allocation, Merged
Area Redevelopment Project, AMBAC,
4.75%, 08/01/2000
1,325,000 Northern California Power Agency 1,342,251
Revenue, Combustion Turbine
Number 1-A, AMBAC,
4.25%, 08/15/2000
2,780,000 Los Angeles Municipal Improvement 2,807,828
Corp., California Special Tax
Lease Revenue, Police Emergency
Series E, AMBAC, 4.00%, 09/01/2000
(Note C, p. 40)
1,100,000 Antioch Public Financing Authority, 1,113,761
California Reassessment Revenue
Series A, AMBAC, 4.20%, 09/02/2000
1,010,000 California Health Facilities Financing 1,020,464
Authority Revenue, Little Company of
Mary Health Services, AMBAC,
4.00%, 10/01/2000
1,095,000 Alameda County, California 1,107,549
Certificates of Participation,
Capital Projects, MBIA,
4.00%, 12/01/2000
4,385,000 Los Angeles Municipal Improvement 4,435,252
Corp., California Certificates of
Participation, Equipment & Real
Property Acquisition Program,
AMBAC, 4.00%, 12/01/2000
1,000,000 San Diego County Regional 1,020,400
Commission, California
Sales Tax Revenue Second
Series A, FGIC, 4.40%, 04/01/2001
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
3,570,000 Puerto Rico Commonwealth Public $ 3,725,224
Improvement Series B, AMBAC,
5.50%, 07/01/2001
----------------
Total Insured (Cost $36,286,127) 36,399,893
----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 17.45%
- --------------------------------------------------------------------------------
State General Obligations: 5.69%
1,925,000 California State, 1,946,329
4.00%, 10/01/2000
3,450,000 California State, 3,490,365
4.00%, 02/01/2001
----------------
Total State General Obligations
(Cost $5,440,608) 5,436,694
----------------
Local General Obligation: 1.60%
1,500,000 Los Angeles, California Refunding 1,525,875
Series A, 4.50%, 09/01/2000
----------------
Total Local General Obligation
(Cost $1,514,324) 1,525,875
----------------
Tax Lease: 2.66%
1,480,000 Los Angeles County Capital Asset 1,504,302
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2000
1,000,000 Puerto Rico Urban Renewal & 1,038,420
Housing Corp., 7.875%, 10/01/2004
----------------
Total Tax Lease (Cost $2,529,413) 2,542,722
----------------
Special Tax: 7.50%
1,000,000 California Commerce Community 1,003,870
Development Commission, Tax
Allocation Refunding
Redevelopment Project No. 1,
Series A, 4.50%, 08/01/1999
620,000 Stockton Community Facilities 622,096
District Number 90-2, California
Brookside Estates,
4.60%, 08/01/1999
1,025,000 Lake Elsinore School Financing 1,026,578
Authority, California Special Tax
Revenue, Horsethief Canyon,
3.70%, 09/01/1999
255,000 Fairfield Public Financing 255,852
Authority, California Revenue
Reassessment, 4.40%, 09/02/1999
500,000 Virgin Islands Public Financing 504,170
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/1999
2,500,000 Orange County Local 2,538,775
Transportation Authority,
California Sales Tax Revenue
Series A, 5.00%, 02/15/2000
Schedule of Investments--Municipal Bond Portfolios 39
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
500,000 Detroit Local Development Finance $ 501,645
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
710,000 Virgin Islands Public Finance 720,451
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
----------------
Total Special Tax (Cost $7,146,759) 7,173,437
----------------
Total Tax Supported (Cost $16,631,104) 16,678,728
----------------
- --------------------------------------------------------------------------------
REVENUE: 10.81%
- --------------------------------------------------------------------------------
Electric Revenue: 1.36%
1,280,000 Virgin Islands Water & Power 1,295,667
Authority, Electric Systems
Revenue, 5.00%, 07/01/2000
----------------
Total Electric Revenue (Cost $1,291,563) 1,295,667
----------------
Health Care Revenue: 2.08%
1,965,000 California Health Facilities 1,991,331
Financing Authority Revenue,
Catholic Healthcare West Series A,
4.50%, 07/01/2000
----------------
Total Health Care Revenue (Cost $1,986,856) 1,991,331
----------------
Water/Sewer Revenue: 2.97%
2,630,000 Los Angeles Department of Water & 2,840,190
Power, California Waterworks
Revenue, Second Issue,
6.40%, 11/01/2031
----------------
Total Water/Sewer Revenue (Cost $2,859,191) 2,840,190
----------------
Miscellaneous Revenue: 3.75%
2,500,000 Long Beach, California Harbor 2,544,975
Revenue Series A, AMT,
5.00%, 05/15/2000
1,000,000 Long Beach, California Harbor 1,041,740
Revenue, 7.15%, 05/15/2000
----------------
Total Miscellaneous Revenue (Cost $3,539,574) 3,586,715
----------------
Industrial Development/Pollution
Control Revenue: 0.65%
600,000 St. Charles Parish, Louisiana 621,312
Pollution Control Revenue,
Louisiana Power & Light Co.
Project, 8.25%, 06/01/2014
----------------
Total Industrial Development/Pollution
Control Revenue (Cost $622,439) 621,312
----------------
Total Revenue (Cost $10,299,623) 10,335,215
----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $96,371,664) 101.07% $96,626,046
(Note D, below)
Cash and Other Assets, Less Liabilities (1.07) (1,021,558)
------- -----------
Net Assets (Equivalent to $12.57
per share based on 7,603,822
shares of capital stock outstanding) 100.00% $95,604,488
======= ===========
- --------------------------------------------------------------------------------
(A) $3,400,000 principal amount segregated as collateral for when-issued
security
(B) Explanation of abbreviations:
Insured-bond abbreviations:
ACA-ACA Financial Guaranty Corporation
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(C) When-issued security
(D) At March 31, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
40 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
March 31, 1999 (Unaudited)
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 6.20%
- --------------------------------------------------------------------------------
1,405,000 New York State Job Development $ 1,405,000
Authority, State Guaranteed
Special Purpose Series B-1
Through B-9, Daily Floater,
Putable Daily, AMT,
3.00%, 03/01/2002
4,545,000 New York State Energy Research & 4,545,000
Development Authority, Pollution
Control Revenue, Daily Floater,
Putable Daily, 2.90%, 06/01/2029
----------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $5,950,000) 5,950,000
----------------
- --------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 22.73%
- --------------------------------------------------------------------------------
1,050,000 New York State Medical Care 1,100,033
Facilities Finance Agency, St.
Luke's-Roosevelt Hospital Series B,
FHA, 7.40%, 02/15/2009,
Prerefunded 02/15/2000 @102
1,300,000 New York State Dormitory Authority, 1,385,709
State University Educational Facilities
Series A, 7.625%, 05/15/2005,
Prerefunded 05/15/2000 @102
1,000,000 New York State Dormitory Authority, 1,066,740
State University Series A,
7.70%, 05/15/2012,
Prerefunded 05/15/2000 @102
1,200,000 MTA, New York Commuter Facilities 1,282,752
Service Contract Series 3,
7.50%, 07/01/2016,
Prerefunded 07/01/2000 @102
1,000,000 New York State Dormitory Authority, 1,068,330
City University Systems Series F,
7.50%, 07/01/2020,
Prerefunded 07/01/2000 @102
8,115,000 New York State Dormitory Authority, 8,705,934
City University Systems Series F,
7.875%, 07/01/2017,
Prerefunded 07/01/2000 @102
1,085,000 New York State Power Authority 1,158,769
Revenue & General Purpose
Series Y, 6.50%, 01/01/2004,
Prerefunded 01/01/2001 @102
1,000,000 New York State Urban Development 1,049,180
Corp., Correctional Facilities
Series 2, 6.50%, 01/01/2021,
Prerefunded 01/01/2001 @100
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,490,000 New York State Local Government $ 1,622,610
Assistance Corp. Series A,
7.25%, 04/01/2018,
Prerefunded 04/01/2001 @102
1,000,000 New York State Local Government 1,093,750
Assistance Corp. Series B,
7.50%, 04/01/2020,
Prerefunded 04/01/2001 @102
2,120,000 New York City Series B, 2,299,649
7.00%, 06/01/2016, Prerefunded
06/01/2001 @101.50
----------------
Total Prerefunded/Escrowed (Cost $21,935,118) 21,833,456
----------------
- --------------------------------------------------------------------------------
INSURED: 24.41%
- --------------------------------------------------------------------------------
1,475,000 New York State Thruway Authority, 1,475,000
Highway & Bridge Trust Fund
Series A, AMBAC, 4.50%, 04/01/1999
1,100,000 Albany City School District, 1,101,441
New York Series A, FGIC,
5.00%, 05/01/1999
1,645,000 Averill Park Central School 1,647,434
District, New York, FGIC,
5.25%, 05/01/1999
1,000,000 New York State Dormitory 1,002,240
Authority, Good Samaritan
Hospital, Asset Guaranty,
4.50%, 07/01/1999
900,000 Wallkill, New York, FGIC, 912,501
4.625%, 03/01/2000
1,000,000 New York State Municipal Bond 1,012,690
Bank Agency, Special Program
Revenue Series A, AMBAC,
4.50%, 03/15/2000
1,380,000 Wayne Central School District, 1,387,148
New York, MBIA,
3.75%, 06/15/2000
1,350,000 Taconic Hills Central School 1,364,810
District, New York, FSA,
4.25%, 06/15/2000
1,070,000 Nassau County, New York 1,086,029
Industrial Development Agency,
Civic Facility Revenue, Hofstra
University Project, MBIA,
4.50%, 07/01/2000
1,140,000 Nassau County, New York 1,154,695
Improvement Series Z, FGIC,
4.25%, 09/01/2000
1,515,000 Suffolk County, New York Public 1,532,877
Improvement Series C, FGIC,
4.10%, 10/15/2000
2,135,000 Buffalo, New York General 2,143,497
Improvement Series A, AMBAC,
3.75%, 02/01/2001
*See Note 1, page 22 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 41
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,000,000 Suffolk County, New York $ 1,010,430
Industrial Development Agency,
Southwest Sewer Systems Revenue,
MBIA, 4.25%, 02/01/2001
1,140,000 Chautauqua Lake Central School 1,151,400
District, New York, FSA,
4.00%, 06/15/2001
1,000,000 MTA, New York Dedicated Tax Fund 1,041,540
Series A, FGIC,
5.25%, 04/01/2014
1,000,000 New York State Thruway Authority 1,041,540
Highway & Bridge Trust Fund
Series B, FGIC, 5.25%, 04/01/2014
1,300,000 Long Island Power Authority, New 1,312,103
York Electric Systems Revenue
General Series A, FSA,
5.00%, 12/01/2015
1,000,000 New York City Municipal Water 1,009,780
Finance Authority Series A, FGIC,
5.125%, 06/15/2017
1,000,000 New York State Energy Research & 1,054,500
Development Authority, Con Edison
Facilities, AMBAC,
6.75%, 01/15/2027
----------------
Total Insured (Cost $23,422,630) 23,441,655
----------------
- --------------------------------------------------------------------------------
TAX SUPPORTED: 32.34%
- --------------------------------------------------------------------------------
State General Obligations: 3.09%
1,000,000 Puerto Rico Commonwealth, 1,005,280
5.50%, 07/01/1999
1,935,000 New York State Series D, 1,962,458
4.50%, 07/15/2000
----------------
Total State General Obligations
(Cost $2,950,948) 2,967,738
----------------
Local General Obligations: 5.51%
4,000,000 New York City Series L, 4,094,480
5.25%, 08/01/2000
1,175,000 Westchester County, New York 1,198,805
Series B, 4.25%, 11/15/2001
----------------
Total Local General Obligations
(Cost $5,281,392) 5,293,285
----------------
Tax Lease: 13.23%
1,710,000 New York State Urban Development 1,721,611
Corp., Correctional Facilities
Series A, 4.50%, 01/01/2000
1,980,000 New York State Dormitory Authority, 1,989,048
Revenue Bonds, North General
Hospital, Secured Hospital Series G,
4.10%, 02/15/2000
1,615,000 New York State Dormitory 1,634,558
Authority, Brookdale Hospital,
Secured Hospital Series J,
5.00%, 02/15/2000
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
750,000 New York State Thruway Authority, $ 761,888
Service Contract Revenue,
5.20%, 04/01/2000
1,250,000 New York State Certificates of 1,266,075
Participation, 4.50%, 09/01/2000
1,000,000 New York State Dormitory 1,023,640
Authority, North General Hospital
Series G, 5.00%, 02/15/2001
1,400,000 New York State Dormitory 1,417,388
Authority, Service Contract
Community Enhancement Series B,
4.375%, 04/01/2001
(Note B, p. 43)
1,820,000 New York State Urban Development 1,846,936
Corp. Community Enhancement
Facilities Series A, 4.50%, 04/01/2001
1,000,000 Puerto Rico Urban Renewal & 1,038,420
Housing Corp., 7.875%, 10/01/2004
----------------
Total Tax Lease (Cost $12,654,369) 12,699,564
----------------
Special Tax: 10.51%
1,910,000 New York State Thruway Authority, 1,932,978
Highway & Bridge Trust Fund
Series C, 4.50%, 04/01/2000
1,915,000 New York State Local Government 1,978,980
Assistance Corp. Series A,
6.70%, 04/01/2000
4,400,000 MAC New York Series M, 4,488,572
5.00%, 07/01/2000
1,000,000 MAC New York Series J, 1,026,130
5.50%, 07/01/2000
660,000 Virgin Islands Public Finance 669,715
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
----------------
Total Special Tax (Cost $10,069,459) 10,096,375
----------------
Total Tax Supported (Cost $30,956,168) 31,056,962
----------------
- --------------------------------------------------------------------------------
REVENUE: 13.19%
- --------------------------------------------------------------------------------
Electric Revenue: 2.52%
2,400,000 Long Island Power Authority, New 2,422,752
York Electric Systems General
Revenue, 4.25%, 04/01/2001
(Note C, p. 43)
----------------
Total Electric Revenue (Cost $2,420,530) 2,422,752
----------------
Toll Revenue: 2.64%
2,500,000 Triborough Bridge & Tunnel 2,534,175
Authority, New York Revenue
Series A, 5.00%, 01/01/2000
----------------
Total Toll Revenue (Cost $2,501,425) 2,534,175
----------------
42 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
Water/Sewer Revenue: 4.48%
3,070,000 New York State Environmental $ 3,265,190
Facilities Corp. Pollution
Control Revenue, Water Revolving
Fund Series A, 7.50%, 06/15/2012
1,000,000 New York State Environmental 1,039,020
Facilities Corp., Huntington
Project Series A, AMT,
7.50%, 10/01/2012
----------------
Total Water/Sewer Revenue
(Cost $4,306,083) 4,304,210
----------------
Miscellaneous Revenue: 3.55%
1,780,000 Port Authority of New York & New 1,809,655
Jersey, Consolidated One Hundred
Eighth Series, AMT,
4.75%, 07/15/2000
1,550,000 Port Authority of New York & New 1,598,112
Jersey, Consolidated Fifty-Second
Series, 9.00%, 11/01/2014
----------------
Total Miscellaneous Revenue
(Cost $3,394,282) 3,407,767
----------------
Total Revenue (Cost $12,622,320) 12,668,904
----------------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 1.26%
- --------------------------------------------------------------------------------
Housing: 1.26%
1,200,000 Virgin Islands Housing Finance 1,207,896
Authority, Single Family Revenue,
Mortgage Backed Securities Series B,
FGIC, AMT, 4.00%, 06/01/2000
----------------
Total Housing (Cost $1,200,000) 1,207,896
----------------
Total Asset-Backed Security
(Cost $1,200,000) 1,207,896
----------------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $96,086,236) 100.13% $96,158,873
(Note D, below)
Cash and Other Assets, Less Liabilities (0.13) (120,992)
------- -----------
Net Assets (Equivalent to $12.47
per share based on 7,704,595
shares of capital stock outstanding) 100.00% $96,037,881
======= ===========
- --------------------------------------------------------------------------------
(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) When-issued security
(C) $2,100,000 principal amount segregated as collateral for when-issued
securities
(D) At March 31, 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>
This page intentionally left blank.
<PAGE>
This page left intentionally blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 1999
Schedule of Investments
Taxable Bond
Portfolios
----------------------------
----------------------------
----------------------------
----------------------------
Intermediate Duration
----------------------------
Short Duration Plus
----------------------------
Government Short Duration
<PAGE>
(Blank Page)
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
March 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- --------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 104.65%
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 9.98%
- --------------------------------------------------------------------------------
Commercial Paper: 3.57%
91,246,000 Prudential Funding Corp., $ 91,246,000
Discount rate 5.05%, 04/01/1999
-------------
Total Commercial Paper (Cost $91,246,000) 91,246,000
-------------
U.S. Government Agency: 6.41%
172,200,000 Federal Home Loan Bank 164,089,380
Consolidated Discount Notes,
Discount rate 4.69%, 03/16/2000
-------------
Total U.S. Government Agency
(Cost $164,348,158) 164,089,380
-------------
Total Short-Term Investments
(Cost $255,594,158) 255,335,380
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION
SECURITIES: 15.34%
- -------------------------------------------------------------------------------
162,158,464 3.625%, 07/15/2002 161,144,973
(Notes A, B & C, p. 8)
113,963,792 3.375%, 01/15/2007 (Note D, p. 8) 109,761,377
97,857,249 3.625%, 01/15/2008 (Note E, p. 8) 95,533,140
27,252,573 3.625%, 04/15/2028 26,077,305
-------------
Total U.S. Treasury Inflation Protection
Securities (Cost $396,414,716) 392,516,795
-------------
- -------------------------------------------------------------------------------
AGENCY INFLATION PROTECTION SECURITY: 1.20%
- -------------------------------------------------------------------------------
32,627,002 Tennessee Valley Authority Bonds, 30,546,705
3.375%, 01/15/2007
-------------
Total Agency Inflation Protection
Security (Cost $30,546,705) 30,546,705
-------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 7.83%
- -------------------------------------------------------------------------------
8,284,450 Federal National Mortgage 7,552,331
Association Remic Trust Series
1997-67 GA, 4.00%, 02/25/2009
5,383,373 Federal National Mortgage 5,406,617
Association Remic Trust Series
1994-20 Z, 6.50%, 02/25/2009
6,890,000 Federal National Mortgage 6,892,859
Association Series 1998-M2 Class B,
6.247%, 03/17/2021
13,454,231 Federal National Mortgage 11,295,797
Association Principal Only Remic
Series 1997-50 J, 0.00%, 01/25/2022
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
9,860,000 Federal Home Loan Mortgage Corp. $ 9,736,701
Series 2095 PM, 6.00%, 10/15/2022
14,174,310 Federal National Mortgage 2,991,873
Association Interest Only Strip
Series 270 2, 8.50%, 09/01/2023
27,895,000 Federal Home Loan Mortgage Corp. 27,478,249
Series 1584 L, 6.50%, 09/15/2023
4,949,000 Federal Home Loan Mortgage Corp. 4,943,012
Series 1650 K, 6.50%, 01/15/2024
851,184 G.E. Capital Mortgage Services, Inc. 854,764
Series 1994-11-CA Class A1,
6.50%, 03/25/2024
1,108,759 Prudential Home Mortgage 1,121,022
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
29,107,000 Federal Home Loan Mortgage Corp. 28,502,302
Series 2082 PG, 6.25%, 10/15/2026
19,610,000 Federal Home Loan Mortgage Corp. 19,028,442
Series 2123 PE, 6.00%, 12/15/2027
8,150,000 Green Tree Financial Corp. 8,093,928
Series 1998-4 Class A7,
6.87%, 03/01/2028
12,982,000 Federal Home Loan Mortgage Corp. 12,766,936
Series 2086 PJ, 6.50%, 09/15/2028
4,789,545 Federal National Mortgage Association 4,441,862
Remic Series 1998-62 N Support Z,
6.50%, 11/25/2028 (Note F, p. 8)
8,210,000 Federal Home Loan Mortgage Corp. 7,629,138
Series 2103 TE, 6.00%, 12/15/2028
9,649,000 Federal Home Loan Mortgage Corp. 8,960,289
Series 2109 PE, 6.00%, 12/15/2028
5,782,000 BankBoston Home Equity Loan Trust 5,672,749
Series 1998-2 Class A6,
6.64%, 12/25/2028
2,690,000 Federal Home Loan Mortgage Corp. 2,492,079
Series 2112 PG, 6.00%, 01/15/2029
8,795,000 Green Tree Financial Corp. Series 8,719,847
1999-1 Class A5, 6.11%, 03/01/2030
8,500,000 Green Tree Financial Corp. 8,169,333
Series 1998-6 Class A8,
6.66%, 06/01/2030 (Note F, p. 8)
7,517,104 Federal National Mortgage 7,511,924
Association Series 1997-M2 Z,
7.349%, 01/17/2037 (Note F, p. 8)
-------------
Total Mortgage Derivatives (Cost $202,778,019) 200,262,054
-------------
- -------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.95%
- -------------------------------------------------------------------------------
10,903,374 EMAC Owner Trust Series 1998-1 10,791,560
Class A1, Rule 144A,
6.11%, 07/15/2003 (Note F, p. 8)
2,692,403 Allied Capital Commercial Mortgage 2,683,852
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 09/25/2003
(Note F, p. 8)
*See Note 1, page 22 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
1,945,266 Federal Home Loan Mortgage Corp. $ 1,995,483
Pool #W20002, 6.775%, 11/01/2003
(Note F, p. 8)
1,523,441 Federal National Mortgage 1,567,575
Association DUS Pool #073789,
6.85%, 12/01/2003 (Note F, p. 8)
5,000,000 Beverly Finance Corp., Rule 144A, 5,294,800
8.36%, 07/15/2004
11,728,416 TVO Southwest Mortgage 12,485,263
Series 1994-MF1 Class A1,
Rule 144A, 9.37%, 11/18/2004
(Note F, p. 8)
9,315,000 Morgan Stanley Capital I 9,460,724
Series 1997-LB1 Class A2,
Rule 144A, 6.86%, 07/15/2005
(Note F, p. 8)
10,708,394 Chase Commercial Mortgage 11,365,301
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
7,900,000 DLJ Mortgage Acceptance Corp. 8,302,655
Series 1996-CF1 Class A2,
7.669%, 02/12/2006 (Note F, p. 8)
9,530,472 Chase Commercial Mortgage 9,898,015
Securities Corp. Series 1996-2
Class A2, 6.90%, 09/19/2006
11,577,839 Federal National Mortgage 12,167,641
Association DUS Pool #313543,
6.981%, 06/01/2007
9,035,000 Credit Suisse First Boston Mortgage 9,155,120
Securities Corp. Series 1997-C2
Class A2, 6.52%, 07/17/2007
11,300,000 CTFS Funding Corp. Series 1997-1 11,460,550
Class A2, Rule 144A,
6.716%, 12/19/2007 (Note F, p. 8)
8,675,000 Mortgage Capital Funding Inc. 8,887,147
Series 1998-MC1 Class B,
6.779%, 01/18/2008
17,150,000 Deutsche Mortgage & Asset 17,028,389
Receiving Corp. Series 1998-C1
Class B, 6.664%, 02/15/2008
(Note F, p. 8)
11,705,000 GMAC Commercial Mortgage Security 11,983,286
Inc. Series 1998-C1 Class C,
6.806%, 04/15/2008
13,100,000 Credit Suisse First Boston Mortgage 13,113,296
Securities Corp. Series 1998-C2
Class A2, 6.30%, 11/15/2008
12,000,000 Fairfax Funding Trust Series 11,871,948
1998-1A Class A, Rule 144A,
6.483%, 04/02/2013 (Note F, p. 8)
10,677 Federal National Mortgage 11,826
Association DUS Pool #303305,
12.00%, 05/01/2016
2,946,941 FMAC Loan Receivables Trust Series 2,917,298
1998-A Class A1, 6.20%, 09/15/2020
(Note F, p. 8)
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
4,787,016 FMAC Loan Receivables Trust Series $ 4,696,259
1998-A Class A2, 6.50%, 09/15/2020
(Note F, p. 8)
3,260,000 FMAC Loan Receivables Trust Series 3,183,028
1998-A Class A3, 6.69%, 09/15/2020
(Note F, p. 8)
1,434,411 Asset Securitization Corp. Series 1,468,012
1996-D3 Class A1A,
7.01%, 10/13/2026
10,015,000 Merrill Lynch Mortgage Investors Inc. 9,158,657
Series 1998-C1 Class B,
6.75%, 11/15/2026 (Note F, p. 8)
8,577,212 J.P. Morgan Commercial Mortgage 8,606,117
Finance Corp. Series 1996-C2
Class A, 6.47%, 11/25/2027
4,291,764 RMF Commercial Series 1995-1 4,308,686
Class A2, 7.10%, 11/28/2027
(Note F, p. 8)
11,500,000 DLJ Mortgage Acceptance Corp. 11,675,490
Series 1995-CF2 Class A1B,
Rule 144A, 6.85%, 12/17/2027
(Note F, p. 8)
3,565,441 Asset Securitization Corp. 3,750,826
Series 1997-MD7 Class A1A,
7.32%, 01/13/2030
16,204,000 J.P. Morgan Commercial Mortgage 16,521,679
Finance Corp. Series 1998-C6
Class B, 6.735%, 01/15/2030
13,605,000 Nomura Asset Securities Corp. 13,609,150
Series 1998-D6 Class A2,
6.769%, 03/15/2030
12,445,000 Morgan Stanley Capital I 12,649,658
Series 1998-XL1 Class A2,
6.45%, 06/03/2030
10,076,815 Morgan Stanley Capital I 10,307,121
Series 1997-XL1 Class A1,
6.59%, 10/03/2030
17,465,000 Goldman Sachs Mortgage Securities 17,773,519
Corp. II Series 1998 Class A2,
6.562%, 04/13/2031
12,435,000 Lehman Brothers Large Loan 12,848,029
Series 1997-LLI Class A2,
6.84%, 10/12/2034
11,077,723 Credit Suisse First Boston Mortgage 11,223,894
Securities Corp. Series 1997-C2
Class A1, 6.40%, 01/17/2035
31,995,000 Morgan Stanley Capital I 31,459,244
Series 1998-XL2 Class A2,
6.17%, 10/03/2035
11,174,303 First Union Lehman Brothers-Bank of 11,279,900
America Series 1998 C2 Class A1,
6.28%, 11/18/2035
-------------
Total Commercial Mortgage-Backed Securities
(Cost $357,546,665) 356,960,998
-------------
2 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 14.99%
- -------------------------------------------------------------------------------
12,340,000 Federal National Mortgage $ 12,019,925
Association Pool TBA,
5.50%, 04/19/2014 (Note G, p. 8)
22,905,000 Federal National Mortgage 22,740,359
Association Pool TBA,
6.00%, 04/19/2014 (Note G, p. 8)
3,549,700 Government National Mortgage 3,838,006
Association Pool #267832,
9.50%, 11/15/2017
1,827,637 Government National Mortgage 1,962,589
Association Pool #312952,
9.00%, 08/15/2021
2,748,009 Government National Mortgage 2,968,454
Association Pool #780118,
9.50%, 08/15/2021
3,624,285 Government National Mortgage 3,915,025
Association Pool #780049,
9.50%, 11/15/2021
3,441,685 Government National Mortgage 3,717,777
Association Pool #780254,
9.50%, 11/15/2021
2,249,749 Government National Mortgage 2,345,768
Association Pool #392349,
8.00%, 07/15/2024
4,757,107 Federal National Mortgage 4,996,437
Association Pool #190267,
8.50%, 10/01/2024
2,737,375 Government National Mortgage 2,955,708
Association Pool #780012,
9.50%, 10/15/2024
1,038,540 Federal National Mortgage 1,093,074
Association Pool #313335,
8.50%, 12/01/2024
105 Federal Home Loan Mortgage Corp. 110
Pool #C80297, 8.50%, 05/01/2025
3,764,356 Federal National Mortgage 3,962,023
Association Pool #190274,
8.50%, 10/01/2025
2,071 Federal National Mortgage 2,176
Association Pool #190280,
8.50%, 01/01/2026
1,492,880 Federal National Mortgage 1,569,240
Association Pool #250653,
8.50%, 08/01/2026
9,475,000 Government National Mortgage 9,877,498
Association Pool #425449,
8.00%, 08/15/2026
46,601 Government National Mortgage 49,308
Association Pool #442121,
8.50%, 11/15/2026
8,140,010 Government National Mortgage 8,276,355
Association Pool #780651,
7.00%, 10/15/2027
32,577,471 Federal National Mortgage 34,243,809
Association Pool #190297,
8.50%, 02/01/2028
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
8,882,639 Federal National Mortgage $ 9,329,525
Association Pool #457264,
8.50%, 02/01/2028
7,860,617 Government National Mortgage 7,835,934
Association Pool #780813,
6.50%, 06/15/2028
7,579,615 Government National Mortgage 7,555,815
Association Pool #434058,
6.50%, 11/15/2028
7,283,487 Government National Mortgage 7,260,617
Association Pool #453451,
6.50%, 11/15/2028
5,030,587 Government National Mortgage 5,014,791
Association Pool #477534,
6.50%, 11/15/2028
7,470,796 Government National Mortgage 7,447,338
Association Pool #490756,
6.50%, 11/15/2028
5,232,808 Government National Mortgage 5,216,377
Association Pool #493629,
6.50%, 11/15/2028
6,015,228 Government National Mortgage 5,996,340
Association Pool #493630,
6.50%, 11/15/2028
6,194,997 Government National Mortgage 6,175,545
Association Pool #493638,
6.50%, 11/15/2028
4,790,482 Government National Mortgage 4,775,440
Association Pool #780892,
6.50%, 11/15/2028
128,535,000 Federal National Mortgage 128,052,994
Association Pool TBA,
6.50%, 04/14/2029 (Note G, p. 8)
60,255,000 Federal National Mortgage 63,324,269
Association Pool TBA,
8.50%, 04/14/2029 (Note G, p. 8)
4,900,000 Government National Mortgage 5,106,721
Association Pool TBA,
8.00%, 04/22/2029 (Note G, p. 8)
-------------
Total Mortgage Pass-Throughs
(Cost $382,266,353) 383,625,347
-------------
- -------------------------------------------------------------------------------
FINANCE: 7.23%
- -------------------------------------------------------------------------------
1,605,000 Lehman Brothers Inc. 1,611,998
Senior Subordinated Notes,
10.00%, 05/15/1999
7,570,000 Capital One Bank Medium-Term 7,585,291
Notes, 6.83%, 05/17/1999
5,165,000 Associates Corp. of North America 5,212,260
Notes, 7.25%, 09/01/1999
2,270,000 Lehman Brothers Holdings Inc. 2,284,632
Medium-Term Notes,
7.11%, 09/27/1999
5,725,000 Lehman Brothers Inc. Medium-Term 5,755,898
Notes, 6.84%, 10/07/1999
7,470,000 Salomon Inc. Medium-Term Notes, 7,583,693
6.625%, 11/30/2000
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
15,390,000 Heller Financial Inc. Medium-Term $ 15,308,449
Notes, 5.48%, 02/05/2001
15,115,000 Transamerica Finance Corp. 15,057,578
Medium-Term Notes,
5.48%, 02/05/2001 (Note F, p. 8)
10,600,000 Heller Financial Inc. Medium-Term 10,624,126
Notes, 5.746%, 02/26/2001
(Note F, p. 8)
10,560,000 Case Credit Corp. Medium-Term 10,583,654
Notes, 6.12%, 08/01/2001
25,755,000 Merrill Lynch & Co., Inc. 25,839,837
Medium-Term Notes,
5.73%, 02/26/2002 (Note F, p. 8)
5,000,000 Textron Financial Corp., Rule 144A, 4,981,335
5.84%, 02/19/2003
21,240,000 Korea Development Bank, Global 20,497,450
Bond, U.S. Dollar Denominated
Notes, 7.25%, 05/15/2006
6,340,000 Transamerica Capital II, 6,331,758
Rule 144A, 7.65%, 12/01/2026
11,645,000 AON Capital Trust A, 12,799,718
8.205%, 01/01/2027
8,595,000 Southtrust Bank North America, 8,498,392
6.125%, 01/09/2028,
Putable 01/09/2008 @100
7,000,000 Citigroup Capital III, 7,234,430
7.625%, 12/01/2036
13,525,000 Associates Corp. of North America 13,423,292
Notes, 5.96%, 05/15/2037, Putable
Annually 05/15/1999-05/15/2036 @100
3,795,000 Transamerica Capital III, 3,778,150
Rule 144A, 7.625%, 11/15/2037
-------------
Total Finance (Cost $185,701,027) 184,991,941
-------------
- -------------------------------------------------------------------------------
INDUSTRIAL: 13.45%
- -------------------------------------------------------------------------------
7,140,000 Boise Cascade Corp., 7,349,202
9.90%, 03/15/2000
9,450,000 Owens Corning Medium-Term Notes, 9,562,171
7.00%, 05/15/2000
8,255,000 B.A.T. Crave Trust 8,340,852
Series 1997-800, Rule 144A,
6.68%, 08/12/2000
10,500,000 Rite Aid Corp., Rule 144A, 10,400,775
5.50%, 12/15/2000
11,380,000 TTX Co. Medium-Term Notes, 11,423,392
5.75%, 03/23/2001 (Note F, p. 8)
1,735,000 International Paper Co., 1,754,727
7.00%, 06/01/2001
13,060,000 Philip Morris Inc., 13,428,031
7.25%, 09/15/2001
3,212,000 Boise Cascade Corp., 3,450,234
9.85%, 06/15/2002
6,560,000 Temple-Inland Inc. Medium-Term 6,517,426
Notes, 6.75%, 03/01/2009
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
4,480,000 Noble Drilling Corp. Senior Notes, $ 4,554,144
7.50%, 03/15/2019
13,195,000 Quebec Province, Canada, Yankee 14,399,967
Bond, 7.50%, 07/15/2023
6,160,000 Motorola Inc. Debentures, 6,347,695
6.50%, 09/01/2025,
Putable 09/01/2005 @100
3,995,000 Champion International Corp., 4,018,770
6.40%, 02/15/2026,
Putable 02/15/2006 @100
7,705,000 Apache Corp., 7,652,529
7.70%, 03/15/2026
7,740,000 Ford Motor Co., 8,287,071
7.50%, 08/01/2026
7,075,000 Champion International Corp. 7,596,286
Debentures, 7.20%, 11/01/2026,
Putable 11/01/2011 @100
5,000,000 Coca-Cola Enterprises Inc., 5,070,975
6.95%, 11/15/2026
10,955,000 TTX Co. Medium-Term Notes, 11,048,041
Rule 144A, 5.98%, 07/15/2027,
Putable 07/15/1999 @100
16,000,000 Dayton Hudson Corp., 16,037,280
5.865%, 08/15/2027, Putable Annually
08/15/1999-08/15/2026 @100
6,265,000 Sherwin Williams Medium-Term Notes, 6,274,210
5.50%, 10/15/2027,
Putable 10/15/1999 @100
11,180,000 TRW Inc. Senior Notes, 10,435,859
6.65%, 01/15/2028
7,925,000 Ingersoll Rand Medium-Term Notes, 8,013,784
6.015%, 02/15/2028, Putable Annually
02/15/2001-02/15/2027 @100
3,680,000 Baxter International Inc. 3,531,438
Debentures, 6.625%, 02/15/2028
4,725,000 Lowe's Companies Inc. Debentures, 4,763,036
6.875%, 02/15/2028
7,790,000 GTE Corp. Debentures, 7,977,116
6.94%, 04/15/2028
3,720,000 Tyco International Group S.A., 3,724,092
7.00%, 06/15/2028
9,720,000 State of Israel, Yankee Bond, 8,735,170
7.25%, 12/15/2028
5,200,000 Tyco International Group S.A., 5,111,964
6.875%, 01/15/2029
9,000,000 Norsk Hydro A/S Debentures, 8,864,514
Yankee Bond, 7.15%, 01/15/2029
6,025,000 Burlington Resources Inc. 6,221,174
Debentures, 7.375%, 03/01/2029
2,935,000 New Jersey Bell Telephone Co. 3,367,179
Debentures, 7.85%, 11/15/2029,
Putable 11/15/1999 @100
6,045,000 Ford Motor Co., 7,531,163
8.90%, 01/15/2032
17,295,000 Merck & Co. Medium-Term Notes 16,851,902
Series B, 5.76%, 05/03/2037, Putable
Annually 05/03/1999-05/03/2036 @100
4 Sanford C. Bernstein Fund, Inc.-- Semiannual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
14,125,000 Cargill Inc. Medium-Term Notes, $ 14,140,820
Rule 144A, 5.95%, 05/15/2037,
Putable Annually
05/15/1999-05/15/2036 @100
5,085,000 Xerox Corp. Medium-Term Notes, 5,074,169
5.875%, 06/15/2037,
Putable 06/15/1999 @100
9,995,000 Dayton Hudson Corp., 10,007,194
5.895%, 06/15/2037, Putable Annually
06/15/1999-06/15/2036 @100
17,790,000 Xerox Corp. Medium-Term Notes, 17,041,041
5.545%, 07/22/2037, Putable Annually
07/22/1999-07/22/2036 @100
17,760,000 American General Institutional 18,530,269
Capital Series A, Rule 144A,
7.57%, 12/01/2045
4,425,000 American General Institutional 4,933,344
Capital Series B, Rule 144A,
8.125%, 03/15/2046
5,945,000 International Business Machines 6,182,562
Corp., 7.125%, 12/01/2096
4,330,000 Ford Motor Co., 4,681,856
7.70%, 05/15/2097
5,230,000 Noble Affiliates Inc. Debentures, 4,923,731
7.25%, 08/01/2097
-------------
Total Industrial (Cost $345,823,551) 344,157,155
-------------
- -------------------------------------------------------------------------------
UTILITIES: 1.22%
- -------------------------------------------------------------------------------
8,310,000 Commonwealth Edison Co., 8,453,514
9.05%, 10/15/1999
6,570,000 Niagara Mohawk Power Corp., 6,670,258
6.875%, 03/01/2001
7,600,000 Hyder PLC, Rule 144A, U.S. Dollar 7,556,589
Denominated Notes,
7.375%, 12/15/2028 (Note F, p. 8)
8,615,000 Union Oil Co. of California, 8,603,628
7.50%, 02/15/2029
-------------
Total Utilities (Cost $30,938,089) 31,283,989
-------------
- -------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 3.59%
- -------------------------------------------------------------------------------
3,880,000 New York City General Obligation 3,895,016
Series E, 6.35%, 08/01/1999
12,045,000 Long Island Power Authority, New 12,110,525
York Electric Systems Revenue,
5.94%, 12/01/1999
12,000,000 New York City General Obligation 12,241,200
Series B, 6.85%, 08/15/2000
33,245,000 Florida Residential Property & 34,298,866
Casualty Series A, Rule 144A,
7.25%, 07/01/2002
8,685,000 Florida Windstorm Underwriting 8,734,678
Secured Notes, Rule 144A,
7.125%, 02/25/2019
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
3,500,000 Richmond County, Georgia $ 3,500,000
Development Authority Industrial
Development Revenue, Monsanto Co.
Project, 6.00%, 06/01/2020
10,850,000 Portland, Oregon Airport Revenue, 10,905,335
Adjustable Rate Note,
5.76%, 07/01/2028
6,460,000 Alameda Corridor Transportation 6,159,416
Authority, Taxable Senior Lien
Series C, 6.60%, 10/01/2029
-------------
Total Taxable Municipals (Cost $91,079,591) 91,845,036
-------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 4.62%
- -------------------------------------------------------------------------------
2,650,000 Health Care Receivables, 2,661,888
Securitization Program Notes
Series 1997-1A Class A, Rule 144A,
6.339%, 07/01/2000 (Note F, p. 8)
4,200,000 Health Care Receivables, 4,215,057
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note F, p. 8)
7,465,000 Felco Funding II Series 1998-1 7,478,303
Class A1, 5.97%, 10/15/2000
(Note F, p. 8)
17,399,000 Felco Funding II Auto Lease-Backed 17,443,054
Notes Series 1998-1 Class A2,
Rule 144A, 5.98%, 09/15/2001
(Note F, p. 8)
7,550,000 Health Care Receivables, 7,607,554
Securitization Program Notes
Series 1996-1A Class A, Rule 144A,
6.22%, 06/01/2002 (Note F, p. 8)
3,270,000 The Money Store Auto Trust 3,306,771
Series 1996-2, 6.435%, 06/20/2003
713,061 Newcourt Receivables Asset Trust 714,548
Series 1996-2, Asset-Backed Notes
Class A, 6.87%, 06/20/2004
1,883,193 Copelco Capital Funding Corp. II, 1,911,385
Class A Lease-Backed Notes
Series 1996-A, 6.34%, 07/20/2004
1,273,645 Copelco Capital Funding Corp. II, 1,280,516
Class B Lease-Backed Notes
Series 1996-A, 6.59%, 07/20/2004
8,563,475 Capital Asset Research Funding, 8,602,302
Rule 144A, 6.40%, 12/15/2004
(Note F, p. 8)
805,906 Newcourt Receivables Asset Trust 806,974
Series 1996-3, Asset-Backed Notes
Class A, 6.24%, 12/20/2004
11,325,000 Newcourt Receivables Asset Trust 11,404,218
Series 1997-1, Asset-Backed Notes
Class A4, 6.193%, 05/20/2005
5,841,366 New York City Tax Lien Trust 5,885,135
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note F, p. 8)
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
383,909 New York City Tax Lien Trust $ 386,602
Series 1997-1 Class B, Rule
144A, 6.56%, 05/25/2005 (Note F, p. 8)
3,900,711 ABFS Equipment Contract Trust, 3,912,795
Series 1998-A Class A,
6.10%, 10/15/2005 (Note F, p. 8)
849,499 Green Tree Financial Corp. 847,800
Series 1996-A, Class A2,
5.70%, 02/15/2018
14,360,994 Green Tree Recreational, Equipment & 14,449,386
Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
12,340,000 Green Tree Financial Corp. 12,189,760
Series 1999-1, Class A4,
5.76%, 03/01/2030
13,020,000 Green Tree Financial Corp. 13,068,929
Series 1999-2, Class A4,
6.48%, 12/01/2030 (Note F, p. 8)
-------------
Total Asset-Backed Securities (Cost $117,788,806) 118,172,977
-------------
- -------------------------------------------------------------------------------
HIGH YIELD: 9.07%
- -------------------------------------------------------------------------------
5,515,000 Advanta Corp., 5,488,693
7.075%, 09/15/1999
1,040,000 Loewen Group International, Rule 144A, 728,158
6.70%, 10/01/1999 (Note F, p. 8)
460,000 Advanta Corp., 450,193
6.574%, 01/27/2000
6,415,000 Meditrust Notes, 6,260,206
7.375%, 07/15/2000
1,000,000 Century Communications Corp., 1,032,500
9.50%, 08/15/2000
7,115,000 Medpartners Inc. 6,625,844
Senior Subordinated Notes,
6.875%, 09/01/2000
1,900,000 Niagara Mohawk Power Corp. 1,919,627
Senior Notes Series B,
7.00%, 10/01/2000
3,135,000 Revlon Worldwide, 1,943,700
0.00%, 03/15/2001
5,440,000 Continental Airlines Inc., 5,589,600
9.50%, 12/15/2001
3,155,000 Fleming Companies Inc. 3,261,481
Senior Notes, 10.625%, 12/15/2001,
Callable 12/15/1999 @103
6,200,000 Adelphia Communications, 6,510,000
9.25%, 10/01/2002
4,915,000 Interpool Inc., 4,522,193
6.625%, 03/01/2003
4,305,000 Century Communications Corp., 3,110,363
0.00%, 03/15/2003
6,390,000 Healthsouth Corp., 5,239,800
3.25%, 04/01/2003,
Callable 04/05/2001 @101.30
2,200,000 US Air Inc., 2,323,750
9.625%, 09/01/2003
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
6,965,000 Veritas DGC Inc., Rule 144A, $ 7,065,804
9.75%, 10/15/2003,
Callable 10/15/2000 @104.87
(Note F, p. 8)
3,505,000 Allied Waste North America Inc. 3,426,138
Series B, 7.375%, 01/01/2004
1,812,424 America West Airlines, 1,889,434
10.50%, 01/02/2004 (Note F, p. 8)
3,490,000 Verio Inc. Senior Notes, 4,057,125
13.50%, 06/15/2004,
Callable 04/01/2002 @105.19
4,920,000 Kaufman & Broad Home Corp. 4,889,250
Senior Notes, 7.75%, 10/15/2004
4,035,000 Unisys Corp., 4,579,725
11.75%, 10/15/2004,
Callable 10/15/2001 @103.92
3,210,000 Tenet Healthcare Corp. 3,246,209
Senior Notes, 8.00%, 01/15/2005
2,385,000 Verio Inc. Senior Notes, 2,557,913
10.375%, 04/01/2005,
Callable 04/01/2002 @105.19
4,965,000 Chesapeake Energy Senior Notes 4,170,600
Series B, 9.625%,
05/01/2005
2,835,000 NVR Inc. Senior Notes, 2,792,475
8.00%, 06/01/2005,
Callable 06/01/2003 @104
1,000,000 Westpoint Stevens Inc., 1,030,000
7.875%, 06/15/2005
6,105,000 Jones International Networks Ltd., 4,029,300
11.75%, 07/01/2005,
Callable 07/01/2003 @105.87
3,725,000 Worldwide Fibre Inc. Senior Notes, 3,929,875
Rule 144A, 12.50%, 12/15/2005,
Callable 12/15/2003 @106.25
2,120,000 Allied Waste North America Inc. 2,067,000
Series B, 7.625%, 01/01/2006
3,770,000 Federal-Mogul Co., Rule 144A, 3,686,231
7.375%, 01/15/2006
7,150,000 Echostar DBS Corp. Senior Notes, 7,418,125
Rule 144A, 9.25%, 02/01/2006,
Callable 02/01/2003 @104.63
5,040,000 Generac Portable Products, 5,254,200
Rule 144A, 11.25%, 07/01/2006
660,000 Ball Corp. Senior Notes, Rule 144A, 684,750
7.75%, 08/01/2006
750,000 Consumers Packaging Inc. Senior 774,375
Notes, Rule 144A, 9.75%, 02/01/2007,
Callable 02/01/2003 @100
1,925,000 RCN Corp. Senior Discount Notes, 1,299,375
0.00%, 10/15/2007
2,050,000 MDC Holdings Inc., 2,024,375
8.375%, 02/01/2008
3,640,000 Standard Pacific Corp., 3,512,600
8.00%, 02/15/2008
Callable 02/15/2003 @104
3,150,000 Interface Inc. Senior Notes, 3,091,221
7.30%, 04/01/2008
6 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
1,240,000 Pool Energy Services Co. $ 1,249,300
Senior Subordinated Notes,
8.625%, 04/01/2008
2,225,000 Beazer Homes USA Senior Notes, 2,147,125
8.875%, 04/01/2008,
Callable 04/01/2003 @104.44
1,212,744 Continental Airlines Inc., 1,319,059
11.50%, 04/02/2008
2,360,000 P&L Coal Holdings Corp., 2,475,050
9.625%, 05/15/2008, Callable
05/15/2003 @104.81
4,990,000 Loewen Group International Inc. 2,632,225
Senior Guaranteed Notes, Rule 144A,
7.60%, 06/01/2008
1,495,000 Tenet Healthcare Corp. 1,450,404
Senior Notes, Rule 144A,
7.625%, 06/01/2008
1,090,000 United Rentals Inc., Rule 144A, 1,106,350
9.50%, 06/01/2008
6,355,000 Hadco Corp., 6,307,337
9.50%, 06/15/2008
4,610,000 United Rentals Inc. Senior 4,621,525
Subordinated Notes,
8.80%, 08/15/2008
2,920,000 Great Lakes Dredge & Dock, 3,109,800
Rule 144A, 11.25%, 08/15/2008
Callable 08/15/2003 @105.63
1,770,000 Niagara Mohawk Power Corp. 1,909,211
Senior Notes Series G,
7.75%, 10/01/2008
5,645,000 Cogentrix Energy Inc. Senior Notes, 5,927,250
Rule 144A, 8.75%, 10/15/2008
6,350,000 Agrilink Foods Inc. Senior 6,778,625
Subordinated Notes, Rule 144A,
11.875%, 11/01/2008
11,150,000 Level 3 Communications Inc. 7,024,500
Senior Discount Notes, Rule 144A,
0.00%, 12/01/2008,
Callable 12/01/2003 @105.25
6,500,000 Primark Corp. Senior Subordinated 6,605,625
Notes, Rule 144A, 9.25%, 12/15/2008,
Callable 12/15/2003 @105.63
2,430,000 Federal-Mogul Co., Rule 144A, 2,373,867
7.50%, 01/15/2009
4,230,000 Group Maintenance America Corp. 4,335,750
Senior Subordinated Notes,
Rule 144A, 9.75%, 01/15/2009,
Callable 01/15/2004 @104.88
5,220,000 D.R. Horton Inc., 8.00%, 02/01/2009 5,128,650
1,265,000 California Steel Industrial Inc. Senior 1,265,000
Notes, Rule 144A, 8.50%, 04/01/2009
3,290,000 Grove Holdings LLC Senior Discount 2,738,925
Development Notes, Rule 144A,
0.00%, 05/01/2009
6,605,000 Grove Holdings LLC Senior Discount 2,410,825
Development Notes, Rule 144A,
0.00%, 05/01/2009
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
5,750,000 Vintage Petroleum Inc. Senior $ 5,807,500
Subordinated Note, Rule 144A,
9.75%, 06/30/2009,
Callable 02/01/2004 @104.87
5,525,000 Monterrey Power, Rule 144A, 4,613,375
9.625%, 11/15/2009
3,865,000 CSC Holdings Inc., 3,932,637
7.875%, 02/15/2018
12,570,000 Anadarko Petroleum Corp. 12,357,064
Debentures, 7.20%, 03/15/2029
-------------
Total High Yield (Cost $238,576,003) 232,109,187
-------------
- -------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 2.18%
- -------------------------------------------------------------------------------
9,420,000 CP Limited Partnership Senior 9,645,798
Notes, 8.75%, 03/02/2000
7,745,000 First Industrial LP, 7,796,659
6.50%, 04/05/2001
9,645,000 Omega Healthcare Investments Inc., 9,158,603
6.95%, 06/15/2002
10,545,000 Trinet Corp. Realty Trust, 10,573,735
6.75%, 03/01/2003
12,735,000 Security Capital Group Inc., 12,397,268
Rule 144A, 6.95%, 06/15/2005
6,455,000 EOP Operating LP, Rule 144A, 6,274,136
7.25%, 02/15/2018
-------------
Total Real Estate Investment Trusts
(Cost $56,599,644) 55,846,199
-------------
Total U.S. Dollar Investments
(Cost $2,691,653,327) 2,677,653,763
-------------
- -------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 3.15%
- -------------------------------------------------------------------------------
CANADA INDUSTRIAL-CANADIAN DOLLAR DENOMINATED: 0.25%
- -------------------------------------------------------------------------------
C$ 9,945,000
Trizec Hahn Corp., 6,478,580
6.00%, 09/03/2002
-------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $6,363,886) 6,478,580
-------------
- -------------------------------------------------------------------------------
GERMANY GOVERNMENT-EURO DENOMINATED: 1.14%
- -------------------------------------------------------------------------------
EU 22,875,198
Deutschland Republic, 29,138,883
6.25%, 01/04/2024
-------------
Total Germany Government-
Euro Denominated (Cost $32,597,825) 29,138,883
- -------------------------------------------------------------------------------
ITALY FINANCE-EURO DENOMINATED: 0.79%
- -------------------------------------------------------------------------------
EU 36,345,000,000
SCCR Ltd., 20,224,721
4.838%, 05/15/2000 (Note F, p. 8)
-------------
Total Italy Finance-Euro Denominated
(Cost $20,734,921) 20,224,721
-------------
Schedule of Investments--Taxable Bond Portfolio 7
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
UNITED KINGDOM FINANCE-
BRITISH POUND DENOMINATED: 0.97%
- -------------------------------------------------------------------------------
BP 12,700,000
Capital One Master Trust, $ 20,639,594
7.625%, 08/10/1999
BP 2,625,000
General Motors Acceptance Corp., 4,195,676
Floating Rate Note,
7.938%, 09/25/2002 (Note F, below)
-------------
Total United Kingdom Finance-
British Pound Denominated (Cost $25,883,372) 24,835,270
-------------
Total Non-U.S. Dollar Investments
(Cost $85,580,004) 80,677,454
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $2,777,233,331) 107.80% $2,758,331,217
(Note H, below)
Cash and Other Assets, Less Liabilities (7.80) (199,613,330)
------- --------------
Net Assets (Equivalent to $13.04
per share based on 196,269,666
shares of capital stock outstanding) 100.00% $2,558,717,887
======= ==============
- -------------------------------------------------------------------------------
SHORT FUTURES CONTRACTS
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- -------------------------------------------------------------------------------
462 U.S. 30 Year Treasury $55,915,063 $ 215,188
Bond June 1999
39 U.S. 10 Year Treasury 4,508,156 35,344
Note June 1999
-----------
Total Short Futures Contracts $ 250,532
===========
- -------------------------------------------------------------------------------
FOREIGN CURRENCIES
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
1,226 Australian Dollar $ 778
91,705 British Pound 148,057
1,862,587 Euro 2,013,921
-----------
Total Foreign Currencies $ 2,162,756
-------------
- -------------------------------------------------------------------------------
(A) $1,200,000 principal amount pledged as collateral for futures transactions
(B) $71,000,000 principal amount segregated as collateral for futures
transactions
(C) $89,500,000 principal amount segregated as collateral for when-issued
securities
(D) $113,500,000 principal amount segregated as collateral for when-issued
securities
(E) $70,000,000 principal amount segregated as collateral for when-issued
securities
(F) Fair-valued security
(G) When-issued security
(H) At March 31, 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 Plus Portfolio
March 31, 1999 (Unaudited)
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 97.78%
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 17.89%
- --------------------------------------------------------------------------------
Commercial Paper: 9.31%
5,589,000 Prudential Funding Corp., $ 5,589,000
Discount rate 5.05%, 04/01/1999
22,345,000 Ford Motor Credit Co., 22,239,854
Discount rate 4.84%, 05/06/1999
23,585,000 General Electric, 23,473,790
Discount rate 4.85%, 05/06/1999
-------------
Total Commercial Paper (Cost $51,302,645) 51,302,644
-------------
U.S. Government Agencies: 8.58%
31,725,000 Federal Farm Credit Bank 31,620,942
Consolidated Discount Notes,
Discount rate 4.71%, 04/26/1999
5,747,000 Federal Farm Credit Bank 5,725,161
Consolidated Discount Notes,
Discount rate 4.72%, 04/30/1999
10,000,000 Federal Farm Credit Bank 9,946,500
Consolidated Discount Notes,
Discount rate 4.72%, 05/12/1999
-------------
Total U.S. Government Agencies
(Cost $47,292,626) 47,292,603
-------------
Total Short-Term Investments
(Cost $98,595,271) 98,595,247
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 14.73%
- -------------------------------------------------------------------------------
81,663,938 3.625%, 07/15/2002 81,153,538
(Notes A, B & C, p. 13)
-------------
Total U.S. Treasury Inflation Protection
Security (Cost $81,625,041) 81,153,538
-------------
- -------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 0.36%
- -------------------------------------------------------------------------------
170,885 Prudential Home Mortgage 170,471
Securities Series 1993-54 Class A6,
6.50%, 01/25/2024
754,642 G.E. Capital Mortgage Services, 757,129
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
395,403 G.E. Capital Mortgage Services, 397,066
Inc. Series 1994-11 Class A1,
6.50%, 03/25/2024
669,393 Prudential Home Mortgage 676,797
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
-------------
Total Mortgage Derivatives
(Cost $1,963,066) 2,001,463
-------------
*See Note 1, page 22 in Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 12.52%
- -------------------------------------------------------------------------------
2,752,875 Morgan Stanley Capital Inc. $ 2,773,260
Series 1997-ALIC Class A1A,
6.30%, 10/15/2000
2,725,000 Morgan Stanley Capital Inc. 2,760,330
Series 1997-ALIC Class A1B,
6.44%, 11/15/2002
2,203,297 DLJ Mortgage Acceptance Corp. 2,291,220
Series 1993-MF12 Class A1,
7.35%, 09/18/2003
775,125 Allied Capital Commercial Mortgage 772,663
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 09/25/2003
(Note D, p. 13)
2,764,695 DLJ Mortgage Acceptance Corp. 2,856,226
Series 1994-MF11 Class A1,
8.10%, 06/18/2004 (Note D, p. 13)
2,495,000 Morgan Stanley Capital I 2,534,032
Series 1997-LB1 Class A2,
Rule 144A, 6.86%, 07/15/2005
(Note D, p. 13)
4,396,124 Chase Commercial Mortgage 4,665,804
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
4,215,000 Morgan Stanley Capital I Series 4,311,389
1996-WFI Class A2, Rule 144A,
7.22%, 01/16/2006 (Note D, p. 13)
1,472,190 Federal National Mortgage Association 1,470,403
Series 1998-M2 Class A,
5.929%, 05/25/2006
2,993,568 Prudential Securities Secured 3,006,485
Financing Corp. Series 1998-C1
Class A1A1, 6.105%, 09/15/2007
6,087,479 Federal National Mortgage 6,134,505
Association-ACES Series 1998 M4
Class A, 6.06%, 09/25/2011
3,045,000 Fairfax Funding Trust Series 1998-1A 3,012,507
Class A, Rule 144A,
6.483%, 04/02/2013 (Note D, p. 13)
2,619,503 FMAC Loan Receivables Trust 2,593,154
Series 1998-A Class A1,
6.20%, 09/15/2020 (Note D, p. 13)
2,124,287 FDIC Remic Trust Commercial Mortgage 2,121,323
Class 1996-C1, 6.75%,
05/25/2026
3,184,740 Goldman Sachs Mortgage Securities 3,259,676
Corp. II Series 1996-PL Class A1,
7.02%, 02/15/2027
1,156,421 RMF Commercial Series 1995-1 1,160,981
Class A2, 7.10%, 11/28/2027
(Note D, p. 13)
2,423,137 J. P. Morgan Commercial Mortgage 2,430,103
Finance Corp. Series 1997-C4
Class A1, 6.939%, 12/25/2028
2,708,606 First Union Lehman Brothers 2,784,379
Commercial Mortgage Series 1997-C1
Class A1, 7.15%, 04/18/2029
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
3,774,983 J. P. Morgan Commercial Mortgage $ 3,804,636
Finance Corp. Series 1998-C6
Class A1, 6.373%, 01/15/2030
2,885,794 LB Commercial Conduit Mortgage 2,915,878
Trust Series 1998-C1 Class A1,
6.33%, 02/18/2030
4,242,560 Credit Suisse First Boston 4,230,744
Mortgage Securities Corp.
Series 1998-C2 Class A1,
5.96%, 11/17/2030
2,900,848 Credit Suisse First Boston 2,939,125
Mortgage Securities Corp.
Series 1997-C2 Class A1,
6.40%, 01/17/2035
4,139,475 First Union Lehman Brothers-Bank of 4,178,614
America Series 1998-C2 Class A1,
6.28%, 11/18/2035
-------------
Total Commercial Mortgage-Backed Securities
(Cost $68,971,893) 69,007,437
-------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 2.84%
- -------------------------------------------------------------------------------
4,485 Government National Mortgage 4,792
Association Pool #183717,
9.00%, 11/15/2016
7,176,968 Government National Mortgage 7,576,367
Association Pool #780772,
8.00%, 12/15/2017
4,278,597 Federal National Mortgage 4,493,853
Association Pool #313335,
8.50%, 12/01/2024
2,485,000 Federal Home Loan Mortgage 2,478,012
Corp. Pool TBA,
6.50%, 04/14/2029 (Note E, p. 13)
1,105,000 Federal National Mortgage 1,100,856
Association Pool TBA,
6.50%, 04/14/2029 (Note E, p. 13)
-------------
Total Mortgage Pass-Throughs
(Cost $15,597,893) 15,653,880
-------------
- -------------------------------------------------------------------------------
FINANCE: 16.63%
- -------------------------------------------------------------------------------
2,740,000 Capital One Bank Medium-Term Notes, 2,745,535
6.83%, 05/17/1999
5,070,000 General Motors Acceptance Corp., 5,104,527
8.625%, 06/15/1999
5,575,000 Associates Corp. of North America 5,626,011
Notes, 7.25%, 09/01/1999
5,320,000 Chase Manhattan Corp., 5,398,736
7.75%, 11/01/1999
2,795,000 Associates Corp. of North America 2,857,189
Notes, 8.35%, 12/09/1999
5,725,000 Golden West Financial, 5,784,311
7.00%, 01/15/2000
2,500,000 Paine Webber Group, Inc. 2,525,050
Subordinated Medium-Term Notes,
7.70%, 02/11/2000
Schedule of Investments--Taxable Bond Portfolios 9
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
5,795,000 Ford Motor Credit Co. Medium-Term $ 5,824,670
Notes, 5.73%, 02/23/2000
4,500,000 Key Bank North America, 4,498,871
5.75%, 04/25/2000
1,500,000 Paine Webber Group, Inc. 1,490,745
Subordinated Medium-Term Notes,
5.963%, 07/20/2000
6,815,000 Case Credit Corp. Medium-Term 6,820,691
Notes, 5.95%, 08/01/2000
2,895,000 Lehman Brothers Holdings, Inc. 2,921,541
Senior Subordinated Notes,
6.625%, 11/15/2000
2,775,000 Salomon Inc. Medium-Term Notes, 2,817,236
6.625%, 11/30/2000
3,320,000 Heller Financial Inc. Medium-Term 3,302,407
Notes, 5.48%, 02/05/2001
3,000,000 Boeing Capital Corp. Medium-Term 3,016,665
Notes, 5.56%, 02/05/2001
(Note D, p. 13)
2,935,000 Textron Financial Corp. 2,918,919
Medium-Term Notes, Rule 144A,
5.66%, 02/16/2001 (Note D, p. 13)
2,470,000 Heller Financial Inc. Medium-Term 2,475,622
Notes, 5.746%, 02/26/2001
(Note D, p. 13)
5,760,000 Transamerica Finance Corp. 5,778,547
Medium-Term Notes,
5.89%, 03/05/2001 (Note D, p. 13)
2,860,000 Boeing Capital Corp. Medium-Term 2,884,659
Notes, 6.35%, 07/26/2001
(Note D, p. 13)
5,800,000 Merrill Lynch & Co., Inc. 5,819,105
Medium-Term Notes,
5.73%, 02/26/2002 (Note D, p. 13)
5,365,000 General Motors Acceptance Corp. 5,390,430
Medium-Term Notes,
5.91%, 03/11/2002
5,845,000 Korea Development Bank, Global 5,640,659
Bond, U.S. Dollar Denominated
Notes, 7.25%, 05/15/2006
-------------
Total Finance (Cost $91,318,686) 91,642,126
-------------
- -------------------------------------------------------------------------------
INDUSTRIAL: 8.25%
- -------------------------------------------------------------------------------
2,875,000 Sears Roebuck Acceptance Corp. 2,893,860
Medium-Term Notes,
6.27%, 11/15/1999
3,100,000 Norfolk Southern Corp., 3,140,207
6.70%, 05/01/2000
1,500,000 Owens Corning Medium-Term Notes, 1,517,805
7.00%, 05/15/2000
4,820,000 Whirlpool Corp., 5,013,860
9.50%, 06/15/2000
3,600,000 Rite Aid Corp., Rule 144A, 3,565,980
5.50%, 12/15/2000
5,500,000 Tyco International Group S.A., 5,531,130
6.125%, 06/15/2001
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
3,730,000 Burlington North Sante Fe Pacific, $ 3,941,416
8.375%, 11/01/2001
2,795,000 Union Oil Co. of California Medium- 2,904,983
Term Notes, 7.64%, 04/22/2002
4,200,000 TTX Co., 4,170,894
6.29%, 05/15/2002
4,950,000 Apache Corp., 5,346,297
9.25%, 06/01/2002
1,495,000 Interpool Inc., 1,375,520
6.625%, 03/01/2003
1,525,000 Healthsouth Corp., 1,250,500
3.25%, 04/01/2003,
Callable 04/05/2001 @101.30
1,895,000 Champion International Corp., 1,906,275
6.40%, 02/15/2026,
Putable on 02/15/2006 @100
3,000,000 Merck & Co. Medium-Term Notes, 2,923,140
5.76%, 05/03/2037, Putable Annually
05/03/1999-05/03/2036 @100
-------------
Total Industrial (Cost $45,743,112) 45,481,867
-------------
- -------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 4.10%
- -------------------------------------------------------------------------------
3,945,000 Chicago, Illinois Tax Increment 3,951,036
Allocation Series B, 6.00%, 06/01/1999
3,605,000 New York City General Obligation 3,614,481
Series B, 5.95%, 08/01/1999
5,250,000 New York City General Obligation 5,270,318
Series E, 6.35%, 08/01/1999
1,490,000 New York State Environmental Facilities 1,496,243
Series A, 6.31%, 09/15/1999
5,800,000 Richmond County, Georgia 5,800,000
Development Authority Industrial
Development Revenue, Monsanto Co.
Project, 6.00%, 06/01/2020,
Putable 06/01/1999 @100
2,490,000 Torrance, California Redevelopment 2,488,008
Agency, Taxable Refunding Tax
Allocation Senior Lien,
6.81%, 09/01/2028
-------------
Total Taxable Municipals (Cost $22,574,566) 22,620,086
-------------
- -------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 10.02%
- -------------------------------------------------------------------------------
500,000 Health Care Receivables, 502,243
Securitization Program Notes
Series 1997-1 Class A, Rule 144A,
6.339%, 07/01/2000
1,700,000 Health Care Receivables, 1,706,095
Securitization Program Notes
Series 1996-1 Class A, Rule 144A,
7.20%, 07/01/2000 (Note D, p. 13)
5,310,000 Copelco Capital Funding Corp. 5,326,541
Series 1998-A Class A2,
5.78%, 08/15/2000
8,635,000 Felco Funding II Series 1998-1 8,650,388
Class A1, Rule 144A,
5.97%, 10/15/2000 (Note D, p. 13)
10 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
498,557 TLFC IV Equipment Lease Trust $ 499,991
Series 1996-1 Class A,
5.98%, 11/20/2002
7,395,000 Case Equipment Loan Trust Series 7,419,514
1998-B Class A3, 5.81%, 05/15/2003
1,380,000 The Money Store Auto Trust Series 1,395,518
1996-2, 6.435%, 06/20/2003
2,900,000 Pemex Finance Ltd., Rule 144A, 2,900,740
6.125%, 11/15/2003
723,370 Newcourt Receivables Asset Trust 724,878
Series 1996-2, Asset-Backed Note
Class A, 6.87%, 06/20/2004
150,923 Copelco Capital Funding Corp. II, 153,182
Class A Lease-Backed Notes Series
1996-A, 6.34%, 07/20/2004
479,487 Copelco Capital Funding Corp. II, 482,073
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
2,432,027 Capital Asset Research Funding, 2,443,054
Rule 144A, 6.40%, 12/15/2004
(Note D, p. 13)
606,372 Newcourt Receivables Asset Trust 607,176
Series 1996-3, Asset-Backed Note
Class A, 6.24%, 12/20/2004
6,250,000 Newcourt Receivables Asset Trust 6,293,719
Series 1997-1, Asset-Backed Note
Class A4, 6.193%, 05/20/2005
1,970,795 New York City Tax Lien Trust 1,985,562
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note D, p. 13)
118,980 New York City Tax Lien Trust 119,815
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note D, p. 13)
5,387,167 Green Tree Financial Corp. 5,428,836
Series 1997-1 Class A3,
6.17%, 09/20/2005
991,383 ABFS Equipment Contract Trust 994,454
Series 1998-A Class A,
6.10%, 10/15/2005 (Note D, p. 13)
2,029,110 Capital Asset Research Funding 2,035,072
1998 A Tax Lien,
5.905%, 12/15/2005 (Note D, p. 13)
1,547,030 New York City Tax Lien Trust 1,548,700
Series 1998-1 Class A, Rule 144A,
5.93%, 07/25/2006 (Note D, p. 13)
1,442,989 Green Tree Financial Corp. 1,438,646
Series 1996-A Class A1,
5.55%, 02/15/2018
2,572,225 Green Tree Recreational Equipment 2,588,057
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
-------------
Total Asset-Backed Securities
(Cost $55,006,660) 55,244,254
-------------
- -------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
HIGH YIELD: 6.53%
- -------------------------------------------------------------------------------
295,000 Loewen Group International, $ 206,545
Rule 144A, 6.70%, 10/01/1999
(Note D, p. 13)
1,500,000 Advanta Corp. Medium-Term Notes, 1,468,020
6.574%, 01/27/2000
265,000 Century Communications Corp., 273,613
9.50%, 08/15/2000
855,000 Niagara Mohawk Power Corp. 863,832
Senior Notes Series B,
7.00%, 10/01/2000
755,000 Revlon Worldwide, 468,100
0.00%, 03/15/2001
800,000 Continental Airlines Inc., 822,000
9.50%, 12/15/2001
839,000 Fleming Companies Inc. 867,316
Senior Notes, 10.625%, 12/15/2001,
Callable 12/15/1999 @103
1,515,000 Adelphia Communications, 1,590,750
9.25%, 10/01/2002
445,000 Tenet Healthcare Corp. Senior Notes, 448,004
7.875%, 01/15/2003
790,000 Century Communications Corp., 570,775
0.00%, 03/15/2003
1,140,000 Loewen Group International, Inc., 604,200
7.20%, 06/01/2003
820,000 US Air Inc., 866,125
9.625%, 09/01/2003
1,620,000 Veritas DGC Inc., Rule 144A, 1,643,446
9.75%, 10/15/2003,
Callable 10/15/2000 @104.87
(Note D, p. 13)
790,000 Allied Waste North America Inc. 772,225
Series B, 7.375%, 01/01/2004
429,258 America West Airlines, 447,498
10.50%, 01/02/2004 (Note D, p. 13)
860,000 Verio Inc. Senior Notes, 999,750
13.50%, 06/15/2004,
Callable 06/15/2002 @106.75
750,000 Kaufman & Broad Home Corp. 745,313
Senior Notes, 7.75%, 10/15/2004
605,000 Unisys Corp., 11.75%, 10/15/2004, 686,675
Callable 10/15/2001 @103.92
565,000 Tenet Healthcare Corp. 571,373
Senior Notes, 8.00%, 01/15/2005
575,000 Verio Inc. Senior Notes, 616,688
10.375%, 04/01/2005,
Callable 04/01/2002 @105.19
600,000 NVR Inc. Senior Notes, 591,000
8.00%, 06/01/2005,
Callable 06/01/2003 @104
250,000 Westpoint Stevens Inc., 257,500
7.875%, 06/15/2005
745,000 Jones International Networks Ltd., 491,700
11.75%, 07/01/2005,
Callable 07/01/2003 @ 105.87
Schedule of Investments--Taxable Bond Portfolios 11
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
615,000 Worldwide Fibre Inc. Senior Notes, $ 648,825
Rule 144A, 12.50%, 12/15/2005,
Callable 12/15/2003 @106.25
480,000 Allied Waste North America Inc. 468,000
Series B, 7.625%, 01/01/2006
515,000 Federal-Mogul Co., Rule 144A, 503,557
7.375%, 01/15/2006
1,575,000 Echostar DBS Corp. Senior Notes, 1,634,063
Rule 144A, 9.25%, 02/01/2006,
Callable 02/01/2003 @104.63
2,170,000 Agco Corp. Senior Subordinated 2,034,375
Notes, 8.50%, 03/15/2006
830,000 Generac Portable Products, 865,275
Rule 144A, 11.25%, 07/01/2006,
Callable 07/01/2002 @107.625
170,000 Consumers Packaging Inc. Senior 175,525
Notes, Rule 144A, 9.75%, 02/01/2007,
Callable 02/01/2003 @100
540,000 Standard Pacific Corp., 521,100
8.00%, 02/15/2008,
Callable 02/15/2003 @104
595,000 Interface Inc. Senior Notes, 583,897
7.30%, 04/01/2008
195,000 Pool Energy Services Co. Senior 196,463
Subordinated Notes,
8.625%, 04/01/2008
605,000 Beazer Homes USA Senior Notes, 583,825
8.875%, 04/01/2008,
Callable 04/01/2003 @104.44
715,084 Continental Airlines Inc., 777,772
11.50%, 04/02/2008
345,000 P&L Coal Holdings Corp., 361,819
9.625%, 05/15/2008,
Callable 05/15/2003 @104.81
410,000 United Rentals Inc., 416,150
9.50%, 06/01/2008
1,090,000 Hadco Corp., 1,081,825
9.50%, 06/15/2008
675,000 United Rentals Inc. 676,688
Senior Subordinated Notes,
8.80%, 08/15/2008
410,000 Great Lakes Dredge & Dock, 436,650
Rule 144A, 11.25%, 08/15/2008,
Callable 08/15/2003 @105.63
800,000 Cogentrix Energy Inc. Senior 840,000
Notes, Rule 144A,
8.75%, 10/15/2008
1,500,000 Agrilink Foods Inc. Senior 1,601,250
Subordinated Notes, Rule 144A,
11.875%, 11/01/2008
1,850,000 Level 3 Communications Inc. 1,165,500
Senior Notes, Rule 144A,
0.00%, 12/01/2008,
Callable 12/01/2003 @105.25
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
875,000 Primark Corp. Senior Subordinated $ 889,219
Notes, Rule 144A,
9.25%, 12/15/2008,
Callable 12/05/2003 @105.63
320,000 Federal-Mogul Co., Rule 144A, 312,608
7.50%, 01/15/2009
975,000 Group Maintenance America Corp. 999,375
Senior Subordinated Notes,
Rule 144A, 9.75%, 01/15/2009,
Callable 01/15/2004 @104.87
1,305,000 Vintage Petroleum Inc. Senior 1,318,050
Subordinated Notes, Rule 144A,
9.75%, 06/30/2009,
Callable 02/01/2004 @104.88
-------------
Total High Yield (Cost $36,469,805) 35,964,259
-------------
- -------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 2.88%
- -------------------------------------------------------------------------------
2,365,000 Post Apartment Homes LP, 2,376,707
6.22%, 12/31/1999
2,880,000 CP Limited Partnership Senior 2,949,034
Notes, 8.75%, 03/02/2000
2,860,000 Archstone Communities Trust 2,817,383
Medium-Term Notes,
6.17%, 10/13/2000 (Note D, p. 13)
2,930,000 First Industrial LP, 6.50%, 04/05/2001 2,949,543
3,145,000 Archstone Communities Trust 3,106,417
Medium-Term Notes,
6.37%, 10/15/2001
1,725,000 Security Capital Group Inc., 1,679,253
6.95%, 06/15/2005
-------------
Total Real Estate Investment Trusts
(Cost $15,945,782) 15,878,337
-------------
- -------------------------------------------------------------------------------
INSURED-GUARANTEED: 1.03%
- -------------------------------------------------------------------------------
5,635,000 Dutchess County New York Resource 5,661,641
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) 5,661,641
-------------
Total U.S. Dollar Investments
(Cost $539,446,775) 538,904,135
-------------
- -------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 2.05%
- -------------------------------------------------------------------------------
CANADA INDUSTRIAL-CANADIAN DOLLAR
DENOMINATED: 0.15%
- -------------------------------------------------------------------------------
C$ 3,279,937
Trizec Hahn Corp., 846,873
6.00%, 09/03/2002
-------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $831,881) 846,873
-------------
12 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
GERMANY GOVERNMENT-EURO DENOMINATED: 0.76%
- -------------------------------------------------------------------------------
EU 3,279,937
Deutschland Republic, $ 4,178,049
6.25%, 01/04/2024
--------------
Total Germany Government-Euro
Denominated (Cost $4,612,198) 4,178,049
--------------
- -------------------------------------------------------------------------------
ITALY FINANCE-EURO DENOMINATED: 0.50%
- -------------------------------------------------------------------------------
EU 4,935,000,000
SCCR Ltd., 2,746,155
4.838%, 05/15/2000 (Note D, below)
-------------
Total Italy Finance-Euro
Denominated (Cost $2,815,431) 2,746,155
-------------
- -------------------------------------------------------------------------------
UNITED KINGDOM FINANCE-BRITISH POUND
DENOMINATED: 0.64%
- -------------------------------------------------------------------------------
BP 1,800,000
Capital One Master Trust, 2,925,297
7.625%, 08/10/1999
BP 375,000
General Motors Acceptance Corp., 599,382
Floating Rate Note,
7.938%, 09/25/2002 (Note D, below)
-------------
Total United Kingdom Finance-British Pound
Denominated (Cost $3,673,520) 3,524,679
-------------
Total Non-U.S. Dollar Investments
(Cost $11,933,030) 11,295,756
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $551,379,805) 99.83% $550,199,891
(Note F, below)
Cash and Other Assets, Less Liabilities 0.17 958,923
------ ------------
Net Assets (Equivalent to $12.44
per share based on 44,301,423
shares of capital stock outstanding) 100.00% $551,158,814
====== ============
- -------------------------------------------------------------------------------
LONG FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- -------------------------------------------------------------------------------
393 U.S. 2 Year Treasury $82,134,781 $ 315,392
Note June 1999
-----------
Total Long Futures Contract $ 315,392
===========
- -------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- -------------------------------------------------------------------------------
146 U.S. 30 Year Treasury $17,520,086 $ (82,040)
Bond June 1999
-----------
Total Short Futures Contract $ (82,040)
===========
- -------------------------------------------------------------------------------
FOREIGN CURRENCIES
- -------------------------------------------------------------------------------
Quantity Description Market Value
- -------------------------------------------------------------------------------
274 Australian Dollar $ 174
13,084 British Pound 21,123
445,751 Euro 481,969
-----------
Total Foreign Currencies $ 503,266
===========
- -------------------------------------------------------------------------------
(A) $1,300,000 principal amount pledged as collateral for futures transactions
(B) $68,500,000 principal amount segregated as collateral for futures
transactions
(C) $4,300,000 principal amount segregated as collateral for when-issued
securities
(D) Fair-valued security
(E) When-issued security
(F) At March 31, 1999 the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
March 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value*
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.84%
- -------------------------------------------------------------------------------
1,085,000 State Street Bank & Trust Co., $ 1,085,000
Repurchase Agreement, dated 03/31/1999,
4.78%, maturing 04/01/1999 for $1,085,136
collateral 1,030,000 principal amount
U.S. Treasury Bond, 6.375%, 08/15/2027,
value $1,111,113
Total Repurchase Agreement (Cost $1,085,000) 1,085,000
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES: 55.56%
- -------------------------------------------------------------------------------
12,080,000 5.625%, 10/31/1999 12,140,400
(Notes A, B & C, below)
11,720,000 7.50%, 10/31/1999 (Note D, below) 11,903,125
3,515,000 5.50%, 02/29/2000 3,534,772
5,465,000 6.75%, 04/30/2000 5,569,179
15,000,000 6.375%, 05/15/2000 15,229,695
6,930,000 5.75%, 11/15/2000 7,007,963
16,245,000 6.625%, 06/30/2001 16,778,047
------------
Total U.S. Treasury Notes (Cost $71,979,320) 72,163,181
-------------
- -------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 14.30%
- -------------------------------------------------------------------------------
18,690,076 3.625%, 07/15/2002 18,573,263
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $18,676,152) 18,573,263
-------------
- -------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES: 27.55%
- -------------------------------------------------------------------------------
5,470,000 Federal Farm Credit Bank 5,437,459
Medium-Term Notes,
4.875%, 02/02/2001
7,000,000 Federal Home Loan Mortgage 6,969,697
Corp., 5.00%, 02/15/2001
6,940,000 Federal Home Loan Bank, 6,988,497
5.625%, 03/19/2001
13,670,000 Federal Home Loan Bank, 13,729,752
5.50%, 08/13/2001
2,685,000 Federal National Mortgage 2,649,963
Association, 4.625%, 10/15/2001
-------------
Total U.S. Government Agencies
(Cost $35,953,715) 35,775,368
-------------
- -------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 0.97%
- -------------------------------------------------------------------------------
522,875 Federal National Mortgage 550,330
Association Pool #190274,
8.50%, 10/01/2025
*See Note 1, page 22 in Notes to Financial Statements.
- --------------------------------------------------------------------------------
Principal
Amount Description Market Value
- -------------------------------------------------------------------------------
710,000 Federal National Mortgage $ 707,338
Association Pool TBA, 6.50%,
04/14/2029 (Note E, below)
-------------
Total Mortgage Pass-Throughs (Cost $1,250,274) 1,257,668
-------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- -------------------------------------------------------------------------------
Total Investments (Cost $128,944,461) 99.22% $128,854,480
(Note F, below)
Cash and Other Assets, Less Liabilities 0.78 1,016,402
------ ------------
Net Assets (Equivalent to $12.54
per share based on 10,358,353
shares of capital stock outstanding) 100.00% $129,870,882
====== ============
- -------------------------------------------------------------------------------
LONG FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- -------------------------------------------------------------------------------
101 U.S. 2 Year Treasury $21,108,469 $ 81,015
Note June 1999
-------------
Total Long Futures Contract $ 81,015
=============
- -------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
- -------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
- -------------------------------------------------------------------------------
38 U.S. 30 Year Treasury $4,559,945 $ (21,430)
Bond June 1999
-------------
Total Short Futures Contract $ (21,430)
=============
- -------------------------------------------------------------------------------
(A) $400,000 principal amount pledged as collateral for futures transactions
(B) $10,700,000 principal amount segregated as collateral for futures
transactions
(C) $900,000 principal amount segregated as collateral for when-issued security
(D) $6,550,000 principal amount segregated as collateral for futures
transactions
(E) When-issued security
(F) At March 31, 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 Semiannual Report
<PAGE>
This page intentionally left blank.
<PAGE>
This page intentionally left blank.
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Semiannual Report
March 31, 1999
Schedule of Investments
Stock Portfolios
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
International Value
- --------------------------------------------------------------------------------
Emerging Markets Value
<PAGE>
[This page intentionally left blank]
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio
March 31, 1999 (Unaudited)
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 92.87%
- --------------------------------------------------------------------------------
AUSTRALIA: 1.82%
- --------------------------------------------------------------------------------
Broadcasting & Publishing
7,069,515 PMP Communications Ltd. $14,480,519
(Note A, p. 6)
Building Materials
1,775,380 Boral Ltd. (Note A, p. 6) 2,568,081
Energy Sources
3,774,000 Caltex Australia Ltd. (Note A, p. 6) 9,240,462
Paper & Forest Products
4,299,793 Amcor Ltd. (Note A, p. 6) 21,541,038
Real Estate
4,134,000 Schroders Property Fund 6,344,214
21,283,080 Westfield Trust 45,888,661
--------------
Total Australian Stocks
(Cost $102,711,689) 100,062,975
--------------
- --------------------------------------------------------------------------------
AUSTRIA: 0.70%
- --------------------------------------------------------------------------------
Banking
506,025 Bank Austria AG 30,147,372
Food & Household Products
64,891 Brau-Union Goess-Reinighaus 3,388,890
(Note A, p. 6)
9,160 Oesterreichische 415,978
Brau-Beteiligungs AG
Metal-Steel
152,067 Voest-Alpine Stahl AG 4,720,566
--------------
Total Austrian Stocks
(Cost $49,105,552) 38,672,806
--------------
- --------------------------------------------------------------------------------
CANADA: 3.59%
- --------------------------------------------------------------------------------
Automobiles
225,000 Magna International Inc. (Class A) 12,967,870
Banking
2,706,600 National Bank of Canada 39,536,621
Broadcasting & Publishing
600,000 Quebecor Printing Inc. 13,673,402
542,400 Torstar Corp. (Class B) 6,288,175
Conglomerates
260,000 Edperbrascan Corp. (Class A) 3,083,140
Electrical & Electronics
331,600 Celestica Inc. (Note B, p. 6) 10,873,932
1,186,500 C-MAC Industries Inc. (Note B, p. 6) 19,847,052
Food & Household Products
322,500 Saskatchewan Wheat Pool (Class B) 1,976,234
Machinery & Engineering
600,000 Finning International Inc. 4,630,673
Metal-Steel
2,717,000 Dofasco Inc. 35,458,695
Retail
1,295,000 The Eaton Corp. (Note B, p. 6) 2,410,699
Telecommunications
200,000 BCE Inc. 8,843,988
Utilities-Electric, Gas & Water
956,750 NS Power Holdings Inc. 10,584,780
217,380 Suncor Inc. 7,308,403
1,020,000 Westcoast Energy Inc. 20,001,325
--------------
Total Canadian Stocks
(Cost $195,328,910) 197,484,989
--------------
- --------------------------------------------------------------------------------
FINLAND: 1.62%
- --------------------------------------------------------------------------------
Food & Household Products
96,700 Huhtamaki Oy (Note A, p. 6) 3,450,375
Health & Personal Care
1,769,500 Tamro Oy 7,653,083
Insurance
408,700 Sampo Insurance Co.-`A' Free 12,815,292
Machinery & Engineering
229,800 Rauma Oy (Note A, p. 6) 2,658,641
788,900 Valmet Oy (Note A, p. 6) 9,084,425
Merchandising
424,900 Kesko Ltd. 6,381,384
Paper & Forest Products
4,570,600 Enso Oy `R' (Note A, p. 6) 45,466,018
Telecommunications
102,000 Sonera Group Oy (Note B, p. 6) 1,698,427
--------------
Total Finnish Stocks
(Cost $87,578,599) 89,207,645
--------------
- --------------------------------------------------------------------------------
FRANCE: 9.83%
- --------------------------------------------------------------------------------
Automobiles
30,830 Peugeot S.A. (Note A, p. 6) 4,440,211
1,298,428 Renault S.A. (Note A, p. 6) 45,810,057
75,277 Sylea 3,825,481
Banking
410,000 Banque Nationale de Paris 35,730,968
(Note A, p. 6)
272,347 Natexis (Note A, p. 6) 14,723,752
60,415 Societe Generale (Note A, p. 6) 11,627,615
Broadcasting & Publishing
14,335 Metropole Television S.A. 2,324,957
(Note A, p. 6)
301,845 Television Francaise 1 (TF1) 56,755,695
(Note A, p. 6)
Building Materials
225,333 Lafarge 20,344,038
*See Note 1, page 22 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 1
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------------------------
Business & Public Services
33,584 Vivendi $8,275,660
Electrical & Electronics
214,891 Alcatel Alsthom (Note A, p. 6) 24,745,356
Energy Sources
18,966 ESSO SAF 1,526,744
421,526 Societe Nationale Elf Aquitaine 57,336,462
Health & Personal Care
300,000 Rhone-Poulenc S.A. 13,591,305
Machinery & Engineering
412,460 Vallourec 12,438,163
Merchandising
16,817 Galeries Lafayette S.A. 17,456,036
Metal-Steel
1,844,098 Usinor S.A. (Note A, p. 6) 24,325,944
Real Estate
200,014 Sefimeg 13,084,034
334,408 Simco 29,287,854
Telecommunications
520,000 France Telecom S.A. (Note A, p. 6) 42,112,502
Textiles/Apparel
293,000 Chargeurs S.A. (Note A, p. 6) 15,621,708
Utilities-Electric, Gas & Water
463,780 Suez Lyonnaise des Eaux 85,950,561
(Note A, p. 6) -------------
Total French Stocks
(Cost $467,945,566) 541,335,103
-------------
- --------------------------------------------------------------------------------
GERMANY: 13.57%
- -------------------------------------------------------------------------------
Automobiles
32,000 Bayerische Motoren Werke AG 21,002,188
(Note A, p. 6)
465,000 Phoenix AG 7,541,715
Banking
3,114,730 Commerzbank (Note A, p. 6) 93,288,059
320,000 Deutsche Pfandbriefbank 28,354,685
2,752,660 IKB Deutsche Industriebank 54,466,509
Building Materials
43,033 Dyckerhoff AG (Vorzug) 11,632,351
Business & Public Services
54,010 Herlitz AG (Stamm) (Note B, p. 6) 1,337,321
75,500 Herlitz AG (Vorzug) (Note B, p. 6) 1,551,052
Chemicals
1,973,500 BASF AG (Note A, p. 6) 72,337,369
372,700 Bayer AG (Note A, p. 6) 13,983,464
Electrical & Electronics
774,300 Siemens AG (Stamm) 51,823,387
Food & Household Products
6,250 Sudzucker AG (Stamm) 2,284,139
16,475 Sudzucker AG (Vorzug) 5,860,669
Health & Personal Care
622,660 Dragerwerk AG (Vorzug) 8,482,959
96,176 Merck KGaA (Note A, p. 6) 3,327,688
7,069 Wella AG (Stamm) 4,127,410
Insurance
105,100 Hannover Rueckversicherungs AG 8,863,867
16,608 Mannheimer Aktiengesellschaft 8,619,547
Machinery & Engineering
231,050 Krones AG (Vorzug) 5,970,762
432,010 MAN AG (Vorzug) 8,454,701
Merchandising
696,114 Metro AG (Vorzug) 23,521,026
Non-Financial
116,470 Grohe (Friedrich) AG (Vorzug) 28,586,818
Telecommunications
395,180 Deutsche Telekom AG (Note A, p. 6) 16,130,127
Tires & Rubber
3,760,000 Continental AG 93,099,899
Utilities-Electric, Gas & Water
2,827,000 VEBA AG (Note A, p. 6) 148,860,904
42,060 Viag AG (Note A, p. 6) 23,234,378
--------------
Total German Stocks
(Cost $715,339,770) 746,742,994
--------------
- --------------------------------------------------------------------------------
HONG KONG: 1.53%
- --------------------------------------------------------------------------------
Beverage & Tobacco
9,000,000 Vitasoy International Holdings Ltd. 2,613,072
Conglomerates
10,424,500 Jardine Strategic Holdings Ltd. 17,617,405
Electrical & Electronics
11,486,000 QPL International Holdings Ltd. 592,864
(Note B, p. 6)
Financial Services
3,906,000 Liu Chong Hing Investment Ltd. 2,671,372
Real Estate
25,873,000 Amoy Properties Ltd. (Note A, p. 6) 22,536,002
9,000,000 Great Eagle Holdings (Note A, p. 6) 11,381,379
622,000 Hang Lung Development Co., Ltd. 754,475
6,474,000 Tai Cheung Holdings 1,520,444
Transportation-Shipping
7,434,000 Orient Overseas International Ltd. 1,314,224
Utilities-Electric, Gas & Water
4,800,000 CLP Holdings Ltd. 23,041,487
--------------
Total Hong Kong Stocks
(Cost $93,575,430) 84,042,724
--------------
- --------------------------------------------------------------------------------
ITALY: 11.00%
- --------------------------------------------------------------------------------
Automobiles
23,721,568 Magneti Marelli S.p.A. ORD 34,395,217
(Note A, p. 6)
Banking
23,392,000 Banca Commerciale Italiana 192,198,362
(Note A, p. 6)
1,819,200 Banca Popolare di Bergamo 46,205,039
(Note A, p. 6)
2 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------------------------
5,522,000 Banca Popolare di Milano $51,341,699
(Note A, p. 6)
Chemicals
4,905,000 Montefibre S.p.A. ORD (Note A, p. 6) 2,904,212
740,000 Montefibre S.p.A. RNC 458,472
Conglomerates
1,364,000 IFIL Finanziaria di Partecipazioni 5,390,482
S.p.A. ORD (Note A, p. 6)
4,400,000 IFIL Finanziaria di Partecipazioni 10,961,274
S.p.A. RNC (Note A, p. 6)
352,500 Italmobiliare S.p.A. ORD 9,433,225
400,000 Italmobiliare S.p.A. RNC (Note A, p. 6) 6,828,739
Energy Sources
12,702,580 ENI S.p.A. (Note A, p. 6) 81,446,516
Insurance (Non-Life)
949,000 Unipol S.p.A. RNC (Note A, p. 6) 2,656,588
Telecommunications
8,503,055 Telecom Italia S.p.A. ORD 90,477,398
(Note A, p. 6)
11,910,673 Telecom Italia S.p.A. RNC 70,947,150
(Note A, p. 6)
--------------
Total Italian Stocks
(Cost $332,819,982) 605,644,373
--------------
- -------------------------------------------------------------------------------
JAPAN: 31.50%
- -------------------------------------------------------------------------------
Appliances & Household Durables
6,147,000 Matsushita Electric Industrial 119,913,608
Co., Ltd. (Note A, p. 6)
Automobiles
200,000 Aisin Seiki Co., Ltd. (Note A, p. 6) 1,942,321
Banking
413,490 Bank of Iwate 17,808,546
26,000 Bank of Kyoto 115,273
1,474,000 Biwako Bank 4,294,473
1,146,000 Eighteenth Bank Ltd. (Note A, p. 6) 5,487,328
3,381,000 Higo Bank (Note A, p. 6) 14,247,511
1,819,000 Hyakugo Bank (Note A, p. 6) 7,450,196
22,000 Hyakujushi Bank 125,964
2,896,000 Kagoshima Bank (Note A, p. 6) 11,983,617
122,200 Kita-Nippon Bank, Ltd. 6,119,546
1,700,000 Michinoku Bank 8,742,980
20,800,000 Mitsui Trust & Banking Co., Ltd. 30,739,349
(Note A, p. 6)
1,961,120 Miyazaki Bank (Note A, p. 6) 7,253,900
651,000 Nanto Bank 3,556,956
1,733,000 Oita Bank (Note A, p. 6) 9,000,507
11,650,000 Sakura Bank (Note A, p. 6) 35,319,427
65,000 San-in Godo Bank, Ltd. 419,372
6,078,000 Toho Bank (Note A, p. 6) 21,711,725
300 Yamagata Bank 1,393
Beverage & Tobacco
15,000 Chukyo Coca-Cola Bottling Co., Ltd. 158,088
422,000 Hokkaido Coca-Cola Bottling Co., Ltd. 4,454,672
1,340,000 Kinki Coca-Cola Bottling Co., Ltd. 18,185,027
(Note A, p. 6)
40 Kita Kyushu Coca-Cola Bottling 1,692
Co., Ltd.
687,000 Shikoku Coca-Cola Bottling 10,442,934
Co., Ltd. (Note A, p. 6)
Broadcasting & Publishing
1,323,700 Asatsu Inc. (Note A, p. 6) 37,112,561
Business & Public Services
854,000 Toppan Printing Co., Ltd. (Note A, p. 6) 11,185,694
Chemicals
1,393,000 Kansai Paint Co., Ltd. (Note A, p. 6) 3,693,806
Construction & Housing
5,681,400 Daito Trust Construction Co., Ltd. 59,685,526
(Note A, p. 6)
5,977,000 Sekisui House Ltd. (Note A, p. 6) 63,598,530
Cosmetics & Toiletries
3,353,000 Lion Corp. (Note A, p. 6) 12,657,104
Electrical & Electronics
7,145,000 Hitachi Ltd. (Note A, p. 6) 52,916,986
1,122,000 Mitsubishi Electric Corp. (Note A, p. 6) 3,752,160
8,500,000 Sharp Corp. 89,726,808
2,168,000 Taiyo Yuden Co., Ltd. (Note A, p. 6) 28,103,534
Energy Sources
2,967,000 General Sekiyu Group (Note A, p. 6) 9,521,260
Financial Services
3,077,000 Daiwa Securities Co., Ltd. 16,500,401
(Note A, p. 6)
3,253,000 Nikko Securities Co., Ltd. 15,109,150
(Note A, p. 6)
Food & Household Products
1,574,400 Ezaki Glico Co., Ltd. 9,493,068
Health & Personal Care
6,699,000 Chugai Pharmaceutical Co., Ltd. 77,390,803
(Note A, p. 6)
1,135,000 Daiichi Pharmaceutical Co., Ltd. 19,074,019
(Note A, p. 6)
1,315,000 Kissei Pharmaceutical Co., Ltd. 26,652,029
Insurance (Non-Life)
5,247,900 Chiyoda Fire & Marine (Note A, p. 6) 18,126,007
6,653,000 Dai-Tokyo Fire & Marine (Note A, p. 6) 23,765,730
3,168,000 Koa Fire & Marine (Note A, p. 6) 9,524,199
6,402,000 Nippon Fire & Marine (Note A, p. 6) 20,328,100
Leisure
770,200 Heiwa Corp. 12,260,499
90,300 Sankyo Co., Ltd. (Note A, p. 6) 2,676,629
Machinery & Engineering
5,114,000 Makita Corp. 57,050,154
12,050,000 Mitsubishi Heavy Industries, Ltd. 54,442,004
961,000 Sintokogio (Note A, p. 6) 2,751,163
Merchandising
2,162,700 Aoki International Co., Ltd. 10,958,240
(Note A, p. 6)
Schedule of Investments--Stock Portfolios 3
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------------------------
2,995,700 Aoyama Trading Co., Ltd. $80,954,608
(Note A, p. 6)
3,842,000 Canon Sales Co., Inc. (Note A, p. 6) 60,185,871
1,037,300 Deodeo Corp. (Note A, p. 6) 10,730,841
1,167,000 Laox Co., Ltd. (Note A, p. 6) 8,869,653
Metal-Steel
5,013,000 Kurimoto Ltd. (Note A, p. 6) 14,224,279
2,916,000 Maruichi Steel Tube Ltd. 36,076,003
12,165,000 Nisshin Steel Co., Ltd. (Note A, p. 6) 13,868,809
2,709,400 Tokyo Steel Manufacturing Co., Ltd. 12,996,151
514,000 Toyo Seikan Kaisha, Ltd. 11,090,402
1,029,000 Yamato Kogyo Co., Ltd. 5,900,359
6,420,000 Yodogawa Steel Works Ltd. 24,668,327
(Note A, p. 6)
Miscellaneous Materials
2,709,000 Yamamura Glass Co., Ltd. 4,095,013
(Note A, p. 6)
Multi-Industry
19,000,000 Itochu Corp. (Note A, p. 6) 39,471,351
16,591,000 Marubeni Corp. (Note A, p. 6) 31,524,511
5,000,000 Sumitomo Corp. 32,808,343
Real Estate
6,377,000 Daiwa Kosho Lease Co., Ltd. 23,426,044
(Note A, p. 6)
1,046,000 TOC Co. 7,950,006
Textiles/Apparel
2,453,000 Tokyo Style Co., Ltd. (Note A, p. 6) 24,858,337
Transportation-Road & Rail
4,147,000 Seino Transportation Co., Ltd. 24,514,631
(Note A, p. 6)
Transportation-Shipping
8,436,000 Kawasaki Kisen Kaisha Ltd. 16,599,147
(Note A, p. 6)
17,398,000 Mitsui O.S.K. Lines Ltd. 35,849,444
(Note A, p. 6)
5,887,000 Nippon Yusen Kabushiki Kaisha 23,366,043
(Note A, p. 6)
Utilities-Electric, Gas & Water
1,005,600 Chugoku Electric Power Co., Inc. 15,965,274
(Note A, p. 6)
1,125,400 Hokkaido Electric Power Co., Inc. 17,011,916
(Note A, p. 6)
3,779,700 Kyushu Electric Power Co., Inc. 59,050,331
(Note A, p. 6)
299,800 Shikoku Electric Power Co., Inc. 4,683,782
367,400 Tohoku Electric Power Co., Inc. 5,587,868
--------------
Total Japanese Stocks
(Cost $1,985,770,607) 1,733,859,913
--------------
- -------------------------------------------------------------------------------
MALAYSIA (Note D, p. 6): 0.31%
- -------------------------------------------------------------------------------
Automobiles
1,000,000 Oriental Holdings Berhad 1,263,158
Conglomerates
6,978,800 Malaysia Mining Corp. Berhad 2,909,058
Financial Services
9,501,812 Commerce Asset Holding Berhad 7,881,503
Leisure
1,637,000 Berjaya Land Berhad 423,897
Miscellaneous Materials
4,000,000 Golden Hope Plantations Berhad 2,273,684
Telecommunications
6,737,000 Technology Resources Industries 1,872,177
Berhad
Transportation-Airlines
1,100,000 Malaysian Airline System Berhad 347,368
--------------
Total Malaysian Stocks
(Cost $22,209,463) 16,970,845
--------------
- --------------------------------------------------------------------------------
NORWAY: 1.93%
- --------------------------------------------------------------------------------
Banking
1,369,100 Christiania Bank OG (Note A, p. 6) 5,353,725
1,459,050 Sparebanken (Note A, p. 6) 28,338,405
Energy Sources
765,000 Norsk Hydro A.S.A. (Note A, p. 6) 31,202,253
2,153,350 Saga Petroleum A.S.A. 23,560,543
Paper & Forest Products
540,000 Norske Skogindustrier A.S.A. 17,620,096
--------------
Total Norwegian Stocks
(Cost $109,080,580) 106,075,022
--------------
- -------------------------------------------------------------------------------
SINGAPORE: 2.31%
- -------------------------------------------------------------------------------
Banking
1,300,000 Development Bank of Singapore 9,863,887
Ltd. (Foreign) (Note A, p. 6)
5,578,000 Overseas Union Bank Ltd. (Foreign) 19,707,964
(Note A, p. 6)
4,000,000 United Overseas Bank Ltd. 25,021,720
(Foreign)
Electrical & Electronics
1,222,200 Creative Technology Ltd. 13,978,912
Machinery & Engineering
4,315,000 Keppel Fels Ltd. 7,647,785
Multi-Industry
15,210,150 Natsteel Ltd. 15,945,770
Real Estate
13,840,000 Keppel Land Ltd. 16,433,246
8,657,000 Singapore Land Ltd. 18,853,357
--------------
Total Singapore Stocks
(Cost $120,900,276) 127,452,641
--------------
- -------------------------------------------------------------------------------
SPAIN: 2.56%
- -------------------------------------------------------------------------------
Banking
2,064,720 Argentaria S.A. 49,694,944
Construction & Housing
227,455 Dragados Y Construcciones S.A. 7,476,442
4 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
Shares Description Market Value
- --------------------------------------------------------------------------------
Energy Sources
310,150 Repsol S.A. (Note A, p. 6) $15,996,171
Utilities-Electric, Gas & Water
4,523,304 Union Electrica Fenosa S.A. 67,640,037
(Note A, p. 6)
--------------
Total Spanish Stocks
(Cost $66,525,335) 140,807,594
--------------
- --------------------------------------------------------------------------------
SWEDEN: 0.27%
- --------------------------------------------------------------------------------
Appliances & Household Durables
555,750 Electrolux AB (Class A) 11,029,739
Paper & Forest Products
25,000 Svenska Cellulosa AB (Note A, p. 6) 543,346
Real Estate
253,190 Tornet Fastighets AB 3,452,731
--------------
Total Swedish Stocks
(Cost $7,084,266) 15,025,816
--------------
- -------------------------------------------------------------------------------
UNITED KINGDOM: 10.33%
- -------------------------------------------------------------------------------
Automobiles
4,633,398 Lex Service plc 30,782,746
Broadcasting & Publishing
4,196,500 Mirror Group plc 14,295,771
1,032,900 Newsquest plc 6,462,014
4,549,267 Trinity plc 38,633,592
Chemicals
950,000 Imperial Chemical Industries plc 8,512,449
Conglomerates
2,472,170 BTR plc 10,886,318
1,664,900 Powell Duffryn plc 11,733,033
Construction & Housing
1,009,567 Fairview Holdings plc 1,972,234
1,778,658 George Wimpey plc 4,494,121
16,204,367 Tarmac plc 27,666,254
Energy Sources
1,719,119 Premier Oil plc 388,572
5,179,400 Shell Transport & Trading Co., plc 34,849,213
Food & Household Products
11,102,960 Hazlewood Foods plc 23,482,698
2,019,134 Hillsdown Holdings plc 2,673,110
928,284 Terranova Foods plc 2,008,277
2,173,209 United Biscuits plc 6,631,339
Health & Personal Care
15,674,599 Smith & Nephew plc 38,466,081
Insurance
4,615,809 CGU plc 72,584,636
6,251,098 Royal & Sun Alliance Insurance 59,040,508
Group plc
1,444,162 Sun Life & Provincial Holdings plc 11,891,154
Merchandising
5,081,600 Somerfield plc 26,048,464
Metal-Steel
4,143,900 British Steel plc 8,496,712
Textiles/Apparel
2,250,000 Courtauld Textiles 5,630,567
Utilities-Electric, Gas & Water
3,819,660 Anglian Water plc 46,867,977
1,718,379 Hyder plc 21,778,428
3,405,117 Pennon Group plc 52,391,744
--------------
Total United Kingdom Stocks
(Cost $487,669,521) 568,668,012
--------------
Total Equities
(Cost $4,843,645,546) 5,112,053,452
--------------
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 4.24%
- -------------------------------------------------------------------------------
233,309,000 State Street Bank & Trust Co., 233,309,000
Repurchase Agreement,
Dated 03/31/1999, 4.78%,
maturing 04/01/1999 for $233,339,979,
collateral 105,310,000 principal
amount U.S. Treasury Bond,
8.00%, 11/15/2021,
value $237,983,832
--------------
Total Repurchase Agreement
(Cost $233,309,000) 233,309,000
--------------
- -------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $5,076,954,546) 97.11% $5,345,362,452
(Note E, p. 6)
Cash and Other Assets, Less Liabilities 2.89 159,153,069
(Note F, p. 6) ------ --------------
Net Assets (Equivalent to $18.46
per share based on 298,239,811
shares of capital stock outstanding) 100.00% $5,504,515,521
====== ==============
Schedule of Investments--Stock Portfolios 5
<PAGE>
- --------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
- --------------------------------------------------------------------------------
1,400 British Pound FT-SE $52,084,825 $2,676,328
June 1999
500 Canadian TSE 35 60,979,393 108,716
June 1999
1,000 Japanese TOPIX 89,839,432 16,312,660
June 1999
------------
Total Long Stock Index Futures Contracts $ 19,097,704
------------
- --------------------------------------------------------------------------------
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
1,821,411 Australian Dollar $ 1,155,048
5,204,002 British Pound 8,401,858
4,249,333 Canadian Dollar 2,815,060
22,539,733 Euro 24,371,073
32,285,453 Hong Kong Dollar 4,166,134
3,760,614,793 Japanese Yen 31,757,926
602,553 Malaysian Ringgit (Note D, below) 126,853
1,145,650 Norwegian Krone 148,343
497,721 Singapore Dollar 288,283
440,449 Swedish Krona 53,628
99 Swiss Franc 67
-----------
Total Foreign Currencies $73,284,273
===========
- --------------------------------------------------------------------------------
(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:
Vorzug-German Preference Share
Stamm-German Ordinary Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(D) Fair-valued security (See Note 1A of the Notes to Financial Statements)
(E) At March 31, 1999, the cost basis of investment securities owned was
substantially identical for both book and tax.
(F) Includes $4,269,294 (Canadian dollars), $6,857,344 (British pounds) and
$6,847,313 (Japanese yen) U.S. dollar equivalent pledged as collateral for
futures transactions
(G) Allocation of assets by industry as of March 31, 1999:
Appliances & Household Durables 2.38%
Automobiles 2.98
Banking 16.71
Beverage & Tobacco 0.65
Broadcasting & Publishing 3.45
Building Materials 0.63
Business & Public Services 0.41
Chemicals 1.85
Conglomerates 1.43
Construction & Housing 3.00
Cosmetics &Toiletries 0.23
Electrical & Electronics 5.38
Energy Sources 4.81
Financial Services 0.77
Food & Household Products 1.12
Health & Personal Care 3.61
Insurance 3.16
Insurance (Non-Life) 1.35
Leisure 0.28
Machinery & Engineering 3.00
Merchandising 4.45
Metal-Steel 3.48
Miscellaneous Materials 0.12
Multi-Industry 2.18
Non-Financial 0.52
Paper & Forest Products 1.55
Real Estate 3.65
Retail 0.04
Telecommunications 4.22
Textiles/Apparel 0.84
Tires & Rubber 1.69
Transportation-Airlines 0.01
Transportation-Road & Rail 0.44
Transportation-Shipping 1.40
Utilities-Electric, Gas & Water 11.08
Repurchase Agreement 4.24
Cash and Other Assets, Less Liabilities 2.89
------
Total 100.00%
======
See Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
March 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Shares Description Market Value*
- --------------------------------------------------------------------------------
EQUITIES: 97.92%
- --------------------------------------------------------------------------------
ARGENTINA: 6.59%
- --------------------------------------------------------------------------------
Beverage & Tobacco
295,082 Nobleza Piccardo S.A.I.C. $ 930,164
Energy Sources
2,040,000 Central Costanera S.A. (Class B) 5,307,742
236,000 YPF S.A. 7,462,861
60,000 YPF S.A. ADR 1,893,750
Financial Services
361,136 Bansud S.A. (Class B) (Note B, p. 11) 957,686
Food & Household Products
650,000 Garovaglio y Zorraquin S.A. 565,899
(Note B, p. 11)
Metal-Steel
3,342,088 Siderca S.A.I.C. 3,678,890
Real Estate
625,953 IRSA Inversiones y 1,641,154
Representaciones S.A.
3,765 IRSA Inversiones y 99,302
Representaciones S.A. GDR
Utilities-Electric, Gas & Water
5,557,440 Astra Cia Argentina de Petroleo S.A. 7,007,315
1,943,759 Central Puerto S.A. (Note C, p. 11) 4,746,118
----------
Total Argentine Stocks
(Cost $40,201,800) 34,290,881
----------
- --------------------------------------------------------------------------------
BRAZIL: 6.90%
- --------------------------------------------------------------------------------
Appliances & Household Durables
40,820,000 Brasmotor S.A. (PFD) 3,094,227
Banking
545,242,478 Banco Bradesco S.A. (PFD) 2,924,916
Energy Sources
106,400 Centrais Geradoras do Sul do 399,000
Brasil S.A. ADR (Note B, p. 11)
Financial Services
5,406,000 Itausa Investimentos Itau S.A. 2,773,924
Food & Household Products
173,026,676 Ceval Alimentos S.A. (Note B, p. 11) 281,484
Metal-Steel
67,700,000 Companhia Siderurgica de Tubarao 384,883
(PFD) (Class B)
4,714,293 Gerdau Metalurgica S.A. 62,949
83,558,114 Gerdau Metalurgica S.A. (PFD) 1,427,553
191,486,156 Gerdau S.A. (PFD) 1,976,271
Miscellaneous Materials
173,026,676 Seara Alimentos S.A. (Note B, p. 11) 69,614
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Paper & Forest Products
952,000 Companhia Suzano de Papel e $ 521,796
Celulose (PFD)
293,663,014 Votorantim Celulose Papel S.A. (PFD) 4,691,759
Utilities-Electric, Gas & Water
1,064,000 Centrais Eletricas Brasileiras ADR 10,108,000
175,000,000 Companhia Energetica de Minas 3,913,265
Gerais (PFD)
663,100,000 Companhia Paranaense de Energia 3,282,635
----------
Total Brazilian Stocks
(Cost $42,860,598) 35,912,276
----------
- --------------------------------------------------------------------------------
CHILE: 3.98%
- --------------------------------------------------------------------------------
Banking
324,500 Banco BHIF S.A. ADR 3,326,125
Beverage & Tobacco
371,000 Compania Cervecerias Unidas S.A. 8,092,437
ADR
Energy Sources
374,959 Gener S.A. ADR 6,889,872
Food & Household Products
124,500 Cristalerias de Chile ADR 1,789,688
Multi-Industry
60,000 Quinenco S.A. ADR 596,250
----------
Total Chilean Stocks
(Cost $21,902,575) 20,694,372
----------
- --------------------------------------------------------------------------------
CHINA: 2.52%
- --------------------------------------------------------------------------------
Appliances & Household Durables
3,700,000 Guangdong Kelon Electrical 2,721,466
Holdings Co., Ltd.
Chemicals
56,100,000 Jilin Chemical Industrial Co., Ltd. 2,823,279
(Note C, p. 11)
13,600,000 Shanghai Petrochemical Co., Ltd. 1,526,808
(Note B, p. 11)
Energy Sources
14,102,000 Harbin Power Equipment Co., Ltd. 673,300
6,330,000 Yanzhou Coal Mining Co., Ltd. 1,053,707
Utilities-Electric, Gas & Water
433,000 Huaneng Power International Inc., 4,302,937
Ltd. ADR (Note B, p. 11)
----------
Total Chinese Stocks
(Cost $26,061,754) 13,101,497
----------
- --------------------------------------------------------------------------------
GREECE: 4.61%
- --------------------------------------------------------------------------------
Banking
105,000 Commercial Bank of Greece S.A. 16,436,174
Metal-Steel
19,610 Aluminum of Greece S.A. 1,287,693
*See Note 1, page 22 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 7
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Telecommunications
140,000 Hellenic Telecommunication $ 3,405,631
Organization S.A.
241,700 Hellenic Telecommunication 2,876,230
Organization S.A. ADR
(Note B, p. 11)
----------
Total Greek Stocks
(Cost $16,586,629) 24,005,728
----------
- --------------------------------------------------------------------------------
HONG KONG: 2.75%
- --------------------------------------------------------------------------------
Beverage & Tobacco
3,400,000 Vitasoy International Holdings Ltd. 987,160
Conglomerates
672,000 Jardine Strategic Holdings Ltd. 1,135,680
Real Estate
6,097,000 Amoy Properties Ltd. 5,310,633
716,000 Hang Lung Development Co., Ltd. 868,495
Utilities-Electric, Gas & Water
1,250,000 CLP Holdings Ltd. 6,000,387
----------
Total Hong Kong Stocks
(Cost $14,383,462) 14,302,355
----------
- --------------------------------------------------------------------------------
INDIA: 3.68%
- --------------------------------------------------------------------------------
Automobiles
572,200 Ashok Leyland Ltd. 573,211
310,000 Ashok Leyland Ltd. GDR 852,500
525,000 Tata Engineering & Locomotive 2,093,813
Co., Ltd.
Chemicals
1,171,400 Indo Gulf Fertilisers & Chemicals 599,161
Corp., Ltd.
730,000 Indo Gulf Fertilisers & Chemicals 365,000
Corp., Ltd. GDR
285,000 Indo Gulf Fertilisers & Chemicals 135,375
Corp., Ltd. GDR, Rule 144A
1,254,900 Southern Petrochemical Industries 628,559
Corp., Ltd.
1,049,000 Southern Petrochemical Industries 3,251,900
Corp., Ltd. GDS
Financial Services
1,859,150 Industrial Credit & Investment 2,022,387
Corp. of India Ltd.
17,000 Industrial Credit & Investment 105,825
Corp. of India Ltd. GDR
153,000 Industrial Credit & Investment 952,425
Corp. of India Ltd. GDR, Rule 144A
Health & Personal Care
578,950 Cheminor Drugs Ltd. 3,834,648
Utilities-Electric, Gas & Water
1,092,000 BSES Ltd. 3,732,234
----------
Total Indian Stocks
(Cost $30,311,885) 19,147,038
----------
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
INDONESIA: 2.61%
- --------------------------------------------------------------------------------
Automobiles
16,001,000 PT Gajah Tunggal (Note B, p. 11) $ 323,720
Chemicals
29,596,000 PT Indorama Synthetics (Note B, p. 11) 3,507,040
Food & Household Products
12,403,500 PT Sinar Mas Agro Resources & 1,971,655
Technology Corp. (Note B, p. 11)
Paper & Forest Products
656,500 Asia Pulp & Paper Co., Ltd. ADR 5,498,187
(Note B, p. 11)
Telecommunications
1,680,500 PT Indosat 2,239,048
5,500 PT Indosat ADR 71,156
----------
Total Indonesian Stocks
(Cost $31,549,134) 13,610,806
----------
- --------------------------------------------------------------------------------
ISRAEL: 7.14%
- --------------------------------------------------------------------------------
Banking
2,700,000 Bank Leumi Le-Israel 4,793,355
4,203,338 Israel Discount Bank (Note B, p. 11) 4,341,677
Electrical & Electronics
556,991 Israel Electric Wire & Cable 1,807,563
195,000 Tecnomatix Technologies Ltd. 2,583,750
(Note B, p. 11)
Financial Services
43,000 PEC Israel Economic Corp. ADR 1,295,375
(Note B, p. 11)
Health & Personal Care
401,700 Elscint Ltd. (Note B, p. 11) 4,619,550
Multi-Industry
1,999,527 Israel Land Development 10,872,796
(Note C, p. 11)
8,500 Israel Land Development ADR 131,750
(Note C, p. 11)
Telecommunications
570,000 Bezeq The Israeli Telecommunication 2,350,793
Corp., Ltd. (Note B, p. 11)
Textiles/Apparel
2,913,527 Kitan Consolidated Ltd. (Note B, p. 11) 4,362,206
----------
Total Israeli Stocks
(Cost $29,658,104) 37,158,815
----------
- --------------------------------------------------------------------------------
MALAYSIA (Note D, p. 11): 7.33%
- --------------------------------------------------------------------------------
Automobiles
3,220,560 Oriental Holdings Berhad 4,068,075
2,696,000 Tan Chong Motor Berhad 527,849
Building Materials
4,659,500 Cement Industries of Malaysia 1,697,039
Berhad
Conglomerates
15,581,800 Malaysia Mining Corp. Berhad 6,495,150
8 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
Construction & Housing
2,000,000 YTL Corp. Berhad $ 1,987,368
Financial Services
13,867,000 Commerce Asset Holding Berhad 11,502,312
Leisure
4,602,000 Berjaya Land Berhad 1,191,676
Miscellaneous Materials
6,210,000 Golden Hope Plantations Berhad 3,529,895
1,822,000 Kuala Lampur Kepong Berhad 1,825,836
Real Estate
2,101,000 Bolton Properties Berhad 424,623
Telecommunications
4,752,000 Technology Resources Industries 1,320,556
Berhad
Transportation-Airlines
3,159,000 Malaysian Airline System Berhad 997,579
Utilities-Electric, Gas & Water
2,174,000 Tenaga Nasional Berhad 2,563,032
----------
Total Malaysian Stocks
(Cost $69,452,133) 38,130,990
----------
- --------------------------------------------------------------------------------
MEXICO: 7.26%
- --------------------------------------------------------------------------------
Chemicals
3,648,200 Cydsa S.A. 4,013,097
Financial Services
150,000 Grupo Financiero Banamex S.A. de 301,008
C.V. (Note B, p. 11)
552,000 Grupo Financiero Banamex S.A. de 1,090,313
C.V. (NVP)(Notes B & D, p. 11)
700,000 Grupo Financiero Banorte S.A. de 916,369
C.V. (Note B, p. 11)
Food & Household Products
494,000 Grupo Minsa S.A. de C.V. ADR 2,100,241
(Note B, p. 11)
Merchandising
8,240,000 Controladora Comercial Mexicana 8,103,215
S.A. de C.V.
102,250 Controladora Comercial Mexicana 2,000,266
S.A. de C.V. GDR
Metal-Nonferrous
450,144 Grupo Mexico S.A. (NVP) 1,541,783
Metal-Steel
1,442,000 Hylsamex S.A. 2,663,412
Telecommunications
165,000 Telefonos de Mexico S.A. 539,136
221,325 Telefonos de Mexico S.A. ADR 14,496,788
----------
Total Mexican Stocks
(Cost $42,709,036) 37,765,628
----------
- --------------------------------------------------------------------------------
PHILIPPINES: 6.85%
- --------------------------------------------------------------------------------
Banking
2,221,980 Philippine Commercial International 12,557,771
Bank
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
869,927 Philippine National Bank $ 1,201,060
(Note B, p. 11)
Conglomerates
8,659,820 First Philippine Holding Corp. 6,704,377
(Class B) (Note C, p. 11)
74,880,000 JG Summit Holdings Inc. 6,763,355
(Note B, p. 11)
Food & Household Products
22,069,500 Universal Robina Corp. 3,986,748
Real Estate
57,108,500 Robinson's Land Corp. - Series `B' 3,301,240
(Notes B & C, p. 11)
Transportation-Shipping
43,030,000 William Gothong & Aboitiz 1,110,452
(Note B, p. 11)
----------
Total Philippine Stocks
(Cost $41,577,271) 35,625,003
-----------
- --------------------------------------------------------------------------------
PORTUGAL: 4.80%
- --------------------------------------------------------------------------------
Banking
200,450 Banco Pinto & Sotto Mayor S.A. 3,959,775
Beverage & Tobacco
17,600 UNICER-Uniao Cervejeira S.A. 374,891
Insurance
518,000 Companhia de Seguros Imperio S.A. 3,943,014
(Note B, p. 11)
Paper & Forest Products
397,000 Portucel Industrial-Empresa 2,172,035
Produtora de Celulose S.A.
Utilities-Electric, Gas & Water
736,000 Electricidade de Portugal S.A. 14,547,216
----------
Total Portuguese Stocks
(Cost $27,124,862) 24,996,931
----------
- --------------------------------------------------------------------------------
SINGAPORE: 3.82%
- --------------------------------------------------------------------------------
Automobiles
8,088,000 Tan Chong International Ltd. 1,064,554
Banking
900,000 Overseas Union Bank Ltd. (Foreign) 3,179,843
560,000 United Overseas Bank Ltd. 3,503,041
(Foreign)
Electrical & Electronics
300,000 Creative Technology Ltd. 3,431,250
Machinery & Engineering
1,000,000 Keppel Fels Ltd. 1,772,372
Multi-Industry
1,254,000 Keppel Corp. Ltd. 3,384,674
Real Estate
1,500,000 Keppel Land Ltd. 1,781,060
800,000 Singapore Land Ltd. 1,742,253
----------
Total Singapore Stocks
(Cost $16,038,521) 19,859,047
----------
Schedule of Investments--Stock Portfolios 9
<PAGE>
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
SOUTH AFRICA: 6.17%
- --------------------------------------------------------------------------------
Automobiles
872,300 Toyota South Africa Ltd. $1,911,153
Banking
1,565,362 ABSA Group Ltd. 7,494,329
Beverage & Tobacco
471,800 Rembrandt Group Ltd. 3,392,014
Chemicals
2,204,300 AECI Ltd. 3,255,427
Insurance
780,000 Sanlam Ltd. (Note B, p. 11) 675,977
Metal-Steel
20,082,662 S.A. Iron & Steel Industrial 5,051,832
Corp., Ltd.
Mining
83,424 AngloGold Ltd. 3,357,675
17,385 AngloGold Ltd. ADR 339,007
263,900 De Beers Consolidated Mines Ltd. 5,096,620
2,500 De Beers Consolidated Mines Ltd. 47,344
ADR
Multi-Industry
100,000 Tongaat-Hulett Group Ltd. 579,381
Paper & Forest Products
220,000 Sappi Ltd. 931,878
----------
Total South African Stocks
(Cost $57,891,113) 32,132,637
----------
- --------------------------------------------------------------------------------
SOUTH KOREA: 5.60%
- --------------------------------------------------------------------------------
Banking
836,262 Daegu Bank (Note B, p. 11) 2,664,861
809,350 Kwang Ju Bank (Note B, p. 11) 2,404,304
671,940 Kyung Nam Bank (Note B, p. 11) 1,757,887
908,196 Pusan Bank (Note B, p. 11) 2,486,991
Beverage & Tobacco
86,618 Hite Brewery Co., Ltd. 1,538,934
Chemicals
409,848 Hyosung T&C Co., Ltd. 4,843,355
Energy Sources
35,000 Ssangyong Oil Refining Co., Ltd. 541,972
Metal-Steel
55,000 Pohang Iron & Steel Co., Ltd. 3,057,050
Multi-Industry
890,310 Daewoo Corp. 2,862,488
424,431 Samsung Corp. 2,902,181
Utilities-Electric, Gas & Water
84,000 Korea Electric Power Corp. 2,026,406
25,000 Kukdong City Gas Co., Ltd. 509,373
60,000 Seoul City Gas Co., Ltd. 1,535,452
----------
Total South Korean Stocks
(Cost $27,323,933) 29,131,254
----------
- --------------------------------------------------------------------------------
Shares Description Market Value
- --------------------------------------------------------------------------------
TAIWAN: 5.13%
- --------------------------------------------------------------------------------
Building Materials
3,685,500 Pacific Construction (Note B, p. 11) $1,089,694
Chemicals
5,933,761 Far Eastern Textile 5,836,193
15,329,520 Shinkong Synthetic Fibers Corp. 7,168,731
(Note B, p. 11)
Electrical & Electronics
204,405 Teco Electric & Machinery Ltd. GDR 1,778,323
Financial Services
3,721,472 China Bills Finance Corp. 1,796,457
(Note B, p. 11)
1,586,250 Chung Hsing Bills Finance Corp. 890,157
(Note B, p. 11)
2,018,940 International Bills Finance Corp. 1,005,054
(Note B, p. 11)
Food & Household Products
4,069,867 Great Wall Enterprises Co. 1,602,407
(Note B, p. 11)
Metal-Steel
2,294,825 China Steel Corp. (Note B, p. 11) 1,502,420
306,992 China Steel Corp. GDS (Note B, p. 11) 4,021,595
----------
Total Taiwanese Stocks
(Cost $30,839,706) 26,691,031
----------
- --------------------------------------------------------------------------------
THAILAND: 4.58%
- --------------------------------------------------------------------------------
Banking
4,295,000 Bangkok Bank Public Co., Ltd. 8,806,151
(Foreign) (Note B, p. 11)
2,979,500 Thai Farmers Bank Public Co., 6,029,610
Ltd. (Foreign) (Note B, p. 11)
Building Materials
4,728,100 Thai-German Ceramic Industry Public 1,082,723
Co., Ltd. (Foreign) (Notes B & C, p. 11)
Financial Services
276,000 Industrial Finance Corporation of 86,353
Thailand (Foreign)
3,019,200 National Finance & Securities 884,335
Public Co., Ltd. (Foreign) (Note B, p. 11)
Food & Household Products
1,552,300 Saha Pathana Inter-Holding Ltd. 868,015
(Foreign) (Note B, p. 11)
Insurance
374,100 Ayudhya Insurance Public Co., 1,265,097
Ltd. (Foreign)
444,000 Bangkok Insurance Public Co., 2,009,852
Ltd. (Foreign)
Telecommunications
14,440,100 Jasmine International Public Co., 2,806,889
Ltd. (Foreign) (Note B, p. 11)
----------
Total Thai Stocks
(Cost $45,442,551) 23,839,025
----------
10 Sanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
TURKEY: 5.60%
- --------------------------------------------------------------------------------
Aerospace & Defense
37,000,000 Aselsan Elektronik Sanayi Ve $ 882,723
Ticaret A.S. (Note B, below)
Automobiles
6,000,000 Ford Otomotiv Sanayi A.S. 2,694,009
Banking
683,732,051 Yapi ve Kredi Bankasi A.S. 12,646,431
Building Materials
81,083,330 Baticim Bati Anadolu Cimento 2,716,906
Sanayii A.S.
Chemicals
50,948,000 Sasa Sun'i Ve Sentetik Elyaf 1,297,429
Food & Household Products
235,000,000 Arcelik A.S. 7,716,794
Multi-Industry
204,000 Haci Omer Sabanci Holding A.S. ADR 1,208,700
-----------
Total Turkish Stocks
(Cost $26,295,357) 29,162,992
-----------
Total Equities
(Cost 638,210,424) 509,558,306
-----------
- --------------------------------------------------------------------------------
RIGHTS--BRAZIL FINANCIAL SERVICES 0.00%
(Notes B & D, below)
- --------------------------------------------------------------------------------
123,599 Itausa-Investimentos Itau S.A. 1,261
(Expiration 04/23/1999)
-----------
Total Rights
(Cost $0) 1,261
-----------
- --------------------------------------------------------------------------------
WARRANTS--MALAYSIA REAL ESTATE 0.00%
(Notes B & D, below)
- --------------------------------------------------------------------------------
87,500 Bolton Properties Berhad 4,606
(Expiration 09/15/2001)
-----------
Total Warrants
(Cost $25,098) 4,606
-----------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.68%
- --------------------------------------------------------------------------------
3,535,000 State Street Bank & Trust Co., 3,535,000
Repurchase Agreement,
dated 03/31/1999, 4.78%,
maturing 04/01/1999 for $3,535,469
collateral 2,910,000 principal
amount U.S. Treasury Bond,
10.75%, 05/15/2003,
value $3,608,400, and 5,000
principal amount U.S. Treasury Bond,
12.00%. 08/15/2013,
value $7,350
-----------
Total Repurchase Agreement
(Cost $3,535,000) 3,535,000
-----------
- --------------------------------------------------------------------------------
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $641,770,522) 98.60% $513,099,173
(Note E, below)
Cash and Other Assets, Less Liabilities 1.40 7,305,268
------ ------------
Net Assets (Equivalent to $13.87
per share based on 37,511,361
shares of capital stock outstanding) 100.00% $520,404,441
====== ============
- --------------------------------------------------------------------------------
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
366,206 Argentine Peso $ 366,464
137,035 Brazilian Real 79,904
12,291 Euro 13,290
13,464,732 Greek Drachma 44,655
370,230 Hong Kong Dollar 47,775
34,456,718 Indian Rupee 812,180
2,974,000,000 Indonesian Rupiah 343,815
5,196,345 Israeli Shekel 1,290,232
2,310,991 Malaysian Ringgit (Note D, below) 486,524
101,210 Mexican Peso 10,634
23,203,666 New Taiwan Dollar 700,065
41,003,066 Philippine Peso 1,058,146
88,487 Singapore Dollar 51,252
1,890,777 South African Rand 306,857
8,918,161 Thai Baht 237,469
23,461,768,825 Turkish Lira 62,893
----------
Total Foreign Currencies $5,912,155
==========
- --------------------------------------------------------------------------------
(A) Explanation of abbreviations:
ADR-American Depository Receipts
GDR-Global Depository Receipts
PFD-Preference Share
GDS-Global Depository Share
NVP-Non-Voting Preference
Share
(B) Non-income-producing security
(C) Affiliated company (see Note 3B of the Notes to Financial Statements)
(D) Fair-valued security (see Note 1A of the Notes to Financial Statements)
(E) At March 31, 1999, the cost basis of investment securities
owned was substantially identical for both book and tax.
Schedule Of Investments--Stock Portfolios 11
<PAGE>
- --------------------------------------------------------------------------------
(F) Allocation of assets by industry as of March 31, 1999:
Aerospace & Defense 0.17%
Appliances & Household Durables 1.12
Automobiles 2.71
Banking 19.31
Beverage & Tobacco 2.94
Building Materials 1.27
Chemicals 7.54
Conglomerates 4.05
Construction & Housing 0.38
Electrical & Electronics 1.85
Energy Sources 4.65
Financial Services 5.11
Food & Household Products 4.01
Health & Personal Care 1.62
Insurance 1.52
Leisure 0.23
Machinery & Engineering 0.34
Merchandising 1.94
Metal-Nonferrous 0.30
Metal-Steel 4.83
Mining 1.70
Miscellaneous Materials 1.04
Multi-Industry 4.33
Paper & Forest Products 2.66
Real Estate 2.92
Telecommunications 5.79
Textiles/Apparel 0.84
Transportation-Airlines 0.19
Transportation-Shipping 0.21
Utilities-Electric, Gas & Water 12.35
Repurchase Agreement 0.68
Cash and Other Assets, Less Liabilities 1.40
-------
Total 100.00%
=======
See Notes to Financial Statements.
12 Stanford C. Bernstein Fund, Inc.--1999 Semiannual Report
<PAGE>
This page intentionally left blank.
