<PAGE>
-------------------------------
SANFORD C. BERNSTEIN FUND, INC.
-------------------------------
ANNUAL REPORT
September 30, 2000
Fixed-Income &
International-Equity Investments
<PAGE>
This publication must be accompanied or preceded
by a prospectus of the Sanford C. Bernstein Fund, Inc.,
which should be read carefully before investing.
<PAGE>
Table of Contents
Portfolio Returns .....................2
To Our Shareholders .....................3
Statements of Assets and Liabilities .....................6
Statements of Operations .....................9
Statements of Changes in Net Assets .....................12
Financial Highlights .....................16
Notes to Financial Statements .....................26
Directors and Officers .....................inside back cover
<PAGE>
Portfolio Returns(1)
Through September 30, 2000
<TABLE>
<CAPTION>
TOTAL RETURNS COMPOUND ANNUAL RETURNS
------------------- ----------------------------------------------------------
PAST SIX PAST 12 PAST PAST SINCE
MONTHS MONTHS FIVE YEARS 10 YEARS INCEPTION INCEPTION DATE
====================================================================================================================================
SANFORD C. BERNSTEIN FUND PORTFOLIOS
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<S> <C> <C> <C> <C> <C> <C>
Tax-Managed International Value(2),(3) (3.59)% 3.49% 11.44% -- 11.01% June 22, 1992
------------------------------------------------------------------------------------------------------------------------------------
International Value II(2),(3) (2.94) 2.72 -- -- 4.40 April 30, 1999
------------------------------------------------------------------------------------------------------------------------------------
Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below (15.83) (3.82) -- -- (2.15)
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein (19.17) (7.63) -- -- (2.97)
------------------------------------------------------------------------------------------------------------------------------------
Intermediate Duration 3.39 5.37 5.70 7.67% 7.76 January 17, 1989
------------------------------------------------------------------------------------------------------------------------------------
Short Duration Plus 3.32 5.37 5.40 6.16 6.51 December 12, 1988
------------------------------------------------------------------------------------------------------------------------------------
Government Short Duration 3.55 5.30 5.06 5.76 6.18 January 3, 1989
------------------------------------------------------------------------------------------------------------------------------------
Diversified Municipal 3.14 5.04 4.60 5.86 5.92 January 9, 1989
------------------------------------------------------------------------------------------------------------------------------------
California Municipal 3.38 5.44 4.74 5.88 5.83 August 6, 1990
------------------------------------------------------------------------------------------------------------------------------------
New York Municipal 3.03 4.93 4.58 5.91 5.99 January 9, 1989
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Short Duration Diversified Municipal 2.23 3.77 3.71 -- 4.02 October 3, 1994
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Short Duration California Municipal 2.41 3.87 3.63 -- 3.95 October 3, 1994
------------------------------------------------------------------------------------------------------------------------------------
Short Duration New York Municipal 2.23 3.64 3.53 -- 3.82 October 3, 1994
LIPPER MUTUAL-FUND COMPOSITES(4)
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Foreign Stock Composite (12.62)% 12.23% 11.18% 10.84%
------------------------------------------------------------------------------------------------------------------------------------
Intermediate Bond Composite 4.02 5.61 5.46 7.02
------------------------------------------------------------------------------------------------------------------------------------
Short-Term Bond Composite 3.70 5.65 5.34 6.05
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Intermediate Municipal Composite 3.29 4.66 4.43 5.96
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Short-Term Municipal Composite 2.42 3.75 3.89 4.56
MARKET BENCHMARKS
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Major Foreign Markets Index (MSCI EAFE)(5) (8.19)% 12.29% 15.96% 12.28%
-----------------------------------------------------------------------------------------------------------------------------------
MSCI Emerging Markets Free Index (21.84) 0.41 (1.66) 9.48
-----------------------------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets Index (22.38) 6.56 -- --
-----------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers Aggregate Bond Index 4.81 6.99 6.47 8.05
-----------------------------------------------------------------------------------------------------------------------------------
Inflation 1.46 3.45 2.54 2.73
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Except where noted for Emerging Markets Value, results are after all fees
and expenses. Past performance is not predictive of future results. The
investment return and principal value of an investment will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
(2) Tax-Managed International Value, International Value II and Emerging Markets
Value returns throughout this report include dividends net of withholding taxes.
(3) International Value II (IVP II) is a continuation of Bernstein's
International Value portfolio (IVP), now called Tax-Managed International Value
(TMIVP). On April 30, 1999, IVP was split into two portfolios: IVP II for
tax-exempt investors, such as 401(k) and other retirement plans; and TMIVP for
taxable investors. Both portfolios have the same overall investment style,
except that the latter now includes tax management. IVP II is an extension of
the original IVP in that it is managed without regard to tax considerations.
(4) Lipper composites are the equal-weighted average returns of the mutual funds
in the relevant Lipper Analytical Services categories; the average fund in a
category may differ in composition from Bernstein's portfolios.
(5) Morgan Stanley Capital International (MSCI) EAFE index of major foreign
markets in Europe, Australia and the Far East, with currencies half-hedged and
countries weighted according to gross domestic product
--------------------------------------------------------------------------------
2 Sanford C. Bernstein Fund, Inc.
<PAGE>
To Our Shareholders:
Rising oil prices, a declining euro and worries about slower profit growth
combined with the further deflating of the technology-stock bubble to push down
stock markets worldwide this year. After solid gains in 1999, the major-foreign
and emerging markets were down for the first nine months of 2000 (display, below
left), along with the U.S. market.
The Sanford C. Bernstein Fund's foreign-stock portfolios held up
comparatively well in this difficult environment. For the 12 months ended
September 30, Tax-Managed International Value returned 3.5%; and International
Value II, 2.7%. Although both portfolios declined modestly in 2000's first nine
months, they were down less than the major foreign markets as a whole. The more
volatile emerging markets sustained a sharper loss, after spectacular gains in
1999. For the 12 months, Emerging Markets Value was down roughly 4%.
But even as the markets as a group lost ground, many low-priced blue-chip
stocks with good earnings growth achieved solid gains. At the same time, several
technology stocks, which had been the darlings of investors, fared poorly. In
fact, unmistakable signs emerged of a turn in the investing cycle in favor of
"value" stocks--those priced cheaply in relation to their earnings potential,
which dominate the Fund's foreign-stock portfolios.
The Fund's municipal bond portfolios have performed strongly. Most handily
beat their competition over the past year. Active bond management has enabled
the portfolios to profit from an unusual supply/demand imbalance in the
municipal markets. Even as demand for tax-sheltered investments remained strong
because of the long U.S. economic boom, states and cities were issuing fewer
bonds because their coffers were overflowing with tax revenues, and
interest-rate increases had made borrowing expensive. In California, for
instance, the yields on state bonds have been at record lows and bond prices at
corresponding highs, because of intense demand. Emphasizing high-quality bonds
has allowed the Fund's California Municipal portfolio to outperform its
competitive benchmark by almost a full percentage point.
This year has also presented a compelling opportunity in taxable bonds.
The U.S. Treasury's plan to buy back much of its debt, now that the federal
government is running budget surpluses, touched off panic buying of popular
long-term Treasury bonds. This in turn pushed up their prices and drove down
their yields. The result has been an extraordinary yield advantage for
non-Treasury bonds--corporate, mortgage and agency securities--over Treasuries
(display, below right). Intermediate Duration has been able to buy high-quality
bonds with generous relative yields without lowering credit quality or
increasing risk.
Bernstein established the Fund to provide meaningful diversification to
U.S. stocks. The strong gains by bonds, in particular, at a time when the major
U.S. stock-market indexes were all down, underscore just how important that
stabilizing function can be.
While foreign stock markets have struggled this year...
[The following was depicted as a bar chart in the printed material.]
Major Foreign Markets* Emerging Markets
1999 36.0% 66.4%
2000:Jan-Sep (5.7)% (20.0)%
*MSCI EAFE half-hedged, GDP-weighted
Source: Morgan Stanley Capital International (MSCI)
...bonds have provided strong returns, with a yield bonanza among non-Treasury
issues
Yield Advantage Over Treasuries
[The following was depicted as a mountain chart in the printed material.]
30 yr "A" Corporates* Mortgages
8/25/98 117 72
9/1/98 130 64
9/3/98 124 64
9/11/98 134 65
9/16/98 126 76
9/24/98 125 77
10/1/98 130 81
10/9/98 158 91
10/16/98 132 84
10/22/98 129 95
10/29/98 139 85
11/5/98 126 68
11/12/98 121 70
11/19/98 112 65
11/25/98 106 77
11/30/98 106 82
12/3/98 119 78
12/10/98 115 67
12/17/98 103 64
12/24/98 103 60
12/31/98 103 58
1/7/99 102 51
1/14/99 101 59
1/21/99 103 58
1/29/99 100 62
2/4/99 95 53
2/11/99 103 49
2/18/99 99 44
2/26/99 96 45
3/5/99 100 47
3/11/99 90 47
3/18/99 87 48
3/25/99 86 48
3/31/99 87 45
4/8/99 86 54
4/15/99 91 44
4/22/99 92 41
4/30/99 99 43
5/6/99 95 42
5/13/99 101 50
5/20/99 110 53
5/28/99 116 54
6/3/99 117 56
6/10/99 122 58
6/17/99 124 56
6/24/99 121 61
6/30/99 119 58
7/8/99 118 62
7/15/99 119 62
7/22/99 128 76
7/30/99 126 72
8/5/99 130 77
8/12/99 131 92
8/19/99 124 75
8/26/99 114 74
8/31/99 124 87
9/8/99 132 73
9/15/99 120 62
9/22/99 126 73
9/30/99 129 73
10/6/99 125 63
10/13/99 125 58
10/20/99 120 63
10/29/99 119 61
11/3/99 114 62
11/10/99 118 60
11/17/99 113 60
11/24/99 113 58
11/30/99 112 57
12/8/99 111 60
12/15/99 112 58
12/22/99 110 58
12/31/99 112 54
1/5/00 111 51
1/12/00 121 53
1/19/00 121 59
1/26/00 119 60
1/31/00 131 73
2/3/00 141 82
9-Feb 145 73
2/16/00 154 82
2/23/00 158 82
2/29/00 152 84
3/8/00 153 79
3/15/00 167 89
3/22/00 168 99
3/31/00 168 107
4/5/00 169 101
4/12/00 179 110
4/19/00 171 106
4/28/00 176 105
5/10/00 190 114
5/17/00 200 116
5/24/00 193 113
5/31/00 204 117
7-Jun 187 105
14-Jun 180 103
21-Jun 187 105
30-Jun 192 107
7/12/00 187 103
7/19/00 187 111
7/26/00 190 111
7/31/00 197 113
8/9/00 195 109
8/16/00 202 108
8/23/00 207 108
8/31/00 213 108
9/8/00 210 112
19-Sep 207 106
29-Sep 196 91
*Corporates are 30-year A-rated industrials.
--------------------------------------------------------------------------------
2000 Annual Report 3
<PAGE>
Foreign-Stock Portfolios
Tax-Managed International Value
Growth of $25,000(1)
[Line Chart Appears Here]
EAFE Lipper Tax-Managed
Foreign Foreign International
Yr:Month Stock-Market Stock Value (after
Index (before Composite all costs)
all costs)
92:6 25000 25000 25000
7 23874 24128 24179
8 24569 24354 25280
9 23844 23833 23979
10 23575 23097 23419
11 24015 23221 23499
12 24102 23530 23754
93:1 24357 23608 24184
2 25178 24153 25128
3 26568 25530 27419
4 28548 26812 29208
5 28798 27393 29854
6 28578 26815 29128
7 29727 27660 30537
8 31644 29356 32261
9 30796 29171 31280
10 31943 30440 31986
11 29609 29219 29954
12 31821 31928 31953
94:1 34058 33898 34245
2 33475 33159 33820
3 32679 31686 33942
4 34146 32482 35041
5 33453 32381 34733
6 32855 32038 34142
7 33706 32919 34883
8 34225 33887 35351
9 32753 33043 33957
10 33379 33684 34140
11 32424 32027 33059
12 32660 31719 33177
95:1 31654 30143 32358
2 31388 30185 31758
3 31740 31175 31758
4 33108 32182 32769
5 32962 32455 32746
6 32483 32455 32488
7 34704 34192 34252
8 34427 33546 34360
9 34652 34035 34575
10 33819 33348 34315
11 34732 33705 34423
12 36239 34723 35854
96:1 37316 35486 37333
2 37176 35628 37267
3 37820 36241 37928
4 39199 37401 39453
5 38796 37300 39518
6 39185 37550 39960
7 37640 36175 38436
8 37769 36573 38591
9 39247 37363 40048
10 38836 37117 40004
11 40634 38705 41726
12 40502 38837 42115
97:1 40849 38713 42091
2 41530 39255 42681
3 42315 39341 43601
4 42868 39420 43884
5 44508 41738 45300
6 47326 43670 47258
7 49367 44797 49688
8 45774 41643 46574
9 48549 44125 49358
10 44565 40842 46810
11 45090 40385 46291
12 46292 40647 46017
98:1 48853 41639 48562
2 51555 44412 50614
3 54988 46748 54587
4 55299 47459 54276
5 56376 47558 55912
6 57159 47135 55678
7 58167 47786 56535
8 50245 40957 48121
9 47810 39474 45810
10 51829 42313 47913
11 55318 44496 50692
12 56631 45880 51058
99:1 57493 46320 51144
2 56523 45148 49797
3 59737 46706 52921
4 62539 48896 55702
5 59821 46882 54412
6 63022 49371 56505
7 63775 50749 57336
8 64044 51256 57996
9 64700 51523 57422
10 67026 53414 57881
11 70056 57863 58540
12 77028 64853 62653
00:1 73988 61708 58959
2 77563 65953 59745
3 79128 66177 61635
4 76189 61704 60210
5 74416 59569 60181
6 76795 62267 62886
7 74254 60107 61461
8 75671 61273 62071
9 72650 57823 59425
International Value II
Growth of $25,000(1)
[Line Chart Appears Here]
EAFE
Foreign Lipper
Stock-Market Foreign International
Yr:Month Index (before Stock Value II
all costs) Composite (after all costs)
99:4 25000 25000 25000
5 23913 23970 24357
6 25193 25243 25270
7 25494 25947 25708
8 25602 26207 26081
9 25864 26343 25875
10 26794 27310 25888
11 28005 29584 26004
12 30792 33158 27631
00:1 29577 31550 26032
2 31006 33721 26461
3 31632 33835 27384
4 30456 31548 26708
5 29748 30457 26734
6 30699 31836 28034
7 29683 30732 27358
8 30249 31328 27670
9 29042 29564 26578
Emerging Markets Value
Growth of $25,000(1)
[Line Chart Appears Here]
MSCI Lipper Emerging Markets
Emerging Emerging Value after deduction of
Yr:Month Markets Free Markets 2% purchase and 2%
Index (before Index redemption fees -- both
all costs) paid to the portfolio,
not to Bernstein
See footnote 2 below.
95:12 25000 25000 25000
96:1 26777 27272 26784
2 26351 26954 26760
3 26557 27178 27071
4 27618 28131 28422
5 27495 28407 28266
6 27667 28461 27932
7 25776 26805 26186
8 26436 27536 26174
9 26665 27818 26090
10 25954 27175 24942
11 26388 27794 25803
12 26508 28037 26226
97:1 28316 30166 28281
2 29528 31243 28953
3 28753 30442 28593
4 28804 30448 28100
5 29628 31498 28401
6 31214 33048 29230
7 31680 34010 30395
8 27648 30275 27115
9 28414 31368 27079
10 23752 26132 22898
11 22885 24939 20700
12 23437 25166 19952
98:1 21599 23415 19113
2 23853 25419 20954
3 24888 26311 21956
4 24617 26366 21405
5 21243 22430 18687
6 19015 20304 16433
7 19618 20923 16595
8 13946 14928 12374
9 14830 15488 12663
10 16392 16977 14128
11 17755 18118 15618
12 17498 17891 15743
99:1 17216 17528 15350
2 17383 17377 15553
3 19674 19313 17581
4 22108 21996 21092
5 21980 21729 21498
6 24474 24170 23767
7 23809 23568 23133
8 24026 23306 23222
9 23213 22479 21950
10 23707 23155 22099
11 25833 25709 23552
12 29118 30227 26693
00:1 29292 29876 25794
2 29678 30766 24957
3 29823 30859 25082
4 26996 27501 23884
5 25880 26038 22198
6 26792 27330 22910
7 25414 26215 22710
8 25539 26485 22510
9 23309 23953 21112
Taxable-Bond Portfolios
Intermediate Duration
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper Lehman
Intermediate Brothers Intermediate
Yr:Month Bond Aggregate Duration
Composite Bond Index (after all
(before all costs) costs)
89:1 25000 25000 25000
2 24898 24820 24865
3 24982 24927 25000
4 25397 25448 25432
5 25869 26117 25948
6 26462 26911 26694
7 26919 27484 27103
8 26658 27077 26868
9 26768 27215 27003
10 27228 27885 27602
11 27424 28150 27776
12 27501 28226 27846
90:1 27289 27890 27522
2 27365 27979 27602
3 27409 27999 27649
4 27269 27741 27427
5 27861 28562 28083
6 28207 29022 28447
7 28534 29424 28769
8 28326 29030 28480
9 28447 29272 28597
10 28618 29645 28879
11 29082 30283 29443
12 29457 30757 29892
91:1 29731 31138 30044
2 30004 31403 30478
3 30229 31620 30782
4 30574 31961 31132
5 30773 32146 31361
6 30773 32130 31371
7 31124 32577 31798
8 31749 33281 32494
9 32324 33956 33042
10 32666 34333 33469
11 32987 34649 33818
12 33920 35678 35005
92:1 33533 35193 34509
2 33661 35422 34754
3 33530 35222 34594
4 33764 35476 34848
5 34308 36146 35499
6 34798 36644 35991
7 35592 37391 36844
8 35891 37770 37051
9 36372 38218 37443
10 35830 37711 36919
11 35726 37719 37071
12 36222 38319 37692
93:1 36947 39054 38306
2 37619 39738 38962
3 37766 39904 39109
4 38034 40182 39343
5 38004 40234 39503
6 38676 40962 40374
7 38839 41195 40778
8 39557 41917 41611
9 39712 42030 41673
10 39839 42187 41895
11 39484 41828 41396
12 39670 42055 41589
94:1 40174 42622 42150
2 39459 41881 41399
3 38598 40846 40633
4 38251 40520 40296
5 38194 40516 40251
6 38121 40426 40172
7 38693 41231 40833
8 38770 41280 40805
9 38332 40674 40199
10 38275 40637 40152
11 38164 40548 40034
12 38347 40828 40276
95:1 38956 41636 41077
2 39767 42626 41895
3 40013 42888 42115
4 40530 43487 42631
5 41960 45170 44120
6 42225 45501 44477
7 42111 45399 44303
8 42582 45947 44811
9 42957 46394 45353
10 43490 46998 46074
11 44098 47702 46722
12 44658 48371 47458
96:1 44953 48692 47630
2 44185 47846 46700
3 43884 47513 46435
4 43616 47246 46241
5 43538 47150 46218
6 44034 47783 46715
7 44135 47914 46889
8 44100 47834 46899
9 44819 48668 47645
10 45724 49746 48616
11 46497 50598 49536
12 46088 50127 49158
97:1 46222 50281 49215
2 46314 50406 49317
3 45828 49847 48794
4 46423 50593 49429
5 46823 51072 49802
6 47342 51678 50402
7 48559 53071 51431
8 48132 52619 51177
9 48801 53395 51772
10 49377 54169 52474
11 49515 54419 52619
12 49961 54967 52922
98:1 50605 55672 53540
2 50534 55630 53540
3 50711 55822 53715
4 50929 56113 53924
5 51382 56645 54413
6 51752 57126 54679
7 51851 57247 54896
8 52483 58179 55438
9 53643 59541 56219
10 53252 59227 55768
11 53497 59563 56338
12 53673 59742 56559
99:1 54017 60168 57106
2 53012 59118 56279
3 53394 59445 56714
4 53554 59634 56946
5 52997 59115 56731
6 52801 58923 56592
7 52621 58673 56324
8 52537 58643 56207
9 53062 59324 56803
10 53131 59542 56898
11 53174 59538 56987
12 52945 59250 56923
00:1 52749 59056 56722
2 53261 59771 57304
3 53873 60558 57890
4 53577 60385 57489
5 53470 60357 57185
6 54550 61613 58379
7 54970 62172 58797
8 55685 63073 59469
9 56041 63470 59852
Short Duration Plus
Growth of $25,000(1)
[Line Chart Appears Here]
Merril Lynch Lipper Short Short
1-3 Year Investment Duration Plus
Yr:Month Treasury Index Grade Bond (after all
(before all costs) Composite costs)
88:12 25000 25000 25000
89:1 25198 25208 25200
2 25198 25253 25247
3 25313 25377 25372
4 25701 25671 25674
5 26086 26005 25969
6 26574 26392 26366
7 26967 26727 26663
8 26800 26677 26653
9 26958 26815 26826
10 27365 27161 27153
11 27610 27354 27348
12 27720 27480 27453
90:1 27743 27469 27517
2 27873 27612 27637
3 27967 27739 27770
4 28022 27789 27812
5 28450 28164 28152
6 28750 28431 28399
7 29109 28889 28676
8 29196 28947 28799
9 29436 29112 28939
10 29760 29319 29153
11 30051 29621 29391
12 30416 29905 29723
91:1 30694 30099 29845
2 30877 30340 30225
3 31085 30577 30514
4 31379 30883 30847
5 31569 31099 31109
6 31698 31176 31246
7 31974 31454 31533
8 32413 31882 31918
9 32763 32261 32198
10 33114 32580 32575
11 33458 32887 32930
12 33967 33459 33404
92:1 33915 33372 33364
2 34033 33495 33526
3 34020 33482 33521
4 34333 33713 33881
5 34645 34050 34236
6 34998 34411 34608
7 35390 34848 34968
8 35702 35085 35102
9 36041 35394 35287
10 35825 35153 35147
11 35766 35090 35255
12 36106 35374 35509
93:1 36482 35788 35792
2 36794 36139 36056
3 36904 36258 36189
4 37133 36472 36321
5 37029 36457 36434
6 37302 36760 36773
7 37388 36863 36946
8 37714 37191 37200
9 37837 37325 37225
10 37911 37433 37368
11 37920 37381 37275
12 38060 37538 37435
94:1 38305 37819 37690
2 38060 37543 37522
3 37870 37232 37320
4 37736 37057 37293
5 37790 37071 37333
6 37902 37097 37408
7 38228 37405 37682
8 38362 37532 37755
9 38275 37435 37650
10 38361 37480 37740
11 38190 37386 37547
12 38277 37412 37640
95:1 38809 37786 38104
2 39343 38281 38581
3 39562 38484 38736
4 39915 38842 39076
5 40612 39572 39615
6 40830 39794 39835
7 41000 39885 39970
8 41243 40161 40202
9 41444 40394 40422
10 41794 40721 40784
11 42163 41067 41076
12 42487 41391 41441
96:1 42848 41702 41668
2 42667 41543 41521
3 42629 41506 41508
4 42665 41523 41593
5 42752 41589 41676
6 43059 41876 41913
7 43229 42035 42113
8 43377 42161 42298
9 43770 42541 42660
10 44263 42979 43167
11 44602 43318 43454
12 44602 43318 43424
97:1 44812 43509 43663
2 44915 43635 43781
3 44897 43587 43770
4 45264 43918 44072
5 45573 44217 44339
6 45887 44504 44610
7 46391 44990 44949
8 46434 45012 45058
9 46786 45341 45308
10 47134 45594 45582
11 47248 45699 45699
12 47571 45960 45830
98:1 48033 46360 46237
2 48074 46411 46299
3 48270 46587 46405
4 48496 46792 46609
5 48754 47035 46809
6 49008 47242 46993
7 49237 47436 47245
8 49856 47759 47568
9 50517 48322 48073
10 50765 48298 48127
11 50720 48399 48294
12 50899 48578 48549
99:1 51101 48797 48776
2 50852 48587 48619
3 51205 48952 48975
4 51370 49133 49153
5 51337 49039 49241
6 51497 49118 49400
7 51660 49162 49529
8 51810 49241 49635
9 52147 49590 49911
10 52285 49709 50049
11 52384 49854 50225
12 52459 49933 50384
00:1 52440 49918 50372
2 52789 50238 50654
3 53116 50524 50900
4 53254 50544 50924
5 53473 50676 51077
6 54028 51259 51628
7 54370 51566 51849
8 54771 51968 52199
9 55165 52394 52591
Government Short Duration
Growth of $25,000(1)
[Line Chart Appears Here]
Merril Lynch Lipper Short Government
1-3 Year U.S. Gov't Short Duration
Yr:Month Treasury Index Bond (after all
(before all costs) Composite costs)
89:1 25000 25000 25000
2 25000 25003 25037
3 25115 25108 25129
4 25499 25469 25460
5 25882 25660 25740
6 26366 26104 26140
7 26756 26464 26441
8 26590 26292 26361
9 26747 26432 26520
10 27151 26839 26880
11 27394 27051 27044
12 27503 27156 27176
90:1 27525 27115 27196
2 27654 27240 27327
3 27748 27322 27434
4 27802 27352 27496
5 28227 27759 27854
6 28524 28043 28097
7 28880 28371 28393
8 28967 28416 28515
9 29205 28626 28718
10 29526 28918 28997
11 29816 29236 29267
12 30177 29564 29615
91:1 30454 29833 29844
2 30635 30003 30055
3 30841 30168 30219
4 31133 30446 30472
5 31321 30616 30636
6 31450 30680 30723
7 31724 30972 30984
8 32159 31396 31393
9 32506 31763 31724
10 32854 32081 32079
11 33196 32386 32424
12 33700 32917 32938
92:1 33649 32723 32804
2 33767 32808 32839
3 33753 32765 32737
4 34064 33034 33115
5 34374 33381 33472
6 34724 33698 33845
7 35113 34102 34198
8 35422 34382 34285
9 35759 34660 34441
10 35544 34390 34362
11 35486 34335 34439
12 35823 34665 34707
93:1 36196 35101 34953
2 36505 35435 35181
3 36615 35548 35253
4 36842 35747 35350
5 36739 35704 35422
6 37009 36036 35715
7 37095 36134 35869
8 37419 36488 36165
9 37540 36590 36200
10 37614 36652 36319
11 37623 36546 36212
12 37762 36677 36304
94:1 38005 36927 36510
2 37762 36620 36334
3 37574 36243 36234
4 37441 35986 36125
5 37494 35921 36150
6 37605 35918 36234
7 37928 36208 36530
8 38062 36292 36624
9 37975 36165 36508
10 38061 36186 36590
11 37891 36042 36428
12 37977 36121 36456
95:1 38505 36569 36932
2 39034 37092 37399
3 39252 37285 37583
4 39602 37605 37914
5 40294 38346 38495
6 40510 38538 38766
7 40678 38584 38855
8 40920 38866 39066
9 41119 39087 39262
10 41466 39435 39568
11 41833 39814 39866
12 42154 40144 40142
96:1 42512 40433 40350
2 42332 40247 40231
3 42295 40199 40246
4 42330 40207 40224
5 42417 40255 40271
6 42722 40525 40527
7 42890 40659 40681
8 43037 40768 40820
9 43427 41119 41133
10 43916 41551 41580
11 44253 41871 41856
12 44253 41858 41783
97:1 44460 42055 42006
2 44563 42164 42113
3 44545 42088 42103
4 44909 42396 42392
5 45215 42646 42650
6 45527 42872 42913
7 46027 43318 43241
8 46070 43335 43314
9 46419 43634 43549
10 46764 43939 43848
11 46878 44036 43927
12 47198 44252 44142
98:1 47656 44628 44461
2 47697 44659 44515
3 47891 44807 44648
4 48116 44981 44808
5 48372 45211 44995
6 48624 45410 45198
7 48851 45591 45430
8 49465 46056 45805
9 50121 46618 46316
10 50367 46698 46453
11 50323 46688 46485
12 50501 46824 46594
99:1 50700 47048 46768
2 50453 46865 46628
3 50804 47141 46939
4 50967 47325 47114
5 50935 47283 47097
6 51094 47297 47215
7 51256 47358 47341
8 51404 47444 47440
9 51738 47742 47735
10 51875 47867 47869
11 51974 47991 47990
12 52048 48005 48031
00:1 52029 48039 48030
2 52375 48313 48302
3 52700 48695 48542
4 52837 48870 48731
5 53054 48953 48873
6 53605 49442 49312
7 53943 49734 49561
8 54342 50102 49931
9 54732 50463 50263
--------------------------------------------------------------------------------
(1) Past performance is not predictive of future results. For International
Value, the index is the Morgan Stanley Capital International (MSCI) EAFE
index of major stock markets in Europe, Australia and the Far East, with
countries weighted according to gross domestic product and currency
positions half-hedged. For Emerging Markets Value, the index is the MSCI
Emerging Markets Free index. Both indexes are theoretical measures of
stock performance rather than actual available investments, which would
reflect such expenses as management fees, transaction and security-custody
costs and, in the case of a mutual fund, the costs of transfer agents and
shareholder servicing. The Lipper composites are the equal-weighted
average returns of the funds in Lipper's international and
emerging-markets categories.
(2) Reflects the growth of $25,000 in the portfolio after deduction of the 2%
purchase fee each investor must pay to the Fund upon making an investment
in the portfolio (except for reinvested capital gains and dividends) and
the 2% redemption fee payable on closing out an investment in the
portfolio. Excluding these fees, an investment of $25,000 in this
portfolio would have declined to $21,983.
--------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc.
<PAGE>
Municipal Bond Portfolios (Intermediate and Short-Term)
Diversified Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper Lehman Brothers
Intermediate Five-Year G/O Diversified
Municipal Index (before Municipal
Yr:Month Composite all costs) (after all costs)
89:1 25000 25000 25000
2 24893 24735 24863
3 24820 24577 24736
4 25212 24999 25164
5 25550 25454 25550
6 25829 25734 25878
7 26128 26110 26189
8 26011 26008 26027
9 25972 26021 25973
10 26203 26250 26266
11 26510 26584 26602
12 26743 26799 26769
90:1 26679 26812 26669
2 26884 27013 26843
3 26868 26930 26823
4 26723 26841 26741
5 27177 27332 27152
6 27405 27532 27351
7 27748 27859 27637
8 27501 27764 27510
9 27592 27823 27622
10 27934 28232 28022
11 28375 28638 28403
12 28517 28744 28590
91:1 28845 29167 28933
2 29096 29432 29187
3 29111 29365 29102
4 29416 29732 29448
5 29622 29883 29565
6 29593 29877 29545
7 29856 30176 29774
8 30166 30565 30144
9 30504 30941 30443
10 30758 31176 30652
11 30841 31276 30818
12 31433 31980 31500
92:1 31521 32041 31450
2 31555 32060 31425
3 31489 31954 31229
4 31732 32235 31393
5 32068 32525 31803
6 32520 32994 32239
7 33486 33858 33167
8 33148 33604 32915
9 33343 33816 33154
10 33067 33708 32796
11 33622 34116 33281
12 33915 34354 33560
93:1 34298 34725 33893
2 35320 35632 34711
3 34938 35229 34381
4 35225 35455 34587
5 35362 35579 34642
6 35875 36059 35137
7 35879 36084 35040
8 36542 36575 35639
9 36966 36838 36007
10 37044 36894 36062
11 36807 36787 35883
12 37436 37291 36391
94:1 37833 37641 36706
2 37008 36937 36065
3 35957 36114 35366
4 36141 36478 35368
5 36408 36683 35587
6 36303 36598 35483
7 36760 36997 35871
8 36903 37175 36012
9 36527 36896 35719
10 36100 36689 35420
11 35562 36454 35020
12 36091 36775 35475
95:1 36799 37128 36132
2 37572 37667 36876
3 37910 38266 37259
4 37974 38369 37321
5 38878 39209 38266
6 38734 39241 38107
7 39094 39790 38458
8 39478 40192 38841
9 39651 40312 38993
10 40032 40482 39376
11 40464 40826 39818
12 40735 41050 40075
96:1 41078 41539 40373
2 40946 41398 40264
3 40483 41178 39891
4 40406 41116 39808
5 40386 41067 39813
6 40629 41359 40080
7 40986 41632 40366
8 40994 41719 40331
9 41343 42032 40701
10 41740 42423 41035
11 42362 43012 41640
12 42234 42948 41532
97:1 42323 43064 41687
2 42632 43370 41938
3 42189 42880 41599
4 42396 43094 41851
5 42900 43564 42281
6 43286 43947 42594
7 44230 44743 43376
8 43867 44505 43145
9 44319 44906 43532
10 44523 45180 43687
11 44687 45324 43832
12 45246 45732 44307
98:1 45626 46135 44617
2 45644 46190 44677
3 45644 46269 44709
4 45402 46047 44638
5 46043 46595 45043
6 46172 46739 45175
7 46250 46907 45297
8 46925 47541 45750
9 47432 48025 46137
10 47418 48126 46223
11 47503 48194 46252
12 47665 48406 46356
99:1 48208 48895 46841
2 47933 48836 46767
3 47890 48904 46802
4 48020 49046 46924
5 47731 48879 46795
6 47049 48337 46390
7 47265 48593 46545
8 47029 48593 46470
9 47048 48763 46491
10 46704 48656 46295
11 47097 48914 46673
12 46875 48752 46566
00:1 46655 48730 46487
2 47010 48880 46726
3 47672 49318 47350
4 47482 49221 47262
5 47263 49201 47130
6 48251 50111 47949
7 48791 50657 48407
8 49387 51189 48906
9 49239 51103 48835
Short Duration Diversified Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Lipper Short Duration
Brothers Short-Term Diversified
Yr:Month One-Year Municipal Municipal
Municipal Index Composite (after all costs)
(before all costs)
94:10 25000 25000 25000
11 25038 24918 25015
12 25102 25007 25112
95:1 25231 25187 25255
2 25402 25424 25462
3 25570 25584 25617
4 25663 25669 25684
5 25904 25938 25959
6 25992 26032 26072
7 26182 26185 26204
8 26321 26313 26314
9 26394 26377 26366
10 26502 26503 26479
11 26628 26662 26616
12 26728 26777 26709
96:1 26881 26937 26844
2 26946 26970 26878
3 26964 26919 26869
4 27028 26948 26901
5 27096 27007 26968
6 27228 27105 27053
7 27343 27229 27168
8 27396 27289 27206
9 27520 27423 27336
10 27661 27574 27441
11 27828 27745 27608
12 27888 27789 27657
97:1 28049 27886 27786
2 28139 28006 27854
3 28125 27934 27827
4 28238 28029 27913
5 28380 28199 28058
6 28493 28343 28167
7 28668 28573 28298
8 28704 28573 28335
9 28852 28767 28477
10 28963 28871 28564
11 29052 28957 28624
12 29182 29114 28752
98:1 29335 29262 28882
2 29437 29332 28971
3 29521 29394 29036
4 29557 29394 29078
5 29711 29576 29204
6 29820 29677 29271
7 29922 29772 29379
8 30103 29986 29512
9 30246 30142 29622
10 30389 30245 29727
11 30480 30302 29813
12 30566 30402 29885
99:1 30737 30566 30035
2 30847 30569 30143
3 30873 30612 30184
4 30944 30689 30244
5 31005 30701 30293
6 30977 30593 30288
7 31088 30691 30363
8 31164 30694 30398
9 31269 30768 30483
10 31337 30777 30513
11 31434 30882 30631
12 31460 30885 30652
00:1 31580 30904 30745
2 31675 31018 30818
3 31812 31167 30942
4 31888 31198 30988
5 31941 31232 31025
6 32203 31488 31273
7 32383 31680 31426
8 32549 31848 31579
9 32621 31922 31633
California Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper
Intermediate California Lehman Brothers
California Municipal Five-Year G/O
Yr:Month Municipal (after all Index (before
Composite costs) all costs)
90:8 25000 25000 25000
9 24988 25155 25053
10 25452 25459 25421
11 26015 25844 25787
12 26127 26072 25882
91:1 26424 26340 26263
2 26557 26649 26502
3 26578 26566 26441
4 26942 26814 26771
5 27184 26937 26908
6 27108 26889 26902
7 27472 27112 27171
8 27796 27378 27522
9 28168 27686 27860
10 28430 27891 28072
11 28510 27989 28162
12 29051 28558 28796
92:1 29133 28610 28850
2 29153 28600 28868
3 29074 28370 28772
4 29278 28578 29026
5 29571 28916 29287
6 29952 29279 29709
7 30776 30091 30487
8 30440 29901 30258
9 30626 30111 30449
10 30292 29803 30352
11 30792 30239 30719
12 31054 30500 30934
93:1 31389 30820 31268
2 32347 31647 32084
3 32001 31314 31721
4 32253 31469 31924
5 32369 31577 32036
6 32826 31950 32469
7 32796 31855 32491
8 33423 32374 32933
9 33820 32702 33170
10 33875 32727 33220
11 33637 32544 33124
12 34240 33015 33578
94:1 34609 33326 33893
2 33838 32694 33259
3 32890 32066 32518
4 33025 32043 32846
5 33246 32213 33030
6 33140 32168 32954
7 33617 32562 33313
8 33745 32664 33473
9 33428 32381 33222
10 32970 32096 33036
11 32459 31737 32825
12 32825 31975 33114
95:1 33495 32592 33431
2 34239 33414 33916
3 34578 33727 34455
4 34626 33804 34549
5 35481 34674 35305
6 35258 34446 35333
7 35635 34807 35828
8 36027 35120 36190
9 36229 35330 36298
10 36624 35701 36451
11 37048 36150 36761
12 37252 36362 36963
96:1 37584 36708 37403
2 37460 36580 37276
3 37029 36160 37078
4 36999 36109 37022
5 36988 36084 36978
6 37240 36350 37241
7 37571 36604 37486
8 37571 36626 37565
9 37879 36955 37847
10 38266 37284 38199
11 38874 37797 38730
12 38730 37716 38672
97:1 38804 37822 38776
2 39052 38042 39051
3 38681 37705 38610
4 38863 37898 38803
5 39372 38309 39226
6 39730 38619 39571
7 40648 39374 40288
8 40307 39162 40074
9 40710 39476 40435
10 40820 39611 40681
11 40987 39739 40812
12 41479 40108 41179
98:1 41869 40439 41541
2 41927 40519 41591
3 41856 40487 41662
4 41617 40393 41462
5 42192 40840 41955
6 42302 40959 42085
7 42428 41068 42237
8 43065 41530 42807
9 43702 41989 43244
10 43641 42030 43334
11 43759 42140 43395
12 43776 42163 43586
99:1 44289 42589 44026
2 44080 42484 43973
3 44147 42539 44035
4 44182 42586 44163
5 43912 42376 44012
6 43289 42044 43524
7 43527 42208 43755
8 43335 42105 43755
9 43491 42243 43908
10 43122 42035 43811
11 43505 42342 44043
12 43192 42137 43898
00:1 43218 42158 43878
2 43581 42497 44013
3 44261 43082 44407
4 44000 42842 44320
5 43987 42874 44302
6 44937 43594 45121
7 45458 43999 45613
8 46163 44600 46092
9 45983 44540 46015
Short Duration California Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Brothers Lipper Short Duration
One-Year Short-Term California
Yr:Month Municipal Municipal Municipal
Index (before Composite (after all costs)
all costs)
95:10 25000 25000 25000
11 25038 24918 24978
12 25102 25007 25055
95:1 25231 25187 25202
2 25402 25424 25451
3 25570 25584 25566
4 25663 25669 25668
5 25904 25938 25915
6 25992 26032 26000
7 26182 26185 26185
8 26321 26313 26267
9 26394 26377 26332
10 26502 26503 26442
11 26628 26662 26554
12 26728 26777 26631
96:1 26881 26937 26786
2 26946 26970 26813
3 26964 26919 26793
4 27028 26948 26841
5 27096 27007 26885
6 27228 27105 26990
7 27343 27229 27105
8 27396 27289 27146
9 27520 27423 27256
10 27661 27574 27384
11 27828 27745 27530
12 27888 27789 27578
97:1 28049 27886 27683
2 28139 28006 27747
3 28125 27934 27740
4 28238 28029 27824
5 28380 28199 27923
6 28493 28343 28030
7 28668 28573 28178
8 28704 28573 28209
9 28852 28767 28317
10 28963 28871 28393
11 29052 28957 28446
12 29182 29114 28571
98:1 29335 29262 28693
2 29437 29332 28778
3 29521 29394 28837
4 29557 29394 28849
5 29711 29576 28967
6 29820 29677 29055
7 29922 29772 29190
8 30103 29986 29317
9 30246 30142 29443
10 30389 30245 29569
11 30480 30302 29655
12 30566 30402 29686
99:1 30737 30566 29832
2 30847 30569 29915
3 30873 30612 29929
4 30944 30689 30007
5 31005 30701 30024
6 30977 30593 30014
7 31088 30691 30115
8 31164 30694 30168
9 31269 30768 30296
10 31337 30777 30326
11 31434 30882 30393
12 31460 30885 30388
00:1 31580 30904 30497
2 31675 31018 30614
3 31812 31167 30727
4 31888 31198 30740
5 31941 31232 30816
6 32203 31488 31059
7 32383 31680 31208
8 32549 31848 31386
9 32621 31922 31467
New York Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper
Intermediate Lehman Brothers
New York Five-Year G/O New York
Yr:Month Municipal Index (before Municipal
Composite all costs) (after all costs)
89:1 25000 25000 25000
2 24750 24735 24881
3 24750 24577 24809
4 25389 24999 25201
5 25868 25454 25589
6 26197 25734 26022
7 26469 26110 26313
8 26221 26008 26154
9 26105 26021 26119
10 26319 26250 26415
11 26725 26584 26731
12 26928 26799 26872
90:1 26658 26812 26733
2 26888 27013 26912
3 26842 26930 26920
4 26514 26841 26800
5 27167 27332 27193
6 27463 27532 27412
7 27960 27859 27703
8 27420 27764 27579
9 27341 27823 27718
10 27620 28232 28096
11 28222 28638 28494
12 28323 28744 28658
91:1 28706 29167 28979
2 28878 29432 29257
3 28985 29365 29267
4 29437 29732 29548
5 29664 29883 29712
6 29634 29877 29717
7 30117 30176 29973
8 30554 30565 30301
9 31015 30941 30585
10 31313 31176 30796
11 31354 31276 30916
12 31999 31980 31642
92:1 31823 32041 31552
2 31941 32060 31632
3 32043 31954 31492
4 32383 32235 31761
5 32856 32525 32079
6 33536 32994 32544
7 34763 33858 33479
8 34235 33604 33211
9 34338 33816 33432
10 34018 33708 33106
11 34586 34116 33551
12 34901 34354 33820
93:1 35271 34725 34138
2 36294 35632 35046
3 35960 35229 34698
4 36233 35455 34941
5 36415 35579 35058
6 36884 36059 35516
7 36873 36084 35424
8 37507 36575 35981
9 37822 36838 36334
10 37909 36894 36393
11 37652 36787 36170
12 38296 37291 36714
94:1 38701 37641 37013
2 37916 36937 36374
3 36903 36114 35650
4 37092 36478 35660
5 37388 36683 35938
6 37317 36598 35864
7 37761 36997 36314
8 37882 37175 36384
9 37503 36896 36038
10 37068 36689 35665
11 36527 36454 35237
12 37053 36775 35779
95:1 37661 37128 36416
2 38418 37667 37197
3 38718 38266 37522
4 38795 38369 37644
5 39714 39209 38626
6 39583 39241 38465
7 39971 39790 38791
8 40395 40192 39206
9 40548 40312 39330
10 40950 40482 39721
11 41392 40826 40171
12 41641 41050 40419
96:1 41990 41539 40725
2 41801 41398 40529
3 41379 41178 40181
4 41263 41116 40131
5 41201 41067 40108
6 41482 41359 40379
7 41884 41632 40673
8 41859 41719 40646
9 42269 42032 41026
10 42654 42423 41401
11 43336 43012 41928
12 43176 42948 41845
97:1 43228 43064 41973
2 43560 43370 42260
3 43094 42880 41887
4 43318 43094 42143
5 43886 43564 42548
6 44312 43947 42870
7 45344 44743 43663
8 44950 44505 43396
9 45417 44906 43790
10 45576 45180 43981
11 45758 45324 44099
12 46349 45732 44582
98:1 46743 46135 44931
2 46757 46190 44962
3 46710 46269 44995
4 46402 46047 44826
5 47125 46595 45370
6 47281 46739 45542
7 47333 46907 45602
8 48052 47541 46164
9 48624 48025 46556
10 48610 48126 46675
11 48673 48194 46771
12 48863 48406 46904
99:1 49444 48895 47428
2 49157 48836 47282
3 49103 48904 47314
4 49226 49046 47407
5 48931 48879 47208
6 48216 48337 46726
7 48443 48593 46917
8 48244 48593 46840
9 48288 48763 46899
10 47877 48656 46668
11 48318 48914 47056
12 48076 48752 46889
00:1 47874 48730 46846
2 48257 48880 47163
3 49044 49318 47763
4 48789 49221 47601
5 48594 49201 47533
6 49702 50111 48395
7 50298 50657 48825
8 50982 51189 49329
9 50798 51103 49211
Short Duration New York Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Brothers Lipper Short Duration
One-Year Short-Term New York
Yr:Month Municipal Index Municipal Municipal
(before all costs) Composite (after all costs)
94:10 25000 25000 25000
11 25038 24918 24970
12 25102 25007 25062
95:1 25231 25187 25212
2 25402 25424 25450
3 25570 25584 25582
4 25663 25669 25659
5 25904 25938 25882
6 25992 26032 25984
7 26182 26185 26124
8 26321 26313 26221
9 26394 26377 26284
10 26502 26503 26374
11 26628 26662 26496
12 26728 26777 26583
96:1 26881 26937 26736
2 26946 26970 26803
3 26964 26919 26783
4 27028 26948 26806
5 27096 27007 26871
6 27228 27105 26956
7 27343 27229 27075
8 27396 27289 27073
9 27520 27423 27213
10 27661 27574 27350
11 27828 27745 27486
12 27888 27789 27520
97:1 28049 27886 27636
2 28139 28006 27707
3 28125 27934 27685
4 28238 28029 27779
5 28380 28199 27890
6 28493 28343 28005
7 28668 28573 28140
8 28704 28573 28158
9 28852 28767 28300
10 28963 28871 28388
11 29052 28957 28448
12 29182 29114 28553
98:1 29335 29262 28687
2 29437 29332 28755
3 29521 29394 28823
4 29557 29394 28844
5 29711 29576 28970
6 29820 29677 29061
7 29922 29772 29150
8 30103 29986 29282
9 30246 30142 29391
10 30389 30245 29497
11 30480 30302 29565
12 30566 30402 29628
99:1 30737 30566 29781
2 30847 30569 29847
3 30873 30612 29914
4 30944 30689 29957
5 31005 30701 29988
6 30977 30593 29966
7 31088 30691 30052
8 31164 30694 30096
9 31269 30768 30167
10 31337 30777 30205
11 31434 30882 30309
12 31460 30885 30310
00:1 31580 30904 30388
2 31675 31018 30484
3 31812 31167 30582
4 31888 31198 30632
5 31941 31232 30692
6 32203 31488 30918
7 32383 31680 31067
8 32549 31848 31192
9 32621 31922 31266
--------------------------------------------------------------------------------
(1) Past performance is not predictive of future results. The indexes are the
Lehman Brothers Aggregate Bond Index, which comprises Treasury, agency,
corporate, mortgage-backed and asset-backed securities of diverse
maturities, and the Merrill Lynch 1-3 Year Treasury index, which includes
short-term Treasury bonds. Both indexes are theoretical measures of
bond-market performance rather than actual available investments, which
would reflect such expenses as management fees, transaction and
security-custody costs and, in the case of a mutual fund, the costs of
transfer agents and shareholder servicing.
--------------------------------------------------------------------------------
2000 Annual Report 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--September 30, 2000
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
TAX-MANAGED INTERNATIONAL EMERGING
INTERNATIONAL VALUE VALUE MARKETS VALUE
PORTFOLIO PORTFOLIO II PORTFOLIO
===========================================================================================================================
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 2,820,862,801 $ 1,843,953,462 $ 580,730,094
Investments in securities at value--affiliated issuers(Note 3)(b) 0 0 4,189,716
Foreign currency at value (c) 176,894,333 65,140,426 8,434,525
Cash in bank 298 268 0
Receivables:
Interest 21,860 14,062 0
Dividends 9,295,444 6,819,364 1,111,417
Investment securities sold 58,200,065 5,918,115 2,429,553
Capital shares sold 2,122,930 8,725,197 349,050
Foreign withholding tax reclaims 1,740,441 1,065,370 0
Margin due from broker on futures contracts 2,674,484 430,340 0
Unamortized organization expenses (Note 1) 0 0 1,981
Collateral held for securities loaned (Note 1) 156,398,655 39,824,344 0
Other assets 39,450 25,483 9,340
Appreciation on foreign currency contracts (Note 3D) 6,966,197 4,429,373 0
--------------- --------------- ---------------
Total assets 3,235,216,958 1,976,345,804 597,255,676
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 0 0 941,908
Dividends to shareholders 0 0 0
Investment securities purchased 23,617,136 15,388,681 163,169
Capital shares redeemed 9,396,178 1,860,759 578,846
Management fee (Note 2) 2,380,996 1,513,935 630,855
Shareholder servicing and administration fee (Note 2) 638,619 397,769 126,171
Accrued expenses 394,579 258,112 253,727
Foreign withholding and capital gains taxes 1,175,523 848,759 673,406
Margin owed to broker on futures contracts 607,353 391,589 0
Depreciation on foreign currency contracts (Note 3D) 10,866,168 7,940,600 4,542
Securities lending collateral (Note 1) 156,398,655 39,824,344 0
--------------- --------------- ---------------
Total liabilities 205,475,207 68,424,548 3,372,624
--------------- --------------- ---------------
NET ASSETS (d) $ 3,029,741,751 $ 1,907,921,256 $ 593,883,052
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $20.44 $20.44 $16.91
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 148,253 $ 93,320 $ 35,115
Additional paid-in capital 2,340,322,479 1,775,428,588 675,254,146
Undistributed net investment income/(excess distributions) 21,984,384 63,395,844 1,121,269
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 255,282,065 211,977,912 4,974,159
Unrealized appreciation (depreciation) of:
Investments and futures 416,040,489 (138,201,341) (87,442,183)+
Foreign currencies (4,035,919) (4,773,067) (59,454)
--------------- --------------- ---------------
$ 3,029,741,751 $ 1,907,921,256 $ 593,883,052
=============== =============== ===============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE SHORT GOVERNMENT
DURATION DURATION PLUS SHORT DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
=========================================================================================================================
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 2,671,945,746 $ 451,071,344 $ 103,588,187
Investments in securities at value--affiliated issuers(Note 3)(b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 0 613 446
Receivables:
Interest 20,125,363 3,862,903 1,537,541
Dividends 3,857 0 0
Investment securities sold 197,643,525 11,318,633 3,798,009
Capital shares sold 19,235,637 669,189 1,000
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 0 0 0
Collateral held for securities loaned (Note 1) 0 0 0
Other assets 28,192 5,801 1,341
Appreciation on foreign currency contracts (Note 3D) 0 87,983 0
--------------- --------------- ---------------
Total assets 2,908,982,320 467,016,466 108,926,524
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 21,017,432 0 0
Dividends to shareholders 3,829,990 668,692 137,796
Investment securities purchased 831,247,818 57,699,815 12,713,748
Capital shares redeemed 9,810,167 866,483 385,497
Management fee (Note 2) 793,601 169,620 39,720
Shareholder servicing and administration fee (Note 2) 167,248 33,924 7,944
Accrued expenses 159,421 56,164 24,509
Foreign withholding and capital gains taxes 0 0 0
Margin owed to broker on futures contracts 42,656 6,250 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral (Note 1) 0 0 0
--------------- --------------- ---------------
Total liabilities 867,068,333 59,500,948 13,309,214
--------------- --------------- ---------------
NET ASSETS (d) $ 2,041,913,987 $ 407,515,518 $ 95,617,310
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.51 $12.25 $12.49
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 163,289 $ 33,279 $ 7,654
Additional paid-in capital 2,174,161,463 422,725,068 97,542,920
Undistributed net investment income/(excess distributions) (8,515,119) (1,267,388) 55,344
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (68,175,680) (8,568,263) (1,875,651)
Unrealized appreciation (depreciation) of:
Investments and futures (55,665,761) (5,485,808) (112,957)
Foreign currencies (54,205) 78,630 0
--------------- --------------- ---------------
$ 2,041,913,987 $ 407,515,518 $ 95,617,310
=============== =============== ===============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
=========================================================================================================================
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 1,198,493,853 $ 442,991,329 $ 662,672,579
Investments in securities at value--affiliated issuers(Note 3)(b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 52,557 98,633 111,705
Receivables:
Interest 17,305,588 6,818,789 10,036,432
Dividends 0 0 0
Investment securities sold 380,354 3,605,767 3,535,000
Capital shares sold 4,038,257 1,041,771 2,310,099
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 0 0 0
Collateral held for securities loaned (Note 1) 0 0 0
Other assets 15,935 6,335 9,003
Appreciation on foreign currency contracts (Note 3D) 0 0 0
--------------- --------------- ---------------
Total assets 1,220,286,544 454,562,624 678,674,818
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 0 0 0
Dividends to shareholders 1,453,909 581,049 799,739
Investment securities purchased 10,568,824 0 3,061,692
Capital shares redeemed 1,782,859 2,958,224 684,612
Management fee (Note 2) 488,935 188,815 278,765
Shareholder servicing and administration fee (Note 2) 99,545 37,763 55,753
Accrued expenses 111,035 52,978 71,016
Foreign withholding and capital gains taxes 0 0 0
Margin owed to broker on futures contracts 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral (Note 1) 0 0 0
--------------- --------------- ---------------
Total liabilities 14,505,107 3,818,829 4,951,577
--------------- --------------- ---------------
NET ASSETS (d) $ 1,205,781,437 $ 450,743,795 $ 673,723,241
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $13.50 $13.81 $13.37
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 89,307 $ 32,638 $ 50,393
Additional paid-in capital 1,202,931,416 445,965,431 672,509,317
Undistributed net investment income/(excess distributions) 28,347 (32,972) 6,467
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (11,580,012) (3,857,441) (6,147,942)
Unrealized appreciation (depreciation) of:
Investments and futures 14,312,379 8,636,139 7,305,006
Foreign currencies 0 0 0
--------------- --------------- ---------------
$ 1,205,781,437 $ 450,743,795 $ 673,723,241
=============== =============== ===============
</TABLE>
(a) Cost:$2,402,655,772; $1,980,551,772; $653,989,594; $2,728,112,718;
$456,630,589; $103,701,144; $1,184,181,474; $434,355,190; and $655,367,573,
respectively (Note 1) (b) Cost:$17,891,482 (Note 1) (c) Cost:$176,136,896;
$65,969,534; and $8,480,246, respectively (Note 1) (d) Applicable to:
148,252,436; 93,319,928; 35,115,763; 163,287,223; 33,277,746; 7,653,856;
89,305,841; 32,637,611; and 50,392,615 shares of capital stock outstanding,
respectively
+ Net of accrued foreign capital gains taxes $480,917
See Notes to Financial Statements. The Schedules of Investments, an integral
part of the financial statements for each Portfolio, are included as inserts to
this Report.
--------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 7
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--September 30, 2000 (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>
ASSETS
Investments in securities at value--unaffiliated issuers (e) $ 153,444,407 $ 56,718,619 $ 92,956,844
Investments in securities at value--affiliated issuers (Note 3) 0 0 0
Foreign currency at value 0 0 0
Cash in bank 0 54,001 52,960
Receivables:
Interest 2,305,417 1,047,234 1,442,429
Dividends 0 0 0
Investment securities sold 802,715 1,934,399 0
Capital shares sold 2,923,300 9,300 100,813
Foreign withholding tax reclaims 0 0 0
Margin due from broker on futures contracts 0 0 0
Unamortized organization expenses (Note 1) 0 0 0
Collateral held for securities loaned (Note 1) 0 0 0
Other assets 1,728 1,158 1,098
Appreciation on foreign currency contracts (Note 3D) 0 0 0
------------- ------------- -------------
Total assets 159,477,567 59,764,711 94,554,144
------------- ------------- -------------
LIABILITIES
Payables:
Bank borrowing 707,099 0 0
Dividends to shareholders 172,508 65,872 100,097
Investment securities purchased 0 1,517,309 0
Capital shares redeemed 173,187 40,118 606,723
Management fee (Note 2) 65,050 25,150 38,945
Shareholder servicing and administration fee (Note 2) 13,010 5,030 7,789
Accrued expenses 31,709 21,981 26,244
Foreign withholding and capital gains taxes 0 0 0
Margin owed to broker on futures contracts 0 0 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral (Note 1) 0 0 0
------------- ------------- -------------
Total liabilities 1,162,563 1,675,460 779,798
------------- ------------- -------------
NET ASSETS (f) $ 158,315,004 $ 58,089,251 $ 93,774,346
============= ============= =============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $12.44 $12.51 $12.31
============= ============= =============
NET ASSETS CONSIST OF:
Capital stock, at par $ 12,725 $ 4,644 $ 7,619
Additional paid-in capital 158,969,910 58,241,602 94,939,586
Undistributed net investment income/(excess distributions) (9,678) (20,838) 172
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (718,171) (225,303) (908,768)
Unrealized appreciation (depreciation) of:
Investments and futures 60,218 89,146 (264,263)
Foreign currencies 0 0 0
------------- ------------- -------------
$ 158,315,004 $ 58,089,251 $ 93,774,346
============= ============= =============
</TABLE>
(e) Cost: $153,384,189; $56,629,473; and $93,221,107, respectively (Note 1) (f)
Applicable to: 12,724,608; 4,643,610; and 7,618,269 shares of capital stock
outstanding, respectively
See Notes to Financial Statements. The Schedules of Investments, an integral
part of the financial statements for each Portfolio, are included as inserts to
this Report.
--------------------------------------------------------------------------------
8 Sanford C. Bernstein Fund, Inc.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 2000
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
TAX-MANAGED INTERNATIONAL EMERGING
INTERNATIONAL VALUE VALUE MARKETS VALUE
PORTFOLIO PORTFOLIO II PORTFOLIO
=============================================================================================================================
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 40,124,408 $ 25,609,821 $ 536,500
Dividends--unaffiliated issuers (net of foreign withholding
taxes of $6,140,018, $4,005,640 and $1,622,532) 38,105,556 26,944,694 17,017,357
Dividends--affiliated issuers (net of foreign withholding
taxes of $0, $0 and $0) 0 0 67,772
------------- ------------- -------------
Total income 78,229,964 52,554,515 17,621,629
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 32,223,582 21,156,721 8,984,215
Shareholder servicing and administration fee 8,673,217 5,599,089 1,796,843
Custodian and transfer agent fees 1,607,342 1,088,805 1,315,405
Auditing and tax consulting fees 105,897 77,789 30,728
Insurance 45,659 29,712 9,047
Directors' fees and expenses 52,730 33,613 10,697
Legal fees 21,814 13,897 6,463
Registration fees 83,159 37,812 40,523
Printing 55,090 32,886 22,183
Amortization of organization expense 0 0 9,666
Miscellaneous 67,997 13,481 25,437
------------- ------------- -------------
Total expenses 42,936,487 28,083,805 12,251,207
------------- ------------- -------------
Net investment income 35,293,477 24,470,710 5,370,422
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (net of foreign capital 127,743,649 208,692,471 67,710,167
gains taxes of $0, $0 and $150,797)
Futures transactions 936,274 3,285,441 696,599
Foreign currency transactions 96,062,748 62,776,374 (1,630,823)
------------- ------------- -------------
Net realized gain on investment,
futures and foreign currency transactions 224,742,671 274,754,286 66,775,943
------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (net of accrued foreign capital (129,348,416) (231,210,755) (88,312,186)
gains taxes of $0, $0 and $(1,695,142))
Foreign currencies 14,651,012 7,851,785 127,603
------------- ------------- -------------
Net decrease in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies (114,697,404) (223,358,970) (88,184,583)
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 110,045,267 51,395,316 (21,408,640)
------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations $ 145,338,744 $ 75,866,026 $ (16,038,218)
============= ============= =============
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Annual Report 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Year Ended September 30, 2000 (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE SHORT GOVERNMENT
DURATION DURATION PLUS SHORT DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
==============================================================================================================================
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 162,766,765 $ 32,040,917 $ 6,343,042
Dividends--unaffiliated issuers 7,136 983 0
Dividends--affiliated issuers 0 0 0
------------- ------------- -------------
Total income 162,773,901 32,041,900 6,343,042
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 10,848,932 2,453,225 564,565
Shareholder servicing and administration fee 2,299,762 490,645 112,913
Custodian and transfer agent fees 404,361 179,357 90,023
Auditing and tax consulting fees 76,524 22,891 10,057
Insurance 32,695 6,720 1,559
Directors' fees and expenses 33,308 7,177 1,654
Legal fees 14,128 3,000 681
Registration fees 55,223 45,877 21,584
Printing 37,964 10,998 2,058
Amortization of organization expense 0 0 0
Miscellaneous 27,614 6,802 1,890
------------- ------------- -------------
Total expenses 13,830,511 3,226,692 806,984
------------- ------------- -------------
Net investment income 148,943,390 28,815,208 5,536,058
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (44,406,249) (3,669,446) (745,238)
Futures transactions (2,876,861) (517,633) 0
Foreign currency transactions (4,037,393) (509,144) 0
------------- ------------- -------------
Net realized loss on investment,
futures and foreign currency transactions (51,320,503) (4,696,223) (745,238)
------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 13,275,190 (36,852) 734,356
Foreign currencies 1,598,967 335,915 0
------------- ------------- -------------
Net increase in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies 14,874,157 299,063 734,356
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (36,446,346) (4,397,160) (10,882)
------------- ------------- -------------
Net increase in net assets
resulting from operations $ 112,497,044 $ 24,418,048 $ 5,525,176
============= ============= =============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
============================================================================================================================
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 65,577,509 $ 25,161,125 $ 36,983,599
Dividends--unaffiliated issuers 0 0 0
Dividends--affiliated issuers 0 0 0
------------- ------------- -------------
Total income 65,577,509 25,161,125 36,983,599
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 6,486,955 2,624,960 3,728,640
Shareholder servicing and administration fee 1,330,435 524,992 745,728
Custodian and transfer agent fees 337,236 173,362 224,899
Auditing and tax consulting fees 45,548 21,785 28,211
Insurance 18,490 7,346 10,431
Directors' fees and expenses 19,380 7,654 10,954
Legal fees 8,234 3,238 4,647
Registration fees 60,528 2,885 7,049
Printing 24,701 9,498 14,385
Amortization of organization expense 0 0 0
Miscellaneous 15,282 6,442 9,105
------------- ------------- -------------
Total expenses 8,346,789 3,382,162 4,784,049
------------- ------------- -------------
Net investment income 57,230,720 21,778,963 32,199,550
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (10,114,692) (3,515,733) (5,555,421)
Futures transactions (1,178,097) (333,716) (188,620)
Foreign currency transactions 0 0 0
------------- ------------- -------------
Net realized loss on investment,
futures and foreign currency transactions (11,292,789) (3,849,449) (5,744,041)
------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 16,149,007 8,400,479 7,803,505
Foreign currencies 0 0 0
------------- ------------- -------------
Net increase in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies 16,149,007 8,400,479 7,803,505
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 4,856,218 4,551,030 2,059,464
------------- ------------- -------------
Net increase in net assets
resulting from operations $ 62,086,938 $ 26,329,993 $ 34,259,014
============= ============= =============
<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 $ 7,539,503 $ 3,593,035 $ 4,935,862
Dividends--unaffiliated issuers 0 0 0
Dividends--affiliated issuers 0 0 0
------------- ------------- -------------
Total income 7,539,503 3,593,035 4,935,862
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 844,230 417,560 534,775
Shareholder servicing and administration fee 168,846 83,512 106,955
Custodian and transfer agent fees 116,792 89,929 100,903
Auditing and tax consulting fees 11,209 8,818 9,446
Insurance 2,017 1,336 1,274
Directors' fees and expenses 2,579 1,206 1,663
Legal fees 1,080 490 688
Registration fees 50,639 3,748 3,720
Printing 3,906 1,809 2,485
Amortization of organization expense 44 22 24
Miscellaneous 2,246 1,517 1,428
------------- ------------- -------------
Total expenses 1,203,588 609,947 763,361
------------- ------------- -------------
Net investment income 6,335,915 2,983,088 4,172,501
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (716,710) (227,803) (736,686)
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
------------- ------------- -------------
Net realized loss on investment,
futures and foreign currency transactions (716,710) (227,803) (736,686)
------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 634,941 263,540 420,166
Foreign currencies 0 0 0
------------- ------------- -------------
Net increase in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies 634,941 263,540 420,166
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (81,769) 35,737 (316,520)
------------- ------------- -------------
Net increase in net assets
resulting from operations $ 6,254,146 $ 3,018,825 $ 3,855,981
============= ============= =============
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 11
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
---------------------------------- ----------------------------------
BERNSTEIN TAX-MANAGED BERNSTEIN
INTERNATIONAL VALUE INTERNATIONAL VALUE
PORTFOLIO PORTFOLIO II
---------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/00 9/30/99 9/30/00 9/30/99(a)
=========================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 35,293,477 $ 36,783,771 $ 24,470,710 $ 22,390,118
Net realized gain (loss) on investments
and futures transactions 128,679,923 447,847,378 211,977,912 2,698,664
Net realized gain (loss) on foreign
currency transactions 96,062,748 (136,943,661) 62,776,374 (22,929,406)
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (129,348,416) 837,628,350 (231,210,755) 93,009,414
Foreign currencies 14,651,012 (29,072,755) 7,851,785 (12,624,852)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 145,338,744 1,156,243,083 75,866,026 82,543,938
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income 0 (257,746,201) (23,327,454) 0
Distributions from net realized gains (54,160,092) (242,106,908) (2,683,162) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (54,160,092) (499,853,109) (26,010,616) 0
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 422,761,825 899,970,956 268,660,039 2,511,842,933
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 53,150,084 482,409,395 25,029,717 0
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 475,911,909 1,382,380,351 293,689,756 2,511,842,933
Cost of shares redeemed (1,191,927,569) (3,296,774,363) (894,746,992) (135,263,789)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (716,015,660) (1,914,394,012) (601,057,236) 2,376,579,144
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (624,837,008) (1,258,004,038) (551,201,826) 2,459,123,082
NET ASSETS:
Beginning of period 3,654,578,759 4,912,582,797 2,459,123,082 0
--------------- --------------- --------------- ---------------
End of period $ 3,029,741,751 $ 3,654,578,759 $ 1,907,921,256 $ 2,459,123,082
=============== =============== =============== ===============
(b) (c) (d) (e)
<CAPTION>
----------------------------------- ----------------------------------
BERNSTEIN BERNSTEIN
EMERGING MARKETS VALUE INTERMEDIATE DURATION
PORTFOLIO PORTFOLIO
----------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/00 9/30/99 9/30/00 9/30/99
===========================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 5,370,422 $ 6,070,917 $ 148,943,390 $ 153,319,022
Net realized gain (loss) on investments
and futures transactions 68,406,766 (32,273,234) (47,283,110) (11,914,804)
Net realized gain (loss) on foreign
currency transactions (1,630,823) (1,012,613) (4,037,393) 599,255
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (88,312,186) 311,942,861 13,275,190 (117,133,406)
Foreign currencies 127,603 (129,507) 1,598,967 1,487,797
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations (16,038,218) 284,598,424 112,497,044 26,357,864
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (4,222,932) (4,614,364) (148,932,245) (150,820,312)
Distributions from net realized gains 0 0 0 (19,176,394)
Distributions in excess of net investment
income due to timing differences 0 0 0 (6,432,298)
Distributions in excess of net realized
gains due to timing differences 0 (695,637) 0 (13,039,031)
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (4,222,932) (5,310,001) (148,932,245) (189,468,035)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 142,306,093 177,037,588 348,903,152 748,001,909
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 3,733,201 5,040,932 35,551,539 68,327,499
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 146,039,294 182,078,520 384,454,691 816,329,408
Cost of shares redeemed (252,338,641) (103,609,103) (980,513,029) (520,360,615)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (106,299,347)+ 78,469,417+ (596,058,338) 295,968,793
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (126,560,497) 357,757,840 (632,493,539) 132,858,622
NET ASSETS:
Beginning of period 720,443,549 362,685,709 2,674,407,526 2,541,548,904
--------------- --------------- --------------- ---------------
End of period $ 593,883,052 $ 720,443,549 $ 2,041,913,987 $ 2,674,407,526
=============== =============== =============== ===============
(f) (g) (h) (i)
<CAPTION>
---------------------------------- ----------------------------------
BERNSTEIN BERNSTEIN
SHORT DURATION PLUS GOVERNMENT SHORT DURATION
PORTFOLIO PORTFOLIO
---------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/00 9/30/99 9/30/00 9/30/99
=========================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 28,815,208 $ 30,505,658 $ 5,536,058 $ 6,115,604
Net realized gain (loss) on investments
and futures transactions (4,187,079) 450,241 (745,238) 354,246
Net realized gain (loss) on foreign
currency transactions (509,144) (257,703) 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (36,852) (9,835,987) 734,356 (2,469,625)
Foreign currencies 335,915 520,651 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 24,418,048 21,382,860 5,525,176 4,000,225
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (28,770,364) (30,470,935) (5,536,058) (6,115,604)
Distributions from net realized gains 0 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (28,770,364) (30,470,935) (5,536,058) (6,115,604)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 135,055,854 190,562,129 67,442,954 49,143,345
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 9,428,174 10,158,499 2,205,197 2,532,738
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 144,484,028 200,720,628 69,648,151 51,676,083
Cost of shares redeemed (289,631,847) (229,704,068) (101,617,849) (60,000,007)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (145,147,819) (28,983,440) (31,969,698) (8,323,924)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (149,500,135) (38,071,515) (31,980,580) (10,439,303)
NET ASSETS:
Beginning of period 557,015,653 595,087,168 127,597,890 138,037,193
--------------- --------------- --------------- ---------------
End of period $ 407,515,518 $ 557,015,653 $ 95,617,310 $ 127,597,890
=============== =============== =============== ===============
(j) (k) (l) (l)
</TABLE>
(a) Commenced operations April 30, 1999 (b) Includes undistributed net
investment income/(excess distributions) of $21,984,384 (c) Includes
undistributed net investment income/(excess distributions) of $17,240,366 (d)
Includes undistributed net investment income/(excess distributions) of
$63,395,844 (e) Includes undistributed net investment income/(excess
distributions) of $(539,288) See Notes to Financial Statements. (f) Includes
undistributed net investment income/(excess distributions) of $1,121,269 (g)
Includes undistributed net investment income/(excess distributions) of
$1,604,602 (h) Includes undistributed net investment income/(excess
distributions) of $(8,515,119) (i) Includes undistributed net investment
income/(excess distributions) of $(4,578,332) (j) Includes undistributed net
investment income/(excess distributions) of $(1,267,388) (k) Includes
undistributed net investment income/(excess distributions) of $(1,023,053) (l)
Includes undistributed net investment income/(excess distributions) of $55,344
+ Includes effect of portfolio transaction fee in the amounts of $7,995,343 and
$5,666,475 for the year ended September 30, 2000, and year ended September 30,
1999, respectively.
See Notes to Financial Statements.
--------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 13
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
---------------------------------- ----------------------------------
BERNSTEIN BERNSTEIN
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL
PORTFOLIO PORTFOLIO
---------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/00 9/30/99 9/30/00 9/30/99
=========================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 57,230,720 $ 59,532,873 $ 21,778,963 $ 22,746,977
Net realized gain (loss) on investments
and futures transactions (11,292,789) 6,070,750 (3,849,449) 1,632,836
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 16,149,007 (54,397,055) 8,400,479 (20,788,841)
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 62,086,938 11,206,568 26,329,993 3,590,972
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (57,234,639) (59,532,873) (21,780,075) (22,746,977)
Distributions from net realized gains (5,226,872) (3,480,670) (1,511,421) (1,729,937)
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 (287,223) 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (62,748,734) (63,013,543) (23,291,496) (24,476,914)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 224,836,848 472,466,601 91,054,261 234,127,506
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 16,196,186 15,470,950 6,218,668 6,995,130
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 241,033,034 487,937,551 97,272,929 241,122,636
Cost of shares redeemed (551,822,861) (304,682,921) (255,529,888) (164,031,885)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (310,789,827) 183,254,630 (158,256,959) 77,090,751
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (311,451,623) 131,447,655 (155,218,462) 56,204,809
NET ASSETS:
Beginning of period 1,517,233,060 1,385,785,405 605,962,257 549,757,448
--------------- --------------- --------------- ---------------
End of period $ 1,205,781,437 $ 1,517,233,060 $ 450,743,795 $ 605,962,257
=============== =============== =============== ===============
(m) (n) (o) (p)
<CAPTION>
---------------------------------- ----------------------------------
BERNSTEIN BERNSTEIN SHORT DURATION
NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO
---------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/00 9/30/99 9/30/00 9/30/99
=========================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 32,199,550 $ 34,533,945 $ 6,335,915 $ 5,532,008
Net realized gain (loss) on investments
and futures transactions (5,744,041) 3,709,343 (716,710) 629,120
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 7,803,505 (32,404,853) 634,941 (1,250,339)
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 34,259,014 5,838,435 6,254,146 4,910,789
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (32,202,602) (34,533,945) (6,335,915) (5,532,008)
Distributions from net realized gains (2,918,078) (3,154,682) 0 (343,334)
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 (403,901) 0 (545,789) 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (35,524,581) (37,688,627) (6,881,704) (5,875,342)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 101,718,099 230,573,673 113,583,651 120,088,773
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 11,864,274 12,305,657 2,495,393 2,077,637
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 113,582,373 242,879,330 116,079,044 122,166,410
Cost of shares redeemed (284,563,945) (181,140,834) (127,858,278) (109,033,244)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (170,981,572) 61,738,496 (11,779,234) 13,133,166
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (172,247,139) 29,888,304 (12,406,792) 12,168,613
NET ASSETS:
Beginning of period 845,970,380 816,082,076 170,721,796 158,553,183
--------------- --------------- --------------- ---------------
End of period $ 673,723,241 $ 845,970,380 $ 158,315,004 $ 170,721,796
=============== =============== =============== ===============
(q) (r) (s) (s)
<CAPTION>
---------------------------------- ----------------------------------
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
---------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/00 9/30/99 9/30/00 9/30/99
==========================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 2,983,088 $ 3,114,978 $ 4,172,501 $ 3,285,171
Net realized gain (loss) on investments
and futures transactions (227,803) 496,592 (736,686) 34,038
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 263,540 (813,411) 420,166 (945,109)
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 3,018,825 2,798,159 3,855,981 2,374,100
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (2,983,088) (3,114,978) (4,172,501) (3,285,171)
Distributions from net realized gains (317,485) (295,826) 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (3,300,573) (3,410,804) (4,172,501) (3,285,171)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 46,724,945 90,607,729 70,214,703 73,741,243
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income
and distributions from net realized gains 1,805,400 1,808,106 1,732,904 1,455,231
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 48,530,345 92,415,835 71,947,607 75,196,474
Cost of shares redeemed (98,670,767) (82,341,458) (79,757,963) (51,035,980)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (50,140,422) 10,074,377 (7,810,356) 24,160,494
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (50,422,170) 9,461,732 (8,126,876) 23,249,423
NET ASSETS:
Beginning of period 108,511,421 99,049,689 101,901,222 78,651,799
--------------- --------------- --------------- ---------------
End of period $ 58,089,251 $ 108,511,421 $ 93,774,346 $ 101,901,222
=============== =============== =============== ===============
(t) (t) (u) (u)
</TABLE>
(m) Includes undistributed net investment income/(excess distributions) of
$28,347 (n) Includes undistributed net investment income/(excess distributions)
of $32,266 (o) Includes undistributed net investment income/(excess
distributions) of $(32,972) (p) Includes undistributed net investment
income/(excess distributions) of $(31,860) See Notes to Financial Statements.
(q) Includes undistributed net investment income/(excess distributions) of
$6,467 (r) Includes undistributed net investment income/(excess distributions)
of $9,519 (s) Includes undistributed net investment income/(excess
distributions) of $(9,678) (t) Includes undistributed net investment
income/(excess distributions) of $(20,838) (u) Includes undistributed net
investment income/(excess distributions) of $172
See Notes to Financial Statements.
--------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 15
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
BERNSTEIN TAX-MANAGED INTERNATIONAL VALUE PORTFOLIO
-------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/98 9/30/97 9/30/96
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $20.02 $17.63 $20.92 $18.14 $16.08
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.21 0.15 0.20 0.26 0.23
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.51 4.04 (1.67) 3.73 2.26
------ ------ ------ ------ ------
Total from investment operations 0.72 4.19 (1.47) 3.99 2.49
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income 0 (0.93) (1.11) (0.99) (0.10)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains (0.30) (0.87) (0.71) (0.22) (0.33)
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 (0.30) (1.80) (1.82) (1.21) (0.43)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $20.44 $20.02 $17.63 $20.92 $18.14
====== ====== ====== ====== ======
Total return 3.49% 25.35% (7.19)% 23.25% 15.83%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $3,029,742 $3,654,579 $4,912,583 $4,965,998 $3,131,258
Average net assets (000 omitted) $3,467,670 $4,618,500 $5,309,076 $3,977,823 $2,569,586
Ratio of expenses to average net assets 1.24% 1.24% 1.26% 1.27% 1.31%
Ratio of net investment income to average
net assets 1.02% 0.80% 0.98% 1.37% 1.37%
Portfolio turnover rate 40.62% 31.99% 30.34% 26.24% 21.89%
<CAPTION>
------------------------------
BERNSTEIN INTERNATIONAL
VALUE PORTFOLIO II
------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99 (a)
------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $20.11 $19.43
------ ------
Income from investment operations:
Investment income, net 0.23 0.19
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.31 0.49
------ ------
Total from investment operations 0.54 0.68
------ ------
Less distributions:
Dividends from taxable net investment income (0.19) 0
Dividends from tax-exempt net
investment income 0 0
Distributions from net realized gains (0.02) 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 (0.21) 0
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $20.44 $20.11
====== ======
Total return 2.72% 3.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $1,907,921 $2,459,123
Average net assets (000 omitted) $2,238,111 $2,397,807
Ratio of expenses to average net assets 1.25% 1.26%*
Ratio of net investment income to average
net assets 1.09% 2.23%*
Portfolio turnover rate 24.24% 9.34%
<CAPTION>
-----------------------------------------------------------------------
BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
-----------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/98 9/30/97 9/30/96 (b)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $17.67 $10.11 $22.54 $21.82 $20.00
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.14 0.16 0.20 0.14 0.18
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (1.01) 7.39 (12.17) 0.44 0.83
------ ------ ------ ------ ------
Total from investment operations (0.87) 7.55 (11.97) 0.58 1.01
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.10) (0.12) (0.11) (0.08) 0
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 (0.61) (0.02) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 (0.02) 0 0 0
------ ------ ------ ------ ------
Total distributions (0.10) (0.14) (0.72) (0.10) 0
------ ------ ------ ------ ------
Portfolio transaction fee 0.21 0.15 0.26 0.24 0.81
------ ------ ------ ------ ------
Net asset value, end of period $16.91 $17.67 $10.11 $22.54 $21.82
====== ====== ====== ====== ======
Total return (7.63)%+ 69.88%+ (55.09)%+ (0.32)%+ 4.80%+
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $593,883 $720,444 $362,686 $438,305 $273,924
Average net assets (000 omitted) $718,397 $581,638 $417,615 $379,351 $165,362
Ratio of expenses to average net assets 1.71% 1.74% 1.77% 1.75% 1.92%*
Ratio of net investment income to average
net assets 0.75% 1.04% 1.29% 0.58% 1.01%*
Portfolio turnover rate 27.87% 28.54% 19.56% 32.45% 9.81%
</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 years ending September 30, 2000,
September 30, 1999, September 30, 1998, September 30, 1997 and September
30, 1996 without taking into account these transaction fees would have
been (3.82)%, 76.88%, (53.24)%, 3.79% and 9.10%, respectively.
* Annualized
(a) Commenced operations April 30, 1999 (b) Commenced operations December 15,
1995
See Notes to Financial Statements.
--------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
--------------------------------------------------------------------
BERNSTEIN INTERMEDIATE
DURATION PORTFOLIO
--------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/98 9/30/97 9/30/96
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.67 $13.49 $13.38 $13.08 $13.30
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.81 0.77 0.73 0.75 0.80
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.16) (0.63) 0.37 0.35 (0.14)
------ ------ ------ ------ ------
Total from investment operations 0.65 0.14 1.10 1.10 0.66
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.81) (0.76) (0.80) (0.80) (0.80)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 (0.10) (0.17) 0 (0.08)
Distributions in excess of net investment
income due to timing differences 0 (0.03) (0.02) 0 0
Distributions in excess of net realized
gains due to timing differences 0 (0.07) 0 0 0
------ ------ ------ ------ ------
Total distributions (0.81) (0.96) (0.99) (0.80) (0.88)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.51 $12.67 $13.49 $13.38 $13.08
====== ====== ====== ====== ======
Total return 5.37% 1.04% 8.59% 8.66% 5.05%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,041,914 $2,674,408 $2,541,549 $2,058,220 $1,451,776
Average net assets (000 omitted) $2,298,018 $2,601,959 $2,303,250 $1,745,554 $1,310,208
Ratio of expenses to average net assets 0.60% 0.60% 0.60% 0.62% 0.63%
Ratio of net investment income to average
net assets 6.48% 5.89% 5.41% 5.61% 5.99%
Portfolio turnover rate 378.19% 229.75% 233.08% 238.04% 141.04%
<CAPTION>
-----------------------------------------------------------------------
BERNSTEIN SHORT DURATION PLUS PORTFOLIO
-----------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/98 9/30/97 9/30/96
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.33 $12.53 $12.53 $12.48 $12.49
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.72 0.67 0.65 0.67 0.69
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.08) (0.20) 0.09 0.08 (0.01)
------ ------ ------ ------ ------
Total from investment operations 0.64 0.47 0.74 0.75 0.68
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.72) (0.67) (0.72) (0.70) (0.69)
Dividends from tax-exempt net
investment income 0 0 0 0 0
Distributions from net realized gains 0 0 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 (0.02) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.72) (0.67) (0.74) (0.70) (0.69)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.25 $12.33 $12.53 $12.53 $12.48
====== ====== ====== ====== ======
Total return 5.37% 3.82% 6.10% 6.21% 5.54%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $407,516 $557,016 $595,087 $612,744 $538,248
Average net assets (000 omitted) $490,232 $569,298 $591,866 $583,003 $532,094
Ratio of expenses to average net assets 0.66% 0.65% 0.64% 0.65% 0.65%
Ratio of net investment income to average
net assets 5.88% 5.36% 5.24% 5.38% 5.47%
Portfolio turnover rate 194.48% 95.60% 71.40% 118.58% 169.96%
<CAPTION>
-------------------------
BERNSTEIN GOVERNMENT
SHORT DURATION PORTFOLIO
-------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
-----------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $12.46 $12.66
------ ------
Income from investment operations:
Investment income, net 0.61 0.58
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.03 (0.20)
------ ------
Total from investment operations 0.64 0.38
------ ------
Less distributions:
Dividends from taxable net investment income (0.61) (0.58)
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 (0.61) (0.58)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $12.49 $12.46
====== ======
Total return 5.30% 3.07%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $95,617 $127,598
Average net assets (000 omitted) $112,827 $132,741
Ratio of expenses to average net assets 0.72% 0.70%
Ratio of net investment income to average
net assets 4.91% 4.61%
Portfolio turnover rate 159.52% 82.16%
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
------------------------------------ -----------------------------------------
BERNSTEIN GOVERNMENT
SHORT DURATION PORTFOLIO BERNSTEIN DIVERSIFIED MUNICIPAL PORTFOLIO
------------------------------------ -----------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/98 9/30/97 9/30/96 9/30/00 9/30/99 9/30/98
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.48 $12.55 $13.47 $13.96 $13.74
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.64 0.67 0.65 0.58 0.56 0.58
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.13 0.05 (0.07) 0.08 (0.46) 0.23
------ ------ ------ ------ ------ ------
Total from investment operations 0.77 0.72 0.58 0.66 0.10 0.81
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.64) (0.67) (0.65) (0.01) (0.02) (0.02)
Dividends from tax-exempt net
investment income 0 0 0 (0.57) (0.54) (0.56)
Distributions from net realized gains 0 0 0 (0.05) (0.03) (0.01)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.64) (0.67) (0.65) (0.63) (0.59) (0.59)
------ ------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $12.66 $12.53 $12.48 $13.50 $13.47 $13.96
====== ====== ====== ====== ====== ======
Total return 6.35% 5.88% 4.76% 5.04% 0.77% 5.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $138,037 $142,081 $139,802 $1,205,781 $1,517,233 $1,385,785
Average net assets (000 omitted) $139,410 $136,888 $145,268 $1,329,585 $1,458,118 $1,250,621
Ratio of expenses to average net assets 0.70% 0.69% 0.69% 0.63% 0.63% 0.63%
Ratio of net investment income to average
net assets 5.13% 5.32% 5.21% 4.30% 4.08% 4.17%
Portfolio turnover rate 56.93% 80.11% 155.29% 34.94% 44.69% 22.00%
<CAPTION>
----------------------- ------------------------------------
BERNSTEIN DIVERSIFIED BERNSTEIN
MUNICIPAL PORTFOLIO CALIFORNIA MUNICIPAL PORTFOLIO
----------------------- ------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/00 9/30/99 9/30/98
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.44 $13.50 $13.69 $14.19 $13.90
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.60 0.63 0.57 0.54 0.57
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.31 (0.04) 0.16 (0.46) 0.30
------ ------ ------ ------ ------
Total from investment operations 0.91 0.59 0.73 0.08 0.87
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.01) (0.02) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.58) (0.62) (0.55) (0.52) (0.55)
Distributions from net realized gains (0.01) (0.02) (0.04) (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 (0.61) (0.65) (0.61) (0.58) (0.58)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.74 $13.44 $13.81 $13.69 $14.19
====== ====== ====== ====== ======
Total return 6.95% 4.38% 5.44% 0.60% 6.37%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $1,114,374 $820,395 $450,744 $605,962 $549,757
Average net assets (000 omitted) $965,455 $744,452 $524,573 $586,510 $473,077
Ratio of expenses to average net assets 0.65% 0.66% 0.64% 0.64% 0.65%
Ratio of net investment income to average
net assets 4.43% 4.61% 4.15% 3.88% 4.04%
Portfolio turnover rate 24.65% 25.22% 48.46% 38.44% 25.33%
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
----------------------- --------------------------------------------------
BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO BERNSTEIN NEW YORK MUNICIPAL PORTFOLIO
----------------------- --------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/00 9/30/99 9/30/98 9/30/97
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.58 $13.58 $13.36 $13.87 $13.62 $13.35
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.59 0.61 0.57 0.56 0.58 0.61
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.32 0 0.07 (0.46) 0.26 0.27
------ ------ ------ ------ ------ ------
Total from investment operations 0.91 0.61 0.64 0.10 0.84 0.88
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.03) (0.03) 0 (0.01) (0.01) (0.01)
Dividends from tax-exempt net
investment income (0.56) (0.58) (0.57) (0.55) (0.57) (0.60)
Distributions from net realized gains 0 0 (0.05) (0.05) (0.01) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 (0.01) 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.59) (0.61) (0.63) (0.61) (0.59) (0.61)
------ ------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $13.90 $13.58 $13.37 $13.36 $13.87 $13.62
====== ====== ====== ====== ====== ======
Total return 6.82% 4.60% 4.93% 0.74% 6.32% 6.73%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $411,384 $285,758 $673,723 $845,970 $816,082 $671,700
Average net assets (000 omitted) $339,514 $246,410 $743,412 $843,755 $746,257 $603,119
Ratio of expenses to average net assets 0.67% 0.68% 0.64% 0.64% 0.64% 0.65%
Ratio of net investment income to average
net assets 4.26% 4.48% 4.33% 4.09% 4.25% 4.51%
Portfolio turnover rate 41.32% 23.87% 32.88% 35.13% 27.20% 25.94%
<CAPTION>
---------- --------------------------------------------------------------
BERNSTEIN
NEW YORK BERNSTEIN SHORT DURATION
MUNICIPAL DIVERSIFIED MUNICIPAL PORTFOLIO
PORTFOLIO
---------- --------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/96 9/30/00 9/30/99 9/30/98 9/30/97 9/30/96
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.48 $12.49 $12.57 $12.56 $12.52 $12.63
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.64 0.47 0.42 0.45 0.46 0.52
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.07) (0.01) (0.05) 0.04 0.05 (0.06)
------ ------ ------ ------ ------ ------
Total from investment operations 0.57 0.46 0.37 0.49 0.51 0.46
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.01) (0.01) (0.01) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.62) (0.46) (0.41) (0.44) (0.44) (0.50)
Distributions from net realized gains (0.06) 0 (0.03) (0.03) (0.01) (0.05)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 (0.04) 0 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.70) (0.51) (0.45) (0.48) (0.47) (0.57)
------ ------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $13.35 $12.44 $12.49 $12.57 $12.56 $12.52
====== ====== ====== ====== ====== ======
Total return 4.31% 3.77% 2.91% 4.02% 4.17% 3.68%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $539,217 $158,315 $170,722 $158,553 $151,821 $119,096
Average net assets (000 omitted) $497,391 $168,807 $167,918 $150,699 $135,288 $105,467
Ratio of expenses to average net assets 0.66% 0.71% 0.71% 0.71% 0.72% 0.71%
Ratio of net investment income to average
net assets 4.73% 3.75% 3.29% 3.58% 3.66% 4.07%
Portfolio turnover rate 26.19% 99.12% 95.33% 99.93% 68.25% 63.40%
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
------------------------------------------------------------------------
BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL PORTFOLIO
------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/98 9/30/97 9/30/96
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.61 $12.55 $12.53 $12.65
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.45 0.40 0.42 0.45 0.50
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.02 (0.04) 0.07 0.03 (0.07)
------ ------ ------ ------ ------
Total from investment operations 0.47 0.36 0.49 0.48 0.43
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.03) (0.02) (0.02) (0.04) (0.05)
Dividends from tax-exempt net
investment income (0.42) (0.38) (0.40) (0.41) (0.45)
Distributions from net realized gains (0.04) (0.04) (0.01) (0.01) (0.05)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.49) (0.44) (0.43) (0.46) (0.55)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.51 $12.53 $12.61 $12.55 $12.53
====== ====== ====== ====== ======
Total return 3.87% 2.90% 3.98% 3.89% 3.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $58,089 $108,511 $99,050 $86,311 $72,925
Average net assets (000 omitted) $83,374 $97,808 $88,338 $76,339 $68,060
Ratio of expenses to average net assets 0.73% 0.73% 0.73% 0.74% 0.72%
Ratio of net investment income to average
net assets 3.58% 3.18% 3.34% 3.56% 3.96%
Portfolio turnover rate 94.20% 126.65% 77.01% 75.36% 60.76%
<CAPTION>
------------------------------------------------------------------------
BERNSTEIN SHORT DURATION
NEW YORK MUNICIPAL PORTFOLIO
------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/98 9/30/97 9/30/96
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.35 $12.47 $12.47 $12.52 $12.60
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.48 0.44 0.46 0.50 0.51
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) (0.12) 0.01 (0.01) (0.07)
------ ------ ------ ------ ------
Total from investment operations 0.44 0.32 0.47 0.49 0.44
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02) (0.01) (0.08) (0.02)
Dividends from tax-exempt net
investment income (0.47) (0.42) (0.45) (0.42) (0.49)
Distributions from net realized gains 0 0 (0.01) (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 (0.48) (0.44) (0.47) (0.54) (0.52)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.31 $12.35 $12.47 $12.47 $12.52
====== ====== ====== ====== ======
Total return 3.64% 2.64% 3.86% 3.99% 3.53%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $93,774 $101,901 $78,652 $76,142 $58,750
Average net assets (000 omitted) $106,683 $92,014 $77,989 $69,567 $54,087
Ratio of expenses to average net assets 0.72% 0.74% 0.74% 0.76% 0.74%
Ratio of net investment income to average
net assets 3.91% 3.57% 3.66% 3.97% 4.02%
Portfolio turnover rate 65.09% 77.64% 52.93% 98.01% 55.81%
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc. 2000 Annual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end
registered investment company, incorporated in Maryland on May 4,
1988. The Fund is currently comprised of 12 series of shares (the
"Portfolios"), each with its own investment objectives. At September
30, 2000, the three International Equity Portfolios are Bernstein
Tax-Managed International Value (formerly, Bernstein International
Value), Bernstein International Value II and Bernstein Emerging
Markets Value, and the nine Fixed-Income Portfolios are Bernstein
Intermediate Duration, Bernstein Short Duration Plus, Bernstein
Government Short Duration, Bernstein Diversified Municipal,
Bernstein California Municipal, Bernstein New York Municipal,
Bernstein Short Duration Diversified Municipal, Bernstein Short
Duration California Municipal and Bernstein Short Duration New York
Municipal. As of the close of business on April 30, 1999, the
Bernstein International Value Portfolio's name was changed to
Bernstein Tax-Managed International Value Portfolio and the
Bernstein International Value Portfolio II commenced operations
through an in-kind redemption in the amount of $2,220,907,516 from
the Bernstein International Value Portfolio.
A. Portfolio Valuation
The net asset value of each Portfolio is computed as of the close of
regular trading of the New York Stock Exchange (normally 4:00 p.m.,
New York time). The value of each security for which readily
available market quotations exist is based on the most recent sales
price, bid price or the mean between the most recent available bid
and asked prices in the broadest and most representative market for
that security as determined by Sanford C. Bernstein & Co., Inc. (the
"Manager"). Debt instruments with remaining maturities of 60 days or
less may be valued at amortized cost. Securities and other assets
for which market quotations are not readily available are valued by
appraisal at their fair value as determined in good faith by the
Manager of the Fund under procedures established by and under the
general supervision of the Board of Directors. The Fund used an
independent pricing service to value the Portfolios' assets at such
times and to the extent that the Manager deemed appropriate.
B. Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars.
Prices of securities and other assets and liabilities denominated in
non-U.S. currencies are translated into U.S. dollars using the
exchange rate at 12:00 p.m. New York time. Amounts related to the
purchase and sales of securities, investment income and expenses are
translated at the rates of exchange prevailing on the respective
dates of such transactions.
Net realized gain on foreign currency transactions represents net
foreign exchange gains from the closure of forward currency
contracts, disposition of foreign currencies, currency gains or
losses realized between the trade and settlement dates on security
transactions and the difference between the amount of dividends,
interest and foreign withholding taxes recorded on the Fund's books
and the U.S. dollar equivalent amount actually received or paid. Net
unrealized currency gains and losses arising from valuing foreign
currency-denominated assets and liabilities, other than security
investments, at the current exchange rate are reflected as part of
unrealized appreciation/depreciation on foreign currencies.
The Fund does not isolate that portion of the results of operations
arising as a result of changes in the foreign exchange rates from
the changes in the market prices of securities held at fiscal year
end. The Fund does not isolate the effect of changes in foreign
exchange rates from changes in market prices of equity securities
sold during the year. The Fund does isolate the effect of changes in
foreign exchange rates from changes in market prices of debt
securities sold during the year, as required by the Internal Revenue
Code.
The Tax-Managed International Value Portfolio, International Value
Portfolio II, Emerging Markets Value Portfolio, Intermediate
Duration Portfolio and Short Duration Plus Portfolio invest in
foreign securities and foreign currency transactions that may
involve risks not associated with domestic investments as a result
of the level of governmental supervision and regulation of foreign
securities markets and the possibility of political or economic
instability, among others.
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date
the buy or sell order is executed). Securities gains and losses are
calculated on the identified cost basis. Interest income is recorded
on the accrual basis and dividend income is recorded on the
ex-dividend date.
--------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
D. Futures Contracts
Upon entering into a futures contract, a Portfolio is required by
the Exchange to deposit cash or to pledge U.S. Government securities
with a broker in an amount (initial margin) equal to a certain
percentage of the purchase price indicated in the futures contract.
Subsequent payments, which are dependent on the daily fluctuations
in the market value of the underlying index or security, are made or
received by the Portfolio each day (daily variation margin) or at
other intervals as is required. The aggregate of these payments or
receipts through the expiration of the futures contract is recorded
for book purposes as unrealized gains or losses by the Portfolio. If
the Portfolio enters into a closing transaction, it will realize,
for book purposes, a gain or loss equal to the difference between
the value of the futures contract at the time it was opened or
purchased and its value at the time it was closed.
E. Written Options
When a Portfolio writes an option, an amount equal to the premium
received by the Portfolio is recorded as an asset and a
corresponding liability. The amount of the liability is adjusted
daily to reflect the current market value of the option. The current
market value is based on the last sale price on the exchange on
which the option is principally traded, or, in the absence of a last
sale, the option is priced at the mean between the bid and asked
prices. When a call option is exercised, a Portfolio realizes a gain
or loss on the underlying security, with the proceeds from the
security sale increased by the amount of the option premium
received. When a put option is exercised, the cost basis of the
security purchased by a Portfolio is reduced by the option premium
received.
F. Taxes
Each of the 12 Portfolios of the Fund is treated as a separate
entity for federal income tax purposes. Each Portfolio intends to
continue to comply with the requirements of Subchapter M of the
Internal Revenue Code of 1986 as they apply to regulated investment
companies. By so complying, each Portfolio will not be subject to
federal income taxes to the extent that all of its income is
distributed. The Fund may be subject to taxes imposed by countries
in which it invests. Such taxes are generally based on income and/or
capital gains earned or repatriated. Taxes are accrued and applied
to net investment income, net realized gains and net unrealized
appreciation/depreciation as such income and/or gains are earned.
G. Repurchase Agreements
Each Portfolio may enter into repurchase agreements with banks or
securities broker-dealers. It is the Fund's policy that its
custodian receives delivery of the securities collateralizing
repurchase agreements, the amount of which at the time of purchase
and each subsequent business day is required to be maintained at
such a level that the market value of the collateral is equal to at
least 100% of the repurchase price. Repurchase agreements could
involve certain risks in the event of default or insolvency of the
other party, including possible delays or restrictions on the
Portfolio's ability to dispose of the underlying securities.
H. Securities Transactions on a When-Issued or Delayed-Delivery Basis
Any Portfolio of the Fund may purchase securities on a when-issued
basis or sell securities on a delayed-delivery basis. At the time a
Portfolio commits to purchase a security on a when-issued basis, the
Portfolio will record the transaction and use the security's value
in determining the Portfolio's net asset value. At the time a
Portfolio commits to sell a security on a delayed-delivery basis,
the Portfolio will record the transaction and exclude the security's
value in determining the Portfolio's net asset value.
I. Distribution of Income and Gains
Net investment income of each Portfolio except the Tax-Managed
International Value Portfolio, International Value Portfolio II and
Emerging Markets Value Portfolio is declared and recorded as a
dividend to shareholders daily and is payable to shareholders
monthly. Dividends from net investment income, if any, of the
Tax-Managed International Value Portfolio, International Value
Portfolio II and Emerging Markets Value Portfolio will be paid to
shareholders at least once a year. Distributions of net realized
gains, less any available loss carryforwards, if any, for all
Portfolios will be paid to shareholders at least once a year, and
recorded on the ex-dividend date.
--------------------------------------------------------------------------------
2000 Annual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
Elements of realized gains and net investment income may be recorded
in different accounting periods for financial reporting (book) and
federal income tax (tax) purposes (temporary differences). To the
extent that such distributions required for tax purposes exceed
income and gains recorded for book purposes as a result of such
temporary differences, "excess distributions" are reflected in the
accompanying financial statements. Certain other
differences--permanent differences--arise because treatment of
elements of income and gains is different between book and tax
accounting. Permanent differences are reclassified to paid-in
capital in the year they arise.
The effect on each portfolio is reflected as an adjustment to the
components of capital as of September 30, 2000, as shown below:
<TABLE>
<CAPTION>
INCREASE (DECREASE) TO
ACCUMULATED UNDISTRIBUTED INCREASE (DECREASE)
INCREASE (DECREASE) NET REALIZED GAIN (LOSS) TO ACCUMULATED
TO ADDITIONAL ON INVESTMENTS, FUTURES UNDISTRIBUTED NET
PAID-IN CAPITAL AND FOREIGN CURRENCIES INVESTMENT INCOME (LOSS)
=====================================================================================================================
<S> <C> <C> <C>
Tax-Managed International Value 0 $30,549,459 $(30,549,459)
---------------------------------------------------------------------------------------------------------------------
International Value II 0 (62,791,876) 62,791,876
---------------------------------------------------------------------------------------------------------------------
Emerging Markets Value 0 1,630,823 (1,630,823)
---------------------------------------------------------------------------------------------------------------------
Intermediate Duration $(89,462) 4,037,394 (3,947,932)
---------------------------------------------------------------------------------------------------------------------
Short Duration Plus (219,965) 509,144 (289,179)
---------------------------------------------------------------------------------------------------------------------
</TABLE>
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian, transfer-agent
and shareholder servicing and administration. Other expenses are
allocated among the Portfolios based on respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the Short
Duration Diversified Municipal Portfolio ($21,176), Short Duration
California Municipal Portfolio ($7,956), Short Duration New York
Municipal Portfolio ($8,906) and Emerging Markets Value Portfolio
($48,194) have been allocated to each respective Portfolio. All
organization costs are being amortized on a straight-line basis over
a five-year period, beginning with the commencement of operations of
each respective Portfolio.
L. Use of Estimates
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those
estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on
purchases and redemptions. This fee is retained by the Portfolio and
is included in the financial statements as an item of additional
paid-in capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities lending
transactions. By lending its portfolio securities, a Portfolio
attempts to increase its income through the interest earned on the
loan. It is the policy of each Portfolio to receive collateral
consisting of cash or U.S. Government securities in an amount at
least equal to the value of the securities loaned. The securities
lending agent has agreed to indemnify the Fund in the case of
default of any securities borrower. Collateral received and
securities loaned are marked to market daily to ensure 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 September 30, 2000, the
--------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
Tax-Managed International Value Portfolio had securities on loan
with a value of $281,350,229 and had received collateral of
$296,346,926, of which $156,398,655 was cash collateral and
$139,948,271 was collateral in the form of U.S. Government
securities. At September 30, 2000, the International Value Portfolio
II had securities on loan with a value of $130,751,883 and had
received collateral of $138,451,102, of which $39,824,344 was cash
collateral and $98,626,758 was collateral in the form of U.S.
Government securities. The Tax-Managed International Value Portfolio
and the International Value Portfolio II earned $2,463,323 and
$1,539,967, respectively, from securities lending transactions for
the period ended September 30, 2000. 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 Tax-Managed
International Value Portfolio and the International Value Portfolio
II is at an annual rate of 1.00% of each Portfolio's average daily
net assets up to and including $1 billion and at an annual rate of
.90 of 1% of average daily net assets in excess of $1 billion. The
fee paid by the Emerging Markets Value Portfolio is at an annual
rate of 1.25% of that Portfolio's average daily net assets.
B. Shareholder Servicing and Administrative Fee
Under agreements (the "Shareholder Servicing and Administrative
Agreements") between the Fund and the Manager, the Manager agrees to
pay expenses it incurs in providing shareholder servicing to the
Fund, the Portfolios and individual shareholders, and administrative
services to the Fund and the Portfolios. The fee payable by each
Portfolio except the Tax-Managed International Value Portfolio,
International Value Portfolio II and Emerging Markets Value
Portfolio for services under this agreement is .10 of 1% of average
daily net assets, and the fee paid by the Tax-Managed International
Value Portfolio, International Value Portfolio II and Emerging
Markets Value Portfolio for services under this agreement is .25 of
1% of average daily net assets.
C. Distribution
Under agreements (the "Distribution Agreements") between the Fund
and the Manager, the Manager agrees to act as agent to sell shares
of the 12 Portfolios. The Manager receives no fee for this service,
and furthermore agrees to pay all expenses arising from the
performance of its obligations under this agreement.
D. Directors and Officers
Each of the directors not affiliated with Sanford C. Bernstein &
Co., Inc. receives annual compensation of $40,000 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.
--------------------------------------------------------------------------------
2000 Annual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
E. Transactions with Affiliates
The Emerging Markets Value Portfolio paid commissions to Sanford C.
Bernstein & Co., Inc. in the amount of $39,561 for the period ended
September 30, 2000.
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1999 through September 30, 2000, the
Portfolios had purchase and sales transactions, excluding repurchase
transactions and transactions in short-term instruments, as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
EXCLUDING U.S. PURCHASES OF EXCLUDING U.S. SALES OF
GOVERNMENT U.S. GOVERNMENT GOVERNMENT U.S. GOVERNMENT
SECURITIES SECURITIES SECURITIES SECURITIES
======================================================================================================================
<S> <C> <C> <C> <C>
Tax-Managed International Value $1,361,133,951 0 $2,118,552,154 0
International Value II 526,152,983 0 1,083,132,620 0
Emerging Markets Value 195,592,159 0 299,515,424 0
Intermediate Duration 8,269,489,366 $490,722,533 8,771,661,027 $631,450,371
Short Duration Plus 753,094,533 45,274,059 821,630,574 138,733,238
Government Short Duration 115,588,820 55,995,593 94,226,056 106,313,389
Diversified Municipal 456,502,278 0 772,540,686 0
California Municipal 246,697,869 0 393,877,090 0
New York Municipal 239,994,893 0 417,380,056 0
Short Duration Diversified Municipal 159,828,528 0 177,555,395 0
Short Duration California Municipal 76,189,288 0 120,276,677 6,883,890
Short Duration New York Municipal 66,061,048 0 67,128,281 6,886,900
</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 transactions in the securities of these issuers
for the year ended September 30, 2000, is set forth below:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
ACQUISITIONS DISPOSITIONS
BEGINNING --------------- ---------------- ENDING REALIZED INTEREST
SHARE SHARE SHARE SHARE GAIN AND DIVIDEND ENDING
AFFILIATE AMOUNT AMOUNT COST AMOUNT COST AMOUNT (LOSS) INCOME VALUE
====================================================================================================================================
<S> <C> <C> <C> <C> <C><C> <C> <C> <C>
Jilin Chemical 56,100,000 0 0 0 0 56,100,000 0 $67,772 $3,669,724
Industrial Co., Ltd.
Thai-German 4,471,400 0 0 0 0 4,471,400 0 0 519,992
Ceramic Industry
Public Co., Ltd. (Foreign)
-- -- -- ------- ----------
0 0 0 $67,772 $4,189,716
== == == ======= ==========
</TABLE>
--------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Federal Income Tax Status
At September 30, 2000, the following Portfolio's had capital loss
carryforwards as shown below:
<TABLE>
<CAPTION>
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
=======================================================================================================================
<S> <C> <C>
Intermediate Duration Portfolio $16,091,312 9/30/2008
Short Duration Plus Portfolio 3,657,078 9/30/2003
Short Duration Plus Portfolio 288,982 9/30/2008
Government Short Duration Portfolio 573,254 9/30/2003
Diversified Municipal Portfolio 276,500 9/30/2008
California Municipal Portfolio 227,023 9/30/2008
New York Municipal Portfolio 1,323,001 9/30/2008
Short Duration Diversified Municipal Portfolio 58,171 9/30/2008
Short Duration California Municipal Portfolio 21,025 9/30/2008
Short Duration New York Municipal Portfolio 165,582 9/30/2007
Short Duration New York Municipal Portfolio 20,583 9/30/2008
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
For the year ended September 30, 2000, the Emerging Markets Value
Portfolio and Government Short Duration Portfolio utilized capital
loss carryforwards as follows:
CAPITAL LOSS
CARRYFORWARD UTILIZED
================================================================================
Emerging Markets Value Portfolio $42,568,353
Government Short Duration Portfolio 555,617
--------------------------------------------------------------------------------
At September 30, 2000, the following Portfolios had post October
loss deferrals as shown below, for tax purposes, these losses are
deemed to arise on October 1, 2000:
POST OCTOBER
LOSS DEFERRAL
================================================================================
Intermediate Duration Portfolio $45,161,592
Short Duration Plus Portfolio 4,548,668
Government Short Duration Portfolio 1,082,925
Diversified Municipal Portfolio 10,731,407
California Municipal Portfolio 3,514,700
New York Municipal Portfolio 4,366,917
Short Duration Diversified Municipal Portfolio 658,539
Short Duration California Municipal Portfolio 206,778
Short Duration New York Municipal Portfolio 720,508
--------------------------------------------------------------------------------
Additionally, the Emerging Markets Value Portfolio, Intermediate
Duration Portfolio and Short Duration Plus Portfolio had post
October foreign currency loss deferrals of $1,355,271; $4,685,129;
and $510,713, respectively. For tax purposes, these losses are
deemed to arise on October 1, 2000.
D. Foreign Currency Contracts
At September 30, 2000, the Tax-Managed International Value
Portfolio, International Value Portfolio II, Emerging Markets Value
Portfolio and Short Duration Plus Portfolio had outstanding foreign
currency contracts to purchase and sell foreign currencies as
follows:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
FOREIGN CURRENCY BUY CONTRACTS--BERNSTEIN TAX-MANAGED INTERNATIONAL VALUE PORTFOLIO
---------------------------------------------------------------------------------------------------------------------
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
=====================================================================================================================
<S> <C> <C> <C> <C>
Settlement 10/01/00 through 10/31/00
Swiss Francs $ 6,843,177 $ 6,845,088 $1,911 0
Settlement 12/01/00 through 12/31/00
Hong Kong Dollars 4,620,064 4,620,825 761 0
----------- ----------- ------ --
Total $11,463,241 $11,465,913 $2,672 0
=========== =========== ====== ==
</TABLE>
--------------------------------------------------------------------------------
2000 Annual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN TAX-MANAGED INTERNATIONAL VALUE PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
========================================================================================================================
<S> C> <C> <C> <C>
Settlement 12/01/00 through 12/31/00
Australian Dollars $ 91,566,120 $ 88,888,538 $2,677,582 0
British Pounds 120,723,400 126,636,786 0 $ (5,913,386)
Euro 139,374,900 142,856,805 0 (3,481,905)
Hong Kong Dollars 63,808,799 63,793,055 15,744 0
Japanese Yen 509,284,285 505,014,086 4,270,199 0
Norwegian Kroner 73,406,341 74,857,982 0 (1,451,641)
Singapore Dollars 28,414,033 28,433,269 0 (19,236)
-------------- -------------- ---------- ------------
Total $1,026,577,878 $1,030,480,521 $6,963,525 $(10,866,168)
============== ============== ========== ============
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
FOREIGN CURRENCY BUY CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO II
------------------------------------------------------------------------------------------------------------------------
VALUE RECEIVABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
========================================================================================================================
<S> <C> <C> <C> <C>
Settlement 10/01/00 through 10/31/00
Australian Dollars $2,766,750 $2,762,925 0 $(3,825)
Settlement 12/01/00 through 12/31/00
Hong Kong Dollars 3,850,053 3,850,687 $634 0
---------- ---------- ---- -------
Total $6,616,803 $6,613,612 $634 $(3,825)
========== ========== ==== =======
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN INTERNATIONAL VALUE PORTFOLIO II
------------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
========================================================================================================================
<S> <C> <C> <C> <C>
Settlement 12/01/00 through 12/31/00
Australian Dollars $ 35,853,440 $ 34,688,210 $1,165,230 0
British Pounds 120,034,175 125,896,220 0 $(5,862,045)
Euro 44,122,370 45,252,777 0 (1,130,407)
Hong Kong Dollars 34,025,398 34,014,406 10,992 0
Japanese Yen 344,254,580 341,002,063 3,252,517 0
Norwegian Kroner 47,687,995 48,624,663 0 (936,668)
Singapore Dollars 11,307,625 11,315,280 0 (7,655)
------------ ------------ ---------- -----------
Total $637,285,583 $640,793,619 $4,428,739 $(7,936,775)
============ ============ ========== ===========
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
FOREIGN CURRENCY SELL CONTRACTS--BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
========================================================================================================================
<S> <C> <C> <C> <C>
Settlement 10/01/00 through 10/31/00
Brazilian Real $ 3,223 $ 3,243 0 $ (20)
Thailand Baht 1,656,805 1,661,327 0 (4,522)
---------- ---------- -- -------
Total $1,660,028 $1,664,570 0 $(4,542)
========== ========== == =======
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
========================================================================================================================
<S> <C> <C> <C> <C>
Settlement 10/01/00 through 10/31/00
Euro $1,149,192 $1,061,209 $87,983 0
---------- ---------- ------- --
Total $1,149,192 $1,061,209 $87,983 0
========== ========== ======= ==
</TABLE>
--------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
NOTE 4. Concentration of Credit Risk
The two California Municipal Portfolios and the two New York
Municipal Portfolios invest primarily in securities issued by the
States of California and New York, respectively, and their various
political subdivisions, and the performance of each of these
Portfolios is closely tied to economic conditions within the
applicable State and the financial condition of that State and its
agencies and municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial futures
contracts. Financial futures contracts obligate the buyer to take
and the seller to make delivery at a future date of a specified
quantity of a financial instrument or an amount of cash based on the
value of a securities index or the market value in U.S. dollars of a
foreign currency. The contract amounts reflect the extent of each
Portfolio's involvement and risk of loss in these financial
instruments. A Portfolio's participation in the futures markets
involves certain risks, including imperfect correlation between
movements in the price of the futures contracts and movements in the
price of the securities hedged or used for cover. The Fund's
activities in futures contracts are conducted through regulated
exchanges that do not result in counterparty credit risks.
Foreign currency contracts involve elements of market risk in excess
of the amount reflected in the Statements of Assets and Liabilities.
The Fund bears the risk of an unfavorable change in the foreign
exchange rate underlying the foreign currency contract. In addition,
the Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts.
NOTE 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par value
$0.001 per share, of which, at September 30, 2000, 1,850 million are
divided into 12 Portfolios, allocated 400 million to the Bernstein
Tax-Managed International Value Portfolio, 300 million each to the
Bernstein International Value Portfolio II and the Bernstein
Intermediate Duration Portfolio, 200 million to the Bernstein
Diversified Municipal Portfolio, 100 million each to the Bernstein
Emerging Markets Value Portfolio, Bernstein Short Duration Plus
Portfolio, Bernstein Government Short Duration Portfolio, Bernstein
California Municipal Portfolio and Bernstein New York Municipal
Portfolio, and 50 million allocated to each of the Bernstein Short
Duration Diversified Municipal Portfolio, Bernstein Short Duration
California Municipal Portfolio and Bernstein Short Duration New York
Municipal Portfolio. Share transactions for each portfolio for the
years ended September 30, 2000, and ended September 30, 1999 were as
follows:
<TABLE>
<CAPTION>
-------------------------- -------------------------- ---------------------------
BERNSTEIN TAX-MANAGED BERNSTEIN BERNSTEIN
INTERNATIONAL VALUE INTERNATIONAL VALUE EMERGING MARKETS VALUE
PORTFOLIO PORTFOLIO II PORTFOLIO
-------------------------- -------------------------- ---------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 9/30/99 (a) 9/30/00 9/30/99
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Shares sold 20,295,158 48,336,640 12,998,219 129,078,992 7,339,149 12,103,044
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 2,561,840 27,820,600 1,217,988 0 181,161 427,905
Shares redeemed (57,115,367) (172,282,426) (43,151,152) (6,824,119) (13,187,214) (7,618,737)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in shares outstanding (34,258,369) (96,125,186) (28,934,945) 122,254,873 (5,666,904) 4,912,212
Shares outstanding at
beginning of period 182,510,805 278,635,991 122,254,873 0 40,782,667 35,870,455
----------- ----------- ----------- ----------- ----------- -----------
Shares outstanding at
end of period 148,252,436 182,510,805 93,319,928 122,254,873 35,115,763 40,782,667
=========== =========== =========== =========== =========== ===========
</TABLE>
(a) Commenced operations April 30, 1999
--------------------------------------------------------------------------------
2000 Annual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
-------------------------- -------------------------- --------------------------
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE DURATION SHORT DURATION PLUS GOVERNMENT SHORT
PORTFOLIO PORTFOLIO DURATION PORTFOLIO
-------------------------- -------------------------- --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 9/30/99 9/30/00 9/30/99
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Shares sold 27,994,065 57,428,914 11,033,127 15,335,588 5,436,175 3,914,252
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 2,854,539 5,220,377 770,940 817,130 177,813 201,920
Shares redeemed (78,676,847) (39,923,586) (23,683,927) (18,476,220) (8,197,796) (4,783,041)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in shares outstanding (47,828,243) 22,725,705 (11,879,860) (2,323,502) (2,583,808) (666,869)
Shares outstanding at
beginning of period 211,115,466 188,389,761 45,157,606 47,481,108 10,237,664 10,904,533
----------- ----------- ----------- ----------- ----------- -----------
Shares outstanding at
end of period 163,287,223 211,115,466 33,277,746 45,157,606 7,653,856 10,237,664
=========== =========== =========== =========== =========== ===========
<CAPTION>
-------------------------- -------------------------- --------------------------
BERNSTEIN BERNSTEIN BERNSTEIN
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------- -------------------------- --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 9/30/99 9/30/00 9/30/99
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Shares sold 16,827,464 34,310,891 6,706,394 16,744,542 7,685,174 16,844,970
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 1,213,243 1,122,171 458,077 499,669 897,011 898,393
Shares redeemed (41,332,463) (22,111,212) (18,786,967) (11,737,644) (21,504,709) (13,245,252)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in shares outstanding (23,291,756) 13,321,850 (11,622,496) 5,506,567 (12,922,524) 4,498,111
Shares outstanding at
beginning of period 112,597,597 99,275,747 44,260,107 38,753,540 63,315,139 58,817,028
----------- ----------- ----------- ----------- ----------- -----------
Shares outstanding at
end of period 89,305,841 112,597,597 32,637,611 44,260,107 50,392,615 63,315,139
=========== =========== =========== =========== =========== ===========
</TABLE>
--------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
-------------------------- -------------------------- --------------------------
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------- -------------------------- --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 9/30/99 9/30/00 9/30/99
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Shares sold 9,148,852 9,571,009 3,749,871 7,214,274 5,710,801 5,927,371
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 200,878 165,549 144,894 143,862 140,935 117,057
Shares redeemed (10,292,592) (8,684,747) (7,913,732) (6,550,832) (6,486,339) (4,100,838)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in shares outstanding (942,862) 1,051,811 (4,018,967) 807,304 (634,603) 1,943,590
Shares outstanding at
beginning of period 13,667,470 12,615,659 8,662,577 7,855,273 8,252,872 6,309,282
----------- ----------- ----------- ----------- ----------- -----------
Shares outstanding at
end of period 12,724,608 13,667,470 4,643,610 8,662,577 7,618,269 8,252,872
=========== =========== =========== =========== =========== ===========
</TABLE>
NOTE 7. Line of Credit
The Bernstein Emerging Markets Value Portfolio maintains a
$35,000,000 line of credit intended to provide short-term financing
if necessary, subject to certain restrictions in connection with
abnormal redemption activity. Commitment fees related to the line of
credit are paid by the Portfolio and are included in the
miscellaneous expenses in the Statement of Operations. The Portfolio
did not utilize the line of credit during the fiscal year ended
September 30, 2000.
NOTE 8. Subsequent Events
Effective October 2, 2000, the Fund's investment manager, Sanford C.
Bernstein & Co., Inc., was acquired by Alliance Capital Management
L.P. ("Alliance"). Alliance is a Delaware limited partnership, with
principal offices at 1345 Avenue of the Americas, New York, New York
10105. Alliance is a registered investment advisor that manages
assets for public and private employee benefit plans, public
employee retirement funds, foundations, endowments, banks and
insurance companies worldwide. Alliance is also a mutual fund
sponsor with a family of diversified portfolios distributed
globally.
--------------------------------------------------------------------------------
2000 Annual Report 35
<PAGE>
Matters Voted Upon at the September 25, 2000 Special Meeting of Sanford C.
Bernstein Fund, Inc. (the "Fund") Shareholders (Unaudited)
1. For the Fund, to elect a slate of nine members to its Board of Directors.
Each nominee was elected a director.
NAME OF NOMINEE VOTES FOR VOTES WITHHELD
================================================================================
Andrew S. Adelson 439,804,827 4,910,520
------------------------------------------------------------------------------
Arthur Aeder 439,252,974 5,462,373
------------------------------------------------------------------------------
Peter L. Bernstein 438,889,088 5,826,259
------------------------------------------------------------------------------
Irwin Engleman 439,667,340 5,048,007
------------------------------------------------------------------------------
Roger Hertog 439,065,404 5,649,943
------------------------------------------------------------------------------
Peter W. Huber 439,310,144 5,405,203
------------------------------------------------------------------------------
William Kristol 437,509,965 7,205,382
------------------------------------------------------------------------------
Theodore Levitt 438,921,087 5,794,260
------------------------------------------------------------------------------
Rosalie J. Wolf 439,607,319 5,108,028
2. For each Portfolio separately, to approve or disapprove a new investment
management agreement between the Fund, on behalf of each Portfolio, and
Alliance Capital Management, L.P. ("Alliance Capital").
<TABLE>
<CAPTION>
PORTFOLIO VOTES FOR VOTES AGAINST VOTES ABSTAINED
==============================================================================================================
<S> <C> <C> <C>
Government Short Duration 4,623,633 172,928 35,459
------------------------------------------------------------------------------------------------------------
Short Duration Plus 23,171,867 219,743 178,881
------------------------------------------------------------------------------------------------------------
New York Municipal 31,246,333 414,182 553,936
------------------------------------------------------------------------------------------------------------
Diversified Municipal 59,809,693 356,314 856,823
------------------------------------------------------------------------------------------------------------
Intermediate Duration 106,574,745 1,403,327 1,489,140
------------------------------------------------------------------------------------------------------------
California Municipal 19,845,829 346,176 211,675
------------------------------------------------------------------------------------------------------------
Short Duration California Municipal 2,949,920 44,594 13,443
------------------------------------------------------------------------------------------------------------
Short Duration Diversified Municipal 8,844,903 37,327 319,124
------------------------------------------------------------------------------------------------------------
Short Duration New York Municipal 5,794,380 51,642 0
------------------------------------------------------------------------------------------------------------
Tax-Managed International Value 88,697,754 898,813 1,013,883
------------------------------------------------------------------------------------------------------------
International Value II 60,166,251 662,158 631,458
------------------------------------------------------------------------------------------------------------
Emerging Markets Value 22,783,570 143,573 151,864
</TABLE>
3. For each Portfolio separately, to approve or disapprove a new shareholder
servicing and administrative agreement between the Fund, on behalf of each
Portfolio, and Alliance Capital.
<TABLE>
<CAPTION>
PORTFOLIO VOTES FOR VOTES AGAINST VOTES ABSTAINED
==============================================================================================================
<S> <C> <C> <C>
Government Short Duration 4,622,087 172,275 37,658
------------------------------------------------------------------------------------------------------------
Short Duration Plus 23,097,254 216,264 256,973
------------------------------------------------------------------------------------------------------------
New York Municipal 30,971,501 437,981 804,969
------------------------------------------------------------------------------------------------------------
Diversified Municipal 59,462,042 434,671 1,126,117
------------------------------------------------------------------------------------------------------------
Intermediate Duration 106,224,951 1,438,240 1,804,021
------------------------------------------------------------------------------------------------------------
California Municipal 19,769,419 384,518 249,743
------------------------------------------------------------------------------------------------------------
Short Duration California Municipal 2,949,920 44,594 13,443
------------------------------------------------------------------------------------------------------------
Short Duration Diversified Municipal 8,922,934 37,327 241,093
------------------------------------------------------------------------------------------------------------
Short Duration New York Municipal 5,746,608 65,104 34,310
------------------------------------------------------------------------------------------------------------
Tax-Managed International Value 88,349,034 919,926 1,341,490
------------------------------------------------------------------------------------------------------------
International Value II 59,998,478 709,745 751,644
------------------------------------------------------------------------------------------------------------
Emerging Markets Value 22,740,177 141,163 197,668
</TABLE>
--------------------------------------------------------------------------------
36 Sanford C. Bernstein Fund, Inc.
<PAGE>
4. For each of the Portfolios listed below separately, to approve or
disapprove eliminating the fundamental investment restriction relating to
investment in illiquid securities and replacing it with a non-fundamental
restriction.
<TABLE>
<CAPTION>
PORTFOLIO VOTES FOR VOTES AGAINST BROKER NON-VOTE VOTES ABSTAINED
====================================================================================================================
<S> <C> <C> <C> <C>
Government Short Duration 4,396,518 321,794 0 113,708
------------------------------------------------------------------------------------------------------------------
Short Duration Plus 22,203,266 782,565 0 584,660
------------------------------------------------------------------------------------------------------------------
New York Municipal 29,640,136 1,193,459 0 1,380,856
------------------------------------------------------------------------------------------------------------------
Diversified Municipal 57,204,159 2,110,018 0 1,708,653
------------------------------------------------------------------------------------------------------------------
Intermediate Duration 98,915,839 6,189,885 553,870 3,807,618
------------------------------------------------------------------------------------------------------------------
California Municipal 19,450,211 478,922 0 474,547
</TABLE>
5. For each of the Portfolios listed below separately, to approve or
disapprove eliminating the fundamental investment restriction relating to
investment in securities of unseasoned issuers.
<TABLE>
<CAPTION>
PORTFOLIO VOTES FOR VOTES AGAINST BROKER NON-VOTE VOTES ABSTAINED
====================================================================================================================
<S> <C> <C> <C> <C>
Government Short Duration 4,400,447 325,128 0 106,445
------------------------------------------------------------------------------------------------------------------
Short Duration Plus 22,188,722 841,086 0 540,683
------------------------------------------------------------------------------------------------------------------
New York Municipal 29,469,231 1,213,720 0 1,531,500
------------------------------------------------------------------------------------------------------------------
Diversified Municipal 57,222,460 2,007,549 0 1,792,821
------------------------------------------------------------------------------------------------------------------
Intermediate Duration 98,534,738 6,463,807 553,869 3,914,798
------------------------------------------------------------------------------------------------------------------
California Municipal 19,396,368 603,603 0 403,709
</TABLE>
6. For each Portfolio separately, to ratify the selection of independent
accountants, PricewaterhouseCoopers LLP, for the current fiscal year.
<TABLE>
<CAPTION>
PORTFOLIO VOTES FOR VOTES AGAINST VOTES ABSTAINED
==============================================================================================================
<S> <C> <C> <C>
Government Short Duration 4,664,979 94,607 72,434
------------------------------------------------------------------------------------------------------------
Short Duration Plus 23,175,321 120,803 274,367
------------------------------------------------------------------------------------------------------------
New York Municipal 31,162,619 192,569 859,263
------------------------------------------------------------------------------------------------------------
Diversified Municipal 60,044,081 296,380 682,369
------------------------------------------------------------------------------------------------------------
Intermediate Duration 107,313,687 713,152 1,440,373
------------------------------------------------------------------------------------------------------------
California Municipal 20,111,071 81,284 211,325
------------------------------------------------------------------------------------------------------------
Short Duration California Municipal 2,946,537 47,977 13,443
------------------------------------------------------------------------------------------------------------
Short Duration Diversified Municipal 8,986,200 25,297 189,857
------------------------------------------------------------------------------------------------------------
Short Duration New York Municipal 5,777,533 39,675 28,814
------------------------------------------------------------------------------------------------------------
Tax-Managed International Value 88,973,578 667,735 969,137
------------------------------------------------------------------------------------------------------------
International Value II 60,678,871 273,703 507,292
------------------------------------------------------------------------------------------------------------
Emerging Markets Value 22,853,241 79,180 146,587
</TABLE>
--------------------------------------------------------------------------------
2000 Annual Report 37
<PAGE>
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<PAGE>
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<PAGE>
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<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.
Irwin Engelman
Director
Executive Vice President, Chief Financial Officer--
YouthStream Media Networks
Peter W. Huber
Director
Partner, Kellogg Huber Hansen Todd & Evans
William Kristol
Director
Editor and Publisher, The Weekly Standard
Theodore Levitt
Director
Professor Emeritus of Business Administration,
Harvard University
Francis H. Trainer, Jr.
Senior Vice President
Senior Vice President, 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.
Rosalie J. Wolf
Director
Managing Partner, Botanica Capital Partners LLC
================================================================================
INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
================================================================================
LEGAL COUNSEL
--------------------------------------------------------------------------------
Swidler Berlin Shereff Friedman, LLP
405 Lexington Avenue
New York, New York 10174
================================================================================
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
Sanford C. Bernstein Ltd
99 Gresham Street
London, United Kingdom
EC2V 7NG
* Not related to Zalman C. Bernstein, deceased, former Chairman of the
Executive Committee, Sanford C. Bernstein & Co., Inc.
+ On October 2, 2000, Alliance Capital Management L.P. became the investment
advisor as a result of the combination of Sanford C. Bernstein & Co., Inc.
with Alliance Capital Management, L.P.
<PAGE>
SANFORD C. BERNSTEIN & CO., LLC
A subsidiary of Alliance Capital Management L.P.
Distributor
SANFORD C. BERNSTEIN FUND, INC.
767 Fifth Avenue, New York, NY 10153
(212) 756-4097
<PAGE>
Sanford C. Bernstein Fund, Inc.
--------------------------------------------------------------------------------
ANNUAL REPORT
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
Schedule of Investments
Stock Portfolios
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Tax-Managed International Value
--------------------------------------------------------------------------------
International Value II
--------------------------------------------------------------------------------
Emerging Markets Value
<PAGE>
--------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
--------------------------------------------------------------------------------
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Tax-Managed International Value Portfolio,
Bernstein International Value Portfolio II and Bernstein Emerging Markets Value
Portfolio (three of the twelve portfolios constituting Sanford C. Bernstein
Fund, Inc., hereafter referred to as the "Fund") at September 30, 2000, the
results of each of their operations for the year then ended, the changes in each
of their net assets for each of the two years in the period then ended and the
financial highlights for each of the periods indicated, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at September 30, 2000 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 15, 2000
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Tax-Managed
International Value Portfolio
September 30, 2000
--------------------------------------------------------------------------
Shares Description Market Value*
==========================================================================
EQUITIES: 91.05%
==========================================================================
AUSTRALIA: 3.14%
--------------------------------------------------------------------------
Banking
868,542 St. George Bank Ltd. (Note A, p. 5) $ 5,266,671
Financial Services
3,100,000 Australia & New Zealand Banking 22,302,763
Group Ltd.
Paper & Forest Products
4,152,934 Amcor Ltd. 11,476,494
290,805 Paperlinx Ltd. 545,101
Real Estate
749,500 Amp Diversified Property Trust 966,379
7,298,387 Westfield Trust 12,494,327
246,641 Westfield Trust RFD (02/28/2001) 407,534
(Note B, p. 5)
Retail
7,100,000 Coles Myer Ltd. 27,475,012
Telecommunications
6,500,000 Cable & Wireless Optus Ltd. 14,106,627
(Note B, p. 5)
--------------
Total Australian Stocks
(Cost $102,322,862) 95,040,908
--------------
==========================================================================
AUSTRIA: 2.24%
--------------------------------------------------------------------------
Banking
730,000 Bank Austria AG 39,708,204
Building Materials
528,917 Wienerberger Baustoffindustrie AG 11,344,533
Energy Sources
130,100 OMV AG 9,414,222
Metal-Steel
300,000 Voest-Alpine Stahl AG 7,410,242
--------------
Total Austrian Stocks
(Cost $68,556,310) 67,877,201
--------------
==========================================================================
CANADA: 5.61%
--------------------------------------------------------------------------
Banking
465,000 Bank of Nova Scotia 13,496,816
1,200,000 National Bank of Canada 18,947,787
(Note A, p. 5)
Broadcasting & Publishing
757,400 Quebecor World Inc. 17,134,837
Electrical & Electronics
314,200 C-MAC Industries Inc. (Note B, p. 5) 17,926,888
Energy Sources
268,160 Suncor Inc. 5,906,530
Insurance
147,500 Canada Life Financial Corp. 3,424,999
Machinery & Engineering
21,700 Magna International Inc. (Class A) 942,978
Metal-Steel
1,126,400 Dofasco Inc. (Note A, p. 5) 17,187,819
Telecommunications
123,400 BCE Inc. 2,869,482
2,000,000 Mitel Corp. (Note B, p. 5) 39,806,276
193,785 Nortel Networks Corp. 11,615,786
Utilities-Electric, Gas & Water
590,350 Emera Inc. 5,992,407
774,900 Westcoast Energy Inc. 14,728,909
(Note A, p. 5)
--------------
Total Canadian Stocks
(Cost $101,985,615) 169,981,514
--------------
==========================================================================
FINLAND: 1.02%
--------------------------------------------------------------------------
Insurance
252,200 Sampo Insurance Co.-'A' Free 12,347,646
Paper & Forest Products
2,203,100 Stora Enso Oy (Note A, p. 5) 18,476,927
--------------
Total Finnish Stocks
(Cost $24,018,046) 30,824,573
--------------
==========================================================================
FRANCE: 7.83%
--------------------------------------------------------------------------
Automobiles
214,030 Peugeot S.A. (Note A, p. 5) 38,075,687
Banking
253,000 BNP Paribas (Note A, p. 5) 22,336,511
173,547 Natexis (Note A, p. 5) 13,619,444
149,260 Societe Generale (Note A, p. 5) 8,356,403
Broadcasting & Publishing
88,350 Metropole Television S.A. 4,423,192
Building Materials
229,676 Lafarge (Prime Fidelite 2001) 15,832,137
Business & Public Services
1,100,000 Havas Advertising S.A. (Note A, p. 5) 17,401,033
Electrical & Electronics
492,955 Alcatel Alsthom 31,584,544
Energy Sources
210,171 Total Fina (Note A, p. 5) 30,795,456
Health & Personal Care
185,100 Aventis S.A. 13,904,477
Metal-Steel
1,234,847 Usinor S.A. (Note A, p. 5) 11,229,434
Telecommunications
200,000 France Telecom S.A. (Note A, p. 5) 21,457,445
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 1
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
Utilities-Electric, Gas & Water
52,380 Suez Lyonnaise des Eaux $ 8,133,296
(Note A, p. 5)
--------------
Total French Stocks
(Cost $178,332,278) 237,149,059
--------------
==========================================================================
GERMANY: 17.35%
--------------------------------------------------------------------------
Automobiles
512,200 Bayerische Motoren Werke AG 17,540,445
1,627,500 Volkswagen AG (Stamm) 75,510,896
Banking
512,000 Bayerische Vereinsbank 28,397,638
1,524,830 Commerzbank 45,426,523
146,654 Deutsche Pfandbriefbank 11,729,292
1,300,000 Dresdner Bank 57,190,984
Building Materials
174,544 Dyckerhoff AG (Vorzug) 2,992,512
Chemicals
1,387,600 BASF AG 49,382,747
760,000 Bayer AG 28,310,040
Construction & Housing
281,928 Heidelberger Zement AG 14,151,936
Electrical & Electronics
577,700 Siemens AG (Stamm) 74,539,169
Insurance
129,600 Hannover Rueckversicherungs AG 11,109,796
6,243 Mannheimer Aktiengesellschaft 358,621
Machinery & Engineering
242,970 Krones AG (Vorzug) 6,763,827
266,510 MAN AG (Vorzug) 5,393,595
Merchandising
429,514 Metro AG (Vorzug) 13,133,569
Telecommunications
564,750 Deutsche Telekom AG 19,449,837
Tires & Rubber
1,474,150 Continental AG 25,925,317
Utilities-Electric, Gas & Water
744,100 E.ON AG 38,337,976
--------------
Total German Stocks
(Cost $472,869,582) 525,644,720
--------------
==========================================================================
HONG KONG: 1.83%
--------------------------------------------------------------------------
Multi-Industry
5,468,000 Jardine Strategic Holdings Ltd. 15,966,560
Real Estate
15,963,000 Amoy Properties Ltd. (Note A, p. 5) 15,458,302
5,641,620 Great Eagle Holdings 8,683,312
384,000 Hang Lung Development Co., Ltd. 389,097
Transportation-Shipping
4,586,000 Orient Overseas International Ltd. 1,749,933
Utilities-Electric, Gas & Water
2,962,000 CLP Holdings Ltd. 13,296,992
--------------
Total Hong Kong Stocks
(Cost $48,949,726) 55,544,196
--------------
==========================================================================
ITALY: 8.92%
--------------------------------------------------------------------------
Banking
10,297,500 Banca Commerciale Italiana 52,873,402
(Note A, p. 5)
1,122,400 Banca Popolare di Bergamo 19,640,031
(Note A, p. 5)
1,307,100 Banca Popolare di Milano 8,120,700
Broadcasting & Publishing
1,300,000 Mediaset S.p.A. (Note A, p. 5) 19,393,005
Chemicals
2,381,400 Montefibre S.p.A. ORD (Note B, p. 5) 1,294,305
456,600 Montefibre S.p.A. RNC (Note A, p. 5) 207,813
Conglomerates
420,800 IFIL Finanziaria di Partecipazioni 3,309,749
S.p.A. ORD
80,300 Italmobiliare S.p.A. ORD (Note A, p. 5) 2,029,602
Energy Sources
10,537,480 ENI S.p.A. (Note A, p. 5) 55,874,974
Financial Services
249,000 Sao Paolo IMI S.p.A. 4,053,389
Food & Household Products
1,557,100 Parmalat Finanziaria S.p.A. 2,277,424
Telecommunications
4,072,700 Tecnost S.p.A. (Note B, p. 5) 12,345,420
695,000 Telecom Italia Mobile S.p.A. RNC 3,273,718
(Note A, p. 5)
2,043,355 Telecom Italia S.p.A. ORD 21,742,007
(Note A, p. 5)
3,448,873 Telecom Italia S.p.A. RNC 18,836,274
(Note A, p. 5)
Tires & Rubber
10,000,000 Pirelli S.p.A. (Note A, p. 5) 29,428,868
Utilities-Electric, Gas & Water
4,612,800 Societa Nordelettrica S.p.A. 15,735,526
--------------
Total Italian Stocks
(Cost $206,292,965) 270,436,207
--------------
==========================================================================
JAPAN: 25.97%
--------------------------------------------------------------------------
Appliances & Household Durables
2,213,000 Matsushita Electric Industrial 58,072,140
Co., Ltd. (Note A, p. 5)
Automobiles
1,675,000 Aisin Seiki Co., Ltd. (Note A, p. 5) 26,714,266
Banking
193,950 Bank of Iwate (Note A, p. 5) 6,582,197
500 Chuo Mitsui Trust & Banking Co., Ltd. 1,762
2,347,000 Eighteenth Bank Ltd. 8,465,696
2 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
715,000 Kagoshima Bank $ 2,850,851
75,200 Kita-Nippon Bank Ltd. (Note A, p. 5) 4,044,323
120 Miyazaki Bank 428
626,000 Nanto Bank 2,890,704
496,000 Oita Bank 2,382,382
974,000 San-in Godo Bank Ltd. (Note A, p. 5) 4,786,685
4,549,000 Sumitomo Bank Ltd. 30,876,424
300 Yamagata Bank 1,627
Beverage & Tobacco
611,000 Kinki Coca-Cola Bottling Co., Ltd. 6,458,714
(Note A, p. 5)
253,000 Shikoku Coca-Cola Bottling Co., Ltd. 2,310,770
(Note A, p. 5)
Business & Public Services
719,000 Kokuyo Co., Ltd. 12,067,226
Construction & Housing
1,556,000 Daito Trust Construction Co., Ltd. 25,234,772
(Note A, p. 5)
576,000 Sekisui House Ltd. (Note A, p. 5) 5,581,344
Cosmetics & Toiletries
2,069,000 Lion Corp. (Note A, p. 5) 7,616,422
Electrical & Electronics
470,100 Futaba Corp. 19,136,158
6,708,000 Hitachi Ltd. 77,999,276
1,267,000 Hitachi Maxell Ltd. 27,784,830
692,000 Mitsubishi Electric Corp. 5,742,872
3,330,000 Sharp Corp. (Note A, p. 5) 51,627,428
Energy Sources
4,000,000 Nippon Mitsubishi Oil Corp. 23,292,688
Financial Services
1,399,000 Daiwa Securities Co., Ltd. 16,435,931
Food & Household Products
400 Ezaki Glico Co., Ltd. 2,318
Health & Personal Care
1,600,000 Daiichi Pharmaceutical Co., Ltd. 40,725,115
791,000 Kissei Pharmaceutical Co., Ltd. 15,182,623
(Note A, p. 5)
Insurance
1,314,900 Chiyoda Fire & Marine (Note A, p. 5) 3,865,022
1,135,000 Dai-Tokyo Fire & Marine (Note A, p. 5) 3,441,467
Machinery & Engineering
7,435,000 Mitsubishi Heavy Industries Ltd. 29,506,977
972,000 Yamatake Corp. 10,995,781
Merchandising
398,400 Aoyama Trading Co., Ltd. 3,675,720
3,331,000 Canon Sales Co., Inc. (Note A, p. 5) 54,206,546
1,110,000 Mycal Corp. (Note A, p. 5) 3,139,227
Metal-Steel
6,059,000 Daido Steel Co., Ltd. 14,832,176
1,070,900 Maruichi Steel Tube Ltd. 15,808,547
610,000 Nisshin Steel Co., Ltd. (Note A, p. 5) 480,782
317,000 Toyo Seikan Kaisha Ltd. (Note A, p. 5) 5,581,928
Miscellaneous Materials
800,000 Ricoh Co., Ltd. (Note A, p. 5) 14,576,475
Real Estate
541,000 TOC Co. 3,937,920
Recreation & Other Consumer
233,000 Citizen Watch Co., Ltd. 2,508,350
Telecommunications
1,150 Nippon Telegraph & Telephone Corp. 11,303,259
Textiles/Apparel
656,000 Tokyo Style Co., Ltd. (Note A, p. 5) 5,888,154
Tires & Rubber
2,721,000 Sumitomo Rubber Industries Ltd. 16,299,003
5,157,000 Yokohama Rubber Co., Ltd. 11,954,657
Transportation-Shipping
2,705,000 Kawasaki Kisen Kaisha Ltd. 5,493,022
(Note A, p. 5)
5,735,000 Mitsui O.S.K. Lines Ltd. 12,709,583
Utilities-Electric, Gas & Water
2,832,000 Kyushu Electric Power Co., Inc. 44,195,428
(Note A, p. 5)
Wholesale & International Trade
4,046,000 Marubeni Corp. (Notes A & B, p. 5) 10,167,054
1,985,000 Sumitomo Corp. 17,264,871
--------------
Total Japanese Stocks
(Cost $683,116,103) 786,699,921
--------------
==========================================================================
NORWAY: 2.33%
--------------------------------------------------------------------------
Banking
900,250 Sparebanken 21,881,074
Energy Sources
914,883 Norsk Hydro A.S.A. 38,321,814
Paper & Forest Products
333,200 Norske Skogindustrier A.S.A. 10,504,320
--------------
Total Norwegian Stocks
(Cost $62,020,750) 70,707,208
--------------
==========================================================================
SINGAPORE: 1.08%
--------------------------------------------------------------------------
Banking
2,930,600 Overseas Union Bank Ltd. 13,649,116
886,432 United Overseas Bank Ltd. 6,371,158
Electrical & Electronics
190,000 Creative Technology Ltd. 3,942,500
Multi-Industry
725,400 Natsteel Ltd. 855,056
Real Estate
2,378,000 Keppel Land Ltd. 3,418,336
2,341,000 Singapore Land Ltd. (Note A, p. 5) 4,468,919
--------------
Total Singapore Stocks
(Cost $21,799,299) 32,705,085
--------------
Schedule of Investments--Stock Portfolios 3
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
SPAIN: 2.51%
--------------------------------------------------------------------------
Banking
3,283,200 Banco Bilbao Vizcaya Argentaria S.A. $ 49,674,147
Construction & Housing
421,065 Grupo Dragados S.A. 3,352,766
Energy Sources
1,074,050 Repsol S.A. 19,790,642
Metal-Steel
320,000 Aceralia Corporacion Siderurgica S.A. 2,632,868
Telecommunications
60,000 Telefonica Publicidad e 509,040
Informacion S.A.
--------------
Total Spanish Stocks
(Cost $51,509,296) 75,959,463
--------------
==========================================================================
SWITZERLAND: 1.07%
--------------------------------------------------------------------------
Banking
30,000 UBS AG 3,998,493
Food & Household Products
1,400 Nestle S.A. 2,920,639
Health & Personal Care
8,800 Novartis AG 13,513,748
7,492 Sulzer Medica AG 1,953,699
Insurance
5,200 Swiss Re 9,944,079
--------------
Total Swiss Stocks
(Cost $33,994,821) 32,330,658
--------------
==========================================================================
UNITED KINGDOM: 10.15%
--------------------------------------------------------------------------
Automobiles
1,358,798 Lex Service plc 7,696,489
Beverage & Tobacco
4,259,179 British American Tobacco plc 27,463,213
Broadcasting & Publishing
3,364,799 Trinity Mirror plc 24,582,443
Building Materials
6,000,000 Caradon plc 15,617,190
Conglomerates
1,027,200 Powell Duffryn plc 7,504,486
Construction & Housing
2,093,400 Barratt Developments plc 8,080,378
377,500 Taylor Woodrow plc 831,845
Energy Sources
1,627,500 Lasmo plc 3,128,984
3,195,700 Shell Transport & Trading Co., plc 26,040,934
Financial Services
2,200,000 Alliance & Leicester plc 18,740,627
Health & Personal Care
10,121,889 Smith & Nephew plc 44,458,723
Insurance
2,820,054 CGNU plc (Note A, p. 5) 40,037,562
==========================================================================
Quantity Description Market Value
==========================================================================
3,274,883 Royal & Sun Alliance Insurance $ 21,891,382
Group plc
Merchandising
1,500,000 J Sainsbury plc 8,274,448
Miscellaneous Materials
2,139,600 Rexam plc 7,277,788
Multi-Industry
3,627,000 Tomkins plc 8,850,554
Paper & Forest Products
5,193,000 Smith Holdings plc 11,097,499
Telecommunications
985,000 British Telecom 10,357,258
Utilities-Electric, Gas & Water
54,931 Anglian Water plc (Note B, p. 5) 470,365
1,500,000 United Utilities plc 15,240,070
--------------
Total United Kingdom Stocks
(Cost $285,086,264) 307,642,238
--------------
Total Equities
(Cost $2,340,853,917) 2,758,542,951
--------------
==========================================================================
WARRANTS (Note B, p. 5): 0.03%
--------------------------------------------------------------------------
SINGAPORE-Real Estate
1,020,200 Singapore Land Ltd. 838,850
(Expiration 03/23/2005)
--------------
Total Warrants
(Cost $320,855) 838,850
--------------
==========================================================================
REPURCHASE AGREEMENT: 2.03%
--------------------------------------------------------------------------
61,481,000 State Street Bank & Trust Co., 61,481,000
Repurchase Agreement,
Dated 09/29/2000, 6.40%,
maturing 10/02/2000 for $61,513,790,
collateral 48,935,000 principal
amount U.S. Treasury Bond,
10.375%, 11/15/2012,
value $62,714,753
--------------
Total Repurchase Agreement
(Cost $61,481,000) 61,481,000
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $2,402,655,772) 93.11% $2,820,862,801
(Note D, p. 5)
Cash and Other Assets, Less Liabilities 6.89 208,878,950
(Note E, p. 5)
------ --------------
Net Assets (Equivalent to $20.44
per share based on 148,252,436
shares of capital stock outstanding) 100.00% $3,029,741,751
====== ==============
4 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
LONG STOCK INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
--------------------------------------------------------------------------
135 British Pound FT-SE $13,142,608 $ (450,758)
December 2000
343 Euro CAC 40 Index 19,262,394 (188,179)
October 2000
287 Euro IBEX 35 Index 28,798,610 (1,066,029)
October 2000
150 Euro MIB 30 Index 30,702,845 (418,949)
December 2000
1,097 Japanese TSE Topix 149,571,115 (42,625)
December 2000
-------------
Total Long Stock Index Futures Contracts $ (2,166,540)
-------------
==========================================================================
FOREIGN CURRENCIES
--------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------
515,146 Australian Dollar $ 279,080
(876,316) British Pound (1,295,985)
1,085,601 Canadian Dollar 720,229
140,614,923 Euro 124,268,408
60,398,905 Hong Kong Dollar 7,746,926
4,209,990,298 Japanese Yen 39,037,417
8,367,338 Norwegian Krone 922,326
5,461,053 Singapore Dollar 3,140,070
14,268 Swedish Krona 1,484
3,579,650 Swiss Franc 2,074,378
------------
Total Foreign Currencies $176,894,333
------------
==========================================================================
(A) Represents entire or partial security position out on loan or
securities contractually obligated to be loaned at a future date.
(B) Non-income-producing security
(C) Explanation of abbreviations:
RFD-Restricted for Dividends
Stamm-German Ordinary Share
Vorzug-German Preference Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(D) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax.
(E) Includes $5,903,211 (Euro), $13,223,608 (Japanese Yen) U.S. dollar
equivalents pledged as collateral for futures transactions.
(F) Allocation of assets by industry as of September 30, 2000:
Appliances & Household Durables 1.92%
Automobiles 5.46
Banking 16.62
Beverage & Tobacco 1.20
Broadcasting & Publishing 2.16
Building Materials 1.51
Business & Public Services 0.97
Chemicals 2.61
Conglomerates 0.42
Construction & Housing 1.89
Cosmetics & Toiletries 0.25
Electrical & Electronics 10.24
Energy Sources 7.02
Financial Services 2.03
Food & Household Products 0.17
Health & Personal Care 4.28
Insurance 3.51
Machinery & Engineering 1.77
Merchandising 2.72
Metal-Steel 2.48
Miscellaneous Materials 0.72
Multi-Industry 0.85
Paper & Forest Products 1.72
Real Estate 1.69
Recreation & Other Consumer 0.08
Retail 0.91
Telecommunications 6.20
Textiles/Apparel 0.20
Tires & Rubber 2.76
Transportation-Shipping 0.66
Utilities-Electric, Gas & Water 5.15
Wholesale & International Trade 0.91
Repurchase Agreement 2.03
Cash and Other Assets, Less Liabilities 6.89
------
Total 100.00%
======
See Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 5
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein International Value Portfolio II
September 30, 2000
--------------------------------------------------------------------------
Shares Description Market Value*
==========================================================================
EQUITIES: 94.58%
==========================================================================
AUSTRALIA: 2.10%
--------------------------------------------------------------------------
Banking
440,000 St. George Bank Ltd. (Note A, p. 10) $ 2,668,075
Broadcasting & Publishing
2,707,600 PMP Communications Ltd.
(Note A, p. 10) 2,772,332
Building Materials
340,000 Boral Ltd. 363,969
Energy Sources
1,445,400 Caltex Australia Ltd. (Note A, p. 10) 1,832,326
Financial Services
922,461 Australia & New Zealand Banking 6,636,590
Group Ltd.
Paper & Forest Products
1,646,800 Amcor Ltd. 4,550,877
190,902 Paperlinx Ltd. 357,837
Real Estate
1,583,300 Amp Diversified Property Trust 2,041,451
3,731,014 Westfield Trust 6,387,234
125,519 Westfield Trust RFD (02/28/2001) 207,400
(Note B, p. 10)
Retail
2,010,800 Coles Myer Ltd. 7,781,233
Telecommunications
2,040,000 Cable & Wireless Optus Ltd. 4,427,311
(Note B, p. 10)
--------------
Total Australian Stocks
(Cost $50,895,393) 40,026,635
--------------
==========================================================================
AUSTRIA: 2.74%
--------------------------------------------------------------------------
Banking
605,800 Bank Austria AG (Note A, p. 10) 32,952,369
Building Materials
270,263 Wienerberger Baustoffindustrie AG 5,796,765
(Note A, p. 10)
Energy Sources
88,156 OMV AG 6,379,095
Metal-Steel
290,200 Voest-Alpine Stahl AG 7,168,174
--------------
Total Austrian Stocks
(Cost $56,033,819) 52,296,403
--------------
==========================================================================
CANADA: 4.90%
--------------------------------------------------------------------------
Banking
220,000 Bank of Nova Scotia 6,385,590
1,036,600 National Bank of Canada 16,367,731
Broadcasting & Publishing
296,600 Quebecor World Inc. 6,710,051
207,700 Torstar Corp. (Class B) 3,031,513
Electrical & Electronics
18,800 C-MAC Industries Inc. (Note B, p. 10) 1,072,646
Energy Sources
250,000 Shell Canada Ltd. (Class A) 5,581,172
Machinery & Engineering
126,200 Magna International Inc. (Class A) 5,484,044
Metal-Steel
768,600 Dofasco Inc. 11,728,123
Telecommunications
48,600 BCE Inc. 1,130,120
1,084,400 Mitel Corp. (Note B, p. 10) 21,582,963
76,320 Nortel Networks Corp. 4,574,744
Utilities-Electric, Gas & Water
518,300 Westcoast Energy Inc. 9,851,586
--------------
Total Canadian Stocks
(Cost $75,482,092) 93,500,283
--------------
==========================================================================
FINLAND: 1.29%
--------------------------------------------------------------------------
Insurance
156,500 Sampo Insurance Co.-'A' Free 7,662,199
Machinery & Engineering
397,946 Metso Oyj 4,044,374
Merchandising
162,700 Kesko Oyj 1,437,861
Paper & Forest Products
1,367,500 Stora Enso Oy 11,468,929
--------------
Total Finnish Stocks
(Cost $28,352,300) 24,613,363
--------------
==========================================================================
FRANCE: 7.82%
--------------------------------------------------------------------------
Automobiles
66,800 Peugeot S.A. 11,883,642
Banking
197,000 BNP Paribas 17,392,461
107,713 Natexis (Note A, p. 10) 8,452,991
Beverage & Tobacco
51,459 Pernod Ricard 2,592,182
Building Materials
227,900 Ciments Francais 10,563,775
Business & Public Services
840,000 Havas Advertising S.A. 13,288,062
(Note A, p. 10)
Electrical & Electronics
251,500 Alcatel Alsthom 16,114,073
*See Note 1, page 26 in Notes to Financial Statements.
6 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
Energy Sources
69,385 Total Fina $ 10,166,687
Health & Personal Care
190,900 Aventis S.A. 14,340,166
Machinery & Engineering
158,000 Vallourec 6,660,468
Metal-Steel
706,300 Usinor S.A. (Note A, p. 10) 6,422,940
Real Estate
98,100 Simco 6,554,206
Telecommunications
16,433 Bull S.A. (Note B, p. 10) 99,190
136,200 France Telecom S.A. (Note A, p. 10) 14,612,520
Textiles/Apparel
81,900 Chargeurs S.A. 4,957,969
Utilities-Electric, Gas & Water
32,600 Suez Lyonnaise des Eaux 5,061,960
--------------
Total French Stocks
(Cost $134,662,687) 149,163,292
--------------
==========================================================================
GERMANY: 17.62%
--------------------------------------------------------------------------
Automobiles
178,100 Phoenix AG 1,888,750
530,000 Volkswagen AG (Stamm) 24,590,338
Banking
283,000 Bayerische Vereinsbank 15,696,350
1,192,900 Commerzbank 35,537,929
189,730 Deutsche Pfandbriefbank 15,174,483
1,054,300 IKB Deutsche Industriebank 14,842,577
Building Materials
326,920 Dyckerhoff AG (Vorzug) 5,604,960
Chemicals
885,900 BASF AG 31,527,944
482,700 Bayer AG 17,980,601
Electrical & Electronics
461,600 Siemens AG (Stamm) 59,559,080
Insurance
172,432 Hannover Rueckversicherungs AG 14,781,514
64,000 Mannheimer Aktiengesellschaft 3,676,399
Machinery & Engineering
171,518 Krones AG (Vorzug) 4,774,738
165,500 MAN AG (Vorzug) 3,349,368
Merchandising
266,600 Metro AG (Vorzug) 8,152,026
Telecommunications
617,200 Deutsche Telekom AG 21,256,201
Tires & Rubber
1,727,750 Continental AG 30,385,284
Utilities-Electric, Gas & Water
531,550 E.ON AG 27,386,845
--------------
Total German Stocks
(Cost $381,834,637) 336,165,387
--------------
==========================================================================
HONG KONG: 1.49%
--------------------------------------------------------------------------
Multi-Industry
1,955,000 Jardine Strategic Holdings Ltd. 5,708,600
Real Estate
4,310,000 Amoy Properties Ltd. 4,173,732
3,323,357 Great Eagle Holdings 5,115,152
4,238,000 Hang Lung Development Co., Ltd. 4,294,260
Textiles/Apparel
23,000 Yue Yuen Industrial Holdings 45,136
Transportation-Shipping
1,904,000 Orient Overseas International Ltd. 726,531
Utilities-Electric, Gas & Water
1,838,000 CLP Holdings Ltd. 8,251,138
--------------
Total Hong Kong Stocks
(Cost $29,134,458) 28,314,549
--------------
==========================================================================
ITALY: 8.84%
--------------------------------------------------------------------------
Banking
4,656,500 Banca Commerciale Italiana 23,909,201
696,800 Banca Popolare di Bergamo 12,192,778
(Note A, p. 10)
2,114,900 Banca Popolare di Milano 13,139,368
(Note A, p. 10)
Conglomerates
261,200 IFIL Finanziaria di Partecipazioni 2,054,436
S.p.A. ORD (Note A, p. 10)
842,600 IFIL Finanziaria di Partecipazioni 3,820,042
S.p.A. RNC (Note A, p. 10)
135,000 Italmobiliare S.p.A. ORD 3,412,158
(Note A, p. 10)
153,200 Italmobiliare S.p.A. RNC 2,173,017
Energy Sources
6,685,100 ENI S.p.A. (Note A, p. 10) 35,447,734
Financial Services
300,000 Sao Paolo IMI S.p.A. 4,883,601
Insurance
2,063,500 Unipol S.p.A. RNC (Note A, p. 10) 2,917,788
Telecommunications
1,800,000 Tecnost S.p.A. (Note B, p. 10) 5,456,271
900,000 Telecom Italia Mobile S.p.A. ORD 7,285,633
451,000 Telecom Italia Mobile S.p.A. RNC 2,124,384
(Note A, p. 10)
1,356,700 Telecom Italia S.p.A. ORD 14,435,760
(Note A, p. 10)
2,161,800 Telecom Italia S.p.A. RNC 11,806,830
Textiles/Apparel
1,990,000 Benetton Group S.p.A. 3,552,497
Tires & Rubber
3,227,400 Pirelli S.p.A. (Note A, p. 10) 9,497,873
Utilities-Electric, Gas & Water
243,000 Enel S.p.A. (Note A, p. 10) 942,758
Schedule of Investments--Stock Portfolios 7
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
2,831,000 Societa Nordelettrica S.p.A. $ 9,657,317
(Note A, p. 10)
--------------
Total Italian Stocks
(Cost $207,388,457) 168,709,446
--------------
==========================================================================
JAPAN: 28.13%
--------------------------------------------------------------------------
Appliances & Household Durables
900,000 Matsushita Electric Industrial Co., Ltd. 23,617,228
Automobiles
245,000 Aisin Seiki Co., Ltd. 3,907,460
Banking
129,500 Bank of Iwate (Note A, p. 10) 4,394,919
2,389,000 Chuo Mitsui Trust & Banking Co., Ltd. 8,417,822
3,038,300 Eighteenth Bank Ltd. 10,959,235
252,000 Higo Bank 1,007,112
2,249,000 Kagoshima Bank 8,967,221
100 Miyazaki Bank 357
1,158,000 Nanto Bank 5,347,341
261,000 Oita Bank 1,253,632
1,562,000 Sakura Bank 11,673,902
703,000 San-in Godo Bank Ltd. (Note A, p. 10) 3,454,866
2,000,000 Sumitomo Bank Ltd. 13,575,038
Beverage & Tobacco
162,000 Hokkaido Coca-Cola Bottling Co., 1,321,897
Ltd.
513,000 Kinki Coca-Cola Bottling Co., Ltd. 5,422,783
(Note A, p. 10)
263,000 Shikoku Coca-Cola Bottling Co., Ltd. 2,402,105
(Note A, p. 10)
Business & Public Services
803,000 Kokuyo Co., Ltd. 13,477,027
327,000 Toppan Printing Co., Ltd. 3,168,575
(Note A, p. 10)
Construction & Housing
776,000 Daito Trust Construction Co., Ltd. 12,584,950
(Note A, p. 10)
789,000 Sekisui House Ltd. (Note A, p. 10) 7,645,278
Cosmetics & Toiletries
1,284,000 Lion Corp. 4,726,672
Electrical & Electronics
665,800 Futaba Corp. 27,102,434
4,147,000 Hitachi Ltd. 48,220,483
612,800 Hitachi Maxell Ltd. 13,438,472
430,000 Mitsubishi Electric Corp. 3,568,547
(Note A, p. 10)
373,000 Nichicon Corp., Ltd. 9,044,415
666,000 Sharp Corp. 10,325,486
Energy Sources
420,000 Tonen General Sekiyu Group KK 2,328,898
Food & Household Products
603,000 Ezaki Glico Co., Ltd. 3,494,599
Health & Personal Care
728,000 Daiichi Pharmaceutical Co., Ltd. 18,529,927
504,000 Kissei Pharmaceutical Co., Ltd. 9,673,884
Insurance
2,010,000 Chiyoda Fire & Marine (Note A, p. 10) 5,908,201
2,548,000 Dai-Tokyo Fire & Marine 7,725,866
Machinery & Engineering
1,659,000 Makita Corp. (Note A, p. 10) 13,198,776
3,615,000 Mitsubishi Heavy Industries Ltd. 14,346,701
Merchandising
828,000 Aoki International Co., Ltd. 2,763,967
397,000 Aoyama Trading Co., Ltd. 3,662,803
1,471,000 Canon Sales Co., Inc. 23,938,105
397,000 Deodeo Corp. (Note A, p. 10) 3,062,766
Metal-Steel
3,656,000 Daido Steel Co., Ltd. 8,949,733
1,920,000 Kurimoto Ltd. (Note A, p. 10) 4,201,586
1,117,000 Maruichi Steel Tube Ltd. 16,489,072
(Note A, p. 10)
12,659,000 Nisshin Steel Co., Ltd. 9,977,421
1,038,000 Tokyo Steel Manufacturing Co., Ltd. 4,591,089
197,000 Toyo Seikan Kaisha Ltd. 3,468,895
Miscellaneous Materials
500,000 Ricoh Co., Ltd. (Note A, p. 10) 9,110,297
Real Estate
2,442,000 Daiwa Kosho Lease Co., Ltd. 7,472,391
(Note A, p. 10)
401,000 TOC Co. 2,918,865
Telecommunications
1,000 Nippon Telegraph & Telephone Corp. 9,828,921
Textiles/Apparel
2,239,000 Tokyo Style Co., Ltd. (Note A, p. 10) 20,096,917
Tires & Rubber
745,000 Sumitomo Rubber Industries Ltd. 4,462,608
1,322,000 Yokohama Rubber Co., Ltd. 3,064,584
Transportation-Road & Rail
1,588,000 Seino Transportation Co., Ltd. 7,951,412
(Note A, p. 10)
Transportation-Shipping
1,663,000 Mitsui O.S.K. Lines Ltd. (Note A, p. 10) 3,685,447
Utilities-Electric, Gas & Water
1,848,000 Kyushu Electric Power Co., Inc. 28,839,389
(Note A, p. 10)
Wholesale & International Trade
3,754,000 Marubeni Corp. (Notes A & B, p. 10) 9,433,298
1,800,000 Mitsubishi Corp. 14,520,840
--------------
Total Japanese Stocks
(Cost $554,043,965) 536,722,515
--------------
==========================================================================
NORWAY: 2.30%
--------------------------------------------------------------------------
Banking
558,800 Sparebanken 13,581,943
Energy Sources
567,900 Norsk Hydro A.S.A. 23,787,696
8 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
Paper & Forest Products
206,800 Norske Skogindustrier A.S.A. $ 6,519,488
--------------
Total Norwegian Stocks
(Cost $36,933,998) 43,889,127
--------------
==========================================================================
SINGAPORE: 0.90%
--------------------------------------------------------------------------
Banking
547,103 Overseas Union Bank Ltd. 2,548,104
240,672 United Overseas Bank Ltd. 1,729,810
Electrical & Electronics
219,000 Creative Technology Ltd. 4,544,250
Machinery & Engineering
4,545,750 Keppel Fels Energy 2,744,466
Multi-Industry
1,325,000 Natsteel Ltd. (Note A, p. 10) 1,561,826
Real Estate
1,301,000 Keppel Land Ltd. 1,870,167
1,116,000 Singapore Land Ltd. 2,130,420
--------------
Total Singapore Stocks
(Cost $18,548,700) 17,129,043
--------------
==========================================================================
SPAIN: 3.66%
--------------------------------------------------------------------------
Banking
1,568,000 Banco Bilbao Vizcaya Argentaria S.A. 23,723,521
Construction & Housing
261,300 Grupo Dragados S.A. 2,080,623
Energy Sources
696,400 Repsol S.A. 12,831,994
Metal-Steel
210,000 Aceralia Corporacion Siderurgica S.A. 1,727,819
Telecommunications
540,000 Telefonica S.A. (Note B, p. 10) 10,713,699
Utilities-Electric, Gas & Water
1,471,800 Iberdrola S.A. 18,730,122
--------------
Total Spanish Stocks
(Cost $77,367,335) 69,807,778
--------------
==========================================================================
SWITZERLAND: 1.43%
--------------------------------------------------------------------------
Banking
38,200 UBS AG (Note A, p. 10) 5,091,415
Food & Household Products
10,581 Barry Callebaut AG 1,581,953
1,100 Nestle S.A. 2,294,788
Health & Personal Care
4,500 Novartis AG 6,910,440
8,564 Sulzer Medica AG 2,233,245
Insurance
2,700 Swiss Re 5,163,271
Machinery & Engineering
1,800 Bobst AG 2,399,096
Retail
8,000 Valora Holding AG 1,701,388
--------------
Total Swiss Stocks
(Cost $28,609,261) 27,375,596
--------------
==========================================================================
UNITED KINGDOM: 11.36%
--------------------------------------------------------------------------
Automobiles
1,024,600 Lex Service plc 5,803,528
Beverage & Tobacco
1,550,000 British American Tobacco plc 9,994,410
Broadcasting & Publishing
2,153,232 Trinity Mirror plc 15,731,015
Building Materials
3,250,000 Caradon plc 8,459,311
Chemicals
3,070,000 Elementis plc 3,132,755
Conglomerates
637,700 Powell Duffryn plc 4,658,889
Construction & Housing
1,878,700 Barratt Developments plc 7,251,651
1,981,200 George Wimpey plc 3,896,897
Energy Sources
1,600,000 Lasmo plc 3,076,113
1,983,700 Shell Transport & Trading Co., plc 16,164,659
Food & Household Products
4,252,400 Hazlewood Foods plc 6,666,209
Health & Personal Care
6,425,508 Smith & Nephew plc 28,222,981
Insurance
1,767,900 CGNU plc 25,099,663
3,085,636 Royal & Sun Alliance Insurance 20,626,336
Group plc
Leisure
947,300 Rank Group plc 2,304,583
1,800,000 Thistle Hotels plc 3,134,530
Merchandising
1,200,000 J Sainsbury plc 6,619,559
1,946,300 Somerfield plc 2,273,923
Metal-Steel
3,887,098 Corus Group plc (Note B, p. 10) 2,946,174
Multi-Industry
3,700,000 Tomkins plc 9,028,688
Telecommunications
726,254 British Telecom 7,636,548
Utilities-Electric, Gas & Water
1,203,836 Anglian Water plc (Note B, p. 10) 10,308,248
904,200 Pennon Group plc 8,879,153
470,000 United Utilities plc 4,775,222
--------------
Total United Kingdom Stocks
(Cost $261,715,670) 216,691,045
--------------
Total Equities
(Cost $1,941,002,772) 1,804,404,462
--------------
Schedule of Investments--Stock Portfolios 9
<PAGE>
==========================================================================
Quantity Description Market Value
==========================================================================
REPURCHASE AGREEMENT: 2.07%
--------------------------------------------------------------------------
39,549,000 State Street Bank & Trust Co., $ 39,549,000
Repurchase Agreement,
Dated 09/29/2000, 6.40%,
maturing 10/02/2000 for $39,570,093,
collateral 31,480,000 principal
amount U.S. Treasury Bond,
10.375%, 11/15/2012,
value $40,344,548
--------------
Total Repurchase Agreement
(Cost $39,549,000) 39,549,000
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $1,980,551,772) 96.65% $1,843,953,462
(Note D, below)
Cash and Other Assets, Less Liabilities 3.35 63,967,794
(Note E, below) ------ --------------
Net Assets (Equivalent to $20.44
per share based on 93,319,928
shares of capital stock outstanding) 100.00% $1,907,921,256
====== ==============
==========================================================================
LONG STOCK INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Quantity Description Amount (Depreciation)
--------------------------------------------------------------------------
450 Australian All Ords $19,806,374 $ 415,798
Index December 2000
200 Euro CAC 40 Index 11,279,253 (157,262)
October 2000
140 Euro DAX Index 22,452,657 (1,190,521)
December 2000
70 Euro MIB 30 Index 14,791,927 (659,442)
December 2000
182 Japanese TSE Topix 24,819,430 (11,604)
December 2000
------------
Total Long Stock Index Futures Contracts $ (1,603,031)
------------
==========================================================================
FOREIGN CURRENCIES
--------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------
7,839,334 Australian Dollar $ 4,246,959
1,971,661 British Pound 2,915,891
23,065,189 Canadian Dollar 15,302,321
11,122,108 Euro 9,829,161
33,831,060 Hong Kong Dollar 4,339,263
2,534,629,121 Japanese Yen 23,502,518
31,659,342 Norwegian Krone 3,489,786
521,235 Singapore Dollar 299,707
861,436 Swedish Krona 89,593
1,941,748 Swiss Franc 1,125,227
-----------
Total Foreign Currencies $65,140,426
-----------
==========================================================================
(A) Represents entire or partial security position out on loan or
securities contractually obligated to be loaned at a future date.
(B) Non-income-producing security
(C) Explanation of abbreviations:
RFD-Restricted for Dividends
Stamm-German Ordinary Share
Vorzug-German Preference Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(D) At September 30, 2000, the cost basis of invesment securities owned
was substantially identical for both book and tax.
(E) Includes $609,469 (Australian Dollar), $2,791,669 (Euro), $2,193,889
(Japanese Yen) U.S. dollar equivalents pledged as collateral for
futures transactions.
(F) Allocation of assets by industry as of September 30, 2000:
Appliances & Household Durables 1.24%
Automobiles 2.52
Banking 17.32
Beverage & Tobacco 1.14
Broadcasting & Publishing 1.48
Building Materials 1.61
Business & Public Services 1.57
Chemicals 2.76
Conglomerates 0.84
Construction & Housing 1.75
Cosmetics & Toiletries 0.25
Electrical & Electronics 10.12
Energy Sources 6.16
Financial Services 0.60
Food & Household Products 0.74
Health & Personal Care 4.19
Insurance 4.90
Leisure 0.29
Machinery & Engineering 2.99
Merchandising 2.72
Metal-Steel 4.07
Miscellaneous Materials 0.48
Multi-Industry 0.85
Paper & Forest Products 1.20
Real Estate 2.26
Retail 0.50
Telecommunications 7.18
Textiles/Apparel 1.50
Tires & Rubber 2.49
Transportation-Road & Rail 0.42
Transportation-Shipping 0.23
Utilities-Electric, Gas & Water 6.95
Wholesale & International Trade 1.26
Repurchase Agreement 2.07
Cash and Other Assets, Less Liabilities 3.35
------
Total 100.00%
======
See Notes to Financial Statements.
10 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
September 30, 2000
--------------------------------------------------------------------------
Shares Description Market Value*
==========================================================================
EQUITIES: 98.14%
==========================================================================
ARGENTINA: 5.61%
--------------------------------------------------------------------------
Banking
361,136 Bansud S.A. (Class B) $ 487,831
(Note A, p. 15)
Energy Sources
612,682 Repsol -YPF S.A. 11,157,617
Food & Household Products
650,000 Garovaglio y Zorraquin S.A. 378,531
(Note A, p. 15)
Metal-Steel
3,342,088 Siderca S.A.I.C. 7,791,818
Real Estate
1,341,346 IRSA Inversiones y Representaciones 3,086,979
S.A.
Telecommunications
195,000 Telecom Argentina Stet-France 4,216,875
Telecom S.A. ADR
Utilities-Electric, Gas & Water
2,740,000 Central Costanera S.A. (Class B) 3,975,425
1,943,759 Central Puerto S.A. (Note A, p. 15) 2,236,687
-------------
Total Argentine Stocks
(Cost $37,502,302) 33,331,763
-------------
==========================================================================
BRAZIL: 7.23%
--------------------------------------------------------------------------
Banking
580,647,303 Banco Bradesco S.A. (PFD) 4,807,747
Metal-Steel
28,586 Gerdau Metalurgica S.A. 458
167,116,228 Gerdau Metalurgica S.A. (PFD) 3,717,724
Miscellaneous Materials
80,000 Companhia Vale do Rio Doce 1,825,285
85,000 Companhia Vale do Rio Doce (PFD) 2,135,377
Paper & Forest Products
293,663,014 Votorantim Celulose Papel S.A. 11,759,268
(PFD)
Telecommunications
450,572,617 Tele Norte Leste Participacoes S.A. 7,945,529
52,758,602 Tele Norte Leste Participacoes S.A. 1,202,312
(PFD)
Utilities-Electric, Gas & Water
1,237,700,000 Companhia Paranaense de Energia 9,536,267
-------------
Total Brazilian Stocks
(Cost $21,726,336) 42,929,967
-------------
==========================================================================
CHILE: 3.43%
--------------------------------------------------------------------------
Banking
324,500 Banco BHIF S.A. ADR 4,725,531
Beverage & Tobacco
371,000 Compania Cervecerias Unidas S.A. 8,347,500
ADR
Miscellaneous Materials
124,500 Cristalerias de Chile S.A. ADR 1,898,625
Multi-Industry
60,000 Quinenco S.A. ADR 517,500
Utilities-Electric, Gas & Water
374,959 Gener S.A. ADR 4,897,902
-------------
Total Chilean Stocks
(Cost $21,902,575) 20,387,058
-------------
==========================================================================
CHINA: 8.43%
--------------------------------------------------------------------------
Appliances & Household Durables
15,300,000 Guangdong Kelon Electrical 4,121,080
Holdings Co., Ltd.
Chemicals
22,000,000 Beijing Yanhua Petrochemical Co., Ltd. 2,680,690
(Note A, p. 15)
56,100,000 Jilin Chemical Industrial Co., Ltd. 3,669,724
(Note C, p. 15)
50,600,000 Shanghai Petrochemical Co., Ltd. 6,749,695
Energy Sources
64,260,000 Yanzhou Coal Mining Co., Ltd. 17,514,590
Utilities-Electric, Gas & Water
250,500 Huaneng Power International Inc., 4,008,000
Ltd. ADR
48,000,000 Jiangsu Expressway Co., Ltd. 7,572,629
30,000,000 Shenzhen Expressway Co., Ltd. 3,732,444
-------------
Total Chinese Stocks
(Cost $59,861,812) 50,048,852
-------------
==========================================================================
GREECE: 6.32%
--------------------------------------------------------------------------
Banking
339,000 Alpha Bank S.A. 13,415,606
96,155 Commercial Bank of Greece S.A. 4,909,265
Metal-Nonferrous
264,890 Aluminum of Greece S.A. 10,931,049
Telecommunications
222,560 Hellenic Telecommunications S.A. 4,264,734
431,700 Hellenic Telecommunications S.A. 3,993,224
ADR
-------------
Total Greek Stocks
(Cost $34,074,942) 37,513,878
-------------
==========================================================================
INDIA: 3.17%
--------------------------------------------------------------------------
Chemicals
3,971,400 Indo Gulf Fertilisers & Chemicals 3,010,076
Corp., Ltd.
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 11
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
730,000 Indo Gulf Fertilisers & Chemicals $ 730,000
Corp., Ltd. GDR
285,000 Indo Gulf Fertilisers & Chemicals 277,875
Corp., Ltd. GDR, Rule 144A
1,254,900 Southern Petrochemical Industries 278,381
Corp., Ltd.
1,049,000 Southern Petrochemical Industries 1,547,275
Corp., Ltd. GDS
Financial Services
1,859,116 Industrial Credit & Investment 3,956,383
Corp. of India Ltd.
Health & Personal Care
432,949 Cheminor Drugs Ltd. 3,627,996
Machinery & Engineering
310,863 Ashok Leyland Ltd. 254,207
310,000 Ashok Leyland Ltd. GDR 813,750
Metal-Steel
1,400,000 National Aluminum Corp., Ltd. 1,292,518
(Note A, p. 15)
Utilities-Electric, Gas & Water
622,000 BSES Ltd. 3,066,035
-------------
Total Indian Stocks
(Cost $23,535,497) 18,854,496
-------------
==========================================================================
INDONESIA: 4.08%
--------------------------------------------------------------------------
Banking
29,220,000 PT Bank Central Asia (Note A, p. 15) 5,223,221
Building Materials
800,000 PT Semen Gresik Tbk 556,482
Chemicals
29,596,000 PT Indorama Synthetics 2,822,691
Food & Household Products
11,610,000 PT Sinar Mas Agro Resources & 3,858,949
Technology Corp.
Paper & Forest Products
656,500 Asia Pulp & Paper Co., Ltd. ADR 1,148,875
(Note A, p. 15)
Retail
64,500,000 PT Matahari Putra Prima Tbk 4,051,970
Telecommunications
400,000 PT Gudang Garam Tbk 479,041
5,550,500 PT Indosat 4,517,112
5,000,000 PT Telekomunikasi Indonesia 1,587,664
(Local)
-------------
Total Indonesian Stocks
(Cost $45,288,371) 24,246,005
-------------
==========================================================================
ISRAEL: 6.08%
--------------------------------------------------------------------------
Banking
3,500,000 Bank Leumi Le-Israel 7,862,823
5,203,338 Israel Discount Bank (Note A, p. 15) 5,836,945
Chemicals
2,300,000 Israel Chemicals Ltd. 2,812,699
2,889,107 Makhteshim-Agan Industries Ltd. 6,777,627
(Note A, p. 15)
Electrical & Electronics
152,500 Tecnomatix Technologies Ltd. 1,915,781
(Note A, p. 15)
Industrial Components
274,384 OFER Development & Investments 1,112,128
Ltd. (Note A, p. 15)
Retail
350,000 Supersol Ltd. 1,275,969
Telecommunications
1,420,000 Bezeq The Israeli Telecommunication 8,543,291
Corp., Ltd.
-------------
Total Israeli Stocks
(Cost $29,944,840) 36,137,263
-------------
==========================================================================
MALAYSIA: 7.03%
--------------------------------------------------------------------------
Automobiles
3,220,560 Oriental Holdings Berhad 6,525,872
Building Materials
3,560,500 Cement Industries of Malaysia 2,792,182
Berhad
1,000,000 Road Builder Holdings Berhad 1,031,579
Financial Services
3,967,000 Commerce Asset Holding Berhad 9,343,329
Leisure
4,602,000 Berjaya Land Berhad 1,223,163
Mining
6,881,800 Malaysia Mining Corp. Berhad 3,984,200
Miscellaneous Materials
6,210,000 Golden Hope Plantations Berhad 5,752,421
1,822,000 Kuala Lumpur Kepong Berhad 2,541,211
Multi-Industry
1,500,000 IJM Corp. Berhad 1,247,368
Utilities-Electric, Gas & Water
1,858,000 Malakoff Berhad 4,718,342
4,137,600 YTL Power International Berhad 2,569,667
-------------
Total Malaysian Stocks
(Cost $41,555,549) 41,729,334
-------------
==========================================================================
MEXICO: 8.36%
--------------------------------------------------------------------------
Beverage & Tobacco
290,000 Panamerican Beverages Inc. 4,930,000
Chemicals
4,562,200 Cydsa S.A. 2,957,071
Financial Services
1,450,000 Grupo Financiero Banorte S.A. de 1,891,972
C.V. (Note A, p. 15)
12 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
Food & Household Products
494,000 Grupo Minsa S.A. de C.V. ADR $ 1,396,637
(Note A, p. 15)
Merchandising
10,140,000 Controladora Comercial Mexicana 11,920,569
S.A. de C.V.
92,250 Controladora Comercial Mexicana 2,104,453
S.A. de C.V. GDR
Metal-Nonferrous
975,144 Grupo Mexico S.A. (NVP) 3,717,982
Metal-Steel
2,292,000 Hylsamex S.A. (Note A, p. 15) 2,238,111
Paper & Forest Products
100,000 Grupo Industrial Durango S.A. ADR 725,001
(Note A, p. 15)
Telecommunications
333,650 Telefonos de Mexico S.A. ADR 17,746,009
-------------
Total Mexican Stocks
(Cost $54,505,917) 49,627,805
-------------
==========================================================================
PHILIPPINES: 5.23%
--------------------------------------------------------------------------
Banking
6,665,940 Equitable PCI Bank 9,811,341
1,400,000 Metropolitan Bank & Trust Co. 5,090,909
Food & Household Products
26,215,300 Universal Robina Corp. 2,581,810
Multi-Industry
74,880,000 JG Summit Holding Inc. 3,662,961
Real Estate
57,108,500 Robinson's Land Corp. - Series 'B' 2,546,396
Transportation-Shipping
26,057,000 William Gothong & Aboitiz (Note A, p. 15) 767,046
Utilities-Electric, Gas & Water
506,000 First Philippine Holding Corp. 284,762
5,500,000 Manila Electric Co. 6,309,525
-------------
Total Philippine Stocks
(Cost $48,395,923) 31,054,750
-------------
==========================================================================
PORTUGAL: 7.22%
--------------------------------------------------------------------------
Banking
285,250 Banco Espirito Santo S.A. 4,537,613
200,450 Banco Pinto & Sotto Mayor S.A. 4,834,359
(Note A, p. 15)
Food & Household Products
194,089 Modelo Continente S.A. 2,617,488
Paper & Forest Products
797,000 Portucel Industrial-Empresa 4,726,179
Produtora de Celulose S.A.
Utilities-Electric, Gas & Water
8,267,145 Electricidade de Portugal S.A. 26,155,795
-------------
Total Portuguese Stocks
(Cost $47,784,291) 42,871,434
-------------
==========================================================================
SINGAPORE: 0.14%
--------------------------------------------------------------------------
Banking
580 Overseas Union Bank Ltd. 2,701
360 United Overseas Bank Ltd. 2,587
Food & Household Products
5,026,100 Golden Agri-Resources Ltd. 823,644
(Note A, p. 15)
-------------
Total Singapore Stocks
(Cost $975,237) 828,932
-------------
==========================================================================
SOUTH AFRICA: 7.25%
--------------------------------------------------------------------------
Automobiles
873,500 Toyota South Africa Ltd. 2,905,613
Banking
1,946,946 ABSA Group Ltd. 7,393,807
Chemicals
2,480,900 AECI Ltd. 4,298,164
Communication Services
397,400 Primedia Ltd. 311,200
1,416,700 Primedia Ltd. Units 1,197,764
Food & Household Products
756,500 Tongaat-Hulett Group Ltd. 3,669,785
Insurance
5,780,000 Sanlam Ltd. 6,649,203
Metal-Steel
2,008,266 S.A. Iron & Steel Industrial 4,189,106
Corp., Ltd.
Paper & Forest Products
1,680,000 Sappi Ltd. 12,457,382
-------------
Total South African Stocks
(Cost $63,800,720) 43,072,024
-------------
==========================================================================
SOUTH KOREA: 6.73%
--------------------------------------------------------------------------
Banking
671,940 Kyung Nam Bank (Note A, p. 15) 855,629
650,000 Shinhan Bank 7,286,015
Building Materials
131,510 Hanil Cement Manufacturing Co., 1,639,231
Ltd.
352,870 Hankuk Glass Industries Inc. 4,208,556
Chemicals
540,740 Hyosung T&C Co., Ltd. 4,291,395
Electrical & Electronics
40,000 Samsung SDI Co., Ltd. 1,581,850
Energy Sources
275,000 Ssangyong Oil Refining Co., Ltd. 6,584,316
Food & Household Products
27,620 Lotte Confectionery Co., Ltd. 2,427,261
Metal-Steel
55,000 Pohang Iron & Steel Co., Ltd. 4,093,620
Telecommunications
21,715 Korea Telecom Corp. ADR 730,167
Schedule of Investments--Stock Portfolios 13
<PAGE>
==========================================================================
Shares Description Market Value
==========================================================================
Utilities-Electric, Gas & Water
169,000 Korea Electric Power Corp. $ 4,410,079
109,300 Seoul City Gas Co., Ltd. 1,881,863
-------------
Total South Korean Stocks
(Cost $43,273,979) 39,989,982
-------------
==========================================================================
TAIWAN: 3.57%
--------------------------------------------------------------------------
Building Materials
7,671,000 Asia Cement Corp. 3,624,750
Chemicals
15,789,405 Shinkong Synthetic Fibers Corp. 2,359,261
(Note A, p. 15)
Electrical & Electronics
4,984,375 Acer Inc. 5,490,276
Financial Services
169,699 China Bills Finance Corp. 34,134
Food & Household Products
4,273,360 Great Wall Enterprises Co. 1,391,663
Metal-Steel
5,517,757 China Steel Corp. 3,558,593
322,341 China Steel Corp. GDS 4,045,380
Real Estate
3,832,920 Pacific Construction (Note A, p. 15) 679,184
-------------
Total Taiwanese Stocks
(Cost $32,553,834) 21,183,241
-------------
==========================================================================
THAILAND: 3.46%
--------------------------------------------------------------------------
Banking
2,010,000 Bangkok Bank Public Co., Ltd. 1,490,744
(Foreign) (Note A, p. 15)
5,982,500 Thai Farmers Bank Public Co., Ltd. 3,052,658
(Foreign) (Note A, p. 15)
Building Materials
674,300 Siam City Cement Public Co., Ltd. 1,600,332
(Foreign) (Note A, p. 15)
4,471,400 Thai-German Ceramic Industry 519,992
Public Co., Ltd. (Foreign)
(Notes A, C & D, p. 15)
Chemicals
940,000 National Petrochemical Public 641,391
Co., Ltd. (Foreign) (Note D, p. 15)
Food & Household Products
1,552,300 Saha Pathana Inter-Holding Ltd. 1,694,691
(Foreign) (Note D, p. 15)
Insurance
374,100 Ayudhya Insurance Public Co., 821,271
Ltd. (Foreign) (Note D, p. 15)
444,000 Bangkok Insurance Public Co., 1,232,894
Ltd. (Foreign)
Telecommunications
14,440,100 Jasmine International Public Co., 2,947,308
Ltd. (Foreign) (Notes A & D, p. 15)
==========================================================================
Quantity Description Market Value
==========================================================================
1,950,000 Total Access Communication Public $ 6,552,000
Co., Ltd. GDS (Note A, p. 15)
-------------
Total Thai Stocks
(Cost $46,720,353) 20,553,281
-------------
==========================================================================
TURKEY: 4.80%
--------------------------------------------------------------------------
Appliances & Household Durables
238,050,000 Arcelik A.S. 5,549,577
Banking
2,173,009,974 Yapi ve Kredi Bankasi A.S. 15,687,833
(Note A, p. 15)
Building Materials
201,179,324 Baticim Bati Anadolu Cimento 2,995,564
Sanayii A.S.
Chemicals
169,957,000 Sasa Sun'i Ve Sentetik Elyaf 3,834,337
(Note A, p. 15)
Miscellaneous Materials
10,000,000 Brisa Bridgestone Sabanci Lastik 436,172
San. Ve Tic A.S.
-------------
Total Turkish Stocks
(Cost $18,439,660) 28,503,483
-------------
Total Equities
(Cost $671,842,138) 582,863,548
-------------
==========================================================================
WARRANTS (Note A, p. 15): 0.35%
--------------------------------------------------------------------------
THAILAND--Telecommunications
14,440,100 Jasmine International Public Co., 2,056,262
Ltd. (Foreign) (Expiration 08/02/2004)
-------------
Total Warrants (Cost $38,938) 2,056,262
-------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $671,881,076) 98.49% $584,919,810
(Note E, p. 15)
Cash and Other Assets, Less Liabilities 1.51 8,963,242
------ ------------
Net Assets (Equivalent to $16.91
per share based on 35,115,763
shares of capital stock outstanding) 100.00% $593,883,052
====== ============
14 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
FOREIGN CURRENCIES
--------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------
241,844 Argentine Peso $ 241,992
14,693 Brazilian Real 7,972
716,062 Euro 632,819
56,128,913 Greek Drachma 146,135
816,580 Hong Kong Dollar 104,737
22,912,447 Indian Rupee 498,313
94,996,513 Indonesian Rupiah 10,850
799,208 Malaysian Ringgit 210,318
526,494 Mexican Peso 55,761
136,267,567 New Taiwan Dollar 4,350,678
1,731,973 Philippine Peso 37,489
50,528 Singapore Dollar 29,053
1,731,094 South African Rand 239,930
78,727,904 Thai Baht 1,868,468
6,902,961 Turkish Lira 10
------------
Total Foreign Currencies $ 8,434,525
------------
==========================================================================
(A) Non-income-producing security
(B) Explanation of abbreviations:
ADR-American Depository Receipts
PFD-Preference Shares
GDR-Global Depository Receipts
GDS-Global Depository Share
NVP-Non-Voting Preference Share
(C) Affiliated company (see Note 3B of the Notes to Financial Statements)
(D) Fair-valued security (see Note 1A of the Notes to Financial Statements)
(E) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax.
(F) Allocation of assets by industry as of September 30, 2000:
Appliances & Household Durables 1.63%
Automobiles 1.59
Banking 18.07
Beverage & Tobacco 2.24
Building Materials 3.19
Chemicals 8.37
Communication Services 0.25
Electrical & Electronics 1.51
Energy Sources 5.94
Financial Services 2.56
Food & Household Products 3.51
Health & Personal Care 0.61
Industrial Components 0.19
Insurance 1.47
Leisure 0.21
Machinery & Engineering 0.18
Merchandising 2.36
Metal-Nonferrous 2.47
Metal-Steel 5.21
Mining 0.67
Miscellaneous Materials 2.46
Multi-Industry 0.91
Paper & Forest Products 5.19
Real Estate 1.06
Retail 0.90
Telecommunications 11.24
Transportation-Shipping 0.13
Utilities-Electric, Gas & Water 14.37
Cash and Other Assets, Less Liabilities 1.51
------
Total 100.00%
======
See Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 15
<PAGE>
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<PAGE>
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<PAGE>
Sanford C. Bernstein Fund, Inc.
--------------------------------------------------------------------------------
ANNUAL REPORT
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
Schedule of Investments
Taxable Bond
Portfolios
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Intermediate Duration
--------------------------------------------------------------------------------
Short Duration Plus
--------------------------------------------------------------------------------
Government Short Duration
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
--------------------------------------------------------------------------------
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Intermediate Duration Portfolio, Bernstein Short
Duration Plus Portfolio and Bernstein Government Short Duration Portfolio (three
of the twelve portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter
referred to as the "Fund") at September 30, 2000, the results of each of their
operations for the year then ended, the changes in each of their net assets for
each of the two years in the period then ended and the financial highlights for
each of the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States of America, which require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included confirmation
of securities at September 30, 2000 by correspondence with the custodian and
brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 15, 2000
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
U.S. DOLLAR INVESTMENTS: 125.38%
==========================================================================
SHORT-TERM INVESTMENTS: 32.06%
--------------------------------------------------------------------------
Commercial Paper: 18.37%
19,089,000 American General Finance Corp., $ 19,085,458
Discount rate 6.68%, 10/02/2000
29,905,000 Ford Motor Credit Co., 29,802,567
Discount rate 6.49%, 10/20/2000
(Note A, p. 8)
82,080,000 G.E. Capital Corp., 81,798,853
Discount rate 6.49%, 10/20/2000
(Note A, p. 8)
81,325,000 Prudential Funding Corp., 81,046,439
Discount rate 6.49%, 10/20/2000
(Note A, p. 8)
81,885,000 General Motors Acceptance Corp., 81,604,089
Discount rate 6.50%, 10/20/2000
(Note A, p. 8)
82,145,000 Salomon Smith Barney Holdings Inc., 81,788,491
Discount rate 6.50%, 10/25/2000
(Note A, p. 8)
--------------
Total Commercial Paper (Cost $375,125,897) 375,125,897
--------------
U.S. Government Agencies: 13.69%
133,295,000 Federal Home Loan Bank 130,874,096
Consolidated Discount Notes,
Discount rate 5.95%, 01/12/2001
(Note A, p. 8)
151,360,000 Federal Home Loan Mortgage Corp. 148,686,983
Discount Notes,
Discount rate 6.05%, 01/16/2001
(Note A, p. 8)
--------------
Total U.S. Government Agencies
(Cost $279,642,369) 279,561,079
--------------
Total Short-Term Investments
(Cost $654,768,266) 654,686,976
--------------
==========================================================================
U.S. TREASURY INFLATION PROTECTION SECURITY: 2.77%
--------------------------------------------------------------------------
56,923,181 3.875%, 04/15/2029 56,567,411
(Note A, p. 8)
--------------
Total U.S. Treasury Inflation Protection Security
(Cost $56,347,486) 56,567,411
--------------
==========================================================================
MORTGAGE DERIVATIVES: 7.78%
--------------------------------------------------------------------------
7,275,466 Federal National Mortgage 6,501,474
Association Remic Trust
Series 1997-67 GA,
4.00%, 02/25/2009
7,132,237 Federal National Mortgage 6,696,923
Association Remic Trust
Series 1994-20 Z,
6.50%, 02/25/2009
13,645,000 Federal National Mortgage 13,164,546
Association Remic Trust
Series 1999-41 PD,
6.50%, 08/25/2013 (Note B, p. 8)
8,820,000 Green Tree Financial Corp. 7,914,715
Series 1999-1 Class A5,
6.11%, 09/01/2023
27,895,000 Federal Home Loan Mortgage Corp. 26,024,640
Series 1584 L, 6.50%, 09/15/2023
4,974,000 Federal Home Loan Mortgage Corp. 4,670,437
Series 1650 K, 6.50%, 01/15/2024
116,427 G.E. Capital Mortgage Services, Inc. 115,858
Series 1994-11-CA Class A1,
6.50%, 03/25/2024
27,965 Prudential Home Mortgage 27,848
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
3,672,157 Government National Mortgage 3,724,978
Association Series 1995-4 CQ,
8.00%, 06/20/2025
8,150,000 Green Tree Financial Corp. 7,332,392
Series 1998-4 Class A7,
6.87%, 03/01/2028
26,620,000 Government National Mortgage 26,491,745
Association Series 1999-29 PB,
7.25%, 07/16/2028
22,820,000 Greenpoint Manufactured Housing 20,495,418
Series 1999-3 Class 1A7,
7.27%, 06/15/2029 (Note B, p. 8)
3,231,280 Federal Home Loan Mortgage Corp. 3,075,590
Series 2176 OJ, 7.00%, 08/15/2029
(Note B, p. 8)
8,045,000 Federal Home Loan Mortgage Corp. 7,864,390
Series 2178 PB, 7.00%, 08/15/2029
12,365,000 Green Tree Financial Corp. 11,623,656
Series 1999-1 Class A4,
5.76%, 03/01/2030
13,045,000 Green Tree Financial Corp. 11,881,947
Series 1999-2 Class A4,
6.48%, 12/01/2030 (Note B, p. 8)
1,310,000 Conseco Finance Securitization 1,276,070
Corp. Series 2000-1 Class M2,
9.08%, 05/01/2031 (Note B, p. 8)
--------------
Total Mortgage Derivatives
(Cost $167,924,636) 158,882,627
--------------
==========================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 12.95%
--------------------------------------------------------------------------
5,000,000 Beverly Finance Corp., Rule 144A, 5,156,910
8.36%, 07/15/2004
(Notes C & D, p. 8)
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
11,439,963 TVO Southwest Mortgage Series $ 11,688,382
1994-MF1 Class A1, Rule 144A,
9.37%, 11/18/2004 (Note B, p. 8)
8,701,874 Morgan Stanley Capital I Series 8,642,022
1997-LB1 Class A2, Rule 144A,
6.86%, 07/15/2005 (Note B, p. 8)
7,900,000 DLJ Mortgage Acceptance Corp. 8,036,623
Series 1996-CF1 Class A2,
7.67%, 02/12/2006 (Note B, p. 8)
9,530,472 Chase Commercial Mortgage 9,491,241
Securities Corp. Series 1996-2
Class A2, 6.90%, 09/19/2006
11,300,000 CTFS Funding Corp. Series 1997-1 11,090,136
Class A2, Rule 144A,
6.716%, 12/19/2007 (Note B, p. 8)
11,705,000 GMAC Commercial Mortgage Security 11,345,266
Inc. Series 1998-C1 Class C,
6.806%, 04/15/2008
7,265,000 LB Commercial Conduit Mortgage 7,116,312
Trust Series 1999-C1 Class A2,
6.78%, 04/15/2009
1,505,000 Commercial Mortgage Acceptance 1,490,834
Corp. Series 1999-C1 Class A2,
7.03%, 05/15/2009
8,561,321 Meristar Commercial Mortgage Trust 8,590,952
Series 1999-C1 Class A1, Rule 144A,
7.28%, 03/03/2016 (Note B, p. 8)
2,460,000 RMF Commercial Series 1997-1 2,401,587
Class A2, Rule 144A,
6.715%, 01/15/2019
2,145,854 FMAC Loan Receivables Trust Series 2,098,297
1998-A Class A1,
6.20%, 09/15/2020 (Note B, p. 8)
4,388,427 FMAC Loan Receivables Trust Series 4,131,976
1998-A Class A2,
6.50%, 09/15/2020 (Note B, p. 8)
3,260,000 FMAC Loan Receivables Trust Series 3,025,730
1998-A Class A3,
6.69%, 09/15/2020 (Note B, p. 8)
10,880,135 Peachtree Franchise Loan LLC 10,645,255
Series 1999-A Class A1, Rule 144A,
6.68%, 01/15/2021 (Note B, p. 8)
3,483,000 Peachtree Franchise Loan LLC 3,327,644
Series 1999-A Class B, Rule 144A,
7.55%, 01/15/2021 (Note B, p. 8)
8,075,381 EMAC Owner Trust Series 1998-1 7,948,663
Class A1, Rule 144A,
6.11%, 01/15/2025 (Note B, p. 8)
807,417 Asset Securitization Corp. Series 808,905
1996-D3 Class A1A,
7.01%, 10/13/2026
10,015,000 Merrill Lynch Mortgage Investors 8,378,148
Inc. Series 1998-C1 Class B,
6.75%, 11/15/2026
(Notes A & B, p. 8)
5,757,272 J.P. Morgan Commercial Mortgage 5,677,580
Finance Corp. Series 1996-C2
Class A, 6.47%, 11/25/2027
3,621,846 RMF Commercial Series 1995-1 3,577,250
Class A2, 7.10%, 11/28/2027
(Note B, p. 8)
11,500,000 DLJ Mortgage Acceptance Corp. 11,377,606
Series 1995-CF2 Class A1B,
Rule 144A, 6.85%, 12/17/2027
(Note B, p. 8)
891,385 Allied Capital Commercial Mortgage 879,357
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 01/25/2028
(Note B, p. 8)
2,805,000 Credit Suisse First Boston 2,808,484
Mortgage Securities Corp. Series
1997-C1 Class A1B,
7.15%, 06/20/2029
3,025,626 Asset Securitization Corp. Series 3,062,658
1997-MD7 Class A1A,
7.32%, 01/13/2030
16,239,000 J.P. Morgan Commercial Mortgage 15,664,792
Finance Corp. Series 1998-C6
Class B, 6.735%, 01/15/2030
13,605,000 Nomura Asset Securities Corp. 13,061,434
Series 1998-D6 Class A2,
6.771%, 03/15/2030
12,445,000 Morgan Stanley Capital I Series 12,196,649
1998-XL1 Class A2,
6.45%, 06/03/2030
9,569,161 Morgan Stanley Capital I Series 9,474,379
1997-XL1 Class A1,
6.59%, 10/03/2030
12,000,000 Salomon Brothers Mortgage 11,726,496
Securities VII Inc. Series
2000-NL1 Class A2, Rule 144A,
6.905%, 10/15/2030 (Note B, p. 8)
13,130,000 Credit Suisse First Boston 12,461,620
Mortgage Securities Corp. Series
1998-C2 Class A2,
6.30%, 11/11/2030
17,465,000 Goldman Sachs Mortgage Securities 16,678,128
Corp. II Series 1998-GL Class A2,
6.562%, 04/13/2031
12,150,000 Deutsche Mortgage & Asset 11,558,538
Receiving Corp. Series 1998-C1
Class B, 6.664%, 06/15/2031
(Note B, p. 8)
8,987,142 Credit Suisse First Boston 8,909,570
Mortgage Securities Corp. Series
1997-C2 Class A1,
6.40%, 01/17/2035
--------------
Total Commercial Mortgage-Backed Securities
(Cost $273,602,473) 264,529,424
--------------
2 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
MORTGAGE PASS-THROUGHS: 32.68%
--------------------------------------------------------------------------
17,415,000 Federal National Mortgage $ 16,761,885
Association Pool TBA,
6.00%, 10/19/2015 (Note E, p. 8)
75,700,000 Federal National Mortgage 75,297,655
Association Pool TBA,
7.00%, 10/19/2015 (Note E, p. 8)
38,000,000 Federal National Mortgage 38,296,780
Association Pool TBA,
7.50%, 10/19/2015 (Note E, p. 8)
2,207,503 Government National Mortgage 2,322,558
Association Pool #267832,
9.50%, 11/15/2017
1,737,981 Government National Mortgage 1,830,964
Association Pool #780118,
9.50%, 08/15/2021
2,342,803 Government National Mortgage 2,468,100
Association Pool #780049,
9.50%, 11/15/2021
2,164,279 Government National Mortgage 2,280,029
Association Pool #780254,
9.50%, 11/15/2021
1,663,076 Government National Mortgage 1,752,015
Association Pool #780012,
9.50%, 10/15/2024
61 Federal Home Loan Mortgage Corp. 63
Pool #C80297,
8.50%, 05/01/2025
29,179 Government National Mortgage 30,096
Association Pool #442121,
8.50%, 11/15/2026
48,960 Government National Mortgage 48,285
Association Pool #780651,
7.00%, 10/15/2027
14,145,000 Federal Home Loan Mortgage Corp. 13,229,960
Gold Pool TBA,
6.00%, 10/16/2030 (Note E, p. 8)
77,935,000 Federal National Mortgage 72,844,676
Association Pool TBA,
6.00%, 10/16/2030 (Note E, p. 8)
10,125,000 Federal Home Loan Mortgage Corp. 9,732,626
Gold Pool TBA,
6.50%, 10/16/2030 (Note E, p. 8)
8,000,000 Federal Home Loan Mortgage Corp. 7,992,480
Gold Pool TBA,
7.50%, 10/16/2030 (Note E, p. 8)
35,060,000 Federal National Mortgage 35,531,031
Association Pool TBA,
8.00%, 10/16/2030 (Note E, p. 8)
69,620,000 Federal National Mortgage 71,273,266
Association Pool TBA,
8.50%, 10/16/2030 (Note E, p. 8)
12,505,000 Government National Mortgage 12,321,302
Association Pool TBA,
7.00%, 10/23/2030 (Note E, p. 8)
186,160,000 Government National Mortgage 189,533,591
Association Pool TBA,
8.00%, 10/23/2030 (Note E, p. 8)
60,415,000 Federal Home Loan Mortgage Corp. 56,487,844
Gold Pool TBA,
6.00%, 11/13/2030 (Note E, p. 8)
44,765,000 Federal Home Loan Mortgage Corp. 43,016,255
Gold Pool TBA,
6.50%, 11/13/2030 (Note E, p. 8)
14,545,000 Federal Home Loan Mortgage Corp. 14,254,056
Gold Pool TBA,
7.00%, 11/13/2030 (Note E, p. 8)
--------------
Total Mortgage Pass-Throughs
(Cost $664,314,871) 667,305,517
--------------
==========================================================================
FINANCE: 6.02%
--------------------------------------------------------------------------
2,700,000 Finova Capital Corp., 2,001,375
6.125%, 03/15/2004
9,150,000 Finova Capital Corp. Senior Notes, 6,897,965
7.25%, 11/08/2004
4,050,000 ABN-AMRO Bank (Chicago) 4,135,220
Subordinated Notes, Global Bond,
7.55%, 06/28/2006
4,895,000 Bear Stearns Co., Inc. Global 4,961,479
Notes, 7.80%, 08/15/2007
(Note A, p. 8)
5,210,000 Sears Roebuck Acceptance Corp., 4,650,873
6.25%, 05/01/2009
10,000,000 The Mony Group Inc. Senior Notes, 10,148,180
8.35%, 03/15/2010
4,230,000 Qwest Capital Funding Inc., 4,320,615
Rule 144A, 7.90%, 08/15/2010
4,810,000 Transamerica Capital II, Rule 144A, 4,341,578
7.65%, 12/01/2026
20,360,000 AON Capital Trust A, 18,718,312
8.205%, 01/01/2027 (Note A, p. 8)
3,640,000 MMI Capital Trust I, 3,213,811
7.625%, 12/15/2027
9,760,000 Sears Roebuck Acceptance Corp., 7,748,552
6.50%, 12/01/2028 (Note A, p. 8)
12,600,000 Royal & Sun Alliance Insurance 12,536,736
Group plc Subordinated Notes,
Rule 144A, 8.95%, 10/15/2029
(Note A, p. 8)
16,680,000 Ace Capital Trust III, 17,506,527
9.70%, 04/01/2030 (Note A, p. 8)
4,000,000 American General Institutional 3,971,684
Capital II, 8.50%, 07/01/2030
(Note B, p. 8)
7,000,000 Citigroup Capital III, 6,505,317
7.625%, 12/01/2036
7,895,000 American General Institutional 7,075,381
Capital Series A, Rule 144A,
7.57%, 12/01/2045
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
4,425,000 American General Institutional $ 4,249,053
Capital Series B, Rule 144A,
8.125%, 03/15/2046 (Note A, p. 8)
--------------
Total Finance (Cost $127,652,964) 122,982,658
--------------
==========================================================================
INDUSTRIAL: 15.78%
--------------------------------------------------------------------------
8,080,000 Philip Morris Inc., 8,043,527
7.25%, 09/15/2001
3,212,000 Boise Cascade Corp., 3,281,248
9.85%, 06/15/2002 (Note A, p. 8)
6,810,000 Republic of Argentina Series D, 5,652,300
Yankee Bond,
0.00%, 10/15/2002
11,680,000 UST Inc. Senior Notes, 11,772,856
8.80%, 03/15/2005 (Note A, p. 8)
8,800,000 Goodyear Tire & Rubber Co., 9,062,618
8.50%, 03/15/2007 (Note D, p. 8)
12,040,000 PSI Energy Inc., 10,910,925
6.52%, 03/15/2009 (Note D, p. 8)
20,235,000 Rohm & Haas Co., 20,202,664
7.40%, 07/15/2009
20,075,000 Philip Morris Capital Co., 18,738,286
7.50%, 07/16/2009
13,360,000 Phillips Petroleum Co., 15,031,523
8.75%, 05/25/2010 (Note B, p. 8)
13,645,000 Federated Department Stores Inc. 13,670,925
Senior Notes,
8.50%, 06/01/2010 (Note A, p. 8)
15,970,000 Ford Motor Credit Co., Global Bond, 16,206,612
7.875%, 06/15/2010 (Note D, p. 8)
8,640,000 Ahold Finance USA Inc., 8,767,829
8.25%, 07/15/2010 (Note A, p. 8)
10,845,000 MGM Mirage Inc. Senior Notes, 10,873,360
8.50%, 09/15/2010
7,910,000 Champion International Corp., 7,095,325
7.35%, 11/01/2025 (Note A, p. 8)
3,995,000 Champion International Corp., 3,788,035
6.40%, 02/15/2026,
Putable 02/15/2006 @100
(Note A, p. 8)
7,095,000 Champion International Corp. 6,705,300
Debentures, 7.20%, 11/01/2026,
Putable 11/01/2011 @100
(Note A, p. 8)
7,925,000 Ingersoll Rand Medium-Term Notes, 7,874,748
6.015%, 02/15/2028, Putable
Annually 02/15/2001-02/15/2027 @100
(Note A, p. 8)
4,040,000 Tyco International Group S.A., 3,575,760
Yankee Bond,
7.00%, 06/15/2028 (Note A, p. 8)
10,380,000 Sprint Capital Corp., 8,882,114
6.875%, 11/15/2028
16,485,000 Tyco International Group S.A., 14,388,421
Yankee Bond,
6.875%, 01/15/2029 (Note A, p. 8)
14,325,000 Archer Daniels Midland Co. Senior 12,045,850
Debentures, 6.625%, 05/01/2029
(Note A, p. 8)
2,620,000 Albertson's Inc. Debentures, 2,357,101
7.45%, 08/01/2029
10,055,000 Lilly Del Mar Inc., Floating Rate 9,997,837
Note, Rule 144A, 7.91%, 08/05/2029,
Callable 08/05/2004 @100
(Note A, p. 8)
16,710,000 Amerada Hess Corp., 16,689,112
7.875%, 10/01/2029 (Note A, p. 8)
23,590,000 Westvaco Corp., 23,432,537
8.20%, 01/15/2030 (Note A, p. 8)
13,930,000 Liberty Media Group Inc., 13,146,229
Rule 144A, 8.25%, 02/01/2030
(Note A, p. 8)
8,365,000 State of Qatar, Rule 144A, 8,595,037
9.75%, 06/15/2030
7,920,000 Marconi Corp. plc, Yankee Bond, 7,889,318
8.375%, 09/15/2030
16,415,000 Ford Motor Credit Co., Global Bond, 15,307,628
7.45%, 07/16/2031 (Note A, p. 8)
4,330,000 Ford Motor Co., 3,917,377
7.70%, 05/15/2097 (Note A, p. 8)
5,240,000 Noble Affiliates Inc. Debentures, 4,334,287
7.25%, 08/01/2097 (Note A, p. 8)
--------------
Total Industrial (Cost $323,779,308) 322,236,689
--------------
==========================================================================
UTILITIES: 2.40%
--------------------------------------------------------------------------
12,000,000 All Telephone Ohio LP, Rule 144A, 12,151,776
8.00%, 08/15/2010
10,225,000 Telefonica Europe BV, Global Bond, 10,304,827
7.75%, 09/15/2010
4,670,000 Israel Electric Corp. Ltd., 4,192,175
Yankee Bond, Rule 144A,
7.75%, 12/15/2027
11,530,000 Hyder plc, Yankee Bond, Rule 144A, 8,457,566
7.375%, 12/15/2028 (Note B, p. 8)
5,140,000 Duke Energy Field Services, 5,177,918
8.125%, 08/16/2030 (Note A, p. 8)
9,895,000 Israel Electric Corp. Senior 8,720,384
Notes, Yankee Bond, Rule 144A,
8.10%, 12/15/2096
--------------
Total Utilities (Cost $50,591,388) 49,004,646
--------------
==========================================================================
TAXABLE MUNICIPALS: 2.32%
--------------------------------------------------------------------------
33,245,000 Florida Residential Property & 33,184,527
Casualty Series A, Rule 144A,
7.25%, 07/01/2002
4 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
6,217,666 California Maritime Infrastructure $ 5,969,643
Authority, Rule 144A,
6.63%, 11/01/2009
2,575,000 Edinburg, Texas Industrial 2,516,676
Development Corp. Lease Revenue,
8.18%, 11/01/2028
6,460,000 Alameda Corridor Transportation 5,694,103
Authority, Taxable Senior Lien
Series C, 6.60%, 10/01/2029
--------------
Total Taxable Municipals (Cost $48,705,681) 47,364,949
--------------
==========================================================================
ASSET-BACKED SECURITIES: 1.64%
--------------------------------------------------------------------------
6,077,418 Felco Funding II Auto Lease-Backed 6,059,896
Notes Series 1998-1 Class A2, Rule
144A, 5.98%, 09/15/2001
(Note B, p. 8)
7,550,000 Health Care Receivables, 7,478,260
Securitization Program Notes
Series 1998-1A Class A, Rule 144A,
6.22%, 06/01/2002 (Note B, p. 8)
3,270,000 The Money Store Auto Trust Series 3,265,994
1996-2, 6.435%, 06/20/2003
424,495 Copelco Capital Funding Corp. II, 424,058
Class A Lease-Backed Notes Series
1996-A, 6.34%, 07/20/2004
287,090 Copelco Capital Funding Corp. II, 287,744
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
(Note B, p. 8)
4,594,645 Capital Asset Research Funding, 4,554,097
Rule 144A, 6.40%, 12/15/2004
(Note B, p. 8)
2,227,319 New York City Tax Lien Trust 2,212,057
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note B, p. 8)
148,409 New York City Tax Lien Trust 146,696
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note B, p. 8)
1,674,034 ABFS Equipment Contract Trust 1,661,961
Series 1998-A Class A,
6.10%, 10/15/2005 (Note B, p. 8)
7,393,354 Green Tree Recreational Equipment 7,301,048
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
--------------
Total Asset-Backed Securities
(Cost $33,646,524) 33,391,811
--------------
==========================================================================
HIGH YIELD: 7.12%
--------------------------------------------------------------------------
1,625,000 Healthsouth Corp. Senior 1,629,062
Subordinated Notes,
9.50%, 04/01/2001
2,315,000 Advanta Corp. Medium-Term Notes, 2,169,315
7.28%, 07/30/2001
1,934,000 Fleming Companies Inc. Senior 1,914,660
Notes, 10.625%, 12/15/2001,
Callable 12/15/2000 @101.50
9,645,000 Omega Healthcare Investors Inc., 8,514,973
6.95%, 06/15/2002
6,390,000 Healthsouth Corp., 5,351,625
3.25%, 04/01/2003,
Callable 04/05/2001 @101.30
2,200,000 US Air Inc., 2,136,750
9.625%, 09/01/2003
1,785,000 Veritas DGC Inc. Series C, 1,820,702
9.75%, 10/15/2003,
Callable 10/15/2000 @104.875
(Note B, p. 8)
1,439,627 America West Airlines, 1,340,685
10.50%, 01/02/2004 (Note B, p. 8)
4,210,000 Owens-Illinois Inc. Senior Notes, 3,781,923
7.85%, 05/15/2004
4,475,000 D.R. Horton Inc. Senior Notes, 4,340,750
8.375%, 06/15/2004
885,000 Doman Industries Ltd., Yankee Bond, 883,894
12.00%, 07/01/2004
4,920,000 Kaufman & Broad Home Corp. Senior 4,704,750
Notes, 7.75%, 10/15/2004
1,255,000 Fleming Companies Inc. Senior 1,104,400
Subordinated Notes Series B,
10.50%, 12/01/2004,
Callable 06/01/2001 @105.25
3,330,000 Packaged Ice Inc. Senior Notes 2,913,750
Series B, 9.75%, 02/01/2005,
Callable 02/01/2002 @104.87
3,045,000 PSINET Inc. Senior Notes, 1,994,475
10.00%, 02/15/2005
1,430,000 Owens-Illinois Inc. Senior Notes, 1,220,152
7.15%, 05/15/2005
4,780,000 Jones International Networks Ltd., 4,750,125
11.75%, 07/01/2005,
Callable 07/01/2003 @105.87
2,385,000 Continental Airlines Inc., 2,277,675
8.00%, 12/15/2005
1,105,000 Worldwide Fibre Inc. Senior Notes, 1,077,375
12.50%, 12/15/2005,
Callable 12/15/2003 @106.25
3,770,000 Federal-Mogul Co., 1,489,150
7.375%, 01/15/2006
3,700,000 Alestra S.A. Senior Notes, Global 3,598,250
Bond, 12.125%, 05/15/2006
5,040,000 Generac Portable Products Senior 3,294,900
Subordinated Notes,
11.25%, 07/01/2006,
Callable 07/01/2002 @107.63
715,000 Global Crossing Holdings Ltd. 711,425
Senior Notes, Yankee Bond,
9.125%, 11/15/2006
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
750,000 Consumers Packaging Inc. Senior $ 168,750
Notes, 9.75%, 02/01/2007,
Callable 02/01/2003 @104.87
5,230,000 Labranche & Co. Senior 5,622,250
Subordinated Notes,
12.00%, 03/02/2007
900,000 Intermedia Communications Inc. 751,500
Senior Discount Notes Series B,
0.00%, 07/15/2007,
Callable 07/15/2002 @105.63
1,275,000 K. Hovnanian Enterprises Inc. 1,255,875
Senior Notes, Rule 144A,
10.50%, 10/01/2007
6,540,000 RCN Corp. Senior Discount Notes, 3,498,900
0.00%, 10/15/2007,
Callable 10/15/2002 @105.56
2,390,000 Clark Refining & Marketing Inc. 1,935,900
Senior Notes,
8.375%, 11/15/2007,
Callable 11/15/2002 @104.19
1,785,000 Clark Refining & Marketing Inc. 1,258,425
Senior Subordinated Notes,
8.875%, 11/15/2007,
Callable 11/15/2002 @104.44
375,000 Century Communications Corp. 153,750
Senior Discount Notes,
0.00%, 01/15/2008
4,880,000 Focal Communications Corp. Senior 2,318,000
Notes Series B,
0.00%, 02/15/2008,
Callable 02/15/2003 @106.06
5,910,000 Covad Communications Group Inc. 2,748,150
Senior Discount Notes
Series B, 0.00%, 03/15/2008,
Callable 03/15/2003 @106.75
3,150,000 Interface Inc. Senior Notes, 2,724,750
7.30%, 04/01/2008
350,000 Beazer Homes USA Senior Notes, 330,750
8.875%, 04/01/2008,
Callable 04/01/2003 @104.44
839,535 Continental Airlines Inc., 868,747
11.50%, 04/02/2008
3,290,000 Grove Holdings LLC Senior Notes, 403,025
9.25%, 05/01/2008,
Callable 05/01/2003 @104.63
960,000 360 Networks Inc., Yankee Bond, 878,400
13.00%, 05/01/2008
2,000,000 Williams Communications Group Inc. 1,920,000
Senior Notes, Rule 144A,
11.70%, 08/01/2008
5,700,000 United Rentals Inc. Senior 5,016,000
Subordinated Notes,
8.80%, 08/15/2008
5,645,000 Cogentrix Energy Inc. Senior Notes, 5,687,337
8.75%, 10/15/2008
1,650,000 Agrilink Foods Inc. Senior 1,229,250
Subordinated Notes,
11.875%, 11/01/2008,
Callable 11/01/2003 @105.94
6,510,000 IT Group Inc. Senior Subordinated 5,728,800
Notes Series B,
11.25%, 04/01/2009,
Callable 04/01/2004 @106.63
6,605,000 Grove Holdings LLC Senior Discount 99,075
Notes, 0.00%, 05/01/2009,
Callable 05/01/2003 @105.81
3,160,000 Allied Waste North America Inc. 2,772,900
Series B, 10.00%, 08/01/2009,
Callable 08/01/2004 @105
1,070,000 United Pan-Europe Communications 914,850
NV Senior Notes, Yankee Bond,
10.875%, 08/01/2009,
Callable 08/01/2004 @105.44
3,650,000 Worldwide Fibre Inc. Senior Notes, 3,266,750
12.00%, 08/01/2009,
Callable 08/01/2004 @105
610,000 Federal Republic of Brazil, Global 672,525
Bond, 14.50%, 10/15/2009
2,225,000 Charter Communications Holdings 1,301,625
Senior Discount Notes,
0.00%, 01/15/2010,
Callable 01/15/2005 @105.87
1,845,000 Level 3 Communications Inc. Senior 996,300
Discount Notes,
0.00%, 03/15/2010,
Callable 03/15/2005 @106.44
3,715,000 Callahan Nordhein-Westf. Senior 3,715,000
Notes, Rule 144A,
14.00%, 07/15/2010
Callable 07/15/2005 @107
2,590,000 Williams Communications Group Inc. 2,473,450
Senior Notes, Rule 144A,
11.875%, 08/01/2010,
Callable 08/01/2005 @105.94
1,415,000 AES Corp. Senior Notes, 1,443,300
9.375%, 09/15/2010
3,360,000 Adelphia Communications Corp. 3,309,600
Senior Notes,
10.875%, 10/01/2010
3,925,000 NTL Communications Corp. Senior 3,856,312
Notes, Rule 144A,
11.875%, 10/01/2010,
Callable 10/01/2005 @105.94
7,215,000 Trinet Corp. Realty Trust, 6,591,487
6.75%, 03/01/2013,
Putable 03/01/2003 @100
2,800,000 Republic of Philippines, Global 2,303,000
Bond, 9.875%, 01/15/2019
6 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
820,000 Republic of Turkey Senior $ 821,025
Unsubordinated Notes, Global Bond,
11.875%, 01/15/2030
785,000 Federal Republic of Brazil, Global 714,350
Bond, 12.25%, 03/06/2030
3,250,000 Federal Republic of Brazil, Global 2,596,750
Bond, 11.00%, 08/17/2040,
Callable 08/17/2015 @100
--------------
Total High Yield (Cost $166,012,057) 145,367,624
--------------
==========================================================================
REAL ESTATE INVESTMENT TRUSTS: 1.86%
--------------------------------------------------------------------------
7,745,000 First Industrial LP, 7,712,789
6.50%, 04/05/2001,
Putable 04/05/2001 @100
5,735,000 EOP Operating LP, 5,577,310
6.50%, 01/15/2004
12,865,000 ERP Operating LP, 12,652,213
7.10%, 06/23/2004
12,735,000 Security Capital Group Inc., 11,993,428
6.95%, 06/15/2005 (Note A, p. 8)
--------------
Total Real Estate Investment Trusts
(Cost $38,670,566) 37,935,740
--------------
Total U.S. Dollar Investments
(Cost $2,606,016,220) 2,560,256,072
--------------
==========================================================================
NON-U.S. DOLLAR INVESTMENTS: 5.47%
==========================================================================
CANADA GOVERNMENT-CANADIAN DOLLAR
DENOMINATED: 3.17%
--------------------------------------------------------------------------
C$ 29,695,000
Canada Government Treasury Bills, 19,376,121
Discount rate 5.59%, 02/01/2001
C$ 69,780,000
Canada Government Treasury Bills, 45,332,232
Discount rate 5.50%, 03/01/2001
--------------
Total Canada Government-Canadian Dollar
Denominated (Cost $65,747,607) 64,708,353
--------------
==========================================================================
CANADA INDUSTRIAL-CANADIAN DOLLAR
DENOMINATED: 0.79%
--------------------------------------------------------------------------
C$ 754,000
Hudsons Bay Co. Debentures 496,561
Series C, 6.25%, 04/01/2002
C$ 9,945,000
Trizec Hahn Corp., 6,432,547
6.00%, 09/03/2002
C$ 6,510,000
Timberwest Forest Holdings 4,263,568
Debentures, 6.50%, 03/03/2003
C$ 1,240,000
Hudsons Bay Co. Debentures 809,352
Series D, 6.25%, 03/14/2003
C$ 6,210,000
Hudsons Bay Co. Series E, 4,047,645
6.35%, 12/01/2003
--------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $16,133,179) 16,049,673
--------------
==========================================================================
GERMANY FINANCE-EURO DENOMINATED: 0.09%
--------------------------------------------------------------------------
EU 2,205,000
General Motors Acceptance Corp., 1,925,343
Global Bond,
5.50%, 02/02/2005
--------------
Total Germany Finance-Euro Denominated
(Cost $2,089,103) 1,925,343
--------------
==========================================================================
GERMANY GOVERNMENT-EURO DENOMINATED: 0.76%
--------------------------------------------------------------------------
EU 16,323,319
Deutschland Republic, 15,467,267
6.25%, 01/04/2024
--------------
Total Germany Government-Euro Denominated
(Cost $23,326,765) 15,467,267
--------------
==========================================================================
GERMANY INDUSTRIAL-EURO DENOMINATED: 0.31%
--------------------------------------------------------------------------
EU 7,200,000
Deutsche Telekom International 6,373,313
Finance, 6.125%, 07/06/2005
--------------
Total Germany Industrial-Euro Denominated
(Cost $6,782,923) 6,373,313
--------------
==========================================================================
MEXICO GOVERNMENT-DEUTSCHEMARK
DENOMINATED: 0.16%
--------------------------------------------------------------------------
DM 9,250,000
United Mexican States, 3,328,255
5.01%, 12/31/2019 (Note B, p. 8)
(Includes attached rights,
DM 5,443,000 par amount,
Expiration 06/30/2003)
--------------
Total Mexico Government-Deutschemark
Denominated (Cost $3,602,414) 3,328,255
--------------
==========================================================================
UNITED KINGDOM FINANCE-BRITISH POUND
DENOMINATED: 0.19%
--------------------------------------------------------------------------
BP 2,625,000
General Motors Acceptance Corp., 3,837,470
Floating Rate Note,
6.29%, 09/25/2002 (Note B, p. 8)
--------------
Total United Kingdom Finance-British Pound
Denominated (Cost $4,414,507) 3,837,470
--------------
Total Non-U.S. Dollar Investments
(Cost $122,096,498) 111,689,674
--------------
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $2,728,112,718) 130.85% $2,671,945,746
(Note F, below)
Cash and Other Assets, Less Liabilities (30.85) (630,031,759)
------ --------------
Net Assets (Equivalent to $12.51
per share based on 163,287,223
shares of capital stock outstanding) 100.00% $2,041,913,987
====== ==============
==========================================================================
SHORT FUTURES CONTRACT
--------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
--------------------------------------------------------------------------
273 U.S. 30 Year Treasury $27,434,368 $ 501,211
Bond December 2000
--------------
Total Short Futures Contract $ 501,211
--------------
--------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for
when-issued securities
(B) Fair-valued security
(C) Represents entire or partial position pledged as collateral for
futures transactions
(D) Represents entire or partial position segregated as collateral for
futures transactions
(E) When-issued security
(F) At September 30, 2000, 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
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
U.S. DOLLAR INVESTMENTS: 107.13%
==========================================================================
SHORT-TERM INVESTMENTS: 29.85%
--------------------------------------------------------------------------
Commercial Paper: 12.47%
5,069,000 American General Corp., $ 5,068,059
Discount rate 6.68%, 10/02/2000
16,665,000 G.E. Capital Corp., 16,607,918
Discount rate 6.49%, 10/20/2000
12,540,000 General Motors Acceptance Corp., 12,496,981
Discount rate 6.50%, 10/20/2000
16,720,000 Salomon Smith Barney Inc., 16,647,435
Discount rate 6.51%, 10/25/2000
--------------
Total Commercial Paper (Cost $50,820,393) 50,820,393
--------------
U.S. Government Agencies: 17.38%
28,310,000 Federal Home Loan Mortgage Corp. 27,810,045
Discount Notes, Discount rate
6.05%, 01/16/2001 (Note A, p. 13)
28,285,000 Federal Farm Credit Bank 27,733,443
Consolidated Discount Notes,
Discount rate 5.94%, 01/19/2001
(Notes A & B, p. 13)
15,675,000 Federal Farm Credit Bank 15,273,720
Consolidated Discount Notes,
Discount rate 6.03%, 02/23/2001
(Note A, p. 13)
--------------
Total U.S. Government Agencies
(Cost $70,866,936) 70,817,208
--------------
Total Short-Term Investments
(Cost $121,687,329) 121,637,601
--------------
==========================================================================
U.S. TREASURY NOTE: 1.67%
--------------------------------------------------------------------------
6,770,000 6.50%, 05/31/2002 (Note A, p. 13) 6,816,544
--------------
Total U.S. Treasury Note (Cost $6,795,002) 6,816,544
--------------
==========================================================================
U.S. TREASURY INFLATION PROTECTION SECURITIES: 2.04%
--------------------------------------------------------------------------
673,035 3.625%, 01/15/2008 657,682
7,703,422 3.875%, 01/15/2009 (Note A, p. 13) 7,640,831
--------------
Total U.S. Treasury Inflation Protection Securities
(Cost $8,282,261) 8,298,513
--------------
==========================================================================
MORTGAGE DERIVATIVES: 1.53%
--------------------------------------------------------------------------
5,355,981 Federal Home Loan Mortgage Corp. 5,408,796
Series 1763 Class H,
8.25%, 07/15/2023
36,673 G.E. Capital Mortgage Services, 36,521
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
*See Note 1, page 26 in Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
54,084 G.E. Capital Mortgage Services, $ 53,820
Inc. Series 1994-11-CA Class A1,
6.50%, 03/25/2024
16,883 Prudential Home Mortgage 16,813
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
750,000 Federal Home Loan Mortgage Corp. 733,162
Series 2178 PB,
7.00%, 08/15/2029
--------------
Total Mortgage Derivatives (Cost $6,261,075) 6,249,112
--------------
==========================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 9.86%
--------------------------------------------------------------------------
1,340,819 Prudential Securities Secured 1,330,685
Financing Corp. Series 1998-C1
Class A1-A1, 6.105%, 11/15/2002
1,769,166 Morgan Stanley Capital Inc. Series 1,756,224
1997-ALIC Class A1B,
6.44%, 11/15/2002
2,052,204 DLJ Mortgage Acceptance Corp. 2,046,346
Series 1993-MF12 Class A1,
7.35%, 09/18/2003
1,891,448 First Union Lehman Brothers 1,903,124
Commercial Mortgage Series
1997-C1 Class A1,
7.15%, 02/18/2004
1,868,783 DLJ Mortgage Acceptance Corp. 1,879,521
Series 1994-MF11 Class A1,
8.10%, 06/18/2004 (Note C, p. 13)
2,396,303 LB Commercial Conduit Mortgage 2,365,365
Trust Series 1998-C1 Class A1,
6.33%, 11/18/2004
4,215,000 Morgan Stanley Capital I Series 4,243,590
1996-WFI Class A2, Rule 144A,
7.22%, 01/16/2006 (Note C, p. 13)
2,069,624 Credit Suisse First Boston 2,020,488
Mortgage Securities Corp. Series
1998-C1 Class A1A,
6.26%, 12/17/2007
1,907,425 FMAC Loan Receivables Trust Series 1,865,153
1998-A Class A1,
6.20%, 09/15/2020 (Note C, p. 13)
2,330,776 Morgan Stanley Capital I Series 2,314,745
1997-LB1 Class A2, Rule 144A,
6.86%, 08/15/2023 (Note C, p. 13)
1,007,160 FDIC Remic Trust Commercial 1,002,589
Mortgage Series 1996-C1 Class 1A,
6.75%, 05/25/2026
2,270,585 Goldman Sachs Mortgage Securities 2,256,651
Corp. II Series 1996-PL Class A1,
7.02%, 02/15/2027
975,911 RMF Commercial Series 1995-1 963,894
Class A2, 7.10%, 11/28/2027
(Note C, p. 13)
Schedule of Investments--Taxable Bond Portfolios 9
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
256,624 Allied Capital Commercial Mortgage $ 253,161
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 01/01/2028
(Note C, p. 13)
2,960,597 J.P. Morgan Commercial Mortgage 2,926,442
Finance Corp. Series 1998-C6
Class A1, 6.373%, 01/15/2030
2,000,000 Salomon Brothers Mortgage 1,954,416
Securities VII Inc. Series
2000-NL1 Class A2, Rule 144A,
6.905%, 10/15/2030 (Note C, p. 13)
3,116,837 Goldman Sachs Mortgage Securities 3,027,256
Corp. II Series 1998-C1 Class A1,
6.06%, 10/18/2030
3,863,514 Credit Suisse First Boston 3,726,588
Mortgage Securities Corp. Series
1998-C2 Class A1,
5.96%, 11/11/2030
2,353,402 Credit Suisse First Boston Mortgage 2,333,089
Securities Corp. Series 1997-C2
Class A1, 6.40%, 01/17/2035
--------------
Total Commercial Mortgage-Backed Securities
(Cost $40,634,971) 40,169,327
--------------
==========================================================================
MORTGAGE PASS-THROUGHS: 11.93%
--------------------------------------------------------------------------
1,045,000 Federal National Mortgage 1,005,809
Association Pool TBA,
6.00%, 10/19/2015 (Note D, p. 13)
5,300,108 Government National Mortgage 5,440,655
Association Pool #780772,
8.00%, 12/15/2017
2,025,000 Federal Home Loan Mortgage Corp. 1,894,003
Gold Pool TBA,
6.00%, 10/16/2030 (Note D, p. 13)
2,095,000 Federal National Mortgage 1,958,165
Association Pool TBA,
6.00%, 10/16/2030 (Note D, p. 13)
2,485,000 Federal Home Loan Mortgage Corp. 2,388,699
Gold Pool TBA,
6.50%, 10/16/2030 (Note D, p. 13)
24,595,000 Federal National Mortgage 25,179,057
Association Pool TBA,
8.50%, 10/16/2030 (Note D, p. 13)
1,185,000 Government National Mortgage 1,167,592
Association Pool TBA,
7.00%, 10/23/2030 (Note D, p. 13)
8,010,000 Government National Mortgage 8,155,157
Association Pool TBA,
8.00%, 10/23/2030 (Note D, p. 13)
1,470,000 Federal Home Loan Mortgage Corp. 1,440,596
Gold Pool TBA,
7.00%, 11/13/2030 (Note D, p. 13)
--------------
Total Mortgage Pass-Throughs
(Cost $48,533,106) 48,629,733
--------------
==========================================================================
FINANCE: 14.61%
--------------------------------------------------------------------------
2,895,000 Lehman Brothers Holdings, Inc. 2,893,683
Senior Subordinated Notes,
6.625%, 11/15/2000
2,775,000 Salomon Inc. Medium-Term Notes, 2,774,717
6.625%, 11/30/2000
3,320,000 Heller Financial Inc. Medium-Term 3,304,220
Notes, 5.48%, 02/05/2001
3,000,000 Boeing Capital Corp. Medium-Term 2,988,516
Notes, 5.56%, 02/05/2001
(Note C, p. 13)
2,470,000 Heller Financial Inc. Medium-Term 2,457,287
Notes, 5.746%, 02/26/2001
(Note C, p. 13)
5,500,000 First USA North America Bank Notes, 5,474,579
6.125%, 06/25/2001
2,860,000 Boeing Capital Corp. Medium-Term 2,846,658
Notes, 6.35%, 07/26/2001
(Note C, p. 13)
4,150,000 Finova Capital Corp. Medium-Term 3,511,298
Notes, 5.73%, 09/24/2001
6,350,000 Transamerica Finance Corp. 6,340,113
Medium-Term Notes Series F,
6.80%, 12/14/2001
5,800,000 Merrill Lynch & Co., Inc. 5,694,417
Medium-Term Notes,
5.73%, 02/26/2002
(Notes A & C, p. 13)
5,360,000 Household Finance Corp. Senior 5,259,961
Medium-Term Notes,
6.125%, 07/15/2002
4,180,000 Capital One Bank Notes, 4,141,314
6.76%, 07/23/2002
2,935,000 Textron Financial Corp. 2,944,125
Medium-Term Notes, Rule 144A,
7.18%, 10/15/2002
3,500,000 Morgan Stanley Group Inc., 3,522,456
7.125%, 01/15/2003
2,265,000 Wells Fargo Financial Inc. Senior 2,285,353
Notes, 7.25%, 07/14/2003
1,555,000 Morgan Stanley Dean Witter Senior 1,496,257
Unsubordinated Notes,
5.625%, 01/20/2004
1,585,000 Bear Stearns Co., Inc. Global Notes, 1,606,526
7.80%, 08/15/2007
--------------
Total Finance (Cost $60,363,057) 59,541,480
--------------
==========================================================================
INDUSTRIAL: 13.70%
--------------------------------------------------------------------------
5,540,000 Ingersoll Rand Co. Senior Notes, 5,514,593
6.255%, 02/15/2001
5,500,000 Tyco International Group S.A., 5,450,885
6.125%, 06/15/2001
2,785,000 Philip Morris Inc., 2,772,428
7.25%, 09/15/2001
10 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
2,620,000 K.N. Energy Inc. Senior Notes, $ 2,594,358
6.45%, 11/30/2001
2,795,000 Union Oil Co. of California, 2,811,407
7.64%, 04/22/2002
4,200,000 TTX Co., 6.29%, 05/15/2002 4,146,689
(Notes A & E, p. 13)
4,950,000 Apache Corp., 5,115,736
9.25%, 06/01/2002
2,060,000 Bombadier Capital Inc. Medium-Term 2,048,639
Notes, Yankee Bond, Rule 144A,
7.30%, 12/15/2002
4,500,000 Worldcom Inc. Notes, 4,670,392
7.875%, 05/15/2003
(Note C, p. 13)
4,200,000 Federated Department Stores Inc. 4,281,224
Senior Notes, 8.50%, 06/15/2003
2,400,000 TRW Inc. Medium-Term Notes 2,336,479
Series MTNB, 6.58%, 06/23/2003
3,070,000 Arrow Electronics Inc. Notes, 3,068,404
Rule 144A, 8.20%, 10/01/2003
(Note D, p. 13)
2,210,000 Fort James Corp. Notes, 2,152,611
6.70%, 11/15/2003
1,665,000 Cinergy Corp. Debentures, 1,577,508
6.125%, 04/15/2004
1,895,000 Champion International Corp., 1,796,828
6.40%, 02/15/2026,
Putable 02/15/2006 @100
5,530,000 Lilly Del Mar Inc., Floating Rate 5,498,562
Note, Rule 144A,
7.91%, 08/05/2029,
Callable 08/05/2004 @100
--------------
Total Industrial (Cost $56,128,533) 55,836,743
--------------
==========================================================================
UTILITIES: 1.88%
--------------------------------------------------------------------------
4,590,000 Telecom de Puerto Rico Senior 4,510,336
Notes, 6.15%, 05/15/2002
3,430,000 Hyder plc, Yankee Bond, 3,153,226
Rule 144A, 6.75%, 12/15/2004
--------------
Total Utilities (Cost $7,969,426) 7,663,562
--------------
==========================================================================
TAXABLE MUNICIPALS: 1.72%
--------------------------------------------------------------------------
1,690,000 Virgin Islands Public Finance 1,682,631
Authority Revenue, Taxable
Refunding Senior Lien Loan Notes
Series B, 6.99%, 10/01/2001
3,520,000 New York City Taxable Series B, 3,524,893
6.80%, 08/01/2002 (Note D, p. 13)
1,865,300 California Maritime Infrastructure 1,790,893
Authority, Rule 144A,
6.63%, 11/01/2009
--------------
Total Taxable Municipals (Cost $7,057,784) 6,998,417
--------------
==========================================================================
ASSET-BACKED SECURITIES: 8.24%
--------------------------------------------------------------------------
4,185,000 Honda Auto Lease Trust Series 4,166,866
1999-A Class A4,
6.45%, 09/16/2002 (Note C, p. 13)
5,450,000 John Deere Owner Trust 5,419,725
Series 1999-A, Asset-Backed Notes
Class A3, 5.94%, 10/15/2002
2,739,277 Case Equipment Loan Trust Series 2,736,195
1998-B Class A3,
5.81%, 05/15/2003
1,380,000 The Money Store Auto Trust Series 1,378,310
1996-2, 6.435%, 06/20/2003
4,845,000 Copelco Capital Funding Corp. 4,860,901
Series 2000-A Class A3,
7.12%, 08/18/2003 (Note C, p. 13)
2,513,333 Pemex Finance Ltd., 2,446,469
6.125%, 11/15/2003 (Note C, p. 13)
34,020 Copelco Capital Funding Corp. II, 33,985
Class A Lease-Backed Notes Series
1996-A, 6.34%, 07/20/2004
108,080 Copelco Capital Funding Corp. II, 108,326
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
(Note C, p. 13)
1,304,879 Capital Asset Research Funding, 1,293,363
Rule 144A, 6.40%, 12/15/2004
(Note C, p. 13)
2,629,324 Newcourt Receivables Asset Trust 2,620,555
Series 1997-1, Asset-Backed Notes
Class A4, 6.193%, 05/20/2005
751,466 New York City Tax Lien Trust 746,317
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note C, p. 13)
45,995 New York City Tax Lien Trust 45,464
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note C, p. 13)
699,695 Green Tree Financial Corp. Series 699,426
1997-1 Class A3, 6.17%, 09/20/2005
425,463 ABFS Equipment Contract Trust 422,395
Series 1998-A Class A,
6.10%, 10/15/2005 (Note C, p. 13)
769,526 Capital Asset Research Funding 762,181
1998-A Tax Lien,
5.905%, 12/15/2005 (Note C, p. 13)
378,463 New York City Tax Lien Trust 375,630
Series 1998-1 Class A, Rule 144A,
5.93%, 07/25/2006 (Note C, p. 13)
4,120,000 Harley-Davidson Eaglemark 4,162,207
Motorcycle Trust Series 2000-2
Class A2, 7.18%, 05/15/2008
1,324,238 Green Tree Recreational Equipment 1,307,705
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
--------------
Total Asset-Backed Securities
(Cost $33,656,658) 33,586,020
--------------
Schedule of Investments--Taxable Bond Portfolios 11
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
HIGH YIELD: 5.23%
--------------------------------------------------------------------------
445,000 Fleming Companies Inc. Senior $ 440,550
Notes, 10.625%, 12/15/2001,
Callable 12/15/2000 @101.50
855,000 Republic of Argentina Series D, 709,650
Global Bond, 0.00%, 10/15/2002
1,525,000 Healthsouth Corp., 1,277,187
3.25%, 04/01/2003,
Callable 04/05/2001 @101.30
820,000 US Air Inc., 796,425
9.625%, 09/01/2003
340,964 America West Airlines, 317,531
10.50%, 01/02/2004 (Note C, p. 13)
1,065,000 Americredit Corp., 1,061,006
9.25%, 02/01/2004,
Callable 02/01/2001 @104.63
1,210,000 Owens-Illinois Inc. Senior Notes, 1,086,966
7.85%, 05/15/2004
1,000,000 D.R. Horton Inc. Senior Notes, 970,000
8.375%, 06/15/2004
750,000 Kaufman & Broad Home Corp. Senior 717,188
Notes, 7.75%, 10/15/2004
705,000 Fleming Companies Inc. Senior 620,400
Subordinated Notes Series B,
10.50%, 12/01/2004,
Callable 06/01/2001 @105.25
565,000 Tenet Healthcare Corp. Senior 560,056
Notes, 8.00%, 01/15/2005
550,000 Packaged Ice Inc. Senior Notes 481,250
Series B, 9.75%, 02/01/2005,
Callable 02/01/2002 @104.87
580,000 Jones International Networks Ltd., 576,375
11.75%, 07/01/2005,
Callable 07/01/2003 @105.87
715,000 Continental Airlines Inc., 682,825
8.00%, 12/15/2005
515,000 Federal-Mogul Co., 203,425
7.375%, 01/15/2006
670,000 Agco Corp. Senior Subordinated 633,150
Notes, 8.50%, 03/15/2006
460,000 Alestra S.A. Senior Notes, Global 447,350
Bond, 12.125%, 05/15/2006
830,000 Generac Portable Products Senior 542,613
Subordinated Notes,
11.25%, 07/01/2006,
Callable 07/01/2002 @107.63
170,000 Consumers Packaging Inc. Senior 38,250
Notes, 9.75%, 02/01/2007,
Callable 02/01/2003 @104.87
1,145,000 Labranche & Co. Senior 1,230,875
Subordinated Notes,
12.00%, 03/02/2007
660,000 K. Hovnanian Enterprises Inc. 650,100
Senior Notes, Rule 144A,
10.50%, 10/01/2007
1,550,000 RCN Corp. Senior Discount Notes, 829,250
0.00%, 10/15/2007,
Callable 10/15/2002 @105.56
535,000 Covad Communications Group Inc. 248,775
Senior Discount Notes Series B,
0.00%, 03/15/2008,
Callable 03/15/2003 @106.75
595,000 Interface Inc. Senior Notes, 514,675
7.30%, 04/01/2008
495,025 Continental Airlines Inc., 512,249
11.50%, 04/02/2008
1,085,000 United Rentals Inc. Senior 954,800
Subordinated Notes,
8.80%, 08/15/2008
1,500,000 Agrilink Foods Inc. Senior 1,117,500
Subordinated Notes,
11.875%, 11/01/2008,
Callable 11/01/2003 @105.94
1,030,000 IT Group Inc. Senior Subordinated 906,400
Notes, 11.25%, 04/01/2009,
Callable 04/01/2004 @106.63
650,000 Allied Waste North America Inc. 570,375
Senior Subordinated Notes Series B,
10.00%, 08/01/2009,
Callable 08/01/2004 @105
160,000 Federal Republic of Brazil, 176,400
Global Bond, 14.50%, 10/15/2009
470,000 Callahan Nordhein-Westf. Senior 470,000
Notes, Rule 144A,
14.00%, 07/15/2010,
Callable 07/15/2005 @107
595,000 Adelphia Communications Corp. 586,075
Senior Notes, 10.875%, 10/01/2010
475,000 Federal Republic of Brazil, 379,525
Global Bond, 11.00%, 08/17/2040,
Callable 08/17/2015 @100
--------------
Total High Yield (Cost $23,223,267) 21,309,196
--------------
==========================================================================
REAL ESTATE INVESTMENT TRUSTS: 4.87%
--------------------------------------------------------------------------
2,860,000 Archstone Communities Trust 2,850,379
Medium-Term Notes,
6.17%, 10/13/2000 (Note C, p. 13)
2,930,000 First Industrial LP, 2,917,814
6.50%, 04/05/2001,
Putable 04/05/2001 @100
3,145,000 Archstone Communities Trust 3,115,494
Medium-Term Notes,
6.37%, 10/15/2001
3,555,000 Spieker Properties LP, 3,566,369
7.58%, 12/17/2001
3,600,000 HRPT Properties Trust 3,495,823
Senior Notes,
6.75%, 12/18/2002
--------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for
when-issued securities
(B) Represents entire or partial position segregated as collateral for
future transactions
(C) Fair-valued security
(D) When-issued security
(E) Represents entire or partial position pledged as collateral for
futures transactions
(F) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax
See Notes to Financial Statements.
12 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
2,300,000 ERP Operating LP, $ 2,261,958
7.10%, 06/23/2004
1,725,000 Security Capital Group Inc., 1,624,551
6.95%, 06/15/2005
--------------
Total Real Estate Investment Trusts
(Cost $20,011,670) 19,832,388
--------------
Total U.S. Dollar Investments
(Cost $440,604,139) 436,568,636
--------------
==========================================================================
NON-U.S. DOLLAR INVESTMENTS: 3.56%
==========================================================================
CANADA GOVERNMENT-CANADIAN DOLLAR
DENOMINATED: 1.82%
--------------------------------------------------------------------------
C$ 3,515,000
Canada Government Treasury Bills, 2,293,553
Discount rate 5.59%, 02/01/2001
C$ 7,905,000
Canada Government Treasury Bills, 5,135,444
Discount rate 5.50%, 03/01/2001
--------------
Total Canada Government-Canadian Dollar
Denominated (Cost $7,549,117) 7,428,997
--------------
==========================================================================
CANADA INDUSTRIAL-CANADIAN DOLLAR
DENOMINATED: 0.59%
--------------------------------------------------------------------------
C$ 1,090,000
Hudsons Bay Co. Debentures 717,840
Series C, 6.25%, 04/01/2002
C$ 1,300,000
Trizec Hahn Corp., 840,856
6.00%, 09/03/2002
C$ 1,275,000
Timberwest Forest Holdings 835,031
Debentures, 6.50%, 03/03/2003
--------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $2,412,996) 2,393,727
--------------
==========================================================================
GERMANY FINANCE-EURO DENOMINATED: 0.13%
--------------------------------------------------------------------------
EU 615,000
General Motors Acceptance Corp., 537,000
Global Bond, 5.50%, 02/02/2005
--------------
Total Germany Finance-Euro Denominated
(Cost $582,675) 537,000
--------------
==========================================================================
GERMANY GOVERNMENT-EURO DENOMINATED: 0.60%
--------------------------------------------------------------------------
EU 2,594,937
Deutschland Republic, 2,458,849
6.25%, 01/04/2024
--------------
Total Germany Government-Euro Denominated
(Cost $3,632,892) 2,458,849
--------------
==========================================================================
GERMANY INDUSTRIAL-EURO DENOMINATED: 0.17%
--------------------------------------------------------------------------
EU 765,000
Deutsche Telekom International 677,165
Finance, 6.125%, 07/06/2005
--------------
Total Germany Industrial-Euro Denominated
(Cost $720,686) 677,165
--------------
==========================================================================
MEXICO GOVERNMENT-DEUTSCHEMARK
DENOMINATED: 0.11%
--------------------------------------------------------------------------
DM 1,275,000
United Mexican States, 458,760
5.01%, 12/31/2019 (Note C, below)
(Includes attached rights,
DM 750,000 par amount,
Expiration 06/30/2003)
--------------
Total Mexico Government-Deutschemark
Denominated (Cost $497,399) 458,760
--------------
==========================================================================
UNITED KINGDOM FINANCE-BRITISH POUND
DENOMINATED: 0.14%
--------------------------------------------------------------------------
BP 375,000
General Motors Acceptance Corp., 548,210
Floating Rate Note,
6.29%, 09/25/2002 (Note C, below)
--------------
Total United Kingdom Finance-British Pound
Denominated (Cost $630,685) 548,210
--------------
Total Non-U.S. Dollar Investments
(Cost $16,026,450) 14,502,708
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $456,630,589) 110.69% $451,071,344
(Note F, below)
Cash and Other Assets, Less Liabilities (10.69) (43,555,826)
---------------------------
Net Assets (Equivalent to $12.25
per share based on 33,277,746
shares of capital stock outstanding) 100.00% $407,515,518
===========================
==========================================================================
SHORT FUTURES CONTRACT
--------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
--------------------------------------------------------------------------
40 U.S. 30 Year Treasury $4,019,688 $ 73,437
Bond December 2000
--------------
Total Short Futures Contract $ 73,437
--------------
Schedule of Investments--Taxable Bond Portfolios 13
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
SHORT-TERM INVESTMENTS: 6.82%
--------------------------------------------------------------------------
Commercial Paper: 1.13%
1,078,000 American General Finance Corp., $ 1,077,800
Discount rate 6.68%, 10/02/2000
--------------
Total Commercial Paper (Cost $1,077,800) 1,077,800
--------------
U.S. Government Agency: 5.69%
5,470,000 Federal Farm Credit Bank 5,441,785
Short-Term Notes, Discount rate
4.875%, 02/02/2001
--------------
Total U.S. Government Agency
(Cost $5,468,432) 5,441,785
--------------
Total Short-Term Investments (Cost $6,546,232) 6,519,585
--------------
==========================================================================
U.S. TREASURY NOTES: 37.49%
--------------------------------------------------------------------------
7,275,000 6.625%, 06/30/2001 7,290,918
5,420,000 6.625%, 03/31/2002 5,460,650
11,630,000 6.50%, 05/31/2002 (Note A, below) 11,709,956
11,415,000 5.875%, 09/30/2002 11,390,035
--------------
Total U.S. Treasury Notes (Cost $35,800,536) 35,851,559
--------------
==========================================================================
U.S. TREASURY INFLATION PROTECTION SECURITIES: 2.03%
--------------------------------------------------------------------------
117,514 3.625%, 01/15/2008 114,833
1,841,665 3.875%, 01/15/2009 1,826,702
--------------
Total U.S. Treasury Inflation Protection Securities
(Cost $1,937,766) 1,941,535
--------------
==========================================================================
U.S. GOVERNMENT AGENCIES: 52.62%
--------------------------------------------------------------------------
7,000,000 Federal Home Loan Mortgage Corp., 6,959,316
5.00%, 02/15/2001
6,940,000 Federal Home Loan Bank, 6,909,728
5.625%, 03/19/2001
13,670,000 Federal Home Loan Bank, 13,556,307
5.50%, 08/13/2001
2,685,000 Federal National Mortgage 2,635,985
Association, 4.625%, 10/15/2001
9,250,000 Federal Farm Credit Bank, 9,293,364
6.75%, 09/03/2002
11,000,000 Federal Home Loan Mortgage Corp., 10,954,702
6.25%, 10/15/2002
--------------
Total U.S. Government Agencies
(Cost $50,489,427) 50,309,402
--------------
==========================================================================
MORTGAGE PASS-THROUGHS: 9.38%
--------------------------------------------------------------------------
200,000 Federal National Mortgage 192,499
Association Pool TBA,
6.00%, 10/19/2015 (Note B, below)
165,000 Federal National Mortgage 164,123
Association Pool TBA,
7.00%, 10/19/2015 (Note B, below)
345,000 Federal Home Loan Mortgage Corp. 322,682
Pool TBA, 6.00%, 10/16/2030
(Note B, below)
400,000 Federal National Mortgage 373,874
Association Pool TBA,
6.00%, 10/16/2030 (Note B, below)
3,065,000 Federal National Mortgage 3,137,785
Association Pool TBA,
8.50%, 10/16/2030 (Note B, below)
920,000 Government National Mortgage 936,673
Association Pool TBA,
8.00%, 10/23/2030 (Note B, below)
3,050,000 Federal Home Loan Mortgage Corp. 2,851,742
Pool TBA, 6.00%, 11/13/2030
(Note B, below)
675,000 Federal Home Loan Mortgage Corp. 648,629
Pool TBA, 6.50%, 11/13/2030
(Note B, below)
345,000 Federal Home Loan Mortgage Corp. 338,099
Pool TBA, 7.00%, 11/13/2030
(Note B, below)
--------------
Total Mortgage Pass-Throughs (Cost $8,927,183) 8,966,106
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $103,701,144) 108.34% $103,588,187
(Note C, below)
Cash and Other Assets, Less Liabilities (8.34) (7,970,877)
------ ------------
Net Assets (Equivalent to $12.49
per share based on 7,653,856
shares of capital stock outstanding) 100.00% $ 95,617,310
====== ============
--------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for
when-issued securities
(B) When-issued security
(C) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax.
See Notes to Financial Statements.
*See Note 1, page 26 in Notes to Financial Statements.
14 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
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<PAGE>
Sanford C. Bernstein Fund, Inc.
--------------------------------------------------------------------------------
ANNUAL REPORT
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
Schedule of Investments
Municipal Bond
Portfolios
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Diversified Municipal
--------------------------------------------------------------------------------
California Municipal
--------------------------------------------------------------------------------
New York Municipal
--------------------------------------------------------------------------------
Short Duration Diversified Municipal
--------------------------------------------------------------------------------
Short Duration California Municipal
--------------------------------------------------------------------------------
Short Duration New York Municipal
<PAGE>
--------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Report of Independent Accountants
--------------------------------------------------------------------------------
To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.
In our opinion, the statements of assets and liabilities included in the
accompanying Annual Report, including the schedules of investments contained
herein, and the related statements of operations and of changes in net assets
and the financial highlights present fairly, in all material respects, the
financial position of Bernstein Diversified Municipal Portfolio, Bernstein
California Municipal Portfolio, Bernstein New York Municipal Portfolio,
Bernstein Short Duration Diversified Municipal Portfolio, Bernstein Short
Duration California Municipal Portfolio and Bernstein Short Duration New York
Municipal Portfolio (six of the twelve portfolios constituting Sanford C.
Bernstein Fund, Inc., hereafter referred to as the "Fund") at September 30,
2000, the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period then
ended and the financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United
States of America. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with auditing standards generally accepted in
the United States of America, which require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 2000 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
November 15, 2000
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Diversified Municipal Portfolio
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
SHORT-TERM INVESTMENTS: 2.38%
--------------------------------------------------------------------------
Municipal Note: 1.13%
13,500,000 Texas State Tax and Revenue $ 13,603,275
Anticipation Notes,
5.25%, 08/31/2001
--------------
Total Municipal Note (Cost $13,616,518) 13,603,275
--------------
Tax Exempt Variable-Rate Demand Notes: 1.25%
3,900,000 North Central Texas Health 3,900,000
Facility Development Corp.
Revenue, Presbyterian Hospital
Medical Center Series C, MBIA,
Daily Floater, Putable Daily,
5.50%, 12/01/2015
600,000 Bartow County, Georgia 600,000
Development Authority, Pollution
Control Revenue, Georgia Power
Company, Bowen Second Series,
Daily Floater, Putable Daily,
5.50%, 03/01/2025
7,300,000 Port of Portland, Oregon Special 7,300,000
Obligation Revenue, Horizon Air
Insurance Inc. Project, AMT,
Daily Floater, Putable Daily,
5.55%, 06/15/2027
1,600,000 Illinois Health Facilities Authority 1,600,000
Revenue, Elmhurst Memorial Health
Series A, Daily Floater, Putable
Daily, 5.55%, 01/01/2028
1,700,000 Phenix County Industrial 1,700,000
Development Board, Alabama
Environmental Improvement
Revenue, Mead Coated Board
Project, AMT, Daily Floater, Putable
Daily, 5.55%, 06/01/2028
--------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $15,100,000) 15,100,000
--------------
Total Short-Term Investments
(Cost $28,716,518) 28,703,275
--------------
===========================================================================
PREREFUNDED/ESCROWED: 15.73%
---------------------------------------------------------------------------
1,575,000 Fulton County Building Authority, 1,589,821
Georgia Series A,
8.40%, 01/01/2001,
Escrowed to Maturity
1,000,000 Humble Independent School 1,010,310
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001,
Escrowed to Maturity
3,000,000 Austin, Texas Utility System 3,064,470
Revenue Series A,
8.00%, 11/15/2016,
Prerefunded 05/15/2001 @100
805,000 District of Columbia Series A, 810,112
5.50%, 06/01/2001,
Escrowed to Maturity
1,000,000 Florida State Division of Bond 1,036,630
Finance, Department of General
Services, Department of Natural
Resources Preservation 2000
Series A, AMBAC,
6.70%, 07/01/2005,
Prerefunded 07/01/2001 @102
1,265,000 Massachusetts Consolidated Loans 1,314,069
Series D, 7.00%, 07/01/2007
Prerefunded 07/01/2001 @102
1,000,000 South Carolina Public Service 1,038,560
Authority Revenue Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
1,900,000 Massachusetts Series B, AMBAC, 1,970,072
6.50%, 08/01/2011,
Prerefunded 08/01/2001 @102
7,095,000 Philadelphia, Pennsylvania Water 7,245,130
& Sewer Revenue Sixteenth Series,
7.00%, 08/01/2018,
Prerefunded 08/01/2001 @100
1,650,000 Pittsburgh Water & Sewer 1,712,914
Authority, Pennsylvania Series A,
6.50%, 09/01/2014,
Prerefunded 09/01/2001 @102
3,005,000 Washington Suburban Sanitation 3,121,654
District, Maryland Sewage
Disposal, 6.20%, 11/01/2002,
Prerefunded 11/01/2001 @102
350,000 Denver City & County, Colorado 372,771
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
2,000,000 Montgomery County, Ohio Hospital 2,018,200
Revenue, Grandview Hospital &
Medical Center, 5.25%, 12/01/2001,
Escrowed to Maturity
1,500,000 Massachusetts Water Resources 1,564,830
Authority Series A,
6.50%, 12/01/2019,
Prerefunded 12/01/2001 @102
6,580,000 Cleveland, Ohio Waterworks 6,867,678
Revenue, First Mortgage Series
F-92A, AMBAC, 6.50%, 01/01/2021,
Prerefunded 01/01/2002 @102
3,435,000 Du Page County, Illinois 3,583,804
Stormwater Project,
6.55%, 01/01/2021,
Prerefunded 01/01/2002 @102
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,775,000 Philadelphia Hospitals & Higher $ 1,855,461
Education Facilities Authority,
Pennsylvania Children's Hospital
Project Series A,
6.50%, 02/15/2021,
Prerefunded 02/15/2002 @102
1,000,000 New York State Local Government 1,056,330
Assistance Corp. Series D,
7.00%, 04/01/2018,
Prerefunded 04/01/2002 @102
1,880,000 District of Columbia Series A, 1,914,554
5.90%, 06/01/2002,
Escrowed to Maturity
4,210,000 Sikeston, Missouri Electric 4,406,439
Revenue, MBIA,
6.25%, 06/01/2022,
Prerefunded 06/01/2002 @102
4,625,000 Florida State Board of Education 4,819,851
Capital Outlay, Public Education
Series C, 6.50%, 06/01/2008,
Prerefunded 06/01/2002 @101
3,865,000 New Jersey State Transportation 3,963,519
Trust Fund Authority,
Transportation Systems Series A,
6.00%, 06/15/2002,
Escrowed to Maturity
1,470,000 Pennsylvania Intergovernmental 1,494,152
Cooperation Authority Special Tax
Revenue, City of Philadelphia
Funding Program,
6.00%, 06/15/2002,
Escrowed to Maturity
1,280,000 New York City Municipal Finance 1,333,338
Authority, Water & Sewer System
Revenue Series B,
6.375%, 06/15/2022,
Prerefunded 06/15/2002 @101
2,910,000 Tri-County Metropolitan 3,008,096
Transportation District, Oregon
Light Rail Extension Series A,
5.95%, 07/01/2007,
Prerefunded 07/01/2002 @101
3,335,000 Tri-County Metropolitan 3,450,191
Transportation District, Oregon
Light Rail Extension Series A,
6.00%, 07/01/2012,
Prerefunded 07/01/2002 @101
3,565,000 South Carolina State Public 3,751,913
Service Authority Revenue, Santee
Cooper Series D, AMBAC,
6.50%, 07/01/2024,
Prerefunded 07/01/2002 @102
1,130,000 Massachusetts Municipal Wholesale 1,194,512
Electric Co., Power Supply System
Revenue Series B, 6.75%, 07/01/2017,
Prerefunded 07/01/2002 @102
3,600,000 Neshaminy School District, 3,716,316
Pennsylvania, State Aid Withholding,
FGIC, 6.30%, 02/15/2013,
Prerefunded 08/15/2002 @100
3,725,000 Harris County, Texas Toll Road 3,927,156
Series A, AMBAC,
6.50%, 08/15/2017,
Prerefunded 08/15/2002 @102
3,320,000 Plymouth County, Massachusetts 3,542,440
Certificates of Participation
Series A, 7.00%, 04/01/2022,
Prerefunded 10/01/2002 @102
9,985,000 Denver City & County, Colorado 10,720,195
Airport Revenue Series A,
7.25%, 11/15/2025,
Prerefunded 11/15/2002 @102
505,000 Austin, Texas Utility System 552,066
Revenue, MBIA,
9.25%, 11/15/2002,
Escrowed to Maturity
3,000,000 Lower Colorado River Authority, 3,108,420
Texas Revenue Fifth Supply
Series, FSA,
5.40%, 01/01/2007,
Prerefunded 01/01/2003 @102
1,900,000 Lower Colorado River Authority, 1,972,675
Texas Revenue, Fifth Supply
Series, FSA,
5.50%, 01/01/2008,
Prerefunded 01/01/2003 @102
4,700,000 Chicago, Illinois Emergency 4,889,081
Telephone System, FGIC,
5.625%, 01/01/2023,
Prerefunded 01/01/2003 @102
1,855,000 Nebraska Public Power District 1,950,384
Revenue, Power Supply System,
MBIA, 6.125%, 01/01/2015,
Prerefunded 01/01/2003 @102
4,970,000 Connecticut State Series A, 5,196,930
5.70%, 03/15/2011,
Prerefunded 03/15/2003 @102
375,000 Metropolitan Pier & Exposition 387,491
Authority, Illinois Dedicated
State Tax Revenue Series A,
5.90%, 06/15/2003,
Escrowed to Maturity
375,000 Metropolitan Pier & Exposition 387,491
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, 5.90%, 06/15/2003,
Escrowed to Maturity
1,060,000 Metropolitan Pier & Exposition 1,130,045
Authority, Illinois Dedicated
State Tax Revenue, FGIC,
6.50%, 06/15/2007,
Prerefunded 06/15/2003 @102
2 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
3,255,000 Phoenix Civic Improvement $ 3,443,888
Corp., Arizona Wastewater
System Lease Revenue,
6.125%, 07/01/2014,
Prerefunded 07/01/2003 @102
1,400,000 Missouri State Regional 1,483,972
Convention and Sports Complex
Authority Series A,
6.80%, 08/15/2011,
Prerefunded 08/15/2003 @100
2,375,000 Missouri State Regional 2,523,770
Convention and Sports Complex
Authority Series A,
6.90%, 08/15/2021,
Prerefunded 08/15/2003 @100
180,000 Grapevine-Colleyville Independent 194,145
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 798,149
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
1,225,000 Montgomery County, Ohio Hospital 1,248,446
Revenue, Grandview Hospital &
Medical Center,
5.25%, 12/01/2003,
Escrowed to Maturity
3,000,000 Chicago, Illinois, MBIA, 3,168,660
6.50%, 01/01/2004,
Escrowed to Maturity
1,045,000 District of Columbia Series B, 1,110,271
6.00%, 06/01/2007,
Prerefunded 06/01/2004 @102
3,875,000 Regional Transportation 4,119,745
Authority, Illinois Series A,
AMBAC, 6.00%, 06/01/2008,
Prerefunded 06/01/2004 @102
700,000 Metropolitan Pier & Exposition 737,443
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A,
5.70%, 06/15/2005,
Prerefunded 06/15/2004 @102
1,620,000 Harris County, Texas Senior Lien 1,749,001
Series A, MBIA,
6.375%, 08/15/2024,
Prerefunded 08/15/2004 @102
6,300,000 Cleveland, Ohio Public Power 6,982,479
System Revenue, First Mortgage
Series A, MBIA,
7.00%, 11/15/2024,
Prerefunded 11/15/2004 @102
2,330,000 Fulton County Building Authority, 2,694,622
Georgia Series A,
8.75%, 01/01/2005,
Escrowed to Maturity
1,035,000 Massachusetts Consolidated Loans 1,087,816
Series B, FGIC,
5.50%, 06/01/2012,
Prerefunded 06/01/2006 @101
4,775,000 Chicago, Illinois, FGIC, 4,963,517
5.50%, 01/01/2007,
Escrowed to Maturity
1,000,000 Illinois Educational Facilities 1,124,730
Authority Revenue, Loyola
University, Chicago Series A,
7.00%, 07/01/2007,
Escrowed to Maturity
2,250,000 Connecticut State Special Tax 2,491,785
Obligation Revenue Series B,
6.50%, 10/01/2007,
Escrowed to Maturity
10,000 Connecticut State Series D, 10,493
5.50%, 12/01/2007,
Escrowed to Maturity
1,265,000 Intermountain Power Agency, Utah 1,403,429
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008,
Escrowed to Maturity
235,000 Palm Beach County Solid Waste 255,398
Authority, Florida Revenue Series A,
AMBAC, 6.00%, 10/01/2009,
Escrowed to Maturity
1,145,000 Montgomery County, Ohio Hospital 1,168,118
Revenue, Grandview Hospital &
Medical Center, 5.40%, 12/01/2009,
Escrowed to Maturity
2,100,000 Montgomery County, Ohio Hospital 2,191,938
Revenue, Grandview Hospital &
Medical Center, 5.50%, 12/01/2010,
Prerefunded 12/01/2009 @100
1,000,000 Montgomery County, Ohio Hospital 1,051,090
Revenue, Grandview Hospital &
Medical Center, 5.60%, 12/01/2011,
Prerefunded 12/01/2009 @100
2,755,000 Tarrant County Health Facilities 2,731,858
Development Corp., Texas, Harris
Methodist Health System Series A,
5.125%, 09/01/2012,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,243,828
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 Corp., $ 2,738,807
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education 200,673
Capital Outlay,
9.125%, 06/01/2014,
Escrowed to Maturity
950,000 Massachusetts Water Pollution 949,002
Abatement Series B,
5.25%, 08/01/2014,
Escrowed to Maturity
3,860,000 Retama Development Corp., 5,204,477
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2014,
Escrowed to Maturity
1,125,000 Retama Development Corp., 1,523,587
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2015,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,100,040
Development Corp., Texas,
Lutheran General Health Care
System, 6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors Economic 5,059,894
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
1,500,000 Rhode Island Depositors Economic 1,499,880
Protection Corp. Series A, FSA,
5.50%, 08/01/2020
Escrowed to Maturity
5,780,000 Rhode Island Depositors Economic 6,378,461
Protection Corp. Series A,
6.375%, 08/01/2022
Escrowed to Maturity
--------------
Total Prerefunded/Escrowed
(Cost $185,578,463) 189,683,483
--------------
==========================================================================
INSURED: 35.61%
--------------------------------------------------------------------------
2,000,000 Dade County, Florida, FGIC, 2,000,000
12.00%, 10/01/2000
15,000 Indiana Health Facility Financing 15,006
Authority Hospital Revenue,
Sisters of St. Francis Health
Series A, MBIA,
5.00%, 11/01/2000
1,030,000 Northglenn, Colorado Water 1,031,689
Utility Series A, MBIA,
6.60%, 11/01/2000
2,220,000 Carrollton & Henderson Public 2,217,158
Energy Authority, Kentucky Trust
Series A, FSA,
4.50%, 01/01/2001
2,275,000 Clark County Public Utility 2,289,560
District No. 1, Washington
Electric Revenue, FGIC,
7.10%, 01/01/2001
1,165,000 Kansas State Finance Authority 1,161,144
Revenue, Department of Commerce,
FSA, 4.00%, 06/01/2001
1,080,000 Tennergy Corp., Tennessee Gas 1,069,708
Revenue, MBIA,
4.25%, 06/01/2001
75,000 District of Columbia Series E, 75,257
FGIC, 5.00%, 06/01/2001
1,705,000 Moore Public Works Authority, 1,702,357
Oklahoma Utility System Revenue,
AMBAC, 4.25%, 07/01/2001
26,215,000 Arizona State Transportation 26,306,490
Board Excise Tax Revenue,
Maricopa County Regional Area
Road Improvement,
AMBAC, 4.75%, 07/01/2001
1,750,000 Detroit, Michigan Sewage Disposal 1,756,720
Revenue Series A, FGIC,
4.85%, 07/01/2001
3,260,000 Florida State Division of Bond 3,275,322
Finance, Department of General
Services, Environmental
Protection Preservation 2000
Series B, FSA, 5.00%, 07/01/2001
1,000,000 Lancaster County Hospital 1,004,070
Authority, Pennsylvania Revenue,
Lancaster General Hospital
Project, AMBAC,
5.00%, 07/01/2001
1,000,000 University of Texas Permanent 1,004,940
University Fund, PUF Guaranteed,
5.00%, 07/01/2001
2,000,000 Illinois State, FGIC, 2,012,760
5.25%, 07/01/2001
2,885,000 Massachusetts Consolidated Loan 2,906,609
Series C, MBIA,
5.25%, 08/01/2001
1,000,000 Louisiana State Series A, FGIC, 1,013,120
6.00%, 08/01/2001
1,475,000 Tennessee Energy Acquisition 1,464,822
Corp., Gas Revenue Series B,
AMBAC, 4.625%, 09/01/2001
1,150,000 Kansas City, Missouri Airport 1,156,153
Revenue, General Improvement
Series A, FSA, AMT,
5.00%, 09/01/2001
4 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,555,000 Lowell, Massachusetts Series B, $ 1,560,442
FSA, 4.75%, 11/01/2001
1,370,000 Chicago, Illinois Series A, FGIC, 1,386,262
5.50%, 01/01/2002
1,225,000 West Haven, Connecticut, AMBAC, 1,215,212
4.00%, 02/01/2002
3,065,000 United Independent School 3,070,272
District, Texas, PSF Guaranteed,
4.625%, 02/15/2002
1,000,000 Celebration Community Development 1,013,660
District, Florida Special
Assessment, MBIA,
5.35%, 05/01/2002
2,000,000 Philadelphia, Pennsylvania Water 2,017,340
& Wastewater Revenue, FSA,
5.00%, 06/15/2002
2,000,000 Honolulu City & County, Hawaii 2,018,440
Series A, FGIC,
5.00%, 07/01/2002
1,900,000 Pima County, Arizona, FGIC, 1,917,518
5.00%, 07/01/2002
1,560,000 Rockdale County Water & Sewer 1,573,338
Authority, Georgia Revenue
Series B, MBIA,
5.00%, 07/01/2002
5,180,000 Gulf Coast Water Authority, 5,186,578
Texas, Water System Contract
Revenue Series A, AMBAC,
4.625%, 08/15/2002
2,945,000 San Antonio Independent School 3,075,552
District, Texas, PSF Guaranteed,
7.00%, 08/15/2002
1,120,000 Northern Pennsylvania School 1,097,365
District, FSA,
3.75%, 09/01/2002
2,000,000 New Jersey State Transit Corp. 2,019,880
Certificates Series A, AMBAC,
5.00%, 09/15/2002
1,000,000 Orlando, Florida Waste Water 972,220
System Revenue Series A,
Variable Rate CPI Bond, MBIA,
5.76%, 10/01/2002
595,000 Austin, Texas Utility System 651,210
Revenue, MBIA,
9.25%, 11/15/2002
4,295,000 Nassau County, New York Series C, 4,346,755
FSA, 5.125%, 01/01/2003
1,800,000 Chicago, Illinois O'Hare 1,818,414
International Airport Revenue
Series A, MBIA,
5.25%, 01/01/2003
12,095,000 New Jersey State Transit 12,163,458
Corp., Capital Grant
Anticipation Notes Series A,
AMBAC, 5.00%, 02/01/2003
3,200,000 Chicago Public Building 3,235,744
Commission, Illinois Revenue
Series C, FGIC,
5.125%, 02/01/2003
1,525,000 Carroll Independent School 1,540,479
District, Texas Series A,
PSF Guaranteed,
5.00%, 02/15/2003
2,160,000 Plano Independent School 2,229,789
District, Texas, PSF Guaranteed,
6.00%, 02/15/2003
1,600,000 Hawaii State Series CN, FGIC, 1,661,680
6.25%, 03/01/2003
3,000,000 New York State Thruway Authority, 3,104,940
Highway & Bridge Trust Fund
Series B, AMBAC,
6.00%, 04/01/2003
2,640,000 Blair County Convention and 2,691,929
Sports Facilities Authority,
Pennsylvania Revenue, FSA,
5.40%, 05/01/2003
1,215,000 Walled Lake Consolidated School 1,258,497
District, Michigan, MBIA,
6.00%, 05/01/2003
1,000,000 New Jersey State Transportation 1,037,620
Trust Fund Authority Series A,
AMBAC, 6.00%, 06/15/2003
4,290,000 Phoenix Civic Improvement 4,372,926
Corp., Arizona Municipal
Facilities Excise Tax Revenue,
FGIC, 5.25%, 07/01/2003
2,400,000 Pima County, Arizona, FGIC, 2,446,392
5.25%, 07/01/2003
12,710,000 Rockdale County Water & Sewer 12,942,593
Authority, Georgia Revenue
Series B, MBIA,
5.25%, 07/01/2003
7,345,000 New York City Series A-1, AMBAC, 7,681,842
6.25%, 08/01/2003
2,620,000 Lewisville Independent School 2,721,473
District, Texas, PSF Guaranteed,
6.00%, 08/15/2003
3,005,000 New Haven, Connecticut Series B, 3,111,617
FSA, 5.75%, 11/01/2003
2,870,000 Clark County Public Utility 2,989,478
District No. 1, Washington
Generating System Revenue,
FGIC, 6.00%, 01/01/2004
3,190,000 Illinois State, MBIA, 3,279,543
5.50%, 04/01/2004
685,000 Niagara Frontier Authority, New 687,514
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT, 5.75%, 04/01/2004
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
2,410,000 Louisville and Jefferson County $ 2,757,426
Metropolitan Sewer District,
Kentucky Sewer and Drainage
Systems Revenue Series A, FGIC,
9.00%, 05/15/2004
2,950,000 Pennsylvania Economic Development 2,854,744
Financing Authority Revenue,
Northwestern Human Services
Series A, ACA,
4.60%, 06/01/2004
1,000,000 District of Columbia Series B-3, 1,016,230
MBIA, 5.20%, 06/01/2004
3,770,000 New Jersey State Transportation 3,889,057
Trust Fund Authority Series A,
FSA, 5.50%, 06/15/2004
1,265,000 Rhode Island State Economic 1,281,091
Development Corp. Revenue,
Providence Place Mall Senior
Note Obligation, Asset Guaranty,
5.45%, 07/01/2004
2,750,000 Maricopa County Unified School 2,863,108
District No. 69, Arizona, Paradise
Valley Project of 1999 Series A,
MBIA, 5.75%, 07/01/2004
4,030,000 Regional Transportation 4,177,498
Authority, Illinois, MBIA,
5.75%, 07/01/2004
2,945,000 Pittsburgh School District, 3,040,830
Pennsylvania Series A, AMBAC,
5.50%, 09/01/2004
8,870,000 New York City Series E, AMBAC, 9,550,595
6.50%, 02/15/2005
800,000 Metropolitan Pier & Exposition 832,624
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, MBIA,
5.70%, 06/15/2005
1,815,000 New Jersey State Transportation 1,921,105
Trust Fund Authority,
Transportation System Series B,
MBIA, 6.00%, 06/15/2005
2,395,000 Hawaii State Airports System 2,535,227
Revenue Series B, FGIC,
6.125%, 07/01/2005
1,640,000 New York State Dormitory 1,756,128
Authority Revenue, City
University System Consolidated
Series C, AMBAC,
6.25%, 07/01/2005
1,000,000 Utah State Board of Regents, 1,038,240
Student Loan Revenue Series J,
AMBAC, AMT,
6.00%, 05/01/2006
1,340,000 Arlington, Texas Waterworks & 1,422,155
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
2,095,000 Virginia Port Authority 2,214,310
Facilities Revenue, MBIA, AMT,
6.00%, 07/01/2006
2,200,000 Clark County Public Utility 2,283,248
District No.1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,676,779
Revenue Series G, MBIA,
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare 6,453,687
International Airport Revenue,
Second Lien-Series A, AMBAC,
AMT, 6.00%, 01/01/2007
1,000,000 Prince Georges County, Maryland 1,075,580
Consolidated Public Improvement
Series A, MBIA,
6.00%, 03/15/2007
2,000,000 Walled Lake Consolidated School 2,144,340
District, Michigan, MBIA,
6.00%, 05/01/2007
1,715,000 Northeast Hospital Authority, 1,799,361
Texas, Northeast Medical Center
Hospital Revenue, FSA,
5.75%, 05/15/2007
7,095,000 District of Columbia Series B, 7,481,607
MBIA, 6.00%, 06/01/2007
2,525,000 Philadelphia, Pennsylvania 2,704,048
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,200,000 Philadelphia, Pennsylvania 1,274,484
Airport Revenue Series B, FGIC,
AMT, 6.00%, 06/15/2007
1,105,000 Delaware Transportation Authority 1,179,853
System Revenue, AMBAC,
6.00%, 07/01/2007
2,030,000 MTA, New York Commuter Facilities 2,183,224
Revenue Series C-1, FGIC,
6.00%, 07/01/2007
2,775,000 Washington Public Power Supply 2,954,765
System Revenue, Nuclear Project
No.1 Series A, AMBAC,
6.00%, 07/01/2007
1,000,000 Cook County, Illinois, MBIA, 1,140,310
7.25%, 11/01/2007
2,115,000 Connecticut State Resource 2,243,909
Recovery Authority,
Mid-Connecticut System Series A,
MBIA, 5.75%, 11/15/2007
1,400,000 Massachusetts Consolidated Loans 1,423,702
Series A, MBIA,
5.00%, 01/01/2008
2,270,000 Clark County Public Utility 2,357,622
District No.1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2008
6 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,465,000 Sangamon County School District $ 1,517,945
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
1,000,000 Berkley City School District, 1,132,490
Michigan, FGIC,
7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport 1,060,270
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.00%, 02/15/2008
1,875,000 Port of Port Arthur Navigation 2,013,787
District, Texas, AMBAC,
6.00%, 03/01/2008
1,095,000 Haverhill, Massachusetts, FGIC, 1,182,600
6.00%, 06/15/2008
735,000 Intermountain Power Agency, Utah 811,433
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008
4,140,000 Metropolitan Washington Airport 4,305,310
Authority, District of Columbia
Revenue Series A, MBIA, AMT,
5.80%, 10/01/2008
1,265,000 Emerald Peoples Utility District, 1,475,091
Oregon, FGIC,
7.35%, 11/01/2008
205,000 Hot Springs, Arkansas Sales & Use 205,006
Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,084,593
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,675,000 Chicago, Illinois O'Hare 1,768,130
International Airport Revenue,
Second Lien-Series C, MBIA,
5.75%, 01/01/2009
2,070,000 North Carolina Eastern Municipal 2,146,279
Power Agency, Power System
Revenue Series B, ACA,
6.125%, 01/01/2009
2,000,000 Richmond, Virginia, FSA 2,059,380
5.25%, 01/15/2009 (Note B, p. 15)
1,000,000 Middlesex County Utilities 1,018,670
Authority, New Jersey Sewer
Revenue Series A, FGIC,
5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,557,351
Commission, Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
2,260,000 District of Columbia Series B, 2,341,676
FSA, 5.50%, 06/01/2009
1,780,000 Massachusetts Port Authority 1,843,528
Revenue Series B, FSA,
5.50%, 07/01/2009
1,530,000 Texas Municipal Power Agency 1,569,321
Revenue, MBIA,
5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,079,220
6.00%, 10/01/2009
4,070,000 Palm Beach County Solid Waste 4,401,664
Authority, Florida Revenue Series A,
AMBAC, 6.00%, 10/01/2009
1,370,000 Indiana Transportation Finance 1,477,203
Authority, Airport Facilities
Lease Revenue Series A, AMBAC,
6.00%, 11/01/2009
5,000,000 Connecticut State Resource 5,174,100
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 1,006,580
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare 1,888,469
International Airport Revenue,
Second Lien-Series C, MBIA,
5.00%, 01/01/2010
1,000,000 Memphis-Shelby County Airport 1,083,150
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.25%, 02/15/2010
1,065,000 Detroit City School District, 1,195,676
Michigan Series A, AMBAC,
6.50%, 05/01/2010
1,000,000 Detroit, Michigan Water Supply 1,039,860
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewage Disposal 2,715,569
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,500,000 Brownsville, Texas Utilities 1,658,610
System Revenue, AMBAC,
6.25%, 09/01/2010
2,065,000 Broward County, Florida Airport 2,100,332
System Revenue Series E, MBIA,
AMT, 5.25%, 10/01/2010
5,000,000 Connecticut State Resource 5,147,050
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
1,000,000 Amarillo Junior College District, 1,002,840
Texas, FGIC,
5.125%, 02/15/2011
2,000,000 Louisiana State Office Facilities 2,065,120
Corp., Lease Revenue, Capitol
Complex Program Series A, MBIA,
5.50%, 03/01/2011
1,915,000 Philadelphia Parking Authority, 1,997,938
Pennsylvania Revenue, FSA,
5.50%, 09/01/2011
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,275,000 Brownsville, Texas Utility System $ 1,402,054
Revenue, AMBAC,
6.25%, 09/01/2011
4,000,000 Richmond, Virginia, FSA, 4,156,520
5.50%, 01/15/2012 (Note B, p. 15)
1,025,000 Goose Creek Independent School 1,009,235
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 999,510
Texas, FGIC, 5.125%, 02/15/2012
1,075,000 Anchorage, Alaska School 1,138,586
Improvement Series B,
FGIC, 5.875%, 12/01/2012
(Note B, p. 15)
3,500,000 Northern Colorado Water 3,828,650
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
2,470,000 Chicago Public Building 2,476,545
Commission, Illinois Revenue,
Chicago Park District Series A,
FGIC, 5.375%, 01/01/2013
2,085,000 New York State Dormitory 2,050,347
Authority Lease Revenue,
Municipal Health Facilities
Improvement Project Series 1,
FSA, 5.125%, 01/15/2013
1,195,000 New York State Dormitory 1,195,837
Authority, Mental Health Services
Facilities Improvement Series D,
MBIA, 5.25%, 02/15/2013
1,035,000 Sacramento Municipal Utility 1,204,957
District, California Series G,
MBIA, 6.50%, 09/01/2013
2,445,000 Sunrise, Florida Utility System 2,530,013
Revenue, AMBAC,
5.50%, 10/01/2013
3,105,000 Clark County, Nevada 3,107,018
Transportation Series A, FGIC,
5.25%, 12/01/2013
2,680,000 Pennsylvania State Turnpike 2,790,845
Commission, Turnpike Revenue
Series M, FGIC,
6.50%, 12/01/2013
1,555,000 Washoe County School District, 1,542,918
Nevada, FGIC,
5.25%, 06/01/2014
2,000,000 Laredo, Texas, FGIC, 1,958,120
5.125%, 08/15/2014
5,815,000 Washington State Health Care 5,707,713
Facilities Authority, Children's
Hospital & Regional Medical
Center, FSA,
5.25%, 10/01/2014
3,370,000 Cypress-Fairbanks Independent 3,289,962
School District, Texas, PSF
Guaranteed, 5.25%, 02/15/2016
10,745,000 Lower Colorado River Authority, 11,155,781
Texas Revenue Series A, FSA,
5.875%, 05/15/2016
2,500,000 King County School District 2,424,550
Number 403 Renton, Washington,
MBIA, 5.25%, 06/01/2016
1,800,000 Magnolia Independent School 1,686,402
District, Texas, PSF Guaranteed,
5.00%, 08/15/2016
1,430,000 District of Columbia Water & Sewer 1,513,226
Authority, Public Utility Revenue,
FSA, 6.00%, 10/01/2016
1,760,000 Clark County, Nevada Series A, 1,981,162
AMBAC, 6.50%, 06/01/2017
3,000,000 Memphis-Shelby County Airport 3,164,160
Authority, Tennessee Revenue
Series D, AMBAC,
6.25%, 03/01/2018
2,865,000 New York State Dormitory 3,055,981
Authority, New York University
Series A, MBIA,
6.00%, 07/01/2018
9,420,000 Illinois Development Finance 8,052,122
Authority, Adventist Health
System Series B, Variable Rate
CPI Bond, MBIA,
5.34%, 01/01/2019
1,005,000 Regional Transportation 1,225,236
Authority, Illinois Series C,
FGIC, 7.75%, 06/01/2020
11,000,000 Metropolitan Atlanta Rapid 10,208,440
Transit Authority, Georgia Sales
Tax Revenue, Second Indenture
Series B, MBIA,
5.10%, 07/01/2020
3,135,000 Illinois State Dedicated Tax 3,395,205
Revenue, AMBAC,
6.25%, 12/15/2020
3,000,000 Arlington Independent School 2,720,550
District, Texas, PSF Guaranteed,
5.00%, 02/15/2021
3,980,000 McGee-Creek Authority, Oklahoma 4,212,034
Water Revenue, MBIA,
6.00%, 01/01/2023
2,315,000 New York State Dormitory Authority 2,079,750
Revenue, Mental Health Services
Facility Improvement Series D, MBIA,
5.00%, 02/15/2023
2,685,000 MTA, New York Dedicated Tax Fund 2,428,368
Series A, FGIC,
5.00%, 04/01/2023
3,455,000 Seguin Independent School 3,134,307
District, Texas, PSF Guaranteed,
5.00%, 04/01/2023
3,440,000 Illinois State, FSA, 3,129,987
5.125%, 04/01/2023
8 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
2,500,000 Crowley Independent School $ 2,322,625
District, Texas, PSF Guaranteed,
5.20%, 08/01/2024
2,000,000 Harris County, Texas Toll Road 1,806,420
Senior Lien, MBIA,
5.00%, 08/15/2024
2,420,000 New York State Energy Research & 2,448,290
Development Authority, Electric
Facilities Revenue, Consolidated
Edison Co. New York Inc. Series A,
MBIA, AMT, 7.50%, 01/01/2026
4,750,000 Delaware Valley Regional Finance 4,619,470
Authority, Pennsylvania Local
Government Revenue Series A,
Variable Rate CPI Bond, AMBAC,
Mandatory Put 07/01/2007,
5.445%, 07/01/2027
--------------
Total Insured (Cost $425,088,158) 429,366,881
--------------
==========================================================================
TAX SUPPORTED: 28.13%
--------------------------------------------------------------------------
State General Obligations: 9.72%
1,755,000 Wisconsin State Series A, 1,749,946
4.00%, 05/01/2001
865,000 District of Columbia Series A, 868,261
5.50%, 06/01/2001
1,030,000 District of Columbia Series B, 1,033,883
5.50%, 06/01/2001
7,865,000 Washington State Series R-96B, 7,932,246
5.50%, 07/01/2001 (Note C, p. 15)
1,000,000 Massachusetts Consolidated Loans 1,015,780
Series D, 6.50%, 07/01/2001
1,015,000 Ohio State, 1,014,249
4.25%, 08/01/2001
5,915,000 Pennsylvania State Second Series, 5,923,754
4.50%, 08/01/2001
14,715,000 Massachusetts Consolidated Loan 14,660,849
Series A, 4.125%, 02/01/2002
(Note C, p. 15)
3,000,000 Connecticut State Series A, 3,070,230
6.10%, 03/15/2002
2,035,000 South Carolina State Highway 2,037,076
Series A, 4.50%, 05/01/2002
5,600,000 Utah State, 5,698,000
5.50%, 07/01/2002
4,065,000 New Jersey State Series E, 4,139,105
5.50%, 07/15/2002
1,800,000 Illinois State First Series, 1,836,684
5.50%, 01/01/2003
2,635,000 South Carolina State School 2,707,120
Facility Series A, State Aid
Withholding, 5.75%, 01/01/2003
1,090,000 California State, 1,157,362
7.00%, 03/01/2003
2,030,000 Florida State Board of Education 2,081,217
Capital Outlay, Public Education
Series E, 5.50%, 06/01/2003
2,950,000 Alabama State Series A, 3,030,033
5.50%, 10/01/2003
2,300,000 California State, 2,495,569
7.00%, 03/01/2004
1,370,000 Wisconsin State Series A, 1,422,704
5.75%, 05/01/2004
1,165,000 California State, 1,272,378
7.10%, 05/01/2004
1,390,000 Georgia State Series E, 1,459,486
6.00%, 07/01/2004
2,400,000 New Jersey State, 2,563,248
6.50%, 07/15/2004
9,915,000 Maryland State, State and Local 10,133,427
Facilities Loan First Series,
5.125%, 08/01/2004
1,365,000 Ohio State, 1,457,370
6.50%, 08/01/2004
1,760,000 Texas State Series A, 1,840,133
5.80%, 10/01/2004
1,190,000 Connecticut State Series D, 1,250,178
5.50%, 12/01/2007
1,940,000 Hawaii State Series CC, 1,966,462
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,392,535
5.25%, 02/01/2008
2,600,000 Georgia State Series A, 2,843,438
6.25%, 04/01/2008
1,000,000 California State, 1,175,150
7.20%, 05/01/2008
1,670,000 Georgia State Series D, 1,880,620
6.70%, 08/01/2008
1,000,000 South Carolina State Series A, 1,010,880
5.00%, 03/01/2009
1,110,000 New Jersey State, 1,166,077
5.50%, 02/01/2010
2,225,000 Massachusetts Bay Transportation 2,369,536
Authority Series A,
5.75%, 03/01/2010
1,490,000 Georgia State Series C, 1,650,160
6.25%, 08/01/2010
2,785,000 Massachusetts Consolidated Loan 2,842,677
Series C, 5.25%, 08/01/2011
3,775,000 Massachusetts Bay Transportation 3,920,753
Authority Series A,
5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,086,090
6.00%, 03/01/2012
990,000 Florida State Board of Education 1,320,512
Capital Outlay,
9.125%, 06/01/2014
2,875,000 Texas State Water, 2,701,522
5.25%, 08/01/2021
--------------
Total State General Obligations
(Cost $115,364,535) 117,176,700
--------------
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
Local General Obligations: 8.76%
2,960,000 Winston-Salem, North Carolina, $ 3,044,834
8.875%, 06/01/2001
1,700,000 Phoenix, Arizona Series A, 1,699,660
4.25%, 07/01/2001
2,495,000 Baltimore County, Maryland 2,498,992
Consolidated Public Improvement,
4.50%, 07/01/2001
7,640,000 Pima County Community College 7,652,835
District, Arizona Project of 1995
Series B, 4.50%, 07/01/2001
1,195,000 Stamford, Connecticut Series A, 1,191,654
4.00%, 08/01/2001
1,700,000 Monmouth County Improvement 1,702,278
Authority, New Jersey Revenue,
Capital Equipment Pooled Lease,
4.50%, 10/01/2001
1,450,000 Avondale School District, 1,530,127
Michigan School Bond Loan Fund,
8.25%, 05/01/2002
2,160,000 Montgomery County, Maryland, 2,292,732
8.60%, 05/01/2002
3,125,000 Anne Arundel County, Maryland, 3,139,313
4.75%, 05/15/2002
5,200,000 Houston Independent School 5,243,680
District, Texas Public Property
Finance Contractual Obligation,
5.00%, 07/15/2002
2,885,000 Seattle, Washington Series B, 2,915,379
5.00%, 12/01/2002
3,965,000 Charlotte, North Carolina, 4,015,038
5.00%, 02/01/2003
2,000,000 New York City Series G, 2,048,280
5.70%, 02/01/2003
1,375,000 Philadelphia Authority for 1,383,415
Industrial Development,
Pennsylvania, Gallery II Garage
Project, 6.125%, 02/15/2003
1,205,000 Shelby County, Tennessee, 1,219,050
Series B, 5.00%, 04/01/2003
(Note B, p. 15)
2,300,000 Fairfax County, Virginia Public 2,346,092
Improvement Series A,
5.25%, 06/01/2003
4,575,000 Houston Independent School 4,662,199
District, Texas Public Property
Finance Contractual Obligation,
5.25%, 07/15/2003
2,820,000 Pennsylvania Convention & 2,882,378
Exhibition Center Authority
Revenue Series A,
6.25%, 09/01/2004
3,660,000 New York City Series I, 3,926,045
6.25%, 04/15/2006
1,455,000 Montgomery County, Maryland 1,539,987
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,713,703
5.50%, 05/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,816,133
6.00%, 10/01/2007
1,650,000 Washington Suburban Sanitation 1,717,914
District, Maryland Second Series,
6.40%, 01/01/2008
8,660,000 New York City Series F, 8,876,413
5.375%, 08/01/2009
1,020,000 Indianapolis Local Public 1,023,652
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,170,000 Austin, Texas Public Improvement, 1,236,713
5.75%, 09/01/2010
1,190,000 Roanoke, Virginia, 1,188,965
5.00%, 02/01/2011
1,300,000 Forsyth County, North Carolina, 1,248,312
4.75%, 02/01/2013
7,780,000 New York City Series I, 8,052,067
5.875%, 03/15/2013
2,105,000 Shelby County, Tennessee, Public 2,153,920
Improvement Series A,
5.625%, 04/01/2014 (Note B, p. 15)
1,400,000 Travis County, Texas, 1,328,222
5.00%, 03/01/2015
1,000,000 Harris County, Texas Toll Road, 941,780
5.125%, 08/15/2017
2,665,000 Dyer Redevelopment Authority, 2,726,695
Indiana Economic Development
Lease, 6.55%, 07/15/2020
6,735,000 Du Page County, Illinois Jail 6,775,006
Project, 5.60%, 01/01/2021
1,920,000 Du Page County, Illinois 1,931,405
Stormwater Project,
5.60%, 01/01/2021
--------------
Total Local General Obligations
(Cost $103,588,862) 105,664,868
--------------
Tax Lease: 4.80%
2,475,000 New York State Urban Development 2,478,836
Corp. Correctional Facilities,
5.10%, 01/01/2001
1,230,000 Indiana State Office Building 1,233,395
Commission Facilities Revenue,
Miami Correctional Phase 1 Series A,
4.75%, 07/01/2001
3,800,000 MTA, New York Commuter Facilities 3,822,002
Service Contract Series O,
5.25%, 07/01/2001
3,715,000 Virginia Public School Authority 3,815,231
Series A, 5.50%, 08/01/2003
8,125,000 Virginia College Building 8,429,769
Authority, Educational Facilities
Revenue, 21st Century College
Program, 5.75%, 02/01/2004
10 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
3,380,000 Virginia Public School Authority $ 3,493,737
Series A, 5.50%, 08/01/2004
3,340,000 Michigan State Building Authority 3,570,259
Revenue Series I,
6.50%, 10/01/2004
1,315,000 New York State Urban Development 1,376,332
Corp. Correctional Facilities
Series 5, 6.00%, 01/01/2005
1,680,000 Virginia College Building 1,765,041
Authority, Educational Facilities
Revenue, 21st Century College
Program, 5.875%, 02/01/2005
1,430,000 New Jersey State Certificates of 1,481,723
Participation Series A,
6.40%, 04/01/2005
2,000,000 New York State Dormitory 2,062,220
Authority, State University
Series A, 5.50%, 05/15/2005
1,005,000 New York State Dormitory 1,044,165
Authority, City University
Series A, 5.70%, 07/01/2005
1,005,000 New York State Dormitory 1,044,165
Authority, City University
Series C, 5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,042,030
Participation, City University,
John Jay College,
5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,762,536
Facilities Financing Authority,
Mental Health Services Series A,
5.35%, 02/15/2006
1,000,000 New York State Dormitory 1,081,710
Authority, State University
Series A, 6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,533,447
Authority, State University
Series A, 5.50%, 05/15/2007
2,285,000 New Jersey Building Authority, 2,452,445
State Building Revenue,
6.00%, 06/15/2007
1,000,000 New York State Dormitory 1,047,050
Authority, City University Series A,
5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 3,790,610
Education Facilities Authority,
Pennsylvania Revenue,
5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,292,200
Commission, Illinois,
7.25%, 11/01/2007
4,045,000 Philadelphia Hospitals & Higher 3,966,608
Education Facilities Authority,
Pennsylvania Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory 1,336,371
Authority, City University
Series A, 5.75%, 07/01/2013
1,000,000 Sacramento City Finance 995,100
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
--------------
Total Tax Lease (Cost $56,847,922) 57,916,982
--------------
Special Tax: 4.03%
2,050,000 Detroit Local Development Finance 2,043,543
Authority, Michigan Subordinated
Tax Increment Series A,
4.40%, 05/01/2001
1,235,000 New Jersey State Transportation 1,240,743
Trust Fund Authority,
Transportation Systems Series B,
5.00%, 06/15/2001
4,685,000 Virginia Public Building 4,733,302
Authority, Building Revenue
Series B, 5.60%, 08/01/2001
1,170,000 Tulsa County Criminal Justice 1,186,064
Authority, Oklahoma Sales Tax
Revenue, 5.50%, 03/01/2002
2,150,000 Illinois State Sales Tax Revenue, 2,215,726
5.75%, 06/15/2003
250,000 Metropolitan Pier & Exposition 258,585
Authority, Illinois Dedicated
State Tax Revenue Series A,
5.90%, 06/15/2003
4,500,000 Wisconsin State Transportation 4,560,840
Revenue Series A,
5.30%, 07/01/2003
9,315,000 New Mexico State Severance Tax, 9,556,911
5.50%, 07/01/2003
2,500,000 MAC New York Series E, 2,594,850
6.00%, 07/01/2003
1,500,000 Michigan State Comprehensive 1,555,755
Transportation Series B,
5.75%, 05/15/2004
6,100,000 MAC New York Series J, 6,404,939
6.00%, 07/01/2004
1,500,000 Connecticut State Special Tax 1,600,305
Obligation Revenue Series B,
6.00%, 09/01/2006
1,095,000 Connecticut State Special Tax 1,126,875
Obligation Revenue Series A,
5.25%, 09/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,156,141
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,091,570
Obligation Series B,
6.15%, 09/01/2009
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,005,000 New Jersey State Transportation $ 1,050,235
Trust Fund Authority,
Transportation System Series A,
5.50%, 06/15/2010
1,245,000 District of Columbia 1,252,420
Redevelopment Land Agency,
Sports Arena Special Tax,
5.625%, 11/01/2010
3,225,000 Illinois State Sales Tax Revenue 3,475,099
Series Q, 6.00%, 06/15/2012
1,475,000 New Jersey State Transportation 1,439,939
Trust Fund Authority,
Transportation System Series A,
5.125%, 06/15/2015
--------------
Total Special Tax (Cost $47,928,285) 48,543,842
--------------
Miscellaneous Tax: 0.82%
4,145,000 Puerto Rico Municipal Finance 4,165,352
Agency Series B,
5.00%, 08/01/2001
5,325,000 Indianapolis Local Public 5,645,565
Improvement Bond Bank, Indiana
Series B, 6.00%, 01/10/2013
--------------
Total Miscellaneous Tax (Cost $9,369,294) 9,810,917
--------------
Total Tax Supported (Cost $333,098,898) 339,113,309
--------------
==========================================================================
REVENUE: 15.88%
--------------------------------------------------------------------------
Airport Revenue: 0.84%
3,025,000 Denver City & County, Colorado 3,109,761
Airport Revenue Series D, AMT,
7.40%, 11/15/2001
1,500,000 Denver City & County, Colorado 1,590,405
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 881,816
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
975,000 Denver City & County, Colorado 1,033,695
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare 2,491,762
International Airport Revenue
Senior Lien Series A,
5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 964,300
Revenue Series B, AMT,
5.00%, 07/01/2013
--------------
Total Airport Revenue (Cost $9,818,151) 10,071,739
--------------
Electric Revenue: 2.09%
4,600,000 Long Island Power Authority, New 4,595,814
York Electric System General
Revenue Series A,
4.10%, 12/01/2000
5,395,000 Pittsylvania County Industrial 5,535,972
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
5,000,000 North Carolina Eastern Municipal 5,138,550
Power Agency, Power System
Revenue Series B,
6.00%, 01/01/2005
3,500,000 Washington Public Power Supply 3,634,855
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
(Note C, p. 15)
3,730,000 North Carolina Eastern Municipal 3,859,953
Power Agency, Power System
Revenue Series B,
6.125%, 01/01/2009
630,000 North Carolina Eastern Municipal 651,382
Power Agency, Power System
Revenue Series D,
6.45%, 01/01/2014
1,880,000 North Carolina Eastern Municipal 1,761,579
Power Agency, Power System
Revenue Series B,
5.70%, 01/01/2017
--------------
Total Electric Revenue (Cost $24,918,931) 25,178,105
--------------
Health Care Revenue: 3.26%
1,410,000 Connecticut State Health & 1,411,311
Educational Facilities Authority
Revenue, Hospital for Special
Care Issue B, 5.25%, 07/01/2001
1,180,000 Illinois Development Finance 1,178,336
Authority Revenue, Community
Rehabilitation Providers Series A,
5.60%, 07/01/2002
1,000,000 Iowa Finance Authority Hospital 1,021,440
Facility Revenue, Iowa Health System,
6.25%, 02/15/2004
1,200,000 Oklahoma Development Finance 1,073,160
Authority Revenue, Hillcrest
Healthcare System Series A,
4.70%, 08/15/2005
1,905,000 Connecticut State Health and 1,813,484
Educational Facility Authority
Revenue, Hospital for Special
Care Issue B,
5.125%, 07/01/2007
7,120,000 Boston, Massachusetts City 7,197,038
Hospital Revenue Series B, FHA,
5.75%, 02/15/2008
1,000,000 Oklahoma Development Finance 819,200
Authority Revenue, Hillcrest
Healthcare System Series A,
5.00%, 08/15/2009
12 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
2,750,000 Cuyahoga County, Ohio Hospital $ 2,768,370
Facilities Revenue, Canton
Incorporated Project,
6.75%, 01/01/2010
4,210,000 Kentucky Economic Development 4,174,383
Finance Authority Revenue,
Norton Healthcare Incorporated
Series A, 6.125%, 10/01/2010
3,215,000 Chattanooga Health, Educational & 3,186,837
Housing Facility Board, Tennessee
Revenue, Catholic Health
Initiatives Series A,
5.375%, 12/01/2011
1,240,000 Kentucky Economic Development 1,231,184
Finance Authority Revenue,
Catholic Health Initiatives
Series A, 5.375%, 12/01/2011
2,240,000 Oklahoma Development Finance 1,813,101
Authority Revenue, Hillcrest
Healthcare System Series A,
5.75%, 08/15/2013
5,015,000 Montgomery County, Ohio Hospital 5,052,412
Revenue, Kettering Medical Center,
6.75%, 04/01/2018
2,540,000 Arizona Health Facilities 2,562,327
Authority Revenue, Catholic
Healthcare West Series A,
6.625%, 07/01/2020
1,120,000 Henderson, Nevada Health Care 1,117,424
Facility Revenue, Catholic
Healthcare West Series A,
6.75%, 07/01/2020
3,000,000 Allegheny County Hospital 2,848,770
Development Authority, Pennsylvania
Revenue, West Pennsylvania
Health System Series B,
9.25%, 11/15/2022
--------------
Total Health Care Revenue (Cost $39,516,318) 39,268,777
--------------
Higher Education Revenue: 0.58%
1,260,000 University of Nebraska Facilities 1,266,552
Corp., Deferred Maintenance
Project, 5.00%, 07/15/2001
1,225,000 University of Maryland Auxiliary 1,217,809
System Facility & Tuition Revenue
Series A, 4.00%, 10/01/2001
1,415,000 Virginia Polytechnic Institute & 1,456,219
State University Revenue Series A,
5.25%, 06/01/2008
2,820,000 Massachusetts Health & 3,103,156
Educational Facilities Authority
Revenue, Harvard University
Series N, 6.25%, 04/01/2020
--------------
Total Higher Education Revenue
(Cost $6,851,487) 7,043,736
--------------
Toll Revenue: 0.08%
1,000,000 Triborough Bridge & Tunnel 989,760
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
--------------
Total Toll Revenue (Cost $957,175) 989,760
--------------
Water/Sewer Revenue: 2.80%
3,750,000 Sabine River Authority, Texas 3,748,950
Water Supply Facilities Revenue,
Lake Fork Project,
4.40%, 12/01/2001
1,560,000 Orlando, Florida Waste Water 1,495,806
System Revenue Series A,
Variable Rate CPI Bond,
5.78%, 10/01/2003
1,900,000 Orlando, Florida Waste Water 1,796,545
System Revenue Series A,
Variable Rate CPI Bond,
5.80%, 10/01/2004
2,050,000 Orlando, Florida Waste Water 1,914,064
System Revenue Series A,
Variable Rate CPI Bond,
5.82%, 10/01/2005
2,165,000 Orlando, Florida Waste Water 1,995,307
System Revenue Series A,
Variable Rate CPI Bond,
5.84%, 10/01/2006
1,790,000 Orlando, Florida Waste Water 1,627,486
System Revenue Series A,
Variable Rate CPI Bond,
5.86%, 10/01/2007
2,220,000 Texas State Water Development 2,283,914
Board Revenue, Revolving Senior
Lien Series A,
5.50%, 07/15/2010
1,130,000 Michigan Municipal Bond Authority 1,179,584
Revenue, Clean Water Revolving
Fund, 5.625%, 10/01/2011
1,525,000 Arizona Water Infrastructure 1,621,487
Finance Authority Revenue, Water
Quality Series A,
5.75%, 10/01/2011
3,620,000 Dallas, Texas Waterworks & Sewer 3,518,930
System Revenue,
5.00%, 10/01/2013
55,000 Massachusetts Water Pollution 55,050
Abatement Trust Series B,
5.25%, 08/01/2014
3,745,000 Michigan Municipal Bond Authority 3,877,348
Revenue, Clean Water Revolving
Fund, 5.75%, 10/01/2014
5,895,000 Orlando, Florida Waste Water 5,359,793
System Revenue Series A,
Variable Rate CPI Bond, Mandatory
Put 10/01/2007, 5.86%, 10/01/2015
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
3,460,000 Massachusetts Water Pollution $ 3,347,412
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2016
--------------
Total Water/Sewer Revenue (Cost $33,788,456) 33,821,676
--------------
Miscellaneous Revenue: 5.12%
1,000,000 Massachusetts Industrial Finance 999,110
Agency Resources Recovery
Revenue, Ogden-Haverhill
Series A, 4.35%, 12/01/2000
1,800,000 Northeast Maryland Waste Disposal 1,812,096
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
5,448,462 Tax Exempt Private Municipal 5,445,901
Trust, Rule 144A, Series 1996-1
Class A-4, 4.60%, 11/06/2001
3,600,000 East Chicago, Indiana Bond 3,598,848
Anticipation Notes,
5.25%, 01/01/2002
3,775,000 Northeast Maryland Waste Disposal 3,823,961
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
15,000,000 Municipal Tax Exempt Trust, 14,678,700
Certificate Class A-3, MBIA,
3.85%, 04/07/2003
10,600,000 Mississippi State Highway 10,717,554
Revenue, Four Lane Highway
Program Series 39,
5.00%, 06/01/2003
13,815,025 Municipal Tax Exempt Trust, 13,790,020
Certificate Class A-1,
4.70%, 10/06/2003
2,575,000 Massachusetts Bay Transportation 2,640,946
Authority, General Transportation
System Series A, State
Guaranteed, 5.30%, 03/01/2004
2,420,000 New York Convention Center 2,457,050
Operating Corp., New York
Certificates of Participation,
Yale Building Acquisition Project,
6.50%, 12/01/2004
1,700,000 Mashantucket Western Pequot 1,708,534
Tribe, Connecticut Special
Revenue, Sub 144A Series B,
5.55%, 09/01/2008
--------------
Total Miscellaneous Revenue
(Cost $61,886,202) 61,672,720
--------------
Industrial Development/Pollution
Control Revenue: 1.11%
6,100,000 Springfield, Illinois Airport 5,762,182
Authority, Garrett Aviation
Services Project,
4.40%, 02/01/2008
3,820,000 Gulf Coast Waste Disposal 3,971,157
Authority, Texas Revenue,
Champion International Corp., AMT,
7.45%, 05/01/2026
3,675,000 Dallas-Fort Worth, Texas 3,687,054
International Airport Facility
Improvement Corp. Revenue,
5.95%, 05/01/2029
--------------
Total Industrial Development/Pollution
Control Revenue (Cost $13,532,660) 13,420,393
--------------
Total Revenue (Cost $191,269,380) 191,466,906
--------------
==========================================================================
ASSET-BACKED SECURITIES: 1.67%
--------------------------------------------------------------------------
Housing: 1.18%
955,000 Texas State Department of Housing 957,407
& Community Affairs, Single
Family Revenue Series E,
4.80%, 09/01/2001
820,000 Wisconsin Housing & Economic 852,242
Development Authority Home
Ownership Revenue Series B,
7.10%, 09/01/2015
1,830,000 Alabama Housing Finance 1,853,113
Authority, Single Family Mortgage
Revenue Series A, GNMA,
7.60%, 10/01/2022
2,195,000 Sedgwick & Shawnee Counties, 2,341,780
Kansas Single Family Revenue,
GNMA Mortgage Backed Securities
Program Series A-1, AMT,
6.50%, 12/01/2022
1,940,000 Jefferson Parish, Louisiana Home 1,942,405
Mortgage Revenue, FNMA & GNMA
Mortgage Backed Securities Series
C-1, AMT, 5.40%, 12/01/2024
2,310,000 District of Columbia Housing 2,348,623
Finance Agency, Single Family
FNMA & GNMA Mortgage Revenue
Series A, AMT, 6.25%, 12/01/2028
935,000 Oklahoma Housing Finance Agency, 970,156
Single Family Redevelopment,
Mortgage Homeownership Loan
Series B-2, AMT,
6.55%, 03/01/2029
1,835,000 Missouri State Housing 1,910,015
Development Commission FNMA &
GNMA Mortgage Revenue, Single
Family Series B-2, AMT,
6.40%, 09/01/2029
1,000,000 Chicago, Illinois Single Family 1,038,620
Mortgage Revenue Series A, FNMA,
GNMA, 6.35%, 10/01/2030
--------------
Total Housing (Cost $14,504,818) 14,214,361
--------------
14 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
Student Loan: 0.49%
1,265,000 Brazos Higher Education Authority $ 1,267,378
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,421,188
Authority Series A-1, AMT,
5.95%, 06/01/2001
1,200,000 South Carolina State Education 1,257,072
Assistance Authority Revenue,
Guaranteed Student Loans,
6.625%, 09/01/2006
--------------
Total Student Loan (Cost $5,925,239) 5,945,638
--------------
Total Asset-Backed Securities
(Cost $20,430,057) 20,159,999
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $1,184,181,474) 99.40% $1,198,493,853
(Note D, below)
Cash and Other Assets, Less Liabilities 0.60 7,287,584
------- --------------
Net Assets (Equivalent to $13.50
per share based on 89,305,841
shares of capital stock outstanding) 100.00% $1,205,781,437
======= ==============
--------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
ACA-ACA Financial Guaranty Corporation
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
PSF Guaranteed-(Texas) Permanent School Funds
PUF Guaranteed-(Texas) Permanent University Funds
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
FHA-Federal Housing Administration
FNMA-Federal National Mortgage Association
GNMA-Government National Mortgage Association
(B) When-issued security
(C) Represents entire or partial position segregated as collateral
for when-issued securities
(D) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax.
(E) Allocation of Portfolio net assets at September 30, 2000:
Alabama 0.55%
Alaska 0.18
Arizona 4.55
Arkansas 0.30
California 0.69
Colorado 1.87
Connecticut 3.22
Delaware 0.10
Florida 3.33
Georgia 3.20
Hawaii 0.68
Illinois 8.65
Indiana 1.56
Iowa 0.08
Kansas 0.29
Kentucky 0.86
Louisiana 0.42
Maryland 2.69
Massachusetts 5.89
Michigan 2.07
Mississippi 0.89
Missouri 0.95
Nebraska 0.27
Nevada 0.64
New Jersey 3.82
New Mexico 0.79
New York 8.75
North Carolina 2.17
Ohio 3.32
Oklahoma 0.98
Oregon 1.26
Pennsylvania 5.22
Rhode Island 1.26
South Carolina 0.98
Tennessee 1.20
Texas 12.03
Utah 0.74
Virginia 3.42
Washington 3.50
Wisconsin 0.71
District of Columbia 2.16
Puerto Rico 0.35
Tax-Exempt Private Municipal Trust 2.81
Cash and Other Assets, Less Liabilities 0.60
------
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
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 2.08%
--------------------------------------------------------------------------
3,100,000 Orange County Water District, $ 3,100,000
California Certificates of
Participation, Daily Floater,
Putable Daily,
4.50%, 08/15/2015
6,300,000 California Housing Finance Agency 6,300,000
Revenue, Multifamily Housing
Series A, AMT, Daily Floater,
Putable Daily, 4.55%, 02/01/2026
--------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $9,400,000) 9,400,000
--------------
==========================================================================
U.S. GOVERNMENT AGENCIES: 8.93%
--------------------------------------------------------------------------
20,000,000 Federal Home Loan Bank, 20,138,400
7.125%, 11/15/2001
20,000,000 Federal Farm Credit Bank, 20,093,760
6.75%, 09/03/2002
--------------
Total U.S. Government Agencies
(Cost $40,150,136) 40,232,160
--------------
==========================================================================
PREREFUNDED/ESCROWED: 30.62%
--------------------------------------------------------------------------
1,865,000 Colton Redevelopment Agency, 1,922,927
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
55,000 Denver City & County, Colorado 58,578
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
1,220,000 District of Columbia Series A, 1,242,424
5.90%, 06/01/2002,
Escrowed to Maturity
9,400,000 Puerto Rico Commonwealth, AMBAC, 9,793,202
5.85%, 07/01/2015,
Prerefunded 07/01/2002 @101.50
24,530,000 Los Angeles County Transportation 25,752,575
Commission, California Sales Tax
Revenue Series A, MBIA,
6.00%, 07/01/2023,
Prerefunded 07/01/2002 @102
12,160,000 Los Angeles County Transportation 12,816,640
Commission, California Sales Tax
Revenue Proposition C
Second Series A, MBIA,
6.25%, 07/01/2013,
Prerefunded 07/01/2002 @102
1,240,000 Puerto Rico Commonwealth Public 1,311,449
Improvement, 6.80%, 07/01/2021,
Prerefunded 07/01/2002 @101.50
1,010,000 University of California Revenue, 1,065,439
Multi-Purpose Projects Series D,
MBIA, 6.125%, 09/01/2011,
Prerefunded 09/01/2002 @102
2,295,000 University of California Revenue, 2,426,182
Multi-Purpose Projects Series D,
MBIA, 6.25%, 09/01/2012,
Prerefunded 09/01/2002 @102
9,940,000 University of California Multi-Purpose 10,621,089
Revenue, MBIA, 6.875%, 09/01/2016,
Prerefunded 09/01/2002 @102
3,880,000 Lake Elsinore, California Improvement 4,275,256
Bond Act of 1915, Assessment District
93-1, Cottonwood Series B,
8.25%, 09/02/2024,
Prerefunded 09/02/2002 @103
30,760,000 Guam Power Authority Revenue 32,536,082
Series A, 6.30%, 10/01/2022,
Prerefunded 10/01/2002 @102
3,000,000 Central Coast Water Authority, 3,190,500
California State Regional Facilities
Water Project Revenue,
AMBAC, 6.50%, 10/01/2014,
Prerefunded 10/01/2002 @102
1,220,000 Virgin Islands Public Financing 1,312,354
Authority Revenue, Matching Fund
Loan Notes Series A,
7.25%, 10/01/2018,
Prerefunded 10/01/2002 @102
13,950,000 San Joaquin Hills Transportation 14,965,839
Corridor Agency, California Toll
Road Revenue Senior Lien,
6.75%, 01/01/2032,
Prerefunded 01/01/2003 @102
3,160,000 Sacramento School Insurance 3,205,125
Authority, California Revenue
Liability Program Series D,
5.70%, 06/01/2003,
Escrowed to Maturity
400,000 Pomona Public Financing 422,284
Authority, California, Southwest
Pomona Revenue Series L,
5.50%, 02/01/2008,
Prerefunded 02/01/2004 @102
3,955,000 Imperial Irrigation District, 4,285,717
California Certificates of
Participation, Electric System
Project, MBIA, 6.00%, 11/01/2015,
Prerefunded 11/01/2004 @102
1,300,000 Burbank Redevelopment Agency, 1,394,887
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
*See Note 1, page 26 in Notes to Financial Statements.
16 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,520,000 Corona, California Certificates $ 1,788,736
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
920,000 Northern California Power Agency, 1,008,366
Public Power Revenue Series A,
AMBAC, 5.80%, 07/01/2009,
Escrowed to Maturity
1,000,000 Kern High School District, 1,182,100
California, 7.10%, 08/01/2011,
Escrowed to Maturity
1,000,000 Pittsburg Redevelopment Agency, 1,433,240
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
--------------
Total Prerefunded/Escrowed
(Cost $137,385,056) 138,010,991
--------------
==========================================================================
INSURED: 27.95%
--------------------------------------------------------------------------
3,715,000 California Rural Home Mortgage 3,731,235
Finance Authority, Rural Lease
Pass Through Obligation Revenue
Series A, MBIA, 4.45%, 08/01/2001
1,000,000 California Community Colleges 1,002,410
Financing Authority, Lease Revenue
Series A, MBIA, 4.00%, 10/01/2001
1,000,000 California Health Facilities 1,012,930
Financing Authority, Stanford
Health Care Series B, AMBAC,
5.00%, 11/15/2001
1,000,000 Orange County, California 1,023,230
Certificates of Participation
Series A, MBIA,
5.50%, 07/01/2002
1,280,000 Puerto Rico Commonwealth Public 1,309,312
Improvement Series B, AMBAC,
5.50%, 07/01/2002
1,000,000 California Health Facilities 1,015,040
Financing Authority, Sutter
Health Series C, FSA,
5.00%, 08/15/2002
1,085,000 Los Angeles County Metropolitan 1,189,138
Transportation Authority,
California Sales Tax Revenue,
Proposition C Second Series B,
AMBAC, 8.00%, 07/01/2003
4,520,000 South Orange County Public 5,333,238
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
7.50%, 08/15/2007
2,360,000 San Diego County Regional 2,489,918
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC,
5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,176,608
Revenue, MBIA, AMT,
6.00%, 05/15/2008
1,000,000 Riverside, California Sewer 1,168,310
Revenue, FGIC, 7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,788,867
California Certificates of
Participation, Water System
Improvement Project Series A,
MBIA, 7.25%, 08/01/2008
2,825,000 San Francisco City & County 2,976,109
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2009
1,050,000 Los Angeles Department of 1,104,947
Airports, California Airport
Revenue Series A, FGIC,
5.50%, 05/15/2009
1,000,000 Redding Joint Powers Financing 1,125,800
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
1,815,000 Northern California Power Agency, 1,993,469
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public 1,376,023
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
8.00%, 08/15/2009
2,000,000 Los Angeles, California 2,084,980
Wastewater System Revenue
Series D, FGIC, 5.375%, 11/01/2009
600,000 Los Angeles Department of 634,668
Airports, California Airport
Revenue, FGIC, AMT,
5.80%, 05/15/2010
3,000,000 Riverside, California Sewer 3,110,640
Revenue, FGIC, 5.00%, 08/01/2010
1,375,000 Sacramento County, California 1,409,732
Certificates of Participation,
Public Facilities Project, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,134,000
California Series A, MBIA,
6.30%, 02/01/2011
2,145,000 San Francisco City & County 2,209,243
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.45%, 05/01/2012
1,000,000 Los Angeles County Metropolitan 1,026,020
Transportation Authority,
California Sales Tax Revenue
Series B, AMBAC, 5.30%, 07/01/2012
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,000,000 University of California Revenue $ 1,007,310
Series C, AMBAC,
5.00%, 09/01/2013
1,195,000 Culver City Redevelopment Finance 1,274,778
Authority, California Tax
Allocation, AMBAC,
5.50%, 11/01/2014
1,730,000 San Mateo County Joint Powers 1,724,499
Financing Authority, California
Capital Projects Lease Revenue
Series A, FSA,
5.00%, 07/15/2015
1,000,000 San Jose Redevelopment Agency, 1,110,410
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
1,135,000 Beverly Hills Public Financing 1,136,203
Authority, California Lease
Revenue Series A, MBIA,
5.125%, 06/01/2016
2,860,000 Burbank, California Public 2,863,032
Service Department Electric
Revenue, FSA,
5.125%, 06/01/2016
1,430,000 San Mateo County Transportation 1,503,716
District, California Series A,
MBIA, 5.50%, 06/01/2016
1,000,000 Tustin Unified School District, 988,070
Community Facilities District No.
88-1, California Special Tax, FSA,
5.00%, 09/01/2016
1,920,000 Alameda Corridor Transportation 1,922,381
Authority, California Revenue
Senior Lien Series A, MBIA,
5.125%, 10/01/2016
5,225,000 California State Public Works 5,478,830
Board Lease Revenue, Department
of Health Services Series A, MBIA,
5.75%, 11/01/2016
2,645,000 Northern California Power Agency 2,591,915
Public Power Revenue,
Hydroelectric Project No. 1
Series A, MBIA,
5.00%, 07/01/2017
1,000,000 California Special Districts 1,047,050
Association Finance Corp.,
Certificates of Participation
Series Z, FSA,
5.50%, 08/01/2017
3,130,000 Long Beach Bond Finance 3,066,837
Authority, California Lease
Revenue, Civic Center Project
Series A, MBIA,
5.00%, 10/01/2017
6,390,000 Santa Clara County Financing 6,260,155
Authority, California Lease
Revenue Series A, AMBAC,
5.00%, 11/15/2017
3,800,000 San Francisco City & County 3,616,270
Airport Commission, California
International Airport Revenue
Second Series 15A, FSA, AMT,
5.00%, 05/01/2018
2,070,000 Beverly Hills Public Financing 2,042,655
Authority, California Lease
Revenue Series A, MBIA,
5.125%, 06/01/2018
4,000,000 San Diego, California 3,889,360
Certificates of Undivided
Interest, Water Utility Fund
System Revenue, FGIC,
5.00%, 08/01/2018
1,000,000 Los Angeles Convention & 1,003,530
Exhibition Center Authority,
California Lease Revenue Series A,
MBIA, 5.375%, 08/15/2018
2,075,000 Anaheim Public Financing 2,017,419
Authority, California Electric
System Revenue Distribution
Facilities, MBIA, 5.00%, 10/01/2018
1,500,000 Imperial Irrigation District, 1,458,210
California Electric System
Revenue, MBIA, 5.00%, 11/01/2018
2,630,000 California State Public Works 2,547,891
Board Lease Revenue, Department
of Corrections, State Prison
Series A, AMBAC,
5.00%, 12/01/2019
2,050,000 Pasadena Unified School District, 1,955,802
California Series B, FGIC,
5.00%, 07/01/2020
6,340,000 University of California Revenue, 6,173,829
Multi-Purpose Projects Series E,
MBIA, 5.125%, 09/01/2020
1,100,000 Mammoth Unified School District, 335,093
California Capital Appreciation,
MBIA, 0.00%, 08/01/2021
1,000,000 Mammoth Unified School District, 284,700
California Capital Appreciation,
MBIA, 0.00%, 08/01/2022
3,020,000 California State University 2,946,916
Headquarters Building Authority
Lease Revenue Series B, MBIA,
5.25%, 09/01/2022
4,230,000 Los Angeles County Metropolitan 3,962,283
Transportation Authority,
California Sales Tax Revenue
Proposition C Second Series A,
AMBAC, 5.00%, 07/01/2023
18 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
6,985,000 Los Angeles Unified School $ 6,542,919
District, California Series B,
FGIC, 5.00%, 07/01/2023
3,450,000 San Francisco City & County 3,223,508
Airport Commission, California
International Airport Revenue
Second Series 16B, FSA,
5.00%, 05/01/2024
1,000,000 California State, MBIA, 937,750
5.00%, 08/01/2024
1,675,000 California Housing Financing 1,670,411
Agency Revenue, Home Mortgage
Series I, MBIA, AMT,
4.95%, 08/01/2028
7,885,000 California Housing Finance 1,914,478
Agency, Home Mortgage Revenue
Series B, MBIA, AMT,
0.00%, 08/01/2029
2,255,000 California Housing Finance 2,074,194
Agency, Home Mortgage Revenue
Series N, FSA, AMT,
5.25%, 08/01/2029
--------------
Total Insured (Cost $120,873,346) 125,998,271
--------------
==========================================================================
TAX SUPPORTED: 13.59%
--------------------------------------------------------------------------
State General Obligations: 2.91%
1,260,000 Puerto Rico Commonwealth, 1,266,930
5.00%, 07/01/2001
1,935,000 California State, 2,037,865
7.10%, 09/01/2002
2,890,000 California State, 3,081,607
6.10%, 09/01/2004
2,500,000 California State, 2,709,200
6.20%, 09/01/2005
4,285,000 California State, 4,002,018
5.00%, 10/01/2023
--------------
Total State General Obligations
(Cost $12,539,927) 13,097,620
--------------
Local General Obligations: 1.26%
3,110,000 Los Angeles County Public Works 3,151,581
Financing Authority, California
Capital Construction,
5.00%, 03/01/2011
2,480,000 Los Angeles, California Series A, 2,546,712
5.25%, 09/01/2011
--------------
Total Local General Obligations
(Cost $5,536,048) 5,698,293
--------------
Tax Lease: 4.30%
1,515,000 Los Angeles County Capital Asset 1,516,621
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 12/01/2000
1,985,000 Los Angeles County Capital Asset 1,994,449
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 06/01/2001
845,000 Ukiah Unified School District, 857,286
California Certificates of
Participation, 5.60%, 09/01/2001
1,050,000 Puerto Rico Housing, Bank & 1,055,397
Finance Agency, Commonwealth
Appropriation Subsidy,
4.875%, 12/01/2001
1,920,000 San Diego Unified School 1,940,659
District, California Certificates
of Participation, Capital
Projects Phase XV Series A,
4.75%, 07/01/2002
3,010,000 Puerto Rico Urban Renewal & 3,050,876
Housing Corp.,
7.875%, 10/01/2004
2,500,000 Solano County, California 2,551,525
Certificates of Participation,
Justice Facility & Public
Building Project,
5.875%, 10/01/2005
1,010,000 Gilroy Unified School District, 1,057,117
California Certificates of
Participation, 5.85%, 07/01/2008
2,590,000 Taft Public Financing Authority, 2,742,188
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
635,000 Capistrano Unified School 635,305
District, California Certificates
of Participation, 5.20%, 02/01/2018
2,000,000 Sacramento City Finance 1,990,200
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
--------------
Total Tax Lease (Cost $18,973,778) 19,391,623
--------------
Special Tax: 4.77%
10,350,000 Los Angeles Community 10,354,865
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/2000
1,400,000 Commerce Community Development 1,406,104
Commission, California Tax
Allocation Redevelopment Project
No. 1-Series A,
4.80%, 08/01/2001
690,000 Santa Clara, Convention Center 690,283
Refunding & Reassessment,
California Improvement Bond
Act of 1915, 4.25%, 09/02/2001
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
2,245,000 Roseville North Central $ 2,244,910
Community District No. 1,
California Special Tax,
4.70%, 09/01/2002
1,000,000 Orange County Development Agency, 1,020,750
California Tax Allocation, Santa
Ana Heights Project Area,
5.70%, 09/01/2002
1,225,000 Tustin Unified School District, 1,224,914
California Community Facilities
District 97-1, Bond Anticipation
Notes, 6.10%, 09/01/2002
1,000,000 Fontana Redevelopment Agency, 996,230
California Tax Allocation, Jurupa
Hills Redevelopment Project
Series A, 4.30%, 10/01/2002
1,910,000 Virgin Islands Public Finance 1,939,452
Authority Revenue, Gross Receipts
Taxes Loan Notes Series A,
5.50%, 10/01/2002
1,555,000 Pomona Public Financing 1,618,086
Authority, California Revenue,
Southwest Pomona Redevelopment
Series L, 5.50%, 02/01/2008
--------------
Total Special Tax (Cost $21,359,191) 21,495,594
--------------
Miscellaneous Tax: 0.35%
1,585,000 Puerto Rico Municipal Finance 1,592,782
Agency Series B,
5.00%, 08/01/2001
--------------
Total Miscellaneous Tax (Cost $1,591,993) 1,592,782
--------------
Total Tax Supported (Cost $60,000,937) 61,275,912
--------------
==========================================================================
REVENUE: 12.90%
--------------------------------------------------------------------------
Airport Revenue: 0.28%
500,000 Denver City & County, Colorado 530,135
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
145,000 Denver City & County, Colorado 153,729
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 586,610
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
--------------
Total Airport Revenue (Cost $1,146,180) 1,270,474
--------------
Electric Revenue: 0.83%
1,000,000 Virgin Islands Water & Power 1,002,250
Authority, Electric System
Revenue, 5.00%, 07/01/2001
1,000,000 Los Angeles Department of Water & 1,067,370
Power, California Electric Plant
Revenue Second Issue,
8.00%, 08/15/2002
1,630,000 Los Angeles Department of Water 1,674,841
& Power, California Electric Plant
Revenue, 7.10%, 01/15/2031
--------------
Total Electric Revenue (Cost $3,760,700) 3,744,461
--------------
Health Care Revenue: 0.97%
3,145,000 California Statewide Community 3,162,989
Development Authority
Certificates of Participation,
St. Joseph's Health System
Obligated Group,
5.00%, 07/01/2001
1,185,000 California Statewide Community 1,211,497
Development Authority
Certificates of Participation,
Catholic Healthcare West,
6.50%, 07/01/2020
--------------
Total Health Care Revenue (Cost $4,345,723) 4,374,486
--------------
Water/Sewer Revenue: 6.68%
2,500,000 Metropolitan Water District of 2,615,825
Southern California, Waterworks
Revenue Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,513,485
District Financing Authority,
California Series A,
5.25%, 10/01/2008
1,000,000 Orange County Water District, 1,044,080
California Certificates of
Participation Series A,
5.50%, 08/15/2010
2,460,000 San Francisco City & County 2,487,601
Public Utilities Commission,
California, Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,277,642
Water Resources, Water System
Revenue Series O,
5.00%, 12/01/2015
1,350,000 Metropolitan Water District of 1,333,962
Southern California, Waterworks
Revenue Series A,
5.00%, 07/01/2016
7,000,000 California State Department of 6,732,460
Water Resources, Central Valley
Project, Water System Revenue
Series S, 5.00%, 12/01/2019
3,660,000 Metropolitan Water District of 3,855,920
Southern California, Waterworks
Revenue Series A,
5.75%, 07/01/2021
6,375,000 Metropolitan Water District of 5,856,203
Southern California, Waterworks
Revenue Series A,
20 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
5.00%, 07/01/2026
1,330,000 Los Angeles Department of Water $ 1,385,248
& Power, California Waterworks
Revenue Second Issue,
6.40%, 11/01/2031
--------------
Total Water/Sewer Revenue (Cost $29,021,493) 30,102,426
--------------
Miscellaneous Revenue: 3.85%
200,000 Del Mar Race Track Authority, 201,994
California Revenue,
6.00%, 08/15/2001
1,050,000 Los Angeles, California Harbor 1,062,894
Revenue Series B, AMT,
5.00%, 08/01/2002
9,210,017 Municipal Tax Exempt Trust, 9,193,347
Certificate Class A-1,
4.70%, 10/06/2003
6,485,000 Los Angeles, California Harbor 6,904,774
Department Revenue Series B,
AMT, 5.75%, 08/01/2009
--------------
Total Miscellaneous Revenue
(Cost $17,136,893) 17,363,009
--------------
Industrial Development/Pollution
Control Revenue: 0.29%
1,305,000 California Statewide Communities 1,277,138
Development Authority
Certificates of Participation,
The Internext Group,
4.00%, 04/01/2002
--------------
Total Industrial Development/Pollution
Control Revenue (Cost $1,301,232) 1,277,138
--------------
Total Revenue (Cost $56,712,221) 58,131,994
--------------
==========================================================================
ASSET-BACKED SECURITIES: 2.21%
--------------------------------------------------------------------------
Housing: 2.21%
1,585,000 Los Angeles, California 1,580,070
Multifamily Housing Revenue,
Western Carlton Project Series A,
AMT, 3.80%, 10/01/2001
7,420,000 California State Department of 7,354,259
Veteran Affairs, Home Purchase
Revenue Series C, AMT, Mandatory
Put 12/01/2001, 3.65%, 12/01/2019
1,015,000 California Statewide Communities 1,007,672
Development Authority,
Multifamily Housing Bayport
Subordinated Revenue Series LL-4,
AMT, 4.10%, 12/01/2028
--------------
Total Housing (Cost $9,833,494) 9,942,001
--------------
Total Asset-Backed Securities
(Cost $9,833,494) 9,942,001
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $434,355,190) 98.28% $442,991,329
(Note B, below)
Cash and Other Assets, Less Liabilities 1.72 7,752,466
------ ------------
Net Assets (Equivalent to $13.81
per share based on 32,637,611
shares of capital stock outstanding) 100.00% $450,743,795
====== ============
--------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) At September 30, 2000, 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 21
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein New York Municipal Portfolio
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 0.13%
--------------------------------------------------------------------------
700,000 New York State Energy Research $ 700,000
& Development Authority, Pollution
Control Revenue, New York
Electric & Gas Series D,
Daily Floater, Putable Daily,
5.40%, 06/26/2000
200,000 Babylon, New York Industrial 200,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily,
5.50%, 12/01/2024
--------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $900,000) 900,000
--------------
==========================================================================
PREREFUNDED/ESCROWED: 22.87%
--------------------------------------------------------------------------
15,000 New York State Power Authority 15,182
Revenue Series C,
9.50%, 01/01/2001,
Escrowed to Maturity
2,125,000 Monroe County, New York Public 2,124,830
Improvement, 4.25%, 06/01/2001,
Escrowed to Maturity
1,600,000 New York City Series B, AMBAC, 1,663,776
8.25%, 06/01/2017,
Prerefunded 06/01/2001 @101.50
1,820,000 New York State Environmental 1,883,045
Facilities Corp., Pollution Control
Revenue, State Revolving Fund
Series E, 6.50%, 06/15/2014,
Prerefunded 06/15/2001 @102
3,000,000 New York City Municipal Water 3,079,860
Finance Authority Revenue Series A,
6.75%, 06/15/2017,
Prerefunded 06/15/2001 @101
1,500,000 New York City Municipal Water 1,542,480
Finance Authority Revenue Series A,
7.00%, 06/15/2009,
Prerefunded 06/15/2001 @101
1,360,000 New York City Municipal Water 1,408,579
Finance Authority Revenue Series C,
7.375%, 06/15/2014,
Prerefunded 06/15/2001 @101.50
1,460,000 New York State Dormitory 1,465,183
Authority, Good Samaritan
Hospital, Asset Guaranty,
4.75%, 07/01/2001,
Escrowed to Maturity
2,745,000 MTA, New York Service Contract 2,779,505
Commuter Facilities,
6.00%, 07/01/2021,
Prerefunded 07/01/2001 @100
340,000 New York City Series L, 341,887
5.00%, 08/01/2001,
Escrowed to Maturity
4,825,000 New York State Medical Care 5,043,235
Facilities Finance Agency,
Secured Hospital Program
Revenue Bonds, 7.35%, 08/15/2011,
Prerefunded 08/15/2001 @102
1,000,000 New York City Series A, 1,043,770
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,105,000 New York City Series A, 1,153,366
7.75%, 08/15/2016,
Prerefunded 08/15/2001 @101.50
1,000,000 New York City Series A, 1,043,770
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
1,800,000 New York City Series A, 1,881,774
8.00%, 08/15/2021,
Prerefunded 08/15/2001 @101.50
1,925,000 Suffolk County, New York Series A, 2,020,191
9.50%, 10/01/2001,
Escrowed to Maturity
115,000 Denver City & County, Colorado 122,482
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
3,100,000 New York State Thruway Authority 3,209,678
General Revenue Series A,
5.75%, 01/01/2012,
Prerefunded 01/01/2002 @102
1,630,000 New York State Power Authority 1,692,543
Revenue Series Z,
6.00%, 01/01/2003,
Prerefunded 01/01/2002 @102
5,015,000 New York State Power Authority 5,222,370
Revenue Series AA,
6.25%, 01/01/2023,
Prerefunded 01/01/2002 @101
7,610,000 New York State Power Authority 7,947,427
Series Z, 6.50%, 01/01/2019,
Prerefunded 01/01/2002 @102
1,330,000 New York State Urban Development 1,402,871
Corp., Correctional Facilities
Series 3, 7.375%, 01/01/2018,
Prerefunded 01/01/2002 @102
2,500,000 New York State Local Government 2,605,100
Assistance Corp. Series B,
6.00%, 04/01/2006,
Prerefunded 04/01/2002 @102
*See Note 1, page 26 in Notes to Financial Statements.
22 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
6,730,000 New York State Local Government $ 7,036,955
Assistance Corp. Series C,
6.25%, 04/01/2018,
Prerefunded 04/01/2002 @102
2,150,000 New York State Local Government 2,248,062
Assistance Corp. Series B,
6.25%, 04/01/2021,
Prerefunded 04/01/2002 @102
1,400,000 New York State Thruway Authority, 1,450,736
Local Highway & Bridge Service
Contract Revenue,
6.25%, 04/01/2007,
Prerefunded 04/01/2002 @101
1,500,000 New York State Thruway Authority 1,554,360
Service Contract,
6.25%, 04/01/2004,
Prerefunded 04/01/2002 @101
1,500,000 New York State Thruway Authority, 1,557,030
Local Highway & Bridge Service
Contract Revenue,
6.375%, 04/01/2012,
Prerefunded 04/01/2002 @101
1,225,000 New York State Local Government 1,291,812
Assistance Corp. Series A,
6.875%, 04/01/2019,
Prerefunded 04/01/2002 @102
9,130,000 New York City Municipal Water 9,510,447
Finance Authority Revenue Series B,
6.375%, 06/15/2022,
Prerefunded 06/15/2002 @101
1,240,000 MTA, New York Transit Facilities 1,304,158
Revenue Series J, FGIC,
6.375%, 07/01/2010,
Prerefunded 07/01/2002 @102
2,100,000 MTA, New York Transit Facilities 2,207,625
Revenue Series L,
6.625%, 07/01/2014,
Prerefunded 07/01/2002 @101.50
5,510,000 New York City Series C, 5,801,644
Subseries C-1, AMBAC,
6.625%, 08/01/2015,
Prerefunded 08/01/2002 @101.50
3,680,000 New York State Housing Finance 3,878,757
Agency Service Contract Revenue
Series C, 6.30%, 03/15/2022,
Prerefunded 09/15/2002 @102
5,490,000 New York State Power Authority 5,654,041
Series CC, 5.00%, 01/01/2009,
Prerefunded 01/01/2003 @102
1,955,000 New York State Power Authority 2,013,415
Series CC, 5.00%, 01/01/2014,
Prerefunded 01/01/2003 @102
31,715,000 New York City Health & Hospital 33,594,748
Corp. Series A, 6.30%, 02/15/2020,
Prerefunded 02/15/2003 @102
1,725,000 New York State Medical Care 1,784,323
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage, FHA,
6.35%, 02/15/2012,
Prerefunded 02/15/2003 @102
5,605,000 New York State Dormitory 5,969,493
Authority Revenue State
University Educational
Facilities Series A,
6.375%, 05/15/2014,
Prerefunded 05/15/2003 @102
1,140,000 New York State Medical Care 1,173,014
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage, FHA,
6.125%, 02/15/2014,
Prerefunded 02/15/2004 @102
1,140,000 New York State Environmental 1,239,773
Facilities Corp. Pollution
Control Revenue, State Water
Revolving Fund Series E,
6.70%, 06/15/2010,
Prerefunded 06/15/2004 @101.50
455,000 New York State Medical Care 456,087
Facilities Finance Authority,
Insured Mortgage Project Series A,
FHA, 5.40%, 08/15/2004,
Escrowed to Maturity
2,800,000 New York State Thruway Authority 2,977,688
General Revenue Series C,
5.75%, 01/01/2009,
Prerefunded 01/01/2005 @102
1,925,000 New York State Local Government 2,063,388
Assistance Corp. Series A,
5.90%, 04/01/2012,
Prerefunded 04/01/2005 @102
900,000 New York City Series B, 974,385
6.30%, 08/15/2008,
Prerefunded 08/15/2005 @101
2,220,000 New York State Power Authority 2,435,562
Revenue Series W,
6.50%, 01/01/2008,
Escrowed to Maturity
4,670,000 Niagara Falls Bridge Commission, 5,212,607
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
--------------
Total Prerefunded/Escrowed
(Cost $152,867,891) 154,083,014
--------------
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
INSURED: 34.04%
--------------------------------------------------------------------------
1,490,000 Nassau County, New York Series B, $ 1,492,429
AMBAC, 4.50%, 06/01/2001
1,500,000 Chautauqua Lake Central School 1,495,920
District, New York, FSA,
4.00%, 06/15/2001
1,000,000 Letchworth Central School 1,003,420
District, New York, FGIC,
4.75%, 06/15/2001
1,000,000 Longwood Central School District, 1,003,420
New York, FSA, 4.75%, 06/15/2001
2,440,000 New York State Dormitory 2,444,465
Authority, Special Act School
Districts Program, FSA,
4.50%, 07/01/2001
1,180,000 Suffolk County, New York Series B, 1,182,525
AMBAC, 4.50%, 08/15/2001
3,159,000 Nassau County, New York Series D, 3,185,883
FSA, 5.25%, 09/01/2001
1,520,000 Rochester, New York, MBIA, 1,530,503
5.00%, 10/01/2001
1,000,000 Buffalo, New York Series C, AMBAC, 989,020
3.75%, 12/01/2001
7,910,000 Nassau County, New York Series C, 7,966,557
FSA, 5.125%, 01/01/2002
2,425,000 Islip, New York Series C, FSA, 2,433,803
4.75%, 01/15/2002
1,050,000 Oyster Bay, New York, FSA, 1,040,088
4.00%, 02/15/2002
3,760,000 Nassau County, New York Series V, 3,790,531
AMBAC, 5.125%, 03/01/2002
1,680,000 New York State Thruway Authority 1,714,625
Emergency Highway Construction
& Reconstruction Series A, FSA,
6.00%, 03/01/2002
1,000,000 Letchworth Central School 1,004,790
District, New York, FSA,
4.75%, 06/15/2002
1,740,000 Dansville Central School 1,765,909
District, New York, FSA,
5.375%, 06/15/2002
1,950,000 New York State Dormitory 1,967,004
Authority, University of
Rochester Series A, MBIA,
5.00%, 07/01/2002
1,805,000 Suffolk County, New York Series A, 1,818,483
MBIA, 4.875%, 08/15/2002
4,325,000 Port Authority of New York & New 4,363,190
Jersey, Consolidated 119th
Series, FGIC, 5.00%, 09/15/2002
4,620,000 Rochester, New York, MBIA, 4,667,909
5.00%, 10/01/2002
1,315,000 Suffolk County, New York Judicial 1,328,360
Facilities Agency Agreement
John P. Cohalan Complex,
AMBAC, 5.00%, 10/15/2002
1,850,000 Nassau County, New York Series C, 1,872,293
FSA, 5.125%, 01/01/2003
1,020,000 New York State Dormitory 1,040,278
Authority, Brookdale Hospital,
Secured Hospital Program Series J,
FSA, 5.50%, 02/15/2003
2,250,000 New York State Dormitory 2,335,950
Authority Lease Revenue, State
University Dormitory Facilities
Series A, AMBAC,
6.00%, 07/01/2003
1,340,000 New York State Dormitory 1,481,558
Authority Revenue, City
University Series D, FGIC,
8.75%, 07/01/2003
7,610,000 Rochester, New York, MBIA, 7,745,991
5.125%, 10/01/2003
610,000 Niagara Frontier Authority, New 612,239
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT,
5.75%, 04/01/2004
3,140,000 New York City Series E, FGIC, 3,297,973
6.00%, 08/01/2004
1,000,000 New York State Dormitory 1,070,810
Authority Revenue, City
University Series C, AMBAC,
6.25%, 07/01/2005
3,615,000 New York State Project Finance 3,653,644
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,059,587
Corp., Correctional Facilities
Series A, AMBAC,
5.00%, 01/01/2007
2,000,000 Suffolk County, New York, 2,141,820
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
2,000,000 New York State Dormitory 2,078,180
Authority, State University
Series B, FGIC,
5.375%, 05/15/2007
4,000,000 Westchester County Industrial 4,158,280
Development Agency, New York
Resource Recovery Revenue
Series A, AMBAC,
5.60%, 07/01/2007
1,000,000 MTA, New York Commuter Facilities 1,075,480
Series A, MBIA, 6.00%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,622,360
Series K, MBIA, 6.30%, 07/01/2007
1,560,000 New York City Transportation 1,631,838
Authority, Certificates of
Participation Series A, AMBAC,
5.50%, 01/01/2008
24 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,265,000 New York State Urban Development $ 1,323,253
Corp., Correctional Facilities
Series A, AMBAC,
5.50%, 01/01/2008
1,345,000 Babylon, New York Series A, AMBAC, 1,700,120
9.20%, 01/15/2008
5,100,000 New York State Dormitory 5,076,285
Authority, Insured Mortgage
Hospital, Sound Shore Medical
Center, FHA, MBIA,
4.35%, 02/01/2008
1,000,000 Suffolk County, New York, 1,022,830
Waterworks Authority, MBIA,
5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,501,112
Authority, New York University
Series B, MBIA, 5.00%, 07/01/2008
1,910,000 MTA, New York Transit Facilities 2,033,634
Service Contract Series O, AMBAC,
5.75%, 07/01/2008
4,575,000 New York State Series B, AMBAC, 4,783,163
5.625%, 08/15/2008
1,000,000 New York State Thruway Authority, 1,025,400
Highway & Bridge Trust Fund
Series A, MBIA,
5.25%, 04/01/2009
4,055,000 New York State Dormitory 4,256,047
Authority, State University
Series A, FGIC,
5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,236,323
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
2,000,000 New York State Dormitory 2,113,320
Authority, City University Series A,
FSA, 5.75%, 07/01/2009
3,630,000 New York State Dormitory 3,835,676
Authority, City University Series A,
AMBAC, 5.75%, 07/01/2009
1,495,000 MTA, New York Commuter Facilities 1,633,407
Series A, MBIA,
6.10%, 07/01/2009
1,550,000 Babylon, New York Waste 1,999,438
Facilities, FGIC,
9.00%, 08/01/2009
1,090,000 Nassau County, New York Series G, 1,124,422
MBIA, 5.40%, 01/15/2010
1,120,000 Nassau County, New York Combined 1,165,304
Sewer Districts Series A, AMBAC,
5.50%, 07/01/2010
4,085,000 Long Island Power Authority, New 4,123,195
York Electric System Revenue,
MBIA, 5.125%, 04/01/2011
3,415,000 New York State Dormitory 3,414,727
Authority, New York University
Series A, MBIA, 5.00%, 07/01/2011
1,085,000 New York State Dormitory 1,098,942
Authority, New York Medical
College, MBIA,
5.25%, 07/01/2011
1,000,000 Nassau County, New York Series A, 1,078,790
AMBAC, 6.00%, 07/01/2011
2,725,000 New York City Educational 2,789,719
Construction Fund, MBIA,
5.50%, 10/01/2011
1,540,000 New York State Dormitory 1,640,100
Authority, New York University
Series A, MBIA,
5.75%, 07/01/2012
1,000,000 Nassau County, New York Series A, 1,077,760
FGIC, 6.00%, 07/01/2012
1,630,000 Islip, New York Resource Recovery 1,710,457
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
1,100,000 Albany County, New York, FGIC, 1,093,136
5.00%, 10/01/2012
1,850,000 New York State Dormitory 1,819,253
Authority, Municipal Health
Facilities Series 1, FSA,
5.125%, 01/15/2013
1,110,000 New York State Dormitory 1,110,777
Authority, Mental Health Services
Facilities Series D, MBIA,
5.25%, 02/15/2013
1,000,000 New York City Municipal Water 1,073,640
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
1,135,000 New York State Dormitory 1,195,359
Authority, City University
System Series 1, FSA,
5.75%, 07/01/2013
1,000,000 Nassau County, New York Series A, 1,075,700
FGIC, 6.00%, 07/01/2013
1,140,000 New York State Dormitory 1,116,288
Authority, Brookdale Hospital,
Secured Hospital Program, MBIA,
5.20%, 02/15/2014
1,000,000 New York State Urban Development 978,570
Corp., Community Enhancement
Facilities, AMBAC,
5.125%, 04/01/2014
1,095,000 Clifton Park, New York Water 1,060,727
Authority, FGIC,
5.00%, 10/01/2014
4,265,000 New York State Dormitory 4,128,307
Authority, Municipal Health
Facilities Improvement Project
Series 1, FSA, 5.125%, 01/15/2015
3,930,000 New York State Dormitory 3,813,711
Authority, Secured Hospital
Program Series E,
MBIA, 5.20%, 02/15/2015
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,050,000 New York State Medical Care $ 1,129,212
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015
1,335,000 New York State Local Government 1,266,741
Assistance Corp. Series A, FGIC,
5.00%, 04/01/2015
7,860,000 MTA, New York Dedicated Tax Fund 7,719,306
Series A, FSA,
5.25%, 04/01/2015
1,355,000 Port Authority of New York & New 1,292,277
Jersey Consolidated 117th Series,
FGIC, AMT,
5.125%, 11/15/2015
6,450,000 Long Island Power Authority, New 6,184,776
York Electric System Revenue
Series A, FSA,
5.00%, 12/01/2015
2,330,000 New York State Urban Development 2,270,212
Corp., Correctional Facilities
Series B, AMBAC,
5.25%, 01/01/2016
5,820,000 New York State Dormitory 5,599,189
Authority Revenue,
Wyckoff Heights Series H, MBIA,
5.20%, 02/15/2016
1,000,000 New York State Dormitory 962,060
Authority, North General
Hospital, Secured Hospital
Program Series G, MBIA,
5.20%, 02/15/2016
5,905,000 New York State Dormitory 6,266,858
Authority, State University
Educational Facilities
Series 1989 Resources, MBIA,
6.00%, 05/15/2016
2,240,000 New York City Series B, FSA, 2,181,155
5.25%, 08/01/2016
1,310,000 New York State Thruway Authority, 1,231,452
Highway & Bridge Trust Fund
Series B, FSA,
5.00%, 04/01/2017
1,985,000 New York State Dormitory 2,126,332
Authority, State University
Series A, MBIA,
6.00%, 07/01/2017
2,045,000 New York State Series D, AMBAC, 1,903,220
5.00%, 07/15/2017
4,860,000 New York State Dormitory 4,515,523
Authority, Mental Health
Services Series D, MBIA,
5.00%, 08/15/2017
8,165,000 Triborough Bridge & Tunnel 7,672,079
Authority, New York Special
Obligation Series A, MBIA,
5.125%, 01/01/2018
1,000,000 MTA, New York Transit Facilities 934,050
Revenue Series B-1, AMBAC,
5.00%, 07/01/2018
1,000,000 New York State Dormitory 1,066,660
Authority, New York University
Series A, MBIA,
6.00%, 07/01/2018
1,780,000 New York State Dormitory 1,695,236
Authority Revenue, Mental Health
Services Series C, MBIA,
5.25%, 02/15/2019
3,520,000 New York State Dormitory 3,749,469
Authority, New York University
Series A, MBIA,
6.00%, 07/01/2019
1,370,000 New York State Local Government 1,241,398
Assistance Corp. Series B,
MBIA, 5.00%, 04/01/2021
3,300,000 New York City Municipal Water 2,989,998
Finance Authority Revenue Series C,
FGIC, 5.00%, 06/15/2021
1,220,000 New York City Series D, MBIA, 1,154,889
5.25%, 08/01/2021
1,000,000 New York City Municipal Water 926,490
Finance Authority Series A, AMBAC,
5.125%, 06/15/2022
2,500,000 Long Island Power Authority, New 2,311,325
York Electric System Revenue
Series A, FSA,
5.125%, 12/01/2022
1,240,000 New York City Series J, MBIA, 1,121,047
5.00%, 08/01/2023
1,505,000 New York State Energy Research & 1,525,498
Development Authority, Con Edison
Facilities, AMBAC,
6.75%, 01/15/2027
--------------
Total Insured (Cost $227,687,605) 229,332,459
--------------
==========================================================================
TAX SUPPORTED: 24.70%
--------------------------------------------------------------------------
Local General Obligations: 5.28%
1,050,000 Manhasset Union Free School 1,057,529
District, New York,
7.30%, 01/01/2001
980,000 Monroe County, New York Public 980,020
Improvement, 4.25%, 06/01/2001
615,000 New York City Series C, 633,598
6.30%, 08/01/2002
5,025,000 New York City Series B, 5,126,857
5.70%, 08/15/2002
1,180,000 New York City Series D, 1,201,110
5.40%, 02/15/2003
1,015,000 New York City Series B, 1,073,139
6.75%, 08/15/2003
4,315,000 New York City Series B, 4,538,042
7.50%, 02/01/2004
26 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
2,400,000 New York City Series E, $ 2,562,936
6.60%, 08/01/2004
1,000,000 Westchester County, New York, 1,097,130
7.10%, 12/01/2004
1,000,000 New York City Series C, 1,035,180
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,371,531
5.75%, 02/01/2006
1,000,000 New York City Series I, 1,072,690
6.25%, 04/15/2006
1,300,000 Westchester County, New York 1,446,497
Series A, 6.75%, 02/01/2007
2,000,000 New York City Series F, 2,080,520
5.50%, 08/01/2007
4,455,000 New York City Series B, 4,766,895
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,759,744
5.70%, 04/01/2009
2,600,000 Onondaga County, New York, 2,760,264
5.70%, 04/01/2011
--------------
Total Local General Obligations
(Cost $34,225,721) 35,563,682
--------------
Tax Lease: 11.38%
1,000,000 New York State Urban Development 1,001,310
Corp. Correctional Facilities
Series B, 5.00%, 01/01/2001
1,900,000 New York State Dormitory 1,901,501
Authority, North General
Hospital, Secured Hospital
Program Series G,
5.00%, 02/15/2001
1,100,000 New York State Dormitory 1,098,537
Authority, Community Enhancement
Facilities Series B,
4.375%, 04/01/2001
1,735,000 New York State Urban Development 1,736,076
Corp. Community Enhancement
Facilities Series A,
4.50%, 04/01/2001
1,315,000 New York State Dormitory 1,320,260
Authority Revenue, Service
Contract Series C,
5.15%, 04/01/2001
3,505,000 MTA, New York Commuter Facilities 3,525,294
Service Contract Series O,
5.25%, 07/01/2001
1,920,000 MTA, New York Transit Facilities 1,931,117
Service Contract Series O,
5.25%, 07/01/2001
4,145,000 New York State Certificates of 4,129,580
Participation, 4.25%, 08/01/2001
1,450,000 New York State Certificates 1,457,612
of Participation,
5.00%, 09/01/2001
3,820,000 New York State Dormitory 3,837,763
Authority, Jamaica Hospital
Secured Hospital Program,
5.00%, 02/15/2002
2,665,000 New York State Dormitory 2,677,392
Authority, Wyckoff Heights
Secured Hospital Program,
5.00%, 02/15/2002
2,615,000 New York State Dormitory 2,611,260
Authority, Community Enhancement
Facilities Series B,
4.50%, 04/01/2002
2,700,000 New York State Urban Development 2,696,139
Corp., Community Enhancement
Facilities Series A,
4.50%, 04/01/2002
2,345,000 New York State Dormitory 2,363,385
Authority Revenue, Service
Contract Series C,
5.15%, 04/01/2002
3,900,000 New York State Dormitory 3,923,595
Authority, City University System
Consolidated Series 1,
5.00%, 07/01/2002
1,000,000 New York State Medical Care 1,030,050
Facilities Finance Agency Mental
Health Services Series F,
6.00%, 02/15/2003
720,000 New York State Medical Care 744,826
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
1,335,000 New York State Dormitory 1,353,944
Authority Revenue, State Service
Contract Series C,
5.25%, 04/01/2003
2,000,000 New York State Thruway Authority 2,062,260
Service Contract,
6.20%, 04/01/2003
1,000,000 Puerto Rico Commonwealth Urban 1,013,580
Renewal & Housing Corp.,
7.875%, 10/01/2004
2,000,000 New York State Urban Development 2,093,280
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
1,165,000 MTA, New York Transit Facilities 1,190,840
Service Contract,
5.30%, 07/01/2005
1,020,000 New York State Dormitory 1,059,749
Authority, City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,849,367
Authority, City University Series D,
5.70%, 07/01/2005
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,000,000 New York State Urban Development $ 1,018,240
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
1,645,000 MTA, New York Transit Facilities 1,689,744
Service Contract,
5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,287,525
Service Contract,
5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,685,395
Authority, City University Series 2,
5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,261,908
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,915,992
Service Contract,
5.125%, 04/01/2008
1,505,000 New York State Dormitory 1,576,187
Authority, Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,657,652
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,316,535
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,125,000 New York State Dormitory 1,174,860
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel 1,589,681
Authority, New York Convention
Center Series E,
6.00%, 01/01/2011
1,000,000 New York State Dormitory 1,003,240
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.125%, 08/01/2012
3,890,000 New York State Dormitory 3,807,882
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.25%, 08/01/2016
2,090,000 New York State Dormitory 2,032,964
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.25%, 08/01/2017
--------------
Total Tax Lease (Cost $75,419,943) 76,626,522
--------------
Special Tax: 7.65%
1,235,000 MAC New York Series I, 1,251,290
5.25%, 07/01/2002
3,780,000 MAC New York Series J, 3,845,545
5.50%, 07/01/2002
7,925,000 MAC New York Series E, 8,321,171
6.00%, 07/01/2004
10,530,000 MAC New York Series J, 11,056,394
6.00%, 07/01/2004
9,855,000 MAC New York Series E, 10,448,862
6.00%, 07/01/2005
3,035,000 New York State Local Government 3,260,136
Assistance Corp. Series A,
6.00%, 04/01/2008
4,185,000 New York City Transitional 4,241,414
Finance Authority Series C,
5.25%, 05/01/2012
1,740,000 New York State Local Government 1,744,489
Assistance Corp. Series D,
5.375%, 04/01/2014
2,775,000 New York City Transitional 2,753,633
Finance Authority Series C,
5.25%, 05/01/2014
1,185,000 New York City Transitional 1,149,249
Finance Authority Series B,
5.125%, 11/01/2015
3,910,000 New York City Transitional 3,466,332
Finance Authority Series C,
5.00%, 05/01/2026
--------------
Total Special Tax (Cost $51,028,483) 51,538,515
--------------
Miscellaneous Tax: 0.39%
2,630,000 Puerto Rico Municipal Finance 2,642,913
Agency Series A,
5.00%, 08/01/2001
--------------
Total Miscellaneous Tax (Cost $2,638,587) 2,642,913
--------------
Total Tax Supported (Cost $163,312,734) 166,371,632
--------------
==========================================================================
REVENUE: 16.62%
--------------------------------------------------------------------------
Airport Revenue: 0.66%
1,300,000 Denver City & County, Colorado 1,378,351
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
1,495,000 New York City Industrial 1,560,257
Development Agency, Special
Facilities Revenue, Terminal One
Group Association Limited
Partnership Project, AMT,
6.00%, 01/01/2007
310,000 Denver City & County, Colorado 328,662
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,173,220
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
--------------
Total Airport Revenue (Cost $4,141,016) 4,440,490
--------------
Electric Revenue: 3.26%
2,070,000 Long Island Power Authority, New 2,068,116
York Electric System Revenue
Series A, 4.10%, 12/01/2000
9,045,000 Long Island Power Authority, New 9,029,262
York Electric System Revenue,
4.25%, 04/01/2001
(Note B, p. 30)
28 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,595,000 Virgin Islands Water & Power $ 1,598,589
Authority, Electric System
Revenue, 5.00%, 07/01/2001
4,650,000 Long Island Power Authority, New 4,680,271
York Electric System Revenue
Series A, 5.25%, 12/01/2001
4,560,000 Long Island Power Authority, New 4,584,670
York Electric System Revenue,
5.00%, 04/01/2002
--------------
Total Electric Revenue (Cost $22,087,724) 21,960,908
--------------
Health Care Revenue: 1.03%
1,410,000 New York State Medical Care 1,450,763
Facilities Finance Authority,
Hospital & Nursing Home Insured
Mortgage, FHA,
5.875%, 02/15/2005
35,000 New York State Dormitory 35,320
Authority, St. John's Nursing
Home, FHA,
5.35%, 02/01/2006
3,945,000 New York State Medical Care 4,049,187
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series C,
6.25%, 08/15/2012
1,370,000 New York State Medical Care 1,409,675
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
--------------
Total Health Care Revenue (Cost $6,994,688) 6,944,945
--------------
Higher Education Revenue: 0.51%
1,000,000 New York State Dormitory 1,005,440
Authority, Columbia University,
5.00%, 07/01/2001
1,000,000 New York State Dormitory 1,054,220
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,372,754
Authority, Columbia University,
5.75%, 07/01/2007
--------------
Total Higher Education Revenue
(Cost $3,288,580) 3,432,414
--------------
Toll Revenue: 1.87%
725,000 Triborough Bridge & Tunnel 764,368
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
2,370,000 Triborough Bridge & Tunnel 2,345,731
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
9,370,000 Triborough Bridge & Tunnel 9,510,269
Authority, New York Toll Revenue
Series Y, 5.50%, 01/01/2017
--------------
Total Toll Revenue (Cost $12,863,066) 12,620,368
--------------
Water/Sewer Revenue: 6.50%
1,510,000 New York State Environmental 1,536,153
Facilities Corp. Pollution Control
Revenue, State Revolving Fund,
New York City Municipal
Water Finance Authority Series 90-A,
7.30%, 06/15/2001
1,345,000 New York City Municipal Water 1,378,033
Finance Authority Series A,
6.60%, 06/15/2002
2,510,000 New York State Environmental 2,636,002
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 92-B,
6.25%, 09/15/2005
2,510,000 New York State Environmental 2,637,759
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 1,029,190
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
1,000,000 New York State Environmental Facilities 1,054,820
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 2,027,619
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 3,060,263
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 3,181,931
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 1,609,265
Finance Authority Revenue Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 803,985
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 95-A,
5.40%, 05/15/2010
3,865,000 New York State Environmental 3,879,455
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
4.95%, 06/15/2010
Schedule of Investments--Municipal Bond Portfolios 29
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
3,800,000 New York State Environmental $ 3,921,372
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 95-B,
5.50%, 06/15/2010
1,395,000 New York City Municipal Water 1,515,570
Finance Authority Series A,
6.00%, 06/15/2010
4,680,000 New York State Environmental 4,999,691
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 1,023,100
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 90-A,
7.50%, 06/15/2012
1,015,000 New York State Environmental 999,217
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 1,358,150
Facilities Corp., Pooled Loan,
State Revolving Funds Series 98-D,
5.15%, 10/15/2019
5,000,000 New York State Environmental 5,124,700
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 00-B,
5.875%, 07/15/2020
--------------
Total Water/Sewer Revenue (Cost $42,498,535) 43,776,275
--------------
Miscellaneous Revenue: 2.79%
1,230,000 TSASC, Inc. New York Series 1, 1,220,455
Tobacco Flexible Amortization
Bonds, 4.50%, 07/15/2003
3,495,000 Battery Park City Authority, New 3,637,736
York Revenue Series A,
6.00%, 11/01/2003
2,000,000 New York Convention Center 2,030,620
Operating Corp., Certificates
of Participation, Yale Building
Acquisition Project,
6.50%, 12/01/2004
1,555,000 TSASC, Inc. New York Series 1, 1,543,633
Tobacco Flexible Amortization
Bonds, 4.60%, 07/15/2005
1,000,000 Port Authority of New York & New 1,005,970
Jersey, Consolidated 91st Series,
5.125%, 11/15/2011
1,135,000 Erie County, New York, Tobacco 1,123,196
Asset, Senior Class A,
5.75%, 07/15/2014 (Note C, below)
1,960,000 Erie County, New York, Tobacco 1,937,440
Asset, Senior Class A,
6.00%, 07/15/2020 (Note C, below)
5,265,000 Monroe Tobacco Asset 5,258,524
Securitization Corp., New
York Tobacco Settlement Revenue,
Asset Backed, 6.15%, 06/01/2025
1,000,000 Port Authority of New York & New 1,052,500
Jersey, Consolidated 72nd Series,
7.35%, 10/01/2027
--------------
Total Miscellaneous Revenue
(Cost $18,725,734) 18,810,074
--------------
Total Revenue (Cost $110,599,343) 111,985,474
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $655,367,573) 98.36% $662,672,579
(Note D, below)
Cash and Other Assets, Less Liabilities 1.64 11,050,662
------ ------------
Net Assets (Equivalent to $13.37
per share based on 50,392,615
shares of capital stock outstanding) 100.00% $673,723,241
====== ============
--------------------------------------------------------------------------
(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) Represents entire or partial position segregated as collateral for
when-issued securities
(C) When-issued security
(D) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax.
See Notes to Financial Statements.
30 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
SHORT-TERM INVESTMENTS: 4.98%
--------------------------------------------------------------------------
Municipal Note: 4.47%
7,030,000 Texas State Tax and Revenue $ 7,083,779
Anticipation Notes,
5.25%, 08/31/2001
--------------
Total Municipal Note (Cost $7,091,189) 7,083,779
--------------
Tax Exempt Variable-Rate Demand Note: 0.51%
800,000 Phenix County Industrial 800,000
Development Board, Alabama
Environmental Improvement
Revenue, Daily Floater, Putable
Daily, 5.55%, 03/01/2031
--------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $800,000) 800,000
--------------
Total Short-Term Investments
(Cost $7,891,189) 7,883,779
--------------
==========================================================================
PREREFUNDED/ESCROWED: 25.12%
--------------------------------------------------------------------------
1,530,000 Pennsylvania State Industrial 1,588,767
Development Authority Revenue,
Economic Development Series A,
7.00%, 01/01/2011,
Prerefunded 07/01/2001 @102
1,100,000 Kentucky State Property and 1,117,116
Buildings Commission Revenue,
Project Number 51,
6.30%, 08/01/2001,
Escrowed to Maturity
1,500,000 Philadelphia, Pennsylvania Water 1,566,705
& Sewer Revenue Sixteenth Series,
7.50%, 08/01/2010,
Prerefunded 08/01/2001 @102
1,070,000 Jacksonville Health Facilities 1,073,991
Authority, Florida Charity
Obligated Group Series C,
4.75%, 08/15/2001,
Escrowed to Maturity
1,650,000 East Liverpool, Ohio Hospital 1,741,426
Revenue, East Liverpool City
Hospital Series A,
8.125% 10/01/2011,
Prerefunded 10/01/2001 @102
3,750,000 Pennsylvania State Second Series A, 3,887,325
6.50%, 11/01/2008,
Prerefunded 11/01/2001 @101.50
4,115,000 Philadelphia Municipal Authority, 4,314,660
Pennsylvania Revenue, Justice
Lease Series B, FGIC,
7.125%, 11/15/2018,
Prerefunded 11/15/2001 @102
3,735,000 Pennsylvania State Turnpike 3,923,431
Commission Revenue Series J,
FGIC, 7.20%, 12/01/2017,
Prerefunded 12/01/2001 @102
3,255,000 New Jersey Sports & Exposition 3,407,497
Authority State Contract Series A,
6.50%, 03/01/2019,
Prerefunded 03/01/2002 @102
2,850,000 Metropolitan Government of 2,976,654
Nashville and Davidson County,
Tennessee, 6.15%, 05/15/2025,
Prerefunded 05/15/2002 @102
2,600,000 Florida State Board of Education 2,688,998
Capital Outlay, Public Education
Series B, 6.00%, 06/01/2015,
Prerefunded 06/01/2002 @101
2,425,000 Pennsylvania Intergovernmental 2,516,156
Cooperation Authority Special Tax
Revenue, City of Philadelphia
Funding Program,
6.80%, 06/15/2022,
Prerefunded 06/15/2002 @100
1,900,000 Massachusetts State Water 2,001,954
Resources Authority Series A,
6.50%, 07/15/2021,
Prerefunded 7/15/2002 @102
3,230,000 New Jersey State, 3,384,039
6.375%, 08/01/2009,
Prerefunded 08/01/2002 @101.50
1,000,000 Denver City & County, Colorado 1,073,630
Airport Revenue Series A,
7.25%, 11/15/2025,
Prerefunded 11/15/2002 @102
1,425,000 Lower Colorado River Authority, 1,471,996
Texas Revenue, Fifth Supply
Series, 5.25%, 01/01/2005,
Prerefunded 01/01/2003 @102
1,000,000 Chicago, Illinois Emergency 1,040,230
Telephone System, FGIC,
5.625%, 01/01/2023,
Prerefunded 01/01/2003 @102
--------------
Total Prerefunded/Escrowed (Cost $39,800,038) 39,774,575
--------------
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 31
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
INSURED: 25.61%
--------------------------------------------------------------------------
5,080,000 Carrollton & Henderson Public $ 5,073,498
Energy Authority, Kentucky Trust
Series A, FSA,
4.50%, 01/01/2001
1,750,000 Philadelphia Hospital & Higher 1,755,075
Education Facility Authority,
Pennsylvania Revenue, Jefferson
Health System Series A, MBIA,
5.00%, 05/15/2001
1,790,000 Knox County, Ohio Hospital 1,780,495
Facilities Revenue, Knox
Community Hospital, Asset
Guaranty, 4.00%, 06/01/2001
1,000,000 Washoe County School District, 998,790
Nevada, FGIC,
4.25%, 06/01/2001
1,045,000 Clark County School District, 1,051,270
Nevada Series A, MBIA,
5.25%, 06/15/2001
1,600,000 Pima County, Arizona, FGIC, 1,605,584
4.75%, 07/01/2001
1,690,000 Rockdale County Water & Sewer 1,695,290
Authority, Georgia Revenue Series B,
MBIA, 4.75%, 07/01/2001
1,954,190 Municipal Tax Exempt Trust, 1,947,175
Certificate Class A-2, MBIA,
3.60%, 07/06/2001
2,300,000 Texas Municipal Power Agency 2,325,231
Revenue, MBIA,
5.60%, 09/01/2001
1,175,000 New Haven, Connecticut Series B, 1,192,296
FSA, 5.75%, 11/01/2001
1,000,000 Chicago, Illinois Series A, FGIC, 1,011,870
5.50%, 01/01/2002
1,650,000 Massachusetts State Housing 1,628,748
Finance Agency, Construction Loan
Notes Series A, FSA, AMT,
4.10%, 03/01/2002
3,130,000 Pennsylvania State First Series, 3,173,945
FGIC, 5.375%, 05/15/2002
1,000,000 Louisville and Jefferson County 1,069,370
Metropolitan Sewer District,
Kentucky Sewer and Drain
Systems Series A, FGIC,
9.00%, 05/15/2002
3,465,000 Florida State Department of 3,511,292
Environmental Protection,
Preservation Revenue Series A,
FGIC, 5.25%, 07/01/2002
2,380,000 Regional Transportation 2,429,123
Authority, Illinois, MBIA,
5.75%, 07/01/2002
3,000,000 Dallas, Texas Civic Center 3,076,710
Convention, Refunding and
Improvement, MBIA,
6.00%, 08/15/2002
3,000,000 New Jersey State Transit 3,016,980
Corp., Capital Grant
Anticipation Notes Series A,
AMBAC, 5.00%, 02/01/2003
1,270,000 Miami Beach Health Facilities 1,234,948
Authority, Florida Hospital
Revenue, South Shore Hospital
Series A, ACA,
4.30%, 08/01/2003
1,000,000 Pennsylvania Economic 967,710
Development Financing Authority
Revenue, Northwestern Human
Services Series A, ACA,
4.60%, 06/01/2004
--------------
Total Insured (Cost $40,531,535) 40,545,400
--------------
==========================================================================
TAX SUPPORTED: 32.12%
--------------------------------------------------------------------------
State General Obligations: 5.69%
1,000,000 Maryland State First Series, 1,003,250
6.60%, 03/01/2001
1,870,000 Utah State, 1,892,758
6.00%, 07/01/2001
1,480,000 Utah State Series F, 1,493,646
5.00%, 07/01/2002
4,500,000 South Carolina State School 4,623,165
Facility Series A, State Aid
Withholding, 5.75%, 01/01/2003
--------------
Total State General Obligations
(Cost $8,989,169) 9,012,819
--------------
Local General Obligations: 18.09%
4,790,000 King County, Washington Series A, 4,786,072
4.00%, 12/01/2000
2,000,000 Charleston County School 1,997,380
District, South Carolina,
4.00%, 02/01/2001
695,000 Fairfax County, Virginia Series B, 697,321
5.50%, 05/01/2001
1,000,000 Columbus, Ohio Limited Tax Series 1, 1,000,290
4.25%, 06/15/2001
1,000,000 Pima County Community College 1,001,680
District, Arizona Project of 1995
Series B, 4.50%, 07/01/2001
2,800,000 Denver City & County, Colorado 2,809,744
Airport Revenue Series B,
4.75%, 08/01/2001
1,115,000 Columbus, Ohio Sewer Improvement 1,137,189
Bonds, 6.50%, 09/15/2001
1,145,000 Fairfax County, Virginia Public 1,145,572
Improvement Series B,
4.50%, 12/01/2001
32 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
3,125,000 Seattle, Washington Series B, $ 3,142,969
5.00%, 12/01/2001
1,400,000 Loudoun County, Virginia Public 1,417,458
Improvement Series B,
5.50%, 01/01/2002
2,665,000 Boston, Massachusetts Bond 2,695,381
Anticipation Notes Series B,
5.25%, 05/01/2002
1,000,000 Houston Independent School 1,008,400
District, Texas Public Property
Finance Contractual Obligation,
5.00%, 07/15/2002
500,000 New York City Series G, 512,070
5.70%, 02/01/2003
5,200,000 Harris County Flood Control 5,280,548
District, Texas,
6.125%, 10/01/2003
--------------
Total Local General Obligations
(Cost $28,620,712) 28,632,074
--------------
Tax Lease: 1.56%
1,570,000 Washington State Department of 1,573,752
Transportation, Certificates of
Participation, 4.70%, 07/01/2001
875,000 Cleveland, Ohio Motorized Vehicles 888,388
& Equipment, Certificates of
Participation, 7.10%, 07/01/2002
--------------
Total Tax Lease (Cost $2,467,877) 2,462,140
--------------
Special Tax: 5.51%
1,400,000 Virgin Islands Public Financing 1,400,000
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/2000
1,000,000 New Mexico State Highway 1,016,910
Commission Tax Revenue, Senior
Subordinated Lien Series A,
5.50%, 06/15/2002
6,200,000 New Mexico State Severance Tax, 6,307,508
5.50%, 07/01/2002
--------------
Total Special Tax (Cost $8,682,622) 8,724,418
--------------
Miscellaneous Tax: 1.27%
1,000,000 Puerto Rico Municipal Finance 1,004,910
Agency Series B,
5.00%, 08/01/2001
1,000,000 Indiana Bond Bank, Special 1,009,070
Program Series A,
5.50%, 02/01/2002
--------------
Total Miscellaneous Tax (Cost $2,010,770) 2,013,980
--------------
Total Tax Supported (Cost $50,771,150) 50,845,431
--------------
==========================================================================
REVENUE: 7.92%
--------------------------------------------------------------------------
Airport Revenue: 1.83%
2,125,000 Metropolitan Washington Airport 2,136,029
Authority, District of Columbia
Revenue Series B,
5.00%, 10/01/2001
750,000 St. Louis, Missouri Airport 758,197
Revenue, 6.25%, 01/01/2002
--------------
Total Airport Revenue (Cost $2,892,779) 2,894,226
--------------
Electric Revenue: 1.50%
1,355,000 Massachusetts Municipal Wholesale 1,371,680
Electric Company Series A,
6.375%, 07/01/2001
1,000,000 North Carolina Eastern Municipal 1,000,160
Power Agency Series C,
5.00%, 01/01/2002
--------------
Total Electric Revenue (Cost $2,369,833) 2,371,840
--------------
Health Care Revenue: 2.20%
1,620,000 Illinois Health Facilities 1,617,376
Authority Revenue, Centegra
Health System,
4.75%, 09/01/2001
500,000 Cuyahoga County, Ohio Hospital 500,965
Facilities, Canton Incorporated
Project, 6.50%, 01/01/2003
1,000,000 Connecticut State Health and 951,960
Educational Facilities Authority
Revenue, Hospital for Special
Care Series B,
5.125%, 07/01/2007
430,000 Allegheny County Hospital 408,324
Development Authority, Pennsylvania
Revenue, West Pennsylvania
Health System Series B,
9.25%, 11/15/2022
--------------
Total Health Care Revenue (Cost $3,472,715) 3,478,625
--------------
Water/Sewer Revenue: 1.95%
1,200,000 Northeast Maryland Waste Disposal 1,208,064
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
1,845,000 Missouri State Environmental 1,876,199
Improvement and Energy Resource
Authority, Water Pollution Control
Revenue Series A,
5.50%, 06/15/2002
--------------
Total Water/Sewer Revenue (Cost $3,063,637) 3,084,263
--------------
Schedule of Investments--Municipal Bond Portfolios 33
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
Miscellaneous Revenue: 0.44%
400,000 East Chicago, Indiana Bond $ 399,872
Anticipation Notes,
5.25%, 01/01/2002
300,000 New York Convention Center 304,593
Operating Corp., Certificates of
Participation, Yale Building
Acquisition Project,
6.50%, 12/01/2004
--------------
Total Miscellaneous Revenue (Cost $699,169) 704,465
--------------
Total Revenue (Cost $12,498,133) 12,533,419
--------------
==========================================================================
ASSET-BACKED SECURITY: 1.17%
--------------------------------------------------------------------------
Housing: 1.17%
1,805,000 District of Columbia Housing 1,861,803
Finance Agency Mortgage Revenue,
Single Family Series A, AMT,
6.75%, 06/01/2028
--------------
Total Housing (Cost $1,892,144) 1,861,803
--------------
Total Asset-Backed Security
(Cost $1,892,144) 1,861,803
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $153,384,189) 96.92% $153,444,407
(Note B, below)
Cash and Other Assets, Less Liabilities 3.08 4,870,597
------ ------------
Net Assets (Equivalent to $12.44
per share based on 12,724,608
shares of capital stock outstanding) 100.00% $158,315,004
====== ============
--------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
ACA-ACA Financial Guaranty Corporation
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax.
(C) Allocation of Portfolio net assets at September 30, 2000:
Alabama 0.51%
Arizona 1.65
Colorado 2.45
Connecticut 1.35
Florida 5.38
Georgia 1.07
Illinois 3.85
Indiana 0.89
Kentucky 4.59
Maryland 1.40
Massachusetts 4.86
Missouri 1.66
Nevada 1.29
New Jersey 6.20
New Mexico 4.63
New York 0.52
North Carolina 0.63
Ohio 4.45
Pennsylvania 15.22
South Carolina 4.18
Tennessee 1.88
Texas 12.79
Utah 2.14
Virginia 2.06
Washington 6.00
District of Columbia 2.53
Puerto Rico 0.63
Virgin Islands 0.88
Tax-Exempt Private Municipal Trust 1.23
Cash and Other Assets, Less Liabilities 3.08
------
Total 100.00%
======
See Notes to Financial Statements.
34 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 4.13%
--------------------------------------------------------------------------
2,200,000 Irvine, California Improvement $ 2,200,000
Bond Act of 1915, Assessment
District Number 87-8, Daily
Floater, Putable Daily,
4.75%, 09/02/2024
200,000 California Statewide Communities 200,000
Development Authority
Certificates of Participation,
MBIA, Daily Floater, Putable
Daily, 4.50%, 04/01/2028
--------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $2,400,000) 2,400,000
--------------
==========================================================================
PREREFUNDED/ESCROWED: 29.40%
--------------------------------------------------------------------------
1,000,000 Puerto Rico Telephone Authority 1,032,840
Revenue Series L,
6.125%, 01/01/2022,
Prerefunded 01/01/2002 @101
1,260,000 Puerto Rico Commonwealth, AMBAC, 1,312,706
5.85%, 07/01/2015,
Prerefunded 07/01/2002 @101.50
1,015,000 University of California 1,084,548
Multi-Purpose Revenue, MBIA,
6.875%, 09/01/2016,
Prerefunded 09/01/2002 @102
4,500,000 Guam Power Authority Revenue 4,759,830
Series A, 6.30%, 10/01/2022,
Prerefunded 10/01/2002 @102
2,500,000 Central Coast Water Authority, 2,658,750
California State Regional Facilities
Water Project Revenue,
AMBAC, 6.50%, 10/01/2014,
Prerefunded 10/01/2002 @102
4,000,000 San Joaquin Hills Transportation 4,291,280
Corridor Agency, California Toll
Road Revenue Senior Lien,
6.75%, 01/01/2032,
Prerefunded 01/01/2003 @102
1,910,000 Sacramento Schools Insurance 1,938,841
Authority, California Workers
Compensation Program Revenue
Series C, 5.75%, 06/01/2003,
Escrowed to Maturity
--------------
Total Prerefunded/Escrowed
(Cost $17,075,603) 17,078,795
--------------
==========================================================================
INSURED: 10.28%
--------------------------------------------------------------------------
820,000 California Rural Home Mortgage 823,583
Finance Authority, Rural Lease
Pass Through Obligation Revenue
Series A, MBIA,
4.45%, 08/01/2001
1,000,000 San Diego County Regional 1,030,800
Transportation Commission,
California Sales Tax Revenue
Second Series A, FGIC,
6.25%, 04/01/2002
2,540,000 Orange County, California 2,599,004
Certificates of Participation
Series A, MBIA,
5.50%, 07/01/2002
1,485,000 Los Angeles Unified School 1,520,165
District, California Certificates
of Participation Series B, MBIA,
5.00%, 10/01/2003 (Note B, p. 36)
--------------
Total Insured (Cost $5,940,124) 5,973,552
--------------
==========================================================================
TAX SUPPORTED: 41.18%
--------------------------------------------------------------------------
State General Obligation: 3.71%
2,055,000 California State, 2,156,024
7.00%, 08/01/2002
--------------
Total State General Obligation
(Cost $2,144,365) 2,156,024
--------------
Local General Obligations: 19.80%
3,015,000 San Bernardino County, California 3,063,602
Tax & Revenue Anticipation Notes,
5.50%, 09/28/2001
2,990,000 Contra Costa County, California 3,031,471
Tax & Revenue Anticipation Notes
Series A, 5.25%, 10/01/2001
2,600,000 Santa Barbara County, California 2,636,140
Tax & Revenue Anticipation Notes
Series A, 5.25%, 10/02/2001
2,730,000 Sacramento County, California Tax 2,768,193
& Revenue Anticipation Notes,
5.25%, 10/04/2001
--------------
Total Local General Obligations
(Cost $11,419,917) 11,499,406
--------------
Tax Lease: 7.54%
1,030,000 Puerto Rico Urban Renewal & 1,043,988
Housing Corp.,
7.875%, 10/01/2004
2,625,000 Solano County, California 2,679,101
Certificates of Participation,
Justice Facility & Public
Building Project, 5.875%, 10/01/2005
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 35
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
640,000 ABAG Finance Corp., California $ 654,368
Certificates of Participation,
6.90%, 04/01/2012
--------------
Total Tax Lease (Cost $4,385,445) 4,377,457
--------------
Special Tax: 8.40%
210,000 Fontana Redevelopment Agency, 210,000
California Tax Allocation, Jurupa
Hills Redevelopment Project
Series A, 4.25%, 10/01/2000
755,000 Virgin Islands Public Financing 755,000
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
775,000 Virgin Islands Public Financing 775,000
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/2000
270,000 Virgin Islands Public Financing 271,920
Authority Revenue, Gross Receipts
Tax Loan Notes Series A,
5.25%, 10/01/2001
200,000 Tustin Unified School District, 199,986
California Community Facilities District
97-1, Bond Anticipation Notes,
6.10%, 09/01/2002
2,580,000 Los Angeles County Public Works 2,670,326
Financing Authority, California
Revenue, Regional Park & Open
Space District A,
6.00%, 10/01/2002
--------------
Total Special Tax (Cost $4,868,086) 4,882,232
--------------
Miscellaneous Tax: 1.73%
1,000,000 Puerto Rico Municipal Finance 1,004,910
Agency Series B,
5.00%, 08/01/2001
--------------
Total Miscellaneous Tax (Cost $1,004,412) 1,004,910
--------------
Total Tax Supported (Cost $23,822,225) 23,920,029
--------------
==========================================================================
REVENUE: 9.41%
--------------------------------------------------------------------------
Water/Sewer Revenue: 4.72%
2,630,000 Los Angeles Department of Water 2,739,250
& Power, California Waterworks
Revenue, Second Issue,
6.40%, 11/01/2031
(Note C, below)
--------------
Total Water/Sewer Revenue (Cost $2,809,930) 2,739,250
--------------
Miscellaneous Revenue: 4.69%
885,000 Riverside County Public Financing 885,159
Authority, California
Certificates of Participation,
5.00%, 05/15/2001
1,842,003 Municipal Tax Exempt Trust, 1,838,669
Certificate Class A-1,
4.70%, 10/06/2003
--------------
Total Miscellaneous Revenue (Cost $2,730,206) 2,723,828
--------------
Total Revenue (Cost $5,540,136) 5,463,078
--------------
==========================================================================
ASSET-BACKED SECURITY: 3.24%
--------------------------------------------------------------------------
Housing: 3.24%
1,900,000 California State Department of 1,883,165
Veteran Affairs, Home Purchase
Revenue Series C, AMT, Mandatory
Put 12/01/2001, 3.65%, 12/01/2019
--------------
Total Housing (Cost $1,851,385) 1,883,165
--------------
Total Asset-Backed Security
(Cost $1,851,385) 1,883,165
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $56,629,473) 97.64% $56,718,619
(Note D, below)
Cash and Other Assets, Less Liabilities 2.36 1,370,632
------ -----------
Net Assets (Equivalent to $12.51
per share based on 4,643,610
shares of capital stock outstanding) 100.00% $58,089,251
====== ===========
--------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) When-issued security
(C) Represents entire or partial position segregated as collateral for
when-issued securities
(D) At September 30, 2000, the cost basis of investment securities owned
was substantially identical for both book and tax.
See Notes to Financial Statements.
36 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
--------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
September 30, 2000
--------------------------------------------------------------------------
Principal Amount Description Market Value*
==========================================================================
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 2.33%
--------------------------------------------------------------------------
625,000 New York State Job Development $ 625,000
Authority, State Guaranteed
Series A-1-A-42, AMT,
Daily Floater, Putable Daily,
5.55%, 03/01/2005
1,560,000 Long Island Power Authority, New 1,560,000
York Electric System Revenue
Series 6, Daily Floater, Putable Daily,
5.45%, 05/01/2033
--------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $2,185,000) 2,185,000
--------------
==========================================================================
PREREFUNDED/ESCROWED: 47.20%
--------------------------------------------------------------------------
1,000,000 New York City Series B, AMBAC, 1,039,860
8.25%, 06/01/2017,
Prerefunded 06/01/2001 @101.50
1,220,000 New York State Environmental 1,265,359
Facilities Corp., Pollution Control
Revenue, State Revolving Fund
Series E, 6.875%, 06/15/2010,
Prerefunded 06/15/2001 @102
1,865,000 New York City Series D, 1,947,172
8.00%, 08/01/2018,
Prerefunded 08/01/2001 @101.50
6,145,000 New York City Series C, 6,299,301
7.25%, 08/15/2024,
Prerefunded 08/15/2001 @100
1,000,000 New York State Medical Care 1,045,650
Facilities Finance Agency Revenue,
Secured Hospital Program Series
1991-A, 7.40%, 08/15/2021,
Prerefunded 08/15/2001 @102
2,160,000 New York City Series A, 2,254,543
7.75%, 08/15/2006,
Prerefunded 08/15/2001 @101.50
1,000,000 New York City Series A, 1,043,770
7.75%, 08/15/2016,
Prerefunded 08/15/2001 @101.50
2,190,000 New York State Municipal Bond 2,282,330
Bank, Special Program Revenue,
City of Rochester Series A,
6.75%, 03/15/2011,
Prerefunded 09/15/2001 @102
1,550,000 New York State Housing Finance 1,623,176
Agency Service Contract Revenue
Series C, 7.30%, 03/15/2021,
Prerefunded 09/15/2001 @102
2,000,000 New York State Thruway Authority 2,070,760
General Revenue Series A,
5.75%, 01/01/2012,
Prerefunded 01/01/2002 @102
4,550,000 New York State Power Authority 4,751,747
Series Z, 6.50%, 01/01/2019,
Prerefunded 01/01/2002 @102
1,000,000 New York State Thruway Authority, 1,036,240
Local Highway & Bridge Service
Contract Revenue,
6.25%, 04/01/2007,
Prerefunded 04/01/2002 @101
5,485,000 New York State Thruway Authority, 5,693,540
Local Highway & Bridge Service
Contract Revenue,
6.375%, 04/01/2012,
Prerefunded 04/01/2002 @101
1,500,000 New York State Local Government 1,581,810
Assistance Corp. Series A,
6.875%, 04/01/2019,
Prerefunded 04/01/2002 @102
3,200,000 New York City Municipal Water 3,339,808
Finance Authority Revenue Series B,
6.50%, 06/15/2020,
Prerefunded 06/15/2002 @101
1,550,000 MTA, New York Commuter Facilities 1,626,989
Revenue Series B, MBIA,
6.25%, 07/01/2022,
Prerefunded 07/01/2002 @102
1,500,000 MTA, New York Transit Facilities 1,577,610
Revenue Series J, FGIC,
6.375%, 07/01/2010,
Prerefunded 07/01/2002 @102
1,590,000 MTA, New York Transit Facilities 1,671,487
Revenue Series K,
6.625%, 07/01/2014,
Prerefunded 07/01/2002 @101.50
2,000,000 New York State Housing Finance 2,108,020
Agency Service Contract Revenue
Series C, 6.30%, 03/15/2022,
Prerefunded 09/15/2002 @102
--------------
Total Prerefunded/Escrowed (Cost $44,461,778) 44,259,172
--------------
==========================================================================
INSURED: 23.69%
--------------------------------------------------------------------------
2,135,000 Buffalo, New York Series A, AMBAC, 2,129,620
3.75%, 02/01/2001
1,000,000 Suffolk County, New York 1,000,060
Industrial Development Agency,
Southwest Sewer System Revenue,
MBIA, 4.25%, 02/01/2001
1,140,000 Chautauqua Lake Central School 1,136,899
District, New York, FSA,
4.00%, 06/15/2001
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 37
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
1,600,000 Letchworth Central School $ 1,604,112
District, New York, FSA,
4.625%, 06/15/2001
1,000,000 Letchworth Central School 1,003,420
District, New York, FGIC,
4.75%, 06/15/2001
1,000,000 Argyle Central School 1,005,120
District, New York, FSA,
5.00%, 06/15/2001
1,000,000 Arkport Central School 1,006,480
District, New York, FSA,
5.20%, 06/15/2001
1,650,000 Dansville Central School 1,662,672
District, New York, FSA,
5.375%, 06/15/2001
1,000,000 Nassau County, New York Series D, 1,008,510
FSA, 5.25%, 09/01/2001
2,000,000 Rochester, New York, MBIA, 2,013,820
5.00%, 10/01/2001
3,250,000 Nassau County, New York Series C, 3,273,238
FSA, 5.125%, 01/01/2002
1,650,000 Port Authority of New York & New 1,664,570
Jersey, Consolidated 119th
Series, FGIC, 5.00%, 09/15/2002
1,060,000 New York State Dormitory 1,171,978
Authority Revenue, City
University Series D, FGIC,
8.75%, 07/01/2003
1,000,000 Port Authority of New York & New 1,066,370
Jersey, Consolidated 72nd Series,
AMBAC, 7.40%, 10/01/2012
470,000 Long Island Power Authority, New 450,674
York Electric System Revenue
Series A, FSA,
5.00%, 12/01/2015
1,000,000 New York State Energy Research & 1,013,620
Development Authority, Con Edison
Facilities, AMBAC,
6.75%, 01/15/2027
--------------
Total Insured (Cost $22,264,248) 22,211,163
--------------
==========================================================================
TAX SUPPORTED: 17.00%
--------------------------------------------------------------------------
Local General Obligations: 2.31%
1,000,000 New York City Series G, 1,003,410
5.40%, 02/01/2001
1,160,000 New York City Series G, 1,166,090
5.00%, 08/01/2001
--------------
Total Local General Obligations
(Cost $2,167,894) 2,169,500
--------------
Tax Lease: 8.26%
1,000,000 New York State Dormitory 1,000,790
Authority, North General
Hospital, Secured Hospital
Program Series G,
5.00%, 02/15/2001
1,400,000 New York State Dormitory 1,398,138
Authority, Community Enhancement
Facilities Series B,
4.375%, 04/01/2001
1,820,000 New York State Urban Development 1,821,128
Corp. Community Enhancement
Facilities Series A,
4.50%, 04/01/2001
1,500,000 New York State Dormitory 1,506,000
Authority, Service Contract Series C,
5.15%, 04/01/2001
1,000,000 New York State Certificates of 1,005,250
Participation, Commissioner of
General Services,
5.00%, 09/01/2001
1,000,000 Puerto Rico Urban Renewal & 1,013,580
Housing Corp.,
7.875%, 10/01/2004
--------------
Total Tax Lease (Cost $7,757,573) 7,744,886
--------------
Special Tax: 4.68%
660,000 Virgin Islands Public Financing 660,000
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
1,000,000 Virgin Islands Public Financing 1,000,000
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/2000
2,640,000 MAC New York Series J, 2,725,404
5.75%, 07/01/2003
--------------
Total Special Tax (Cost $4,369,976) 4,385,404
--------------
Miscellaneous Tax: 1.75%
1,630,000 Puerto Rico Municipal Finance 1,638,003
Agency Series B,
5.00%, 08/01/2001
--------------
Total Miscellaneous Tax (Cost $1,635,322) 1,638,003
--------------
Total Tax Supported (Cost $15,930,765) 15,937,793
--------------
==========================================================================
REVENUE: 8.91%
--------------------------------------------------------------------------
Electric Revenue: 2.55%
2,400,000 Long Island Power Authority, New 2,395,824
York, Electric System General
Revenue, 4.25%, 04/01/2001
--------------
Total Electric Revenue (Cost $2,405,278) 2,395,824
--------------
Water/Sewer Revenue: 4.76%
1,300,000 New York State Environmental 1,322,516
Facilities Corp. Pooled Loan,
Pollution Control Revenue State
Water Revolving Fund Series A,
7.30%, 06/15/2001
38 Sanford C. Bernstein Fund, Inc.--2000 Annual Report
<PAGE>
==========================================================================
Principal Amount Description Market Value
==========================================================================
3,070,000 New York State Environmental $ 3,140,917
Facilities Corp. Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 90-A,
7.50%, 06/15/2012
--------------
Total Water/Sewer Revenue (Cost $4,469,997) 4,463,433
--------------
Miscellaneous Revenue: 1.60%
1,230,000 TSASC, Inc. New York Series 1, 1,220,172
Tobacco Flexible Amortization
Bonds, 4.50%, 07/15/2004
280,000 New York Convention Center 284,287
Operating Corp., New York
Certificates of Participation,
Yale Building Acquisition Project,
6.50%, 12/01/2004
--------------
Total Miscellaneous Revenue (Cost $1,504,041) 1,504,459
--------------
Total Revenue (Cost $8,379,316) 8,363,716
--------------
==========================================================================
INVESTMENT SUMMARY
--------------------------------------------------------------------------
Total Investments (Cost $93,221,107) 99.13% $92,956,844
(Note B, below)
Cash and Other Assets, Less Liabilities 0.87 817,502
------ -----------
Net Assets (Equivalent to $12.31
per share based on 7,618,269
shares of capital stock outstanding) 100.00% $93,774,346
====== ===========
--------------------------------------------------------------------------
(A) Explanation of abbreviations:
Insured-bond abbreviations:
AMBAC-AMBAC Indemnity Corporation
FGIC-Financial Guaranty Insurance Company
FSA-Financial Security Assurance, Inc.
MBIA-Municipal Bond Investors Assurance Corporation
Other abbreviations:
AMT-Subject to Alternative Minimum Tax
(B) At September 30, 2000, 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 39
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