<PAGE>
-------------------------------
Sanford C. Bernstein Fund, Inc.
-------------------------------
Semiannual Report
March 31, 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 MARCH 31, 2000
<TABLE>
<CAPTION>
TOTAL RETURNS COMPOUND ANNUAL RETURNS
----------------- --------------------------------
PAST SIX PAST 12 PAST PAST SINCE
MONTHS MONTHS FIVE YEARS 10 YEARS INCEPTION INCEPTION DATE
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SANFORD C. BERNSTEIN FUND PORTFOLIOS
----------------------------------------------------------------------------------------------------------------------
Tax-Managed International Value(2,3) 7.34% 16.47% 14.18% -- 12.29% June 22, 1992
----------------------------------------------------------------------------------------------------------------------
International Value II(2,3) 5.83 -- -- -- 9.54 April 30, 1999
----------------------------------------------------------------------------------------------------------------------
Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees described below 14.27 45.58 -- -- 1.59
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein 9.74 39.81 -- -- 0.64
----------------------------------------------------------------------------------------------------------------------
Intermediate Duration 1.91 2.07 6.57 7.67% 7.80 January 17, 1989
----------------------------------------------------------------------------------------------------------------------
Short Duration Plus 1.98 3.93 5.61 6.25 6.50 December 12, 1988
----------------------------------------------------------------------------------------------------------------------
Government Short Duration 1.69 3.41 5.25 5.87 6.14 January 3, 1989
----------------------------------------------------------------------------------------------------------------------
Diversified Municipal 1.85 1.17 4.91 5.85 5.90 January 9, 1989
----------------------------------------------------------------------------------------------------------------------
California Municipal 1.99 1.28 5.02 -- 5.77 August 6, 1990
----------------------------------------------------------------------------------------------------------------------
New York Municipal 1.84 0.95 4.94 5.90 5.98 January 9, 1989
----------------------------------------------------------------------------------------------------------------------
Short Duration Diversified Municipal 1.51 2.51 3.85 -- 3.97 October 3, 1994
----------------------------------------------------------------------------------------------------------------------
Short Duration California Municipal 1.42 2.67 3.75 -- 3.87 October 3, 1994
----------------------------------------------------------------------------------------------------------------------
Short Duration New York Municipal 1.38 2.24 3.64 -- 3.75 October 3, 1994
LIPPER MUTUAL-FUND COMPOSITES(4)
----------------------------------------------------------------------------------------------------------------------
Foreign Stock Composite 28.44% 41.69% 16.25% 11.04%
----------------------------------------------------------------------------------------------------------------------
Intermediate Bond Composite 1.53 0.90 6.13 6.99
----------------------------------------------------------------------------------------------------------------------
Short-Term Bond Composite 1.88 3.21 5.59 6.18
----------------------------------------------------------------------------------------------------------------------
Intermediate Municipal Composite 1.33 (0.45) 4.69 5.90
----------------------------------------------------------------------------------------------------------------------
Short-Term Municipal Composite 1.30 1.81 4.03 4.61
MARKET BENCHMARKS
----------------------------------------------------------------------------------------------------------------------
Major Foreign Markets Index (MSCI EAFE)(5) 22.30% 32.46% 20.05% 10.63%
----------------------------------------------------------------------------------------------------------------------
MSCI Emerging Markets Free Index 28.48 51.59 5.23 12.14
----------------------------------------------------------------------------------------------------------------------
Lipper Emerging Markets Fund Index 37.28 59.78 -- --
----------------------------------------------------------------------------------------------------------------------
Lehman Brothers Aggregate Bond Index 2.08 1.87 7.14 8.02
----------------------------------------------------------------------------------------------------------------------
Inflation 1.91 3.70 2.48 2.89
----------------------------------------------------------------------------------------------------------------------
</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:
THE INTERNET BUBBLE HAS BECOME A GLOBAL phenomenon, with technology, media and
telecom stocks dominating the world's stock markets in the six months through
March. Investors' obsession with so-called TMT stocks so skewed returns in this
year's first quarter--as in 1999--that the MSCI EAFE index of major foreign
stock markets rose 3.6% with TMT stocks but actually declined without them (left
display, below).
The Fund's foreign stock funds held up well in this anomalous environment,
a challenging one for the low-priced, undervalued stocks Bernstein favors.
Tax-Managed International Value returned 7.3% for the six months through March,
and 16.5% for the 12 months. Emerging Markets Value gained 14.3% for the six
months, and 45.6% for the 12 months.
Moreover, we're convinced that the prospects for outperformance by both
funds are now excellent. The very market bifurcation that has so inflated
Internet and other high-priced growth stocks has also created an exceptional
opportunity to buy neglected but sound stocks of first-class companies at rare
bargain prices. For instance, Tax-Managed International Value has a
price-to-book-value ratio of just 1.6 times, compared with 3.3 times for its
benchmark. What's more, rebounding economies abroad point to robust earnings
growth.
Rising U.S. interest rates and the prospect of further rate hikes depressed
bond prices. But our bond funds performed quite well during a difficult period:
Almost all beat their competition (facing page).
In the municipal-bond market, contrary trends came to bear. Even as Federal
Reserve rate hikes pushed up short-term rates, long rates fell, as higher rates
deterred cities and states from issuing bonds, curtailing supply. This more than
offset the impact of widespread bond-fund redemptions; ordinarily, they'd put
downward pressure on long-bond prices. Diversified Municipal's solid performance
was owed largely to its active "barbell" strategy of blending short- and
long-term bonds to achieve an intermediate portfolio duration overall. The
strategy had the added virtue of keeping volatility to a minimum. And the higher
yields add to our municipal portfolios' interest income.
The taxable-bond market saw a remarkable development: The Treasury, in
response to the U.S. budget surplus, intends to issue far fewer bonds and buy
back many of those outstanding, and this triggered panic buying of the popular
30-year Treasury bonds. The upshot has been an extraordinary widening of the
yield differential, or spread, between long Treasuries and other
investment-grade bonds (right display, below). This presented an exceptional
opportunity to buy high-quality bonds with generous relative yields, but without
undue risk.
Why diversify? The volatility of U.S. stocks of late serves as a vivid
reminder of why we offer the Sanford C. Bernstein Fund, Inc.'s mix of bonds and
foreign stocks.
Technology, media and telecom stocks dominated stock returns...
Major-Foreign-Market* Returns
[Bar Chart Appears Here]
1999 2000:
First Quarter
Tech Media Telecom 109.1% 10.7%
Index ex-TMT 16.4% (0.2)%
EAFE 36.8% 3.6%
*Morgan Stanley Capital International (MSCI) EAFE; GDP-weighted; in local
currencies Source: MSCI and Bernstein
...while the yield advantage of non-Treasury bonds grew pronounced
Yields at Different Maturities
[Line Chart Appears Here]
Treasuries "A" Corporates
Duration 12/31/99 3/31/00 12/31/99 3/31/00
0.24 5.34% 5.87% 5.84% 6.37%
0.95 6.08 6.39 6.55 6.85
1.84 6.23 6.48 6.83 7.2
2.71 6.3 6.42 7 7.22
3.46 6.38 6.38 7.12 7.23
4.1 6.45 6.35 7.23 7.26
4.91 6.49 6.31 7.32 7.33
5.52 6.52 6.28 7.38 7.39
7.27 6.65 6.27 7.48 7.52
10.65 6.83 6.18 7.61 7.6
13.92 6.61 5.99 7.73 7.67
Source: Lehman Brothers, Merrill Lynch, JP Morgan, Salomon Smith Barney, Street
Software Technology, Inc. and Bernstein estimates
--------------------------------------------------------------------------------
2000 Semiannual Report 3
<PAGE>
Foreign-Stock Portfolios
Tax-Managed International Value
Growth of $25,000(1)
[Line Chart Appears Here]
EAFE Foreign Tax-Managed
Stock-Market Lipper International
Index Foreign Stock Value
Yr:Month (before all costs) Composite (after 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
International Value II
Growth of $25,000(1)
[Line Chart Appears Here]
EAFE Foreign
Stock-Market Lipper International
Index Foreign Stock Value II
Yr:Month (before 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
Emerging Markets Value
Growth of $25,000(1)
[Line Chart Appears Here]
Emerging
Markets
Value after
deduction of 2%
purchase and 2%
MSCI Emerging redemption fees--
Markets Free both paid to the
Lipper Emerging Index portfolio, not to
Markets Index (before all costs) Bernstein
See footnote 2 on
facing page
25000 25000 25000
96:1 27272 26777 26784
2 26954 26351 26760
3 27178 26557 27071
4 28131 27618 28422
5 28407 27495 28266
6 28461 27667 27932
7 26805 25776 26186
8 27536 26436 26174
9 27818 26665 26090
10 27175 25954 24942
11 27794 26388 25803
12 28037 26508 26226
97:1 30166 28316 28281
2 31243 29528 28953
3 30442 28753 28593
4 30448 28804 28100
5 31498 29628 28401
6 33048 31214 29230
7 34010 31680 30395
8 30275 27648 27115
9 31368 28414 27079
10 26132 23752 22898
11 24939 22885 20700
12 25166 23437 19952
98:1 23415 21599 19113
2 25419 23853 20954
3 26311 24888 21956
4 26366 24617 21405
5 22430 21243 18687
6 20304 19015 16433
7 20923 19618 16595
8 14928 13946 12374
9 15488 14830 12663
10 16977 16392 14128
11 18118 17755 15618
12 17891 17498 15743
99:1 17528 17216 15350
2 17377 17383 15553
3 19313 19674 17581
4 21996 22108 21092
5 21729 21980 21498
6 24170 24474 23767
7 23568 23809 23133
8 23306 24026 23222
9 22479 23213 21950
10 23155 23707 22099
11 25709 25833 23552
12 30227 29118 26693
00:1 29876 29292 25794
2 30766 29678 24957
3 30859 29823 25082
Taxable-Bond Portfolios
Intermediate Duration
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Brothers
Aggregate Bond Intermediate
Index Duration Lipper Intermediate
Yr:Month (before all costs) (after all costs) Bond Composite
89:1 25000 25000 25000
2 24820 24865 24898
3 24927 25000 24982
4 25448 25432 25397
5 26117 25948 25869
6 26911 26694 26462
7 27484 27103 26919
8 27077 26868 26658
9 27215 27003 26768
10 27885 27602 27228
11 28150 27776 27424
12 28226 27846 27501
90:1 27890 27522 27289
2 27979 27602 27365
3 27999 27649 27409
4 27741 27427 27269
5 28562 28083 27861
6 29022 28447 28207
7 29424 28769 28534
8 29030 28480 28326
9 29272 28597 28447
10 29645 28879 28618
11 30283 29443 29082
12 30757 29892 29457
91:1 31138 30044 29731
2 31403 30478 30004
3 31620 30782 30229
4 31961 31132 30574
5 32146 31361 30773
6 32130 31371 30773
7 32577 31798 31124
8 33281 32494 31749
9 33956 33042 32324
10 34333 33469 32666
11 34649 33818 32987
12 35678 35005 33920
92:1 35193 34509 33533
2 35422 34754 33661
3 35222 34594 33530
4 35476 34848 33764
5 36146 35499 34308
6 36644 35991 34798
7 37391 36844 35592
8 37770 37051 35891
9 38218 37443 36372
10 37711 36919 35830
11 37719 37071 35726
12 38319 37692 36222
93:1 39054 38306 36947
2 39738 38962 37619
3 39904 39109 37766
4 40182 39343 38034
5 40234 39503 38004
6 40962 40374 38676
7 41195 40778 38839
8 41917 41611 39557
9 42030 41673 39712
10 42187 41895 39839
11 41828 41396 39484
12 42055 41589 39670
94:1 42622 42150 40174
2 41881 41399 39459
3 40846 40633 38598
4 40520 40296 38251
5 40516 40251 38194
6 40426 40172 38121
7 41231 40833 38693
8 41280 40805 38770
9 40674 40199 38332
10 40637 40152 38275
11 40548 40034 38164
12 40828 40276 38347
95:1 41636 41077 38956
2 42626 41895 39767
3 42888 42115 40013
4 43487 42631 40530
5 45170 44120 41960
6 45501 44477 42225
7 45399 44303 42111
8 45947 44811 42582
9 46394 45353 42957
10 46998 46074 43490
11 47702 46722 44098
12 48371 47458 44658
96:1 48692 47630 44953
2 47846 46700 44185
3 47513 46435 43884
4 47246 46241 43616
5 47150 46218 43538
6 47783 46715 44034
7 47914 46889 44135
8 47834 46899 44100
9 48668 47645 44819
10 49746 48616 45724
11 50598 49536 46497
12 50127 49158 46088
97:1 50281 49215 46222
2 50406 49317 46314
3 49847 48794 45828
4 50593 49429 46423
5 51072 49802 46823
6 51678 50402 47342
7 53071 51431 48559
8 52619 51177 48132
9 53395 51772 48801
10 54169 52474 49377
11 54419 52619 49515
12 54967 52922 49961
98:1 55672 53540 50605
2 55630 53540 50534
3 55822 53715 50711
4 56113 53924 50929
5 56645 54413 51382
6 57126 54679 51752
7 57247 54896 51851
8 58179 55438 52483
9 59541 56219 53643
10 59226 55768 53252
11 59562 56338 53497
12 59742 56559 53673
99:1 60168 57106 54017
2 59118 56279 53012
3 59445 56714 53394
4 59634 56946 53554
5 59115 56731 52997
6 58923 56592 52801
7 58672 56324 52621
8 58642 56207 52537
9 59323 56803 53062
10 59542 56898 53131
11 59538 56987 53174
12 59250 56923 52945
00:1 59056 56722 52749
2 59771 57304 53261
3 60558 57890 53873
Short Duration Plus
Growth of $25,000(1)
[Line Chart Appears Here]
Merrill Lynch 1-3 Year Short Duration Lipper Short
Treasury Index Plus (after all Investment Grade
Yr:Month (before all costs) costs) Bond Composite
25000 25000 25000
89:1 25198 25200 25208
2 25198 25247 25253
3 25313 25372 25377
4 25701 25674 25671
5 26086 25969 26005
6 26574 26366 26392
7 26967 26663 26727
8 26800 26653 26677
9 26958 26826 26815
10 27365 27153 27161
11 27610 27348 27354
12 27720 27453 27480
90:1 27743 27517 27469
2 27873 27637 27612
3 27967 27770 27739
4 28022 27812 27789
5 28450 28152 28164
6 28750 28399 28431
7 29109 28676 28889
8 29196 28799 28947
9 29436 28939 29112
10 29760 29153 29319
11 30051 29391 29621
12 30416 29723 29905
91:1 30694 29845 30099
2 30877 30225 30340
3 31085 30514 30577
4 31379 30847 30883
5 31569 31109 31099
6 31698 31246 31176
7 31974 31533 31454
8 32413 31918 31882
9 32763 32198 32261
10 33114 32575 32580
11 33458 32930 32887
12 33967 33404 33459
92:1 33915 33364 33372
2 34033 33526 33495
3 34020 33521 33482
4 34333 33881 33713
5 34645 34236 34050
6 34998 34608 34411
7 35390 34968 34848
8 35702 35102 35085
9 36041 35287 35394
10 35825 35147 35153
11 35766 35255 35090
12 36106 35509 35374
93:1 36482 35792 35788
2 36794 36056 36139
3 36904 36189 36258
4 37133 36321 36472
5 37029 36434 36457
6 37302 36773 36760
7 37388 36946 36863
8 37714 37200 37191
9 37837 37225 37325
10 37911 37368 37433
11 37920 37275 37381
12 38060 37435 37538
94:1 38305 37690 37819
2 38060 37522 37543
3 37870 37320 37232
4 37736 37293 37057
5 37790 37333 37071
6 37902 37408 37097
7 38228 37682 37405
8 38362 37755 37532
9 38275 37650 37435
10 38361 37740 37480
11 38190 37547 37386
12 38277 37640 37412
95:1 38809 38104 37786
2 39343 38581 38281
3 39562 38736 38484
4 39915 39076 38842
5 40612 39615 39572
6 40830 39835 39794
7 41000 39970 39885
8 41243 40202 40161
9 41444 40422 40394
10 41794 40784 40721
11 42163 41076 41067
12 42487 41441 41391
96:1 42848 41668 41702
2 42667 41521 41543
3 42629 41508 41506
4 42665 41593 41523
5 42752 41676 41589
6 43059 41913 41876
7 43229 42113 42035
8 43377 42298 42161
9 43770 42660 42541
10 44263 43167 42979
11 44602 43454 43318
12 44602 43424 43318
97:1 44812 43663 43509
2 44915 43781 43635
3 44897 43770 43587
4 45264 44072 43918
5 45573 44339 44217
6 45887 44610 44504
7 46391 44949 44990
8 46434 45058 45012
9 46786 45308 45341
10 47134 45582 45594
11 47248 45699 45699
12 47571 45830 45960
98:1 48033 46237 46360
2 48074 46299 46411
3 48270 46405 46587
4 48496 46609 46792
5 48754 46809 47035
6 49008 46993 47242
7 49237 47245 47436
8 49856 47568 47759
9 50517 48073 48322
10 50765 48127 48298
11 50720 48294 48399
12 50899 48549 48578
99:1 51101 48776 48797
2 50852 48619 48587
3 51205 48975 48952
4 51370 49153 49133
5 51337 49241 49039
6 51497 49400 49118
7 51660 49529 49162
8 51810 49635 49241
9 52147 49911 49590
10 52285 50049 49709
11 52384 50225 49854
12 52459 50384 49933
00:1 52440 50372 49918
2 52789 50654 50238
3 53116 50900 50524
Government Short Duration
Growth of $25,000(1)
[Line Chart Appears Here]
Merrill Lynch
1-3 Year
Treasury
Index Lipper Short Government
(before all U.S. Government Short Duration
Yr:Month costs) Bond Composite (after all costs)
25000 25000 25000
89:2 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
--------------------------------------------------------------------------------
1 Past performance is not predictive of future results. The Lipper composites
are the equal-weighted average returns of the funds in the cited categories.
Indexes are theoretical measures of stock- and 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.
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. Fixed-income indexes are the
Lehman Brothers Aggregate Bond Index, which comprises Treasury, agency,
corporate, mortgage-backed and asset-backed securities of diverse
maturities; the Merrill Lynch 1-3 Year Treasury index, which includes
short-term Treasury bonds; the Lehman Brothers Five-Year G/O Index, which
includes general obligation municipal bonds at five-year maturities; and the
Lehman Brothers One-Year Municipal Index, which includes municipal bonds
with maturities of up to 1.99 years.
--------------------------------------------------------------------------------
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 Diversified
Five-Year G/O Index Municipal Municipal
Yr:Month (before all costs) Composite (after all costs)
89:1 25000 25000 25000
2 24735 24893 24863
3 24577 24820 24736
4 24999 25212 25164
5 25454 25550 25550
6 25734 25829 25878
7 26110 26128 26189
8 26008 26011 26027
9 26021 25972 25973
10 26250 26203 26266
11 26584 26510 26602
12 26799 26743 26769
90:1 26812 26679 26669
2 27013 26884 26843
3 26930 26868 26823
4 26841 26723 26741
5 27332 27177 27152
6 27532 27405 27351
7 27859 27748 27637
8 27764 27501 27510
9 27823 27592 27622
10 28232 27934 28022
11 28638 28375 28403
12 28744 28517 28590
91:1 29167 28845 28933
2 29432 29096 29187
3 29365 29111 29102
4 29732 29416 29448
5 29883 29622 29565
6 29877 29593 29545
7 30176 29856 29774
8 30565 30166 30144
9 30941 30504 30443
10 31176 30758 30652
11 31276 30841 30818
12 31980 31433 31500
92:1 32041 31521 31450
2 32060 31555 31425
3 31954 31489 31229
4 32235 31732 31393
5 32525 32068 31803
6 32994 32520 32239
7 33858 33486 33167
8 33604 33148 32915
9 33816 33343 33154
10 33708 33067 32796
11 34116 33622 33281
12 34354 33915 33560
93:1 34725 34298 33893
2 35632 35320 34711
3 35229 34938 34381
4 35455 35225 34587
5 35579 35362 34642
6 36059 35875 35137
7 36084 35879 35040
8 36575 36542 35639
9 36838 36966 36007
10 36894 37044 36062
11 36787 36807 35883
12 37291 37436 36391
94:1 37641 37833 36706
2 36937 37008 36065
3 36114 35957 35366
4 36478 36141 35368
5 36683 36408 35587
6 36598 36303 35483
7 36997 36760 35871
8 37175 36903 36012
9 36896 36527 35719
10 36689 36100 35420
11 36454 35562 35020
12 36775 36091 35475
95:1 37128 36799 36132
2 37667 37572 36876
3 38266 37910 37259
4 38369 37974 37321
5 39209 38878 38266
6 39241 38734 38107
7 39790 39094 38458
8 40192 39478 38841
9 40312 39651 38993
10 40482 40032 39376
11 40826 40464 39818
12 41050 40735 40075
96:1 41539 41078 40373
2 41398 40946 40264
3 41178 40483 39891
4 41116 40406 39808
5 41067 40386 39813
6 41359 40629 40080
7 41632 40986 40366
8 41719 40994 40331
9 42032 41343 40701
10 42423 41740 41035
11 43012 42362 41640
12 42948 42234 41532
97:1 43064 42323 41687
2 43370 42632 41938
3 42880 42189 41599
4 43094 42396 41851
5 43564 42900 42281
6 43947 43286 42594
7 44743 44230 43376
8 44505 43867 43145
9 44906 44319 43532
10 45180 44523 43687
11 45324 44687 43832
12 45732 45246 44307
98:1 46135 45626 44617
2 46190 45644 44677
3 46269 45644 44709
4 46047 45402 44638
5 46595 46043 45043
6 46739 46172 45175
7 46907 46250 45297
8 47541 46925 45750
9 48025 47432 46137
10 48126 47418 46223
11 48194 47503 46252
12 48406 47665 46356
99:1 48895 48208 46841
2 48836 47933 46767
3 48904 47890 46802
4 49046 48020 46924
5 48879 47731 46795
6 48337 47049 46390
7 48593 47265 46545
8 48593 47029 46470
9 48763 47048 46491
10 48656 46704 46295
11 48914 47097 46673
12 48752 46875 46566
00:1 48730 46655 46487
2 48880 47010 46726
3 49318 47672 47350
California Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper
Intermediate
Lehman Brothers California California
Five-Year G/O Index Municipal Municipal
Yr:Month (before all costs) Composite (after all costs)
90:8 25000 25000 25000
9 25053 24988 25155
10 25421 25452 25459
11 25787 26015 25844
12 25882 26127 26072
91:1 26263 26424 26340
2 26502 26557 26649
3 26441 26578 26566
4 26771 26942 26814
5 26908 27184 26937
6 26902 27108 26889
7 27171 27472 27112
8 27522 27796 27378
9 27860 28168 27686
10 28072 28430 27891
11 28162 28510 27989
12 28796 29051 28558
92:1 28850 29133 28610
2 28868 29153 28600
3 28772 29074 28370
4 29026 29278 28578
5 29287 29571 28916
6 29709 29952 29279
7 30487 30776 30091
8 30258 30440 29901
9 30449 30626 30111
10 30352 30292 29803
11 30719 30792 30239
12 30934 31054 30500
93:1 31268 31389 30820
2 32084 32347 31647
3 31721 32001 31314
4 31924 32253 31469
5 32036 32369 31577
6 32469 32826 31950
7 32491 32796 31855
8 32933 33423 32374
9 33170 33820 32702
10 33220 33875 32727
11 33124 33637 32544
12 33578 34240 33015
94:1 33893 34609 33326
2 33259 33838 32694
3 32518 32890 32066
4 32846 33025 32043
5 33030 33246 32213
6 32954 33140 32168
7 33313 33617 32562
8 33473 33745 32664
9 33222 33428 32381
10 33036 32970 32096
11 32825 32459 31737
12 33114 32825 31975
95:1 33431 33495 32592
2 33916 34239 33414
3 34455 34578 33727
4 34549 34626 33804
5 35305 35481 34674
6 35333 35258 34446
7 35828 35635 34807
8 36190 36027 35120
9 36298 36229 35330
10 36451 36624 35701
11 36761 37048 36150
12 36963 37252 36362
96:1 37403 37584 36708
2 37276 37460 36580
3 37078 37029 36160
4 37022 36999 36109
5 36978 36988 36084
6 37241 37240 36350
7 37486 37571 36604
8 37565 37571 36626
9 37847 37879 36955
10 38199 38266 37284
11 38730 38874 37797
12 38672 38730 37716
97:1 38776 38804 37822
2 39051 39052 38042
3 38610 38681 37705
4 38803 38863 37898
5 39226 39372 38309
6 39571 39730 38619
7 40288 40648 39374
8 40074 40307 39162
9 40435 40710 39476
10 40681 40820 39611
11 40812 40987 39739
12 41179 41479 40108
98:1 41541 41869 40439
2 41591 41927 40519
3 41662 41856 40487
4 41462 41617 40393
5 41955 42192 40840
6 42085 42302 40959
7 42237 42428 41068
8 42807 43065 41530
9 43244 43702 41989
10 43334 43641 42030
11 43395 43759 42140
12 43586 43776 42163
99:1 44026 44289 42589
2 43973 44080 42484
3 44035 44147 42539
4 44163 44182 42586
5 44012 43912 42376
6 43524 43289 42044
7 43755 43527 42208
8 43755 43335 42105
9 43908 43491 42243
10 43811 43122 42035
11 44043 43505 42342
12 43898 43192 42137
00:1 43878 43218 42158
2 44013 43581 42497
3 44407 44261 43082
New York Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lipper
Intermediate
Lehman Brothers New York New York
Five-Year G/O Index Municipal Municipal
Yr:Month (before all costs) Composite (after all costs)
89:1 25000 25000 25000
2 24735 24750 24881
3 24577 24750 24809
4 24999 25389 25201
5 25454 25868 25589
6 25734 26197 26022
7 26110 26469 26313
8 26008 26221 26154
9 26021 26105 26119
10 26250 26319 26415
11 26584 26725 26731
12 26799 26928 26872
90:1 26812 26658 26733
2 27013 26888 26912
3 26930 26842 26920
4 26841 26514 26800
5 27332 27167 27193
6 27532 27463 27412
7 27859 27960 27703
8 27764 27420 27579
9 27823 27341 27718
10 28232 27620 28096
11 28638 28222 28494
12 28744 28323 28658
91:1 29167 28706 28979
2 29432 28878 29257
3 29365 28985 29267
4 29732 29437 29548
5 29883 29664 29712
6 29877 29634 29717
7 30176 30117 29973
8 30565 30554 30301
9 30941 31015 30585
10 31176 31313 30796
11 31276 31354 30916
12 31980 31999 31642
92:1 32041 31823 31552
2 32060 31941 31632
3 31954 32043 31492
4 32235 32383 31761
5 32525 32856 32079
6 32994 33536 32544
7 33858 34763 33479
8 33604 34235 33211
9 33816 34338 33432
10 33708 34018 33106
11 34116 34586 33551
12 34354 34901 33820
93:1 34725 35271 34138
2 35632 36294 35046
3 35229 35960 34698
4 35455 36233 34941
5 35579 36415 35058
6 36059 36884 35516
7 36084 36873 35424
8 36575 37507 35981
9 36838 37822 36334
10 36894 37909 36393
11 36787 37652 36170
12 37291 38296 36714
94:1 37641 38701 37013
2 36937 37916 36374
3 36114 36903 35650
4 36478 37092 35660
5 36683 37388 35938
6 36598 37317 35864
7 36997 37761 36314
8 37175 37882 36384
9 36896 37503 36038
10 36689 37068 35665
11 36454 36527 35237
12 36775 37053 35779
95:1 37128 37661 36416
2 37667 38418 37197
3 38266 38718 37522
4 38369 38795 37644
5 39209 39714 38626
6 39241 39583 38465
7 39790 39971 38791
8 40192 40395 39206
9 40312 40548 39330
10 40482 40950 39721
11 40826 41392 40171
12 41050 41641 40419
96:1 41539 41990 40725
2 41398 41801 40529
3 41178 41379 40181
4 41116 41263 40131
5 41067 41201 40108
6 41359 41482 40379
7 41632 41884 40673
8 41719 41859 40646
9 42032 42269 41026
10 42423 42654 41401
11 43012 43336 41928
12 42948 43176 41845
97:1 43064 43228 41973
2 43370 43560 42260
3 42880 43094 41887
4 43094 43318 42143
5 43564 43886 42548
6 43947 44312 42870
7 44743 45344 43663
8 44505 44950 43396
9 44906 45417 43790
10 45180 45576 43981
11 45324 45758 44099
12 45732 46349 44582
98:1 46135 46743 44931
2 46190 46757 44962
3 46269 46710 44995
4 46047 46402 44826
5 46595 47125 45370
6 46739 47281 45542
7 46907 47333 45602
8 47541 48052 46164
9 48025 48624 46556
10 48126 48610 46675
11 48194 48673 46771
12 48406 48863 46904
99:1 48895 49444 47428
2 48836 49157 47282
3 48904 49103 47314
4 49046 49226 47407
5 48879 48931 47208
6 48337 48216 46726
7 48593 48443 46917
8 48593 48244 46840
9 48763 48288 46899
10 48656 47877 46668
11 48914 48318 47056
12 48752 48076 46889
00:1 48730 47874 46846
2 48880 48257 47163
3 49318 49044 47763
Short Duration Diversified Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman
Brothers Lipper Short Duration
One-Year Short-Term Diversified
Municipal Index Municipal Municipal
Yr:Month (before all costs) Composite (after 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 30822 30631
12 31460 30885 30652
00:1 31580 30904 30745
2 31675 31018 30818
3 31812 31167 30942
Short Duration California Municipal
Growth of $25,000(1)
[Line Chart Appears Here]
Lehman Brothers Lipper Short Duration
One-Year Short-Term California
Municipal Index Municipal Municipal
Yr:Month (before all costs) Composite (after all costs)
94:10 25000 25000 25000
11 25038 24198 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 27889 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
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
Municipal Index Municipal Municipal
Yr: Month (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
--------------------------------------------------------------------------------
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
increased to $26,116.
--------------------------------------------------------------------------------
2000 Semiannual Report 5
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--March 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
TAX-MANAGED INTERNATIONAL EMERGING
INTERNATIONAL VALUE VALUE MARKETS VALUE
PORTFOLIO PORTFOLIO II PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 3,369,037,903 $ 2,184,726,899 $ 712,739,612
Investments in securities at value--affiliated issuers
(Note 3) (b) 0 0 4,331,496
Foreign currency at value (c) 70,925,672 46,260,246 4,300,954
Cash in bank 801 1,841 5,520,582
Receivables:
Interest 3,666 6,335 182
Dividends 15,381,021 10,192,640 3,036,471
Investment securities sold 34,778,919 16,641,272 456,139
Capital shares sold 3,760,695 2,163,341 1,347,810
Foreign withholding tax reclaims 1,594,441 1,116,520 0
Margin due from broker on futures contracts 0 32,049 0
Unamortized organization expenses (Note 1) 0 0 6,814
Collateral held for securities loaned (Note 1) 557,813,020 113,048,267 0
Other assets 87,211 43,364 25,894
Appreciation on foreign currency contracts (Note 3D) 3,985,412 2,893,364 0
--------------- --------------- ---------------
Total assets 4,057,368,761 2,377,126,138 731,765,954
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 0 0 0
Dividends to shareholders 0 0 0
Investment securities purchased 219,926 0 0
Capital shares redeemed 20,464,889 12,392,754 1,769,466
Management fee (Note 2) 2,748,978 1,806,382 787,520
Shareholder servicing and administration fee (Note 2) 740,077 478,245 157,504
Accrued expenses 577,735 152,924 179,764
Foreign withholding and capital gains taxes 1,930,574 1,278,310 2,636,588
Margin owed to broker on futures contracts 240,686 674,455 70,200
Depreciation on foreign currency contracts (Note 3D) 21,970,017 13,144,678 0
Securities lending collateral (Note 1) 557,813,020 113,048,267 0
--------------- --------------- ---------------
Total liabilities 606,705,902 142,976,015 5,601,042
--------------- --------------- ---------------
NET ASSETS (d) $ 3,450,662,859 $ 2,234,150,123 $ 726,164,912
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 21.19 $ 21.06 $ 20.09
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 162,877 $ 106,081 $ 36,150
Additional paid-in capital 2,648,703,412 2,044,119,665 691,729,776
Undistributed net investment income/(excess distributions) 18,743,635 (22,792,031) (1,597,270)
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies 432,601,595 200,535,708 4,428,398
Unrealized appreciation (depreciation) of:
Investments and futures (net of accrued foreign
capital gains taxes of $0, $0 and $2,335,619) 368,385,451 22,120,533 31,587,195
Foreign currencies (17,934,111) (9,939,833) (19,337)
--------------- --------------- ---------------
$ 3,450,662,859 $ 2,234,150,123 $ 726,164,912
=============== =============== ===============
</TABLE>
(a) Cost: $3,001,929,823; $2,162,865,833; $665,355,359; $2,905,216,016;
$558,638,777; $121,124,134; $1,273,643,580; $500,996,941; and $722,413,815,
respectively (Note 1) (b) Cost: $17,891,482 (Note 1) (c) Cost: $70,565,265;
$45,704,471; and $4,336,720, respectively (Note 1) (d) Applicable to:
162,876,157; 106,081,078; 36,150,375; 177,464,381; 40,529,172; 9,143,466;
95,934,018; 37,403,267; and 55,089,857 shares of capital stock outstanding,
respectively
See Notes to Financial Statements. The Schedules of Investments, an integral
part of the financial statements for each Portfolio, are included as inserts to
this Report.
--------------------------------------------------------------------------------
6 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE SHORT GOVERNMENT
DURATION DURATION PLUS SHORT DURATION
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (a) $ 2,837,756,815 $ 550,640,780 $ 120,036,878
Investments in securities at value--affiliated issuers (Note 3) (b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 982 0 781
Receivables:
Interest 22,553,730 4,728,903 1,019,698
Dividends 0 0 0
Investment securities sold 447,466,980 45,199,796 9,136,842
Capital shares sold 466,223 382,756 80,000
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 57,793 12,090 2,804
Appreciation on foreign currency contracts (Note 3D) 1,503,589 239,071 0
--------------- ----------- -----------
Total assets 3,309,806,112 601,203,396 130,277,003
--------------- ----------- -----------
LIABILITIES
Payables:
Bank borrowing 0 101 0
Dividends to shareholders 4,201,394 842,876 162,396
Investment securities purchased 1,080,242,831 103,778,910 16,669,837
Capital shares redeemed 3,602,359 1,119,752 223,617
Management fee (Note 2) 911,171 214,790 47,770
Shareholder servicing and administration fee (Note 2) 193,071 42,958 9,554
Accrued expenses 129,086 43,639 20,595
Foreign withholding and capital gains taxes 0 0 0
Margin owed to broker on futures contracts 316,500 83,000 0
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral (Note 1) 0 0 0
--------------- --------------- ---------------
Total liabilities 1,089,596,412 106,126,026 17,133,769
--------------- --------------- ---------------
NET ASSETS (d) $ 2,220,209,700 $ 495,077,370 $ 113,143,234
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 12.51 $ 12.22 $ 12.37
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 177,466 $ 40,530 $ 9,144
Additional paid-in capital 2,349,902,366 511,413,921 116,022,136
Undistributed net investment income/(excess distributions) (4,597,094) (997,068) 55,344
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (56,992,195) (7,012,602) (1,856,134)
Unrealized appreciation (depreciation) of:
Investments and futures (net of accrued foreign
capital gains taxes of $0, $0 and $2,335,619) (69,773,608) (8,604,934) (1,087,256)
Foreign currencies 1,492,765 237,523 0
--------------- --------------- ---------------
$ 2,220,209,700 $ 495,077,370 $ 113,143,234
=============== =============== ===============
</TABLE>
<TABLE>
<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) $ 1,271,601,867 $ 503,869,032 $ 722,480,151
Investments in securities at value--affiliated issuers (Note 3) (b) 0 0 0
Foreign currency at value (c) 0 0 0
Cash in bank 1,722 77,086 6,295
Receivables:
Interest 18,774,435 7,684,017 11,017,724
Dividends 0 0 0
Investment securities sold 1,265,290 0 305,000
Capital shares sold 2,818,794 701,050 112,150
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 32,561 12,968 18,510
Appreciation on foreign currency contracts (Note 3D) 0 0 0
--------------- --------------- ---------------
Total assets 1,294,494,669 512,344,153 733,939,830
--------------- --------------- ---------------
LIABILITIES
Payables:
Bank borrowing 0 0 0
Dividends to shareholders 1,553,463 591,255 887,314
Investment securities purchased 6,050,180 0 0
Capital shares redeemed 1,966,691 1,120,840 2,044,942
Management fee (Note 2) 574,933 221,590 311,945
Shareholder servicing and administration fee (Note 2) 118,048 44,318 62,389
Accrued expenses 77,590 43,934 52,604
Foreign withholding and capital gains taxes 0 0 0
Margin owed to broker on futures contracts 134,000 51,000 15,500
Depreciation on foreign currency contracts (Note 3D) 0 0 0
Securities lending collateral (Note 1) 0 0 0
--------------- --------------- --------------
Total liabilities 10,474,905 2,072,937 3,374,694
--------------- --------------- ---------------
NET ASSETS (d) $ 1,284,019,764 $ 510,271,216 $ 730,565,136
=============== =============== ==============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 13.38 $ 13.64 $ 13.26
=============== =============== ==============
NET ASSETS CONSIST OF:
Capital stock, at par $ 95,935 $ 37,404 $ 55,090
Additional paid-in capital 1,291,858,039 511,314,206 734,953,971
Undistributed net investment income/(excess distributions) 28,347 (32,972) 6,467
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (4,949,344) (3,549,763) (4,404,353)
Unrealized appreciation (depreciation) of:
Investments and futures (net of accrued foreign
capital gains taxes of $0, $0 and $2,335,619) (3,013,213) 2,502,341 (46,039)
Foreign currencies 0 0 0
--------------- --------------- --------------
$ 1,284,019,764 $ 510,271,216 $ 730,565,136
=============== =============== ==============
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual Report 7
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Assets and Liabilities--March 31, 2000 (Unaudited) (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities at value--unaffiliated issuers (e) $ 166,728,390 $ 83,649,766 $ 112,158,899
Investments in securities at value--affiliated issuers (Note 3) 0 0 0
Foreign currency at value 0 0 0
Cash in bank 7,419 65 55,784
Receivables:
Interest 2,522,481 1,459,605 1,777,944
Dividends 0 0 0
Investment securities sold 4,800,531 668,100 0
Capital shares sold 99,000 0 37,383
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 3,600 2,325 2,188
Appreciation on foreign currency contracts (Note 3D) 0 0 0
------------- ------------- -------------
Total assets 174,161,421 85,779,861 114,032,198
------------- ------------- -------------
LIABILITIES
Payables:
Bank borrowing 0 0 0
Dividends to shareholders 197,547 78,855 134,414
Investment securities purchased 0 0 0
Capital shares redeemed 956,190 600,907 718,954
Management fee (Note 2) 78,695 36,725 49,360
Shareholder servicing and administration fee (Note 2) 15,739 7,345 9,872
Accrued expenses 24,721 16,991 20,851
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 1,272,892 740,823 933,451
------------- ------------- -------------
NET ASSETS (f) $ 172,888,529 $ 85,039,038 $ 113,098,747
============= ============= =============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 12.41 $ 12.45 $ 12.28
============= ============= =============
NET ASSETS CONSIST OF:
Capital stock, at par $ 13,936 $ 6,830 $ 9,207
Additional paid-in capital 174,032,190 85,517,787 114,488,614
Undistributed net investment income/(excess distributions) (9,678) (20,838) 73
Accumulated undistributed net realized gain (loss)
on investments, futures and foreign currencies (491,621) (105,075) (650,764)
Unrealized appreciation (depreciation) of:
Investments and futures (656,298) (359,666) (748,383)
Foreign currencies 0 0 0
------------- ------------- -------------
$ 172,888,529 $ 85,039,038 $ 113,098,747
============= ============= =============
</TABLE>
(e) Cost: $167,384,688; $84,009,432; and $112,907,282, respectively (Note 1)
(f) Applicable to: 13,935,470; 6,830,156; and 9,206,716 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 Six Months Ended March 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN
TAX-MANAGED BERNSTEIN EMERGING
INTERNATIONAL INTERNATIONAL MARKETS
VALUE VALUE VALUE
PORTFOLIO PORTFOLIO II PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 2,261,388 $ 851,985 $ 248,319
Dividends (net of foreign withholding taxes of
$3,273,741, $2,181,178 and $535,928) 22,099,335 15,231,377 7,378,651
------------- ------------- -------------
Total income 24,360,723 16,083,362 7,626,970
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 16,958,351 11,303,170 4,861,010
Shareholder servicing and administration fee 4,571,764 3,000,881 972,202
Custodian and transfer agent fees 1,123,761 596,818 698,255
Auditing and tax consulting fees 56,948 27,590 10,756
Insurance 22,829 14,856 4,524
Directors' fees and expenses 29,177 7,999 3,687
Legal fees 8,272 9,598 7,095
Registration fees 21,157 28,445 30,522
Printing 31,752 13,736 2,042
Amortization of organization expense 0 0 4,833
Miscellaneous 33,443 5,558 10,792
------------- ------------- -------------
Total expenses 22,857,454 15,008,651 6,605,718
------------- ------------- -------------
Net investment income 1,503,269 1,074,711 1,021,252
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (net of foreign capital 390,653,555 165,306,979 68,110,567
gains taxes of $0, $0 and $129,848)
Futures transactions 12,945,515 11,216,033 1,281,113
Foreign currency transactions 29,012,590 23,997,194 (1,530,675)
------------- ------------- -------------
Net realized gain on investment,
futures and foreign currency transactions 432,611,660 200,520,206 67,861,005
------------- ------------- -------------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (net of accrued foreign capital (177,003,454) (70,888,881) 30,717,192
gains taxes of $0, $0 and $159,560)
Foreign currencies 752,820 2,685,019 167,720
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies (176,250,634) (68,203,862) 30,884,912
------------- ------------- -------------
Net realized and unrealized gain on
investments, futures and foreign currencies 256,361,026 132,316,344 98,745,917
------------- ------------- -------------
Net increase in net assets
resulting from operations $ 257,864,295 $ 133,391,055 $ 99,767,169
============= ============= =============
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual Report 9
<PAGE>
Sanford C. Bernstein Fund, Inc.
Statements of Operations for the Six Months Ended March 31, 2000 (Unaudited)
(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 $ 86,194,778 $ 16,970,337 $ 3,390,827
Dividends 0 0 0
------------ ------------ ------------
Total income 86,194,778 16,970,337 3,390,827
------------ ------------ ------------
Expenses (Notes 1 and 2):
Management fee 5,861,319 1,331,360 308,555
Shareholder servicing and administration fee 1,246,960 266,272 61,711
Custodian and transfer agent fees 218,912 92,170 45,031
Auditing and tax consulting fees 32,219 10,365 5,179
Insurance 16,347 3,360 780
Directors' fees and expenses 16,704 3,647 851
Legal fees 4,198 1,017 412
Registration fees 26,772 27,806 11,487
Printing 18,865 6,374 1,246
Amortization of organization expense 0 0 0
Miscellaneous 13,457 3,515 1,030
------------ ------------ ------------
Total expenses 7,455,753 1,745,886 436,282
------------ ------------ ------------
Net investment income 78,739,025 15,224,451 2,954,545
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (35,824,986) (2,856,078) (725,721)
Futures transactions (162,117) 274,446 0
Foreign currency transactions (112,521) (49,786) 0
------------ ------------ ------------
Net realized loss on investment,
futures and foreign currency transactions (36,099,624) (2,631,418) (725,721)
------------ ------------ ------------
Net increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (832,657) (3,155,978) (239,943)
Foreign currencies 3,145,937 494,808 0
------------ ------------ ------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies 2,313,280 (2,661,170) (239,943)
------------ ------------ ------------
Net realized and unrealized loss on
investments, futures and foreign currencies (33,786,344) (5,292,588) (965,664)
------------ ------------ ------------
Net increase in net assets
resulting from operations $ 44,952,681 $ 9,931,863 $ 1,988,881
============ ============ ============
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 34,406,654 $ 13,480,730 $ 19,595,993
Dividends 0 0 0
------------ ------------ ------------
Total income 34,406,654 13,480,730 19,595,993
------------ ------------ ------------
Expenses (Notes 1 and 2):
Management fee 3,448,962 1,413,935 1,980,205
Shareholder servicing and administration fee 710,881 282,787 396,041
Custodian and transfer agent fees 180,420 94,684 119,018
Auditing and tax consulting fees 18,931 9,542 12,345
Insurance 9,245 3,673 5,216
Directors' fees and expenses 9,377 3,770 5,422
Legal fees 2,655 944 1,562
Registration fees 21,580 1,042 2,270
Printing 11,774 4,509 7,232
Amortization of organization expense 0 0 0
Miscellaneous 7,726 3,303 4,637
------------ ------------ ------------
Total expenses 4,421,551 1,818,189 2,533,948
------------ ------------ ------------
Net investment income 29,985,103 11,662,541 17,062,045
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (4,658,597) (3,653,850) (4,008,175)
Futures transactions (3,524) 112,080 7,723
Foreign currency transactions 0 0 0
------------ ------------ ------------
Net realized loss on investment,
futures and foreign currency transactions (4,662,121) (3,541,770) (4,000,452)
------------ ------------ ------------
Net increase (decrease) in unrealized appreciation/
(depreciation) of:
Investments and futures (1,176,585) 2,266,681 452,460
Foreign currencies 0 0 0
------------ ------------ ------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies (1,176,585) 2,266,681 452,460
------------ ------------ ------------
Net realized and unrealized loss on
investments, futures and foreign currencies (5,838,706) (1,275,089) (3,547,992)
------------ ------------ ------------
Net increase in net assets
resulting from operations $ 24,146,397 $ 10,387,452 $ 13,514,053
============ ============ ============
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 3,721,980 $ 1,999,899 $ 2,519,112
Dividends 0 0 0
----------- ----------- -----------
Total income 3,721,980 1,999,899 2,519,112
----------- ----------- -----------
Expenses (Notes 1 and 2):
Management fee 433,610 241,675 275,140
Shareholder servicing and administration fee 86,722 48,335 55,028
Custodian and transfer agent fees 60,172 46,662 49,227
Auditing and tax consulting fees 5,051 4,181 4,918
Insurance 1,008 668 637
Directors' fees and expenses 1,076 628 591
Legal fees 469 259 248
Registration fees 14,877 1,769 1,640
Printing 1,878 937 1,111
Amortization of organization expense 44 22 24
Miscellaneous 1,207 843 799
----------- ----------- -----------
Total expenses 606,114 345,979 389,363
----------- ----------- -----------
Net investment income 3,115,866 1,653,920 2,129,749
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES
Net realized gain (loss) from:
Investment transactions (490,160) (107,576) (478,682)
Futures transactions 0 0 0
Foreign currency transactions 0 0 0
----------- ----------- -----------
Net realized loss on investment,
futures and foreign currency transactions (490,160) (107,576) (478,682)
----------- ----------- -----------
Net increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (81,575) (185,272) (63,954)
Foreign currencies 0 0 0
----------- ----------- -----------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments, futures and foreign currencies (81,575) (185,272) (63,954)
----------- ----------- -----------
Net realized and unrealized loss on
investments, futures and foreign currencies (571,735) (292,848) (542,636)
----------- ----------- -----------
Net increase in net assets
resulting from operations $ 2,544,131 $ 1,361,072 $ 1,587,113
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual 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
------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/00 ENDED ENDED 3/31/00 ENDED
(UNAUDITED) 9/30/99 (UNAUDITED) 9/30/99(a)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,503,269 $ 36,783,771 $ 1,074,711 $ 22,390,118
Net realized gain (loss) on investments
and futures transactions 403,599,070 447,847,378 176,523,012 2,698,664
Net realized gain (loss) on foreign
currency transactions 29,012,590 (136,943,661) 23,997,194 (22,929,406)
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (177,003,454) 837,628,350 (70,888,881) 93,009,414
Foreign currencies 752,820 (29,072,755) 2,685,019 (12,624,852)
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 257,864,295 1,156,243,083 133,391,055 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 233,547,096 899,970,956 154,679,537 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 25,026,577 0
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 286,697,180 1,382,380,351 179,706,114 2,511,842,933
Cost of shares redeemed (694,317,283) (3,296,774,363) (512,059,512) (135,263,789)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (407,620,103) (1,914,394,012) (332,353,398) 2,376,579,144
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (203,915,900) (1,258,004,038) (224,972,959) 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 $ 3,450,662,859 $ 3,654,578,759 $ 2,234,150,123 $ 2,459,123,082
=============== =============== =============== ===============
(b) (c) (d) (e)
</TABLE>
(a) Commenced operations April 30, 1999 (b) Includes
undistributed net investment income/(excess distributions) of $18,743,635 (c)
Includes undistributed net investment income/(excess distributions) of
$17,240,366 (d) Includes undistributed net investment income/(excess
distributions) of $(22,792,031) (e) Includes undistributed net investment
income/(excess distributions) of $(539,288)
See Notes to Financial Statements.
--------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
EMERGING MARKETS VALUE INTERMEDIATE DURATION
PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/00 ENDED ENDED 3/31/00 ENDED
(UNAUDITED) 9/30/99 (UNAUDITED) 9/30/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,021,252 $ 6,070,917 $ 78,739,025 $ 153,319,022
Net realized gain (loss) on investments
and futures transactions 69,391,680 (32,273,234) (35,987,103) (11,914,804)
Net realized gain (loss) on foreign
currency transactions (1,530,675) (1,012,613) (112,521) 599,255
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 30,717,192 311,942,861 (832,657) (117,133,406)
Foreign currencies 167,720 (129,507) 3,145,937 1,487,797
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 99,767,169 284,598,424 44,952,681 26,357,864
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders
Dividends from net investment income (4,223,124) (4,614,364) (78,757,787) (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 (4,223,124) (5,310,001) (78,757,787) (189,468,035)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 96,560,507 177,037,588 172,907,053 748,001,909
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income and
distributions from net realized gains 3,726,413 5,040,932 18,315,568 68,327,499
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 100,286,920 182,078,520 191,222,621 816,329,408
Cost of shares redeemed (190,109,602) (103,609,103) (611,615,341) (520,360,615)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (89,822,682)(+) 78,469,417(+) (420,392,720) 295,968,793
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 5,721,363 357,757,840 (454,197,826) 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 $ 726,164,912 $ 720,443,549 $ 2,220,209,700 $ 2,674,407,526
=============== =============== =============== ===============
(f) (g) (h) (i)
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN BERNSTEIN
SHORT DURATION PLUS GOVERNMENT SHORT DURATION
PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/00 ENDED ENDED 3/31/00 ENDED
(UNAUDITED) 9/30/99 (UNAUDITED) 9/30/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 15,224,451 $ 30,505,658 $ 2,954,545 $ 6,115,604
Net realized gain (loss) on investments
and futures transactions (2,581,632) 450,241 (725,721) 354,246
Net realized gain (loss) on foreign
currency transactions (49,786) (257,703) 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (3,155,978) (9,835,987) (239,943) (2,469,625)
Foreign currencies 494,808 520,651 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 9,931,863 21,382,860 1,988,881 4,000,225
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (15,198,466) (30,470,935) (2,954,545) (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 (15,198,466) (30,470,935) (2,954,545) (6,115,604)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 94,197,598 190,562,129 58,964,198 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 4,920,909 10,158,499 1,165,474 2,532,738
------------- -------------
Total proceeds from shares sold 99,118,507 200,720,628 60,129,672 51,676,083
Cost of shares redeemed (155,790,187) (229,704,068) (73,618,664) (60,000,007)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions (56,671,680) (28,983,440) (13,488,992) (8,323,924)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (61,938,283) (38,071,515) (14,454,656) (10,439,303)
NET ASSETS:
Beginning of period 557,015,653 595,087,168 127,597,890 138,037,193
------------- ------------- ------------- -------------
End of period $ 495,077,370 $ 557,015,653 $ 113,143,234 $ 127,597,890
============= ============= ============= =============
(j) (k) (l) (l)
</TABLE>
(f) Includes undistributed net investment income/(excess
distributions) of $(1,597,270) (g) Includes undistributed net investment
income/(excess distributions) of $1,604,602 (h) Includes undistributed net
investment income/(excess distributions) of $(4,597,094) (i) Includes
undistributed net investment income/(excess distributions) of $(4,578,332)
(j) Includes undistributed net investment income/(excess distributions) of
$(997,068) (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 $5,813,173
and $5,666,475 for the six months ended March 31, 2000, and year ended
September 30, 1999, respectively. See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual 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
------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/00 ENDED ENDED 3/31/00 ENDED
(UNAUDITED) 9/30/99 (UNAUDITED) 9/30/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 29,985,103 $ 59,532,873 $ 11,662,541 $ 22,746,977
Net realized gain (loss) on investments
and futures transactions (4,662,121) 6,070,750 (3,541,770) 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 (1,176,585) (54,397,055) 2,266,681 (20,788,841)
Foreign currencies 0 0 0 0
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets
resulting from operations 24,146,397 11,206,568 10,387,452 3,590,972
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (29,989,022) (59,532,873) (11,663,653) (22,746,977)
Distributions from net realized gains (5,514,095) (3,480,670) (1,511,422) (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 0 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (35,503,117) (63,013,543) (13,175,075) (24,476,914)
--------------- --------------- --------------- ---------------
Capital-share transactions:
Net proceeds from sales of shares 124,321,157 472,466,601 50,166,128 234,127,506
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income and
distributions from net realized gains 10,956,757 15,470,950 3,934,399 6,995,130
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 135,277,914 487,937,551 54,100,527 241,122,636
Cost of shares redeemed (357,134,490) (304,682,921) (147,003,945) (164,031,885)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions (221,856,576) 183,254,630 (92,903,418) 77,090,751
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (233,213,296) 131,447,655 (95,691,041) 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 $ 1,284,019,764 $ 1,517,233,060 $ 510,271,216 $ 605,962,257
=============== =============== =============== ===============
(m) (n) (o) (p)
</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.
--------------------------------------------------------------------------------
14 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN BERNSTEIN SHORT DURATION
NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/00 ENDED ENDED 3/31/00 ENDED
(UNAUDITED) 9/30/99 (UNAUDITED) 9/30/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 17,062,045 $ 34,533,945 $ 3,115,866 $ 5,532,008
Net realized gain (loss) on investments
and futures transactions (4,000,452) 3,709,343 (490,160) 629,120
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures 452,460 (32,404,853) (81,575) (1,250,339)
Foreign currencies 0 0 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 13,514,053 5,838,435 2,544,131 4,910,789
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (17,065,097) (34,533,945) (3,115,866) (5,532,008)
Distributions from net realized gains (3,321,979) (3,154,682) (545,789) (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 0 0 0 0
------------- ------------- ------------- -------------
Total dividends and distributions
to shareholders (20,387,076) (37,688,627) (3,661,655) (5,875,342)
------------- ------------- ------------- -------------
Capital-share transactions:
Net proceeds from sales of shares 52,967,251 230,573,673 69,091,843 120,088,773
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends from net investment income and
distributions from net realized gains 7,653,223 12,305,657 1,507,093 2,077,637
------------- ------------- ------------- -------------
Total proceeds from shares sold 60,620,474 242,879,330 70,598,936 122,166,410
Cost of shares redeemed (169,152,695) (181,140,834) (67,314,679) (109,033,244)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions (108,532,221) 61,738,496 3,284,257 13,133,166
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (115,405,244) 29,888,304 2,166,733 12,168,613
NET ASSETS:
Beginning of period 845,970,380 816,082,076 170,721,796 158,553,183
------------- ------------- ------------- -------------
End of period $ 730,565,136 $ 845,970,380 $ 172,888,529 $ 170,721,796
============= ============= ============= =============
(q) (r) (s) (s)
<CAPTION>
------------------------------------------------------------------------------
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/00 ENDED ENDED 3/31/00 ENDED
(UNAUDITED) 9/30/99 (UNAUDITED) 9/30/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,653,920 $ 3,114,978 $ 2,129,749 $ 3,285,171
Net realized gain (loss) on investments
and futures transactions (107,576) 496,592 (478,682) 34,038
Net realized gain (loss) on foreign
currency transactions 0 0 0 0
Increase (decrease) in unrealized
appreciation/(depreciation) of:
Investments and futures (185,272) (813,411) (63,954) (945,109)
Foreign currencies 0 0 0 0
------------- ------------- ------------- -------------
Net increase (decrease) in net assets
resulting from operations 1,361,072 2,798,159 1,587,113 2,374,100
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (1,653,920) (3,114,978) (2,129,848) (3,285,171)
Distributions from net realized gains (317,484) (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 (1,971,404) (3,410,804) (2,129,848) (3,285,171)
Capital-share transactions:
Net proceeds from sales of shares 33,857,304 90,607,729 54,117,848 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 1,198,508 1,808,106 905,253 1,455,231
------------- ------------- ------------- -------------
Total proceeds from shares sold 35,055,812 92,415,835 55,023,101 75,196,474
Cost of shares redeemed (57,917,863) (82,341,458) (43,282,841) (51,035,980)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions (22,862,051) 10,074,377 11,740,260 24,160,494
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (23,472,383) 9,461,732 11,197,525 23,249,423
NET ASSETS:
Beginning of period 108,511,421 99,049,689 101,901,222 78,651,799
------------- ------------- ------------- -------------
End of period $ 85,039,038 $ 108,511,421 $ 113,098,747 $ 101,901,222
============= ============= ============= =============
(t) (t) (u) (v)
</TABLE>
(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 $73 (v) Includes undistributed net investment
income/(excess distributions) of $172
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual 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
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 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 0.01 0.15 0.20 0.26 0.23
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 1.46 4.04 (1.67) 3.73 2.26
------- ------- ------ ------- -------
Total from investment operations 1.47 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 $21.19 $20.02 $17.63 $20.92 $18.14
======= ======= ====== ======= =======
Total return 7.34% 25.35% (7.19)% 23.25% 15.83%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $3,450,663 $3,654,579 $4,912,583 $4,965,998 $3,131,258
Average net assets (000 omitted) $3,656,412 $4,618,500 $5,309,076 $3,977,823 $2,569,586
Ratio of expenses to average net assets 1.25%* 1.24% 1.26% 1.27% 1.31%
Ratio of net investment income to average
net assets 0.08%* 0.80% 0.98% 1.37% 1.37%
Portfolio turnover rate 18.65% 31.99% 30.34% 26.24% 21.89%
</TABLE>
*Annualized
See Notes to Financial Statements.
--------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN INTERNATIONAL
VALUE PORTFOLIO II
SIX MONTHS
YEAR ENDED ENDED 3/31/00 YEAR ENDED
9/30/95 (UNAUDITED) 9/30/99(a)
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $16.57 $20.11 $19.43
------- ------ ------
Income from investment operations:
Investment income, net 0.18 0.01 0.19
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.07 1.15 0.49
------- ------ ------
Total from investment operations 0.25 1.16 0.68
------- ------ ------
Less distributions:
Dividends from taxable net investment income (0.11) (0.19) 0
Dividends from tax-exempt net
investment income 0 0 0
Distributions from net realized gains (0.63) (0.02) 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------- ------ ------
Total distributions (0.74) (0.21) 0
------- ------ ------
Portfolio transaction fee 0 0 0
------- ------ ------
Net asset value, end of period $16.08 $21.06 $20.11
======= ====== ======
Total return 1.84% 5.83% 3.50%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $1,996,112 $2,234,150 $2,459,123
Average net assets (000 omitted) $1,591,703 $2,399,533 $2,397,807
Ratio of expenses to average net assets 1.35% 1.25%* 1.26%*
Ratio of net investment income to average
net assets 1.17% 0.09%* 2.23%*
Portfolio turnover rate 29.53% 14.59% 9.34%
<CAPTION>
BERNSTEIN EMERGING MARKETS VALUE PORTFOLIO
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 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 0.03 0.16 0.20 0.14 0.18
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 2.34 7.39 (12.17) 0.44 0.83
------- ------ ------ ------ ------
Total from investment operations 2.37 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 0.15 0.15 0.26 0.24 0.81
------- ------ ------ ------ ------
Net asset value, end of period $20.09 $17.67 $10.11 $22.54 $21.82
======= ====== ====== ====== ======
Total return 9.74%+ 69.88%+ (55.09)%+ (0.32)%+ 4.80%+
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $726,165 $720,444 $362,686 $438,305 $273,924
Average net assets (000 omitted) $777,805 $581,638 $417,615 $379,351 $165,362
Ratio of expenses to average net assets 1.70%* 1.74% 1.77% 1.75% 1.92%*
Ratio of net investment income to average
net assets 0.26%* 1.04% 1.29% 0.58% 1.01%*
Portfolio turnover rate 7.19% 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 periods ending March 31, 2000, September 30, 1999,
September 30, 1998, September 30, 1997 and September 30, 1996 without taking
into account these transaction fees would have been 14.27%, 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.
--------------------------------------------------------------------------------
2000 Semiannual Report 17
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
BERNSTEIN INTERMEDIATE
DURATION PORTFOLIO
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 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 0.40 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 0.24 0.14 1.10 1.10 0.66
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.40) (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 (0.40) (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 1.91% 1.04% 8.59% 8.66% 5.05%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $2,220,210 $2,674,408 $2,541,549 $2,058,220 $1,451,776
Average net assets (000 omitted) $2,491,453 $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 6.32%* 5.89% 5.41% 5.61% 5.99%
Portfolio turnover rate 162.68% 229.75% 233.08% 238.04% 141.04%
</TABLE>
*Annualized
See Notes to Financial Statements.
--------------------------------------------------------------------------------
18 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
BERNSTEIN
INTERMEDIATE
DURATION
PORTFOLIO BERNSTEIN SHORT DURATION PLUS PORTFOLIO
SIX MONTHS
YEAR ENDED ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED
9/30/95 (UNAUDITED) 9/30/99 9/30/98 9/30/97
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.54 $12.33 $12.53 $12.53 $12.48
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.78 0.35 0.67 0.65 0.67
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.77 (0.11) (0.20) 0.09 0.08
------ ------ ------ ------ ------
Total from investment operations 1.55 0.24 0.47 0.74 0.75
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.76) (0.35) (0.67) (0.72) (0.70)
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 (0.03) 0 0 (0.02) 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.79) (0.35) (0.67) (0.74) (0.70)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.30 $12.22 $12.33 $12.53 $12.53
====== ====== ====== ====== ======
Total return 12.82% 1.98% 3.82% 6.10% 6.21%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $1,142,768 $495,077 $557,016 $595,087 $612,744
Average net assets (000 omitted) $957,247 $532,205 $569,298 $591,866 $583,003
Ratio of expenses to average net assets 0.64% 0.66%* 0.65% 0.64% 0.65%
Ratio of net investment income to average
net assets 6.11% 5.72%* 5.36% 5.24% 5.38%
Portfolio turnover rate 212.40% 85.56% 95.60% 71.40% 118.58%
</TABLE>
<TABLE>
<CAPTION>
BERNSTEIN SHORT DURATION BERNSTEIN GOVERNMENT
PLUS PORTFOLIO SHORT DURATION PORTFOLIO
SIX MONTHS
YEAR ENDED YEAR ENDED ENDED 3/31/00 YEAR ENDED
9/30/96 9/30/95 (UNAUDITED) 9/30/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 12.49 $ 12.32 $ 12.46 $ 12.66
-------------- -------------- -------------- --------------
Income from investment operations:
Investment income, net 0.69 0.70 0.30 0.58
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.01) 0.18 (0.09) (0.20)
-------------- -------------- -------------- --------------
Total from investment operations 0.68 0.88 0.21 0.38
-------------- -------------- -------------- --------------
Less distributions:
Dividends from taxable net investment income (0.69) (0.69) (0.30) (0.58)
Dividends from tax-exempt net
investment income 0 0 0 0
Distributions from net realized gains 0 0 0 0
Distributions in excess of net investment
income due to timing differences 0 (0.02) 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
-------------- -------------- -------------- --------------
Total distributions (0.69) (0.71) (0.30) (0.58)
-------------- -------------- -------------- --------------
Portfolio transaction fee 0 0 0 0
-------------- -------------- -------------- --------------
Net asset value, end of period $ 12.48 $ 12.49 $ 12.37 $ 12.46
============== ============== ============== ==============
Total return 5.54% 7.36% 1.69% 3.07%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $ 538,248 $ 534,462 $ 113,143 $ 127,598
Average net assets (000 omitted) $ 532,094 $ 536,042 $ 123,345 $ 132,741
Ratio of expenses to average net assets 0.65% 0.65% 0.71%* 0.70%
Ratio of net investment income to average
net assets 5.47% 5.69% 4.79%* 4.61%
Portfolio turnover rate 169.96% 61.03% 86.81% 82.16%
</TABLE>
*Annualized
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual Report 19
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
BERNSTEIN
BERNSTEIN GOVERNMENT DIVERSIFIED MUNICIPAL
SHORT DURATION PORTFOLIO PORTFOLIO
-------------------------------------------------------------------------------
SIX MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED ENDED 3/31/00
9/30/98 9/30/97 9/30/96 9/30/95 (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.48 $12.55 $12.34 $13.47
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.64 0.67 0.65 0.69 0.28
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.13 0.05 (0.07) 0.21 (0.04)
------ ------ ------ ------ ------
Total from investment operations 0.77 0.72 0.58 0.90 0.24
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.64) (0.67) (0.65) (0.69) (0.01)
Dividends from tax-exempt net
investment income 0 0 0 0 (0.27)
Distributions from net realized gains 0 0 0 0 (0.05)
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.64) (0.67) (0.65) (0.69) (0.33)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $12.66 $12.53 $12.48 $12.55 $13.38
====== ====== ====== ====== ======
Total return 6.35% 5.88% 4.76% 7.55% 1.85%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $138,037 $142,081 $139,802 $143,723 $1,284,020
Average net assets (000 omitted) $139,410 $136,888 $145,268 $145,710 $1,420,504
Ratio of expenses to average net assets 0.70% 0.69% 0.69% 0.69% 0.62%*
Ratio of net investment income to average
net assets 5.13% 5.32% 5.21% 5.58% 4.22%*
Portfolio turnover rate 56.93% 80.11% 155.29% 49.34% 16.55%
</TABLE>
*Annualized
See Notes to Financial Statements.
--------------------------------------------------------------------------------
20 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
BERNSTEIN DIVERSIFIED MUNICIPAL PORTFOLIO
-------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/99 9/30/98 9/30/97 9/30/96 9/30/95
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.96 $13.74 $13.44 $13.50 $12.99
------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.56 0.58 0.60 0.63 0.65
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.46) 0.23 0.31 (0.04) 0.51
------ ------ ------ ------ ------
Total from investment operations 0.10 0.81 0.91 0.59 1.16
------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.02) (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.54) (0.56) (0.58) (0.62) (0.63)
Distributions from net realized gains (0.03) (0.01) (0.01) (0.02) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0
------ ------ ------ ------ ------
Total distributions (0.59) (0.59) (0.61) (0.65) (0.65)
------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0
------ ------ ------ ------ ------
Net asset value, end of period $13.47 $13.96 $13.74 $13.44 $13.50
====== ====== ====== ====== ======
Total return 0.77% 5.98% 6.95% 4.38% 9.16%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $1,517,233 $1,385,785 $1,114,374 $820,395 $660,814
Average net assets (000 omitted) $1,458,118 $1,250,621 $965,455 $744,452 $572,769
Ratio of expenses to average net assets 0.63% 0.63% 0.65% 0.66% 0.66%
Ratio of net investment income to average
net assets 4.08% 4.17% 4.43% 4.61% 4.89%
Portfolio turnover rate 44.69% 22.00% 24.65% 25.22% 42.55%
<CAPTION>
-------------------------------------------------------------------
BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO
-------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/99 9/30/98
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.69 $14.19 $13.90
------ ------ ------
Income from investment operations:
Investment income, net 0.28 0.54 0.57
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.01) (0.46) 0.30
------ ------ ------
Total from investment operations 0.27 0.08 0.87
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.27) (0.52) (0.55)
Distributions from net realized gains (0.04) (0.04) (0.01)
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------ ------ ------
Total distributions (0.32) (0.58) (0.58)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $13.64 $13.69 $14.19
====== ====== ======
Total return 1.99% 0.60% 6.37%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $510,271 $605,962 $549,757
Average net assets (000 omitted) $565,057 $586,510 $473,077
Ratio of expenses to average net assets 0.64%* 0.64% 0.65%
Ratio of net investment income to average
net assets 4.13%* 3.88% 4.04%
Portfolio turnover rate 32.06% 38.44% 25.33%
</TABLE>
*Annualized
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual Report 21
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
<TABLE>
<CAPTION>
----------------------------------------------
BERNSTEIN CALIFORNIA
MUNICIPAL PORTFOLIO
----------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED
9/30/97 9/30/96 9/30/95
-----------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $13.58 $13.58 $13.06
------ ------ ------
Income from investment operations:
Investment income, net 0.59 0.61 0.64
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies 0.32 0 0.52
------ ------ ------
Total from investment operations 0.91 0.61 1.16
------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.03) (0.03) (0.05)
Dividends from tax-exempt net
investment income (0.56) (0.58) (0.59)
Distributions from net realized gains 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0
------ ------ ------
Total distributions (0.59) (0.61) (0.64)
------ ------ ------
Portfolio transaction fee 0 0 0
------ ------ ------
Net asset value, end of period $13.90 $13.58 $13.58
====== ====== ======
Total return 6.82% 4.60% 9.11%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $411,384 $285,758 $213,951
Average net assets (000 omitted) $339,514 $246,410 $185,990
Ratio of expenses to average net assets 0.67% 0.68% 0.69%
Ratio of net investment income to average
net assets 4.26% 4.48% 4.78%
Portfolio turnover rate 41.32% 23.87% 63.89%
</TABLE>
*Annualized
See Notes to Financial Statements.
--------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
BERNSTEIN NEW YORK MUNICIPAL PORTFOLIO
-----------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/99 9/30/98 9/30/97 9/30/96 9/30/95
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.36 $13.87 $13.62 $13.35 $13.48 $12.98
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.29 0.56 0.58 0.61 0.64 0.65
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) (0.46) 0.26 0.27 (0.07) 0.50
------ ------ ------ ------ ------ ------
Total from investment operations 0.25 0.10 0.84 0.88 0.57 1.15
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01) (0.01) (0.01) (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.28) (0.55) (0.57) (0.60) (0.62) (0.63)
Distributions from net realized gains (0.06) (0.05) (0.01) 0 (0.06) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.35) (0.61) (0.59) (0.61) (0.70) (0.65)
------ ------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $13.26 $13.36 $13.87 $13.62 $13.35 $13.48
====== ====== ====== ====== ====== ======
Total return 1.84% 0.74% 6.32% 6.73% 4.31% 9.14%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $730,565 $845,970 $816,082 $671,700 $539,217 $458,543
Average net assets (000 omitted) $791,453 $843,755 $746,257 $603,119 $497,391 $413,892
Ratio of expenses to average net assets 0.64%* 0.64% 0.64% 0.65% 0.66% 0.66%
Ratio of net investment income to average
net assets 4.31%* 4.09% 4.25% 4.51% 4.73% 4.95%
Portfolio turnover rate 24.53% 35.13% 27.20% 25.94% 26.19% 44.84%
<CAPTION>
-------------------------------------------------------------------------------
BERNSTEIN
SHORT DURATION
DIVERSIFIED MUNICIPAL
PORTFOLIO
-------------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/99 9/30/98 9/30/97
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $12.49 $12.57 $12.56 $12.52
------ ------ ------ ------
Income from investment operations:
Investment income, net 0.22 0.42 0.45 0.46
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) (0.05) 0.04 0.05
------ ------ ------ ------
Total from investment operations 0.18 0.37 0.49 0.51
------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01) (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.21) (0.41) (0.44) (0.44)
Distributions from net realized gains (0.04) (0.03) (0.03) (0.01)
Distributions in excess of net investment
income due to timing differences 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0
------ ------ ------ ------
Total distributions (0.26) (0.45) (0.48) (0.47)
------ ------ ------ ------
Portfolio transaction fee 0 0 0 0
------ ------ ------ ------
Net asset value, end of period $12.41 $12.49 $12.57 $12.56
====== ====== ====== ======
Total return 1.51% 2.91% 4.02% 4.17%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $172,889 $170,722 $158,553 $151,821
Average net assets (000 omitted) $173,461 $167,918 $150,699 $135,288
Ratio of expenses to average net assets 0.70%* 0.71% 0.71% 0.72%
Ratio of net investment income to average
net assets 3.59%* 3.29% 3.58% 3.66%
Portfolio turnover rate 59.16% 95.33% 99.93% 68.25%
</TABLE>
*Annualized
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual Report 23
<PAGE>
Sanford C. Bernstein Fund, Inc.
Financial Highlights (continued)
Selected per-share data and ratios for a share of capital stock outstanding for
each respective Portfolio for each of the periods presented:
---------------------------
BERNSTEIN
SHORT DURATION
DIVERSIFIED MUNICIPAL
PORTFOLIO
---------------------------
YEAR ENDED YEAR ENDED
9/30/96 9/30/95 (c)
---------------------------
Net asset value, beginning of period $12.63 $12.50
------ ------
Income from investment operations:
Investment income, net 0.52 0.55
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.06) 0.13
------ ------
Total from investment operations 0.46 0.68
------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.04)
Dividends from tax-exempt net
investment income (0.50) (0.51)
Distributions from net realized gains (0.05) 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 (0.57) (0.55)
------ ------
Portfolio transaction fee 0 0
------ ------
Net asset value, end of period $12.52 $12.63
====== ======
Total return 3.68% 5.55%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $119,096 $101,325
Average net assets (000 omitted) $105,467 $85,893
Ratio of expenses to average net assets 0.71% 0.72%*
Ratio of net investment income to average
net assets 4.07% 4.32%*
Portfolio turnover rate 63.40% 73.50%
*Annualized
(c) Commenced operations October 3, 1994
See Notes to Financial Statements.
--------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc.
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
BERNSTEIN SHORT DURATION
CALIFORNIA MUNICIPAL PORTFOLIO
-------------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/99 9/30/98 9/30/97 9/30/96 9/30/95 (c)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.53 $12.61 $12.55 $12.53 $12.65 $12.50
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.21 0.40 0.42 0.45 0.50 0.53
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.04) (0.04) 0.07 0.03 (0.07) 0.15
------ ------ ------ ------ ------ ------
Total from investment operations 0.17 0.36 0.49 0.48 0.43 0.68
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02) (0.02) (0.04) (0.05) (0.06)
Dividends from tax-exempt net
investment income (0.19) (0.38) (0.40) (0.41) (0.45) (0.47)
Distributions from net realized gains (0.04) (0.04) (0.01) (0.01) (0.05) 0
Distributions in excess of net investment
income due to timing differences 0 0 0 0 0 0
Distributions in excess of net realized
gains due to timing differences 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.25) (0.44) (0.43) (0.46) (0.55) (0.53)
------ ------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $12.45 $12.53 $12.61 $12.55 $12.53 $12.65
====== ====== ====== ====== ====== ======
Total return 1.42% 2.90% 3.98% 3.89% 3.50% 5.58%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $85,039 $108,511 $99,050 $86,311 $72,925 $63,530
Average net assets (000 omitted) $96,545 $97,808 $88,338 $76,339 $68,060 $49,944
Ratio of expenses to average net assets 0.72%* 0.73% 0.73% 0.74% 0.72% 0.73%*
Ratio of net investment income to average
net assets 3.43%* 3.18% 3.34% 3.56% 3.96% 4.12%*
Portfolio turnover rate 46.40% 126.65% 77.01% 75.36% 60.76% 89.33%
<CAPTION>
-------------------------------------------------------------------------------
BERNSTEIN SHORT DURATION
NEW YORK MUNICIPAL PORTFOLIO
-------------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/00 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/99 9/30/98 9/30/97 9/30/96 9/30/95 (c)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.35 $12.47 $12.47 $12.52 $12.60 $12.50
------ ------ ------ ------ ------ ------
Income from investment operations:
Investment income, net 0.24 0.44 0.46 0.50 0.51 0.54
Net realized and unrealized gain (loss) on
investments, futures and foreign currencies (0.07) (0.12) 0.01 (0.01) (0.07) 0.10
------ ------ ------ ------ ------ ------
Total from investment operations 0.17 0.32 0.47 0.49 0.44 0.64
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from taxable net investment income (0.01) (0.O2) (0.01) (0.08) (0.02) (0.05)
Dividends from tax-exempt net
investment income (0.23) (0.42) (0.45) (0.42) (0.49) (0.49)
Distributions from net realized gains 0 0 (0.01) (0.04) (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 0 0 0
------ ------ ------ ------ ------ ------
Total distributions (0.24) (0.44) (0.47) (0.54) (0.52) (0.54)
------ ------ ------ ------ ------ ------
Portfolio transaction fee 0 0 0 0 0 0
------ ------ ------ ------ ------ ------
Net asset value, end of period $12.28 $12.35 $12.47 $12.47 $12.52 $12.60
====== ====== ====== ====== ====== ======
Total return 1.38% 2.64% 3.86% 3.99% 3.53% 5.24%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $113,099 $101,901 $78,652 $76,142 $58,750 $55,221
Average net assets (000 omitted) $110,121 $92,014 $77,989 $69,567 $54,087 $50,642
Ratio of expenses to average net assets 0.71%* 0.74% 0.74% 0.76% 0.74% 0.73%*
Ratio of net investment income to average
net assets 3.87%* 3.57% 3.66% 3.97% 4.02% 4.23%*
Portfolio turnover rate 48.06% 77.64% 52.93% 98.01% 55.81% 112.15%
</TABLE>
*Annualized
(c) Commenced operations October 3, 1994
See Notes to Financial Statements.
--------------------------------------------------------------------------------
2000 Semiannual Report 25
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (Unaudited)
NOTE 1. Organization and Significant Accounting Policies
Sanford C. Bernstein Fund, Inc. (the "Fund") is a managed open-end
registered investment company, incorporated in Maryland on May 4,
1988. The Fund is currently comprised of 12 series of shares (the
"Portfolios"), each with its own investment objectives. At March 31,
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. 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.
--------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date
the buy or sell order is executed). Securities gains and losses are
calculated on the identified cost basis. Interest income is recorded
on the accrual basis and dividend income is recorded on the
ex-dividend date.
D. Futures Contracts
Upon entering into a futures contract, a Portfolio is required by the
Exchange to deposit cash or to pledge U.S. Government securities with
a broker in an amount (initial margin) equal to a certain percentage
of the purchase price indicated in the futures contract. Subsequent
payments, which are dependent on the daily fluctuations in the market
value of the underlying index or security, are made or received by
the Portfolio each day (daily variation margin) or at other intervals
as is required. The aggregate of these payments or receipts through
the expiration of the futures contract is recorded for book purposes
as unrealized gains or losses by the Portfolio. If the Portfolio
enters into a closing transaction, it will realize, for book
purposes, a gain or loss equal to the difference between the value of
the futures contract at the time it was opened or purchased and its
value at the time it was closed.
E. Written Options
When a Portfolio writes an option, an amount equal to the premium
received by the Portfolio is recorded as an asset and a corresponding
liability. The amount of the liability is adjusted daily to reflect
the current market value of the option. The current market value is
based on the last sale price on the exchange on which the option is
principally traded, or, in the absence of a last sale, the option is
priced at the mean between the bid and asked prices. When a call
option is exercised, a Portfolio realizes a gain or loss on the
underlying security, with the proceeds from the security sale
increased by the amount of the option premium received. When a put
option is exercised, the cost basis of the security purchased by a
Portfolio is reduced by the option premium received.
F. 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.
--------------------------------------------------------------------------------
2000 Semiannual Report 27
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
I. Distribution of Income and Gains
Net investment income of each Portfolio except the 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.
Elements of realized gains and net investment income may be recorded
in different accounting periods for financial reporting (book) and
federal income tax (tax) purposes (temporary differences). To the
extent that such distributions required for tax purposes exceed
income and gains recorded for book purposes as a result of such
temporary differences, "excess distributions" are reflected in the
accompanying financial statements. Certain other
differences--permanent differences--arise because treatment of
elements of income and gains is different between book and tax
accounting. Permanent differences are reclassified to paid-in capital
in the year they arise.
J. Expenses
Each Portfolio is charged for those expenses that are directly
attributable to it, such as management, custodian, transfer-agent and
shareholder servicing and administration. Other expenses are
allocated among the Portfolios based on respective net assets.
K. Organization Costs
Costs incurred in connection with the organization of the Short
Duration Diversified Municipal Portfolio ($21,176), Short Duration
California Municipal Portfolio ($7,956), Short Duration New York
Municipal Portfolio ($8,906) and Emerging Markets Value Portfolio
($48,194) have been allocated to each respective Portfolio. All
organization costs are being amortized on a straight-line basis over
a five-year period, beginning with the commencement of operations of
each respective Portfolio.
L. Use of Estimates
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts and disclosures in
the financial statements. Actual results could differ from those
estimates.
M. Portfolio Transaction Fee
The Emerging Markets Value Portfolio imposes a 2.00% fee on purchases
and redemptions. This fee is retained by the Portfolio and is
included in the financial statements as an item of additional paid-in
capital.
N. Securities Lending
Each of the Portfolios of the Fund may enter into securities lending
transactions. By lending its portfolio securities, a Portfolio
attempts to increase its income through the interest earned on the
loan. It is the policy of each Portfolio to receive collateral
consisting of cash or U.S. Government securities in an amount at
least equal to the value of the securities loaned. The securities
lending agent has agreed to indemnify the Fund in the case of default
of any securities borrower. Collateral received and securities loaned
are marked to market daily to ensure that collateral levels are
maintained. Cash collateral received is invested by the securities
lending agent in liquid short-term investments such as repurchase
agreements and overnight time deposits pursuant to investment
guidelines set forth by the Fund. Cash collateral received is
recorded as an asset as well as a corresponding liability in the
Statements of Assets and Liabilities. At March 31, 2000, the
Tax-Managed International Value Portfolio had securities on loan with
a value of $758,044,405 and had received collateral of $794,824,552,
of which $557,813,020 was cash collateral and $237,011,532 was
collateral in the form of U.S. Government securities. At March 31,
2000, the International Value Portfolio II had securities on loan
with a value of $361,876,832 and had received collateral of
$379,095,003, of which $113,048,267 was cash collateral and
$266,046,736 was collateral in the form of U.S. Government
securities. The Tax-Managed International Value Portfolio and the
International Value Portfolio II earned $700,997 and $381,908,
respectively, from securities lending transactions for the period
ended March 31, 2000. This amount is reflected in the Statement of
Operations as a component of interest income.
--------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc.
<PAGE>
NOTE 2. Investment Management and Transactions with Affiliated Persons
A. Management Fee
Under agreements (the "Management Agreements") between the Fund and
the Manager, the Manager manages the investment of each Portfolio's
assets, places purchase and sales orders and bears various expenses,
including the salaries and expenses of all personnel except those of
outside directors. In addition, the Manager agrees to permit its
directors, officers and employees who may be elected directors or
officers of the Fund to serve in the capacities to which they are
elected. The Manager renders these services subject to the general
oversight of the Board of Directors. The Manager is to receive a
management fee for these services from each Portfolio at the annual
rate of .50 of 1% of average daily net assets up to and including $1
billion and at an annual rate of .45 of 1% of average daily net
assets in excess of $1 billion for the Intermediate Duration
Portfolio, Short Duration Plus Portfolio, Government Short Duration
Portfolio, Diversified Municipal Portfolio, California Municipal
Portfolio and New York Municipal Portfolio. The fee paid by the Short
Duration Diversified Municipal Portfolio, Short Duration California
Municipal Portfolio and Short Duration New York Municipal Portfolio
is at an annual rate of .50 of 1% of each Portfolio's average daily
net assets. The fee paid by the Tax-Managed International Value
Portfolio and the International Value Portfolio II is at an annual
rate of 1% 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 four 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.
E. Transactions with Affiliates
The Emerging Markets Value Portfolio paid commissions to Sanford C.
Bernstein & Co., Inc. in the amount of $24,297 for the period ended
March 31, 2000.
--------------------------------------------------------------------------------
2000 Semiannual Report 29
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 1999 through March 31, 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. PURCHASE 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 $ 658,598,752 0 $1,040,046,574 0
International Value II 339,148,609 0 668,655,132 0
Emerging Markets Value 54,197,785 0 148,167,930 0
Intermediate Duration 3,698,676,511 $382,735,304 3,937,812,013 $546,074,536
Short Duration Plus 346,581,562 37,022,803 378,633,872 91,547,739
Government Short Duration 53,023,774 54,064,523 41,203,644 77,190,298
Diversified Municipal 231,566,234 0 452,100,731 0
California Municipal 175,649,414 0 254,267,392 0
New York Municipal 189,367,485 0 316,493,583 0
Short Duration Diversified Municipal 98,453,569 0 97,861,934 0
Short Duration California Municipal 42,866,612 0 65,594,133 6,883,890
Short Duration New York Municipal 55,338,533 0 43,348,221 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 each Portfolio's transactions in the securities
of these issuers for the six months ended March 31, 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 0 $3,350,200
Industrial Co., Ltd.
Thai-German 4,471,400 0 0 0 0 4,471,400 0 0 981,296
Ceramic Industry
Public Co., Ltd. (Foreign) ----- ----- ----- ----- ----------
0 0 0 0 $4,331,496
===== ===== ===== ===== ==========
</TABLE>
--------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc.
<PAGE>
C. Federal Income Tax Status
At March 31, 2000, the Emerging Markets Value Portfolio, Short
Duration Plus Portfolio, Government Short Duration Portfolio and
Short Duration New York Municipal Portfolio had capital loss
carryforwards as follows:
<TABLE>
<CAPTION>
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
Emerging Markets Value Portfolio $42,568,353 9/30/2007
Short Duration Plus Portfolio 3,657,078 9/30/2003
Government Short Duration Portfolio 1,128,171 9/30/2003
Short Duration New York Municipal Portfolio 165,582 9/30/2007
--------------------------------------------------------------------------------------------------------
</TABLE>
Additionally, the Emerging Markets Value Portfolio, Intermediate
Duration Portfolio, Short Duration Plus Portfolio and Short Duration
New York Municipal Portfolio had post October loss deferrals of
$20,051,764; $13,119,149; $456,674; and $4,405, respectively. The
International Value Portfolio II, Emerging Markets Value Portfolio,
Intermediate Duration Portfolio and Short Duration Plus Portfolio had
post October FX loss deferrals of $35,132,388; $1,095,537;
$2,716,572; and $392,459, respectively. For tax purposes, these
losses are deemed to arise on October 1, 1999.
D. Foreign Currency Contracts
At March 31, 2000, the Tax-Managed International Value Portfolio,
International Value Portfolio II, Intermediate Duration Portfolio and
Short Duration Plus Portfolio had outstanding foreign currency
contracts to purchase and sell foreign currencies as follows:
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACT--BERNSTEIN TAX-MANAGED INTERNATIONAL VALUE PORTFOLIO
----------------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 04/01/00 through 04/30/00
Norwegian Krone $1,785,289 $1,776,935 0 $(8,354)
---------- ---------- -------- -------
Total $1,785,289 $1,776,935 0 $(8,354)
========== ========== ======== =======
<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 06/01/00 through 06/30/00
Australian Dollars $ 54,630,000 $ 54,635,056 0 $ (5,056)
British Pounds 164,995,940 167,229,407 0 (2,233,467)
Canadian Dollars 3,410,641 3,448,071 0 (37,430)
Euro 297,682,480 293,697,068 $3,985,412 0
Hong Kong Dollars 48,811,191 48,816,270 0 (5,079)
Japanese Yen 530,006,047 549,227,145 0 (19,221,098)
Norwegian Krone 67,313,825 67,555,596 0 (241,771)
Singapore Dollars 53,971,606 54,189,368 0 (217,762)
-------------- -------------- ---------- ------------
Total $1,220,821,730 $1,238,797,981 $3,985,412 $(21,961,663)
============== ============== ========== ============
</TABLE>
--------------------------------------------------------------------------------
2000 Semiannual Report 31
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<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 06/01/00 through 06/30/00
Australian Dollars $33,498,300 $33,388,090 $ 110,210 0
British Pounds 124,070,660 125,820,220 0 $ (1,749,560)
Canadian Dollars 10,917,403 11,033,828 0 (116,425)
Euro 199,223,160 196,440,006 2,783,154 0
Hong Kong Dollars 32,112,625 32,115,967 0 (3,342)
Japanese Yen 301,129,656 312,150,680 0 (11,021,024)
Norwegian Krone 37,199,744 37,333,355 0 (133,611)
Singapore Dollars 29,919,043 30,039,759 0 (120,716)
------------ ------------ ---------- ------------
Total $768,070,591 $778,321,905 $2,893,364 $(13,144,678)
============ ============ ========== ============
<CAPTION>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN INTERMEDIATE DURATION PORTFOLIO
-------------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 04/01/00 through 04/30/00
Euro $25,475,000 $23,971,411 $1,503,589 0
----------- ----------- ---------- ------------
Total $25,475,000 $23,971,411 $1,503,589 0
=========== =========== ========== ============
<CAPTION>
FOREIGN CURRENCY SELL CONTRACT--BERNSTEIN SHORT DURATION PLUS PORTFOLIO
-----------------------------------------------------------------------
VALUE PAYABLE AT CURRENT CONTRACT CONTRACT
FOREIGN CURRENCY SETTLEMENT DATES VALUE APPRECIATION (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Settlement 04/01/00 through 04/30/00
Euro $4,050,525 $3,811,454 $239,071 0
---------- ---------- -------- -----------
Total $4,050,525 $3,811,454 $239,071 0
========== ========== ======== ===========
</TABLE>
NOTE 4. Concentration of Credit Risk
The two California Municipal Portfolios and the two New York
Municipal Portfolios invest primarily in securities issued by the
States of California and New York, respectively, and their various
political subdivisions, and the performance of each of these
Portfolios is closely tied to economic conditions within the
applicable State and the financial condition of that State and its
agencies and municipalities.
NOTE 5. Risks Involved in Futures and Foreign Currency Contracts
All Portfolios of the Fund may purchase or sell financial futures
contracts. Financial futures contracts obligate the buyer to take and
the seller to make delivery at a future date of a specified quantity
of a financial instrument or an amount of cash based on the value of
a securities index or the market value in U.S. dollars of a foreign
currency. The contract amounts reflect the extent of each Portfolio's
involvement and risk of loss in these financial instruments. A
Portfolio's participation in the futures markets involves certain
risks, including imperfect correlation between movements in the price
of the futures 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.
--------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc.
<PAGE>
NOTE 6. Capital-Share Transactions
The Fund has authorized 2 billion shares of common stock, par value
$0.001 per share, of which, at March 31, 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 Intermediate Duration Portfolio and the Bernstein
International Value Portfolio II, 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
six months ended March 31, 2000 and the year 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
---------------------------- --------------------------- -------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/00 9/30/99 ENDED 3/31/00 9/30/99(a) ENDED 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 11,303,124 48,336,640 7,543,852 129,078,992 4,866,709 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 1,217,839 0 180,757 427,905
Shares redeemed (33,499,612) (172,282,426) (24,935,486) (6,824,119) (9,679,758) (7,618,737)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease)
in shares outstanding (19,634,648) (96,125,186) (16,173,795) 122,254,873 (4,632,292) 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 162,876,157 182,510,805 106,081,078 122,254,873 36,150,375 40,782,667
=========== =========== =========== =========== ========== ==========
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
INTERMEDIATE DURATION SHORT DURATION PLUS GOVERNMENT SHORT
PORTFOLIO PORTFOLIO DURATION PORTFOLIO
--------------------------- --------------------------- -------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/00 9/30/99 ENDED 3/31/00 9/30/99 ENDED 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 13,813,020 57,428,914 7,683,306 15,335,588 4,752,894 3,914,252
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 1,464,836 5,220,377 401,462 817,130 94,048 201,920
Shares redeemed (48,928,941) (39,923,586) (12,713,202) (18,476,220) (5,941,140) (4,783,041)
----------- ----------- ----------- ----------- ---------- ----------
Net increase (decrease)
in shares outstanding (33,651,085) 22,725,705 (4,628,434) (2,323,502) (1,094,198) (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 177,464,381 211,115,466 40,529,172 45,157,606 9,143,466 10,237,664
=========== =========== =========== =========== ========= ==========
</TABLE>
(a) Commenced operations April 30, 1999
--------------------------------------------------------------------------------
2000 Semiannual Report 33
<PAGE>
Sanford C. Bernstein Fund, Inc.
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
BERNSTEIN BERNSTEIN BERNSTEIN
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------- -------------------------- --------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/00 9/30/99 ENDED 3/31/00 9/30/99 ENDED 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 9,334,720 34,310,891 3,709,589 16,744,542 4,015,611 16,844,970
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 822,657 1,122,171 291,090 499,669 580,237 898,393
Shares redeemed (26,820,956) (22,111,212) (10,857,519) (11,737,644) (12,821,130) (13,245,252)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease)
in shares outstanding (16,663,579) 13,321,850 (6,856,840) 5,506,567 (8,225,282) 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 95,934,018 112,597,597 37,403,267 44,260,107 55,089,857 63,315,139
=========== =========== =========== =========== =========== ===========
<CAPTION>
BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION BERNSTEIN SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------- -------------------------- --------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 3/31/00 9/30/99 ENDED 3/31/00 9/30/99 ENDED 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 5,562,048 9,571,009 2,717,824 7,214,274 4,399,542 5,927,371
Shares issued to shareholders
on reinvestment of dividends
from net investment income
and distributions from net
realized gains 121,289 165,549 96,230 143,862 73,574 117,057
Shares redeemed (5,415,337) (8,684,747) (4,646,475) (6,550,832) (3,519,272) (4,100,838)
---------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease)
in shares outstanding 268,000 1,051,811 (1,832,421) 807,304 953,844 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 13,935,470 13,667,470 6,830,156 8,662,577 9,206,716 8,252,872
=========== =========== =========== ========== ========== ==========
</TABLE>
NOTE 7. Line of Credit
The Bernstein Emerging Markets Value Portfolio opened a $17,500,000
line of credit intended to provide short-term financing if necessary,
subject to certain restrictions in connection with abnormal
redemption activity. Commitment fees related to the line of credit
are paid by the Portfolio and are included in the miscellaneous
expenses in the Statements of Operations. The Portfolio did not
utilize the line of credit during the six months ended March 31,
2000.
--------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc.
<PAGE>
This page intentionally left blank.
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
--------------------------------------------------------------------------------
DIRECTORS AND OFFICERS
--------------------------------------------------------------------------------
Roger Hertog
President, Treasurer and Director
President, Chief Operating Officer and Director,
Sanford C. Bernstein & Co., Inc.
Andrew S. Adelson
Senior Vice President and Director
Senior Vice President, Chief Investment
Officer--International and Director,
Sanford C. Bernstein & Co., Inc.
Arthur Aeder
Director
Consultant
Peter L. Bernstein*
Director
President and Chief Executive Officer,
Peter L. Bernstein, Inc.
William Kristol
Director
Editor and Publisher, The Weekly Standard
Theodore Levitt
Director
Professor Emeritus of Business Administration,
Harvard University
Francis H. Trainer, Jr.
Senior Vice President
Senior Vice President, Chief Investment
Officer--Global Fixed Income and Director,
Sanford C. Bernstein & Co., Inc.
Jean Margo Reid
Secretary
Senior Vice President, General Counsel and Secretary,
Sanford C. Bernstein & Co., Inc.
--------------------------------------------------------------------------------
INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
--------------------------------------------------------------------------------
LEGAL COUNSEL
--------------------------------------------------------------------------------
Swidler Berlin Shereff Friedman, LLP
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.
These financial statements are taken from the records of the Fund without
examination by independent public accountants who express no opinion thereon.
<PAGE>
Sanford C. Bernstein Fund, Inc.
767 Fifth Avenue, New York, New York 10153
(212) 756-4097
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 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.
Schedule of Investments
Berstein Diversified Municipal Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 0.54%
--------------------------------------------------------------------------------
5,100,000 Oklahoma State Industrial $ 5,100,000
Authority Revenue, Integris
Baptist Series B, Daily Floater,
Putable Daily, 3.95%, 08/15/2029
1,810,000 Long Island Power Authority, New 1,810,000
York Electric System Revenue
Series 6, Daily Floater, Putable
Daily, 4.00%, 05/01/2033
-------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $6,910,000) 6,910,000
-------------
--------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 14.41%
--------------------------------------------------------------------------------
50,000 District of Columbia Series A-3, 50,049
4.90%, 06/01/2000,
Escrowed to Maturity
795,000 El Paso County, Texas, 800,040
6.80%, 07/01/2000,
Escrowed to Maturity
1,575,000 Fulton County Building Authority, 1,621,888
Georgia Series A,
8.40%, 01/01/2001,
Escrowed to Maturity
1,000,000 Humble Independent School 1,027,310
District, Texas, PSF Guaranteed,
7.625%, 02/01/2001,
Escrowed to Maturity
3,000,000 Austin, Texas Utility System 3,110,670
Revenue Series A,
8.00%, 11/15/2016,
Prerefunded 05/15/2001 @100
1,050,000 District of Columbia Series E, 1,055,198
FGIC, 5.00%, 06/01/2001,
Escrowed to Maturity
805,000 District of Columbia Series A, 812,559
5.50%, 06/01/2001,
Escrowed to Maturity
3,000,000 York County Public Facilities 3,158,730
Corp., South Carolina
Certificates of Participation,
7.50%, 06/01/2011,
Prerefunded 06/01/2001 @102
1,565,000 Arizona State Transportation 1,625,002
Board, Highway Revenue Series A,
6.45%, 07/01/2006,
Prerefunded 07/01/2001 @101.50
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
5,205,000 Arizona State Transportation $ 5,407,631
Board, Highway Revenue Series A,
6.50%, 07/01/2011,
Prerefunded 07/01/2001 @101.50
1,000,000 Florida State Division of Bond 1,045,680
Finance, Department of General
Services, Department of Natural
Resources Preservation 2000
Series A, AMBAC,
6.70%, 07/01/2005,
Prerefunded 07/01/2001 @102
2,790,000 Los Angeles County Transportation 2,928,830
Commission, California Sales Tax
Revenue Series A, FGIC,
6.75%, 07/01/2018,
Prerefunded 07/01/2001 @102
1,600,000 Washington Public Power Supply 1,674,432
System Revenue, Nuclear Project
No. 1 Series A, 6.875%, 07/01/2017,
Prerefunded 07/01/2001 @102
1,265,000 Massachusetts Consolidated Loans 1,326,985
Series D, 7.00%, 07/01/2007,
Prerefunded 07/01/2001 @102
1,000,000 South Carolina State Public 1,049,250
Service Authority Series B,
7.00%, 07/01/2012,
Prerefunded 07/01/2001 @102
1,450,000 South Carolina State Public 1,523,138
Service Authority Series B,
7.10%, 07/01/2021,
Prerefunded 07/01/2001 @102
1,140,000 Lees Summit, Missouri Water & 1,205,299
Sewer Revenue, AMBAC,
9.40%, 07/01/2015,
Prerefunded 07/01/2001 @100
4,050,000 Denver City & County, Colorado, 4,190,697
6.50%, 08/01/2006,
Prerefunded 08/01/2001 @101
1,900,000 Massachusetts Series B, AMBAC, 1,984,683
6.50%, 08/01/2011,
Prerefunded 08/01/2001 @102
7,095,000 Philadelphia, Pennsylvania Water 7,319,628
& Sewer Revenue Sixteenth Series,
7.00%, 08/01/2018,
Prerefunded 08/01/2001 @100
2,885,000 Philadelphia, Pennsylvania Water 3,049,041
& Sewer Revenue Sixteenth Series,
7.50%, 08/01/2010,
Prerefunded 08/01/2001 @102
1,000,000 New York City Series A, 1,057,160
7.75%, 08/15/2014,
Prerefunded 08/15/2001 @101.50
1,280,000 New York City Series A, 1,353,165
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 1
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,530,000 New York City Series A, $ 1,617,455
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
1,650,000 Pittsburgh Water & Sewer 1,724,217
Authority, Pennsylvania Series A,
6.50%, 09/01/2014,
Prerefunded 09/01/2001 @102
7,085,000 Lewis County Public Utility 7,464,614
District No. 001, Washington,
Cowlitz Falls Hydroelectric Project
Revenue, 7.00%, 10/01/2022,
Prerefunded 10/01/2001 @102
3,005,000 Washington Suburban Sanitation 3,135,297
District, Maryland Sewage
Disposal, 6.20%, 11/01/2002,
Prerefunded 11/01/2001 @102
350,000 Denver City & County, Colorado 378,599
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
1,500,000 Massachusetts Water Resources 1,574,610
Authority Series A,
6.50%, 12/01/2019,
Prerefunded 12/01/2001 @102
1,950,000 Massachusetts Water Resources 2,058,518
Authority Series A,
6.875%, 12/01/2011,
Prerefunded 12/01/2001 @102
6,580,000 Cleveland, Ohio Waterworks 6,898,604
Revenue, First Mortgage Series
F-92A, AMBAC,
6.50%, 01/01/2021,
Prerefunded 01/01/2002 @102
2,170,000 Du Page County, Illinois 2,276,851
Stormwater Project,
6.55%, 01/01/2021,
Prerefunded 01/01/2002 @102
1,775,000 Philadelphia Hospitals & Higher 1,864,389
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 1,062,790
Assistance Corp. Series D,
7.00%, 04/01/2018,
Prerefunded 04/01/2002 @102
1,940,000 District of Columbia Series A, 1,975,909
5.90%, 06/01/2002,
Escrowed to Maturity
4,210,000 Sikeston, Missouri Electric 4,419,911
Revenue, MBIA,
6.25%, 06/01/2022,
Prerefunded 06/01/2002 @102
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,470,000 Pennsylvania Intergovernmental $ 1,500,370
Cooperative 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 1,337,562
Authority, Water & Sewer Systems
Revenue Series B,
6.375%, 06/15/2022,
Prerefunded 06/15/2002 @101
2,910,000 Tri-County Metropolitan 3,013,683
Transportation District, Oregon,
Light Rail Extension Series A,
5.95%, 07/01/2007,
Prerefunded 07/01/2002 @101
3,335,000 Tri-County Metropolitan 3,457,328
Transportation District, Oregon,
Light Rail Extension Series A,
6.00%, 07/01/2012,
Prerefunded 07/01/2002 @101
1,130,000 Massachusetts Municipal Wholesale 1,200,184
Electric Co., Power Supply System
Revenue Series B,
6.75%, 07/01/2017,
Prerefunded 07/01/2002 @102
3,600,000 Neshaminy School District, 3,728,664
Pennsylvania, FGIC State Aid
Withholding, 6.30%, 02/15/2013,
Prerefunded 08/15/2002 @100
2,210,000 Harris County, Texas Toll Road 2,338,379
Series A, AMBAC,
6.50%, 08/15/2017,
Prerefunded 08/15/2002 @102
3,320,000 Plymouth County, Massachusetts 3,556,517
Certificates of Participation
Series A, 7.00%, 04/01/2022,
Prerefunded 10/01/2002 @102
9,985,000 Denver City & County, Colorado 10,772,317
Airport Revenue Series A,
7.25%, 11/15/2025,
Prerefunded 11/15/2002 @102
505,000 Austin, Texas Utility Systems 559,358
Revenue, MBIA,
9.25%, 11/15/2002,
Escrowed to Maturity
3,000,000 Lower Colorado River Authority, 3,099,690
Texas Revenue, Fifth Supply
Series, FSA, 5.40%, 01/01/2007,
Prerefunded 01/01/2003 @102
1,900,000 Lower Colorado River Authority, 1,967,963
Texas Revenue, Fifth Supply
Series, FSA, 5.50%, 01/01/2008,
Prerefunded 01/01/2003 @102
2 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
4,700,000 Chicago, Illinois Emergency $ 4,883,018
Telephone System, FGIC,
5.625%, 01/01/2023,
Prerefunded 01/01/2003 @102
1,855,000 Nebraska Public Power District 1,950,774
Revenue, Power Supply System,
MBIA, 6.125%, 01/01/2015,
Prerefunded 01/01/2003 @102
4,970,000 Connecticut State Series A, 5,194,495
5.70%, 03/15/2011,
Prerefunded 03/15/2003 @102
375,000 Metropolitan Pier & Exposition 387,278
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A,
5.90%, 06/15/2003,
Escrowed to Maturity
375,000 Metropolitan Pier & Exposition 387,278
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A,
5.90%, 06/15/2003,
Escrowed to Maturity
180,000 Grapevine-Collyville Independent 195,021
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
740,000 Grapevine-Colleyville Independent 801,753
School District, Texas Series A,
AMBAC, 7.50%, 08/15/2003,
Escrowed to Maturity
1,045,000 District of Columbia Series B, 1,104,764
6.00%, 06/01/2007,
Prerefunded 06/01/2004 @102
3,875,000 Regional Transportation 4,104,129
Authority, Illinois Series A,
AMBAC, 6.00%, 06/01/2008,
Prerefunded 06/01/2004 @102
700,000 Metropolitan Pier & Exposition 733,733
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A,
5.70%, 06/15/2005,
Prerefunded 06/15/2004 @102
2,330,000 Fulton County Building Authority, 2,700,703
Georgia Series A,
8.75%, 01/01/2005,
Escrowed to Maturity
1,035,000 Massachusetts Consolidated Loans 1,074,713
Series B, FGIC,
5.50%, 06/01/2012,
Prerefunded 06/01/2006 @101
4,775,000 Chicago, Illinois, FGIC, 4,915,290
5.50%, 01/01/2007,
Escrowed to Maturity
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Illinois Educational Facilities $ 1,118,190
Authority Revenue, Loyola
University, Chicago Series A,
7.00%, 07/01/2007,
Escrowed to Maturity
2,250,000 Connecticut State Special Tax 2,467,485
Obligation Revenue Series B,
6.50%, 10/01/2007,
Escrowed to Maturity
235,000 Palm Beach County Solid Waste 252,399
Authority, Florida Revenue Series A,
AMBAC, 6.00%, 10/01/2009,
Escrowed to Maturity
2,755,000 Tarrant County Health Facilities 2,679,733
Development Corp., Texas, Harris
Methodist Health Systems Series A,
5.125%, 09/01/2012,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,205,493
Agency No. 1, Catawba Electric
Revenue, 5.50%, 01/01/2013,
Escrowed to Maturity
2,045,000 Retama Development Corp., 2,718,418
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of Education 198,733
Capital Outlay,
9.125%, 06/01/2014,
Escrowed to Maturity
950,000 Massachusetts Water Pollution 932,121
Abatement Series B,
5.25%, 08/01/2014,
Escrowed to Maturity
3,860,000 Retama Development Corp., 5,150,204
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2014,
Escrowed to Maturity
1,125,000 Retama Development Corp., 1,514,542
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2015,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,096,340
Development Corp., Texas,
Lutheran General Health Care
Systems, 6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors Economic 5,061,671
Protection Corp. Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
Schedule of Investments--Municipal Bond Portfolios 3
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,500,000 Rhode Island Depositors Economic $ 1,471,110
Protection Corp. Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
5,780,000 Rhode Island Depositors Economic 6,338,347
Protection Corp. Series A,
6.375%, 08/01/2022,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed
(Cost $182,650,604) 184,998,579
-------------
--------------------------------------------------------------------------------
INSURED: 35.01%
--------------------------------------------------------------------------------
1,050,000 Massachusetts Consolidated Loans 1,050,000
Series B, FGIC,
7.30%, 04/01/2000
1,200,000 Plano, Texas Waterworks & Sewer 1,202,400
Revenue, AMBAC,
6.90%, 05/01/2000
80,000 District of Columbia Series E, 80,059
FGIC, 4.75%, 06/01/2000
1,000,000 Alaska Student Loan Corp., 1,002,160
Student Loan Revenue Series A,
AMBAC, AMT,
5.375%, 07/01/2000
20,300,000 New Jersey State Transit Corp., 20,379,576
Capital Grant Anticipation Notes
Series A, FSA,
5.00%, 09/01/2000
2,000,000 Dade County, Florida, FGIC, 2,074,680
12.00%, 10/01/2000
15,000 Indiana Health Facility Financing 15,075
Authority Hospital Revenue, Sisters of
St. Francis Health Series A, MBIA,
5.00%, 11/01/2000
1,030,000 Northglenn, Colorado Water 1,031,772
Utility Series A, MBIA,
6.60%, 11/01/2000
2,220,000 Carrollton & Henderson Public 2,217,203
Energy Authority, Kentucky Trust
Series A, FSA,
4.50%, 01/01/2001
2,275,000 Clark County Public Utility 2,321,456
District No. 1, Washington
Electric Revenue, FGIC,
7.10%, 01/01/2001
5,760,000 Oregon State Department of 5,742,202
Administrative Services, Lottery
Revenue & Education Projects
Series A, FSA,
4.00%, 04/01/2001
1,165,000 Kansas State Finance Authority 1,153,501
Revenue, Department of Commerce,
FSA, 4.00%, 06/01/2001
1,080,000 Tennergy Corp., Tennessee Gas 1,062,169
Revenue, MBIA, 4.25%, 06/01/2001
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
75,000 District of Columbia Series E, $ 75,287
FGIC, 5.00%, 06/01/2001
4,265,000 New Jersey State Transportation 4,338,273
Trust Fund Authority,
Transportation Systems Series A,
AMBAC, 6.00%, 06/15/2001
1,705,000 Moore Public Works Authority, 1,694,804
Oklahoma Utility System Revenue,
AMBAC, 4.25%, 07/01/2001
26,215,000 Arizona State Transportation Board 26,310,160
Excise Tax Revenue, Maricopa County
Regional Area Road Improvement,
AMBAC, 4.75%, 07/01/2001
1,750,000 Detroit, Michigan Sewage Disposal 1,757,385
Revenue Series A, FGIC,
4.85%, 07/01/2001
3,260,000 Florida State Division of Bond 3,282,331
Finance, Department of General
Services, Environmental
Protection Preservation 2000
Series B, FSA, 5.00%, 07/01/2001
1,000,000 Lancaster County Hospital 1,004,570
Authority, Pennsylvania Revenue,
Lancaster General Hospital
Project, AMBAC, 5.00%, 07/01/2001
1,000,000 University of Texas, 1,006,130
PUF Guaranteed, 5.00%, 07/01/2001
2,000,000 Illinois State, FGIC, 2,017,260
5.25%, 07/01/2001
4,390,000 Arizona State Transportation 4,439,914
Board Excise Tax Revenue,
Maricopa County Regional Area
Road Series A, AMBAC,
5.40%, 07/01/2001
1,000,000 Phoenix, Arizona Airport Revenue 1,014,350
Series A, MBIA, 5.65%, 07/01/2001
1,130,000 Boston, Massachusetts Series A, 1,155,244
MBIA, 6.30%, 07/01/2001
2,885,000 Massachusetts Consolidated Loan 2,913,763
Series C, MBIA, 5.25%, 08/01/2001
1,000,000 Louisiana State Series A, FGIC, 1,018,460
6.00%, 08/01/2001
1,475,000 Tennessee Energy Acquisition 1,457,566
Corp., Gas Revenue Series B,
AMBAC, 4.625%, 09/01/2001
1,150,000 Kansas City, Missouri Airport 1,156,452
Revenue, General Improvement
Series A, FSA, AMT,
5.00%, 09/01/2001
5,525,000 New Jersey State Educational 5,575,057
Facilities Authority, Higher
Education Facilities Trust Fund
Series A, AMBAC,
5.125%, 09/01/2001
4 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,595,000 New Jersey State Transit Corp. $ 3,620,273
Certificates Series A, AMBAC,
5.00%, 09/15/2001
1,555,000 Lowell, Massachusetts Series B, 1,561,718
FSA, 4.75%, 11/01/2001
1,370,000 Chicago, Illinois Series A, FGIC, 1,388,906
5.50%, 01/01/2002
1,475,000 West Haven, Connecticut, AMBAC, 1,455,206
4.00%, 02/01/2002
3,065,000 United Independent School 3,062,395
District, Texas, PSF Guaranteed,
4.625%, 02/15/2002
1,000,000 Celebration Community Development 1,014,230
District, Florida Special
Assessment, MBIA,
5.35%, 05/01/2002
2,000,000 Philadelphia, Pennsylvania Water 2,015,560
& Wastewater Revenue, FSA,
5.00%, 06/15/2002
2,000,000 Honolulu City & County, Hawaii 2,016,700
Series A, FGIC,
5.00%, 07/01/2002
1,900,000 Pima County, Arizona, FGIC, 1,916,264
5.00%, 07/01/2002
2,060,000 Rockdale County Water & Sewer 2,078,066
Authority, Georgia Revenue Series B,
MBIA, 5.00%, 07/01/2002
5,180,000 Gulf Coast Water Authority, 5,180,311
Texas Water System Contract
Revenue Series A, AMBAC,
4.625%, 08/15/2002
6,585,000 New Hampshire Municipal Bond Bank 6,635,573
Series B, FSA, 5.00%, 08/15/2002
2,945,000 San Antonio Independent School 3,096,491
District, Texas, PSF Guaranteed,
7.00%, 08/15/2002
1,120,000 Northern Pennsylvania School 1,085,997
District, FSA,
3.75%, 09/01/2002
2,000,000 New Jersey State Transit Corp. 2,015,940
Certificates Series A, AMBAC,
5.00%, 09/15/2002
1,000,000 Orlando, Florida Waste Water 970,760
Systems Revenue Series A,
Variable Rate CPI Bond, MBIA,
8.36%, 10/01/2002
595,000 Austin, Texas Utility System 660,438
Revenue, MBIA,
9.25%, 11/15/2002
4,295,000 Nassau County, New York 4,324,636
Series C, FSA,
5.125%, 01/01/2003
3,200,000 Chicago Public Building 3,231,136
Commission, Illinois Revenue
Series C, FGIC,
5.125%, 02/01/2003
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,600,000 Hawaii State Series CN, FGIC, $ 1,663,888
6.25%, 03/01/2003
3,000,000 New York State Thruway Authority, 3,097,440
Highway & Bridge Trust Fund
Series B, AMBAC,
6.00%, 04/01/2003
1,000,000 New Jersey State Transportation 1,036,560
Trust Fund Authority Series A,
AMBAC, 6.00%, 06/15/2003
2,400,000 Pima County, Arizona, FGIC, 2,439,048
5.25%, 07/01/2003
12,710,000 Rockdale County Water & Sewer 12,924,418
Authority, Georgia Revenue Series B,
MBIA, 5.25%, 07/01/2003
7,345,000 New York City Series A-1, AMBAC, 7,651,874
6.25%, 08/01/2003
685,000 Niagara Frontier Authority, New 690,418
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT,
5.75%, 04/01/2004
2,950,000 Pennsylvania Economic Development 2,837,959
Financing Authority Revenue,
Northwestern Human Services
Series A, ACA,
4.60%, 06/01/2004
1,000,000 District of Columbia Series B-3, 1,006,610
MBIA, 5.20%, 06/01/2004
3,770,000 New Jersey State Transportation 3,866,022
Trust Fund Authority Series A,
FSA, 5.50%, 06/15/2004
800,000 Metropolitan Pier & Exposition 830,832
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place Series A, MBIA,
5.70%, 06/15/2005
1,000,000 Utah State Board of Regents, 1,036,420
Student Loan Revenue Series J,
AMBAC, AMT, 6.00%, 05/01/2006
1,340,000 Arlington, Texas Waterworks & 1,413,767
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
2,095,000 Virginia Port Authority 2,199,038
Facilities Revenue, MBIA, AMT,
6.00%, 07/01/2006
2,200,000 Clark County Public Utility 2,258,300
District No.1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio Waterworks 4,624,528
Revenue Series G, MBIA,
5.50%, 01/01/2007
6,110,000 Chicago, Illinois O'Hare 6,412,628
International Airport Revenue,
Second Lien-Series A, AMBAC, AMT,
6.00%, 01/01/2007
Schedule of Investments--Municipal Bond Portfolios 5
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Prince Georges County, Maryland $ 1,064,060
Consolidated Public Improvement
Series A, MBIA,
6.00%, 03/15/2007
2,000,000 Walled Lake Consolidated School 2,121,500
District, Michigan, MBIA,
6.00%, 05/01/2007
1,715,000 Northeast Hospital Authority, 1,782,760
Texas Northeast Medical Center
Hospital Revenue, FSA,
5.75%, 05/15/2007
7,095,000 District of Columbia Series B, 7,424,350
MBIA, 6.00%, 06/01/2007
2,525,000 Philadelphia, Pennsylvania 2,674,228
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,200,000 Philadelphia, Pennsylvania 1,259,832
Airport Revenue Series B, FGIC,
AMT, 6.00%, 06/15/2007
1,105,000 Delaware Transportation Authority 1,173,388
System Revenue, AMBAC,
6.00%, 07/01/2007
2,030,000 MTA, New York Commuter Facilities 2,149,323
Revenue Series C-1, FGIC,
6.00%, 07/01/2007
2,775,000 Washington Public Power Supply 2,914,055
System Revenue, Nuclear Project
No.1 Series A, AMBAC,
6.00%, 07/01/2007
1,000,000 Cook County, Illinois, MBIA, 1,133,600
7.25%, 11/01/2007
2,115,000 Connecticut State Resource 2,207,468
Recovery Authority,
Mid-Connecticut System Series A,
MBIA, 5.75%, 11/15/2007
1,400,000 Massachusetts Consolidated Loans 1,397,228
Series A, MBIA,
5.00%, 01/01/2008
2,270,000 Clark County Public Utility 2,328,725
District No.1, Washington
Electric Revenue, AMBAC,
5.50%, 01/01/2008
1,465,000 Sangamon County School District 1,504,599
No. 186, Illinois, FGIC,
5.55%, 01/01/2008
1,000,000 Berkley City School District, 1,120,810
Michigan, FGIC,
7.00%, 01/01/2008
1,000,000 Memphis-Shelby County Airport 1,049,690
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.00%, 02/15/2008
1,875,000 Port Arthur Navigation District, 1,992,338
Texas, AMBAC,
6.00%, 03/01/2008
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,095,000 Haverhill, Massachusetts, FGIC, $ 1,165,518
6.00%, 06/15/2008
2,000,000 Intermountain Power Agency, Utah 2,176,420
Power Supply Revenue Series A,
AMBAC, 6.50%, 07/01/2008
4,140,000 Metropolitan Washington Airport 4,275,295
Authority, District of Columbia
Revenue Series A, MBIA, AMT,
5.80%, 10/01/2008
1,265,000 Emerald Peoples Utility District, 1,462,492
Oregon, FGIC, 7.35%, 11/01/2008
750,000 Hot Springs, Arkansas Sales & Use 745,260
Tax, Civic Center Project, FSA,
4.95%, 12/01/2008
2,750,000 Indianapolis, Indiana Resource 3,047,853
Recovery Revenue, Ogden Martin
System Inc. Project, AMBAC,
6.75%, 12/01/2008
1,675,000 Chicago, Illinois O'Hare 1,750,861
International Airport Revenue,
Second Lien-Series C, MBIA,
5.75%, 01/01/2009
2,070,000 North Carolina Eastern Municipal 2,131,106
Power Agency, Power System
Revenue Series B, ACA,
6.125%, 01/01/2009
2,000,000 Richmond, Virginia, FSA, 2,004,020
5.25%, 01/15/2009 (Note B, p. 15)
4,000,000 Massachusetts Bay Transportation 4,124,720
Authority Series A, MBIA,
5.50%, 03/01/2009
1,000,000 Middlesex County Utilities 1,002,420
Authority, New Jersey Sewer
Revenue Series A, FGIC,
5.15%, 03/15/2009
3,495,000 Ohio State Public Facilities 3,525,791
Commission, Higher Education
Capital Facilities Series A,
AMBAC, 5.25%, 05/01/2009
2,260,000 District of Columbia Series B, 2,300,477
FSA, 5.50%, 06/01/2009
1,780,000 Massachusetts Port Authority 1,812,093
Revenue Series B, FSA,
5.50%, 07/01/2009
1,530,000 Texas Municipal Power Agency 1,553,761
Revenue, MBIA,
5.25%, 09/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,065,480
6.00%, 10/01/2009
4,070,000 Palm Beach County Solid Waste 4,327,102
Authority, Florida Revenue Series A,
AMBAC, 6.00%, 10/01/2009
1,370,000 Indiana Transportation Finance 1,458,132
Authority, Airport Facilities
Lease Revenue Series A, AMBAC,
6.00%, 11/01/2009
6 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
5,000,000 Connecticut State Resource $ 5,080,650
Recovery Authority Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 991,630
Authority, Rhode Island Series A,
FSA, 5.10%, 12/15/2009
1,890,000 Chicago, Illinois O'Hare 1,878,358
International Airport Revenue,
Second Lien-Series C, MBIA,
5.00%, 01/01/2010
1,000,000 Memphis-Shelby County Airport 1,069,770
Authority, Tennessee Revenue
Series A, MBIA, AMT,
6.25%, 02/15/2010
1,065,000 Detroit City School District, 1,177,720
Michigan Series A, AMBAC,
6.50%, 05/01/2010
1,000,000 Detroit, Michigan Water Supply 1,020,410
System Revenue Series B, MBIA,
5.40%, 07/01/2010
2,510,000 Detroit, Michigan Sewage Disposal 2,669,661
Revenue Series B, MBIA,
6.00%, 07/01/2010
1,945,000 Indianapolis, Indiana Gas Utility 1,955,328
Revenue, Distribution System
Series A, AMBAC,
5.25%, 08/15/2010
2,405,000 Philadelphia Parking Authority, 2,466,183
Pennsylvania Revenue, FSA,
5.50%, 09/01/2010
1,500,000 Brownsville, Texas Utilities 1,639,140
System Revenue, AMBAC,
6.25%, 09/01/2010
2,065,000 Broward County, Florida Airport 2,058,392
System Revenue Series E, MBIA,
AMT, 5.25%, 10/01/2010
5,000,000 Connecticut State Resource 5,066,750
Recovery Authority Series A, MBIA,
5.375%, 11/15/2010
1,000,000 Bexar County Health Facilities 1,043,810
Development Corp., Texas Baptist
Health System Series A, MBIA,
6.00%, 11/15/2010
1,190,000 Amarillo Health Facilities Corp., 1,197,568
Texas, Baptist St. Anthony's
Hospital Corp., FSA,
5.50%, 01/01/2011
2,495,000 Iron County School District, Utah 2,619,525
State School Bond Guaranty,
5.75%, 01/15/2011
1,000,000 Amarillo Junior College District, 993,770
Texas, FGIC, 5.125%, 02/15/2011
2,000,000 Louisiana State Office Facilities 2,035,040
Corp., Lease Revenue Capitol
Complex Series A, MBIA,
5.50%, 03/01/2011
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,015,000 Clayton County Hospital $ 3,007,131
Authority, Georgia Revenue
Anticipation Certificates,
Southern Regional Medical Center
Project Series A, MBIA,
5.25%, 08/01/2011
1,915,000 Philadelphia Parking Authority, 1,957,245
Pennsylvania Revenue, FSA,
5.50%, 09/01/2011
1,275,000 Brownsville, Texas Utility System 1,392,466
Revenue, AMBAC,
6.25%, 09/01/2011
1,460,000 Indiana Transportation Finance 1,555,309
Authority, Airport Facilities
Lease Revenue Series A, AMBAC,
6.00%, 11/01/2011
4,000,000 Richmond, Virginia, FSA, 4,037,640
5.50%, 01/15/2012 (Note B, p. 15)
1,025,000 Goose Creek Independent School 1,001,640
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College District, 988,130
Texas, FGIC,
5.125%, 02/15/2012
1,150,000 Bell County Health Facilities 1,145,216
Development Corp., Texas Revenue,
Cook Children's Hospital
Refunding & Improvement, FSA,
5.375%, 12/01/2012
3,500,000 Northern Colorado Water 3,806,810
Conservancy District, Municipal
Sub-District Revenue Series F,
AMBAC, 6.50%, 12/01/2012
2,470,000 Chicago Public Building 2,441,768
Commission, Illinois Revenue,
Chicago Park District Series A,
FGIC, 5.375%, 01/01/2013
2,085,000 New York State Dormitory 2,026,766
Authority Lease Revenue,
Municipal Health Facilities
Improvement Project Series 1, FSA,
5.125%, 01/15/2013
1,195,000 New York State Dormitory 1,175,187
Authority, Mental Health Services
Facilities Improvement Series D,
MBIA, 5.25%, 02/15/2013
3,140,000 Canadian River Municipal Water 3,205,281
Authority, Texas Contract,
Conjunctive Use Groundwater, MBIA,
5.75%, 02/15/2013
1,035,000 Sacramento Municipal Utility 1,177,654
District, California Series G,
MBIA, 6.50%, 09/01/2013
2,445,000 Sunrise, Florida Utility System 2,505,905
Revenue, AMBAC,
5.50%, 10/01/2013
Schedule of Investments--Municipal Bond Portfolios 7
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,105,000 Clark County, Nevada $ 3,069,044
Transportation Series A, FGIC,
5.25%, 12/01/2013
2,680,000 Pennsylvania State Turnpike 2,808,024
Commission, Turnpike Revenue
Series M, FGIC,
6.50%, 12/01/2013
3,700,000 New York State Thruway Authority 3,628,183
Highway & Bridge Trust Fund
Series C, FGIC,
5.25%, 04/01/2014
1,555,000 Washoe County School District, 1,524,475
Nevada, FGIC,
5.25%, 06/01/2014
1,070,000 Illinois Health Facilities 1,040,489
Authority Revenue, Hospital
Sisters Services Inc. Series A,
MBIA, 5.375%, 06/01/2014
2,000,000 Laredo, Texas, FGIC, 1,935,700
5.125%, 08/15/2014
1,245,000 Wyandotte County Unified 1,225,180
Government, Kansas Utility System
Revenue, MBIA,
5.25%, 09/01/2014
5,815,000 Washington State Health Care 5,564,722
Facilities Authority, Children's
Hospital & Regional Medical
Center, FSA,
5.25%, 10/01/2014
2,315,000 Clark County, Nevada 2,268,492
Transportation Series B, FGIC,
5.25%, 12/01/2014
3,370,000 Cypress-Fairbanks Independent 3,253,701
School District, Texas,
PSF Guaranteed,
5.25%, 02/15/2016
10,745,000 Lower Colorado River Authority, 11,036,834
Texas Revenue Series A, FSA,
5.875%, 05/15/2016
2,500,000 King County School District 2,371,550
No. 403, Renton, Washington,
MBIA, 5.25%, 06/01/2016
1,800,000 Magnolia Independent School 1,667,484
District, Texas, PSF Guaranteed,
5.00%, 08/15/2016
1,430,000 District of Columbia Water & 1,491,047
Sewer Authority, Public Utility
Revenue, FSA,
6.00%, 10/01/2016
1,760,000 Clark County, Nevada Series A, 1,955,765
AMBAC, 6.50%, 06/01/2017
3,000,000 Memphis-Shelby County Airport 3,120,090
Authority, Tennessee Revenue
Series D, AMBAC,
6.25%, 03/01/2018
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
2,865,000 New York State Dormitory Authority, $ 3,024,953
New York University Series A, MBIA,
6.00%, 07/01/2018
9,750,000 Long Island Power Authority, New 8,890,538
York Electric System Revenue,
Series A, FSA,
5.00%, 12/01/2018
9,420,000 Illinois Development Finance 7,712,154
Authority, Adventist Health
Systems Series B, Variable Rate
CPI Bond, MBIA,
9.33%, 01/01/2019
1,005,000 Regional Transportation 1,206,101
Authority, Illinois Series C,
FGIC, 7.75%, 06/01/2020
3,135,000 Illinois State Dedicated Tax Revenue, 3,362,507
AMBAC, 6.25%, 12/15/2020
3,000,000 Arlington Independent School 2,683,710
District, Texas, PSF Guaranteed,
5.00%, 02/15/2021
3,980,000 McGee-Creek Authority, Oklahoma 4,135,857
Water Revenue, MBIA,
6.00%, 01/01/2023
2,315,000 New York State Dormitory 2,059,817
Authority Revenue, Mental Health
Services Facility Improvement
Series D, MBIA, 5.00%, 02/15/2023
2,685,000 MTA, New York Dedicated Tax Fund 2,401,651
Series A, FGIC, 5.00%, 04/01/2023
3,455,000 Seguin Independent School 3,067,901
District, Texas, PSF Guaranteed,
5.00%, 04/01/2023
3,440,000 Illinois State, FSA, 3,087,433
5.125%, 04/01/2023
5,000,000 Village Center Community 4,519,000
Development District, Florida
Recreational Revenue Series A,
MBIA, 5.00%, 11/01/2023
2,500,000 Crowley Independent School 2,293,374
District, Texas, PSF Guaranteed,
5.20%, 08/01/2024
2,000,000 Harris County, Texas Toll Road 1,768,340
Senior Lien, MBIA,
5.00%, 08/15/2024
2,420,000 New York State Energy Research & 2,460,244
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 4,409,900
Authority, Pennsylvania Local
Government Revenue Series A,
Variable Rate CPI Bond, AMBAC,
Mandatory Put 07/01/2007,
4.41%, 07/01/2027
-------------
Total Insured
(Cost $451,971,473) 449,528,477
-------------
8 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
TAX SUPPORTED: 31.23%
--------------------------------------------------------------------------------
State General Obligations: 10.67%
950,000 District of Columbia Series A-3, $ 950,105
4.90%, 06/01/2000
2,305,000 Wisconsin State Series A, 2,295,319
4.00%, 05/01/2001
6,155,000 Wisconsin State, 6,253,726
5.80%, 05/01/2001
1,220,000 Florida State Board of Education 1,220,891
Capital Outlay, Public Education
Series B, 4.50%, 06/01/2001
7,350,000 Minnesota State, 4.75%, 06/01/2001 7,378,298
(Notes C & D, p. 15)
865,000 District of Columbia Series A, 869,732
5.50%, 06/01/2001
1,030,000 District of Columbia Series B, 1,035,634
5.50%, 06/01/2001
7,865,000 Washington State Series R-96B, 7,955,290
5.50%, 07/01/2001
1,000,000 Massachusetts Consolidated Loans 1,023,750
Series D, 6.50%, 07/01/2001
1,015,000 Ohio State, 1,010,402
4.25%, 08/01/2001
5,915,000 Pennsylvania State Second Series, 5,914,645
4.50%, 08/01/2001
1,410,000 Massachusetts Series A, 1,431,545
5.50%, 11/01/2001
7,525,000 Washington State Series R-2000A, 7,533,202
4.75%, 01/01/2002 (Note E, p. 15)
22,555,000 Massachusetts Consolidated Loan 22,219,607
Series A, 4.125%, 02/01/2002
(Note D, p. 15)
3,000,000 Connecticut State Series A, 3,084,390
6.10%, 03/15/2002
2,035,000 South Carolina State Highway 2,030,157
Series A, 4.50%, 05/01/2002
5,600,000 Utah State, 5.50%, 07/01/2002 5,700,856
3,280,000 New Jersey State Series E, 3,340,778
5.50%, 07/15/2002
1,800,000 Illinois State First Series, 1,829,988
5.50%, 01/01/2003
2,635,000 South Carolina State, School 2,703,747
Facility Series A, State Aid
Withholding, 5.75%, 01/01/2003
1,090,000 California State, 1,164,305
7.00%, 03/01/2003
2,300,000 California State, 2,501,135
7.00%, 03/01/2004
1,165,000 California State, 1,275,151
7.10%, 05/01/2004
1,390,000 Georgia State Series E, 1,454,260
6.00%, 07/01/2004
1,500,000 Massachusetts Bay Transportation 1,583,910
Authority Series C,
6.00%, 03/01/2007
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,700,000 Georgia State Series C, $ 1,836,374
6.25%, 08/01/2007
1,200,000 Connecticut State Series D, 1,249,308
5.50%, 12/01/2007
1,940,000 Hawaii State Series CC, 1,935,538
5.125%, 02/01/2008
7,250,000 Massachusetts Series A, 7,310,828
5.25%, 02/01/2008
2,600,000 Georgia State Series A, 2,818,998
6.25%, 04/01/2008
1,000,000 California State, 1,159,730
7.20%, 05/01/2008
1,670,000 Georgia State Series D, 1,864,806
6.70%, 08/01/2008
1,000,000 South Carolina State Series A, 997,110
5.00%, 03/01/2009
1,625,000 New Jersey State, 1,677,146
5.50%, 02/01/2010
2,225,000 Massachusetts Bay Transportation 2,332,735
Authority Series A,
5.75%, 03/01/2010
1,490,000 Georgia State Series C, 1,633,591
6.25%, 08/01/2010
2,785,000 Massachusetts Consolidated Loan 2,793,606
Series C, 5.25%, 08/01/2011
3,775,000 Massachusetts Bay Transportation 3,881,153
Authority Series A,
5.50%, 03/01/2012
1,000,000 Georgia State Series B, 1,075,820
6.00%, 03/01/2012
1,710,000 Florida State Board of Education 1,668,704
Capital Outlay, Public Education
Series C, 5.125%, 06/01/2014
990,000 Florida State Board of Education 1,311,056
Capital Outlay,
9.125%, 06/01/2014
5,140,000 Florida State Board of Education 4,979,117
Capital Outlay, Public Education
Series D, 5.125%, 06/01/2015
2,875,000 Texas State Water, 2,686,025
5.25%, 08/01/2021
-------------
Total State General Obligations
(Cost $136,937,206) 136,972,468
-------------
Local General Obligations: 9.45%
1,685,000 Shelby County, Tennessee, Public 1,689,600
School Improvement Series B,
4.75%, 06/01/2001
2,960,000 Winston-Salem, North Carolina, 3,103,234
8.875%, 06/01/2001
1,700,000 Phoenix, Arizona Series A, 1,692,724
4.25%, 07/01/2001
2,495,000 Baltimore County, Maryland, 2,496,921
Consolidated Public Improvement,
4.50%, 07/01/2001
Schedule of Investments--Municipal Bond Portfolios 9
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
7,640,000 Pima County Community College $ 7,640,458
District, Arizona Project of 1995
Series B, 4.50%, 07/01/2001
1,145,000 Pima County, Arizona, 1,172,045
6.55%, 07/01/2001
1,195,000 Stamford, Connecticut Series A, 1,185,954
4.00%, 08/01/2001
1,700,000 Monmouth County Improvement 1,700,952
Authority, New Jersey Revenue,
Capital Equipment Pooled Lease,
4.50%, 10/01/2001
4,185,000 Montgomery County, Maryland 4,213,081
Consolidated Public Improvement
Series A, 5.00%, 01/01/2002
1,140,000 Bloomington Independent School 1,147,615
District No. 271, Minnesota
Series B, 5.00%, 02/01/2002
9,685,000 Richmond County Board of 9,736,912
Education, Georgia, State Aid
Withholding, 5.00%, 03/01/2002
1,450,000 Avondale School District, 1,549,253
Michigan, 8.25%, 05/01/2002
2,160,000 Montgomery County, Maryland, 2,324,808
8.60%, 05/01/2002
3,525,000 Anne Arundel County, Maryland, 3,533,249
4.75%, 05/15/2002
5,200,000 Houston Independent School 5,238,532
District, Texas Public Property
Finance Contractual Obligation,
5.00%, 07/15/2002
7,060,000 Denver City & County, Colorado 7,113,374
Series A, 5.00%, 08/01/2002
2,885,000 Seattle, Washington Series B, 2,906,897
5.00%, 12/01/2002
2,000,000 New York City Series G, 2,040,480
5.70%, 02/01/2003
1,375,000 Philadelphia Authority for 1,387,375
Industrial Development,
Pennsylvania, Gallery II Garage
Project, 6.125%, 02/15/2003
4,575,000 Houston Independent School 4,644,723
District, Texas Public Property
Finance Contractual Obligation,
5.25%, 07/15/2003
3,420,000 Pennsylvania Convention & 3,492,162
Exhibition Center Authority
Revenue Series A,
6.25%, 09/01/2004
3,660,000 New York City Series I, 3,860,495
6.25%, 04/15/2006
1,455,000 Montgomery County, Maryland 1,524,651
Series A, 5.75%, 07/01/2006
6,525,000 Port of Seattle, Washington, AMT, 6,628,943
5.50%, 05/01/2007
2,620,000 Jersey City, New Jersey Series A, 2,776,938
6.00%, 10/01/2007
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,650,000 Washington Suburban Sanitation $ 1,724,333
District, Maryland Second Series,
6.40%, 01/01/2008
8,660,000 New York City Series F, 8,731,965
5.375%, 08/01/2009
1,020,000 Indianapolis Local Public 1,009,790
Improvement Bond Bank, Indiana
Series B, 5.00%, 02/01/2010
1,170,000 Austin, Texas Public Improvement, 1,221,749
5.05%, 09/01/2010
1,190,000 Roanoke, Virginia, 1,174,280
5.00%, 02/01/2011
1,300,000 Forsyth County, North Carolina, 1,230,502
4.75%, 02/01/2013
7,780,000 New York City Series I, 7,970,454
5.875%, 03/15/2013
1,400,000 Travis County, Texas, 1,325,254
5.00%, 03/01/2015
1,000,000 Harris County, Texas Toll Road, 936,060
5.125%, 08/15/2017
2,665,000 Dyer Redevelopment Authority, 2,673,075
Indiana Economic Development
Lease, 6.55%, 07/15/2020
6,735,000 Du Page County, Illinois Jail 6,661,117
Project, 5.60%, 01/01/2021
1,920,000 Du Page County, Illinois 1,898,937
Stormwater Project,
5.60%, 01/01/2021
-------------
Total Local General Obligations
(Cost $120,394,320) 121,358,892
-------------
Tax Lease: 4.65%
1,140,000 Lake County, Illinois 1,145,016
Certificates of Participation,
7.20%, 06/01/2000
2,475,000 New York State Urban Development 2,488,192
Corp., Correctional Facilities,
5.10%, 01/01/2001
2,225,000 Virginia State Public School 2,219,838
Authority, School Equipment
Financing Notes Issue 5,
4.05%, 04/01/2001
1,230,000 Indiana State Office Building 1,231,820
Commission Facilities Revenue,
Miami Correctional Phase 1 Series A,
4.75%, 07/01/2001
3,800,000 MTA, New York Commuter Facilities 3,831,882
Service Contract Series O,
5.25%, 07/01/2001
1,070,000 Ohio State Building Authority, 1,073,649
Adult Correctional State
Facilities Series A,
4.75%, 10/01/2001
4,005,000 Ohio State Building Authority, 4,032,915
Arts Facilities Building Fund
Series A, 5.00%, 10/01/2001
10 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
2,550,000 Michigan State Building Authority $ 2,567,825
Revenue, Facilities Program
Series 2, 5.00%, 10/15/2001
1,315,000 New York State Urban Development 1,363,589
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
1,430,000 New Jersey State Certificates of 1,488,930
Participation, Equipment Series A,
6.40%, 04/01/2005
2,000,000 New York State Dormitory 2,040,880
Authority, State University
Series A, 5.50%, 05/15/2005
1,005,000 New York State Dormitory 1,034,185
Authority, City University
Series A, 5.70%, 07/01/2005
1,005,000 New York State Dormitory 1,034,185
Authority, City University
Series C, 5.70%, 07/01/2005
1,000,000 New York State Certificates of 1,031,980
Participation, City University,
John Jay College,
5.75%, 08/15/2005
1,720,000 New York State Medical Care 1,740,571
Facilities Financing Authority,
Mental Health Services Series A,
5.35%, 02/15/2006
1,000,000 New York State Dormitory 1,069,400
Authority, State University
Series A, 6.50%, 05/15/2006
2,450,000 New York State Dormitory 2,498,902
Authority, State University
Series A, 5.50%, 05/15/2007
2,285,000 New Jersey Building Authority, 2,420,044
State Building Revenue,
6.00%, 06/15/2007
1,000,000 New York State Dormitory 1,033,950
Authority, City University
Series A, 5.75%, 07/01/2007
3,890,000 Philadelphia Hospitals & Higher 3,778,279
Education Facilities Authority,
Pennsylvania Revenue,
5.875%, 08/01/2007
2,000,000 McLean County Public Building 2,282,040
Commission, Illinois,
7.25%, 11/01/2007
4,045,000 Philadelphia Hospitals & Higher 3,954,675
Education Facilities Authority,
Pennsylvania Revenue,
6.20%, 08/01/2011
1,280,000 New York State Dormitory 1,321,869
Authority, City University
Series A, 5.75%, 07/01/2013
1,000,000 Sacramento City Finance 960,380
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
13,310,000 New York State Dormitory $ 12,073,102
Authority Revenue, State
University Educational Facilities,
5.125%, 05/15/2021
-------------
Total Tax Lease
(Cost $58,883,968) 59,718,098
-------------
Special Tax: 5.71%
1,465,000 Detroit Local Development Finance 1,464,238
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
2,050,000 Detroit Local Development Finance 2,041,411
Authority, Michigan Subordinated
Tax Increment Series A,
4.40%, 05/01/2001
1,235,000 New Jersey State Transportation 1,240,595
Trust Fund Authority,
Transportation Systems Series B,
5.00%, 06/15/2001
2,000,000 New Mexico State Severance Tax 2,006,060
Series B, 4.75%, 07/01/2001
10,990,000 MAC New York Series G, 11,120,122
5.50%, 07/01/2001
3,900,000 New Mexico State Severance Tax 3,946,644
Series A, 5.50%, 07/01/2001
4,685,000 Virginia State Public Building 4,748,903
Authority, Building Revenue
Series B, 5.60%, 08/01/2001
1,170,000 Tulsa County Criminal Justice 1,185,538
Authority, Oklahoma Sales Tax
Revenue, 5.50%, 03/01/2002
250,000 Metropolitan Pier & Exposition 257,960
Authority, Illinois Dedicated State
Tax Revenue, McCormick Place
Series A, 5.90%, 06/15/2003
4,500,000 Wisconsin State Transportation 4,545,945
Revenue Series A,
5.30%, 07/01/2003
1,500,000 Connecticut State Special Tax 1,588,005
Obligation Revenue Series B,
6.00%, 09/01/2006
1,620,000 Connecticut State Special Tax 1,646,730
Obligation Revenue Series A,
5.25%, 09/01/2007
1,150,000 Illinois State Sales Tax Revenue 1,143,227
Series U, 5.00%, 06/15/2009
1,000,000 Connecticut State Special Tax 1,076,840
Obligation Revenue Series B,
6.15%, 09/01/2009
1,005,000 New Jersey State Transportation 1,043,049
Trust Fund Authority,
Transportation Systems Series A,
5.50%, 06/15/2010
Schedule of Investments--Municipal Bond Portfolios 11
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,700,000 Kansas State Department of $ 1,762,628
Transportation, Highway Revenue,
5.50%, 09/01/2010
1,245,000 District of Columbia Redevelopment 1,256,541
Land Agency, Sports
Arena Special Tax,
5.625%, 11/01/2010
3,225,000 Illinois State Sales Tax Revenue 3,420,725
Series Q, 6.00%, 06/15/2012
27,175,000 New Jersey State Transportation 26,386,110
Trust Fund Authority,
Transportation Systems Series A,
5.125%, 06/15/2014 (Note D, p. 15)
1,475,000 New Jersey State Transportation 1,419,878
Trust Fund Authority,
Transportation Systems Series A,
5.125%, 06/15/2015
-------------
Total Special Tax
(Cost $74,998,519) 73,301,149
-------------
Miscellaneous Tax: 0.75%
4,145,000 Puerto Rico Municipal Finance 4,173,683
Agency Series B,
5.00%, 08/01/2001
5,325,000 Indianapolis Local Public 5,558,182
Improvement Bond, Indiana
Series B, 6.00%, 01/10/2013
-------------
Total Miscellaneous Tax
(Cost $9,372,525) 9,731,865
-------------
Total Tax Supported
(Cost $400,586,538) 401,082,472
-------------
--------------------------------------------------------------------------------
REVENUE: 16.02%
--------------------------------------------------------------------------------
Airport Revenue: 0.78%
3,025,000 Denver City & County, Colorado 3,119,743
Airport Revenue Series D,
7.40%, 11/15/2001
1,500,000 Denver City & County, Colorado 1,589,325
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
800,000 Denver City & County, Colorado 875,064
Airport Revenue Series A, AMT,
7.50%, 11/15/2006
975,000 Denver City & County, Colorado 1,048,340
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
2,600,000 Chicago, Illinois O'Hare 2,470,416
International Airport Revenue
Senior Lien Series A,
5.00%, 01/01/2013
1,000,000 Massachusetts Port Authority 939,890
Revenue Series B, AMT,
5.00%, 07/01/2013
-------------
Total Airport Revenue
(Cost $9,844,746) 10,042,778
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
Electric Revenue: 2.06%
1,500,000 Massachusetts Municipal Wholesale $ 1,502,955
Electric Co. Series D,
5.50%, 07/01/2000
4,600,000 Long Island Power Authority, 4,587,718
New York Electric System
General Revenue Series A,
4.10%, 12/01/2000
5,395,000 Pittsylvania County Industrial 5,531,871
Development Authority, Virginia
Revenue Series A, AMT,
7.30%, 01/01/2004
5,000,000 North Carolina Eastern Municipal 5,090,050
Power Agency, Power System
Revenue Series B,
6.00%, 01/01/2005
3,500,000 Washington Public Power Supply 3,576,895
System Revenue, Nuclear Project
No. 3 Series B, 5.60%, 07/01/2007
(Note E, p. 15)
3,730,000 North Carolina Eastern Municipal 3,788,785
Power Agency, Power System
Revenue Series B,
6.125%, 01/01/2009
630,000 North Carolina Eastern Municipal 637,705
Power Agency, Power System
Revenue Series D,
6.45%, 01/01/2014
1,880,000 North Carolina Eastern Municipal 1,711,965
Power Agency, Power System
Revenue Series B,
5.70%, 01/01/2017
-------------
Total Electric Revenue
(Cost $26,455,494) 26,427,944
-------------
Health Care Revenue: 3.39%
1,615,000 Pennsylvania Economic Development 1,613,320
Financing Authority Revenue,
Northwestern Human Services
Series A, 4.75%, 06/01/2000
850,000 Franklin County, Ohio Health Care 847,280
Facilities Revenue, Ohio
Presbyterian Services,
4.50%, 07/01/2000
1,235,000 Connecticut State Health & 1,236,865
Educational Facilities Authority
Revenue, Hospital for Special
Care Revenue Issue B,
5.25%, 07/01/2000
1,410,000 Connecticut State Health & 1,408,209
Educational Facilities Authority
Revenue, Hospital for Special
Care Revenue Issue B,
5.25%, 07/01/2001
2,000,000 Montgomery County, Ohio Hospital 2,018,780
Revenue, Grandview Hospital &
Medical Center, 5.25%, 12/01/2001
12 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,180,000 Illinois Development Finance $ 1,185,546
Authority Revenue, Community
Rehabilitation Providers Series A,
5.60%, 07/01/2002
1,225,000 Montgomery County, Ohio Hospital 1,239,921
Revenue, Grandview Hospital &
Medical Center, 5.25%, 12/01/2003
1,200,000 Oklahoma Development Finance 1,078,560
Authority Revenue, Hillcrest
Healthcare System Series A,
4.70%, 08/15/2005
7,145,000 Boston, Massachusetts City 7,213,378
Hospital Revenue Series B, FHA,
5.75%, 02/15/2008
1,000,000 Oklahoma Development Finance 851,800
Authority Revenue, Hillcrest
Healthcare System Series A,
5.00%, 08/15/2009
1,145,000 Montgomery County, Ohio Hospital 1,149,191
Revenue, Grandview Hospital &
Medical Center, 5.40%, 12/01/2009
2,100,000 Montgomery County, Ohio Hospital 2,153,613
Revenue, Grandview Hospital &
Medical Center, 5.50%, 12/01/2010
3,215,000 Chattanooga Health, Educational & 3,158,834
Housing Facility Board, Tennessee
Revenue, Catholic Health
Initiatives Series A,
5.375%, 12/01/2011
1,240,000 Kentucky Economic Development 1,220,420
Finance Authority Revenue,
Catholic Health Initiatives
Series A, 5.375%, 12/01/2011
1,000,000 Montgomery County, Ohio Hospital 1,033,050
Revenue, Grandview Hospital &
Medical Center,
5.60%, 12/01/2011
2,225,000 Oklahoma Development Finance 1,955,419
Authority Revenue, Hillcrest
Healthcare System Series A,
5.75%, 08/15/2013
6,165,000 Pennsylvania State Higher 5,723,031
Education Facilities Authority
Revenue, Allegheny General
Hospital Series A,
7.25%, 09/01/2017
5,015,000 Montgomery County, Ohio Hospital 4,789,325
Revenue, Kettering Medical Center,
6.75%, 04/01/2018
2,540,000 Arizona Health Facilities 2,504,897
Authority Revenue, Catholic
Healthcare West Series A,
6.625%, 07/01/2020
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,120,000 Henderson, Nevada Health Care $ 1,087,419
Facility Revenue, Catholic
Healthcare West Series A,
6.75%, 07/01/2020
-------------
Total Health Care Revenue
(Cost $44,298,041) 43,468,858
-------------
Higher Education Revenue: 0.75%
1,260,000 University of Nebraska Facilities 1,268,581
Corp., Deferred Maintenance
Project, 5.00%, 07/15/2001
1,225,000 University of Maryland Auxiliary 1,209,786
System Facility & Tuition Revenue
Series A, 4.00%, 10/01/2001
1,415,000 Virginia Polytechnic Institute & 1,421,424
State University Revenue Series A,
5.25%, 06/01/2008
1,000,000 Illinois Educational Facilities 987,400
Authority Revenue, University of
Chicago Series A,
5.25%, 07/01/2012
1,675,000 Private Colleges & Universities 1,704,128
Authority, Georgia Revenue, Emory
University Project Series A,
5.75%, 11/01/2015
2,820,000 Massachusetts Health & 3,092,609
Educational Facilities Authority
Revenue, Harvard University
Series N, 6.25%, 04/01/2020
-------------
Total Higher Education Revenue
(Cost $9,597,289) 9,683,928
-------------
Toll Revenue: 0.08%
1,000,000 Triborough Bridge & Tunnel 980,790
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
-------------
Total Toll Revenue
(Cost $955,267) 980,790
-------------
Water/Sewer Revenue: 3.24%
1,595,000 Regional Waste Systems, Maine 1,598,940
Solid Waste Resource Recovery
Revenue Series Q, AMT,
5.25%, 07/01/2000
340,000 Massachusetts Water Pollution 340,452
Abatement Trust Series A,
4.50%, 08/01/2000
1,100,000 Oklahoma Rural Development 1,102,739
Finance Corp., Public Projects
Construction Notes,
5.00%, 06/01/2001
3,750,000 Sabine River Authority, Texas 3,729,263
Water Supply Facilities Revenue,
Lake Fork Project,
4.40%, 12/01/2001
Schedule of Investments--Municipal Bond Portfolios 13
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,560,000 Orlando, Florida Waste Water $ 1,486,384
Systems Revenue Series A,
Variable Rate CPI Bond,
8.38%, 10/01/2003
1,900,000 Orlando, Florida Waste Water 1,773,612
Systems Revenue Series A,
Variable Rate CPI Bond,
8.40%, 10/01/2004
2,050,000 Orlando, Florida Waste Water 1,873,085
Systems Revenue Series A,
Variable Rate CPI Bond,
8.42%, 10/01/2005
2,165,000 Orlando, Florida Waste Water 1,935,510
Systems Revenue Series A,
Variable Rate CPI Bond,
8.44%, 10/01/2006
1,790,000 Orlando, Florida Waste Water 1,563,816
Systems Revenue Series A,
Variable Rate CPI Bond,
8.46%, 10/01/2007
2,220,000 Texas State Water Development 2,263,423
Board Revenue, Revolving Senior
Lien Series A, 5.50%, 07/15/2010
1,130,000 Michigan Municipal Bond Authority 1,174,002
Revenue Clean Water Revolving
Fund, 5.625%, 10/01/2011
1,525,000 Arizona Water Infrastructure 1,597,163
Finance Authority Revenue, Water
Quality Series A, 5.75%, 10/01/2011
3,620,000 Dallas, Texas Waterworks & Sewer 3,509,481
Systems Revenue, 5.00%, 10/01/2013
1,500,000 Massachusetts Water Pollution 1,458,645
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2014
55,000 Massachusetts Water Pollution 54,126
Abatement Trust Series B,
5.25%, 08/01/2014
3,745,000 Michigan Municipal Bond Authority 3,833,831
Revenue, Clean Water Revolving
Fund, 5.75%, 10/01/2014
4,085,000 Massachusetts Water Pollution 3,897,539
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2015
5,895,000 Orlando, Florida Waste Water 5,150,108
Systems Revenue Series A,
Variable Rate CPI Bond, Mandatory
Put 10/01/2007, 8.46%, 10/01/2015
3,460,000 Massachusetts Water Pollution 3,275,444
Abatement Trust, New Bedford
Program Series A,
5.125%, 02/01/2016
-------------
Total Water/Sewer Revenue
(Cost $42,455,782) 41,617,563
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
Miscellaneous Revenue: 4.98%
1,000,000 Massachusetts Industrial Finance $ 996,250
Agency Resources Recovery
Revenue, Odgen Haverhill Series A,
4.35%, 12/01/2000
3,559,756 Tax Exempt Private Municipal 3,575,989
Trust, Rule 144A Series 1997-1
Class A-3, 4.90%, 04/06/2001
1,800,000 Northeast Maryland Waste Disposal 1,813,320
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
9,159,163 Tax Exempt Private Municipal 9,153,393
Trust, Rule 144A Series 1996-1
Class A-4, 4.60%, 11/06/2001
3,600,000 East Chicago, Indiana Bond 3,582,000
Anticipation Notes,
5.25%, 01/01/2002
3,775,000 Northeast Maryland Waste Disposal 3,826,076
Authority, Solid Waste Revenue,
AMT, 5.60%, 07/01/2002
15,000,000 Municipal Tax Exempt Trust, 14,748,450
Certificate Class A-3, MBIA,
3.85%, 04/07/2003
7,135,000 Mississippi State Highway 7,184,160
Revenue, Four Lane Highway
Program Series 39,
5.00%, 06/01/2003
15,000,000 Municipal Tax Exempt Trust, 14,926,950
Certificate Class A-1,
4.70%, 10/06/2003
2,420,000 New York Convention Center 2,425,953
Operating Corp., New York
Certificates of Participation,
Yale Building Acquisition Project,
6.50%, 12/01/2004
1,700,000 Mashantucket Western Pequot 1,693,131
Tribe, Connecticut, Special
Revenue, Sub 144A Series B,
5.55%, 09/01/2008
-------------
Total Miscellaneous Revenue
(Cost $64,238,517) 63,925,672
-------------
Industrial Development/Pollution
Control Revenue: 0.74%
6,100,000 Springfield, Illinois Airport 5,586,929
Authority, Garrett Aviation
Services Project,
4.40%, 02/01/2008
3,820,000 Gulf Coast Waste Disposal 3,946,709
Authority, Texas Revenue,
Champion International Corp., AMT,
7.45%, 05/01/2026
-------------
Total Industrial Development/Pollution
Control Revenue (Cost $9,887,192) 9,533,638
-------------
Total Revenue
(Cost $207,732,328) 205,681,171
-------------
14 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.82%
--------------------------------------------------------------------------------
Housing: 1.14%
990,000 Texas State Department of Housing $ 994,227
& Community Affairs, Single
Family Revenue Series E,
4.80%, 09/01/2001
915,000 Wisconsin Housing & Economic 952,277
Development Authority Home
Ownership Revenue Series B,
7.10%, 09/01/2015
2,110,000 Alabama Housing Finance 2,141,777
Authority, Single Family Mortgage
Revenue Series A, GNMA,
7.60%, 10/01/2022
2,195,000 Sedgwick & Shawnee Counties, 2,308,350
Kansas Single Family Revenue,
GNMA Mortgage Backed Securities
Program Series A-1, AMT,
5.50%, 12/01/2022
1,995,000 Jefferson Parish, Louisiana Home 1,980,955
Mortgage Revenue, FNMA & GNMA
Mortgage Backed Securities Series C-1,
AMT, 5.40%, 12/01/2024
2,310,000 District of Columbia Housing 2,340,654
Finance Agency, Single Family
FNMA & GNMA Mortgage Revenue
Series A, AMT,
6.25%, 12/01/2028
975,000 Oklahoma Housing Finance Agency, 1,007,331
Single Family Redevelopment,
Mortgage Homeownership Loan
Series B-2, AMT,
6.55%, 03/01/2029
1,880,000 Missouri State Housing 1,938,806
Development Commission FNMA &
GNMA Mortgage Revenue, Single
Family Series B-2, AMT,
6.40%, 09/01/2029
1,000,000 Chicago, Illinois Single Family 1,014,820
Mortgage Revenue Series A, FNMA,
GNMA, 6.35%, 10/01/2030
-------------
Total Housing
(Cost $15,114,595) 14,679,197
-------------
Student Loan: 0.68%
1,580,000 Brazos Higher Education Authority 1,583,081
Inc., Texas Series A-2, AMT,
5.75%, 06/01/2000
1,160,000 Student Loan Funding Corp., 1,163,097
Cincinnati, Ohio Series C, AMT,
5.85%, 07/01/2000
1,265,000 Brazos Higher Education Authority 1,276,221
Inc., Texas Series A-1, AMT,
5.90%, 12/01/2000
3,390,000 Arkansas State Student Loan 3,436,884
Authority Series A-1, AMT,
5.95%, 06/01/2001
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,200,000 South Carolina State Education $ 1,262,688
Assistance Authority Revenue,
Guaranteed Student Loans,
6.625%, 09/01/2006
-------------
Total Student Loan
(Cost $8,678,042) 8,721,971
-------------
Total Asset-Backed Securities
(Cost $23,792,637) 23,401,168
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $1,273,643,580) 99.03% $1,271,601,867
(Note F, below)
Cash and Other Assets, Less Liabilities 0.97 12,417,897
------ --------------
Net Assets (Equivalent to $13.38
per share based on 95,934,018
shares of capital stock outstanding) 100.00% $1,284,019,764
====== ==============
--------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
--------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
--------------------------------------------------------------------------------
268 U.S. 30 Year Treasury $25,208,750 $ (971,500)
Bond June 2000
-------------
Total Short Futures Contract $ (971,500)
-------------
--------------------------------------------------------------------------------
(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 pledged as collateral
for futures transactions
(D) Represents entire or partial position segregated as collateral
for futures transactions
(E) Represents entire or partial position segregated as collateral
for when-issued securities
(F) At March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
Schedule of Investments--Municipal Bond Portfolios 15
<PAGE>
--------------------------------------------------------------------------------
(G) Allocation of Portfolio net assets at March 31, 2000:
Alabama 0.17%
Alaska 0.16
Arizona 4.50
Arkansas 0.33
California 0.87
Colorado 2.64
Connecticut 2.78
Delaware 0.09
Florida 3.52
Georgia 3.46
Hawaii 0.44
Illinois 6.83
Indiana 1.72
Kansas 0.50
Kentucky 0.27
Louisiana 0.39
Maine 0.12
Maryland 2.09
Massachusetts 7.34
Michigan 1.75
Minnesota 0.66
Mississippi 0.56
Missouri 0.68
Nebraska 0.25
Nevada 0.77
New Hampshire 0.52
New Jersey 6.65
New Mexico 0.46
New York 9.82
North Carolina 1.71
Ohio 2.77
Oklahoma 1.41
Oregon 1.07
Pennsylvania 5.26
Rhode Island 1.08
South Carolina 0.99
Tennessee 0.98
Texas 9.48
Utah 0.90
Virginia 1.82
Washington 4.32
Wisconsin 1.09
District of Columbia 2.19
Puerto Rico 0.32
Tax-Exempt Private Municipal Trust 3.30
Cash and Other Assets, Less Liabilities 0.97
------
Total 100.00%
======
See Notes to Financial Statements.
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein California Municipal Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTE: 1.21%
--------------------------------------------------------------------------------
6,200,000 Orange County Water District, $ 6,200,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 3.45%, 08/15/2015
-------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $6,200,000) 6,200,000
-------------
--------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 27.64%
--------------------------------------------------------------------------------
7,285,000 Los Angeles County Transportation 7,647,502
Commission, California Sales Tax
Revenue Series A,
6.75%, 07/01/2020,
Prerefunded 07/01/2001 @102
3,165,000 Los Angeles County Transportation 3,328,156
Commission, California Sales Tax
Revenue Series A,
6.90%, 07/01/2021,
Prerefunded 07/01/2001 @102
4,055,000 San Bernardino County, California 4,264,725
Certificates of Participation,
Capital Facilities Project Series B,
6.75%, 08/01/2010,
Prerefunded 08/01/2001 @102
4,310,000 San Bernardino County, California 4,546,619
Certificates of Participation,
Capital Facilities Project Series B,
7.00%, 08/01/2028,
Prerefunded 08/01/2001 @102
1,865,000 Colton Redevelopment Agency, 1,947,396
California, Cooley Ranch
Redevelopment Project No. 4,
7.60%, 08/15/2016,
Prerefunded 08/15/2001 @100
3,505,000 California State Public Works 3,678,883
Board Lease Revenue Series A,
6.50%, 09/01/2011,
Prerefunded 09/01/2001 @102
3,130,000 California State Public Works 3,285,279
Board Lease Revenue Series A,
6.50%, 09/01/2019,
Prerefunded 09/01/2001 @102
55,000 Denver City & County, Colorado 59,494
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
1,260,000 District of Columbia Series A, 1,283,323
5.90%, 06/01/2002,
Escrowed to Maturity
*See Note 1, page 26 in Notes to Financial Statements.
16 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
9,400,000 Puerto Rico Commonwealth, $ 9,802,508
AMBAC, 5.85%, 07/01/2015,
Prerefunded 07/01/2002 @101.50
(Note B, p. 23)
24,530,000 Los Angeles County Transportation 25,828,128
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 12,867,712
Commission, California Sales Tax
Revenue Second Series A,
Proposition C, MBIA,
6.25%, 07/01/2013,
Prerefunded 07/01/2002 @102
1,240,000 Puerto Rico Commonwealth Public 1,317,909
Improvement, 6.80%, 07/01/2021,
Prerefunded 07/01/2002 @101.50
1,010,000 University of California Revenue, 1,067,499
Multi-Purpose Projects Series D,
MBIA, 6.125%, 09/01/2011,
Prerefunded 09/01/2002 @102
2,295,000 University of California Revenue, 2,432,126
Multi-Purpose Projects Series D,
MBIA, 6.25%, 09/01/2012,
Prerefunded 09/01/2002 @102
9,940,000 University of California Revenue, 10,674,268
Multi-Purpose Projects, MBIA,
6.875%, 09/01/2016,
Prerefunded 09/01/2002 @102
30,760,000 Guam Power Authority Revenue 32,577,916
Series A, 6.30%, 10/01/2022,
Prerefunded 10/01/2002 @102
2,000,000 Central Coast Water Authority, 2,133,880
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 1,319,101
Authority Revenue, Matching Fund
Loan Notes Series A,
7.25%, 10/01/2018,
Prerefunded 10/01/2002 @102
3,715,000 Sacramento School Insurance 3,756,199
Authority, California Revenue
Liability Program Series D,
5.70%, 06/01/2003,
Escrowed to Maturity
400,000 Pomona Public Financing 419,616
Authority, California, Southwest
Pomona Revenue Series L,
5.50%, 02/01/2008,
Prerefunded 02/01/2004 @102
1,300,000 Burbank Redevelopment Agency, 1,402,687
California, 9.25%, 12/01/2005,
Prerefunded 12/01/2004 @100
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,520,000 Corona, California Certificates $ 1,779,373
of Participation, 8.00%, 03/01/2015,
Prerefunded 03/01/2006 @100
920,000 Northern California Power Agency, 992,919
Public Power Revenue Series A,
AMBAC, 5.80%, 07/01/2009,
Escrowed to Maturity
1,000,000 Kern High School District, 1,191,270
California, 7.10%, 08/01/2011,
Escrowed to Maturity
1,000,000 Pittsburg Redevelopment Agency, 1,422,970
California Residential Mortgage
Revenue, 9.60%, 06/01/2016,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed
(Cost $141,406,072) 141,027,458
-------------
--------------------------------------------------------------------------------
INSURED: 34.76%
--------------------------------------------------------------------------------
1,405,000 San Diego County, California 1,406,433
Certificates of Participation,
Downtown Courthouse, AMBAC,
4.00%, 05/01/2001
1,960,000 Modesto Irrigation District, 1,962,705
California Certificates of
Participation, Refunding &
Capital Improvements Series A,
AMBAC, 4.25%, 07/01/2001
5,000,000 Central Valley Financing 5,021,850
Authority, California
Cogeneration Project Revenue,
Carson Ice Generation Project,
MBIA, 4.50%, 07/01/2001
1,240,000 Southern California Public Power 1,247,266
Authority, Subordinated Southern
Transmission Project Revenue
Series A, MBIA,
4.625%, 07/01/2001
5,085,000 Northern California Power Agency, 5,167,936
Geothermal Project No. 3 Series B,
AMBAC, 5.50%, 07/01/2001
5,470,000 Puerto Rico Commonwealth Public 5,549,315
Improvement Series B, AMBAC,
5.50%, 07/01/2001
(Notes B & C, p. 23)
6,930,000 California Rural Home Mortgage 6,946,355
Finance Authority, Rural Lease
Pass Through Obligation Revenue
Series A, MBIA,
4.45%, 08/01/2001
2,455,000 San Jose Redevelopment Agency, 2,474,247
California Tax Allocation Merged
Area Redevelopment Project, AMBAC,
4.75%, 08/01/2001
Schedule of Investments--Municipal Bond Portfolios 17
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
2,780,000 Castaic Lake Water Agency, $ 2,837,185
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 5.75%, 08/01/2001
1,000,000 South Orange County Public 1,004,800
Financing Authority, California
Special Tax Revenue Series A, FSA,
4.50%, 08/15/2001
1,000,000 Los Angeles Municipal Improvement 998,210
Corp., California Lease Revenue,
Police Emergency Special Tax,
AMBAC, 4.00%, 09/01/2001
1,085,000 University of California Revenue, 1,090,392
Multi-Purpose Projects Series G,
FGIC, 4.50%, 09/01/2001
4,270,000 University of California Revenue, 4,429,527
Multi-Purpose Projects Series F,
FGIC, 7.00%, 09/01/2001
1,110,000 Antioch Public Financing 1,110,266
Authority, California
Reassessment Revenue Series A,
AMBAC, 4.10%, 09/02/2001
1,000,000 California Community Colleges 998,140
Financing Authority, Lease Revenue
Series A, MBIA, 4.00%, 10/01/2001
1,000,000 California Health Facilities 1,011,830
Financing Authority, Stanford
Health Care Series B, AMBAC,
5.00%, 11/15/2001
1,000,000 Los Angeles Municipal Improvement 1,001,850
Corp., California Certificates of
Participation, Equipment & Real
Property Acquisition Program,
AMBAC, 4.25%, 12/01/2001
1,280,000 Puerto Rico Commonwealth Public 1,307,418
Improvement Series B, AMBAC,
5.50%, 07/01/2002
1,000,000 California Health Facilities 1,013,710
Financing Authority, Sutter
Health Series C, FSA,
5.00%, 08/15/2002
4,520,000 South Orange County Public 5,293,372
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
7.50%, 08/15/2007
2,360,000 San Diego County Regional 2,439,249
Transportation Authority,
California Sales Tax Revenue
Series A, FGIC, 5.25%, 04/01/2008
3,885,000 Long Beach, California Harbor 4,140,245
Revenue, MBIA, AMT,
6.00%, 05/15/2008
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Riverside, California Sewer $ 1,150,130
Revenue, FGIC, 7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,762,351
California Certificates of
Participation, Water Systems
Improvement Project Series A,
MBIA, 7.25%, 08/01/2008
2,825,000 San Francisco City & County 2,935,797
Airport Commission, California
International Airport Revenue
Second Series 12A, FGIC, AMT,
5.625%, 05/01/2009
1,050,000 Los Angeles Department of 1,090,184
Airports, California Airport
Revenue Series A, FGIC,
5.50%, 05/15/2009
1,000,000 Redding Joint Powers Financing 1,100,890
Authority, California Electric
System Revenue Series A, MBIA,
6.25%, 06/01/2009
1,815,000 Northern California Power Agency, 1,946,206
Geothermal Project No. 3 Series A,
AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public 1,351,614
Finance Authority, California
Special Tax Revenue, Foothill
Area Series C, FGIC,
8.00%, 08/15/2009
2,000,000 Los Angeles, California Wastewater 2,053,600
System Revenue Series D,
FGIC, 5.375%, 11/01/2009
2,365,000 San Francisco City & County 2,416,179
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.35%, 05/01/2010
600,000 Los Angeles Department of 629,490
Airports, California Airport
Revenue, FGIC, AMT,
5.80%, 05/15/2010
3,000,000 Riverside, California Sewer 3,028,710
Revenue, FGIC,
5.00%, 08/01/2010
1,375,000 Sacramento County, California 1,377,819
Certificates of Participation,
Public Facilities Project, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,108,440
California Series A, MBIA,
6.30%, 02/01/2011
2,145,000 San Francisco City & County 2,181,315
Airport Commission, California
International Airport Revenue
Second Series 10A, MBIA, AMT,
5.45%, 05/01/2012
18 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Los Angeles County Metropolitan $ 1,011,300
Transportation Authority,
California Sales Tax Revenue
Series B, AMBAC,
5.30%, 07/01/2012
1,000,000 University of California Revenue 986,510
Series C, AMBAC,
5.00%, 09/01/2013
1,340,000 Los Angeles Unified School 1,449,585
District, California Series A,
FGIC, 6.00%, 07/01/2014
1,195,000 Culver City Redevelopment Finance 1,227,564
Authority, California Tax
Allocation, AMBAC,
5.50%, 11/01/2014
1,730,000 San Mateo County Joint Powers 1,667,201
Financing Authority, California
Capital Projects Lease Revenue
Series A, FSA,
5.00%, 07/15/2015
1,000,000 San Jose Redevelopment Agency, 1,079,290
California Tax Allocation Merged
Area Redevelopment Project, MBIA,
6.00%, 08/01/2015
1,135,000 Beverly Hills Public Financing 1,100,371
Authority, California Lease
Revenue Series A, MBIA,
5.125%, 06/01/2016
4,720,000 Burbank, California Public 4,575,993
Service Department Electric
Revenue, FSA,
5.125%, 06/01/2016
1,430,000 San Mateo County Transit 1,460,674
District, California Series A,
MBIA, 5.50%, 06/01/2016
1,000,000 Tustin Unified School District, 946,980
Community Facilities District No.
88-1, California Special Tax, FSA,
5.00%, 09/01/2016
1,920,000 Alameda Corridor Transportation 1,860,787
Authority, California Revenue
Senior Lien Series A, MBIA,
5.125%, 10/01/2016
5,225,000 California State Public Works 5,331,015
Board Lease Revenue, Department
of Health Services Series A, MBIA,
5.75%, 11/01/2016
2,645,000 Northern California Power Agency 2,468,817
Public Power Revenue,
Hydroelectric Project No. 1
Series A, MBIA,
5.00%, 07/01/2017
1,000,000 California Special Districts 1,011,080
Association Finance Corp.,
Certificates of Participation
Series Z, FSA, 5.50%, 08/01/2017
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,130,000 Long Beach Bond Finance $ 2,955,596
Authority, California Lease
Revenue, Civic Center Project
Series A, MBIA, 5.00%, 10/01/2017
6,390,000 Santa Clara County Financing 6,032,160
Authority, California Lease
Revenue Series A, AMBAC,
5.00%, 11/15/2017
3,800,000 San Francisco City & County 3,457,544
Airport Commission, California
International Airport Revenue
Second Series 15A, FSA, AMT,
5.00%, 05/01/2018
2,070,000 Beverly Hills Public Financing 1,955,446
Authority, California Lease
Revenue Series A, MBIA,
5.125%, 06/01/2018
4,000,000 San Diego, California 3,711,320
Certificates of Undivided
Interest, Water Utility Fund
System Revenue, FGIC,
5.00%, 08/01/2018
1,000,000 Los Angeles Convention & 981,060
Exhibition Center Authority,
California Lease Revenue Series A,
MBIA, 5.375%, 08/15/2018
2,075,000 Anaheim Public Financing 1,925,227
Authority, California Electric
System Revenue Distribution
Facilities, MBIA,
5.00%, 10/01/2018
1,500,000 Imperial Irrigation District, 1,389,960
California Electric System
Revenue, MBIA,
5.00%, 11/01/2018
1,660,000 Fresno, California Sewer Revenue 1,603,112
Series A-1, AMBAC,
5.25%, 09/01/2019
2,630,000 California State Public Works 2,473,015
Board Lease Revenue, Department
of Corrections, State Prison
Series A, AMBAC,
5.00%, 12/01/2019
2,050,000 Pasadena Unified School District, 1,897,336
California Series B, FGIC,
5.00%, 07/01/2020
6,340,000 University of California Revenue, 5,961,439
Multi-Purpose Projects Series E,
MBIA, 5.125%, 09/01/2020
1,100,000 Mammoth Unified School District, 317,064
California Capital Appreciation,
MBIA, 0.00%, 08/01/2021
1,000,000 Mammoth Unified School District, 270,140
California Capital Appreciation,
MBIA, 0.00%, 08/01/2022
Schedule of Investments--Municipal Bond Portfolios 19
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,020,000 California State University $ 2,845,444
Headquarters Building Authority,
Lease Revenue Series B, MBIA,
5.25%, 09/01/2022
1,010,000 Inglewood Redevelopment Agency, 961,974
California Tax Allocation Merged
Redevelopment Project Series A,
AMBAC, 5.25%, 05/01/2023
4,230,000 Los Angeles County Metropolitan 3,866,093
Transportation Authority,
California Sales Tax Revenue,
Proposition C Second Series A,
AMBAC, 5.00%, 07/01/2023
11,985,000 Los Angeles Unified School 10,861,286
District, California Series B,
FGIC, 5.00%, 07/01/2023
3,450,000 San Francisco City & County 3,115,178
Airport Commission, California
International Airport Revenue
Second Series 16B, FSA,
5.00%, 05/01/2024
6,000,000 San Francisco City & County 5,413,080
Airport Commission, California
International Airport Revenue
Second Series 23B, FGIC,
5.00%, 05/01/2024
1,000,000 California State, MBIA, 907,190
5.00%, 08/01/2024
1,845,000 California Housing Finance 1,831,513
Agency, Home Mortgage Revenue
Series I, MBIA, AMT,
4.95%, 08/01/2028
7,885,000 California Housing Finance 1,846,352
Agency, Home Mortgage Revenue
Series B, MBIA, AMT,
0.00%, 08/01/2029
2,255,000 California Housing Finance 2,008,258
Agency, Home Mortgage Revenue
Series N, FSA, AMT,
5.25%, 08/01/2029
-------------
Total Insured
(Cost $175,515,901) 177,348,980
-------------
--------------------------------------------------------------------------------
TAX SUPPORTED: 19.08%
--------------------------------------------------------------------------------
State General Obligations: 5.26%
1,260,000 Puerto Rico Commonwealth, 1,268,177
5.00%, 07/01/2001
3,700,000 California State, 3,717,242
4.50%, 08/01/2001
13,040,000 California State, 13,202,087
5.00%, 10/01/2001
1,935,000 California State, 2,053,828
7.10%, 09/01/2002
2,500,000 California State, 2,690,625
6.20%, 09/01/2005
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
4,285,000 California State, $ 3,914,819
5.00%, 10/01/2023
-------------
Total State General Obligations
(Cost $26,519,846) 26,846,778
-------------
Local General Obligations: 3.15%
6,100,000 Los Angeles, California 6,130,317
Series A, 4.50%, 09/01/2001
1,000,000 Los Angeles, California Series B, 1,011,860
5.00%, 09/01/2001
2,235,000 Los Angeles County Public Works 2,281,510
Financing Authority, California
Capital Construction Series A,
5.10%, 03/01/2007
1,000,000 East Bay Municipal Utility 1,024,960
District, California Special
District No. 1 Series E,
5.45%, 04/01/2010
3,110,000 Los Angeles County Public Works 3,113,856
Financing Authority, California
Capital Construction,
5.00%, 03/01/2011
2,480,000 Los Angeles, California Series A, 2,512,438
5.25%, 09/01/2011
-------------
Total Local General Obligations
(Cost $15,869,686) 16,074,941
-------------
Tax Lease: 5.12%
1,095,000 Los Angeles County Capital Asset 1,096,577
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 06/01/2000
1,515,000 Los Angeles County Capital Asset 1,523,651
Leasing Corp., California Lease
Revenue, Equipment Program
Series A, 5.00%, 12/01/2000
1,000,000 California State Public Works 1,012,500
Board Lease Revenue, Community
Colleges Series A,
5.00%, 04/01/2001
1,985,000 Los Angeles County Capital Asset 1,994,389
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2001
1,595,000 Ukiah Unified School District, 1,622,259
California Certificates of
Participation, 5.60%, 09/01/2001
1,050,000 Puerto Rico Housing Bank & 1,052,992
Finance Agency, Commonwealth
Appropriation Subsidy,
4.875%, 12/01/2001
4,920,000 San Diego Unified School 4,968,560
District, California Certificates
of Participation, Capital
Projects Phase XV Series A,
4.75%, 07/01/2002
20 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,010,000 Puerto Rico Commonwealth Urban $ 3,077,003
Renewal & Housing Corp.,
7.875%, 10/01/2004
2,855,000 Solano County, California Certificates 2,919,409
of Participation, Justice Facility &
Public Building Project,
5.875%, 10/01/2005
1,010,000 Gilroy Unified School District, 1,043,128
California Certificates of
Participation, 5.85%, 07/01/2008
2,590,000 Taft Public Financing Authority, 2,699,324
California Lease Revenue,
Community Correctional Facility
Project A, 5.95%, 01/01/2011
1,185,000 Capistrano Unified School 1,189,088
District, California Certificates
of Participation,
5.20%, 02/01/2018
2,000,000 Sacramento City Finance 1,920,760
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
-------------
Total Tax Lease
(Cost $25,797,326) 26,119,640
-------------
Special Tax: 5.24%
1,850,000 Commerce Community Development 1,851,554
Commission, California Tax
Allocation, Redevelopment Project
No. 1-Series A, 4.70%, 08/01/2000
1,000,000 Roseville Community Facilities 997,610
District No. 1, California North Central
Special Tax, 4.10%, 09/01/2000
1,000,000 Chino Public Financing Authority, 999,930
California Revenue,
4.30%, 09/02/2000
905,000 West Sacramento Reassessment 905,480
District, California Improvement
Bond Act of 1915,
4.50%, 09/02/2000
535,000 Fairfield Public Financing 535,498
Authority, California Revenue
Reassessment,
4.60%, 09/02/2000
10,350,000 Los Angeles Community 10,389,640
Redevelopment Agency, California
Central Business District I,
5.00%, 11/15/2000
1,400,000 Commerce Community Development 1,402,212
Commission, California Tax
Allocation Redevelopment Project
No. 1-Series A,
4.80%, 08/01/2001
690,000 Santa Clara, California Convention 683,176
Center Refunding & Reassessment,
California Improvement Bond Act
of 1915, 4.25%, 09/02/2001
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,200,000 Los Angeles County Public Works $ 1,214,916
Financing Authority, California
Regional Park & Open Space
Revenue Series A,
5.00%, 10/01/2001
2,245,000 Roseville Community Facilities District 2,213,166
No. 1, California North Central
Special Tax, 4.70%, 09/01/2002
1,000,000 Orange County Development Agency, 1,020,850
California Tax Allocation, Santa
Ana Heights Project Area,
5.70%, 09/01/2002
1,000,000 Fontana Redevelopment Agency, 988,340
California Tax Allocation, Jurupa
Hills Redevelopment Project
Series A, 4.30%, 10/01/2002
1,910,000 Virgin Islands Public Finance 1,933,417
Authority Revenue, Gross Receipts
Tax Loan Notes Series A,
5.50%, 10/01/2002
1,555,000 Pomona Public Financing 1,594,528
Authority, California Revenue,
Southwest Pomona Redevelopment
Series L, 5.50%, 02/01/2008
-------------
Total Special Tax
(Cost $26,699,533) 26,730,317
-------------
Miscellaneous Tax: 0.31%
1,585,000 Puerto Rico Municipal Finance 1,595,968
Agency Series B,
5.00%, 08/01/2001
-------------
Total Miscellaneous Tax
(Cost $1,596,077) 1,595,968
-------------
Total Tax Supported
(Cost $96,482,468) 97,367,644
-------------
--------------------------------------------------------------------------------
REVENUE: 14.12%
--------------------------------------------------------------------------------
Airport Revenue: 0.74%
2,495,000 Virgin Islands Port Authority, 2,487,440
Airport Revenue Series A, AMT,
3.85%, 09/01/2000
500,000 Denver City & County, Colorado 529,775
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
145,000 Denver City & County, Colorado 155,907
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
500,000 Denver City & County, Colorado 580,050
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-------------
Total Airport Revenue
(Cost $3,635,756) 3,753,172
-------------
Electric Revenue: 0.74%
1,000,000 Virgin Islands Water & Power 1,002,900
Authority, Electric System
Revenue, 5.00%, 07/01/2001
Schedule of Investments--Municipal Bond Portfolios 21
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Los Angeles Department of Water & $ 1,080,280
Power, California Electric Plant
Revenue Second Issue,
8.00%, 08/15/2002
1,630,000 Los Angeles Department of Water & 1,692,608
Power, California Electric Plant
Revenue, 7.10%, 01/15/2031
-------------
Total Electric Revenue
(Cost $3,791,637) 3,775,788
-------------
Health Care Revenue: 1.04%
1,000,000 California Health Facilities 1,000,590
Financing Authority,
Catholic Healthcare West Revenue
Series A, 4.50%, 07/01/2000
3,145,000 California Statewide Communities 3,157,894
Development Authority,
Certificates of Participation,
St. Joseph's Health System
Obligation Group, 5.00%, 07/01/2001
1,185,000 California Statewide Communities 1,152,401
Development Authority,
Certificates of Participation,
Catholic Healthcare West,
6.50%, 07/01/2020
-------------
Total Health Care Revenue
(Cost $5,366,503) 5,310,885
-------------
Water/Sewer Revenue: 6.44%
2,455,000 Los Angeles Department of Water & 2,469,607
Power, California Waterworks
Revenue Second Issue,
9.00%, 05/15/2000
2,500,000 Metropolitan Water District of 2,587,025
Southern California Series A,
5.50%, 07/01/2008
2,420,000 Los Angeles County Sanitation 2,479,024
District Financing Authority,
California Series A,
5.25%, 10/01/2008
1,000,000 Orange County Water District, 1,031,250
California Certificates of
Participation Series A,
5.50%, 08/15/2010
2,460,000 San Francisco City & County 2,421,599
Public Utilities Commission,
California, Waterworks Revenue
Series A, 5.00%, 11/01/2012
2,285,000 California State Department of 2,200,752
Water Resources, Water System
Revenue Series O,
5.00%, 12/01/2015
1,350,000 Metropolitan Water District of 1,290,573
Southern California, Waterworks
Revenue Series A,
5.00%, 07/01/2016
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 California State Department of $ 968,900
Water Resources, Central Valley
Project, Water System Revenue
Series U, 5.125%, 12/01/2016
7,000,000 California State Department of 6,502,790
Water Resources, Central Valley
Project, Water System Revenue
Series S, 5.00%, 12/01/2019
3,660,000 Metropolitan Water District of 3,768,812
Southern California Series A,
5.75%, 07/01/2021
6,375,000 Metropolitan Water District of 5,762,681
Southern California, Waterworks
Revenue Series A,
5.00%, 07/01/2026
1,330,000 Los Angeles Department of Water & 1,391,446
Power, California Waterworks
Revenue Second Issue,
6.40%, 11/01/2031
-------------
Total Water/Sewer Revenue
(Cost $32,487,709) 32,874,459
-------------
Miscellaneous Revenue: 4.91%
635,000 Western Placer Waste Management 638,054
Authority, California Revenue,
AMT, 6.25%, 07/01/2000
3,710,000 Long Beach, California Harbor 3,725,805
Revenue, AMT, 4.50%, 05/15/2001
2,450,000 Long Beach, California Harbor 2,474,941
Revenue Series A, AMT,
5.00%, 05/15/2001
400,000 Del Mar Race Track Authority, 403,548
California Revenue,
6.00%, 08/15/2001
1,050,000 Los Angeles, California Harbor 1,063,240
Revenue Series B, AMT,
5.00%, 08/01/2002
10,000,000 Municipal Tax Exempt Trust, 9,951,300
Certificate Class A-1,
4.70%, 10/06/2003
6,485,000 Los Angeles, California Harbor 6,807,175
Department Revenue Series B, AMT,
5.75%, 08/01/2009
-------------
Total Miscellaneous Revenue
(Cost $24,984,058) 25,064,063
-------------
Industrial Development/Pollution
Control Revenue: 0.25%
1,305,000 California Statewide Communities 1,264,780
Development Authority,
Certificates of Participation,
The Internext Group,
4.00%, 04/01/2002
-------------
Total Industrial Development/Pollution
Control Revenue (Cost $1,300,028) 1,264,780
-------------
Total Revenue
(Cost $71,565,691) 72,043,147
-------------
22 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 1.94%
--------------------------------------------------------------------------------
Housing: 1.94%
1,585,000 Los Angeles, California $ 1,567,026
Multifamily Housing Revenue,
Western Carlton Project Series A,
AMT, 3.80%, 10/01/2001
7,420,000 California State Department of 7,307,958
Veteran Affairs, Home Purchase
Revenue Series C, AMT,
3.65%, 12/01/2019
1,015,000 California Statewide Communities 1,006,819
Development Authority,
Bayport Multifamily Housing
Subordinated Revenue Series LL-4,
AMT, 4.10%, 12/01/2028
-------------
Total Housing
(Cost $9,826,809) 9,881,803
-------------
Total Asset-Backed Securities
(Cost $9,826,809) 9,881,803
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $500,996,941) 98.75% $ 503,869,032
(Note D, below)
Cash and Other Assets, Less Liabilities 1.25 6,402,184
------ -------------
Net Assets (Equivalent to $13.64
per share based on 37,403,267
shares of capital stock outstanding) 100.00% $ 510,271,216
====== =============
--------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
--------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
--------------------------------------------------------------------------------
102 U.S. 30 Year Treasury $9,594,375 $ (369,750)
Bond June 2000
-------------
Total Short Futures Contract $ (369,750)
-------------
--------------------------------------------------------------------------------
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) Represents entire or partial position segregated as collateral
for futures transactions
(C) Represents entire or partial position pledged as collateral
for futures transactions
(D) At March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
<PAGE>
Sanford C. Bernstein Fund, Inc.
Scheduled of Investments
Bernstein New York Municipal Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTE: 1.94%
--------------------------------------------------------------------------------
14,180,000 Long Island Power Authority, New $ 14,180,000
York Electric System Revenue
Series 6, Daily Floater, Putable
Daily, 4.00%, 05/01/2033
-------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $14,180,000) 14,180,000
-------------
--------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 25.80%
--------------------------------------------------------------------------------
420,000 New York State Dormitory Authority, 425,851
City University Series A,
7.875%, 07/01/2002,
Prerefunded 07/01/2000 @100.50
220,000 New York City Series A, 221,371
6.00%, 08/01/2000,
Escrowed to Maturity
1,000,000 New York State Medical Care 1,008,240
Facilities Finance Authority,
Brookdale Medical Center, Secured
Hospital Program Series A,
6.35%, 08/15/2000,
Escrowed to Maturity
3,500,000 Virgin Islands Public Finance 3,591,420
Authority Series B,
7.25%, 10/01/2007,
Prerefunded 10/01/2000 @101
15,000 New York State Power Authority 15,240
Revenue Series C, 9.50%, 01/01/2001,
Escrowed to Maturity
2,050,000 New York City Series B, 2,137,309
7.00%, 06/01/2015,
Prerefunded 06/01/2001 @101.50
1,000,000 New York City Series B, 1,042,590
7.00%, 06/01/2016,
Prerefunded 06/01/2001 @101.50
1,600,000 New York City Series B, AMBAC, 1,689,472
8.25%, 06/01/2017,
Prerefunded 06/01/2001 @101.50
10,830,000 New York City Municipal Water 11,053,423
Finance Authority Revenue Series A,
6.25%, 06/15/2021,
Prerefunded 06/15/2001 @100
1,820,000 New York State Environmental 1,897,314
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series E, 6.50%, 06/15/2014,
Prerefunded 06/15/2001 @102
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 23
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
9,185,000 New York City Municipal Water $ 9,514,466
Finance Authority Series A,
6.75%, 06/15/2017,
Prerefunded 06/15/2001 @101
14,065,000 New York State Environmental 14,723,101
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series E, 6.875%, 06/15/2010,
Prerefunded 06/15/2001 @102
1,500,000 New York City Municipal Water 1,558,110
Finance Authority Revenue
Series A, 7.00%, 06/15/2009,
Prerefunded 06/15/2001 @101
1,360,000 New York City Municipal Water 1,425,008
Finance Authority Series C,
7.375%, 06/15/2014,
Prerefunded 06/15/2001 @101.50
1,770,000 New York City Municipal Water 1,862,235
Finance Authority Series C,
7.75%, 06/15/2020,
Prerefunded 06/15/2001 @101.50
5,745,000 MTA, New York Service Contract, 5,850,708
6.00%, 07/01/2021,
Prerefunded 07/01/2001 @100
340,000 New York City Series L, 342,139
5.00%, 08/01/2001,
Escrowed to Maturity
1,315,000 New York City Series C, 1,363,011
7.25%, 08/15/2024,
Prerefunded 08/15/2001 @100
4,825,000 New York State Medical Care 5,098,336
Facilities Finance Agency,
Secured Hospital Program,
7.35%, 08/15/2011,
Prerefunded 08/15/2001 @102
1,000,000 New York City Series A, 1,057,160
7.75%, 08/15/2015,
Prerefunded 08/15/2001 @101.50
1,105,000 New York City Series A, 1,168,162
7.75%, 08/15/2016,
Prerefunded 08/15/2001 @101.50
1,000,000 New York City Series A, 1,057,160
7.75%, 08/15/2017,
Prerefunded 08/15/2001 @101.50
1,800,000 New York City Series A, 1,907,532
8.00%, 08/15/2021,
Prerefunded 08/15/2001 @101.50
1,925,000 Suffolk County, New York Series A, 2,059,808
9.50%, 10/01/2001,
Escrowed to Maturity
115,000 Denver City & County, Colorado 124,397
Airport Revenue Series A, AMT,
8.875%, 11/15/2012,
Prerefunded 11/15/2001 @102
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,100,000 New York State Thruway Authority $ 3,214,359
Revenue Series A, 5.75%, 01/01/2012,
Prerefunded 01/01/2002 @102
1,630,000 New York State Power Authority 1,696,862
Revenue Series Z, 6.00%, 01/01/2003,
Prerefunded 01/01/2002 @102
5,015,000 New York State Power Authority 5,241,427
Revenue Series AA,
6.25%, 01/01/2023,
Prerefunded 01/01/2002 @102
7,610,000 New York State Power Authority 7,985,021
Revenue Series Z, 6.50%, 01/01/2019,
Prerefunded 01/01/2002 @102
1,330,000 New York State Urban Development 1,414,748
Corp., Correctional Facilities
Series 3, 7.375%, 01/01/2018,
Prerefunded 01/01/2002 @102
2,500,000 New York State Local Government 2,610,000
Assistance Corp. Series B,
6.00%, 04/01/2006,
Prerefunded 04/01/2002 @102
2,150,000 New York State Local Government 2,254,705
Assistance Corp. Series B,
6.25%, 04/01/2021,
Prerefunded 04/01/2002 @102
6,730,000 New York State Local Government 7,057,751
Assistance Corp. Series C,
6.25%, 04/01/2018,
Prerefunded 04/01/2002 @102
1,400,000 New York State Thruway Authority 1,455,398
Local Highway & Bridge Service
Contract Revenue, 6.25%, 04/01/2007,
Prerefunded 04/01/2002 @101
1,500,000 New York State Thruway Authority 1,559,355
Service Contract Revenue,
6.25%, 04/01/2004,
Prerefunded 04/01/2002 @101
1,500,000 New York State Thruway Authority 1,562,880
Local Highway & Bridge Service
Contract Revenue, 6.375%, 04/01/2012,
Prerefunded 04/01/2002 @101
1,225,000 New York State Local Government 1,299,039
Assistance Corp. Series A,
6.875%, 04/01/2019,
Prerefunded 04/01/2002 @102
9,130,000 New York City Municipal Water 9,540,576
Finance Authority Series B,
6.375%, 06/15/2022,
Prerefunded 06/15/2002 @101
1,240,000 MTA, New York Transit Facilities 1,307,791
Revenue Series J, FGIC,
6.375%, 07/01/2010,
Prerefunded 07/01/2002 @102
2,100,000 MTA, New York Transit Facilities 2,216,361
Revenue Series L,
6.625%, 07/01/2014,
Prerefunded 07/01/2002 @101.50
24 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
5,510,000 New York City Series C Subseries $ 5,823,243
C-1, AMBAC, 6.625%, 08/01/2015,
Prerefunded 08/01/2002 @101.50
3,680,000 New York State Housing Finance 3,881,811
Agency Service Contract Revenue
Series C, 6.30%, 03/15/2022,
Prerefunded 09/15/2002 @102
5,490,000 New York State Power Authority 5,623,846
Revenue Series CC,
5.00%, 01/01/2009,
Prerefunded 01/01/2003 @102
1,955,000 New York State Power Authority 2,002,663
Revenue Series CC,
5.00%, 01/01/2014,
Prerefunded 01/01/2003 @102
29,325,000 New York City Health & Hospital 31,054,588
Corp. Series A, 6.30%, 02/15/2020,
Prerefunded 02/15/2003 @102
1,900,000 New York State Medical Care Facilities 1,974,746
Finance Agency, Hospital & Nursing
Home Insured Mortgage Revenue,
FHA, 6.35%, 02/15/2012,
Prerefunded 02/15/2003 @102
1,305,000 New York State Medical Care 1,347,465
Facilities Finance Agency, Hospital
& Nursing Home Insured Mortgage
Revenue, FHA, 6.125%, 02/15/2014,
Prerefunded 02/15/2004 @102
645,000 New York State Medical Care 650,953
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 2,951,172
General Revenue Series C,
5.75%, 01/01/2009,
Prerefunded 01/01/2005 @102
1,925,000 New York State Local Government 2,044,793
Assistance Corp. Series A,
5.90%, 04/01/2012,
Prerefunded 04/01/2005 @102
900,000 New York City Series B, 966,096
6.30%, 08/15/2008,
Prerefunded 08/15/2005 @101
2,220,000 New York State Power Authority 2,411,297
Revenue Series W,
6.50%, 01/01/2008,
Escrowed to Maturity
4,670,000 Niagara Falls Bridge Commission, 5,164,693
New York Toll Revenue,
6.30%, 10/01/2012,
Escrowed to Maturity
-------------
Total Prerefunded/Escrowed
(Cost $188,539,772) 188,507,202
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
INSURED: 34.62%
--------------------------------------------------------------------------------
1,005,000 North Hempstead, New York $ 1,007,603
Series A, FGIC, 4.50%, 01/15/2001
2,940,000 New York State Dormitory Authority, 2,950,907
Columbia Presbyterian Hospital
Series A, FHA, AMBAC,
4.75%, 02/15/2001
1,490,000 Nassau County, New York Series B, 1,490,253
AMBAC, 4.50%, 06/01/2001
1,500,000 Chautauqua Lake Central School 1,486,635
District, New York, FSA,
4.00%, 06/15/2001
1,050,000 Taconic Hills Central School 1,045,464
District, New York, FSA,
4.25%, 06/15/2001
1,000,000 Letchworth Central School 1,003,040
District, New York, FGIC,
4.75%, 06/15/2001
1,000,000 Longwood Central School District, 1,003,040
New York, FSA, 4.75%, 06/15/2001
2,440,000 New York State Dormitory 2,441,025
Authority, Special Act School
Districts Program, FSA,
4.50%, 07/01/2001
1,460,000 New York State Dormitory 1,465,124
Authority, Good Samaritan
Hospital, Asset Guaranty,
4.75%, 07/01/2001
1,180,000 Suffolk County, New York Series B, 1,180,248
AMBAC, 4.50%, 08/15/2001
3,159,000 Nassau County, New York Series D, 3,187,368
FSA, 5.25%, 09/01/2001
1,520,000 Rochester, New York, MBIA, 1,531,248
5.00%, 10/01/2001
1,000,000 Buffalo, New York Series C, AMBAC, 981,720
3.75%, 12/01/2001
7,910,000 Nassau County, New York Series C, 7,958,330
FSA, 5.125%, 01/01/2002
2,425,000 Islip, New York Series C, FSA, 2,428,929
4.75%, 01/15/2002
1,050,000 Oyster Bay, New York, FSA, 1,031,037
4.00%, 02/15/2002
3,760,000 Nassau County, New York Series V, 3,785,229
AMBAC, 5.125%, 03/01/2002
1,680,000 New York State Thruway Authority, 1,718,657
Emergency Highway Construction &
Reconstruction Series A, FSA,
6.00%, 03/01/2002
1,000,000 Letchworth Central School 1,002,000
District, New York, FSA,
4.75%, 06/15/2002
1,740,000 Dansville Central School District, 1,765,909
New York, FSA, 5.375%, 06/15/2002
1,950,000 New York State Dormitory Authority, 1,963,397
University of Rochester Series A,
MBIA, 5.00%, 07/01/2002
Schedule of Investments--Municipal Bond Portfolios 25
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,805,000 Suffolk County, New York Series A, $ 1,813,881
MBIA, 4.875%, 08/15/2002
4,325,000 Port Authority of New York & New 4,352,507
Jersey, Consolidated 119th
Series, FGIC, 5.00%, 09/15/2002
4,620,000 Rochester, New York, MBIA, 4,657,561
5.00%, 10/01/2002
1,315,000 Suffolk County, New York Judicial 1,325,218
Agency Facility Revenue Agreement,
John P. Cohalan Complex,
AMBAC, 5.00%, 10/15/2002
1,850,000 Nassau County, New York 1,862,765
Series C, FSA,
5.125%, 01/01/2003
1,020,000 New York State Dormitory 1,036,901
Authority, Brookdale Hospital,
Secured Hospital Program Series J,
FSA, 5.50%, 02/15/2003
2,250,000 New York State Dormitory 2,328,547
Authority Lease Revenue, State
University Dormitory Facilities
Series A, AMBAC,
6.00%, 07/01/2003
1,340,000 New York State Dormitory 1,493,886
Authority, City University Series D,
FGIC, 8.75%, 07/01/2003
7,610,000 Rochester, New York, MBIA, 7,700,711
5.125%, 10/01/2003
610,000 Niagara Frontier Authority, New 614,825
York Airport Revenue, Greater
Buffalo International Airport,
AMBAC, AMT,
5.75%, 04/01/2004
3,615,000 New York State Project Finance 3,608,854
Agency, HUD Section 236-Series A,
FSA, 4.95%, 11/01/2006
2,025,000 New York State Urban Development 2,028,281
Corp., Correctional Facilities
Series A, AMBAC,
5.00%, 01/01/2007
2,000,000 Suffolk County, New York, 2,117,800
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
2,000,000 New York State Dormitory 2,047,920
Authority, State University
Series B, FGIC,
5.375%, 05/15/2007
4,000,000 Westchester County Industrial 4,127,400
Development Agency, New York
Resource Recovery Revenue Series A,
AMBAC, 5.60%, 07/01/2007
1,000,000 MTA, New York Commuter Facilities 1,058,780
Series A, MBIA,
6.00%, 07/01/2007
2,400,000 MTA, New York Transit Facilities 2,584,296
Series K, MBIA, 6.30%, 07/01/2007
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,560,000 New York City Transportation $ 3,668,153
Authority, Certificates of
Participation Series A, AMBAC,
5.50%, 01/01/2008
1,265,000 New York State Urban Development 1,303,430
Corp., Correctional Facilities
Series A, AMBAC,
5.50%, 01/01/2008
1,345,000 Babylon, New York Series A, AMBAC, 1,694,243
9.20%, 01/15/2008
5,620,000 New York State Dormitory 5,584,924
Authority, Insured Mortgage
Hospital, Sound Shore Medical
Center, FHA, MBIA,
4.35%, 02/01/2008
2,300,000 New York State Dormitory 2,372,680
Authority, State University
Series A, AMBAC,
5.50%, 05/15/2008
1,000,000 Suffolk County, New York, 1,005,230
Waterworks Authority, MBIA,
5.10%, 06/01/2008
1,485,000 New York State Dormitory 1,482,906
Authority, New York University
Series B, MBIA,
5.00%, 07/01/2008
1,910,000 MTA, New York Transit Facilities 2,002,979
Service Contract Series O, AMBAC,
5.75%, 07/01/2008
4,575,000 New York State Series B, AMBAC, 4,740,615
5.625%, 08/15/2008
1,000,000 New York State Thruway Authority, 1,011,060
Highway & Bridge Trust Fund
Series A, MBIA, 5.25%, 04/01/2009
4,055,000 New York State Dormitory 4,183,706
Authority, State University
Series A, FGIC, 5.50%, 05/15/2009
1,175,000 New York City Municipal Water 1,223,328
Finance Authority Series A, MBIA,
5.75%, 06/15/2009
3,630,000 New York State Dormitory 3,762,604
Authority, City University Series A,
AMBAC, 5.75%, 07/01/2009
2,000,000 New York State Dormitory 2,073,060
Authority, City University Series A,
FSA, 5.75%, 07/01/2009
1,495,000 MTA, New York Commuter Facilities 1,602,774
Series A, MBIA, 6.10%, 07/01/2009
1,550,000 Babylon, New York Waste Facilities, 1,985,891
FGIC, 9.00%, 08/01/2009
1,000,000 Hempstead Town Industrial 987,880
Development Agency, New York,
American Ref-Fuel Co. Project,
MBIA, 5.00%, 12/01/2009
1,090,000 Nassau County, New York Series G, 1,105,620
MBIA, 5.40%, 01/15/2010
26 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,120,000 Nassau County, New York Combined $ 1,145,424
Sewer Districts Series A, AMBAC,
5.50%, 07/01/2010
4,085,000 Long Island Power Authority, New York 4,062,941
Electric System Revenue,
MBIA, 5.125%, 04/01/2011
1,000,000 Suffolk County, New York Series E, 1,006,640
FGIC, 5.25%, 04/01/2011
2,585,000 Oneida-Herkimer, New York Solid 2,616,873
Waste Management System, FSA,
5.50%, 04/01/2011
1,000,000 New York State Environmental 1,072,430
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series E, MBIA,
6.00%, 06/15/2011
3,415,000 New York State Dormitory 3,348,612
Authority, New York University
Series A, MBIA,
5.00%, 07/01/2011
1,085,000 New York State Dormitory 1,081,268
Authority, New York Medical
College, MBIA,
5.25%, 07/01/2011
1,000,000 Nassau County, New York Series A, 1,061,220
AMBAC, 6.00%, 07/01/2011
2,725,000 New York City Educational 2,768,000
Construction Fund, MBIA,
5.50%, 10/01/2011
1,540,000 New York State Dormitory 1,621,558
Authority, New York University
Series A, MBIA,
5.75%, 07/01/2012
1,000,000 Nassau County, New York Series A, 1,063,280
FGIC, 6.00%, 07/01/2012
1,630,000 Islip, New York Resource Recovery 1,690,848
Agency Revenue Series B, AMBAC,
AMT, 6.125%, 07/01/2012
3,940,000 New York City Series J, FGIC, 3,948,983
5.35%, 08/01/2012
1,000,000 New York State Dormitory 987,420
Authority, Mental Health Services
Facilities, MBIA,
5.25%, 08/15/2012
1,850,000 New York State Dormitory 1,798,330
Authority, Municipal Health
Facilities Series 1, FSA,
5.125%, 01/15/2013
1,110,000 New York State Dormitory 1,091,596
Authority, Mental Health Services
Facilities Series D, MBIA,
5.25%, 02/15/2013
1,000,000 New York City Municipal Water 1,056,920
Finance Authority Series A, AMBAC,
5.875%, 06/15/2013
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,135,000 New York State Dormitory Authority $ 1,180,661
Revenue, City University Series 1,
FSA, 5.75%, 07/01/2013
1,000,000 Nassau County, New York Series A, 1,061,000
FGIC, 6.00%, 07/01/2013
1,195,000 Yonkers, New York Series A, AMBAC, 1,176,621
5.25%, 12/01/2013
1,140,000 New York State Dormitory 1,101,685
Authority, Brookdale Hospital,
Secured Hospital System, MBIA,
5.20%, 02/15/2014
1,000,000 New York State Urban Development 968,470
Corp., Community Enhancement
Facilities, AMBAC,
5.125%, 04/01/2014
7,665,000 New York State Thruway Authority 7,516,222
Highway & Bridge Trust Fund
Series B, FGIC,
5.25%, 04/01/2014
1,095,000 Clifton Park, New York Water 1,043,951
Authority, FGIC, 5.00%, 10/01/2014
8,265,000 New York State Dormitory 7,809,103
Authority, Municipal Health
Facilities Improvement Project
Series 1, FSA, 5.125%, 01/15/2015
(Notes B & C, p. 32)
3,930,000 New York State Dormitory 3,780,188
Authority, Bronx Hospital,
Secured Hospital Program Series E,
MBIA, 5.20%, 02/15/2015
1,050,000 New York State Medical Care 1,122,188
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015
1,335,000 New York State Local Government 1,248,372
Assistance Corp. Series A, FGIC,
5.00%, 04/01/2015
7,860,000 MTA, New York Dedicated Tax Fund 7,637,640
Series A, FSA, 5.25%, 04/01/2015
1,355,000 Port Authority of New York & New 1,270,367
Jersey, Consolidated 117th Series,
FGIC, AMT, 5.125%, 11/15/2015
6,450,000 Long Island Power Authority, 6,043,327
New York Electric System
Revenue Series A, FSA,
5.00%, 12/01/2015
2,330,000 New York State Urban Development 2,249,941
Corp., Correctional Facilities
Series B, AMBAC,
5.25%, 01/01/2016
5,820,000 New York State Dormitory 5,530,048
Authority, Wyckoff Heights
Medical Center Series H, MBIA,
5.20%, 02/15/2016
Schedule of Investments--Municipal Bond Portfolios 27
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 New York State Dormitory $ 950,180
Authority, North General Hospital,
Secured Hospital Program Series G,
MBIA, 5.20%, 02/15/2016
5,905,000 New York State Dormitory 6,179,110
Authority, State University
Educational Facilities Series 1989,
MBIA, 6.00%, 05/15/2016
2,240,000 New York City Series B, FSA, 2,161,286
5.25%, 08/01/2016
1,310,000 New York State Thruway Authority 1,220,475
Highway & Bridge Trust Fund
Series B, FSA, 5.00%, 04/01/2017
1,985,000 New York State Dormitory 2,103,544
Authority, New York State
University Series A, MBIA,
6.00%, 07/01/2017
2,045,000 New York State Series D, AMBAC, 1,888,742
5.00%, 07/15/2017
4,860,000 New York State Dormitory 4,422,503
Authority Revenue, Mental Health
Services Series D, MBIA,
5.00%, 08/15/2017
8,165,000 Triborough Bridge & Tunnel 7,625,620
Authority, New York Special
Obligation Series A, MBIA,
5.125%, 01/01/2018
1,000,000 MTA, New York Transit Facilities 921,160
Revenue Series B-1, AMBAC,
5.00%, 07/01/2018
1,000,000 New York State Dormitory 1,055,830
Authority, New York University
Series A, MBIA,
6.00%, 07/01/2018
1,780,000 New York State Dormitory 1,650,932
Authority, Mental Health
Services Series C, MBIA,
5.25%, 02/15/2019
3,520,000 New York State Dormitory 3,705,504
Authority, New York University
Series A, MBIA,
6.00%, 07/01/2019
3,300,000 New York City Municipal Water 2,965,875
Finance Authority Series C,
FGIC, 5.00%, 06/15/2021
1,220,000 New York City Series D, MBIA, 1,135,576
5.25%, 08/01/2021
2,500,000 Long Island Power Authority, 2,273,025
New York Electric System Revenue
Series A, FSA, 5.125%, 12/01/2022
1,505,000 New York State Energy Research & 1,533,279
Development Authority, Con Edison
Facilities, AMBAC,
6.75%, 01/15/2027
-------------
Total Insured (Cost $254,876,907) 252,913,147
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
TAX SUPPORTED: 22.50%
--------------------------------------------------------------------------------
Local General Obligations: 5.20%
780,000 New York City Series A, $ 784,477
6.00%, 08/01/2000
155,000 New York City Series D, 156,756
7.875%, 08/01/2000
1,050,000 Manhasset Union Free School 1,073,341
District, New York,
7.30%, 01/01/2001
3,105,000 Monroe County, New York, 3,090,934
4.25%, 06/01/2001
615,000 New York City Series C, 634,040
6.30%, 08/01/2002
5,025,000 New York City Series B, 5,122,234
5.70%, 08/15/2002
1,180,000 New York City Series D, 1,194,868
5.40%, 02/15/2003
1,015,000 New York City Series B, 1,070,216
6.75%, 08/15/2003
4,315,000 New York City Series B, 4,588,183
7.50%, 02/01/2004
1,000,000 Westchester County, New York, 1,093,980
7.10%, 12/01/2004
1,000,000 New York City Series C, 1,023,200
5.60%, 02/01/2005
1,310,000 New York City Series G, 1,350,322
5.75%, 02/01/2006
1,000,000 New York City Series I, 1,054,780
6.25%, 04/15/2006
1,300,000 Westchester County, New York 1,435,551
Series A, 6.75%, 02/01/2007
2,000,000 New York City Series F, 2,039,660
5.50%, 08/01/2007
4,455,000 New York City Series B, 4,721,632
6.30%, 08/15/2008
2,600,000 Onondaga County, New York, 2,718,976
5.70%, 04/01/2009
2,040,000 Onondaga County, New York, 2,133,228
5.70%, 04/01/2010
2,600,000 Onondaga County, New York, 2,714,400
5.70%, 04/01/2011
-------------
Total Local General Obligations
(Cost $36,957,919) 38,000,778
-------------
Tax Lease: 10.43%
1,000,000 New York State Urban Development 1,004,610
Corp., Correctional Facilities
Series B, 5.00%, 01/01/2001
1,900,000 New York State Dormitory Authority, 1,903,857
North General Hospital, Secured
Hospital Program Series G,
5.00%, 02/15/2001
1,100,000 New York State Dormitory 1,100,253
Authority, Community Enhancement
Facilities Series B,
4.375%, 04/01/2001
28 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,735,000 New York State Urban Development $ 1,737,481
Corp., Community Enhancement
Facilities Series A,
4.50%, 04/01/2001
1,315,000 New York State Dormitory Authority 1,325,704
Revenue, Service Contract Series C,
5.15%, 04/01/2001
3,505,000 MTA, New York Commuter Facilities 3,534,407
Service Contract Series O,
5.25%, 07/01/2001
1,920,000 MTA, New York Transit Facilities 1,936,109
Service Contract Series O,
5.25%, 07/01/2001
4,145,000 New York State Certificates of 4,121,912
Participation, 4.25%, 08/01/2001
1,450,000 New York State Certificates of 1,457,555
Participation, Commissioner of
General Services Executive
Department, 5.00%, 09/01/2001
3,820,000 New York State Dormitory 3,820,420
Authority, Jamaica Hospital,
Secured Hospital Program,
5.00%, 02/15/2002
2,665,000 New York State Dormitory 2,665,293
Authority, Wyckoff Heights Hospital,
Secured Hospital Program,
5.00%, 02/15/2002
2,615,000 New York State Dormitory 2,589,739
Authority, Community Enhancement
Facilities Series B,
4.50%, 04/01/2002
2,700,000 New York State Urban Development 2,673,918
Corp., Community Enhancement
Facilities Series A,
4.50%, 04/01/2002
2,345,000 New York State Dormitory Authority 2,359,047
Revenue, Service Contract
Series C, 5.15%, 04/01/2002
3,900,000 New York State Dormitory Authority, 3,913,611
City University System Series 1,
5.00%, 07/01/2002
1,000,000 New York State Medical Care 1,027,350
Facilities Finance Agency, Mental
Health Services Series F,
6.00%, 02/15/2003
720,000 New York State Medical Care 744,458
Facilities Finance Authority,
Mental Health Services Series F,
6.20%, 02/15/2003
1,335,000 New York State Dormitory 1,346,735
Authority Service Contract
Series C, 5.25%, 04/01/2003
2,000,000 New York State Thruway Authority 2,065,700
Service Contract,
6.20%, 04/01/2003
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Puerto Rico Commonwealth Urban $ 1,022,260
Renewal & Housing Corp.,
7.875%, 10/01/2004
2,000,000 New York State Urban Development 2,073,900
Corp., Correctional Facilities
Series 5, 6.00%, 01/01/2005
1,165,000 MTA, New York Transit Facilities 1,177,629
Service Contract,
5.30%, 07/01/2005
1,020,000 New York State Dormitory 1,049,621
Authority, City University Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,831,691
Authority, City University Series D,
5.70%, 07/01/2005
1,000,000 New York State Urban Development 1,005,820
Corp., Correctional Facilities
Series 4, 5.25%, 01/01/2006
1,645,000 MTA, New York Transit Facilities 1,668,326
Service Contract,
5.40%, 07/01/2006
1,250,000 MTA, New York Transit Facilities 1,270,050
Service Contract,
5.45%, 07/01/2007
3,510,000 New York State Dormitory 3,629,164
Authority, City University Series 2,
5.75%, 07/01/2007
2,980,000 New York State Dormitory 3,215,182
Authority, Mental Health Services,
6.50%, 02/15/2008
1,905,000 New York State Thruway Authority 1,892,065
Service Contract,
5.125%, 04/01/2008
1,505,000 New York State Dormitory 1,552,392
Authority, Mental Health Services,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,633,482
Authority, Mental Health Services,
6.50%, 02/15/2009
2,215,000 New York State Urban Development 2,282,491
Corp., Correctional Facilities
Series A, 5.70%, 04/01/2009
1,125,000 New York State Dormitory 1,155,825
Authority, City University Series A,
5.75%, 07/01/2009
1,490,000 Triborough Bridge & Tunnel 1,565,707
Authority, New York Convention
Center Series E, 6.00%, 01/01/2011
1,000,000 New York State Dormitory 985,120
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.125%, 08/01/2012
3,890,000 New York State Dormitory 3,785,787
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.25%, 08/01/2016
Schedule of Investments--Municipal Bond Portfolios 29
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
2,090,000 New York State Dormitory $ 2,020,612
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.25%, 08/01/2017
-------------
Total Tax Lease (Cost $75,528,802) 76,145,283
-------------
Special Tax: 6.51%
1,630,000 MAC New York Series H, 1,639,601
5.00%, 07/01/2001
1,000,000 MAC New York Series N, 1,005,890
5.00%, 07/01/2001
2,000,000 MAC New York Series J, 2,017,740
5.25%, 07/01/2001
4,935,000 MAC New York Series E, 4,993,430
5.50%, 07/01/2001
1,235,000 MAC New York Series I, 1,249,968
5.25%, 07/01/2002
3,780,000 MAC New York Series J, 3,845,659
5.50%, 07/01/2002
5,780,000 MAC New York Series J, 6,029,176
6.00%, 07/01/2004
9,855,000 MAC New York Series E, 10,331,193
6.00%, 07/01/2005
3,035,000 New York State Local Government 3,210,332
Assistance Corp. Series A,
6.00%, 04/01/2008
4,185,000 New York City Transitional 4,184,833
Finance Authority Series C,
5.25%, 05/01/2012
1,740,000 New York State Local Government 1,713,952
Assistance Corp. Series D,
5.375%, 04/01/2014
2,775,000 New York City Transitional 2,739,591
Finance Authority Series C,
5.25%, 05/01/2014
1,185,000 New York City Transitional 1,144,876
Finance Authority Series B,
5.125%, 11/01/2015
3,910,000 New York City Transitional 3,453,116
Finance Authority Series C,
5.00%, 05/01/2026
-------------
Total Special Tax (Cost $47,695,013) 47,559,357
-------------
Miscellaneous Tax: 0.36%
2,630,000 Puerto Rico Municipal Finance 2,648,199
Agency Series A,
5.00%, 08/01/2001
-------------
Total Miscellaneous Tax (Cost $2,643,596) 2,648,199
-------------
Total Tax Supported (Cost $162,825,330) 164,353,617
-------------
--------------------------------------------------------------------------------
REVENUE: 14.03%
--------------------------------------------------------------------------------
Airport Revenue: 0.60%
1,300,000 Denver City & County, Colorado 1,377,415
Airport Revenue Series B, AMT,
7.25%, 11/15/2005
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,495,000 New York City Industrial $ 1,531,957
Development Agency, Special
Facilities Revenue, Terminal One
Group Association Limited
Partnership Project, AMT,
6.00%, 01/01/2007
310,000 Denver City & County, Colorado 333,318
Airport Revenue Series A, AMT,
8.875%, 11/15/2012
1,000,000 Denver City & County, Colorado 1,160,100
Airport Revenue Series D, AMT,
7.75%, 11/15/2013
-------------
Total Airport Revenue (Cost $4,144,400) 4,402,790
-------------
Electric Revenue: 3.19%
1,405,000 Virgin Islands Water & Power 1,406,967
Authority, Electric System
Revenue, 5.00%, 07/01/2000
2,070,000 Long Island Power Authority, 2,064,473
New York Electric System Revenue
Series A, 4.10%, 12/01/2000
9,045,000 Long Island Power Authority, 9,017,141
New York Electric System Revenue,
4.25%, 04/01/2001
1,595,000 Virgin Islands Water & Power 1,599,626
Authority, Electric System
Revenue, 5.00%, 07/01/2001
4,650,000 Long Island Power Authority, 4,679,667
New York Electric System Revenue
Series A, 5.25%, 12/01/2001
4,560,000 Long Island Power Authority, 4,573,634
New York Electric System Revenue,
5.00%, 04/01/2002
Total Electric Revenue (Cost $23,576,475) 23,341,508
--------------------------------------------------------------------------------
Health Care Revenue: 1.01%
1,410,000 New York State Medical Care 1,449,931
Facilities Finance Authority,
Hospital & Nursing Home Insured
Mortgage, FHA,
5.875%, 02/15/2005
375,000 New York State Dormitory 376,830
Authority, St. John's Nursing
Home, FHA, 5.35%, 02/01/2006
3,945,000 New York State Medical Care 4,045,756
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series C,
6.25%, 08/15/2012
1,495,000 New York State Medical Care 1,543,647
Facilities Finance Agency,
Hospital & Nursing Home Insured
Mortgage Series A, FHA,
6.125%, 02/15/2014
-------------
Total Health Care Revenue (Cost $7,490,280) 7,416,164
-------------
30 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
Higher Education Revenue: 0.56%
705,000 Cattaraugus County, New York $ 704,944
Industrial Development Agency
Civic Facility Revenue, St.
Bonaventure University Series B,
4.50%, 09/15/2000
1,000,000 New York State Dormitory 1,006,010
Authority, Columbia University,
5.00%, 07/01/2001
1,000,000 New York State Dormitory 1,040,120
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,354,435
Authority, Columbia University,
5.75%, 07/01/2007
-------------
Total Higher Education Revenue
(Cost $3,998,127) 4,105,509
-------------
Toll Revenue: 2.00%
725,000 Triborough Bridge & Tunnel 756,501
Authority, New York Toll Revenue
Series Y, 5.80%, 01/01/2006
2,370,000 Triborough Bridge & Tunnel 2,324,473
Authority, New York Toll Revenue
Series A, 5.00%, 01/01/2012
1,960,000 Triborough Bridge & Tunnel 2,098,082
Authority, New York Toll Revenue
Series Y, 6.00%, 01/01/2012
9,370,000 Triborough Bridge & Tunnel 9,409,916
Authority, New York Toll Revenue
Series Y, 5.50%, 01/01/2017
-------------
Total Toll Revenue (Cost $14,928,157) 14,588,972
-------------
Water/Sewer Revenue: 5.24%
1,510,000 New York State Environmental 1,548,007
Facilities Corp., Pollution
Control Revenue, State Water
Revolving Fund Series A,
7.30%, 06/15/2001
1,345,000 New York City Municipal Water 1,386,628
Finance Authority Series A,
6.60%, 06/15/2002
2,510,000 New York State Environmental 2,632,262
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 2,635,600
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 1,017,790
Agency, New York Solid Waste
System, 5.90%, 03/01/2007
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 New York State Environmental $ 1,041,070
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund, New York City Municipal
Water Finance Authority Series 94-A,
5.75%, 06/15/2007
1,885,000 New York State Environmental 2,001,078
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 3,015,401
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 3,137,784
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 1,578,629
Finance Authority Series A,
6.00%, 06/15/2009
780,000 New York State Environmental 794,695
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 3,819,084
Facilities Corp., Pooled Loan,
Pollution Control Revenue, State
Revolving Fund Series 96-A,
4.95%, 06/15/2010
3,800,000 New York State Environmental 3,877,520
Facilities Corp., Pooled Loan,
Pollution Control Revenue, New York
City Municipal Water Finance Authority
State Revolving Fund Series 95-B,
5.50%,06/15/2010
1,395,000 New York City Municipal Water 1,486,875
Finance Authority Series A,
6.00%, 06/15/2010
4,680,000 New York State Environmental 4,908,103
Facilities Corp., Pollution
Control Revenue, New York
City Municipal Water Finance Authority
State Revolving Fund Series 94-A,
5.75%, 06/15/2011
1,000,000 New York State Environmental 1,025,210
Facilities Corp., Pooled Loan,
Pollution Control Revenue, New York
City Municipal Water Finance Authority,
State Revolving Fund Series 90-A,
7.50%, 06/15/2012
Schedule of Investments--Municipal Bond Portfolios 31
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,015,000 New York State Environmental $ 990,468
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 1,349,856
Facilities Corp., Pooled Loan,
Clean Water & Drinking Water,
State Revolving Fund Series D,
5.15%, 10/15/2019
-------------
Total Water/Sewer Revenue
(Cost $37,429,753) 38,246,060
-------------
Miscellaneous Revenue: 1.43%
1,230,000 TSASC, Inc., New York Series 1, 1,206,359
Tobacco Flexible Amortization
Bonds, 4.50%, 07/15/2003
3,495,000 Battery Park City Authority, New 3,621,764
York Revenue Series A,
6.00%, 11/01/2003
2,000,000 New York Convention Center 2,004,920
Operating Corp., New York
Certificates of Participation,
Yale Building Acquisition Project,
6.50%, 12/01/2004
1,555,000 TSASC, Inc., New York Series 1, 1,538,019
Tobacco Flexible Amortization
Bonds, 4.60%, 07/15/2005
1,000,000 Port Authority of New York & New 992,610
Jersey, Consolidated 91st Series,
5.125%, 11/15/2011
1,000,000 Port Authority of New York & New 1,061,510
Jersey, Consolidated 72nd Series,
7.35%, 10/01/2027
-------------
Total Miscellaneous Revenue
(Cost $10,424,614) 10,425,182
-------------
Total Revenue (Cost $101,991,806) 102,526,185
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $722,413,815) 98.89% $ 722,480,151
(Note D, below)
Cash and Other Assets, Less Liabilities 1.11 8,084,985
------ --------------
Net Assets (Equivalent to $13.26
per share based on 55,089,857
shares of capital stock outstanding) 100.00% $ 730,565,136
====== ==============
--------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
--------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
--------------------------------------------------------------------------------
31 U.S. 30 Year Treasury $2,915,938 $ (112,375)
Bond June 2000
-------------
Total Short Futures Contract $ (112,375)
-------------
(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 pledged as collateral
for futures transactions
(C) Represents entire or partial position segregated as collateral
for futures transactions
(D) At March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
32 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
Diversified Municipal Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTE: 1.57%
--------------------------------------------------------------------------------
2,710,000 Harris County Health Facilities $ 2,710,000
Development Corp., Texas
Revenue, Saint Luke's Episcopal
Hospital Series B, Daily Floater,
Putable Daily,
4.10%, 02/15/2027
-------------
Total Tax Exempt Variable-Rate Demand Note
(Cost $2,710,000) 2,710,000
-------------
--------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 24.61%
--------------------------------------------------------------------------------
2,850,000 Pennsylvania State Refunding 2,943,537
Project First Series A,
6.75%, 01/01/2011,
Prerefunded 01/01/2001 @101.50
3,500,000 Massachusetts Consolidated Loan 3,559,430
Series A, 6.00%, 06/01/2011,
Prerefunded 06/01/2001 @100
6,000,000 York County Public Facilities 6,317,460
Corp., South Carolina
Certificates of Participation,
7.50%, 06/01/2011,
Prerefunded 06/01/2001 @102
2,000,000 Arizona State Transportation 2,079,060
Board, Highway Revenue
Subordinated Series A,
6.55%, 07/01/2007,
Prerefunded 07/01/2001 @101.50
1,530,000 Pennsylvania State Industrial 1,604,404
Development Authority Revenue,
Economic Development Series A,
7.00%, 01/01/2011,
Prerefunded 07/01/2001 @102
1,100,000 Kentucky State Property & 1,125,058
Buildings Commission Revenue,
Project No. 51,
6.30%, 08/01/2001,
Escrowed to Maturity
1,500,000 Philadelphia, Pennsylvania Water 1,585,290
& Sewer Revenue Sixteenth Series,
7.50%, 08/01/2010,
Prerefunded 08/01/2001 @102
3,750,000 Pennsylvania State Second Series A, 3,912,000
6.50%, 11/01/2008,
Prerefunded 11/01/2001 @101.50
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,050,000 Philadelphia Municipal Authority, $ 3,227,205
Pennsylvania Revenue, Justice
Lease Series B, FGIC,
7.125%, 11/15/2018,
Prerefunded 11/15/2001 @102
3,735,000 Pennsylvania State Turnpike 3,960,146
Commission Revenue Series J, FGIC,
7.20%, 12/01/2017,
Prerefunded 12/01/2001 @102
3,255,000 New Jersey Sports & Exposition 3,421,233
Authority, State Contract Series A,
6.50%, 03/01/2019,
Prerefunded 03/01/2002 @102
2,600,000 Florida State Board of Education 2,695,654
Capital Outlay, Public Education
Series B, 6.00%, 06/01/2015,
Prerefunded 06/01/2002 @101
2,425,000 Pennsylvania Intergovernmental 2,530,827
Cooperative Authority Special Tax
Revenue, City of Philadelphia
Funding Program,
6.80%, 06/15/2022,
Prerefunded 06/15/2002 @100
1,000,000 Denver City & County, Colorado 1,078,850
Airport Revenue Series A,
7.25%, 11/15/2025,
Prerefunded 11/15/2002 @102
1,425,000 Lower Colorado River Authority, 1,466,937
Texas Revenue, Fifth Supply
Series, 5.25%, 01/01/2005,
Prerefunded 01/01/2003 @102
1,000,000 Chicago, Illinois Emergency 1,038,940
Telephone System, FGIC,
5.625%, 01/01/2023,
Prerefunded 01/01/2003 @102
-------------
Total Prerefunded/Escrowed (Cost $42,662,434) 42,546,031
-------------
--------------------------------------------------------------------------------
INSURED: 20.87%
--------------------------------------------------------------------------------
5,080,000 Carrollton & Henderson Public 5,073,599
Energy Authority, Kentucky Trust
Series A, FSA,
4.50%, 01/01/2001
1,670,000 Shreveport, Louisiana Series A, 1,682,074
FGIC, 5.00%, 05/01/2001
1,750,000 Philadelphia Hospital & Higher 1,759,293
Education Facility Authority,
Pennsylvania Revenue, Jefferson
Health System Series A, MBIA,
5.00%, 05/15/2001
1,790,000 Knox County, Ohio Hospital 1,768,788
Facilities Revenue, Knox
Community Hospital, Asset
Guaranty, 4.00%, 06/01/2001
*See Note 1, page 26 in Notes to Financial Statements.
Schedule of Investments--Municipal Bond Portfolios 33
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Washoe County School District, $ 995,640
Nevada, FGIC, 4.25%, 06/01/2001
1,740,000 Washoe County School District, 1,749,779
Nevada, FSA, 5.00%, 06/01/2001
1,045,000 Clark County School District, 1,054,060
Nevada Series A, MBIA,
5.25%, 06/15/2001
1,600,000 Pima County, Arizona, FGIC, 1,606,960
4.75%, 07/01/2001
3,690,000 Rockdale County Water & Sewer 3,699,852
Authority, Georgia Revenue Series B,
MBIA, 4.75%, 07/01/2001
3,055,000 Tempe High School District No. 3,077,393
213, Arizona Project of 1998
Series B, FSA,
5.00%, 07/01/2001
2,410,000 Arizona State Transportation 2,437,402
Board Excise Tax Revenue,
Maricopa County Regional Area
Road Series A, AMBAC,
5.40%, 07/01/2001
3,841,357 Municipal Tax Exempt Trust, 3,824,724
Certificate Class A-2, MBIA,
3.60%, 07/06/2001
2,300,000 Texas Municipal Power Agency 2,333,971
Revenue, MBIA,
5.60%, 09/01/2001
1,425,000 Dalton, Georgia Utilities 1,434,790
Revenue, FSA,
5.00%, 01/01/2002
1,000,000 Chicago, Illinois Series A, FGIC, 1,013,800
5.50%, 01/01/2002
1,650,000 Massachusetts State Housing 1,615,103
Finance Agency, Construction Loan
Notes Series A, FSA, AMT,
4.10%, 03/01/2002
1,000,000 Pennsylvania Economic Development 962,020
Financing Authority Revenue,
Northwestern Human Services
Series A, ACA,
4.60%, 06/01/2004
-------------
Total Insured (Cost $36,264,835) 36,089,248
-------------
--------------------------------------------------------------------------------
TAX SUPPORTED: 37.22%
--------------------------------------------------------------------------------
State General Obligations: 6.88%
1,000,000 Maryland State First Series, 1,001,750
6.60%, 03/01/2001
1,000,000 Florida State Board of Education 1,000,730
Capital Outlay, Public Education
Series B, 4.50%, 06/01/2001
1,870,000 Utah State, 1,903,286
6.00%, 07/01/2001
3,135,000 California State, 3,376,865
10.00%, 09/01/2001
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
4,500,000 South Carolina State, School $ 4,617,405
Facility Series A, State Aid
Withholding,
5.75%, 01/01/2003
-------------
Total State General Obligations
(Cost $11,921,212) 11,900,036
-------------
Local General Obligations: 22.28%
4,790,000 King County, Washington Series A, 4,782,192
4.00%, 12/01/2000
2,000,000 Charleston County School 1,997,260
District, South Carolina,
4.00%, 02/01/2001
1,430,000 Fort Bend Independent School 1,433,518
District, Texas Public Property
Finance Contractual Obligation,
4.50%, 02/15/2001
2,135,000 North Harris-Montgomery Community 2,149,176
College District, Texas,
5.00%, 02/15/2001
3,470,000 Richmond County Board of 3,479,022
Education, Georgia,
4.50%, 03/01/2001
695,000 Fairfax County, Virginia Series B, 697,384
5.50%, 05/01/2001
4,345,000 Anne Arundel County, Maryland, 4,357,644
4.625%, 05/15/2001
1,950,000 Cedar Rapids, Iowa, 1,962,500
5.00%, 06/01/2001
1,000,000 Columbus, Ohio Limited Tax Series 1, 997,990
4.25%, 06/15/2001
1,000,000 Pima County Community College 1,000,060
District, Arizona Project of 1995
Series B, 4.50%, 07/01/2001
2,155,000 Frederick County, Maryland Public 2,168,727
Facilities, 5.00%, 07/01/2001
2,800,000 Denver City & County, Colorado 2,809,072
Series B, 4.75%, 08/01/2001
1,115,000 Columbus, Ohio Sewer Improvement 1,145,495
Bonds, 6.50%, 09/15/2001
2,180,000 Fairfax County, Virginia Public 2,181,613
Improvement Series B,
4.50%, 12/01/2001
3,125,000 Seattle, Washington Series B, 3,147,500
5.00%, 12/01/2001
2,665,000 Boston, Massachusetts Bond 2,694,582
Anticipation Notes Series B,
5.25%, 05/01/2002
1,000,000 Houston Independent School 1,007,410
District, Texas Public Property
Finance Contractual Obligation,
5.00%, 07/15/2002
34 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
500,000 New York City Series G, $ 510,120
5.70%, 02/01/2003
-------------
Total Local General Obligations
(Cost $38,651,488) 38,521,265
-------------
Tax Lease: 3.64%
1,170,000 Virginia State Public School 1,167,286
Authority, School Equipment
Financing Notes Issue 5,
4.05%, 04/01/2001
2,215,000 Ohio State Special Obligation, 2,214,624
Elementary & Secondary Education
Capital Facilities Series A,
4.50%, 06/01/2001
1,570,000 Washington State Certificates of 1,570,455
Participation, Department of
Transportation,
4.70%, 07/01/2001
1,315,000 Cleveland, Ohio Certificates of 1,330,819
Participation, Motorized Vehicles
& Equipment, 7.10%, 07/01/2002
-------------
Total Tax Lease (Cost $6,339,630) 6,283,184
-------------
Special Tax: 3.25%
1,000,000 Detroit Local Development Finance 999,480
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
1,400,000 Virgin Islands Public Financing 1,402,982
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/2000
3,200,000 Virginia Transportation Board 3,220,448
Revenue, U.S. Route 58 Corridor
Development Program Series B,
5.00%, 05/15/2001
-------------
Total Special Tax (Cost $5,628,087) 5,622,910
-------------
Miscellaneous Tax: 1.17%
1,000,000 Puerto Rico Municipal Finance 1,006,920
Agency Series B, 5.00%, 08/01/2001
1,000,000 Indiana Bond Bank, Special 1,009,390
Program Series A,
5.50%, 02/01/2002
-------------
Total Miscellaneous Tax (Cost $2,015,372) 2,016,310
-------------
Total Tax Supported (Cost $64,555,789) 64,343,705
-------------
--------------------------------------------------------------------------------
REVENUE: 10.05%
--------------------------------------------------------------------------------
Airport Revenue: 1.23%
2,125,000 Metropolitan Washington Airport 2,131,927
Authority, District of Columbia
Revenue Series B,
5.00%, 10/01/2001
-------------
Total Airport Revenue (Cost $2,143,906) 2,131,927
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
Electric Revenue: 1.37%
1,355,000 Massachusetts Municipal Wholesale $ 1,381,233
Electric Co. Series A,
6.375%, 07/01/2001
1,000,000 North Carolina Eastern Municipal 992,550
Power Agency Series C,
5.00%, 01/01/2002
-------------
Total Electric Revenue (Cost $2,379,615) 2,373,783
-------------
Health Care Revenue: 2.40%
1,070,000 Jacksonville Health Facilities 1,070,503
Authority, Florida Charity
Obligated Group Series C,
4.75%, 08/15/2001
1,620,000 Illinois Health Facilities Authority 1,609,583
Revenue, Centegra Health System,
4.75%, 09/01/2001
1,000,000 Connecticut State Health & 947,290
Educational Facilities Authority
Revenue, Hospital for Special Care
Series B, 5.125%, 07/01/2007
550,000 Pennsylvania State Higher 510,571
Education Facilities Authority
Revenue, Allegheny General
Hospital Series A,
7.25%, 09/01/2017
-------------
Total Health Care Revenue
(Cost $4,179,851) 4,137,947
-------------
Water/Sewer Revenue: 4.64%
4,900,000 Oklahoma Rural Development 4,912,201
Finance Corp., Public Projects
Construction Notes,
5.00%, 06/01/2001
1,895,000 Wisconsin State Clean Water 1,905,025
Revenue Series 1,
5.00%, 06/01/2001
1,200,000 Northeast Maryland Waste Disposal 1,208,880
Authority, Solid Waste Revenue,
AMT, 5.50%, 07/01/2001
-------------
Total Water/Sewer Revenue
(Cost $8,048,783) 8,026,106
-------------
Miscellaneous Revenue: 0.41%
400,000 East Chicago, Indiana Bond 398,000
Anticipation Notes,
5.25%, 01/01/2002
300,000 New York Convention Center 300,738
Operating Corp., New York
Certificates of Participation,
Yale Building Acquisition Project,
6.50%, 12/01/2004
-------------
Total Miscellaneous Revenue (Cost $699,083) 698,738
-------------
Total Revenue (Cost $17,451,238) 17,368,501
-------------
Schedule of Investments--Municipal Bond Portfolios 35
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 2.12%
Housing: 1.12%
1,900,000 District of Columbia Housing $ 1,933,364
Finance Agency Mortgage Revenue,
Single Family Series A, AMT,
6.75%, 06/01/2028
-------------
Total Housing (Cost $1,997,356) 1,933,364
-------------
Student Loan: 1.00%
1,725,000 New England Education Loan 1,737,541
Marketing Corp., Massachusetts
Student Loan Revenue Issue D,
6.20%, 09/01/2000
-------------
Total Student Loan (Cost $1,743,036) 1,737,541
-------------
Total Asset-Backed Securities
(Cost $3,740,392) 3,670,905
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $167,384,688) 96.44% $ 166,728,390
(Note B, below)
Cash and Other Assets, Less Liabilities 3.56 6,160,139
------ -------------
Net Assets (Equivalent to $12.41
per share based on 13,935,470
shares of capital stock outstanding) 100.00% $ 172,888,529
====== ==============
--------------------------------------------------------------------------------
(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 March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
--------------------------------------------------------------------------------
(C) Allocation of Portfolio net assets at March 31, 2000:
Arizona 5.90%
California 1.95
Colorado 2.25
Connecticut 0.55
Florida 2.76
Georgia 4.98
Illinois 2.12
Indiana 0.81
Iowa 1.14
Kentucky 3.59
Louisiana 0.97
Maryland 5.05
Massachusetts 6.36
Michigan 0.58
Nevada 2.20
New Jersey 1.98
New York 0.47
North Carolina 0.58
Ohio 4.31
Oklahoma 2.84
Pennsylvania 13.30
South Carolina 7.48
Texas 6.42
Utah 1.10
Virginia 4.20
Washington 5.50
Wisconsin 1.10
District of Columbia 2.35
Puerto Rico 0.58
U.S. Virgin Islands 0.81
Tax-Exempt Private Municipal Trust 2.21
Cash and Other Assets, Less Liabilities 3.56
-------------
Total 100.00%
=============
See Notes to Financial Statements.
36 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
California Municipal Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 9.34%
--------------------------------------------------------------------------------
Repurchase Agreement: 0.15%
126,000 State Street Bank & Trust Co., $ 126,000
Repurchase Agreement, Dated
03/31/2000, 6.25%, maturing
04/03/2000 for $126,066,
collateral 120,000 principal
amount U.S. Treasury Bond,
6.625%, 02/15/2027, value $128,727
------------
Total Repurchase Agreement (Cost $126,000) 126,000
------------
Tax Exempt Variable-Rate Demand Notes: 9.19%
700,000 Orange County Sanitation 700,000
District, California Certificates
of Participation, Daily Floater,
Putable Daily, 3.40%, 08/01/2015
2,000,000 Orange County Water District, 2,000,000
California Certificates of
Participation, Daily Floater,
Putable Daily, 3.45%, 08/15/2015
1,200,000 Irvine, California Improvement 1,200,000
Bond Act of 1915, Assessment
District Number 94-13, Daily Floater,
Putable Daily, 3.40%, 09/02/2022
800,000 Irvine, California Improvement 800,000
Bond Act of 1915, Assessment
District Number 97-16, Daily Floater,
Putable Daily, 3.40%, 09/02/2022
900,000 Irvine, California Improvement 900,000
Bond Act of 1915, Assessment
District Number 87-8, Daily Floater,
Putable Daily, 3.40%, 09/02/2024
800,000 California Pollution Control 800,000
Financing Authority Revenue,
Pacific Gas & Electric Series F,
Daily Floater, Putable Daily,
3.40%, 11/01/2026
1,420,000 California Statewide Communities 1,420,000
Development Authority
Certificates of Participation,
John Muir/Mount Diablo Health
Revenue, AMBAC, Daily Floater,
Putable Daily, 3.45%, 08/15/2027
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $7,820,000) 7,820,000
------------
Total Short-Term Investments
(Cost $7,946,000) 7,946,000
------------
*See Note 1, page 26 in Notes to Financial Statements.
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 40.16%
--------------------------------------------------------------------------------
1,000,000 California Health Facilities $ 1,051,990
Financing Authority, Los Angeles
Children's Hospital Revenue
Series A, 7.125%, 06/01/2021,
Prerefunded 06/01/2001 @102
1,750,000 Los Angeles County Transportation 1,837,080
Commission, California Sales Tax
Revenue Series A, FGIC,
6.75%, 07/01/2018,
Prerefunded 07/01/2001 @102
2,000,000 Los Angeles County Transportation 2,099,520
Commission, California Sales Tax
Revenue Series A,
6.75%, 07/01/2020,
Prerefunded 07/01/2001 @102
2,270,000 Los Angeles County Transportation 2,387,018
Commission, California Sales Tax
Revenue Series A,
6.90%, 07/01/2021,
Prerefunded 07/01/2001 @102
3,195,000 Puerto Rico Electric Power 3,359,127
Authority, Power Revenue Series P,
7.00%, 07/01/2021,
Prerefunded 07/01/2001 @102
1,000,000 San Bernardino County, California 1,051,720
Certificates of Participation,
Capital Facilities Project Series B,
6.75%, 08/01/2010,
Prerefunded 08/01/2001 @102
1,150,000 Sacramento City Financing 1,216,171
Authority, California Revenue,
6.80%, 11/01/2020,
Prerefunded 11/01/2001 @102
2,575,000 Los Angeles Community 2,721,929
Redevelopment Agency, California
Subordinated Tax Allocation,
Bunker Hill Project Series E,
6.65%, 12/01/2014,
Prerefunded 12/01/2001 @102
1,000,000 Puerto Rico Telephone Authority 1,036,740
Revenue Series L,
6.125%, 01/01/2022,
Prerefunded 01/01/2002 @101
1,260,000 Puerto Rico Commonwealth, AMBAC, 1,313,953
5.85%, 07/01/2015,
Prerefunded 07/01/2002 @101.50
2,500,000 Los Angeles County Transportation 2,632,300
Commission, California Sales Tax
Revenue Series A, MBIA,
6.00%, 07/01/2023,
Prerefunded 07/01/2002 @102
Schedule of Investments--Municipal Bond Portfolios 37
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,000,000 Puerto Rico Commonwealth Highway $ 1,059,150
& Transportation Authority,
Highway Revenue Series T,
6.625%, 07/01/2018,
Prerefunded 07/01/2002 @101.50
4,015,000 University of California Revenue, 4,311,588
Multi-Purpose Projects, MBIA,
6.875%, 09/01/2016,
Prerefunded 09/01/2002 @102
4,500,000 Guam Power Authority Revenue 4,765,950
Series A, 6.30%, 10/01/2022,
Prerefunded 10/01/2002 @102
1,000,000 Central Coast Water Authority, 1,066,940
California State Regional Facilities
Water Project Revenue,
AMBAC, 6.50%, 10/01/2014,
Prerefunded 10/01/2002 @102
2,220,000 Sacramento School Insurance 2,237,605
Authority, California Workers
Compensation Program Revenue
Series C, 5.75%, 06/01/2003,
Escrowed to Maturity
------------
Total Prerefunded/Escrowed
(Cost $34,388,284) 34,148,781
------------
--------------------------------------------------------------------------------
INSURED: 13.27%
--------------------------------------------------------------------------------
2,125,000 San Mateo County Transit 2,133,670
District, California Sales Tax
Revenue Series A, FSA,
4.50%, 06/01/2001
3,810,000 Puerto Rico Commonwealth Public 3,865,245
Improvement Series B, AMBAC,
5.50%, 07/01/2001
2,655,000 Pasadena Unified School District, 2,712,560
California Series B, FGIC,
6.00%, 07/01/2001
1,530,000 California Rural Home Mortgage 1,533,611
Finance Authority, Rural Lease
Pass Through Obligation Revenue
Series A, MBIA,
4.45%, 08/01/2001
1,000,000 San Diego County Regional 1,035,240
Transportation Commission,
California Sales Tax Revenue
Second Series A, FGIC,
6.25%, 04/01/2002
------------
Total Insured (Cost $11,329,300) 11,280,326
------------
--------------------------------------------------------------------------------
TAX SUPPORTED: 21.85%
--------------------------------------------------------------------------------
State General Obligation: 2.56%
2,055,000 California State, 2,172,484
7.00%, 08/01/2002
------------
Total State General Obligation
(Cost $2,167,558) 2,172,484
------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
Local General Obligation: 1.50%
1,260,000 San Francisco City & County, $ 1,272,713
California Unified School
District, Educational Facilities
Series B, 5.00%, 06/15/2001
------------
Total Local General Obligation
(Cost $1,275,496) 1,272,713
------------
Tax Lease: 11.89%
1,520,000 Los Angeles County Capital Asset 1,522,189
Leasing Corp., California Lease
Revenue, Equipment Program Series A,
5.00%, 06/01/2000
2,940,000 San Diego Unified School 2,956,346
District, California Certificates
of Participation, Capital
Projects Phase XV Series A,
4.60%, 07/01/2001
1,030,000 Puerto Rico Urban Renewal & 1,052,928
Housing Corp., 7.875%, 10/01/2004
3,000,000 Solano County, California 3,067,680
Certificates of Participation,
Justice Facility & Public
Building Project,
5.875%, 10/01/2005
1,465,000 ABAG Finance Corp., California 1,513,360
Certificates of Participation,
6.90%, 04/01/2012
------------
Total Tax Lease (Cost $10,108,926) 10,112,503
------------
Special Tax: 4.72%
500,000 Detroit Local Development Finance 499,740
Authority, Michigan Subordinated
Tax Increment Series A,
4.35%, 05/01/2000
565,000 Roseville Community District No. 1, 563,650
California North Central
Special Tax, 4.10%, 09/01/2000
940,000 San Clemente Assessment District 939,596
No. 85-1, California Improvement
Bond Act of 1915,
4.20%, 09/02/2000
210,000 Fontana Redevelopment Agency, 210,300
California Tax Allocation, Jurupa
Hills Redevelopment Project
Series A, 4.25%, 10/01/2000
755,000 Virgin Islands Public Financing 756,072
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
775,000 Virgin Islands Public Financing 776,651
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/2000
38 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
270,000 Virgin Islands Public Financing $ 271,531
Authority Revenue, Gross Receipts
Tax Loan Notes Series A,
5.25%, 10/01/2001
------------
Total Special Tax (Cost $4,021,309) 4,017,540
------------
Miscellaneous Tax: 1.18%
1,000,000 Puerto Rico Municipal Finance 1,006,920
Agency Series B,
5.00%, 08/01/2001
------------
Total Miscellaneous Tax (Cost $1,006,989) 1,006,920
------------
Total Tax Supported (Cost $18,580,278) 18,582,160
------------
--------------------------------------------------------------------------------
REVENUE: 11.55%
--------------------------------------------------------------------------------
Electric Revenue: 1.55%
1,320,000 Virgin Islands Water & Power 1,321,848
Authority, Electric System Revenue,
5.00%, 07/01/2000
------------
Total Electric Revenue (Cost $1,322,462) 1,321,848
------------
Health Care Revenue: 2.38%
2,025,000 California Health Facilities 2,026,195
Financing Authority Revenue,
Catholic Healthcare West
Series A, 4.50%, 07/01/2000
------------
Total Health Care Revenue
(Cost $2,029,523) 2,026,195
------------
--------------------------------------------------------------------------------
Water/Sewer Revenue: 3.24%
2,630,000 Los Angeles Department of Water & 2,751,506
Power, California Waterworks
Revenue, Second Issue,
6.40%, 11/01/2031
------------
Total Water/Sewer Revenue
(Cost $2,826,350) 2,751,506
------------
Miscellaneous Revenue: 4.38%
845,000 Riverside County Public Financing 845,955
Authority, California
Certificates of Participation,
5.00%, 05/15/2000
885,000 Riverside County Public Financing 885,425
Authority, California
Certificates of Participation,
5.00%, 05/15/2001
2,000,000 Municipal Tax Exempt Trust, 1,990,260
Certificate Class A-1,
4.70%, 10/06/2003
------------
Total Miscellaneous Revenue
(Cost $3,736,705) 3,721,640
------------
Total Revenue (Cost $9,915,040) 9,821,189
------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
ASSET-BACKED SECURITY: 2.20%
--------------------------------------------------------------------------------
Housing: 2.20%
1,900,000 California State Department of $ 1,871,310
Veteran Affairs, Home Purchase
Revenue Series C, AMT,
3.65%, 12/01/2019
------------
Total Housing (Cost $1,850,530) 1,871,310
------------
Total Asset-Backed Security
(Cost $1,850,530) 1,871,310
------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $84,009,432) 98.37% $83,649,766
(Note B, below)
Cash and Other Assets, Less Liabilities 1.63 1,389,272
------ -----------
Net Assets (Equivalent to $12.45
per share based on 6,830,156
shares of capital stock outstanding) 100.00% $85,039,038
====== ===========
--------------------------------------------------------------------------------
(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 March 31, 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
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration
New York Municipal Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
TAX EXEMPT VARIABLE-RATE DEMAND NOTES: 7.06%
--------------------------------------------------------------------------------
815,000 New York State Job Development $ 815,000
Authority, State Guaranteed
Series B-1, AMT,
Daily Floater, Putable Daily,
4.00%, 03/01/2005
3,600,000 Babylon, New York Industrial 3,600,000
Development Agency, Resource
Recovery Revenue, Daily Floater,
Putable Daily, 4.00%, 12/01/2024
3,570,000 Long Island Power Authority, New 3,570,000
York Electric Systems Revenue
Series 6, Daily Floater,
Putable Daily, 4.00%, 05/01/2033
------------
Total Tax Exempt Variable-Rate Demand Notes
(Cost $7,985,000) 7,985,000
------------
--------------------------------------------------------------------------------
PREREFUNDED/ESCROWED: 42.59%
--------------------------------------------------------------------------------
1,000,000 New York State Medical Facilities 1,032,730
Finance Agency, Hospital Insured
Mortgage Series A,
7.70%, 02/15/2025,
Prerefunded 08/15/2000 @102
2,120,000 New York City Series B, 2,210,291
7.00%, 06/01/2016,
Prerefunded 06/01/2001 @101.50
1,000,000 New York City Series B, AMBAC, 1,055,920
8.25%, 06/01/2017,
Prerefunded 06/01/2001 @101.50
5,180,000 New York City Municipal Water 5,286,863
Finance Authority Revenue Series A,
6.25%, 06/15/2021,
Prerefunded 06/15/2001 @100
1,845,000 New York State Environmental 1,923,375
Facilities Corp., Pollution
Control Revenue, State Revolving
Fund Series E, 6.50%, 06/15/2014,
Prerefunded 06/15/2001 @102
1,220,000 New York State Environmental 1,277,084
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, 1,974,084
8.00%, 08/01/2018,
Prerefunded 08/01/2001 @101.50
*See Note 1, page 26 in Notes to Financial Statements.
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
5,000,000 New York City Series C, $ 5,182,550
7.25%, 08/15/2024,
Prerefunded 08/15/2001 @100
1,000,000 New York State Medical Care 1,057,300
Facilities Finance Agency Revenue,
Secured Hospital Revenue Bonds
Series 1991-A, 7.40%, 08/15/2021,
Prerefunded 08/15/2001 @102
2,160,000 New York City Series A, 2,283,466
7.75%, 08/15/2006,
Prerefunded 08/15/2001 @101.50
1,000,000 New York City Series A, 1,057,160
7.75%, 08/15/2016,
Prerefunded 08/15/2001 @101.50
1,550,000 New York State Housing Finance 1,639,048
Agency, Service Contract Revenue
Series C, 7.30%, 03/15/2021,
Prerefunded 09/15/2001 @102
2,000,000 New York State Thruway Authority 2,073,780
General Revenue Series A,
5.75%, 01/01/2012,
Prerefunded 01/01/2002 @102
4,550,000 New York State Power Authority 4,774,224
Revenue Series Z, 6.50%, 01/01/2019,
Prerefunded 01/01/2002 @102
1,000,000 New York State Thruway Authority 1,039,570
Local Highway & Bridge Service
Contract Revenue,
6.25%, 04/01/2007,
Prerefunded 04/01/2002 @101
5,485,000 New York State Thruway Authority 5,714,931
Local Highway & Bridge Service
Contract Revenue,
6.375%, 04/01/2012,
Prerefunded 04/01/2002 @101
1,500,000 New York State Local Government 1,590,660
Assistance Corp. Series A,
6.875%, 04/01/2019,
Prerefunded 04/01/2002 @102
1,550,000 MTA, New York Commuter Facilities 1,630,662
Revenue Series B, MBIA,
6.25%, 07/01/2022,
Prerefunded 07/01/2002 @102
1,500,000 MTA, New York Transit Facilities 1,582,005
Revenue Series J, FGIC,
6.375%, 07/01/2010,
Prerefunded 07/01/2002 @102
1,590,000 MTA, New York Transit Facilities 1,678,102
Revenue Series K, 6.625%, 07/01/2014,
Prerefunded 07/01/2002 @101.50
2,000,000 New York State Housing Finance 2,109,680
Agency, Service Contract Revenue
Series C, 6.30%, 03/15/2022,
Prerefunded 09/15/2002 @102
------------
Total Prerefunded/Escrowed (Cost $48,638,598) 48,173,485
------------
40 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
INSURED: 22.51%
--------------------------------------------------------------------------------
1,200,000 Virgin Islands Housing Finance $ 1,199,676
Authority, Single Family Revenue,
Mortgage Backed Securities Series B,
FGIC, AMT, 4.00%, 06/01/2000
2,135,000 Buffalo, New York Series A, 2,123,813
AMBAC, 3.75%, 02/01/2001
1,000,000 Suffolk County, New York 1,000,750
Industrial Development Agency,
Southwest Sewer System Revenue,
MBIA, 4.25%, 02/01/2001
1,215,000 Suffolk County, New York Judicial 1,220,419
Agency Facility Revenue Agreement,
John P. Cohalan Complex, AMBAC,
4.75%, 04/15/2001
1,140,000 Chautaqua Lake Central School 1,129,843
District, New York, FSA,
4.00%, 06/15/2001
1,600,000 Letchworth Central School 1,602,576
District, New York, FSA,
4.625%, 06/15/2001
1,000,000 Letchworth Central School 1,003,040
District, New York, FGIC,
4.75%, 06/15/2001
1,000,000 Argyle Central School District, 1,005,920
New York, FSA,
5.00%, 06/15/2001
1,000,000 Arkport Central School District, 1,008,220
New York, FSA,
5.20%, 06/15/2001
1,650,000 Dansville Central School District, 1,666,879
New York, FSA,
5.375%, 06/15/2001
1,000,000 Nassau County, New York 1,008,980
Series D, FSA, 5.25%, 09/01/2001
4,000,000 Rochester, New York, MBIA, 4,029,600
5.00%, 10/01/2001
3,250,000 Nassau County, New York 3,269,857
Series C, FSA, 5.125%, 01/01/2002
1,650,000 Port Authority of New York & New 1,660,494
Jersey, Consolidated 119th Series,
FGIC, 5.00%, 09/15/2002
1,000,000 Port Authority of New York & New 1,072,110
Jersey, Consolidated 72nd Series,
AMBAC, 7.40%, 10/01/2012
470,000 Long Island Power Authority, New 440,366
York Electric System Revenue
Series A, FSA, 5.00%, 12/01/2015
1,000,000 New York State Energy Research & 1,018,790
Development Authority, Con Edison
Facilities, AMBAC,
6.75%, 01/15/2027
------------
Total Insured (Cost $25,619,324) 25,461,333
------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
TAX SUPPORTED: 18.04%
--------------------------------------------------------------------------------
Local General Obligations: 2.96%
1,000,000 New York City Series G, $ 1,009,130
5.40%, 02/01/2001
1,160,000 New York City Series G, 1,166,554
5.00%, 08/01/2001
1,175,000 Westchester County, New York 1,169,501
Series B, 4.25%, 11/15/2001
------------
Total Local General Obligations
(Cost $3,362,602) 3,345,185
------------
Tax Lease: 6.87%
1,000,000 New York State Dormitory 1,002,030
Authority, North General Hospital,
Secured Hospital Program Series G,
5.00%, 02/15/2001
1,400,000 New York State Dormitory 1,400,322
Authority, Community Enhancement
Facilities Series B,
4.375%, 04/01/2001
1,820,000 New York State Urban Development 1,822,602
Corp., Community Enhancement
Facilities Series A,
4.50%, 04/01/2001
1,500,000 New York State Dormitory 1,512,210
Authority, Service Contract
Series C, 5.15%, 04/01/2001
1,000,000 New York State Certificates of 1,005,210
Participation, Commissioner of
General Services
Executive Department,
5.00%, 09/01/2001
1,000,000 Puerto Rico Commonwealth Urban 1,022,260
Renewal & Housing Corp.,
7.875%, 10/01/2004
------------
Total Tax Lease (Cost $7,780,852) 7,764,634
------------
Special Tax: 6.76%
1,910,000 New York State Thruway Authority, 1,910,000
Highway & Bridge Trust Fund
Series C, 4.50%, 04/01/2000
1,915,000 New York State Local Government 1,915,000
Assistance Corp. Series A,
6.70%, 04/01/2000
660,000 Virgin Islands Public Financing 660,937
Authority Revenue, Senior Lien
Fund Loan Notes Series C,
5.00%, 10/01/2000
1,000,000 Virgin Islands Public Financing 1,002,130
Authority Revenue, Subordinated
Lien Fund Loan Notes Series D,
5.50%, 10/01/2000
2,140,000 MAC New York Series J, 2,158,982
5.25%, 07/01/2001
------------
Total Special Tax (Cost $7,659,471) 7,647,049
------------
Schedule of Investments--Municipal Bond Portfolios 41
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
Miscellaneous Tax: 1.45%
1,630,000 Puerto Rico Municipal Finance $ 1,641,280
Agency Series B,
5.00%, 08/01/2001
------------
Total Miscellaneous Tax (Cost $1,638,426) 1,641,280
------------
Total Tax Supported (Cost $20,441,351) 20,398,148
------------
--------------------------------------------------------------------------------
REVENUE: 8.97%
--------------------------------------------------------------------------------
Electric Revenue: 2.12%
2,400,000 Long Island Power Authority, New 2,392,608
York Electric System General
Revenue, 4.25%, 04/01/2001
------------
Total Electric Revenue (Cost $2,410,458) 2,392,608
------------
Water/Sewer Revenue: 3.96%
1,300,000 New York State Environmental 1,332,721
Facilities Corp., Pollution
Control Revenue, State
Revolving Fund Series A,
7.30%, 06/15/2001
3,070,000 New York State Environmental 3,147,395
Facilities Corp., Pooled Loan,
Pollution Control Revenue, New York
City Municipal Water Finance Authority,
State Revolving Fund Series 90-A,
7.50%, 06/15/2012
------------
Total Water/Sewer Revenue (Cost $4,525,694) 4,480,116
------------
Miscellaneous Revenue: 2.89%
1,780,000 Port Authority of New York & New 1,781,726
Jersey, Consolidated 108th Series,
AMT, 4.75%, 07/15/2000
1,230,000 TSASC, Inc., New York Series 1, 1,205,794
Tobacco Flexible Amortization
Bonds, 4.50%, 07/15/2004
280,000 New York Convention Center 280,689
Operating Corp., New York
Certificates of Participation,
Yale Building Acquisition Project,
6.50%, 12/01/2004
------------
Total Miscellaneous Revenue
(Cost $3,286,857) 3,268,209
------------
Total Revenue (Cost $10,223,009) 10,140,933
------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $112,907,282) 99.17% $112,158,899
(Note B, below)
Cash and Other Assets, Less Liabilities 0.83 939,848
------ ------------
Net Assets (Equivalent to $12.28
per share based on 9,206,716
shares of capital stock outstanding) 100.00% $113,098,747
====== ============
--------------------------------------------------------------------------------
(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 March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
42 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
This page intentionally left blank.
<PAGE>
This page intentionally left blank.
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 2000
Schedule of Investments
Taxable Bond
Portfolios
-------------------------------
-------------------------------
-------------------------------
-------------------------------
-------------------------------
Intermediate Duration
-------------------------------
Short Duration Plus
-------------------------------
Government Short Duration
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Intermediate Duration Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 122.80%
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 26.26%
--------------------------------------------------------------------------------
Commercial Paper: 10.08%
112,000,000 UBS Finance Delaware Inc., $ 111,960,925
Discount rate 6.28%, 04/03/2000
112,000,000 Prudential Funding Corp., 111,960,800
Discount rate 6.30%, 04/03/2000
-------------
Total Commercial Paper (Cost $223,921,724) 223,921,725
-------------
U.S. Government Agencies: 13.74%
36,440,000 Federal Farm Credit Bank 34,717,663
Consolidated Discount Notes,
Discount rate 4.68%, 01/02/2001
(Note A, p. 8)
133,195,000 Federal Home Loan Bank 126,641,806
Consolidated Discount Notes,
Discount rate 5.95%, 01/12/2001
(Note A, p. 8)
151,320,000 Federal Home Loan Mortgage 143,697,860
Corp. Discount Notes,
Discount rate 6.05%, 01/16/2001
(Note A, p. 8)
-------------
Total U.S. Government Agencies
(Cost $305,600,922) 305,057,329
-------------
Repurchase Agreement: 2.44%
54,113,000 State Street Bank & Trust Co., 54,113,000
Repurchase Agreement, Dated
03/31/2000, 6.25%, maturing
04/03/2000 for $54,141,184,
collateral 51,455,000 principal
amount U.S. Treasury Bond,
6.625%, 02/15/2027,
value $55,196,859
-------------
Total Repurchase Agreement (Cost $54,113,000) 54,113,000
-------------
Total Short-Term Investments
(Cost $583,635,646) 583,092,054
--------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 1.48%
--------------------------------------------------------------------------------
33,118,023 3.875%, 04/15/2029 (Note B, p. 8) 32,860,630
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $31,595,622) 32,860,630
--------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 9.21%
--------------------------------------------------------------------------------
7,313,514 Federal National Mortgage 6,310,671
Association Remic Trust
Series 1997-67 GA,
4.00%, 02/25/2009
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
6,841,133 Federal National Mortgage $ 6,372,626
Association Remic Trust Series
1994-20 Z, 6.50%, 02/25/2009
13,620,000 Federal National Mortgage 13,103,707
Association Remic Trust Series
1999-41 PD, 6.50%, 08/25/2013
(Note C, p. 8)
27,550,000 Federal Home Loan Mortgage Corp. 27,258,108
Series 2198 PK, 6.75%, 11/15/2016
7,057,988 Federal Home Loan Mortgage Corp. 6,878,495
Series 1218 K, 7.50%, 01/15/2022
8,795,000 Green Tree Financial Corp. Series 7,926,274
1999-1 Class A5, 6.11%, 09/01/2023
27,895,000 Federal Home Loan Mortgage Corp. 26,094,275
Series 1584 L, 6.50%, 09/15/2023
4,974,000 Federal Home Loan Mortgage Corp. 4,602,662
Series 1650 K, 6.50%, 01/15/2024
277,848 G.E. Capital Mortgage Services, 276,327
Inc. Series 1994-11-CA Class A1,
6.50%, 03/25/2024
365,127 Prudential Home Mortgage 364,771
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
4,037,107 Government National Mortgage 4,088,351
Association Series 1995-4 CQ,
8.00%, 06/20/2025
8,150,000 Green Tree Financial Corp. Series 7,505,580
1998-4 Class A7, 6.87%, 03/01/2028
8,500,000 Green Tree Financial Corp. Series 7,550,975
1998-6 Class A8, 6.66%, 05/01/2028
(Note C, p. 8)
26,595,000 Government National Mortgage 25,884,898
Association Series 1999-29 PB,
7.25%, 07/16/2028
26,275,000 Greenpoint Manufactured Housing 24,400,279
Series 1999-3 Class 1A7,
7.27%, 06/15/2029 (Note C, p. 8)
3,211,280 Federal Home Loan Mortgage Corp. 3,115,243
Series 2176 OJ, 7.00%, 08/15/2029
(Note C, p. 8)
8,010,000 Federal Home Loan Mortgage Corp. 7,667,047
Series 2178 PB, 7.00%, 08/15/2029
12,340,000 Green Tree Financial Corp. Series 11,460,096
1999-1 Class A4, 5.76%, 03/01/2030
13,045,000 Green Tree Financial Corp. Series 12,203,532
1999-2 Class A4, 6.48%, 12/01/2030
(Note C, p. 8)
1,310,000 Conseco Finance Securitization 1,355,744
Corp. Series 2000-1 Class M2,
9.08%, 05/01/2031 (Note C, p. 8)
-------------
Total Mortgage Derivatives (Cost $214,724,369) 204,419,661
*See Note 1, page 26 in Notes to Financial Statements
Schedule of Investments--Taxable Bond Portfolios 1
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 13.34%
--------------------------------------------------------------------------------
9,094,171 EMAC Owner Trust Series 1998-1 $ 8,857,486
Class A1, Rule 144A,
6.11%, 07/15/2003 (Note C, p. 8)
5,000,000 Beverly Finance Corp., Rule 144A, 5,025,565
8.36%, 07/15/2004
(Notes B & D, p. 8)
11,540,695 TVO Southwest Mortgage Series 11,829,132
1994-MF1 Class A1, Rule 144A,
9.37%, 11/18/2004 (Note C, p. 8)
9,315,000 Morgan Stanley Capital I Series 9,129,268
1997-LB1 Class A2, Rule 144A,
6.86%, 07/15/2005 (Note C, p. 8)
7,900,000 DLJ Mortgage Acceptance Corp. 7,877,288
Series 1996-CF1 Class A2,
7.669%, 02/12/2006 (Note C, p. 8)
9,530,472 Chase Commercial Mortgage 9,282,116
Securities Corp. Series 1996-2
Class A2, 6.90%, 09/19/2006
11,300,000 CTFS Funding Corp. Series 1997-1 10,972,164
Class A2, Rule 144A,
6.716%, 12/19/2007 (Note C, p. 8)
11,705,000 GMAC Commercial Mortgage Security 11,073,774
Inc. Series 1998-C1 Class C,
6.806%, 04/15/2008
3,130,000 DLJ Commercial Mortgage Corp. 2,956,396
Series 1998-CG1 Class A1B,
6.41%, 05/10/2008
11,770,000 LB Commercial Conduit Mortgage 11,221,858
Trust Series 1999-C1 Class A2,
6.78%, 04/15/2009
1,505,000 Commercial Mortgage Acceptance 1,456,035
Corp. Series 1999-C1 Class A2,
7.03%, 05/15/2009
4,750,000 DLJ Mortgage Acceptance Corp. 4,666,524
Series 1999-CG2 Class A1B,
7.30%, 06/10/2009
8,876,834 Meristar Commercial Mortgage Trust 8,775,212
Series 1999-C1 Class A1, Rule 144A,
7.28%, 03/03/2016 (Note C, p. 8)
2,460,000 RMF Commercial Series 1997-1 2,352,560
Class A2, Rule 144A,
6.715%, 01/15/2019
2,469,030 FMAC Loan Receivables Trust Series 2,395,438
1998-A Class A1,
6.20%, 09/15/2020 (Note C, p. 8)
4,549,226 FMAC Loan Receivables Trust Series 4,283,097
1998-A Class A2,
6.50%, 09/15/2020 (Note C, p. 8)
3,260,000 FMAC Loan Receivables Trust Series 3,051,272
1998-A Class A3,
6.69%, 09/15/2020 (Note C, p. 8)
11,407,189 Peachtree Franchise Loan LLC 10,981,587
Series 1999-A Class A1, Rule 144A,
6.68%, 01/15/2021 (Note C, p. 8)
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,483,000 Peachtree Franchise Loan LLC $ 3,359,556
Series 1999-A Class B, Rule 144A,
7.55%, 01/15/2021 (Note C, p. 8)
1,022,958 Asset Securitization Corp. Series 1,024,366
1996-D3 Class A1A,
7.01%, 10/13/2026
10,015,000 Merrill Lynch Mortgage Investors 8,639,870
Inc. Series 1998-C1 Class B,
6.75%, 11/15/2026 (Notes A & C, p. 8)
6,884,215 J.P. Morgan Commercial Mortgage 6,630,794
Finance Corp. Series 1996-C2
Class A, 6.47%, 11/25/2027
3,681,824 RMF Commercial Series 1995-1 3,582,246
Class A2, 7.10%, 11/28/2027
(Note C, p. 8)
11,500,000 DLJ Mortgage Acceptance Corp. 11,257,005
Series 1995-CF2 Class A1B,
Rule 144A, 6.85%, 12/17/2027
(Note C, p. 8)
1,144,779 Allied Capital Commercial Mortgage 1,125,205
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 01/25/2028
(Note C, p. 8)
2,805,000 Credit Suisse First Boston 2,761,940
Mortgage Securities Corp. Series
1997-C1 Class A1B,
7.15%, 06/20/2029
3,210,841 Asset Securitization Corp. Series 3,201,037
1997-MD7 Class A1A,
7.32%, 01/13/2030
16,239,000 J.P. Morgan Commercial Mortgage 15,243,186
Finance Corp. Series 1998-C6
Class B, 6.735%, 01/15/2030
13,605,000 Nomura Asset Securities Corp. 12,619,054
Series 1998-D6 Class A2,
6.769%, 03/15/2030
12,445,000 Morgan Stanley Capital I Series 11,919,385
1998-XL1 Class A2,
6.45%, 06/03/2030
9,745,668 Morgan Stanley Capital I Series 9,478,100
1997-XL1 Class A1,
6.59%, 10/03/2030
12,000,000 Salomon Brothers Mortgage 11,369,868
Securities VII Inc. Series
2000-NL1 Class A2,
6.905%, 10/15/2030 (Note C, p. 8)
13,130,000 Credit Suisse First Boston 12,151,749
Mortgage Securities Corp. Series
1998-C2 Class A2,
6.30%, 11/15/2030
17,465,000 Goldman Sachs Mortgage Securities 16,219,115
Corp. II Series 1998 Class A2,
6.562%, 04/13/2031
12,150,000 Deutsche Mortgage & Asset 11,391,767
Receiving Corp. Series 1998-C1
Class B, 6.664%, 06/15/2031
(Note C, p. 8)
2 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
9,711,995 Credit Suisse First Boston $ 9,515,811
Mortgage Securities Corp. Series
1997-C2 Class A1,
6.40%, 01/17/2035
20,270,000 Morgan Stanley Capital I Series 18,439,033
1998-XL2 Class A2,
6.17%, 10/03/2035
-------------
Total Commercial Mortgage-Backed Securities
(Cost $311,863,463) 296,115,859
-------------
--------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 29.92%
--------------------------------------------------------------------------------
19,690,000 Federal National Mortgage 19,043,873
Association Pool TBA,
6.50%, 04/24/2007 (Note E, p. 8)
17,415,000 Federal National Mortgage 16,380,932
Association Pool TBA,
6.00%, 04/18/2015 (Note E, p. 8)
54,715,000 Federal National Mortgage 52,645,952
Association Pool TBA,
6.50%, 04/18/2015 (Note E, p. 8)
19,340,000 Federal National Mortgage 18,959,195
Association Pool TBA,
7.00%, 05/18/2015 (Note E, p. 8)
2,408,861 Government National Mortgage 2,538,409
Association Pool #267832,
9.50%, 11/15/2017
1,932,887 Government National Mortgage 2,035,994
Association Pool #780118,
9.50%, 08/15/2021
2,607,074 Government National Mortgage 2,747,339
Association Pool #780049,
9.50%, 11/15/2021
2,407,345 Government National Mortgage 2,535,416
Association Pool #780254,
9.50%, 11/15/2021
1,832,101 Government National Mortgage 1,930,672
Association Pool #780012,
9.50%, 10/15/2024
67 Federal Home Loan Mortgage Corp. 68
Pool #C80297, 8.50%, 05/01/2025
32,428 Government National Mortgage 33,336
Association Pool #442121,
8.50%, 11/15/2026
52,050 Government National Mortgage 50,501
Association Pool #780651,
7.00%, 10/15/2027
18,105,000 Federal National Mortgage 17,550,534
Association Pool #535259,
6.50%, 03/01/2030 (Note C, p. 8)
21,605,000 Federal Home Loan Mortgage Corp. 21,247,113
Gold Pool TBA, 7.50%, 04/13/2030
(Note E, p. 8)
50,585,000 Federal National Mortgage 49,715,444
Association Pool TBA,
7.50%, 04/13/2030 (Note E, p. 8)
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
98,705,000 Federal National Mortgage $98,920,700
Association Pool TBA,
8.00%, 04/13/2030 (Note E, p. 8)
43,770,000 Government National Mortgage 41,266,876
Association Pool TBA,
6.50%, 04/19/2030 (Note E, p. 8)
63,775,000 Government National Mortgage 61,761,942
Association Pool TBA,
7.00%, 04/19/2030 (Note E, p. 8)
31,050,000 Government National Mortgage 30,768,532
Association Pool TBA,
7.50%, 04/19/2030 (Note E, p. 8)
38,265,000 Government National Mortgage 38,683,428
Association Pool TBA,
8.00%, 04/19/2030 (Note E, p. 8)
97,210,000 Federal National Mortgage 88,350,608
Association Pool TBA,
6.00%, 05/15/2030 (Note E, p. 8)
10,125,000 Federal Home Loan Mortgage Corp. 9,484,277
Gold Pool TBA,
6.50%, 05/15/2030 (Note E, p. 8)
81,510,000 Federal National Mortgage 76,288,266
Association Pool TBA,
6.50%, 05/15/2030 (Note E, p. 8)
11,185,000 Government National Mortgage 11,282,835
Association Pool TBA,
8.00%, 05/15/2030 (Note E, p. 8)
-------------
--------------------------------------------------------------------------------
Total Mortgage Pass-Throughs
(Cost $661,405,438) 664,222,242
-------------
--------------------------------------------------------------------------------
FINANCE: 6.97%
--------------------------------------------------------------------------------
9,830,000 Bombardier Capital Inc. Medium-Term 9,760,033
Notes, Yankee Bond, Rule 144A,
7.30%, 12/15/2002
5,000,000 Textron Financial Corp., Rule 144A, 4,859,260
5.84%, 02/19/2003 (Note A, p. 8)
7,470,000 Bear Stearns Co., Inc. Senior Notes, 7,452,472
7.625%, 02/01/2005
4,050,000 ABN Amro Bank (Chicago) 4,125,585
Subordinated Notes, Global Bond,
7.55%, 06/28/2006
14,355,000 Bank One Corp. Notes, 13,963,767
6.875%, 08/01/2006 (Note A, p. 8)
10,210,000 Development Bank of Singapore Ltd. 10,218,366
Subordinated Notes, Yankee Bond,
Rule 144A, 7.875%, 08/10/2009
(Note A, p. 8)
12,810,000 Goldman Sachs Group Inc. Senior 12,921,195
Unsubordinated Notes Series B,
7.80%, 01/28/2010
9,975,000 The Mony Group Inc. Senior Notes, 10,067,854
8.35%, 03/15/2010
10,100,000 Transamerica Capital II, Rule 144A, 9,531,552
7.65%, 12/01/2026 (Note A, p. 8)
27,430,000 AON Capital Trust A, 27,204,229
8.205%, 01/01/2027 (Note A, p. 8)
Schedule of Investments--Taxable Bond Portfolios 3
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
5,000,000 Sears Roebuck Acceptance Corp., $ 4,219,297
6.50%, 12/01/2028
5,550,000 Royal & Sun Alliance Insurance 5,970,872
Group plc Subordinated Notes,
Rule 144A, 8.95%, 10/15/2029
(Note A, p. 8)
10,850,000 Ace Capital Trust II, 10,966,638
9.70%, 04/01/2030
7,000,000 Citigroup Capital III, 6,511,026
7.625%, 12/01/2036
13,595,000 Associates Corp. of North America 13,581,269
Notes, 5.96%, 05/15/2037, Putable
Annually 05/15/2000-05/15/2036 @100
(Note A, p. 8)
3,795,000 Transamerica Capital III, 3,524,839
7.625%, 11/15/2037 (Note A, p. 8)
-------------
Total Finance (Cost $157,104,818) 154,878,254
-------------
--------------------------------------------------------------------------------
INDUSTRIAL: 18.51%
--------------------------------------------------------------------------------
9,450,000 Owens Corning Medium-Term Notes, 9,449,191
7.00%, 05/15/2000 (Note A, p. 8)
8,255,000 B.A.T. Crave Trust Series 8,245,382
1997-800, Rule 144A,
6.68%, 08/12/2000
13,060,000 Philip Morris Inc., 12,881,128
7.25%, 09/15/2001 (Note A, p. 8)
3,212,000 Boise Cascade Corp., 3,309,919
9.85%, 06/15/2002 (Note A, p. 8)
11,680,000 UST Inc. Senior Notes, Rule 144A, 11,791,007
8.80%, 03/15/2005 (Note C, p. 8)
4,590,000 Jones Apparel Group Inc. 4,408,545
Senior Notes,
7.875%, 06/15/2006 (Note A, p. 8)
9,240,000 Philip Morris, 8,847,825
7.65%, 07/01/2008 (Note A, p. 8)
12,020,000 PSI Energy Inc., 11,027,194
6.52%, 03/15/2009 (Note B, p. 8)
13,555,000 Qantas Airways Ltd., Yankee Bond, 13,447,545
Rule 144A, 7.75%, 06/15/2009
(Note A, p. 8)
10,750,000 Philip Morris Capital Co., 9,262,716
7.50%, 07/16/2009
15,985,000 Ford Motor Credit Co., 15,699,983
7.375%, 10/28/2009 (Note A, p. 8)
3,775,000 Quebec Province, Canada, 3,778,488
Yankee Bond, 7.50%, 07/15/2023
(Note A, p. 8)
8,660,000 Quebec Province, Canada, 8,309,863
Yankee Bond, 7.125%, 02/09/2024
(Note A, p. 8)
3,995,000 Champion International Corp., 3,790,973
6.40%, 02/15/2026,
Putable 02/15/2006 @100
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
7,095,000 Champion International Corp. $ 6,915,663
Debentures, 7.20%, 11/01/2026,
Putable 11/01/2011 @100
(Note A, p. 8)
5,000,000 Coca-Cola Enterprises Inc., 4,581,950
6.95%, 11/15/2026 (Note A, p. 8)
2,670,000 Philip Morris Inc., 2,448,787
7.75%, 01/15/2027 (Note A, p. 8)
16,000,000 Dayton Hudson Corp., 15,951,517
5.865%, 08/15/2027, Putable
Annually 08/15/2000-08/15/2026 @100
(Note A, p. 8)
7,925,000 Ingersoll Rand Medium-Term Notes, 7,818,274
6.015%, 02/15/2028, Putable
Annually 02/15/2001-02/15/2027 @100
(Note A, p. 8)
3,680,000 Baxter International Inc. 3,198,362
Debentures, 6.625%, 02/15/2028
(Note A, p. 8)
4,760,000 Lowe's Companies Inc. Debentures, 4,281,602
6.875%, 02/15/2028 (Note A, p. 8)
8,985,000 Tyco International Group S.A., 8,130,995
Yankee Bond, 7.00%, 06/15/2028
(Note A, p. 8)
24,255,000 Tyco International Group S.A., 21,592,075
Yankee Bond, 6.875%, 01/15/2029
(Note A, p. 8)
9,845,000 Burlington Resources Inc. 9,464,217
Debentures, 7.375%, 03/01/2029
(Note A, p. 8)
8,290,000 Anadarko Petroleum Corp. 7,624,113
Debentures, 7.20%, 03/15/2029
(Note A, p. 8)
4,735,000 Phillips Petroleum Co. 4,146,821
Senior Notes,
7.00%, 03/30/2029
14,325,000 Archer Daniels Midland Co. 12,472,437
Senior Debentures,
6.625%, 05/01/2029 (Note A, p. 8)
9,550,000 Albertson's Inc. Debentures, 9,283,026
7.45%, 08/01/2029 (Note A, p. 8)
6,600,000 Lilly Del Mar Inc., Floating Rate 6,669,894
Note, Rule 144A, 6.57%, 08/05/2029,
Callable 08/05/2004 @100
(Note A, p. 8)
21,140,000 Amerada Hess Corp., 20,875,750
7.875%, 10/01/2029 (Note A, p. 8)
2,935,000 New Jersey Bell Telephone Co. 2,989,152
Debentures, 7.85%, 11/15/2029,
Putable 11/15/2000 @100
(Note A, p. 8)
23,590,000 Westvaco Corp., 24,530,982
8.20%, 01/15/2030 (Note A, p. 8)
6,435,000 Liberty Media Group Inc., 6,233,258
Rule 144A, 8.25%, 02/01/2030
(Note A, p. 8)
4 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
6,045,000 Ford Motor Co., $ 6,821,295
8.90%, 01/15/2032 (Note A, p. 8)
17,295,000 Merck & Co. Medium-Term Notes 17,282,020
Series B, 5.76%, 05/03/2037,
Putable Annually
05/03/2000-05/03/2036 @100
(Note A, p. 8)
14,125,000 Cargill Inc. Medium-Term Notes, 14,115,679
Rule 144A, 5.95%, 05/15/2037,
Putable Annually
05/15/2000-05/15/2036 @100
(Note A, p. 8)
5,155,000 Xerox Corp. Medium-Term Notes, 5,145,043
5.875%, 06/15/2037, Putable
Annually 06/15/2000-06/15/2036 @100
(Note B, p. 8)
10,075,000 Dayton Hudson Corp., 10,060,834
5.895%, 06/15/2037, Putable
Annually 06/15/2000-06/15/2036 @100
(Note A, p. 8)
17,790,000 Xerox Corp. Medium-Term Notes, 17,710,034
5.545%, 07/22/2037, Putable
Annually 07/22/2000-07/22/2036 @100
(Note A, p. 8)
12,500,000 American General Institutional 11,332,788
Capital Series A, Rule 144A,
7.57%, 12/01/2045 (Note A, p. 8)
4,425,000 American General Institutional 4,338,677
Capital Series B, Rule 144A,
8.125%, 03/15/2046 (Note A, p. 8)
5,945,000 International Business Machines 5,565,541
Corp., 7.125%, 12/01/2096
(Note B, p. 8)
4,330,000 Ford Motor Co., 4,203,917
7.70%, 05/15/2097 (Note A, p. 8)
5,240,000 Noble Affiliates Inc. Debentures, 4,427,055
7.25%, 08/01/2097 (Note A, p. 8)
9,720,000 Motorola Inc., 6,506,669
5.22%, 10/01/2097 (Note B, p. 8)
-------------
Total Industrial (Cost $421,781,423) 410,968,186
--------------------------------------------------------------------------------
UTILITIES: 1.42%
--------------------------------------------------------------------------------
5,520,000 Israel Electric Corp., Yankee 4,952,150
Bond, Rule 144A,
7.75%, 12/15/2027
11,530,000 Hyder plc, Yankee Bond, Rule 144A, 10,297,754
7.375%, 12/15/2028
(Notes A & C, p. 8)
9,710,000 AT&T Corp., 8,425,946
6.50%, 03/15/2029 (Note B, p. 8)
8,970,000 Israel Electric Corp Ltd. Senior 7,887,157
Notes, Yankee Bond, Rule 144A,
8.10%, 12/15/2096
-------------
Total Utilities (Cost $31,675,628) 31,563,007
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 3.03%
12,000,000 New York City General Obligation $ 11,993,280
Series B, 6.85%, 08/15/2000
33,245,000 Florida Residential Property & 32,970,413
Casualty Series A, Rule 144A,
7.25%, 07/01/2002 (Note A, p. 8)
6,217,666 California Maritime Infrastructure 5,713,289
Authority, 6.63%, 11/01/2009
8,685,000 Florida Windstorm Underwriting 8,224,049
Secured Notes, Rule 144A,
7.125%, 02/25/2019 (Note A, p. 8)
2,575,000 Edinburg, Texas Industrial 2,549,482
Development Corp. Lease Revenue,
8.18%, 11/01/2028
6,460,000 Alameda Corridor Transportation 5,808,121
Authority, Taxable Senior Lien
Series C, 6.60%, 10/01/2029
-------------
Total Taxable Municipals (Cost $69,427,790) 67,258,634
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 2.53%
--------------------------------------------------------------------------------
15,774,187 Felco Funding II Auto Lease-Backed 15,715,255
Notes Series 1998-1 Class A2,
Rule 144A, 5.98%, 09/15/2001
(Note C, p. 8)
7,550,000 Health Care Receivables, 7,429,555
Securitization Program Notes
Series 1998-1A Class A, Rule 144A,
6.22%, 06/01/2002 (Note C, p. 8)
3,270,000 The Money Store Auto Trust Series 3,257,460
1996-2, 6.435%, 06/20/2003
118,914 Newcourt Receivables Asset Trust 118,561
Series 1996-2, Asset-Backed Notes
Class A, 6.87%, 06/20/2004
752,670 Copelco Capital Funding Corp. II, 753,069
Class A Lease-Backed Notes
Series 1996-A, 6.34%, 07/20/2004
509,307 Copelco Capital Funding Corp. II, 509,307
Class B Lease-Backed Notes
Series 1996-A, 6.59%, 07/20/2004
5,527,416 Capital Asset Research Funding, 5,484,158
Rule 144A, 6.40%, 12/15/2004
(Note C, p. 8)
152,645 Newcourt Receivables Asset Trust 152,122
Series 1996-3, Asset-Backed Notes
Class A, 6.24%, 12/20/2004
7,673,074 Newcourt Receivables Asset Trust 7,615,871
Series 1997-1, Asset-Backed Notes
Class A4, 6.193%, 05/20/2005
3,136,263 New York City Tax Lien Trust 3,120,181
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note C, p. 8)
207,638 New York City Tax Lien Trust 206,324
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note C, p. 8)
Schedule of Investments--Taxable Bond Portfolios 5
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
2,342,700 ABFS Equipment Contract Trust $ 2,327,859
Series 1998-A Class A,
6.10%, 10/15/2005 (Note C, p. 8)
476,041 Green Tree Financial Corp. 470,977
Series 1996-A Class A2,
5.70%, 02/15/2018
9,249,328 Green Tree Recreational Equipment 9,062,538
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
-------------
Total Asset-Backed Securities
(Cost $56,741,285) 56,223,237
-------------
--------------------------------------------------------------------------------
HIGH YIELD: 8.44%
--------------------------------------------------------------------------------
6,415,000 Meditrust Notes, 6,342,772
7.375%, 07/15/2000 (Note A, p. 8)
7,115,000 Medpartners Inc. Senior 6,777,038
Subordinated Notes,
6.875%, 09/01/2000 (Note A, p. 8)
1,625,000 Healthsouth Corp. Senior 1,616,875
Subordinated Notes,
9.50%, 04/01/2001
2,315,000 Advanta Corp. Medium-Term Notes, 2,199,268
7.28%, 07/30/2001 (Note A, p. 8)
3,155,000 Fleming Companies Inc. Senior 3,123,450
Notes, 10.625%, 12/15/2001,
Callable 12/15/2000 @101.50
(Note A, p. 8)
9,645,000 Omega Healthcare Investors Inc., 8,906,187
6.95%, 06/15/2002 (Note A, p. 8)
855,000 Adelphia Communications, 850,725
9.25%, 10/01/2002
6,810,000 Republic of Argentina Series D, 5,396,925
Yankee Bond, 0.00%, 10/15/2002
4,915,000 Interpool Inc., 4,370,535
6.625%, 03/01/2003 (Note A, p. 8)
7,215,000 Trinet Corp. Realty Trust, 6,517,403
6.75%, 03/01/2003
4,305,000 Century Communications Corp., 3,164,175
0.00%, 03/15/2003
6,390,000 Healthsouth Corp., 5,024,138
3.25%, 04/01/2003,
Callable 04/05/2001 @101.30
(Note A, p. 8)
2,200,000 US Air Inc., 2,024,000
9.625%, 09/01/2003
6,965,000 Veritas DGC Inc. Series C, 7,019,146
9.75%, 10/15/2003,
Callable 10/15/2000 @104.875
(Notes A& C, p. 8)
1,554,856 America West Airlines, 1,554,248
10.50%, 01/02/2004 (Note C, p. 8)
4,920,000 Kaufman & Broad Home Corp. Senior 4,624,800
Notes, 7.75%, 10/15/2004
(Note A, p. 8)
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,210,000 Tenet Healthcare Corp. Senior $ 3,083,254
Notes, 8.00%, 01/15/2005
(Note A, p. 8)
3,330,000 Packaged Ice Inc. Senior Notes 2,772,225
Series B, 9.75%, 02/01/2005,
Callable 02/01/2002 @104.87
1,635,000 NVR Inc. Senior Notes, 1,479,675
8.00%, 06/01/2005,
Callable 06/01/2003 @104
4,780,000 Jones International Networks Ltd., 4,827,800
11.75%, 07/01/2005,
Callable 07/01/2003 @105.87
(Note A, p. 8)
2,385,000 Continental Airlines Inc., 2,179,294
8.00%, 12/15/2005
3,725,000 Worldwide Fibre Inc. Senior Notes, 3,669,125
12.50%, 12/15/2005,
Callable 12/15/2003 @106.25
(Note A, p. 8)
2,120,000 Allied Waste North America Inc. 1,749,000
Series B, 7.625%, 01/01/2006
3,770,000 Federal-Mogul Co., 3,096,520
7.375%, 01/15/2006 (Note A, p. 8)
4,965,000 Chesapeake Energy Corp. Senior 4,555,388
Notes, 9.125%, 04/15/2006,
Callable 04/15/2001 @104.56
(Note A, p. 8)
3,700,000 Alestra S.A. Senior Notes, Global 3,783,250
Bond, 12.125%, 05/15/2006
(Note A, p. 8)
5,040,000 Generac Portable Products Senior 4,712,400
Subordinated Notes,
11.25%, 07/01/2006,
Callable 07/01/2002 @107.63
(Note A, p. 8)
750,000 Consumers Packaging Inc. Senior 393,750
Notes, 9.75%, 02/01/2007,
Callable 02/01/2003 @104.87
7,230,000 Labranche & Co. Senior 7,148,663
Subordinated Notes, Rule 144A,
12.00%, 03/01/2007 (Note A, p. 8)
1,795,000 RCN Corp. Senior Notes, 1,153,288
0.00%, 10/15/2007,
Callable 10/15/2002 @105.56
2,880,000 Focal Communications Corp. 1,900,800
Senior Notes Series B,
0.00%, 02/15/2008,
Callable 02/15/2003 @106.06
4,000,000 Covad Communications Group Inc. 2,260,000
Senior Notes Series B,
0.00%, 03/15/2008,
Callable 03/15/2003 @106.75
3,150,000 Interface Inc. Senior Notes, 2,484,260
7.30%, 04/01/2008 (Note A, p. 8)
2,840,000 Pool Energy Services Co. Senior 2,864,955
Subordinated Notes,
8.625%, 04/01/2008
6 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
400,000 Beazer Homes USA Senior Notes, $ 339,000
8.875%, 04/01/2008,
Callable 04/01/2003 @104.44
847,723 Continental Airlines Inc., 870,125
11.50%, 04/02/2008
3,290,000 Grove Holdings LLC Senior Notes, 1,496,950
9.25%, 05/01/2008,
Callable 05/01/2003 @104.63
2,360,000 P&L Coal Holdings Corp., 2,124,000
9.625%, 05/15/2008,
Callable 05/15/2003 @104.81
5,570,000 RCN Corp. Senior Notes, 3,300,225
0.00%, 07/01/2008,
Callable 07/01/2003 @105.50
(Note A, p. 8)
5,700,000 United Rentals Inc. Senior 5,044,500
Subordinated Notes,
8.80%, 08/15/2008 (Note A, p. 8)
5,645,000 Cogentrix Energy Inc. Senior Notes, 5,694,394
8.75%, 10/15/2008 (Note A, p. 8)
6,350,000 Agrilink Foods Inc. Senior 6,000,750
Subordinated Notes,
11.875%, 11/01/2008,
Callable 11/01/2003 @105.938
(Note A, p. 8)
7,450,000 Level 3 Communications Inc. 4,116,125
Senior Notes, 0.00%, 12/01/2008,
Callable 12/01/2003 @105.25
(Note A, p. 8)
6,500,000 Primark Corp. Senior Subordinated 6,069,375
Notes, 9.25%, 12/15/2008,
Callable 12/05/2004 @104.63
(Note A, p. 8)
1,265,000 D.R. Horton Inc., 1,059,438
8.00%, 02/01/2009
4,475,000 Standard Pacific Corp. Senior 3,848,500
Subordinated Notes,
8.50%, 04/01/2009,
Callable 04/01/2004 @104.25
(Note A, p. 8)
6,510,000 IT Group Inc. Senior Subordinated 6,208,913
Notes Series B,
11.25%, 04/01/2009,
Callable 04/01/2004 @106.63
(Note A, p. 8)
6,605,000 Grove Holdings LLC Senior Notes, 561,425
0.00%, 05/01/2009,
Callable 05/01/2003 @105.81
(Note A, p. 8)
1,290,000 K. Hovnanian Enterprises Inc. 1,102,950
Senior Notes, 9.125%, 05/01/2009,
Callable 05/01/2004 @104.56
3,405,000 Atrium Companies Inc. Senior 3,226,238
Subordinated Notes Series B,
10.50%, 05/01/2009,
Callable 05/01/2004 @105.25
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
3,160,000 Allied Waste North America Inc. $ 2,346,300
Series B, 10.00%, 08/01/2009,
Callable 08/01/2004 @105
(Note A, p. 8)
3,000,000 Worldwide Fibre Inc. Senior Notes, 2,842,500
12.00%, 08/01/2009,
Callable 08/01/2004 @106
(Note A, p. 8)
2,230,000 Charter Communications Holdings 1,220,925
LLC Senior Notes, Rule 144A,
0.00%, 01/15/2010,
Callable 01/15/2005 @105.87
4,105,000 Level 3 Communications Inc. Senior 2,052,500
Notes, Rule 144A,
0.00%, 03/15/2010,
Callable 03/15/2005 @106.44
(Note A, p. 8)
2,800,000 Republic of Philippines, Global 2,565,466
Bond, 9.875%, 01/15/2019
820,000 Republic of Turkey Senior 871,250
Unsubordinated Notes, Global Bond,
11.875%, 01/15/2030
785,000 Federal Republic of Brazil, Global 758,703
Bond, 12.25%, 03/06/2030
-------------
Total High Yield (Cost $203,392,198) 187,345,884
-------------
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 1.69%
--------------------------------------------------------------------------------
7,745,000 First Industrial LP, 7,625,336
6.50%, 04/05/2001
12,865,000 ERP Operating LP, 12,589,380
7.10%, 06/23/2004
12,735,000 Security Capital Group Inc., 11,673,030
6.95%, 06/15/2005
(Note B, p. 8)
6,455,000 EOP Operating LP, 5,657,820
7.25%, 02/15/2018
-------------
Total Real Estate Investment Trusts
(Cost $39,663,920) 37,545,566
-------------
Total U.S. Dollar Investments
(Cost $2,783,011,600) 2,726,493,214
-------------
--------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 5.01%
--------------------------------------------------------------------------------
CANADA GOVERNMENT-CANADIAN DOLLAR
DENOMINATED: 2.21%
--------------------------------------------------------------------------------
C$ 71,165,000
Canada Government Treasury Bills, 49,011,282
Discount rate 5.07%, 04/13/2000
-------------
Total Canada Government-Canadian Dollar
Denominated (Cost $48,357,345) 49,011,282
-------------
Schedule of Investments--Taxable Bond Portfolios 7
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
CANADA FINANCE-CANADIAN DOLLAR
DENOMINATED: 0.29%
--------------------------------------------------------------------------------
C$ 9,371,000
Newcourt Credit Group Inc., $ 6,507,847
7.90%, 08/15/2000
-------------
Total Canada Finance-Canadian Dollar
Denominated (Cost $6,298,287) 6,507,847
-------------
--------------------------------------------------------------------------------
CANADA INDUSTRIAL-CANADIAN DOLLAR
DENOMINATED: 0.30%
--------------------------------------------------------------------------------
C$ 9,945,000
Trizec Hahn Corp., 6,579,784
6.00%, 09/03/2002
-------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $6,410,618) 6,579,784
-------------
--------------------------------------------------------------------------------
GERMANY GOVERNMENT-EURO DENOMINATED: 1.06%
--------------------------------------------------------------------------------
EU 22,875,198
Deutschland Republic, 23,546,954
6.25%, 01/04/2024
-------------
Total Germany Government-Euro Denominated
(Cost $32,402,430) 23,546,954
--------------------------------------------------------------------------------
ITALY FINANCE-ITALIAN LIRA DENOMINATED: 0.80%
--------------------------------------------------------------------------------
IL 36,345,000,000
SCCR Ltd., Floating Rate Note, 17,901,878
3.50%, 05/15/2000 (Note C, below)
-------------
Total Italy Finance-Italian Lira Denominated
(Cost $20,745,221) 17,901,878
-------------
--------------------------------------------------------------------------------
MEXICO GOVERNMENT-DEUTSCHEMARK
DENOMINATED: 0.16%
--------------------------------------------------------------------------------
DM 9,250,000
United Mexican States, 3,549,130
5.01%, 12/31/2019 (Note C, below)
DM 5,443,000
United Mexican States, Rights, 0
Expiration 06/30/2003
-------------
Total Mexico Government-Deutschemark
Denominated (Cost $3,578,576) 3,549,130
-------------
--------------------------------------------------------------------------------
UNITED KINGDOM FINANCE-BRITISH POUND
DENOMINATED: 0.19%
--------------------------------------------------------------------------------
BP 2,625,000
General Motors Acceptance Corp., 4,166,726
Floating Rate Note,
6.343%, 09/25/2002 (Note C, below)
-------------
Total United Kingdom Finance-British Pound
Denominated (Cost $4,411,939) 4,166,726
-------------
Total Non-U.S. Dollar Investments
(Cost $122,204,416) 111,263,601
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $2,905,216,016) 127.81% $2,837,756,815
(Note F, below)
Cash and Other Assets, Less Liabilities (27.81) (617,547,115)
------------- -------------
Net Assets (Equivalent to $12.51
per share based on 177,464,381
shares of capital stock outstanding) 100.00% $2,220,209,700
============= =============
--------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
--------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
--------------------------------------------------------------------------------
633 U.S. 30 Year Treasury $59,521,781 $ (2,314,407)
Bond June 2000
-------------
Total Short Futures Contract $ (2,314,407)
-------------
--------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral
for when-issued securities
(B) Represents entire or partial position segregated as collateral
for futures transactions
(C) Fair-valued security
(D) Represents entire or partial position pledged as collateral
for futures transactions
(E) When-issued security
(F) At March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Short Duration Plus Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
U.S. DOLLAR INVESTMENTS: 108.28%
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 29.67%
--------------------------------------------------------------------------------
Commercial Paper: 11.10%
5,000,000 Associates First Capital Corp., $ 4,998,264
Discount rate 6.25%, 04/03/2000
25,000,000 UBS Finance Delaware Inc., 24,991,278
Discount rate 6.28%, 04/03/2000
25,000,000 Prudential Funding Corp., 24,991,250
Discount rate 6.30%, 04/03/2000
-------------
Total Commercial Paper (Cost $54,980,792) 54,980,792
-------------
U.S. Government Agencies: 13.84%
28,310,000 Federal Home Loan Mortgage Corp. 26,883,997
Discount Notes, Discount rate
6.05%, 01/16/2001 (Note A, p. 14)
28,285,000 Federal Farm Credit Bank 26,859,436
Consolidated Discount Notes,
Discount rate 5.94%, 01/19/2001
(Notes A & B, p. 14)
15,675,000 Federal Farm Credit Bank 14,786,227
Consolidated Discount Notes,
Discount rate 6.03%, 02/23/2001
-------------
Total U.S. Government Agencies
(Cost $68,661,884) 68,529,660
-------------
Repurchase Agreement: 4.73%
23,403,000 State Street Bank & Trust Co., 23,403,000
Repurchase Agreement, Dated
03/31/2000, 6.25%, maturing
04/03/2000 for $23,415,189,
collateral 22,255,000 principal
amount U.S. Treasury Bond,
6.625%, 02/15/2027,
value $23,873,406
-------------
Total Repurchase Agreement (Cost $23,403,000) 23,403,000
-------------
Total Short-Term Investments
(Cost $147,045,676) 146,913,452
-------------
--------------------------------------------------------------------------------
U.S. TREASURY NOTES: 10.00%
--------------------------------------------------------------------------------
27,000,000 6.625%, 03/31/2002 (Note A, p. 14) 27,050,625
17,890,000 6.50%, 05/31/2002 (Note A, p. 14) 17,878,819
4,590,000 6.25%, 08/31/2002 (Note A, p. 14) 4,564,181
-------------
Total U.S. Treasury Notes (Cost $50,089,217) 49,493,625
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.88%
4,371,271 3.875%, 04/15/2029 $ 4,337,298
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $4,170,304) 4,337,298
-------------
--------------------------------------------------------------------------------
MORTGAGE DERIVATIVES: 0.25%
--------------------------------------------------------------------------------
186,417 G.E. Capital Mortgage Services, 185,586
Inc. Series 1994-5 Class A4,
6.50%, 02/25/2024
129,070 G.E. Capital Mortgage Services, 128,363
Inc. Series 1994-11-CA Class A1,
6.50%, 03/25/2024
220,439 Prudential Home Mortgage 220,224
Securities Series 1994-15 Class A1,
8.00%, 05/25/2024
750,000 Federal Home Loan Mortgage Corp. 717,888
Series 2178 PB, 7.00%, 08/15/2029
-------------
Total Mortgage Derivatives (Cost $1,269,469) 1,252,061
-------------
--------------------------------------------------------------------------------
COMMERCIAL MORTGAGE-BACKED SECURITIES: 8.58%
--------------------------------------------------------------------------------
2,183,063 Prudential Securities Secured 2,154,349
Financing Corp. Series 1998-C1
Class A-1A, 6.105%, 11/15/2002
2,457,406 Morgan Stanley Capital Inc. Series 2,421,540
1997-ALIC Class A1B,
6.44%, 11/15/2002
2,104,336 DLJ Mortgage Acceptance Corp. 2,104,990
Series 1993-MF12 Class A1,
7.35%, 09/18/2003
2,200,764 DLJ Mortgage Acceptance Corp. 2,217,749
Series 1994-MF11 Class A1,
8.10%, 06/18/2004 (Note C, p. 14)
2,495,000 Morgan Stanley Capital I Series 2,445,252
1997-LB1 Class A2, Rule 144A,
6.86%, 07/15/2005 (Note C, p. 14)
3,569,763 Chase Commercial Mortgage 3,591,123
Securities Corp. Series 1996-1
Class A1, 7.60%, 12/18/2005
4,215,000 Morgan Stanley Capital I Series 4,200,344
1996-WFI Class A2, Rule 144A,
7.22%, 01/16/2006 (Note C, p. 14)
2,194,693 FMAC Loan Receivables Trust Series 2,129,278
1998-A Class A1,
6.20%, 09/15/2020 (Note C, p. 14)
1,302,244 FDIC Remic Trust Commercial 1,276,870
Mortgage Class 1996-C1,
6.75%, 05/25/2026
2,476,369 Goldman Sachs Mortgage Securities 2,437,701
Corp. II Series 1996-PL Class A1,
7.02%, 02/15/2027
992,072 RMF Commercial Series 1995-1 965,241
Class A2, 7.10%, 11/28/2027
(Note C, p. 14)
*See Note 1, page 26 in Notes to Financial Statements
Schedule of Investments--Taxable Bond Portfolios 9
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
329,574 Allied Capital Commercial Mortgage $ 323,939
Trust Series 1998-1 Class A,
Rule 144A, 6.31%, 01/25/2028
(Note C, p. 14)
2,347,679 First Union Lehman Brothers 2,335,433
Commericial Mortgage Series
1997-C1 Class A1, 7.15%, 04/18/2029
3,290,642 J.P. Morgan Commercial Mortgage 3,211,019
Finance Corp. Series 1998-C6
Class A1, 6.373%, 01/15/2030
2,589,818 LB Commercial Conduit Mortgage 2,516,770
Trust Series 1998-C1 Class A1,
6.33%, 02/18/2030
2,000,000 Salomon Brothers Mortgage 1,894,978
Securities VII Inc. Series 2000-NL1
Class A2, 6.905%, 10/15/2030
(Note C, p. 14)
3,993,704 Credit Suisse First Boston 3,779,781
Mortgage Securities Corp. Series
1998-C2 Class A1,
5.96%, 11/17/2030
2,543,214 Credit Suisse First Boston 2,491,841
Mortgage Securities Corp. Series
1997-C2 Class A1,
6.40%, 01/17/2035
-------------
Total Commercial Mortgage-Backed Securities
(Cost $43,803,598) 42,498,198
-------------
--------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 12.86%
--------------------------------------------------------------------------------
1,045,000 Federal National Mortgage 982,950
Association Pool TBA,
6.00%, 04/18/2015 (Note D, p. 14)
5,775,898 Government National Mortgage 5,880,769
Association Pool #780772,
8.00%, 12/15/2017
11,990,000 Federal Home Loan Mortgage Corp. 11,791,386
Gold Pool TBA,
7.50%, 04/13/2030 (Note D, p. 14)
2,580,000 Federal National Mortgage 2,535,650
Association Pool TBA,
7.50%, 04/13/2030 (Note D, p. 14)
11,000,000 Government National Mortgage 10,900,285
Association Pool TBA,
7.50%, 04/19/2030 (Note D, p. 14)
5,020,000 Federal National Mortgage 4,562,578
Association Pool TBA,
6.00%, 05/15/2030 (Note D, p. 14)
2,485,000 Federal Home Loan Mortgage Corp. 2,328,134
Gold Pool TBA,
6.50%, 05/15/2030 (Note D, p. 14)
15,555,000 Federal National Mortgage 14,561,807
Association Pool TBA,
6.50%, 05/15/2030 (Note D, p. 14)
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
10,040,000 Government National Mortgage $10,127,820
Association Pool TBA,
8.00%, 05/15/2030 (Note D, p. 14)
-------------
Total Mortgage Pass-Throughs
(Cost $63,643,901) 63,671,379
-------------
--------------------------------------------------------------------------------
FINANCE: 14.82%
--------------------------------------------------------------------------------
4,500,000 Key Bank North America, 4,497,233
5.75%, 04/25/2000
1,500,000 Paine Webber Group, Inc. 1,497,478
Subordinated Medium-Term Notes,
5.963%, 07/20/2000
6,815,000 Case Credit Corp. Medium-Term 6,793,226
Notes, 5.95%, 08/01/2000
2,895,000 Lehman Brothers Holdings, Inc. 2,885,889
Senior Subordinated Notes,
6.625%, 11/15/2000
2,775,000 Salomon Inc. Medium-Term Notes, 2,771,955
6.625%, 11/30/2000
3,320,000 Heller Financial Inc. Medium-Term 3,271,282
Notes, 5.48%, 02/05/2001
3,000,000 Boeing Capital Corp. Medium-Term 2,977,218
Notes, 5.56%, 02/05/2001
(Note C, p. 14)
2,470,000 Heller Financial Inc. Medium-Term 2,445,070
Notes, 5.746%, 02/26/2001
(Note C, p. 14)
5,500,000 First USA North America Bank Notes, 5,433,766
6.125%, 06/25/2001
2,860,000 Boeing Capital Corp. Medium-Term 2,826,741
Notes, 6.35%, 07/26/2001
(Note C, p. 14)
4,150,000 Finovia Capital Corp. Medium-Term 4,033,300
Notes, 5.73%, 09/24/2001
6,350,000 Transamerica Finance Corp. 6,294,458
Medium-Term Notes Series F,
6.80%, 12/14/2001
5,800,000 Merrill Lynch & Co., Inc. 5,653,985
Medium-Term Notes,
5.73%, 02/26/2002 (Note C, p. 14)
5,360,000 Household Finance Corp. Senior 5,218,391
Medium-Term Notes,
6.125%, 07/15/2002
4,180,000 Capital One Bank Notes, 4,105,675
6.76%, 07/23/2002
2,935,000 Textron Financial Corp. 2,929,566
Medium-Term Notes, Rule 144A,
7.18%, 10/15/2002
2,060,000 Bombardier Capital Inc. Medium-Term 2,045,338
Notes, Yankee Bond, Rule 144A,
7.30%, 12/15/2002
5,000,000 Morgan Stanley Group Inc., 4,973,865
7.125%, 01/15/2003
10 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
2,725,000 Bear Stearns Co., Inc. Senior Notes, $ 2,718,606
7.625%, 02/01/2005
-------------
Total Finance (Cost $74,112,649) 73,373,042
-------------
--------------------------------------------------------------------------------
INDUSTRIAL: 11.06%
--------------------------------------------------------------------------------
3,100,000 Norfolk Southern Corp., 3,099,870
6.70%, 05/01/2000
1,500,000 Owens Corning Medium-Term Notes, 1,499,872
7.00%, 05/15/2000
4,820,000 Whirlpool Corp., 4,841,141
9.50%, 06/15/2000
5,540,000 Ingersoll Rand Co. Senior Notes, 5,494,609
6.255%, 02/15/2001
5,500,000 Tyco International Group S.A., 5,407,028
6.125%, 06/15/2001
2,785,000 Philip Morris Inc., 2,746,856
7.25%, 09/15/2001
3,730,000 Burlington North Sante Fe Pacific, 3,782,705
8.375%, 11/01/2001
2,620,000 K.N. Energy Inc. Senior Notes, 2,577,642
6.45%, 11/30/2001
2,795,000 Union Oil Co. of California, 2,798,476
7.64%, 04/22/2002
4,200,000 TTX Co., 6.29%, 05/15/2002 4,084,290
(Note E, p. 14)
4,950,000 Apache Corp., 5,085,044
9.25%, 06/01/2002
1,665,000 Cinergy Corp. Debentures, 1,582,747
6.125%, 04/15/2004
1,300,000 Republic of Korea, Global Bond, 1,353,908
U.S. Dollar Denominated,
8.875%, 04/15/2008
1,895,000 Champion International Corp., 1,798,221
6.40%, 02/15/2026,
Putable 02/15/2006 @100
5,530,000 Lilly Del Mar Inc., Floating Rate 5,588,563
Note, Rule 144A,
6.57%, 08/05/2029,
Callable 08/05/2004 @100
3,000,000 Merck & Co. Medium-Term Notes 2,997,748
Series B, 5.76%, 05/03/2037,
Putable Annually
05/03/2000-05/03/2036 @100
-------------
Total Industrial (Cost $55,693,551) 54,738,720
--------------------------------------------------------------------------------
UTILITIES: 1.57%
--------------------------------------------------------------------------------
4,590,000 Telecom de Puerto Rico Senior 4,455,903
Notes, 6.15%, 05/15/2002
3,430,000 Hyder plc, Yankee Bond, Rule 144A, 3,300,514
6.75%, 12/15/2004 (Note C, p. 14)
-------------
Total Utilities (Cost $7,964,368) 7,756,417
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
TAXABLE MUNICIPALS: 0.97%
--------------------------------------------------------------------------------
1,450,000 Oklahoma Development Finance $ 1,444,374
Authority Revenue, Taxable
Refunding Hillcrest Series B,
6.30%, 08/15/2000
1,690,000 Virgin Islands Public Finance 1,663,619
Authority Revenue, Taxable
Refunding Senior Lien Loan Notes
Series B, 6.99%, 10/01/2001
1,865,300 California Maritime Infrastructure 1,713,987
Authority, 6.63%, 11/01/2009
-------------
Total Taxable Municipals (Cost $4,979,982) 4,821,980
-------------
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 7.08%
--------------------------------------------------------------------------------
4,185,000 Honda Auto Lease Trust Series 4,148,021
1999-A Class A4,
6.45%, 09/16/2002 (Note C, p. 14)
5,450,000 John Deere Owner Trust, 5,371,874
Asset-Backed Notes Series 1999-A
Class A3, 5.94%, 10/15/2002
7,395,000 Case Equipment Loan Trust Series 7,373,739
1998-B Class A3,
5.81%, 05/15/2003
1,380,000 The Money Store Auto Trust Series 1,374,708
1996-2, 6.435%, 06/20/2003
2,900,000 Pemex Finance Ltd., 2,907,485
6.125%, 11/15/2003 (Note C, p. 14)
120,633 Newcourt Receivables Asset Trust 120,276
Series 1996-2, Asset-Backed Notes
Class A, 6.87%, 06/20/2004
60,320 Copelco Capital Funding Corp. II, 60,352
Class A Lease-Backed Notes Series
1996-A, 6.34%, 07/20/2004
191,738 Copelco Capital Funding Corp. II, 191,738
Class B Lease-Backed Notes Series
1996-A, 6.59%, 07/20/2004
1,569,786 Capital Asset Research Funding, 1,557,501
Rule 144A, 6.40%, 12/15/2004
(Note C, p. 14)
114,851 Newcourt Receivables Asset Trust 114,458
Series 1996-3, Asset-Backed Notes
Class A, 6.24%, 12/20/2004
4,234,588 Newcourt Receivables Asset Trust 4,203,019
Series 1997-1, Asset-Backed Notes
Class A4, 6.193%, 05/20/2005
1,058,131 New York City Tax Lien Trust 1,052,705
Series 1997-1 Class A, Rule 144A,
6.46%, 05/25/2005 (Note C, p. 14)
64,351 New York City Tax Lien Trust 63,944
Series 1997-1 Class B, Rule 144A,
6.56%, 05/25/2005 (Note C, p. 14)
1,826,783 Green Tree Financial Corp. Series 1,824,746
1997-1 Class A3,
6.17%, 09/20/2005
Schedule of Investments--Taxable Bond Portfolios 11
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
595,408 ABFS Equipment Contract Trust $ 591,636
Series 1998-A Class A,
6.10%, 10/15/2005 (Note C, p. 14)
1,059,845 Capital Asset Research Funding 1,049,811
1998-A Tax Lien,
5.905%, 12/15/2005 (Note C, p. 14)
634,772 New York City Tax Lien Trust 622,046
Series 1998-1 Class A, Rule 144A,
5.93%, 07/25/2006 (Note C, p. 14)
808,627 Green Tree Financial Corp. Series 799,556
1996-A Class A1,
5.55%, 02/15/2018
1,656,665 Green Tree Recreational Equipment 1,623,208
& Consumer Trust Series 1998-A
Class A1C, 6.18%, 06/15/2019
-------------
Total Asset-Backed Securities (Cost $35,239,809) 35,050,823
-------------
--------------------------------------------------------------------------------
HIGH YIELD: 6.57%
--------------------------------------------------------------------------------
839,000 Fleming Companies Inc. Senior 830,610
Notes, 10.625%, 12/15/2001,
Callable 12/15/2000 @101.50
1,515,000 Adelphia Communications, 1,507,425
9.25%, 10/01/2002
855,000 Republic of Argentina Series D, 677,588
Global Bond, 0.00%, 10/15/2002
445,000 Tenet Healthcare Corp. Senior 433,472
Notes, 7.875%, 01/15/2003
1,495,000 Interpool Inc., 6.625%, 03/01/2003 1,329,390
790,000 Century Communications Corp., 580,650
0.00%, 03/15/2003
1,525,000 Healthsouth Corp., 1,199,031
3.25%, 04/01/2003,
Callable 04/05/2001 @101.30
820,000 US Air Inc., 754,400
9.625%, 09/01/2003
1,620,000 Veritas DGC Inc. Series C, 1,632,594
9.75%, 10/15/2003,
Callable 10/15/2000 @104.875
(Note C, p. 14)
368,255 America West Airlines, 368,111
10.50%, 01/02/2004 (Note C, p. 14)
1,065,000 Americredit Corp., 1,033,050
9.25%, 02/01/2004,
Callable 02/01/2001 @104.63
750,000 Kaufman & Broad Home Corp. Senior 705,000
Notes, 7.75%, 10/15/2004
565,000 Tenet Healthcare Corp. Senior 542,691
Notes, 8.00%, 01/15/2005
550,000 Packaged Ice Inc. Senior Notes 457,875
Series B, 9.75%, 02/01/2005,
Callable 02/01/2002 @104.87
345,000 NVR Inc. Senior Notes, 312,225
8.00%, 06/01/2005,
Callable 06/01/2003 @104
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
580,000 Jones International Networks Ltd., $ 585,800
11.75%, 07/01/2005,
Callable 07/01/2003 @105.87
715,000 Continental Airlines Inc., 653,331
8.00%, 12/15/2005
615,000 Worldwide Fibre Inc. Senior Notes, 605,775
12.50%, 12/15/2005,
Callable 12/15/2003 @106.25
480,000 Allied Waste North America Inc. 396,000
Series B, 7.625%, 01/01/2006
515,000 Federal-Mogul Co., 422,999
7.375%, 01/15/2006
2,170,000 Agco Corp. Senior Subordinated 2,009,963
Notes, 8.50%, 03/15/2006
460,000 Alestra S.A. Senior Notes, 470,350
Global Bond, 12.125%, 05/15/2006
830,000 Generac Portable Products Senior 776,050
Subordinated Notes,
11.25%, 07/01/2006,
Callable 07/01/2002 @107.63
170,000 Consumers Packaging Inc. Senior 89,250
Notes, 9.75%, 02/01/2007,
Callable 02/01/2003 @104.87
1,595,000 Labranche & Co. Senior 1,577,056
Subordinated Notes, Rule 144A,
12.00%, 03/01/2007
1,100,000 MDC Holdings Inc. Senior Notes, 924,000
8.375%, 02/01/2008,
Callable 02/01/2003 @104.19
535,000 Covad Communications Group Inc. 302,275
Senior Notes Series B,
0.00%, 03/15/2008,
Callable 03/15/2003 @106.75
595,000 Interface Inc. Senior Notes, 469,249
7.30%, 04/01/2008
575,000 Pool Energy Services Co. 580,053
Senior Subordinated Notes,
8.625%, 04/01/2008
605,000 Beazer Homes USA Senior Notes, 512,737
8.875%, 04/01/2008,
Callable 04/01/2003 @104.44
499,853 Continental Airlines Inc., 513,061
11.50%, 04/02/2008
345,000 P&L Coal Holdings Corp., 310,500
9.625%, 05/15/2008,
Callable 05/15/2003 @104.81
1,400,000 RCN Corp. Senior Notes, 829,500
0.00%, 07/01/2008,
Callable 07/01/2003 @105.50
1,085,000 United Rentals Inc. Senior 960,225
Subordinated Notes,
8.80%, 08/15/2008
800,000 Cogentrix Energy Inc. Senior Notes, 807,000
8.75%, 10/15/2008
12 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
1,500,000 Agrilink Foods Inc. Senior $ 1,417,500
Subordinated Notes,
11.875%, 11/01/2008
Callable 11/01/2003 @105.938
850,000 ICN Pharmaceutical Inc. 792,625
Senior Notes,
8.75%, 11/15/2008
1,135,000 Level 3 Communications Inc. 627,088
Senior Notes, 0.00%, 12/01/2008,
Callable 12/01/2003 @105.25
875,000 Primark Corp. Senior Subordinated 817,031
Notes, 9.25%, 12/15/2008,
Callable 12/15/2003 @104.63
1,030,000 IT Group Inc. Senior Subordinated 982,363
Notes Series B, 11.25%, 04/01/2009,
Callable 04/01/2004 @106.63
650,000 K. Hovnanian Enterprises Inc. 555,750
Senior Notes, 9.125%, 05/01/2009,
Callable 05/01/2004 @104.56
650,000 Allied Waste North America Inc. 482,625
Series B, 10.00%, 08/01/2009,
Callable 08/01/2004 @105
715,000 Worldwide Fibre Inc. Senior Notes, 677,463
12.00%, 08/01/2009,
Callable 08/01/2004 @106
-------------
Total High Yield (Cost $34,542,447) 32,511,731
-------------
--------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS: 3.97%
--------------------------------------------------------------------------------
2,860,000 Archstone Communities Trust 2,847,227
Medium-Term Notes,
6.17%, 10/13/2000 (Note C, p. 14)
2,930,000 First Industrial LP, 2,884,730
6.50%, 04/05/2001
3,145,000 Archstone Communities Trust 3,073,124
Medium-Term Notes,
6.37%, 10/15/2001
3,555,000 Spieker Properties LP, 3,551,052
7.58%, 12/17/2001
3,600,000 HRPT Properties Trust 3,454,223
Senior Notes,
6.75%, 12/18/2002
2,300,000 ERP Operating LP, 2,250,725
7.10%, 06/23/2004
1,725,000 Security Capital Group Inc., 1,581,153
6.95%, 06/15/2005
-------------
Total Real Estate Investment Trusts
(Cost $19,988,165) 19,642,234
-------------
Total U.S. Dollar Investments
(Cost $542,543,136) 536,060,960
-------------
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
NON-U.S. DOLLAR INVESTMENTS: 2.94%
--------------------------------------------------------------------------------
CANADA GOVERNMENT-CANADIAN DOLLAR
DENOMINATED 1.22%
--------------------------------------------------------------------------------
C$ 8,745,000
Canada Government Treasury Bills, $ 6,022,675
Discount rate 5.07%, 04/13/2000
-------------
Total Canada Government-Canadian Dollar
Denominated (Cost $5,942,024) 6,022,675
-------------
--------------------------------------------------------------------------------
CANADA FINANCE-CANADIAN DOLLAR
DENOMINATED: 0.16%
--------------------------------------------------------------------------------
C$ 1,160,000
Newcourt Credit Group Inc., 805,581
7.90%, 08/15/2000
-------------
Total Canada Finance-Canadian Dollar
Denominated (Cost $789,642) 805,581
-------------
--------------------------------------------------------------------------------
CANADA INDUSTRIAL-CANADIAN DOLLAR
DENOMINATED: 0.17%
--------------------------------------------------------------------------------
C$ 1,300,000
Trizec Hahn Corp., 860,103
6.00%, 09/03/2002
-------------
Total Canada Industrial-Canadian Dollar
Denominated (Cost $837,989) 860,103
-------------
--------------------------------------------------------------------------------
GERMANY GOVERNMENT-EURO DENOMINATED: 0.68%
--------------------------------------------------------------------------------
EU 3,279,937
Deutschland Republic, 3,376,256
6.25%, 01/04/2024
-------------
Total Germany Government-Euro Denominated
(Cost $4,584,974) 3,376,256
-------------
--------------------------------------------------------------------------------
ITALY FINANCE-ITALIAN LIRA DENOMINATED: 0.49%
--------------------------------------------------------------------------------
IL 4,935,000,000
SCCR Ltd., Floating Rate Note, 2,430,754
3.50%, 05/15/2000 (Note C, p. 14)
-------------
Total Italy Finance-Italian Lira Denominated
(Cost $2,816,562) 2,430,754
-------------
--------------------------------------------------------------------------------
MEXICO GOVERNMENT-DEUTSCHEMARK
DENOMINATED: 0.10%
--------------------------------------------------------------------------------
DM 1,275,000
United Mexican States, 489,204
5.01%, 12/31/2019 (Note C, p. 14)
DM 750,000
United Mexican States, Rights, 0
Expiration 06/30/2003
-------------
Total Mexico Government-Deutschemark
Denominated (Cost $494,134) 489,204
-------------
Schedule of Investments--Taxable Bond Portfolios 13
<PAGE>
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
UNITED KINGDOM FINANCE-BRITISH POUND
DENOMINATED: 0.12%
--------------------------------------------------------------------------------
BP 375,000
General Motors Acceptance Corp., $ 595,247
Floating Rate Note,
6.343%, 09/25/2002 (Note C, below)
-------------
Total United Kingdom Finance-British Pound
Denominated (Cost $630,316) 595,247
-------------
Total Non-U.S. Dollar Investments
(Cost $16,095,641) 14,579,820
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $558,638,777) 111.22% $ 550,640,780
(Note F, below)
Cash and Other Assets, Less Liabilities (11.22) (55,563,410)
------------- -------------
Net Assets (Equivalent to $12.22
per share based on 40,529,172
shares of capital stock outstanding) 100.00% $ 495,077,370
------------- -------------
--------------------------------------------------------------------------------
SHORT FUTURES CONTRACT
--------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Depreciation
--------------------------------------------------------------------------------
166 U.S. 30 Year Treasury $15,609,188 $ (606,937)
Bond June 2000
-------------
Total Short Futures Contract $ (606,937)
-------------
--------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral
for when-issued securities
(B) Represents entire or partial position segregated as collateral
for futures transactions
(C) Fair-valued security
(D) When-issued security
(E) Represents entire or partial position pledged as collateral
for futures transactions
(F) At March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
See Notes to Financial Statements.
14 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Government Short Duration Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Principal Amount Description Market Value*
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS: 15.22%
--------------------------------------------------------------------------------
U.S. Government Agencies: 14.65%
5,880,000 Federal Home Loan Mortgage Corp. $ 5,583,819
Discount Notes, Discount rate
6.05%, 01/16/2001
5,895,000 Federal Farm Credit Bank 5,597,892
Consolidated Discount Notes,
Discount rate 5.94%, 01/19/2001
5,470,000 Federal Farm Credit Bank 5,390,072
Short-Term Notes, Discount rate
4.875%, 02/02/2001
-------------
Total U.S. Government Agencies
(Cost $16,669,625) 16,571,783
-------------
Repurchase Agreement: 0.57%
645,000 State Street Bank & Trust Co., 645,000
Repurchase Agreement, Dated
03/31/2000, 6.25%, maturing
04/03/2000 for $645,336,
collateral 615,000 principal
amount U.S. Treasury Bond,
6.625%, 02/15/2027,
value $659,723
-------------
Total Repurchase Agreement
(Cost $645,000) 645,000
-------------
Total Short-Term Investments (Cost $17,314,625) 17,216,783
-------------
--------------------------------------------------------------------------------
U.S. TREASURY NOTES: 56.34%
--------------------------------------------------------------------------------
1,515,000 4.00%, 10/31/2000 1,495,590
1,340,000 5.75%, 11/15/2000 1,335,813
25,450,000 6.625%, 06/30/2001 (Note A, below) 25,465,906
5,420,000 6.625%, 03/31/2002 5,430,163
11,630,000 6.50%, 05/31/2002 11,622,731
1,075,000 6.25%, 08/31/2002 1,068,953
17,560,000 5.875%, 09/30/2002 17,324,046
-------------
Total U.S. Treasury Notes (Cost $64,212,918) 63,743,202
-------------
--------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITY: 0.81%
--------------------------------------------------------------------------------
928,639 3.875%, 04/15/2029 921,093
-------------
Total U.S. Treasury Inflation Protection Security
(Cost $885,931) 921,093
-------------
--------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES: 26.35%
--------------------------------------------------------------------------------
7,000,000 Federal Home Loan Mortgage Corp., 6,906,158
5.00%, 02/15/2001
--------------------------------------------------------------------------------
Principal Amount Description Market Value
--------------------------------------------------------------------------------
6,940,000 Federal Home Loan Bank, $ 6,877,540
5.625%, 03/19/2001
13,670,000 Federal Home Loan Bank, 13,433,195
5.50%, 08/13/2001
2,685,000 Federal National Mortgage 2,598,669
Association,
4.625%, 10/15/2001
-------------
Total U.S. Government Agencies
(Cost $30,401,018) 29,815,562
-------------
--------------------------------------------------------------------------------
MORTGAGE PASS-THROUGHS: 7.37%
--------------------------------------------------------------------------------
200,000 Federal National Mortgage 188,124
Association Pool TBA,
6.00%, 04/18/2015 (Note B, below)
165,000 Federal National Mortgage 161,751
Association Pool TBA,
7.00%, 05/18/2015 (Note B, below)
550,000 Federal National Mortgage 540,546
Association Pool TBA,
7.50%, 04/13/2030 (Note B, below)
2,000,000 Government National Mortgage 1,981,870
Association Pool TBA,
7.50%, 04/19/2030 (Note B, below)
940,000 Federal National Mortgage 854,350
Association Pool TBA,
6.00%, 05/15/2030 (Note B, below)
3,355,000 Federal National Mortgage 3,140,826
Association Pool TBA,
6.50%, 05/15/2030 (Note B, below)
1,460,000 Government National Mortgage 1,472,771
Association Pool TBA,
8.00%, 05/15/2030 (Note B, below)
-------------
Total Mortgage Pass-Throughs (Cost $8,309,642) 8,340,238
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $121,124,134) 106.09% $120,036,878
(Note C, below)
Cash and Other Assets, Less Liabilities (6.09) (6,893,644)
------------- -------------
Net Assets (Equivalent to $12.37
per share based on 9,143,466
shares of capital stock outstanding) 100.00% $113,143,234
------------- -------------
------------- -------------
--------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral
for when-issued securities
(B) When-issued security
(C) At March 31, 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 the Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 15
<PAGE>
This page intentionally left blank.
<PAGE>
This page intentionally left blank.
<PAGE>
Sanford C. Bernstein Fund, Inc.
SEMIANNUAL REPORT
MARCH 31, 2000
Schedule of Investments
Stock Portfolios
-------------------------------
-------------------------------
-------------------------------
-------------------------------
-------------------------------
Tax-Managed International Value
-------------------------------
International Value II
-------------------------------
Emerging Markets Value
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Tax-Managed
International Value Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Shares Description Market Value*
--------------------------------------------------------------------------------
EQUITIES: 96.99%
--------------------------------------------------------------------------------
AUSTRALIA: 1.52%
--------------------------------------------------------------------------------
Broadcasting & Publishing
1 PMP Communications Ltd. $ 1
Paper & Forest Products
2,652,993 Amcor Ltd. 9,185,157
Real Estate
2,550,700 Amp Diversified Property Trust 3,511,978
6,785,319 Westfield Trust 12,717,311
513,068 Westfield Trust RFD (08/31/2000) 933,604
(Note A, p. 5)
Telecommunications
6,500,000 Cable & Wireless Optus Ltd. 26,020,990
(Note A, p. 5)
------------
Total Australian Stocks
(Cost $48,364,813) 52,369,041
------------
--------------------------------------------------------------------------------
AUSTRIA: 0.22%
--------------------------------------------------------------------------------
Energy Sources
63,000 OMV AG 4,821,225
Metal-Steel
93,867 Voest-Alpine Stahl AG 2,921,176
------------
Total Austrian Stocks
(Cost $9,184,847) 7,742,401
------------
--------------------------------------------------------------------------------
CANADA: 4.91%
--------------------------------------------------------------------------------
Banking
465,000 Bank of Nova Scotia 9,296,799
1,200,000 National Bank of Canada 17,549,897
Broadcasting & Publishing
757,400 Quebecor Printing Inc. 13,865,685
Electrical & Electronics
314,200 C-MAC Industries Inc. (Note A, p. 5) 13,515,141
Energy Sources
134,080 Suncor Inc. 5,799,675
Insurance
147,500 Canada Life Financial Corp. 2,248,538
Leisure
27,760 Magna Entertainment Corp. (Class A) 93,616
(Note A, p. 5)
Machinery & Engineering
370,200 Finning International Inc. 2,968,224
138,800 Magna International Inc. (Class A) 5,373,366
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Metal-Steel
1,126,400 Dofasco Inc. $ 19,690,681
Telecommunications
123,400 BCE Inc. 15,371,920
2,000,000 Mitel Corp. (Note A, p. 5) 48,657,949
Utilities-Electric, Gas & Water
590,350 NS Power Holdings Inc. 5,403,754
574,900 Westcoast Energy Inc. 9,594,856
------------
Total Canadian Stocks
(Cost $112,441,021) 169,430,101
------------
--------------------------------------------------------------------------------
FINLAND: 1.07%
--------------------------------------------------------------------------------
Insurance
252,200 Sampo Insurance Co.-'A' Free 9,659,763
(Note C, p. 5)
Merchandising
262,200 Kesko Ltd. (Note C, p. 5) 3,552,635
Paper & Forest Products
2,203,100 Stora Enso Oy (Note C, p. 5) 23,627,276
------------
Total Finnish Stocks
(Cost $27,319,246) 36,839,674
------------
--------------------------------------------------------------------------------
FRANCE: 10.60%
--------------------------------------------------------------------------------
Automobiles
214,030 Peugeot S.A. 46,317,435
132,128 Renault S.A. 5,693,362
Banking
253,000 Banque Nationale de Paris 19,986,460
168,047 Natexis (Note C, p. 5) 12,712,158
37,315 Societe Generale (Note C, p. 5) 7,446,335
Beverage & Tobacco
210,000 Pernod Ricard (Note C, p. 5) 10,104,545
Broadcasting & Publishing
8,835 Metropole Television S.A. 6,040,407
(Note C, p. 5)
Building Materials
229,676 Lafarge 19,595,427
Business & Public Services
55,000 Havas Advertising S.A. (Note C, p. 5) 29,755,863
Electrical & Electronics
79,591 Alcatel Alsthom 17,475,493
Energy Sources
290,171 Total Fina 43,484,028
Health & Personal Care
185,100 Aventis S.A. 10,138,270
Machinery & Engineering
254,460 Vallourec 7,918,890
Metal-Steel
2,137,798 Usinor S.A. (Note C, p. 5) 33,981,001
Real Estate
206,308 Simco 15,606,466
*See Note 1, page 26 in Notes to Financial Statements
Schedule of Investments--Stock Portfolios 1
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Telecommunications
100,000 Bull S.A. (Note A, p. 5) $ 1,339,612
222,000 France Telecom S.A. 38,263,694
Utilities-Electric, Gas & Water
231,180 Suez Lyonnaise des Eaux 39,757,403
------------
Total French Stocks
(Cost $282,775,190) 365,616,849
------------
--------------------------------------------------------------------------------
GERMANY: 18.34%
--------------------------------------------------------------------------------
Automobiles
512,200 Bayerische Motoren Werke AG 16,258,652
(Note C, p. 5)
940,000 Volkswagen AG (Stamm) (Note C, p. 5) 41,269,443
Banking
1,921,830 Commerzbank (Note C, p. 5) 72,689,801
200,400 Deutsche Pfandbriefbank 19,189,300
1,698,360 IKB Deutsche Industriebank 27,890,435
Building Materials
720,330 Dyckerhoff AG (Vorzug) 17,933,550
Chemicals
1,387,600 BASF AG (Note C, p. 5) 65,836,899
760,000 Bayer AG 34,043,580
Electrical & Electronics
877,700 Siemens AG (Stamm) 126,057,827
Insurance
64,800 Hannover Rueckversicherungs AG 4,188,323
Machinery & Engineering
257,070 Krones AG (Vorzug) 7,384,720
266,510 MAN AG (Vorzug) 6,277,837
Merchandising
429,514 Metro AG (Vorzug) 9,953,002
Telecommunications
564,750 Deutsche Telekom AG 45,425,210
Tires & Rubber
2,338,632 Continental AG 42,547,780
Utilities-Electric, Gas & Water
1,881,460 VEBA AG 95,934,765
------------
Total German Stocks
(Cost $571,407,867) 632,881,124
------------
--------------------------------------------------------------------------------
HONG KONG: 1.54%
--------------------------------------------------------------------------------
Financial Services
2,410,000 Liu Chong Hing Investment Ltd. 1,439,213
Multi-Industry
6,432,500 Jardine Strategic Holdings Ltd. 13,122,300
Real Estate
15,963,000 Amoy Properties Ltd. (Note C, p. 5) 9,891,605
5,552,000 Great Eagle Holdings 8,912,805
4,884,000 Hang Lung Development Co., Ltd. 4,014,306
(Note C, p. 5)
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Transportation-Shipping
4,586,000 Orient Overseas International Ltd. $ 2,473,650
(Note A, p. 5)
Utilities-Electric, Gas & Water
2,962,000 CLP Holdings Ltd. (Note C, p. 5) 13,237,904
------------
Total Hong Kong Stocks
(Cost $58,283,793) 53,091,783
------------
--------------------------------------------------------------------------------
ITALY: 9.74%
--------------------------------------------------------------------------------
Automobiles
3,745 Magneti Marelli S.p.A. ORD 13,806
Banking
10,297,500 Banca Commerciale Italiana 47,033,965
(Note C, p. 5)
1,122,400 Banca Popolare di Bergamo 21,548,818
(Note C, p. 5)
3,407,100 Banca Popolare di Milano 23,620,270
(Note C, p. 5)
Broadcasting & Publishing
1,300,000 Mediaset S.p.A. (Note C, p. 5) 25,842,357
Chemicals
3,026,400 Montefibre S.p.A. ORD (Note C, p. 5) 1,709,778
456,600 Montefibre S.p.A. RNC (Note C, p. 5) 218,609
Conglomerates
420,800 IFIL Finanziaria di 3,445,111
Partecipazioni S.p.A. ORD
(Note C, p. 5)
1,357,400 IFIL Finanziaria di 5,420,075
Partecipazioni S.p.A. RNC
217,500 Italmobiliare S.p.A. ORD (Note C, p. 5) 4,644,357
246,800 Italmobiliare S.p.A. RNC (Note C, p. 5) 3,367,607
Energy Sources
10,537,480 ENI S.p.A. (Note C, p. 5) 52,771,552
Insurance
1,343,000 Unipol S.p.A. ORD 5,015,359
585,500 Unipol S.p.A. RNC 1,104,472
Paper & Forest Products
1,000,000 Burgo (Cartiere) S.p.A. (Note C, p. 5) 6,358,131
Telecommunications
2,043,355 Telecom Italia S.p.A. ORD 30,523,184
(Note C, p. 5)
3,448,873 Telecom Italia S.p.A. RNC 23,513,572
(Note C, p. 5)
1,661,000 Telecom Italia Mobile S.p.A. ORD 20,390,087
(Note C, p. 5)
695,000 Telecom Italia Mobile S.p.A. RNC 3,327,486
(Note C, p. 5)
Tires & Rubber
16,000,000 Pirelli S.p.A. (Note C, p. 5) 41,595,967
Utilities-Electric, Gas & Water
4,612,800 Societa Nordelettrica S.p.A. 14,796,904
(Note C, p. 5)
------------
Total Italian Stocks
(Cost $273,554,652) 336,261,467
------------
2 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
JAPAN: 30.43%
--------------------------------------------------------------------------------
Appliances & Household Durables
3,793,000 Matsushita Electric Industrial $113,422,392
Co., Ltd.
Banking
185,290 Bank of Iwate (Note C, p. 5) 6,858,248
6,007,000 Eighteenth Bank, Ltd. (Note C, p. 5) 18,840,442
163,000 Kagoshima Bank 646,189
75,200 Kita-Nippon Bank, Ltd. (Note C, p. 5) 3,896,790
25,668,000 Mitsui Trust & Banking Co., Ltd. 34,252,335
120 Miyazaki Bank 422
1,858,000 Nanto Bank 11,582,526
1,406,000 San-in Godo Bank, Ltd. (Note C, p. 5) 6,915,989
5,600,000 Sumitomo Bank, Ltd. 44,073,442
300 Yamagata Bank 1,578
Beverage & Tobacco
260,000 Hokkaido Coca-Cola Bottling Co., Ltd. 2,912,385
827,000 Kinki Coca-Cola Bottling Co., Ltd. 10,391,370
(Note C, p. 5)
424,000 Shikoku Coca-Cola Bottling Co., 4,662,699
Ltd. (Note C, p. 5)
Business & Public Services
719,000 Kokuyo Co., Ltd. (Note C, p. 5) 9,454,537
527,000 Toppan Printing Co., Ltd. 5,903,180
(Note C, p. 5)
Chemicals
6,000,000 Daicel Chemical Industries Ltd. 20,454,877
Construction & Housing
2,005,400 Daito Trust Construction Co., Ltd. 34,320,243
(Note C, p. 5)
1,475,000 Sekisui House Ltd. 13,519,457
Cosmetics & Toiletries
2,069,000 Lion Corp. (Note C, p. 5) 8,041,017
Electrical & Electronics
470,100 Futaba Corp. 19,597,993
6,708,000 Hitachi Ltd. 79,647,903
1,267,000 Hitachi Maxell Ltd. (Note C, p. 5) 31,223,007
692,000 Mitsubishi Electric Corp. 6,524,677
(Note C, p. 5)
1,540,000 Nichicon Corp. 46,800,759
3,330,000 Sharp Corp. (Note C, p. 5) 71,196,123
700,000 Taiyo Yuden Co., Ltd. (Note C, p. 5) 45,205,279
Financial Services
1,399,000 Daiwa Securities Co., Ltd. 26,299,810
Food & Household Products
789,400 Ezaki Glico Co., Ltd. (Note C, p. 5) 3,875,299
Health & Personal Care
2,150,000 Daiichi Pharmaceutical Co., Ltd. 33,297,618
791,000 Kissei Pharmaceutical Co., Ltd. 14,192,003
(Note C, p. 5)
Insurance
1,671,900 Chiyoda Fire & Marine (Note C, p. 5) 4,559,801
2,527,000 Dai-Tokyo Fire & Marine (Note C, p. 5) 6,916,544
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Machinery & Engineering
2,400,000 Makita Corp. (Note C, p. 5) $21,249,695
7,435,000 Mitsubishi Heavy Industries, Ltd. 23,391,662
(Note C, p. 5)
Merchandising
1,848,700 Aoyama Trading Co., Ltd. (Note C, p. 5) 28,541,270
3,331,000 Canon Sales Co., Inc. (Note C, p. 5) 48,538,216
228,100 Deodeo Corp. (Note C, p. 5) 1,888,521
720,000 Laox Co., Ltd. 3,716,943
1,110,000 Mycal Corp. (Note C, p. 5) 4,054,449
Metal-Steel
20,412,000 Nisshin Steel Co., Ltd. (Note C, p. 5) 23,460,926
1,671,400 Tokyo Steel Manufacturing Co., Ltd. 4,607,278
(Note C, p. 5)
317,000 Toyo Seikan Kaisha, Ltd. (Note C, p. 5) 5,415,848
Miscellaneous Materials
800,000 Ricoh Co., Ltd. (Note C, p. 5) 17,143,135
Real Estate
396,000 TOC Co. 2,287,323
Recreation & Other Consumer
500,000 Citizen Watch Co., Ltd. 4,212,731
Textiles/Apparel
656,000 Tokyo Style Co., Ltd. (Note C, p. 5) 6,325,817
Transportation-Shipping
2,705,000 Kawasaki Kisen Kaisha Ltd. 4,742,609
(Note C, p. 5)
5,735,000 Mitsui O.S.K. Lines Ltd. 11,339,843
(Note C, p. 5)
Utilities-Electric, Gas & Water
620,600 Chugoku Electric Power Co., Inc. 7,816,060
(Note C, p. 5)
2,832,000 Kyushu Electric Power Co., Inc. 35,170,700
(Note C, p. 5)
4,000,000 Nippon Mitsubishi Oil Corp. 14,610,627
(Note C, p. 5)
226,400 Tohoku Electric Power Co., Inc. 2,899,878
(Note C, p. 5)
Wholesale & International Trade
4,046,000 Marubeni Corp. (Note C, p. 5) 15,251,566
1,985,000 Sumitomo Corp. 24,052,403
-------------
Total Japanese Stocks
(Cost $969,278,870) 1,050,204,434
-------------
--------------------------------------------------------------------------------
NORWAY: 1.86%
--------------------------------------------------------------------------------
Banking
900,250 Sparebanken (Note C, p. 5) 16,956,672
Energy Sources
914,883 Norsk Hydro A.S.A. (Note C, p. 5) 34,627,154
Paper & Forest Products
333,200 Norske Skogindustrier A.S.A. 12,433,572
(Note C, p. 5)
-------------
Total Norwegian Stocks
(Cost $62,020,749) 64,017,398
-------------
Schedule of Investments--Stock Portfolios 3
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
SINGAPORE: 1.67%
--------------------------------------------------------------------------------
Banking
2,930,600 Overseas Union Bank Ltd. $13,182,393
1,686,432 United Overseas Bank Ltd. 10,344,395
Electrical & Electronics
322,000 Creative Technology Ltd. 10,223,500
Machinery & Engineering
7,320,500 Keppel Fels Energy (Note A, p. 5) 5,131,791
Multi-Industry
1,099,400 Natsteel Ltd. (Note C, p. 5) 2,568,992
Real Estate
7,578,000 Keppel Land Ltd. 8,455,415
4,162,000 Singapore Land Ltd. 7,683,094
------------
Total Singapore Stocks
(Cost $43,866,069) 57,589,580
------------
--------------------------------------------------------------------------------
SPAIN: 4.38%
--------------------------------------------------------------------------------
Banking
4,073,200 Banco Bilbao Vizcaya Argentaria S.A. 59,908,489
(Note C, p. 5)
Construction & Housing
421,065 Grupo Dragados S.A. 3,628,717
Energy Sources
1,074,050 Repsol S.A. (Note C, p. 5) 23,561,937
Metal-Steel
320,000 Aceralia Corparacion Siderurgica S.A. 3,814,879
Telecommunications
20,000 Telefonica Publicidad e 875,201
Informacion S.A. (Note A, p. 5)
776,000 Telefonica S.A. (Notes A & C, p. 5) 19,616,750
Utilities-Electric, Gas & Water
2,380,000 Iberdrola S.A. 31,062,344
882,000 Red Electrica de Espana 8,682,067
------------
Total Spanish Stocks
(Cost $129,045,058) 151,150,384
------------
--------------------------------------------------------------------------------
UNITED KINGDOM: 10.71%
--------------------------------------------------------------------------------
Automobiles
2,858,798 Lex Service plc 19,890,029
Broadcasting & Publishing
3,364,799 Trinity Mirror plc 32,337,054
Building Materials
6,000,000 Caradon plc 13,421,408
Chemicals
7,000,000 Elementis plc 11,367,599
436,100 Imperial Chemical Industries plc 3,645,154
Conglomerates
1,027,200 Powell Duffryn plc 5,609,442
Construction & Housing
1,900,000 Carillion plc 2,692,242
622,867 Fairview Holdings plc 1,190,000
1,792,458 George Wimpey plc 2,825,236
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
Energy Sources
1,627,500 Lasmo plc (Note A, p. 5) $ 3,109,372
3,195,700 Shell Transport & Trading Co., plc 26,558,713
Food & Household Products
6,850,560 Hazlewood Foods plc 10,034,239
873,000 United Biscuits plc 3,651,972
Health & Personal Care
12,371,199 Smith & Nephew plc 35,453,149
Insurance
2,847,909 CGU plc 39,492,514
4,533,882 Royal & Sun Alliance Insurance 28,151,746
Group plc
683,169 Sun Life & Provincial Holdings plc 4,894,532
Leisure
2,583,733 Thistle Hotels plc 4,895,140
Merchandising
3,135,300 Somerfield plc 2,770,401
Metal-Steel
2,556,800 Corus Group plc 4,101,213
Multi-Industry
9,300,000 Tomkins plc 29,613,072
Paper & Forest Products
3,697,676 Arjo Wiggins Appleton plc 9,595,928
Real Estate
2,074,617 MEPC plc 13,674,416
Telecommunications
993,557 British Telecom 18,586,652
Utilities-Electric, Gas & Water
3,142,360 Anglian Water plc 28,016,538
1,120,003 Hyder plc 3,905,115
1,373,764 Pennon Group plc 10,170,343
------------
Total United Kingdom Stocks
(Cost $392,575,648) 369,653,219
------------
Total Equities
(Cost $2,980,117,823) 3,346,847,455
------------
--------------------------------------------------------------------------------
RIGHTS (Note A, p. 5): 0.01%
--------------------------------------------------------------------------------
SINGAPORE--Real Estate
1,020,200 Singapore Land Ltd. 378,448
(Expiration Date 04/14/2000)
------------
Total Rights (Cost $0) 378,448
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.63%
--------------------------------------------------------------------------------
21,812,000 State Street Bank & Trust Co., 21,812,000
Repurchase Agreement,
Dated 03/31/2000, 6.05%,
maturing 04/03/2000 for $21,822,997,
collateral 17,805,000 principal
amount U.S. Treasury Bond,
8.125%, 05/15/2021,
value $22,252,671
------------
Total Repurchase Agreement
(Cost $21,812,000) 21,812,000
------------
4
Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $3,001,929,823) 97.63% $3,369,037,903
(Note D, below)
Cash and Other Assets, Less Liabilities 2.37 81,624,956
------- --------------
(Note E, below)
Net Assets (Equivalent to $21.19
per share based on 162,876,157
shares of capital stock outstanding) 100.00% $3,450,662,859
------- --------------
------- --------------
--------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
--------------------------------------------------------------------------------
706 Japanese TSE Topix $115,970,960 $ 1,277,371
June 2000
-------------
Total Long Stock Index Futures Contracts $ 1,277,371
--------------
--------------------------------------------------------------------------------
FOREIGN CURRENCIES
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
600,941 Australian Dollar $ 364,501
4,444,797 British Pound 7,076,564
9,996,726 Canadian Dollar 6,880,059
38,419,307 Euro 36,788,403
401,292 Hong Kong Dollar 51,537
1,858,765,451 Japanese Yen 18,105,151
225,332 Malaysian Ringgit 59,298
70,240 Norwegian Krone 8,321
2,714,715 Singapore Dollar 1,585,883
14,269 Swedish Krona 1,654
7,149 Swiss Franc 4,301
------------
Total Foreign Currencies $ 70,925,672
--------------------------------------------------------------------------------
(A) Non-income-producing security
(B) Explanation of abbreviations:
RFD-Restricted for Dividends
Stamm-German Ordinary Share
Vorzug-German Preference Share
ORD-Italian Ordinary Share
RNC-Italian Savings Share
(C) Represents entire or partial security position out on loan or securities
contractually obligated to be loaned at a future date
(D) At March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
(E) Includes $6,553,116 (Japanese yen) U.S. dollar equivalent
pledged as collateral for futures transactions
--------------------------------------------------------------------------------
(F) Allocation of assets by industry as of March 31, 2000:
Appliances & Household Durables 3.29%
Automobiles 3.75
Banking 14.68
Beverage & Tobacco 0.81
Broadcasting & Publishing 2.26
Building Materials 1.48
Business & Public Services 1.31
Chemicals 3.98
Conglomerates 0.65
Construction & Housing 1.69
Cosmetics &Toiletries 0.23
Electrical & Electronics 13.55
Energy Sources 5.64
Financial Services 0.80
Food & Household Products 0.51
Health & Personal Care 2.70
Insurance 3.08
Leisure 0.14
Machinery & Engineering 2.31
Merchandising 2.99
Metal-Steel 2.84
Miscellaneous Materials 0.50
Multi-Industry 1.31
Paper & Forest Products 1.77
Real Estate 2.55
Recreation & Other Consumer 0.12
Telecommunications 8.46
Textiles/Apparel 0.18
Tires & Rubber 2.44
Transportation-Shipping 0.54
Utilities-Electric, Gas & Water 9.30
Wholesale & International Trade 1.14
Repurchase Agreement 0.63
Cash and Other Assets, Less Liabilities 2.37
-------
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
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Shares Description Market Value*
--------------------------------------------------------------------------------
EQUITIES: 96.09%
--------------------------------------------------------------------------------
AUSTRALIA: 1.70%
--------------------------------------------------------------------------------
Broadcasting & Publishing
2,707,600 PMP Communications Ltd. $ 3,345,354
(Note A, p. 10)
Building Materials
340,000 Boral Ltd. (Notes A & B, p. 10) 466,073
Energy Sources
1,445,400 Caltex Australia Ltd. (Note A, p. 10) 1,972,591
340,000 Origin Energy Ltd. (Note A, p. 10) 294,905
Paper & Forest Products
1,646,800 Amcor Ltd. (Note A, p. 10) 5,701,529
Real Estate
1,583,300 Amp Diversified Property Trust 2,179,996
8,151,400 Westfield Trust 15,277,673
311,314 Westfield Trust RFD (08/31/2000) 566,482
(Note B, p. 10)
Telecommunications
2,040,000 Cable & Wireless Optus Ltd. 8,166,587
(Note B, p. 10)
-------------
Total Australian Stocks
(Cost $45,732,579) 37,971,190
-------------
--------------------------------------------------------------------------------
AUSTRIA: 1.10%
--------------------------------------------------------------------------------
Banking
285,800 Bank Austria AG 13,929,689
Energy Sources
70,000 OMV AG 5,356,917
Metal-Steel
170,200 Voest-Alpine Stahl AG 5,296,687
-------------
Total Austrian Stocks
(Cost $29,290,014) 24,583,293
-------------
--------------------------------------------------------------------------------
CANADA: 5.33%
--------------------------------------------------------------------------------
Banking
220,000 Bank of Nova Scotia 4,398,486
1,036,600 National Bank of Canada 15,160,186
Broadcasting & Publishing
296,600 Quebecor Printing Inc. 5,429,841
207,700 Torstar Corp. (Class B) 2,430,076
Electrical & Electronics
18,800 C-MAC Industries Inc. (Note B, p. 10) 808,672
Energy Sources
250,000 Shell Canada Ltd. (Class A) 4,817,619
*See Note 1, page 26 in Notes to Financial Statements
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Leisure
25,240 Magna Entertainment Corp. (Class A) $ 85,118
(Note B, p. 10)
Machinery & Engineering
529,800 Finning International Inc. 4,247,880
126,200 Magna International Inc. (Class A) 4,885,582
Metal-Steel
768,600 Dofasco Inc. 13,435,953
Telecommunications
48,600 BCE Inc. 6,054,095
1,700,000 Mitel Corp. (Note B, p. 10) 41,359,256
Utilities-Electric, Gas & Water
366,400 NS Power Holdings Inc. 3,353,833
750,700 Westcoast Energy Inc. 12,528,889
-------------
Total Canadian Stocks
(Cost $93,561,742) 118,995,486
-------------
--------------------------------------------------------------------------------
FINLAND: 1.34%
--------------------------------------------------------------------------------
Health & Personal Care
677,700 Tamro Oy 1,823,498
Insurance
156,500 Sampo Insurance Co.-'A' Free 5,994,262
(Note A, p. 10)
Machinery & Engineering
397,946 Metso Oyj (Note A, p. 10) 5,372,850
Merchandising
162,700 Kesko Ltd. (Note A, p. 10) 2,204,476
Paper & Forest Products
1,367,500 Stora Enso Oy (Note A, p. 10) 14,665,834
-------------
Total Finnish Stocks
(Cost $31,180,193) 30,060,920
-------------
--------------------------------------------------------------------------------
FRANCE: 9.25%
--------------------------------------------------------------------------------
Automobiles
66,800 Peugeot S.A. 14,455,939
127,300 Renault S.A. 5,485,325
Banking
197,000 Banque Nationale de Paris 15,562,580
104,300 Natexis 7,889,924
Beverage & Tobacco
51,459 Pernod Ricard 2,476,047
Building Materials
227,900 Ciments Francais (Note A, p. 10) 11,718,716
Business & Public Services
42,000 Havas Advertising S.A. (Note A, p. 10) 22,722,659
Electrical & Electronics
50,300 Alcatel Alsthom 11,044,179
Energy Sources
175,885 Total Fina 26,357,521
Health & Personal Care
114,900 Aventis S.A. 6,293,286
6 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Machinery & Engineering
158,000 Vallourec $ 4,917,019
Metal-Steel
706,300 Usinor S.A. 11,226,870
Real Estate
98,100 Simco 7,420,916
Telecommunications
16,433 Bull S.A. (Note B, p. 10) 220,139
136,200 France Telecom S.A. 23,475,293
Textiles/Apparel
81,900 Chargeurs S.A. 4,783,823
Utilities-Electric, Gas & Water
177,600 Suez Lyonnaise des Eaux 30,542,931
-------------
Total French Stocks
(Cost $170,058,137) 206,593,167
-------------
--------------------------------------------------------------------------------
GERMANY: 17.70%
--------------------------------------------------------------------------------
Automobiles
178,100 Phoenix AG 2,302,285
530,000 Volkswagen AG (Stamm) 23,268,941
(Note A, p. 10)
Banking
1,192,900 Commerzbank (Note A, p. 10) 45,119,320
176,330 Deutsche Pfandbriefbank 16,884,478
1,054,300 IKB Deutsche Industriebank 17,313,694
Building Materials
250,000 Dyckerhoff AG (Vorzug) 6,224,074
Chemicals
885,900 BASF AG (Note A, p. 10) 42,032,941
482,700 Bayer AG 21,622,153
Electrical & Electronics
526,600 Siemens AG (Stamm) 75,631,824
Insurance
40,300 Hannover Rueckversicherungs AG 2,604,775
64,000 Mannheimer Aktiengesellschaft 3,726,018
Machinery & Engineering
171,518 Krones AG (Vorzug) 4,927,111
165,500 MAN AG (Vorzug) 3,898,473
Merchandising
266,600 Metro AG (Vorzug) 6,177,844
Telecommunications
341,400 Deutsche Telekom AG 27,460,233
Tires & Rubber
1,727,750 Continental AG 31,433,730
Utilities-Electric, Gas & Water
1,271,550 VEBA AG 64,835,740
-------------
Total German Stocks
(Cost $381,677,879) 395,463,634
-------------
--------------------------------------------------------------------------------
HONG KONG: 1.52%
--------------------------------------------------------------------------------
Multi-Industry
3,992,000 Jardine Strategic Holdings Ltd. 8,143,680
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Real Estate
12,310,000 Amoy Properties Ltd. $ 7,627,993
3,448,000 Great Eagle Holdings 5,535,186
4,238,000 Hang Lung Development Co., Ltd. 3,483,340
Transportation-Shipping
1,904,000 Orient Overseas International Ltd. 1,027,002
(Note B, p. 10)
Utilities-Electric, Gas & Water
1,838,000 CLP Holdings Ltd. 8,214,472
-------------
Total Hong Kong Stocks
(Cost $41,572,341) 34,031,673
-------------
--------------------------------------------------------------------------------
ITALY: 9.48%
--------------------------------------------------------------------------------
Automobiles
1,354,500 Magneti Marelli S.p.A. ORD 4,993,455
Banking
4,656,500 Banca Commerciale Italiana 21,268,624
(Note A, p. 10)
696,800 Banca Popolare di Bergamo 13,377,777
(Note A, p. 10)
2,114,900 Banca Popolare di Milano 14,661,885
(Note A, p. 10)
Broadcasting & Publishing
850,000 Mediaset S.p.A. (Note A, p. 10) 16,896,925
Conglomorates
261,200 IFIL Finanziaria di Partecipazioni 2,138,458
S.p.A. ORD (Note A, p. 10)
842,600 IFIL Finanziaria di Partecipazioni 3,364,487
S.p.A. RNC (Note A, p. 10)
135,000 Italmobiliare S.p.A. ORD 2,882,704
(Note A, p. 10)
153,200 Italmobiliare S.p.A. RNC 2,090,427
(Note A, p. 10)
Energy Sources
6,685,100 ENI S.p.A. (Note A, p. 10) 33,478,887
Financial Services
300,000 Sao Paolo IMI S.p.A. (Note A, p. 10) 4,110,762
Insurance
1,544,900 Unipol S.p.A. ORD 5,769,344
2,063,500 Unipol S.p.A. RNC (Note A, p. 10) 3,892,531
Paper & Forest Products
800,000 Burgo (Cartiere) S.p.A. (Note A, p. 10) 5,086,505
Telecommunications
1,356,700 Telecom Italia S.p.A. ORD 20,266,084
(Note A, p. 10)
2,161,800 Telecom Italia S.p.A. RNC 14,738,623
(Note A, p. 10)
900,000 Telecom Italia Mobile S.p.A. ORD 11,048,211
(Note A, p. 10)
451,000 Telecom Italia Mobile S.p.A. RNC 2,159,275
(Note A, p. 10)
Tires & Rubber
7,500,000 Pirelli S.p.A. (Note A, p. 10) 19,498,110
Schedule of Investments--Stock Portfolios 7
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Utilities-Electric, Gas & Water
243,000 Enel S.p.A. (Notes A & B, p. 10) $ 1,088,964
2,831,000 Societa Nordelettrica S.p.A. 9,081,260
(Note A, p. 10)
-------------
Total Italian Stocks
(Cost $230,671,865) 211,893,298
-------------
--------------------------------------------------------------------------------
JAPAN: 28.53%
--------------------------------------------------------------------------------
Appliances & Household Durables
1,954,000 Matsushita Electric Industrial 58,430,623
Co., Ltd.
Banking
129,500 Bank of Iwate 4,793,260
3,038,300 Eighteenth Bank, Ltd. 9,529,368
252,000 Higo Bank 1,126,655
2,249,000 Kagoshima Bank 8,915,823
7,966,000 Mitsui Trust & Banking Co., Ltd. 10,630,127
100 Miyazaki Bank 352
1,158,000 Nanto Bank 7,218,818
261,000 Oita Bank 1,232,991
1,562,000 Sakura Bank 11,882,550
703,000 San-in Godo Bank, Ltd. (Note A, p. 10) 3,457,994
2,000,000 Sumitomo Bank, Ltd. 15,740,515
Beverage & Tobacco
162,000 Hokkaido Coca-Cola Bottling Co., 1,814,640
Ltd.
513,000 Kinki Coca-Cola Bottling Co., Ltd. 6,445,916
(Note A, p. 10)
263,000 Shikoku Coca-Cola Bottling Co., 2,892,193
Ltd. (Note A, p. 10)
Business & Public Services
803,000 Kokuyo Co., Ltd. 10,559,100
327,000 Toppan Printing Co., Ltd. 3,662,884
Construction & Housing
776,000 Daito Trust Construction Co., Ltd. 13,280,397
789,000 Sekisui House Ltd. 7,231,764
Cosmetics & Toiletries
1,284,000 Lion Corp. 4,990,172
Electrical & Electronics
665,800 Futaba Corp. 27,756,528
4,147,000 Hitachi Ltd. 49,239,692
612,800 Hitachi Maxell Ltd. 15,101,388
430,000 Mitsubishi Electric Corp. 4,054,351
373,000 Nichicon Corp., Ltd. 11,335,509
1,811,000 Sharp Corp. 38,719,573
Energy Sources
1,136,000 General Sekiyu Group (Note A, p. 10) 2,434,325
Financial Services
888,000 Daiwa Securities Co., Ltd. 16,693,518
(Note A, p. 10)
Food & Household Products
603,000 Ezaki Glico Co., Ltd. 2,960,230
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Health & Personal Care
1,285,000 Daiichi Pharmaceutical Co., Ltd. $ 19,901,135
504,000 Kissei Pharmaceutical Co., Ltd. 9,042,692
Insurance
2,010,000 Chiyoda Fire & Marine (Note A, p. 10) 5,481,907
2,548,000 Dai-Tokyo Fire & Marine (Note A, p. 10) 6,974,022
Machinery & Engineering
1,659,000 Makita Corp. 14,688,852
3,615,000 Mitsubishi Heavy Industries, Ltd. 11,373,350
Merchandising
828,000 Aoki International Co., Ltd. 2,669,537
397,000 Aoyama Trading Co., Ltd. 6,129,109
(Note A, p. 10)
1,471,000 Canon Sales Co., Inc. 21,434,919
397,000 Deodeo Corp. (Note A, p. 10) 3,286,904
Metal-Steel
1,920,000 Kurimoto Ltd. 5,236,449
1,117,000 Maruichi Steel Tube Ltd. (Note A, p. 10) 13,360,697
12,659,000 Nisshin Steel Co., Ltd. 14,549,866
1,038,000 Tokyo Steel Manufacturing Co., Ltd. 2,861,287
197,000 Toyo Seikan Kaisha, Ltd. 3,365,684
Miscellaneous Materials
1,000,000 Ricoh Co., Ltd. (Note A, p. 10) 21,428,919
1,038,000 Yamamura Glass Co., Ltd. 1,900,784
Real Estate
2,442,000 Daiwa Kosho Lease Co., Ltd. 7,135,830
(Note A, p. 10)
401,000 TOC Co. 2,316,203
Textiles/Apparel
2,239,000 Tokyo Style Co., Ltd. (Note A, p. 10) 21,590,707
Transportation-Road & Rail
1,588,000 Seino Transportation Co., Ltd. 8,197,925
(Note A, p. 10)
Transportation-Shipping
1,663,000 Mitsui O.S.K. Lines Ltd. (Note A, p. 10) 3,288,258
Utilities-Electric, Gas & Water
385,000 Chugoku Electric Power Co., Inc. 4,848,829
(Note A, p. 10)
431,000 Hokkaido Electric Power Co., Inc. 5,293,829
(Note A, p. 10)
1,848,000 Kyushu Electric Power Co., Inc. 22,950,372
(Note A, p. 10)
115,000 Shikoku Electric Power Co., Inc. 1,414,747
(Note A, p. 10)
141,000 Tohoku Electric Power Co., Inc. 1,806,020
(Note A, p. 10)
Wholesale & International Trade
3,754,000 Marubeni Corp. (Note A, p. 10) 14,150,860
1,800,000 Mitsubishi Corp. 16,322,992
1,015,000 Sumitomo Corp. 12,298,836
-------------
Total Japanese Stocks
(Cost $598,611,734) 637,432,777
-------------
8 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
NORWAY: 1.78%
--------------------------------------------------------------------------------
Banking
558,800 Sparebanken (Note A, p. 10) $10,525,286
Energy Sources
567,900 Norsk Hydro A.S.A. 21,494,290
Paper & Forest Products
206,800 Norske Skogindustrier A.S.A. 7,716,875
(Note A, p. 10)
-------------
Total Norwegian Stocks
(Cost $36,933,998) 39,736,451
-------------
--------------------------------------------------------------------------------
SINGAPORE: 1.47%
--------------------------------------------------------------------------------
Banking
1,347,103 Overseas Union Bank Ltd. 6,059,524
540,672 United Overseas Bank Ltd. 3,316,425
Electrical & Electronics
304,000 Creative Technology Ltd. 9,652,000
Machinery & Engineering
4,545,750 Keppel Fels Energy (Note B, p. 10) 3,186,646
Multi-Industry
2,075,000 Natsteel Ltd. 4,848,697
Real Estate
1,301,000 Keppel Land Ltd. 1,451,636
2,316,000 Singapore Land Ltd. 4,275,359
-------------
Total Singapore Stocks
(Cost $30,069,335) 32,790,287
-------------
--------------------------------------------------------------------------------
SPAIN: 4.99%
--------------------------------------------------------------------------------
Banking
2,918,000 Banco Bilbao Vizcaya Argentaria S.A. 42,917,846
Construction & Housing
261,300 Grupo Dragados S.A. 2,251,870
Energy Sources
1,096,400 Repsol S.A. 24,052,240
Metal-Steel
210,000 Aceralia Corparacion Siderurgica S.A. 2,503,514
Telecommunications
540,000 Telefonica S.A. (Notes A & B, p. 10) 13,650,832
Utilities-Electric, Gas & Water
2,000,000 Iberdrola S.A. 26,102,810
-------------
Total Spanish Stocks
(Cost $110,838,839) 111,479,112
-------------
--------------------------------------------------------------------------------
UNITED KINGDOM: 11.90%
--------------------------------------------------------------------------------
Automobiles
1,774,600 Lex Service plc 12,346,744
Broadcasting & Publishing
2,153,232 Trinity Mirror plc 20,693,414
Building Materials
5,000,000 Caradon plc 11,184,507
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
Chemicals
3,070,000 Elementis plc $ 4,985,504
Conglomerates
637,700 Powell Duffryn plc 3,482,419
Construction & Housing
1,878,700 Barratt Developments plc 7,088,858
881,260 Carillion plc 1,248,719
1,981,200 George Wimpey plc 3,122,727
Energy Sources
1,600,000 Lasmo plc (Note B, p. 10) 3,056,833
1,983,700 Shell Transport & Trading Co., plc 16,486,065
Food & Household Products
4,252,400 Hazlewood Foods plc 6,228,629
552,300 United Biscuits plc 2,310,406
Health & Personal Care
7,853,400 Smith & Nephew plc 22,506,126
Insurance
1,767,900 CGU plc 24,515,817
3,085,636 Royal & Sun Alliance Insurance 19,159,308
Group plc
464,452 Sun Life & Provincial Holdings plc 3,327,544
Leisure
1,800,000 Thistle Hotels plc 3,410,280
Merchandising
1,946,300 Somerfield plc 1,719,781
Metal-Steel
3,887,098 Corus Group plc 6,235,066
Multi-Industry
6,200,000 Tomkins plc 19,742,048
Paper & Forest Products
2,200,000 Arjo Wiggins Appleton plc 5,709,273
Real Estate
2,023,432 MEPC plc 13,337,040
Telecommunications
726,254 British Telecom 13,586,166
Textiles/Apparel
714,400 Courtaulds Textiles 1,603,729
Utilities-Electric, Gas & Water
2,824,436 Anglian Water plc 25,182,004
574,433 Hyder plc 2,002,876
904,200 Pennon Group plc 6,694,035
470,000 United Utilities plc 4,863,867
-------------
Total United Kingdom Stocks
(Cost $324,973,177) 265,829,785
-------------
Total Equities
(Cost $2,125,171,833) 2,146,861,073
-------------
--------------------------------------------------------------------------------
RIGHTS (Note B, p. 10): 0.01%
--------------------------------------------------------------------------------
SINGAPORE--Real Estate
463,200 Singapore Land Ltd. 171,826
(Expiration Date 04/14/2000)
-------------
Total Rights (Cost $0) 171,826
-------------
Schedule of Investments--Stock Portfolios 9
<PAGE>
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 1.69%
--------------------------------------------------------------------------------
37,694,000 State Street Bank & Trust Co., $37,694,000
Repurchase Agreement,
Dated 03/31/2000, 6.05%,
maturing 4/03/2000 for $37,713,004,
collateral 30,000,000 principal
amount U.S. Treasury Bond,
8.875%, 08/15/2017,
value $38,447,910
-------------
Total Repurchase Agreement
(Cost $37,694,000) 37,694,000
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $2,162,865,833) 97.79% $2,184,726,899
(Note D, below)
Cash and Other Assets, Less Liabilities 2.21 49,423,224
-------- -------------
(Note E, below)
Net Assets (Equivalent to $21.06
per share based on 106,081,078
shares of capital stock outstanding) 100.00% $2,234,150,123
-------- -------------
--------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------
Unrealized
Contract Appreciation/
Quantity Description Amount (Depreciation)
--------------------------------------------------------------------------------
33 British Pound
FT-SE $ 3,442,041 $ 25,817
June 2000
259 Euro Dax Index 47,436,126 (284,095)
June 2000
287 Japanese TSE Topix 47,145,528 517,745
June 2000
-------------
Total Long Stock Index Futures Contracts $ 259,467
-------------
--------------------------------------------------------------------------------
FOREIGN CURRENCIES
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
396,112 Australian Dollar $ 240,262
6,123,532 British Pound 9,749,280
328,670 Canadian Dollar 226,201
22,048,234 Euro 21,112,284
3,376,593 Hong Kong Dollar 433,644
1,452,412,907 Japanese Yen 14,147,108
740,022 Norwegian Krone 87,665
280,667 Singapore Dollar 163,960
861,436 Swedish Krona 99,842
-------------
Total Foreign Currencies $ 46,260,246
-------------
--------------------------------------------------------------------------------
(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 March 31, 2000, the cost basis of investment securities owned was
substantially identical for both book and tax.
(E)Includes $332,987 (British pounds), $2,485,235 (Euro), and $2,679,488
(Japanese yen) U.S. dollar equivalents pledged as collateral for
futures transactions
(F)Allocation of assets by industry as of March 31, 2000:
Appliances & Household Durables 2.62%
Automobiles 2.81
Banking 14.45
Beverage & Tobacco 0.61
Broadcasting & Publishing 2.18
Building Materials 1.33
Business & Public Services 1.65
Chemicals 3.07
Conglomerates 0.63
Construction & Housing 1.53
Cosmetics & Toiletries 0.22
Electrical & Electronics 10.89
Energy Sources 6.26
Financial Services 0.93
Food & Household Products 0.52
Health & Personal Care 2.67
Insurance 3.65
Leisure 0.16
Machinery & Engineering 2.57
Merchandising 1.95
Metal-Steel 3.49
Miscellaneous Materials 1.04
Multi-Industry 1.47
Paper & Forest Products 1.74
Real Estate 3.17
Telecommunications 8.16
Textiles/Apparel 1.25
Tires & Rubber 2.28
Transportation-Road & Rail 0.37
Transportation-Shipping 0.19
Utilities-Electric, Gas & Water 10.33
Wholesale & International Trade 1.91
Repurchase Agreement 1.69
Cash and Other Assets, Less Liabilities 2.21
--------
Total 100.00%
--------
--------
See Notes to Financial Statements.
10 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Bernstein Emerging Markets Value Portfolio
March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
Shares Description Market Value*
--------------------------------------------------------------------------------
EQUITIES: 97.58%
--------------------------------------------------------------------------------
ARGENTINA: 6.07%
--------------------------------------------------------------------------------
Banking
361,136 Bansud S.A. (Class B) $ 827,399
(Note A, p. 15)
Beverage & Tobacco
295,082 Nobleza Piccardo S.A.I.C. 590,447
Energy Sources
5,557,440 Astra Cia Argentina de Petroleo S.A. 13,566,666
(Note A, p. 15)
Food & Household Products
650,000 Garovaglio y Zorraquin S.A. 604,790
(Note A, p. 15)
Metal-Steel
3,342,088 Siderca S.A.I.C. 7,556,746
Real Estate
1,341,346 IRSA Inversiones y 4,173,589
Representaciones S.A.
Telecommunications
195,000 Telecom Argentina Stet-France 6,776,250
Telecom S.A. ADR
Utilities-Electric, Gas & Water
2,740,000 Central Costanera S.A. (Class B) 6,771,050
1,943,759 Central Puerto S.A. 3,247,637
-------------
Total Argentine Stocks
(Cost $40,013,386) 44,114,574
-------------
--------------------------------------------------------------------------------
BRAZIL: 7.87%
--------------------------------------------------------------------------------
Banking
580,647,303 Banco Bradesco S.A. (PFD) 4,794,550
Food & Household Products
173,026,676 Seara Alimentos S.A. (Note A, p. 15) 79,484
Metal-Steel
67,700,000 Companhia Siderurgica de Tubarao 1,061,275
(PFD) (Class B) (Note A, p. 15)
4,714,293 Gerdau Metalurgica S.A. 167,836
83,558,114 Gerdau Metalurgica S.A. (PFD) 3,838,443
Miscellaneous Materials
80,000 Companhia Vale do Rio Doce 1,837,496
85,000 Companhia Vale do Rio Doce (PFD) 2,318,404
Paper & Forest Products
809,000 Companhia Suzano de Papel e 1,788,487
Celulose (PFD) (Note A, p. 15)
293,663,014 Votorantim Celulose Papel S.A. (PFD) 10,876,408
Telecommunications
450,000,000 Tele Norte Leste Participacoes S.A. 7,754,522
(Note A, p. 15)
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Utilities-Electric, Gas & Water
1,064,000 Centrais Eletricas Brasileiras ADR $ 9,450,980
180,000,000 Companhia Energetica de Minas 2,253,230
Gerais
220,000,000 Companhia Energetica de Minas 3,850,474
Gerais (PFD)
1,237,700,000 Companhia Paranaense de Energia 7,107,091
-------------
Total Brazilian Stocks
(Cost $47,179,774) 57,178,680
-------------
--------------------------------------------------------------------------------
CHILE: 3.13%
--------------------------------------------------------------------------------
Banking
324,500 Banco BHIF S.A. ADR 5,415,094
Beverage & Tobacco
371,000 Compania Cervecerias Unidas S.A. 9,228,625
ADR
Miscellaneous Materials
124,500 Cristalerias de Chile S.A. ADR 2,318,813
Multi-Industry
60,000 Quinenco S.A. ADR 675,000
Utilities-Electric, Gas & Water
374,959 Gener S.A. ADR 5,061,946
-------------
Total Chilean Stocks
(Cost $21,902,575) 22,699,478
-------------
--------------------------------------------------------------------------------
CHINA: 1.72%
--------------------------------------------------------------------------------
Appliances & Household Durables
3,700,000 Guangdong Kelon Electrical 1,995,749
Holdings Co., Ltd.
Chemicals
56,100,000 Jilin Chemical Industrial Co., Ltd. 3,350,200
(Note C, p. 15)
13,600,000 Shanghai Petrochemical Co., Ltd. 1,449,679
Energy Sources
12,330,000 Yanzhou Coal Mining Co., Ltd. 1,979,375
Machinery & Engineering
6,218,000 Harbin Power Equipment Co., Ltd. 287,480
Utilities-Electric, Gas & Water
433,000 Huaneng Power International Inc., 3,464,000
Ltd. ADR
-------------
Total Chinese Stocks
(Cost $27,043,749) 12,526,483
-------------
--------------------------------------------------------------------------------
GREECE: 4.85%
--------------------------------------------------------------------------------
Banking
208,450 Commercial Bank of Greece S.A. 12,401,350
Metal-Nonferrous
264,890 Aluminum of Greece S.A. 10,197,985
Telecommunications
222,560 Hellenic Telecommunications S.A. 6,330,757
Schedule of Investments--Stock Portfolios 11
*See Note 1, page 26 in Notes to Financial Statements.
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
431,700 Hellenic Telecommunications S.A. $ 6,259,650
ADR
-------------
Total Greek Stocks
(Cost $25,809,843) 35,189,742
-------------
--------------------------------------------------------------------------------
HONG KONG: 5.05%
--------------------------------------------------------------------------------
Banking
980,000 Dao Heng Bank Group Ltd. 4,291,760
Beverage & Tobacco
10,082,000 Vitasoy International Holdings Ltd. 2,162,311
Multi-Industry
4,660,000 Jardine Strategic Holdings Ltd. 9,506,400
Real Estate
9,797,000 Amoy Properties Ltd. 6,070,792
5,616,000 Hang Lung Development Co., Ltd. 4,615,959
Utilities-Electric, Gas & Water
2,240,000 CLP Holdings Ltd. 10,011,109
-------------
Total Hong Kong Stocks
(Cost $45,301,217) 36,658,331
-------------
--------------------------------------------------------------------------------
INDIA: 3.34%
--------------------------------------------------------------------------------
Chemicals
3,171,400 Indo Gulf Fertilisers & Chemicals 3,036,834
Corp., Ltd.
730,000 Indo Gulf Fertilisers & Chemicals 821,250
Corp., Ltd. GDR
285,000 Indo Gulf Fertilisers & Chemicals 292,125
Corp., Ltd. GDR, Rule 144A
1,254,900 Southern Petrochemical Industries 512,321
Corp., Ltd.
1,049,000 Southern Petrochemical Industries 2,910,975
Corp., Ltd. GDS
Financial Services
1,859,150 Industrial Credit & Investment 5,841,825
Corp. of India Ltd.
Health & Personal Care
461,500 Cheminor Drugs Ltd. 4,308,039
Machinery & Engineering
310,863 Ashok Leyland Ltd. 484,119
310,000 Ashok Leyland Ltd. GDR 1,511,250
375,000 Tata Engineering & Locomotive 1,164,565
Co., Ltd.
Utilities-Electric, Gas & Water
622,000 BSES Ltd. 3,392,468
-------------
Total Indian Stocks
(Cost $23,012,627) 24,275,771
-------------
--------------------------------------------------------------------------------
INDONESIA: 3.74%
--------------------------------------------------------------------------------
Chemicals
29,596,000 PT Indorama Synthetics (Note A, p. 15) 4,007,384
Food & Household Products
11,610,000 PT Sinar Mas Agro Resources & 5,636,295
Technology Corp. (Note A, p. 15)
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Paper & Forest Products
656,500 Asia Pulp & Paper Co., Ltd. ADR $ 4,841,687
(Note A, p. 15)
Retail
50,000,000 PT Matahari Putra Prima Tbk 6,770,145
(Note A, p. 15)
Telecommunications
3,430,500 PT Indosat 5,845,899
5,500 PT Indosat ADR 94,531
-------------
Total Indonesian Stocks
(Cost $33,340,722) 27,195,941
-------------
--------------------------------------------------------------------------------
ISRAEL: 4.72%
--------------------------------------------------------------------------------
Banking
3,500,000 Bank Leumi Le-Israel 8,105,685
5,203,338 Israel Discount Bank (Note A, p. 15) 6,867,468
Electrical & Electronics
195,000 Tecnomatix Technologies Ltd. 8,458,125
(Note A, p. 15)
Industrial Components
304,991 OFER Development & Investments 1,366,334
Ltd. (Note A, p. 15)
Multi-Industry
54,500 Koor Industries Ltd. ADR 974,188
Telecommunications
1,420,000 Bezeq The Israeli 7,673,382
Telecommunication Corp., Ltd.
Textiles/Apparel
42,400 Delta-Galil Industries Ltd. 797,171
-------------
Total Israeli Stocks
(Cost $22,003,215) 34,242,353
-------------
--------------------------------------------------------------------------------
MALAYSIA: 6.63%
--------------------------------------------------------------------------------
Automobiles
3,220,560 Oriental Holdings Berhad 7,797,145
Building Materials
3,560,500 Cement Industries of Malaysia Berhad 3,129,492
Construction & Housing
2,400,000 YTL Corp. Berhad 4,547,369
Financial Services
3,467,000 Commerce Asset Holding Berhad 9,944,816
Leisure
4,602,000 Berjaya Land Berhad 2,070,900
Mining
6,881,800 Malaysia Mining Corp. Berhad 4,056,640
Miscellaneous Materials
6,210,000 Golden Hope Plantations Berhad 5,817,790
1,822,000 Kuala Lumpur Kepong Berhad 2,397,368
Utilities-Electric, Gas & Water
1,858,000 Malakoff Berhad 4,938,368
4,137,600 YTL Power International Berhad 3,462,518
-------------
Total Malaysian Stocks
(Cost $39,061,630) 48,162,406
-------------
12 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
MEXICO: 9.19%
--------------------------------------------------------------------------------
Beverage & Tobacco
290,000 Panamerican Beverages Inc. $ 5,111,250
Chemicals
4,562,200 Cydsa S.A. 3,684,939
Financial Services
1,450,000 Grupo Financiero Banorte S.A. de 2,195,574
C.V. (Note A, p. 15)
Food & Household Products
494,000 Grupo Minsa S.A. de C.V. ADR 2,661,326
(Note A, p. 15)
Merchandising
10,140,000 Controladora Comercial Mexicana 13,781,358
S.A. de C.V.
102,250 Controladora Comercial Mexicana 2,760,750
S.A. de C.V. GDR
Metal-Nonferrous
975,144 Grupo Mexico S.A. (NVP) 4,557,778
Metal-Steel
2,292,000 Hylsamex S.A. (Note A, p. 15) 5,405,719
Paper & Forest Products
100,000 Grupo Industrial Durango S.A. ADR 1,325,000
(Note A, p. 15)
Telecommunications
376,650 Telefonos de Mexico S.A. ADR 25,235,550
-------------
Total Mexican Stocks
(Cost $55,411,213) 66,719,244
-------------
--------------------------------------------------------------------------------
PHILIPPINES: 3.53%
--------------------------------------------------------------------------------
Banking
6,665,940 Equitable PCI Bank 9,557,483
Food & Household Products
22,069,500 Universal Robina Corp. 3,164,278
Multi-Industry
74,880,000 JG Summit Holding Inc. 6,732,831
Real Estate
57,108,500 Robinson's Land Corp. - Series 'B' 3,885,876
Transportation-Shipping
43,030,000 William Gothong & Aboitiz 1,965,891
(Note A, p. 15)
Utilities-Electric, Gas & Water
506,000 First Philippine Holdings Corp. 295,115
-------------
Total Philippine Stocks
(Cost $35,391,575) 25,601,474
-------------
--------------------------------------------------------------------------------
PORTUGAL: 8.49%
--------------------------------------------------------------------------------
Banking
175,000 Banco Espirito Santo S.A. 4,189,281
200,450 Banco Pinto & Sotto Mayor S.A. 4,533,643
Beverage & Tobacco
345,776 UNICER-Uniao Cervejeira S.A. 9,767,384
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Insurance
867,883 Companhia de Seguros Imperio S.A. $ 6,839,470
Paper & Forest Products
797,000 Portucel Industrial-Empresa 5,342,171
Produtora de Celulose S.A.
Utilities-Electric, Gas & Water
1,653,429 Electricidade de Portugal S.A. 30,952,357
-------------
Total Portuguese Stocks
(Cost $60,303,718) 61,624,306
-------------
--------------------------------------------------------------------------------
SINGAPORE: 4.69%
--------------------------------------------------------------------------------
Automobiles
2,045,000 Tan Chong International Ltd. 315,159
Banking
1,930,580 Overseas Union Bank Ltd. 8,684,114
591,360 United Overseas Bank Ltd. 3,627,339
Electrical & Electronics
300,000 Creative Technology Ltd. 9,525,000
Machinery & Engineering
2,750,000 Keppel Fels Energy (Note A, p. 15) 1,927,795
Multi-Industry
1,254,000 Keppel Corp., Ltd. 2,944,900
Real Estate
2,500,000 Keppel Land Ltd. 2,789,462
2,307,000 Singapore Land Ltd. 4,258,745
-------------
Total Singapore Stocks
(Cost $25,013,956) 34,072,514
-------------
--------------------------------------------------------------------------------
SOUTH AFRICA: 4.26%
--------------------------------------------------------------------------------
Automobiles
873,500 Toyota South Africa Ltd. 2,492,659
Banking
1,591,946 ABSA Group Ltd. 5,821,668
Chemicals
2,204,300 AECI Ltd. 4,452,109
Food & Household Products
756,500 Tongaat-Hulett Group Ltd. 3,761,954
Insurance
5,780,000 Sanlam Ltd. 7,349,369
Metal-Steel
2,008,266 S.A. Iron & Steel Industrial 5,377,500
Corp., Ltd.
Paper & Forest Products
220,000 Sappi Ltd. 1,703,313
-------------
Total South African Stocks
(Cost $49,317,462) 30,958,572
-------------
--------------------------------------------------------------------------------
SOUTH KOREA: 4.51%
--------------------------------------------------------------------------------
Banking
671,940 Kyung Nam Bank (Note A, p. 15) 814,657
650,000 Shinhan Bank 6,969,012
Schedule of Investments--Stock Portfolios 13
<PAGE>
--------------------------------------------------------------------------------
Shares Description Market Value
--------------------------------------------------------------------------------
Building Materials
24,820 Hanil Cement Manufacturing Co., $ 332,356
Ltd. (Note A, p. 15)
228,050 Hankuk Glass Industries Inc. 2,806,134
Chemicals
540,740 Hyosung T&C Co., Ltd. 6,947,304
Energy Sources
35,000 Ssangyong Oil Refining Co., Ltd. 649,174
Food & Household Products
15,620 Lotte Confectionery Co., Ltd. 1,929,093
Metal-Steel
55,000 Pohang Iron & Steel Co., Ltd. 5,299,706
Telecommunications
22,000 Korea Telecom Corp. 1,950,690
21,715 Korea Telecom Corp. ADR 950,031
Utilities-Electric, Gas & Water
84,000 Korea Electric Power Corp. 2,394,029
109,300 Seoul City Gas Co., Ltd. 1,691,047
-------------
Total South Korean Stocks
(Cost $33,746,473) 32,733,233
-------------
--------------------------------------------------------------------------------
TAIWAN: 4.48%
--------------------------------------------------------------------------------
Building Materials
6,833,000 Taiwan Glass Industrial Corp. 5,860,707
Chemicals
15,789,405 Shinkong Synthetic Fibers Corp. 5,214,707
(Note A, p. 15)
Electrical & Electronics
3,437,500 Acer Inc. (Note A, p. 15) 9,658,437
Financial Services
4,242,478 China Bills Finance Corp. 1,519,652
(Note A, p. 15)
2,281,402 International Bills Finance Corp. 775,962
(Note A, p. 15)
Food & Household Products
4,273,360 Great Wall Enterprises Co. 1,699,233
Metal-Steel
2,409,566 China Steel Corp. 1,734,127
322,341 China Steel Corp. GDS 4,512,774
Real Estate
3,685,500 Pacific Construction (Note A, p. 15) 1,532,092
-------------
Total Taiwanese Stocks
(Cost $33,235,010) 32,507,691
-------------
--------------------------------------------------------------------------------
THAILAND: 4.16%
--------------------------------------------------------------------------------
Banking
4,295,000 Bangkok Bank Public Co., Ltd. 7,381,676
(Foreign) (Note A, p. 15)
5,982,500 Thai Farmers Bank Public Co., Ltd. 6,604,161
(Foreign) (Note A, p. 15)
Building Materials
24,300 Siam City Cement Public Co., Ltd. 81,600
(Foreign) (Note A, p. 15)
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
4,471,400 Thai-German Ceramic Industry $ 981,296
Public Co., Ltd. (Foreign)
(Notes A & C, p. 15)
Chemicals
140,000 National Petrochemical Public 175,833
Co., Ltd. (Foreign)
Electrical & Electronics
180,000 Hana Microelectronics Public Co., 1,608,673
Ltd. (Foreign) (Note A, p. 15)
Food & Household Products
1,552,300 Saha Pathana Inter-Holding Ltd. 2,041,960
(Foreign)
Insurance
374,100 Ayudhya Insurance Public Co., Ltd. 845,731
(Foreign)
444,000 Bangkok Insurance Public Co., Ltd. 1,209,201
(Foreign)
Telecommunications
14,440,100 Jasmine International Public Co., 9,258,922
Ltd. (Foreign) (Note A, p. 15)
-------------
Total Thai Stocks
(Cost $44,094,921) 30,189,053
-------------
--------------------------------------------------------------------------------
TURKEY: 7.15%
--------------------------------------------------------------------------------
Appliances & Household Durables
158,700,000 Arcelik A.S. 8,892,644
Automobiles
61,000,000 Ford Otomotiv Sanayi A.S. 3,055,567
(Note A, p. 15)
Banking
1,064,717,691 Yapi ve Kredi Bankasi A.S. 28,474,430
Building Materials
201,179,324 Baticim Bati Anadolu Cimento 5,380,268
Sanayii A.S.
Chemicals
169,957,000 Sasa Sun'i Ve Sentetik Elyaf 6,132,506
-------------
Total Turkish Stocks
(Cost $20,857,498) 51,935,415
-------------
Total Equities
(Cost $682,040,564) 708,585,261
-------------
--------------------------------------------------------------------------------
RIGHTS (Note A, p. 15): 0.02%
--------------------------------------------------------------------------------
MALAYSIA--Leisure
6,336,000 Berjaya Land Berhad 0
(Expiration 04/11/2000) (Note D, p. 15)
MALAYSIA--Utilities-Electric, Gas & Water
1,304,400 YTL Power International Berhad 0
(Expiration 04/17/2000) (Note D, p. 15)
SINGAPORE--Real Estate
461,400 Singapore Land Ltd. 171,158
(Expiration 04/14/2000)
-------------
Total Rights
(Cost $0) 171,158
-------------
14 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
WARRANTS (Note A, below): 1.00%
--------------------------------------------------------------------------------
MALAYSIA--Construction & Housing
87,500 Bolton Properties Berhad $ 45,592
(Expiration 12/15/2006)
600,000 YTL Corp. Berhad 408,948
(Expiration 06/29/2009)
(Note D, below)
THAILAND--Telecommunications
14,440,100 Jasmine International Public Co., 6,777,149
Ltd. (Foreign) (Expiration 08/02/2004)
-------------
Total Warrants
(Cost $123,277) 7,231,689
-------------
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.15%
--------------------------------------------------------------------------------
1,083,000 State Street Bank & Trust Co., 1,083,000
Repurchase Agreement,
Dated 03/31/2000, 6.05%,
maturing 04/03/2000 for $1,083,546,
collateral 885,000 principal
amount U.S. Treasury Bond,
8.125%, 05/15/2021,
value $1,106,072
-------------
Total Repurchase Agreement
(Cost $1,083,000) 1,083,000
-------------
--------------------------------------------------------------------------------
INVESTMENT SUMMARY
--------------------------------------------------------------------------------
Total Investments (Cost $683,246,841) 98.75% $717,071,108
(Note E, below)
Cash and Other Assets, Less Liabilities 1.25 9,093,804
------- -------------
(Note F, below)
Net Assets (Equivalent to $20.09
per share based on 36,150,375
shares of capital stock outstanding) 100.00% $726,164,912
------- -------------
--------------------------------------------------------------------------------
LONG STOCK INDEX FUTURES CONTRACTS
--------------------------------------------------------------------------------
Contract Unrealized
Quantity Description Amount Appreciation
--------------------------------------------------------------------------------
130 MSCI Taiwan Index $5,517,453 $ 98,547
April 2000
-------------
Total Long Stock Index Futures Contracts $ 98,547
-------------
<PAGE>
--------------------------------------------------------------------------------
FOREIGN CURRENCIES
--------------------------------------------------------------------------------
Quantity Description Market Value
--------------------------------------------------------------------------------
43,146 Argentine Peso $ 43,167
170,225 Euro 162,999
693,767 Greek Drachma 1,984
5,097,974 Hong Kong Dollar 654,715
1,260 Indian Rupee 29
227,486,785 Indonesian Rupiah 30,051
2,135,569 Malaysian Ringgit 561,992
11,024,898 Mexican Peso 1,187,324
34,820,169 New Taiwan Dollar 1,144,271
669,835 Philippine Peso 16,278
14,659 Singapore Dollar 8,563
707,924 South African Rand 108,320
5,460,700 Thai Baht 144,387
139,500,858,321 Turkish Lira 236,874
-------------
Total Foreign Currencies $ 4,300,954
-------------
--------------------------------------------------------------------------------
(A)Non-income-producing security
(B)Explanation of abbreviations:
ADR-American Depository Receipts
PFD-Preference Share
GDR-Global Depository Receipts
GDS-Global Depository Share
NVP-Non-Voting Preference Share
(C)Affiliated company (see Note 3B of the Notes to Financial Statements)
(D Fair-valued security (see Note 1A of the Notes to Financial Statements)
(E)At March 31, 2000, the cost basis of investment securities
owned was substantially identical for both book and tax.
(F)Includes $5,517,440 pledged as collateral for futures
transactions
Schedule of Investments--Stock Portfolios 15
<PAGE>
--------------------------------------------------------------------------------
(G)Allocation of assets by industry as of March 31, 2000:
Appliances & Household Durables 1.50%
Automobiles 1.88
Banking 17.81
Beverage & Tobacco 3.70
Building Materials 2.56
Chemicals 5.92
Construction & Housing 0.69
Electrical & Electronics 4.03
Energy Sources 2.23
Financial Services 2.79
Food & Household Products 2.97
Health & Personal Care 0.59
Industrial Components 0.19
Insurance 2.24
Leisure 0.29
Machinery & Engineering 0.74
Merchandising 2.28
Metal-Nonferrous 2.03
Metal-Steel 4.81
Mining 0.56
Miscellaneous Materials 2.02
Multi-Industry 2.87
Paper & Forest Products 3.57
Real Estate 3.79
Retail 0.93
Telecommunications 11.69
Textiles/Apparel 0.11
Transportation-Shipping 0.27
Utilities-Electric, Gas & Water 13.54
Repurchase Agreement 0.15
Cash and Other Assets, Less Liabilities 1.25
-------
Total 100.00%
-------
See Notes to Financial Statements.
16 Sanford C. Bernstein Fund, Inc.--2000 Semiannual Report
<PAGE>
This page intentionally left blank.
