UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-21034
Sanford C. Bernstein Fund II, Inc.
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas, New York, New
York 10105 (Address of principal executive
offices) (Zip code)
Mark R. Manley
Alliance Capital Management, L.P.
1345 Avenue of the Americas
New York, New York 10105
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 221-5672
Date of fiscal year end: September 30, 2004
Date of reporting period: March 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
2
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SANFORD C. BERNSTEIN FUND, INC.
AND
SANFORD C. BERNSTEIN FUND II, INC.
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SEMIANNUAL REPORT
MARCH 31, 2004
Fixed-Income &
International-Equity
Investments
================================================================================
This publication is intended to be accompanied or preceded by a prospectus of
the Sanford C. Bernstein Fund, Inc. or Sanford C. Bernstein Fund II, Inc., which
should be read carefully before investing.
You may obtain a description of the Funds' proxy voting policies and procedures,
without charge, upon request by visiting our web site at www.bernstein.com, or
by going to the Securities and Exchange Commission's web site at www.sec.gov, or
by calling us at 212-756-4097.
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Table of Contents
Portfolio Returns ............. 2
To Our Shareholders ............. 3
Statements of Assets and Liabilities ............. 6
Statements of Operations ............. 14
Statements of Changes in Net Assets ............. 18
Financial Highlights ............. 26
Notes to Financial Statements ............. 40
Directors and Officers ............. 62
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Portfolio Returns(1)
TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS
-------------------- ------------------------------------
PAST SIX PAST 12 PAST PAST SINCE
THROUGH MARCH 31, 2004 MONTHS MONTHS FIVE YEARS 10 YEARS INCEPTION INCEPTION DATE
===================================================================================================================================
SANFORD C. BERNSTEIN FUND PORTFOLIOS
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Tax-Managed International(2,3) 16.77% 54.14% 5.15% 7.21% 8.87% June 22, 1992
Pre-liquidation, after-tax 16.54 53.83 4.45 5.71 7.52
Post-liquidation, after-tax 11.27 35.68 4.17 5.44 7.09
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International(2,3) 17.10 54.79 -- -- 4.18 April 30, 1999
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Emerging Markets Value(2) December 15, 1995
Before deduction of purchase and
redemption fees (see note 2, page 4) 31.73 91.03 15.60 -- 5.16
After deduction of 2% purchase and
2% redemption fees--both paid
to the portfolio, not to Bernstein 26.51 83.47 14.67 -- 4.65
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Intermediate Duration 3.39 6.02 6.10 6.50 7.62 January 17, 1989
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Short Duration Plus 1.52 2.94 5.26 5.42 6.26 December 12, 1988
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U.S. Government Short Duration 1.28 1.97 5.05 5.18 5.96 January 3, 1989
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Short Duration Diversified Municipal 0.84 1.76 3.46 -- 3.86 October 3, 1994
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Short Duration California Municipal 0.69 1.44 3.08 -- 3.58 October 3, 1994
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Short Duration New York Municipal 0.76 1.79 3.17 -- 3.60 October 3, 1994
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Diversified Municipal 1.91 4.27 4.92 5.34 5.89 January 9, 1989
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California Municipal 1.95 3.82 4.51 5.16 5.64 August 6, 1990
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New York Municipal 1.82 4.23 4.80 5.31 5.93 January 9, 1989
SANFORD C. BERNSTEIN FUND II PORTFOLIO
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Intermediate Duration Institutional(4) 3.39% 6.20% -- -- 7.81% May 17, 2002
LIPPER MUTUAL-FUND COMPOSITES(5)
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Foreign Stock Composite 20.76% 53.10% 1.46% 4.71%
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Intermediate Bond Composite 2.79 5.42 6.20 6.45
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Short-Term Bond Composite 1.28 2.69 4.86 5.24
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Intermediate Municipal Composite 1.94 4.28 4.85 5.37
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Short-Term Municipal Composite 0.67 2.00 3.40 3.90
MARKET BENCHMARKS
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Major Foreign Markets Index (MSCI EAFE)(6) 22.16% 57.54% 0.52% 4.55%
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MSCI Emerging Markets Index 29.26 82.16 10.08 2.08
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Lipper Emerging Markets Index 29.27 81.96 11.22 --
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Lehman Brothers Aggregate Bond Index 2.98 5.40 7.29 7.54
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Inflation (CPI) 1.68 1.74 2.58 2.44
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Before investing in any portfolio of the Sanford C. Bernstein Fund, Inc. or the
Sanford C. Bernstein Fund II, Inc., a prospective investor should consider
carefully the portfolio's investment objectives and policies, charges, expenses,
and risks. These and other matters of importance to prospective investors are
contained in the Fund's prospectus, which may be obtained by visiting our
website at www.bernstein.com and clicking on "Prospectuses" at the bottom of any
screen. Please read the prospectus carefully before investing. The performance
returns quoted above represent past performance and do not guarantee future
results. The investment return and principal value of an investment in the
portfolios will fluctuate, so that shares, when redeemed, may be worth more or
less than their original cost. Performance information is as of the date shown,
and current performance may be lower or higher than the performance returns
quoted. For performance information current to the most recent month-end, please
visit our website at www.bernstein.com and click on "Updated Fund Performance"
at the bottom of any screen.
(1) Except as noted for Emerging Markets Value, results are after all fees and
expenses. (2) Tax-Managed International, International, and Emerging Markets
Value returns throughout this report include dividends net of withholding taxes.
(3) On April 30, 1999, the International Value portfolio (IVP) was split into
two portfolios: International Value II (now known as International) for
tax-exempt investors such as 401(k) and other retirement plans; and Tax-Managed
International Value (now known as Tax-Managed International) for taxable
investors. Both portfolios have the same overall investment style, except that
the latter includes tax management. International is an extension of the
original IVP in that it is managed without regard to tax considerations. The
returns shown above reflect the performance of the Tax-Managed International
Fund and the International Fund portfolios using an all-value investment style
through August 2003. In September 2003, the investment style of the
International portfolios changed from all-value to a blend of growth and value.
(4) During the reporting period, the Adviser waived a portion of its advisory
fee or reimbursed the Fund for a portion of its expenses to the extent necessary
to limit the Fund's expenses to 0.45%. This waiver extends through the Fund's
current fiscal year and may be extended by the Adviser for additional one-year
terms. Without the waiver, the Fund's expenses would have been higher and its
performance would have been lower than that shown above. (5) 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 the portfolios. (6) Morgan Stanley Capital International
(MSCI) EAFE Index of major foreign markets in Europe, Australasia, and the Far
East, with countries weighted according to market capitalization and currencies
unhedged.
2 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
To Our Shareholders:
THE INTERNATIONAL AND EMERGING-MARKETS STOCK INDEXES significantly outperformed
their U.S. counterpart for the six months ending March 31, 2004, once again
demonstrating the value of maintaining a globally diversified investment
portfolio. In the U.S., the economy grew rapidly, yet inflation and interest
rates remained at historically low levels.
Internationally, the corporate sector overall has shown healthy
profitability and strong fundamentals--trends our research indicates are likely
to continue--yet many foreign stocks are trading at or below their long-term
averages. In addition, the weakness of the dollar contributed significantly to
overseas returns for U.S. investors. Although there has been some strengthening
of late, our analysis of the fundamentals suggests further weakening of the
dollar against many foreign currencies in the period ahead. Our Tax-Managed
International Fund portfolio posted a six-month gain of almost 17%. In
aggregate, the portfolio's holdings sell at a discount to its benchmarks, yet
still have pretax profits that exceed those benchmarks, and we continue to seek
out diverse opportunities across growth and value, countries, and sectors.
Our Emerging Markets Value Fund portfolio closed the six months with a
31.7% gain. Companies in the emerging foreign markets are leading the rest of
the world in profitability growth, yet many are still trading at undervalued
prices relative to their own history and the U.S. market. With prospects for
continued economic growth around the world, our focus remains on selecting
stocks whose valuations are below the index, yet have strong profitability and
business fundamentals.
Bonds posted respectable half-year returns, especially last quarter,
reinforcing their central role as ballast in our clients' portfolios. Led by a
gain of nearly 3.4% in our intermediate-term portfolios, our taxable bonds
outpaced their indexes amidst heightened anxiety over interest rates. The Fed
appears poised to increase rates, although when and by how much remains to be
seen. In this climate, high-quality intermediates should be less sensitive to
rising interest rates than long-term bonds; these bonds traditionally deliver
most of the income that is available from long-term bonds, but with considerably
less risk. As corporations use improving cash flow to reduce debt, we are
emphasizing opportunities in credit-sensitive corporate bonds, while
underweighting Treasuries. We design our portfolios to provide both safety of
principal and current income.
Our intermediate and short-term municipal bond portfolios essentially
performed in line with their benchmarks for the six-month period. Overall, the
municipal-bond market has been battling weak investor demand of late--a
condition that may be turning around, with municipal yields again appearing to
be attractive relative to Treasuries. We expect municipal credit quality to
improve as economic growth increases state and local tax revenues; this trend is
already under way in key markets like California and New York City. In keeping
with the goal of balancing risk and after-tax return, our portfolios always
stress both high quality and diversification by issuer. We believe this emphasis
will enhance municipal bonds' stabilizing influence.
The continued outperformance of international stocks versus U.S. stocks,
combined with the uncertainty surrounding the U.S. bond market, reinforces the
importance of maintaining an overall portfolio that is diversified
geographically and by asset type. This combination helps to offset risks in one
area with strength in another.
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2004 Semiannual Report 3
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Sanford C. Bernstein Fund, Inc.
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Foreign-Stock Portfolios
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Tax-Managed International
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Tax Managed MSCI EAFE Foreign
International Stock-Market Index Lipper Foreign
Yr:Month (after all costs) (before all costs) Stock Composite
-------- ------------------- ------------------ ---------------
92:6 $25,000 $25,000 $25,000
7 $24,182 $24,360 $24,128
8 $25,289 $25,888 $24,354
9 $23,986 $25,377 $23,833
10 $23,421 $24,046 $23,097
11 $23,499 $24,272 $23,221
12 $23,752 $24,398 $23,530
93:1 $24,180 $24,395 $23,608
2 $25,121 $25,131 $24,153
3 $27,415 $27,322 $25,530
4 $29,205 $29,915 $26,812
5 $29,856 $30,547 $27,393
6 $29,129 $30,070 $26,815
7 $30,535 $31,123 $27,660
8 $32,262 $32,803 $29,356
9 $31,284 $32,064 $29,171
10 $31,994 $33,053 $30,440
11 $29,963 $30,163 $29,219
12 $31,960 $32,342 $31,928
94:1 $34,255 $35,076 $33,898
2 $33,826 $34,979 $33,159
3 $33,948 $33,472 $31,686
4 $35,045 $34,892 $32,482
5 $34,735 $34,692 $32,381
6 $34,143 $35,182 $32,038
7 $34,883 $35,521 $32,919
8 $35,351 $36,362 $33,887
9 $33,957 $35,216 $33,043
10 $34,138 $36,389 $33,684
11 $33,058 $34,640 $32,027
12 $33,175 $34,857 $31,719
95:1 $32,356 $33,518 $30,143
2 $31,751 $33,422 $30,185
3 $31,760 $35,506 $31,175
4 $32,773 $36,842 $32,182
5 $32,757 $36,403 $32,455
6 $32,498 $35,764 $32,455
7 $34,264 $37,991 $34,192
8 $34,373 $36,541 $33,546
9 $34,586 $37,255 $34,035
10 $34,330 $36,254 $33,348
11 $34,442 $37,262 $33,705
12 $35,876 $38,764 $34,723
96:1 $37,356 $38,923 $35,486
2 $37,290 $39,054 $35,628
3 $37,953 $39,884 $36,241
4 $39,477 $41,043 $37,401
5 $39,543 $40,288 $37,300
6 $39,985 $40,515 $37,550
7 $38,461 $39,331 $36,175
8 $38,616 $39,417 $36,573
9 $40,074 $40,464 $37,363
10 $40,029 $40,050 $37,117
11 $41,753 $41,643 $38,705
12 $42,143 $41,108 $38,837
97:1 $42,120 $39,669 $38,713
2 $42,710 $40,318 $39,255
3 $43,631 $40,464 $39,341
4 $43,914 $40,679 $39,420
5 $45,331 $43,326 $41,738
6 $47,290 $45,715 $43,670
7 $49,722 $46,455 $44,797
8 $46,606 $42,985 $41,643
9 $49,392 $45,393 $44,125
10 $46,842 $41,904 $40,842
11 $46,322 $41,477 $40,385
12 $46,049 $41,839 $40,647
98:1 $48,596 $43,752 $41,639
2 $50,648 $46,559 $44,412
3 $54,624 $47,993 $46,748
4 $54,313 $48,373 $47,459
5 $55,950 $48,138 $47,558
6 $55,716 $48,503 $47,135
7 $56,573 $48,994 $47,786
8 $48,154 $42,924 $40,957
9 $45,841 $41,608 $39,474
10 $47,946 $45,946 $42,313
11 $50,726 $48,300 $44,496
12 $51,093 $50,205 $45,880
99:1 $51,179 $50,057 $46,320
2 $49,830 $48,864 $45,148
3 $52,957 $50,903 $46,706
4 $55,740 $52,966 $48,896
5 $54,449 $50,238 $46,882
6 $56,543 $52,197 $49,371
7 $57,375 $53,748 $50,749
8 $58,035 $53,945 $51,256
9 $57,461 $54,488 $51,523
10 $57,920 $56,529 $53,414
11 $58,580 $58,493 $57,863
12 $62,696 $63,743 $64,853
00:1 $59,000 $59,692 $61,708
2 $59,785 $61,299 $65,953
3 $61,677 $63,676 $66,177
4 $60,251 $60,325 $61,704
5 $60,222 $58,851 $59,569
6 $62,929 $61,153 $62,267
7 $61,503 $58,589 $60,107
8 $62,114 $59,098 $61,273
9 $59,465 $56,220 $57,823
10 $58,825 $54,892 $55,452
11 $57,864 $52,834 $52,746
12 $59,639 $54,711 $54,598
01:1 $60,799 $54,683 $54,876
2 $58,575 $50,584 $50,799
3 $55,480 $47,212 $46,816
4 $59,252 $50,493 $49,859
5 $57,705 $48,711 $48,573
6 $57,414 $46,719 $46,824
7 $55,996 $45,869 $45,419
8 $55,674 $44,706 $44,166
9 $49,065 $40,178 $39,277
10 $50,806 $41,207 $40,424
11 $51,515 $42,726 $42,041
12 $52,171 $42,980 $42,629
02:1 $50,629 $40,696 $40,907
2 $51,482 $40,982 $41,099
3 $54,501 $43,198 $43,257
4 $55,945 $43,485 $43,447
5 $57,585 $44,036 $44,068
6 $55,092 $42,283 $42,310
7 $49,809 $38,109 $38,181
8 $49,382 $38,022 $37,967
9 $42,984 $33,939 $33,928
10 $45,314 $35,763 $35,531
11 $48,562 $37,386 $37,075
12 $47,731 $36,129 $35,782
03:1 $46,500 $34,621 $34,359
2 $46,168 $33,826 $33,473
3 $44,172 $33,161 $32,801
4 $50,326 $36,412 $35,857
5 $53,619 $38,618 $38,030
6 $55,016 $39,551 $38,835
7 $56,446 $40,509 $39,711
8 $57,410 $41,487 $40,741
9 $58,309 $42,766 $41,585
10 $61,402 $45,431 $44,126
11 $62,400 $46,441 $44,977
12 $66,264 $50,069 $48,076
04:01 $66,703 $50,778 $48,953
2 $67,582 $51,950 $49,988
3 $68,089 $52,242 $50,217
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International
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Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
MSCI EAFE Foreign
International Stock-Market Index Lipper Foreign
Yr:Month (after all costs) (before all costs) Stock Composite
-------- ----------------- ------------------ ---------------
99:4 $25,000 $25,000 $25,000
5 $24,357 $23,713 $23,970
6 $25,270 $24,637 $25,243
7 $25,708 $25,369 $25,947
8 $26,081 $25,462 $26,207
9 $25,875 $25,718 $26,343
10 $25,888 $26,682 $27,310
11 $26,004 $27,609 $29,584
12 $27,631 $30,087 $33,158
00:1 $26,032 $28,175 $31,550
2 $26,461 $28,933 $33,721
3 $27,384 $30,055 $33,835
4 $26,708 $28,473 $31,548
5 $26,734 $27,778 $30,457
6 $28,034 $28,864 $31,836
7 $27,358 $27,654 $30,732
8 $27,670 $27,894 $31,328
9 $26,578 $26,536 $29,564
10 $26,253 $25,909 $28,352
11 $25,915 $24,937 $26,968
12 $26,812 $25,824 $27,915
01:1 $27,373 $25,811 $28,057
2 $26,500 $23,876 $25,973
3 $25,191 $22,284 $23,936
4 $26,687 $23,833 $25,492
5 $25,908 $22,991 $24,835
6 $25,799 $22,051 $23,940
7 $25,159 $21,650 $23,222
8 $25,097 $21,101 $22,581
9 $22,073 $18,964 $20,082
10 $22,821 $19,450 $20,668
11 $23,055 $20,167 $21,495
12 $23,347 $20,287 $21,796
02:1 $22,705 $19,209 $20,915
2 $23,122 $19,343 $21,013
3 $24,424 $20,390 $22,117
4 $25,034 $20,525 $22,214
5 $25,645 $20,785 $22,532
6 $24,601 $19,958 $21,633
7 $22,126 $17,987 $19,521
8 $22,030 $17,946 $19,412
9 $19,202 $16,019 $17,347
10 $20,262 $16,880 $18,166
11 $21,708 $17,646 $18,956
12 $21,284 $17,053 $18,295
03:1 $20,845 $16,341 $17,567
2 $20,650 $15,966 $17,114
3 $19,756 $15,652 $16,771
4 $22,520 $17,186 $18,333
5 $24,016 $18,228 $19,444
6 $24,683 $18,668 $19,856
7 $25,317 $19,120 $20,304
8 $25,723 $19,582 $20,830
9 $26,114 $20,185 $21,262
10 $27,496 $21,444 $22,561
11 $27,935 $21,920 $22,996
12 $29,661 $23,633 $24,580
04:01 $29,891 $23,967 $25,029
2 $30,301 $24,520 $25,558
3 $30,580 $24,658 $25,675
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Emerging Markets Value
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Emerging
Markets Value
(after deduction
of 2% purchase
and 2% redemption
fees--both paid
to the portfolio, MSCI Emerging
not to Markets Free Index Lipper Emerging
Yr:Month Bernstein)(2) (before all costs) Markets Index
- --------- --------------- ------------------ ---------------
95:12 $25,000 $25,000 $25,000
96:1 $26,784 $26,777 $27,272
2 $26,760 $26,351 $26,954
3 $27,071 $26,557 $27,178
4 $28,422 $27,618 $28,131
5 $28,266 $27,495 $28,407
6 $27,932 $27,667 $28,461
7 $26,186 $25,776 $26,805
8 $26,174 $26,436 $27,536
9 $26,090 $26,665 $27,818
10 $24,942 $25,954 $27,175
11 $25,803 $26,388 $27,794
12 $26,226 $26,508 $28,037
97:1 $28,281 $28,316 $30,166
2 $28,953 $29,528 $31,243
3 $28,593 $28,753 $30,442
4 $28,100 $28,804 $30,448
5 $28,401 $29,628 $31,498
6 $29,230 $31,214 $33,048
7 $30,395 $31,680 $34,010
8 $27,115 $27,648 $30,275
9 $27,079 $28,414 $31,368
10 $22,898 $23,752 $26,132
11 $20,700 $22,885 $24,939
12 $19,952 $23,437 $25,166
98:1 $19,113 $21,599 $23,415
2 $20,954 $23,853 $25,419
3 $21,956 $24,888 $26,311
4 $21,405 $24,617 $26,366
5 $18,687 $21,243 $22,430
6 $16,433 $19,015 $20,304
7 $16,595 $19,618 $20,923
8 $12,374 $13,946 $14,928
9 $12,663 $14,830 $15,488
10 $14,128 $16,392 $16,977
11 $15,618 $17,755 $18,118
12 $15,743 $17,498 $17,891
99:1 $15,350 $17,216 $17,528
2 $15,553 $17,383 $17,377
3 $17,581 $19,674 $19,313
4 $21,092 $22,108 $21,996
5 $21,498 $21,980 $21,730
6 $23,767 $24,474 $24,170
7 $23,133 $23,809 $23,568
8 $23,222 $24,026 $23,307
9 $22,398 $23,213 $22,479
10 $22,550 $23,707 $23,156
11 $24,033 $25,833 $25,710
12 $27,238 $29,118 $30,227
00:1 $26,320 $29,292 $29,876
2 $25,467 $29,678 $30,767
3 $25,594 $29,823 $30,859
4 $24,371 $26,996 $27,502
5 $22,651 $25,880 $26,039
6 $23,377 $26,792 $27,330
7 $23,174 $25,414 $26,215
8 $22,970 $25,539 $26,485
9 $21,543 $23,309 $23,953
10 $20,027 $21,619 $22,164
11 $18,842 $19,729 $20,160
12 $19,568 $20,205 $20,888
01:1 $21,135 $22,987 $23,309
2 $20,495 $21,187 $21,502
3 $19,125 $19,106 $19,451
4 $19,686 $20,050 $20,445
5 $20,326 $20,290 $21,007
6 $19,986 $19,873 $20,642
7 $18,785 $18,617 $19,362
8 $19,007 $18,434 $19,110
9 $16,292 $15,581 $16,383
10 $16,631 $16,548 $17,243
11 $17,963 $18,275 $18,952
12 $18,861 $19,726 $20,161
02:1 $20,007 $20,394 $20,956
2 $20,441 $20,729 $21,425
3 $21,442 $21,976 $22,599
4 $21,982 $22,119 $22,875
5 $22,009 $21,766 $22,664
6 $20,560 $20,133 $21,008
7 $19,625 $18,602 $19,438
8 $19,664 $18,889 $19,598
9 $17,978 $16,851 $17,632
10 $18,452 $17,944 $18,473
11 $19,664 $19,179 $19,716
12 $19,585 $18,542 $19,229
03:1 $19,876 $18,461 $19,118
2 $19,638 $17,963 $18,667
3 $19,002 $17,454 $18,065
4 $21,161 $19,008 $19,805
5 $22,604 $20,373 $21,229
6 $23,902 $21,534 $22,298
7 $25,425 $22,882 $23,319
8 $26,656 $24,418 $24,877
9 $27,557 $24,597 $25,428
10 $30,258 $26,691 $27,409
11 $30,960 $27,019 $27,816
12 $34,643 $28,977 $30,179
04:01 $34,469 $30,006 $31,042
2 $35,819 $31,391 $32,436
3 $35,576 $31,794 $32,871
Taxable-Bond Portfolios
- --------------------------------------------------------------------------------
Intermediate Duration
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Intermediate Lehman Brothers
Duration Aggregate Bond Index Lipper Intermediate
Yr:Month (after all costs) (before all costs) Bond Composite
-------- ----------------- -------------------- -------------------
89:1 $25,000 $25,000 $25,000
2 $24,865 $24,820 $24,898
3 $25,000 $24,927 $24,982
4 $25,432 $25,448 $25,397
5 $25,948 $26,117 $25,869
6 $26,694 $26,911 $26,462
7 $27,103 $27,484 $26,919
8 $26,868 $27,077 $26,658
9 $27,003 $27,215 $26,768
10 $27,602 $27,885 $27,228
11 $27,776 $28,150 $27,424
12 $27,846 $28,226 $27,501
90:1 $27,522 $27,890 $27,289
2 $27,602 $27,979 $27,365
3 $27,649 $27,999 $27,409
4 $27,427 $27,741 $27,269
5 $28,083 $28,562 $27,861
6 $28,447 $29,022 $28,207
7 $28,769 $29,424 $28,534
8 $28,480 $29,030 $28,326
9 $28,597 $29,272 $28,447
10 $28,879 $29,645 $28,618
11 $29,443 $30,283 $29,082
12 $29,892 $30,757 $29,457
91:1 $30,044 $31,138 $29,731
2 $30,478 $31,403 $30,004
3 $30,782 $31,620 $30,229
4 $31,132 $31,961 $30,574
5 $31,361 $32,146 $30,773
6 $31,371 $32,130 $30,773
7 $31,798 $32,577 $31,124
8 $32,494 $33,281 $31,749
9 $33,042 $33,956 $32,324
10 $33,469 $34,333 $32,666
11 $33,818 $34,649 $32,987
12 $35,005 $35,678 $33,920
92:1 $34,509 $35,193 $33,533
2 $34,754 $35,422 $33,661
3 $34,594 $35,222 $33,530
4 $34,848 $35,476 $33,764
5 $35,499 $36,146 $34,308
6 $35,991 $36,644 $34,798
7 $36,844 $37,391 $35,592
8 $37,051 $37,770 $35,891
9 $37,443 $38,218 $36,372
10 $36,919 $37,711 $35,830
11 $37,071 $37,719 $35,726
12 $37,692 $38,319 $36,222
93:1 $38,306 $39,054 $36,947
2 $38,962 $39,738 $37,619
3 $39,109 $39,904 $37,766
4 $39,343 $40,182 $38,034
5 $39,503 $40,234 $38,004
6 $40,374 $40,962 $38,676
7 $40,778 $41,195 $38,839
8 $41,611 $41,917 $39,557
9 $41,673 $42,030 $39,712
10 $41,895 $42,187 $39,839
11 $41,396 $41,828 $39,484
12 $41,589 $42,055 $39,670
94:1 $42,150 $42,622 $40,174
2 $41,399 $41,881 $39,459
3 $40,633 $40,846 $38,598
4 $40,296 $40,520 $38,251
5 $40,251 $40,516 $38,194
6 $40,172 $40,426 $38,121
7 $40,833 $41,231 $38,693
8 $40,805 $41,280 $38,770
9 $40,199 $40,674 $38,332
10 $40,152 $40,637 $38,275
11 $40,034 $40,548 $38,164
12 $40,276 $40,828 $38,347
95:1 $41,077 $41,636 $38,956
2 $41,895 $42,626 $39,767
3 $42,115 $42,888 $40,013
4 $42,631 $43,487 $40,530
5 $44,120 $45,170 $41,960
6 $44,477 $45,501 $42,225
7 $44,303 $45,399 $42,111
8 $44,811 $45,947 $42,582
9 $45,353 $46,394 $42,957
10 $46,074 $46,998 $43,490
11 $46,722 $47,702 $44,098
12 $47,458 $48,371 $44,658
96:1 $47,630 $48,692 $44,953
2 $46,700 $47,846 $44,185
3 $46,435 $47,513 $43,884
4 $46,241 $47,246 $43,616
5 $46,218 $47,150 $43,538
6 $46,715 $47,783 $44,034
7 $46,889 $47,914 $44,135
8 $46,899 $47,834 $44,100
9 $47,645 $48,668 $44,819
10 $48,616 $49,746 $45,724
11 $49,536 $50,598 $46,497
12 $49,158 $50,127 $46,088
97:1 $49,215 $50,281 $46,222
2 $49,317 $50,406 $46,314
3 $48,794 $49,847 $45,828
4 $49,429 $50,593 $46,423
5 $49,802 $51,072 $46,823
6 $50,402 $51,678 $47,342
7 $51,431 $53,071 $48,559
8 $51,177 $52,619 $48,132
9 $51,772 $53,395 $48,801
10 $52,474 $54,169 $49,377
11 $52,619 $54,419 $49,515
12 $52,922 $54,967 $49,961
98:1 $53,540 $55,672 $50,605
2 $53,540 $55,630 $50,534
3 $53,715 $55,822 $50,711
4 $53,924 $56,113 $50,929
5 $54,413 $56,645 $51,382
6 $54,679 $57,126 $51,752
7 $54,896 $57,247 $51,851
8 $55,438 $58,179 $52,483
9 $56,219 $59,541 $53,643
10 $55,768 $59,227 $53,252
11 $56,338 $59,563 $53,497
12 $56,559 $59,742 $53,673
99:1 $57,106 $60,168 $54,017
2 $56,279 $59,118 $53,012
3 $56,714 $59,445 $53,394
4 $56,946 $59,634 $53,554
5 $56,731 $59,115 $52,997
6 $56,592 $58,923 $52,801
7 $56,324 $58,672 $52,621
8 $56,207 $58,642 $52,537
9 $56,803 $59,323 $53,062
10 $56,898 $59,542 $53,131
11 $56,987 $59,538 $53,174
12 $56,923 $59,251 $52,945
00:1 $56,722 $59,057 $52,749
2 $57,304 $59,771 $53,261
3 $57,890 $60,558 $53,873
4 $57,489 $60,385 $53,577
5 $57,185 $60,357 $53,470
6 $58,379 $61,613 $54,550
7 $58,797 $62,172 $54,970
8 $59,469 $63,073 $55,685
9 $59,852 $63,470 $56,041
10 $59,658 $63,890 $56,164
11 $60,384 $64,934 $56,956
12 $61,686 $66,139 $58,038
01:1 $62,887 $67,221 $59,008
2 $63,179 $67,806 $59,533
3 $63,400 $68,147 $59,795
4 $63,039 $67,864 $59,472
5 $63,464 $68,273 $59,805
6 $63,526 $68,531 $59,984
7 $64,664 $70,063 $61,316
8 $65,289 $70,866 $61,935
9 $65,715 $71,691 $62,462
10 $67,025 $73,192 $63,605
11 $66,422 $72,182 $62,829
12 $66,121 $71,724 $62,408
02:1 $66,541 $72,305 $62,795
2 $66,802 $73,005 $63,285
3 $65,771 $71,791 $62,285
4 $66,485 $73,183 $63,312
5 $67,125 $73,805 $63,806
6 $66,809 $74,443 $63,959
7 $67,236 $75,341 $64,356
8 $68,515 $76,613 $65,437
9 $69,319 $77,854 $66,294
10 $69,136 $77,500 $65,942
11 $69,569 $77,479 $66,095
12 $70,853 $79,079 $67,414
03:1 $70,985 $79,147 $67,508
2 $71,934 $80,242 $68,434
3 $71,923 $80,180 $68,422
4 $72,839 $80,842 $69,106
5 $74,101 $82,349 $70,370
6 $73,859 $82,186 $70,285
7 $71,322 $79,423 $68,011
8 $72,015 $79,950 $68,429
9 $73,751 $82,066 $70,169
10 $73,338 $81,301 $69,616
11 $73,607 $81,496 $69,797
12 $74,464 $82,325 $70,461
04:01 $75,061 $82,987 $70,980
2 $75,740 $83,885 $71,623
3 $76,254 $84,514 $72,128
- --------------------------------------------------------------------------------
Short Duration Plus
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Short Merrill Lynch 1-3
Duration Plus Lipper Short Investment Year Treasury Index
Yr:Month (after all costs) Grade Bond Composite (before all costs)
-------- ----------------- ----------------------- -------------------
89:1 $25,200 $25,208 $25,198
2 $25,247 $25,253 $25,198
3 $25,372 $25,377 $25,313
4 $25,674 $25,671 $25,701
5 $25,969 $26,005 $26,086
6 $26,366 $26,392 $26,574
7 $26,663 $26,727 $26,967
8 $26,653 $26,677 $26,800
9 $26,826 $26,815 $26,958
10 $27,153 $27,161 $27,365
11 $27,348 $27,354 $27,610
12 $27,453 $27,480 $27,720
90:1 $27,517 $27,469 $27,743
2 $27,637 $27,612 $27,873
3 $27,770 $27,739 $27,967
4 $27,812 $27,789 $28,022
5 $28,152 $28,164 $28,450
6 $28,399 $28,431 $28,750
7 $28,676 $28,889 $29,109
8 $28,799 $28,947 $29,196
9 $28,939 $29,112 $29,436
10 $29,153 $29,319 $29,760
11 $29,391 $29,621 $30,051
12 $29,723 $29,905 $30,416
91:1 $29,845 $30,099 $30,694
2 $30,225 $30,340 $30,877
3 $30,514 $30,577 $31,085
4 $30,847 $30,883 $31,379
5 $31,109 $31,099 $31,569
6 $31,246 $31,176 $31,698
7 $31,533 $31,454 $31,974
8 $31,918 $31,882 $32,413
9 $32,198 $32,261 $32,763
10 $32,575 $32,580 $33,114
11 $32,930 $32,887 $33,458
12 $33,404 $33,459 $33,967
92:1 $33,364 $33,372 $33,915
2 $33,526 $33,495 $34,033
3 $33,521 $33,482 $34,020
4 $33,881 $33,713 $34,333
5 $34,236 $34,050 $34,645
6 $34,608 $34,411 $34,998
7 $34,968 $34,848 $35,390
8 $35,102 $35,085 $35,702
9 $35,287 $35,394 $36,041
10 $35,147 $35,153 $35,825
11 $35,255 $35,090 $35,766
12 $35,509 $35,374 $36,106
93:1 $35,792 $35,788 $36,482
2 $36,056 $36,139 $36,794
3 $36,189 $36,258 $36,904
4 $36,321 $36,472 $37,133
5 $36,434 $36,457 $37,029
6 $36,773 $36,760 $37,302
7 $36,946 $36,863 $37,388
8 $37,200 $37,191 $37,714
9 $37,225 $37,325 $37,837
10 $37,368 $37,433 $37,911
11 $37,275 $37,381 $37,920
12 $37,435 $37,538 $38,060
94:1 $37,690 $37,819 $38,305
2 $37,522 $37,543 $38,060
3 $37,320 $37,232 $37,870
4 $37,293 $37,057 $37,736
5 $37,333 $37,071 $37,790
6 $37,408 $37,097 $37,902
7 $37,682 $37,405 $38,228
8 $37,755 $37,532 $38,362
9 $37,650 $37,435 $38,275
10 $37,740 $37,480 $38,361
11 $37,547 $37,386 $38,190
12 $37,640 $37,412 $38,277
95:1 $38,104 $37,786 $38,809
2 $38,581 $38,281 $39,343
3 $38,736 $38,484 $39,562
4 $39,076 $38,842 $39,915
5 $39,615 $39,572 $40,612
6 $39,835 $39,794 $40,830
7 $39,970 $39,885 $41,000
8 $40,202 $40,161 $41,243
9 $40,422 $40,394 $41,444
10 $40,784 $40,721 $41,794
11 $41,076 $41,067 $42,163
12 $41,441 $41,391 $42,487
96:1 $41,668 $41,702 $42,848
2 $41,521 $41,543 $42,667
3 $41,508 $41,506 $42,629
4 $41,593 $41,523 $42,665
5 $41,676 $41,589 $42,752
6 $41,913 $41,876 $43,059
7 $42,113 $42,035 $43,229
8 $42,298 $42,161 $43,377
9 $42,660 $42,541 $43,770
10 $43,167 $42,979 $44,263
11 $43,454 $43,318 $44,602
12 $43,424 $43,318 $44,602
97:1 $43,663 $43,509 $44,812
2 $43,781 $43,635 $44,915
3 $43,770 $43,587 $44,897
4 $44,072 $43,918 $45,264
5 $44,339 $44,217 $45,573
6 $44,610 $44,504 $45,887
7 $44,949 $44,990 $46,391
8 $45,058 $45,012 $46,434
9 $45,308 $45,341 $46,786
10 $45,582 $45,594 $47,134
11 $45,699 $45,699 $47,248
12 $45,830 $45,960 $47,571
98:1 $46,237 $46,360 $48,033
2 $46,299 $46,411 $48,074
3 $46,405 $46,587 $48,270
4 $46,609 $46,792 $48,496
5 $46,809 $47,035 $48,754
6 $46,993 $47,242 $49,008
7 $47,245 $47,436 $49,237
8 $47,568 $47,759 $49,856
9 $48,073 $48,322 $50,517
10 $48,127 $48,298 $50,765
11 $48,294 $48,399 $50,720
12 $48,549 $48,578 $50,899
99:1 $48,776 $48,797 $51,101
2 $48,619 $48,587 $50,852
3 $48,975 $48,952 $51,205
4 $49,153 $49,133 $51,370
5 $49,241 $49,039 $51,337
6 $49,400 $49,118 $51,497
7 $49,529 $49,162 $51,660
8 $49,635 $49,241 $51,810
9 $49,911 $49,590 $52,147
10 $50,049 $49,709 $52,285
11 $50,225 $49,854 $52,384
12 $50,384 $49,933 $52,459
00:1 $50,372 $49,918 $52,440
2 $50,654 $50,238 $52,789
3 $50,900 $50,524 $53,116
4 $50,924 $50,544 $53,254
5 $51,077 $50,676 $53,473
6 $51,628 $51,259 $54,028
7 $51,849 $51,566 $54,370
8 $52,199 $51,968 $54,771
9 $52,591 $52,394 $55,165
10 $52,558 $52,536 $55,461
11 $52,957 $52,982 $55,986
12 $53,567 $53,602 $56,653
01:1 $54,262 $54,321 $57,363
2 $54,554 $54,668 $57,736
3 $55,012 $55,045 $58,218
4 $55,174 $55,167 $58,373
5 $55,546 $55,492 $58,702
6 $55,772 $55,692 $58,902
7 $56,416 $56,388 $59,563
8 $56,842 $56,715 $59,906
9 $57,532 $57,288 $60,892
10 $58,154 $57,746 $61,467
11 $57,958 $57,486 $61,335
12 $58,039 $57,412 $61,356
02:1 $58,245 $57,578 $61,481
2 $58,318 $57,751 $61,778
3 $58,065 $57,422 $61,361
4 $58,511 $57,881 $62,046
5 $58,817 $58,199 $62,295
6 $59,153 $58,275 $62,818
7 $59,587 $58,502 $63,586
8 $59,785 $58,871 $63,804
9 $60,280 $59,261 $64,331
10 $60,278 $59,288 $64,477
11 $60,406 $59,331 $64,283
12 $60,996 $59,910 $64,888
03:1 $61,081 $60,012 $64,879
2 $61,431 $60,363 $65,150
3 $61,483 $60,443 $65,268
4 $61,728 $60,694 $65,390
5 $62,070 $61,075 $65,636
6 $62,153 $61,173 $65,736
7 $61,741 $60,582 $65,378
8 $61,808 $60,643 $65,422
9 $62,344 $61,288 $66,016
10 $62,179 $61,083 $65,771
11 $62,251 $61,093 $65,737
12 $62,562 $61,408 $66,118
04:01 $62,759 $61,585 $66,253
2 $63,045 $61,868 $66,569
3 $63,293 $62,071 $66,778
- --------------------------------------------------------------------------------
U.S. Government Short Duration
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
U.S. Government Merrill Lynch 1-3
Short Duration Lipper Short U.S. Year Treasury Index
Yr:Month (after all costs) Gov't Bond Composite (before all costs)
-------- ----------------- -------------------- -------------------
89:1 $25,000 $25,000 $25,000
2 $25,037 $25,003 $25,000
3 $25,129 $25,108 $25,115
4 $25,460 $25,469 $25,499
5 $25,740 $25,660 $25,882
6 $26,140 $26,104 $26,366
7 $26,441 $26,464 $26,756
8 $26,361 $26,292 $26,590
9 $26,520 $26,432 $26,747
10 $26,880 $26,839 $27,151
11 $27,044 $27,051 $27,394
12 $27,176 $27,156 $27,503
90:1 $27,196 $27,145 $27,525
2 $27,327 $27,270 $27,654
3 $27,434 $27,352 $27,748
4 $27,496 $27,382 $27,802
5 $27,854 $27,790 $28,227
6 $28,097 $28,073 $28,524
7 $28,393 $28,402 $28,880
8 $28,515 $28,447 $28,967
9 $28,718 $28,658 $29,205
10 $28,997 $28,950 $29,526
11 $29,267 $29,269 $29,816
12 $29,615 $29,596 $30,177
91:1 $29,844 $29,866 $30,454
2 $30,055 $30,036 $30,635
3 $30,219 $30,201 $30,841
4 $30,472 $30,479 $31,133
5 $30,636 $30,650 $31,321
6 $30,723 $30,714 $31,450
7 $30,984 $31,006 $31,724
8 $31,393 $31,431 $32,159
9 $31,724 $31,798 $32,506
10 $32,079 $32,116 $32,854
11 $32,424 $32,422 $33,196
12 $32,938 $32,953 $33,700
92:1 $32,804 $32,759 $33,649
2 $32,839 $32,844 $33,767
3 $32,737 $32,801 $33,753
4 $33,115 $33,070 $34,064
5 $33,472 $33,417 $34,374
6 $33,845 $33,735 $34,724
7 $34,198 $34,140 $35,113
8 $34,285 $34,420 $35,422
9 $34,441 $34,699 $35,759
10 $34,362 $34,428 $35,544
11 $34,439 $34,373 $35,486
12 $34,707 $34,703 $35,823
93:1 $34,953 $35,140 $36,196
2 $35,181 $35,474 $36,505
3 $35,253 $35,587 $36,615
4 $35,350 $35,787 $36,842
5 $35,422 $35,744 $36,739
6 $35,715 $36,076 $37,009
7 $35,869 $36,174 $37,095
8 $36,165 $36,528 $37,419
9 $36,200 $36,630 $37,540
10 $36,319 $36,693 $37,614
11 $36,212 $36,586 $37,623
12 $36,304 $36,718 $37,762
94:1 $36,510 $36,968 $38,005
2 $36,334 $36,661 $37,762
3 $36,234 $36,283 $37,574
4 $36,125 $36,026 $37,441
5 $36,150 $35,961 $37,494
6 $36,234 $35,957 $37,605
7 $36,530 $36,248 $37,928
8 $36,624 $36,332 $38,062
9 $36,508 $36,205 $37,975
10 $36,590 $36,226 $38,061
11 $36,428 $36,081 $37,891
12 $36,456 $36,161 $37,977
95:1 $36,932 $36,609 $38,505
2 $37,399 $37,133 $39,034
3 $37,583 $37,326 $39,252
4 $37,914 $37,647 $39,602
5 $38,495 $38,388 $40,294
6 $38,766 $38,580 $40,510
7 $38,855 $38,627 $40,678
8 $39,066 $38,909 $40,920
9 $39,262 $39,130 $41,119
10 $39,568 $39,479 $41,466
11 $39,866 $39,858 $41,833
12 $40,142 $40,188 $42,154
96:1 $40,350 $40,478 $42,512
2 $40,231 $40,292 $42,332
3 $40,246 $40,243 $42,295
4 $40,224 $40,251 $42,330
5 $40,271 $40,300 $42,417
6 $40,527 $40,570 $42,722
7 $40,681 $40,703 $42,890
8 $40,820 $40,813 $43,037
9 $41,133 $41,164 $43,427
10 $41,580 $41,597 $43,916
11 $41,856 $41,917 $44,253
12 $41,783 $41,904 $44,253
97:1 $42,006 $42,101 $44,460
2 $42,113 $42,211 $44,563
3 $42,103 $42,135 $44,545
4 $42,392 $42,442 $44,909
5 $42,650 $42,693 $45,215
6 $42,913 $42,919 $45,527
7 $43,241 $43,365 $46,027
8 $43,314 $43,383 $46,070
9 $43,549 $43,682 $46,419
10 $43,848 $43,988 $46,764
11 $43,927 $44,085 $46,878
12 $44,142 $44,301 $47,198
98:1 $44,461 $44,677 $47,656
2 $44,515 $44,708 $47,697
3 $44,648 $44,856 $47,891
4 $44,808 $45,031 $48,116
5 $44,995 $45,261 $48,372
6 $45,198 $45,460 $48,624
7 $45,430 $45,642 $48,851
8 $45,805 $46,107 $49,465
9 $46,316 $46,670 $50,121
10 $46,453 $46,749 $50,367
11 $46,485 $46,740 $50,323
12 $46,594 $46,875 $50,501
99:1 $46,768 $47,100 $50,700
2 $46,628 $46,916 $50,453
3 $46,939 $47,193 $50,804
4 $47,114 $47,377 $50,967
5 $47,097 $47,335 $50,935
6 $47,215 $47,349 $51,094
7 $47,341 $47,410 $51,256
8 $47,440 $47,496 $51,404
9 $47,735 $47,795 $51,738
10 $47,869 $47,919 $51,875
11 $47,990 $48,044 $51,974
12 $48,031 $48,058 $52,048
00:1 $48,030 $48,092 $52,029
2 $48,302 $48,366 $52,375
3 $48,542 $48,748 $52,700
4 $48,731 $48,924 $52,837
5 $48,873 $49,007 $53,054
6 $49,312 $49,497 $53,605
7 $49,561 $49,789 $53,943
8 $49,931 $50,157 $54,342
9 $50,263 $50,518 $54,732
10 $50,514 $50,806 $55,026
11 $50,972 $51,304 $55,547
12 $51,554 $51,838 $56,209
01:1 $52,181 $52,501 $56,914
2 $52,467 $52,900 $57,284
3 $52,789 $53,239 $57,761
4 $52,912 $53,388 $57,916
5 $53,156 $53,698 $58,242
6 $53,269 $53,843 $58,440
7 $53,854 $54,413 $59,096
8 $54,257 $54,707 $59,436
9 $55,098 $55,424 $60,415
10 $55,623 $55,906 $60,986
11 $55,426 $55,699 $60,854
12 $55,446 $55,644 $60,875
02:1 $55,589 $55,816 $60,999
2 $55,865 $56,095 $61,293
3 $55,582 $55,770 $60,880
4 $56,156 $56,311 $61,560
5 $56,356 $56,553 $61,807
6 $56,754 $56,904 $62,326
7 $57,377 $57,444 $63,087
8 $57,609 $57,685 $63,304
9 $58,084 $58,053 $63,827
10 $58,179 $58,142 $63,972
11 $58,008 $58,006 $63,780
12 $58,574 $58,483 $64,379
03:1 $58,623 $58,498 $64,371
2 $58,877 $58,759 $64,639
3 $58,897 $58,794 $64,757
4 $59,052 $58,908 $64,878
5 $59,342 $59,089 $65,121
6 $59,351 $59,119 $65,221
7 $58,871 $58,675 $64,866
8 $58,846 $58,691 $64,910
9 $59,302 $59,157 $65,499
10 $59,141 $58,957 $65,256
11 $59,161 $58,954 $65,221
12 $59,417 $59,219 $65,600
04:01 $59,542 $59,337 $65,733
2 $59,841 $59,578 $66,048
3 $60,058 $59,718 $66,254
- --------------------------------------------------------------------------------
The performance returns quoted above represent past performance and do not
guarantee future results. The investment return and principal value of an
investment in the funds will fluctuate, so that shares, when redeemed, may be
worth more or less than their original cost. Performance information is as of
the date shown, and current performance may be lower or higher than the
performance returns quoted. For performance information current to the most
recent month-end, please visit our website at www.bernstein.com and click on
"Updated Fund Performance" at the bottom of any screen.
(1) Past performance does not guarantee 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, the index is the MSCI EAFE
Index, with countries weighted by market capitalization and currencies
unhedged. For Emerging Markets Value, the index is the MSCI Emerging
Markets 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.
(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 $37,041.
- --------------------------------------------------------------------------------
4 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
Sanford C. Bernstein Fund, Inc.
- --------------------------------------------------------------------------------
Municipal-Bond Portfolios (Intermediate- and Short-Term)
- --------------------------------------------------------------------------------
Short Duration Diversified Municipal
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Short Duration Lehman Brothers One-Year
Diversified Municipal Municipal Index Lipper Short-Term
Yr:Month (after all costs) (before all costs) Municipal Composite
-------- --------------------- ------------------------ -------------------
94:10 $25,000 $25,000 $25,000
11 $25,015 $25,038 $24,918
12 $25,112 $25,102 $25,007
95:1 $25,255 $25,231 $25,187
2 $25,462 $25,402 $25,424
3 $25,617 $25,570 $25,584
4 $25,684 $25,663 $25,669
5 $25,959 $25,904 $25,938
6 $26,072 $25,992 $26,032
7 $26,204 $26,182 $26,185
8 $26,314 $26,321 $26,313
9 $26,366 $26,394 $26,377
10 $26,479 $26,502 $26,503
11 $26,616 $26,628 $26,662
12 $26,709 $26,728 $26,777
96:1 $26,844 $26,881 $26,937
2 $26,878 $26,946 $26,970
3 $26,869 $26,964 $26,919
4 $26,901 $27,028 $26,948
5 $26,968 $27,096 $27,007
6 $27,053 $27,228 $27,105
7 $27,168 $27,343 $27,229
8 $27,206 $27,396 $27,289
9 $27,336 $27,520 $27,423
10 $27,441 $27,661 $27,574
11 $27,608 $27,828 $27,745
12 $27,657 $27,888 $27,789
97:1 $27,786 $28,049 $27,886
2 $27,854 $28,139 $28,006
3 $27,827 $28,125 $27,934
4 $27,913 $28,238 $28,029
5 $28,058 $28,380 $28,199
6 $28,167 $28,493 $28,343
7 $28,298 $28,668 $28,573
8 $28,335 $28,704 $28,573
9 $28,477 $28,852 $28,767
10 $28,564 $28,963 $28,871
11 $28,624 $29,052 $28,957
12 $28,752 $29,182 $29,114
98:1 $28,882 $29,335 $29,262
2 $28,971 $29,437 $29,332
3 $29,036 $29,521 $29,394
4 $29,078 $29,557 $29,394
5 $29,204 $29,711 $29,576
6 $29,271 $29,820 $29,677
7 $29,379 $29,922 $29,772
8 $29,512 $30,103 $29,986
9 $29,622 $30,246 $30,142
10 $29,727 $30,389 $30,245
11 $29,813 $30,480 $30,302
12 $29,885 $30,566 $30,402
99:1 $30,035 $30,737 $30,566
2 $30,143 $30,847 $30,569
3 $30,184 $30,873 $30,612
4 $30,244 $30,944 $30,689
5 $30,293 $31,005 $30,701
6 $30,288 $30,977 $30,593
7 $30,363 $31,088 $30,691
8 $30,398 $31,164 $30,694
9 $30,483 $31,269 $30,768
10 $30,513 $31,337 $30,777
11 $30,631 $31,434 $30,882
12 $30,652 $31,460 $30,885
00:1 $30,745 $31,580 $30,904
2 $30,818 $31,675 $31,018
3 $30,942 $31,812 $31,167
4 $30,988 $31,888 $31,198
5 $31,025 $31,941 $31,232
6 $31,273 $32,203 $31,488
7 $31,426 $32,383 $31,680
8 $31,579 $32,549 $31,848
9 $31,633 $32,621 $31,922
10 $31,760 $32,775 $32,056
11 $31,859 $32,899 $32,165
12 $32,089 $33,144 $32,425
01:1 $32,375 $33,537 $32,698
2 $32,481 $33,648 $32,815
3 $32,630 $33,822 $32,983
4 $32,685 $33,886 $33,006
5 $32,889 $34,127 $33,217
6 $32,988 $34,260 $33,350
7 $33,169 $34,411 $33,533
8 $33,373 $34,617 $33,761
9 $33,525 $34,787 $33,856
10 $33,674 $34,938 $33,998
11 $33,662 $34,970 $33,937
12 $33,729 $35,057 $33,964
02:1 $33,975 $35,341 $34,158
2 $34,142 $35,468 $34,321
3 $33,876 $35,221 $34,095
4 $34,148 $35,488 $34,364
5 $34,315 $35,645 $34,488
6 $34,526 $35,819 $34,671
7 $34,656 $35,951 $34,823
8 $34,734 $36,071 $34,959
9 $34,802 $36,152 $35,102
10 $34,710 $36,098 $34,953
11 $34,814 $36,177 $35,019
12 $34,975 $36,407 $35,285
03:1 $35,053 $36,491 $35,344
2 $35,156 $36,583 $35,517
3 $35,165 $36,583 $35,476
4 $35,205 $36,626 $35,556
5 $35,382 $36,743 $35,783
6 $35,362 $36,791 $35,780
7 $35,199 $36,776 $35,558
8 $35,259 $36,824 $35,650
9 $35,488 $36,997 $35,942
10 $35,493 $36,956 $35,894
11 $35,548 $36,992 $35,958
12 $35,625 $37,032 $36,004
04:01 $35,709 $37,110 $36,087
2 $35,790 $37,242 $36,258
3 $35,784 $37,247 $36,185
- --------------------------------------------------------------------------------
Short Duration California Municipal
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Short Duration Lehman Brothers
California Municipal One-Year Municipal Index Lipper Short-Term
Yr:Month (after all costs) (before all costs) Municipal Composite
-------- --------------------- ------------------------ -------------------
94:10 $25,000 $25,000 $25,000
11 $24,978 $25,038 $24,918
12 $25,055 $25,102 $25,007
95:1 $25,202 $25,231 $25,187
2 $25,451 $25,402 $25,424
3 $25,566 $25,570 $25,584
4 $25,668 $25,663 $25,669
5 $25,915 $25,904 $25,938
6 $26,000 $25,992 $26,032
7 $26,185 $26,182 $26,185
8 $26,267 $26,321 $26,313
9 $26,332 $26,394 $26,377
10 $26,442 $26,502 $26,503
11 $26,554 $26,628 $26,662
12 $26,631 $26,728 $26,777
96:1 $26,786 $26,881 $26,937
2 $26,813 $26,946 $26,970
3 $26,793 $26,964 $26,919
4 $26,841 $27,028 $26,948
5 $26,885 $27,096 $27,007
6 $26,990 $27,228 $27,105
7 $27,105 $27,343 $27,229
8 $27,146 $27,396 $27,289
9 $27,256 $27,520 $27,423
10 $27,384 $27,661 $27,574
11 $27,530 $27,828 $27,745
12 $27,578 $27,888 $27,789
97:1 $27,683 $28,049 $27,886
2 $27,747 $28,139 $28,006
3 $27,740 $28,125 $27,934
4 $27,824 $28,238 $28,029
5 $27,923 $28,380 $28,199
6 $28,030 $28,493 $28,343
7 $28,178 $28,668 $28,573
8 $28,209 $28,704 $28,573
9 $28,317 $28,852 $28,767
10 $28,393 $28,963 $28,871
11 $28,446 $29,052 $28,957
12 $28,571 $29,182 $29,114
98:1 $28,693 $29,335 $29,262
2 $28,778 $29,437 $29,332
3 $28,837 $29,521 $29,394
4 $28,849 $29,557 $29,394
5 $28,967 $29,711 $29,576
6 $29,055 $29,820 $29,677
7 $29,190 $29,922 $29,772
8 $29,317 $30,103 $29,986
9 $29,443 $30,246 $30,142
10 $29,569 $30,389 $30,245
11 $29,655 $30,480 $30,302
12 $29,686 $30,566 $30,402
99:1 $29,832 $30,737 $30,566
2 $29,915 $30,847 $30,569
3 $29,929 $30,873 $30,612
4 $30,007 $30,944 $30,689
5 $30,024 $31,005 $30,701
6 $30,014 $30,977 $30,593
7 $30,115 $31,088 $30,691
8 $30,168 $31,164 $30,694
9 $30,296 $31,269 $30,768
10 $30,326 $31,337 $30,777
11 $30,393 $31,434 $30,882
12 $30,388 $31,460 $30,885
00:1 $30,497 $31,580 $30,904
2 $30,614 $31,675 $31,018
3 $30,727 $31,812 $31,167
4 $30,740 $31,888 $31,198
5 $30,816 $31,941 $31,232
6 $31,059 $32,203 $31,488
7 $31,208 $32,383 $31,680
8 $31,386 $32,549 $31,848
9 $31,467 $32,621 $31,922
10 $31,593 $32,775 $32,056
11 $31,694 $32,899 $32,165
12 $31,870 $33,144 $32,425
01:1 $32,171 $33,537 $32,698
2 $32,271 $33,648 $32,815
3 $32,396 $33,822 $32,983
4 $32,398 $33,886 $33,006
5 $32,599 $34,127 $33,217
6 $32,695 $34,260 $33,350
7 $32,847 $34,411 $33,533
8 $32,989 $34,617 $33,761
9 $33,081 $34,787 $33,856
10 $33,191 $34,938 $33,998
11 $33,237 $34,970 $33,937
12 $33,276 $35,057 $33,964
02:1 $33,493 $35,341 $34,158
2 $33,548 $35,468 $34,321
3 $33,359 $35,221 $34,095
4 $33,541 $35,488 $34,364
5 $33,649 $35,645 $34,488
6 $33,744 $35,819 $34,671
7 $33,832 $35,951 $34,823
8 $33,947 $36,071 $34,959
9 $34,031 $36,152 $35,102
10 $33,898 $36,098 $34,953
11 $33,933 $36,177 $35,019
12 $34,148 $36,407 $35,285
03:1 $34,203 $36,491 $35,344
2 $34,311 $36,583 $35,517
3 $34,331 $36,583 $35,476
4 $34,356 $36,626 $35,556
5 $34,517 $36,743 $35,783
6 $34,480 $36,791 $35,780
7 $34,302 $36,776 $35,558
8 $34,371 $36,824 $35,650
9 $34,585 $36,997 $35,942
10 $34,549 $36,956 $35,894
11 $34,619 $36,992 $35,958
12 $34,664 $37,032 $36,004
04:01 $34,737 $37,110 $36,087
2 $34,836 $37,242 $36,258
3 $34,825 $37,247 $36,185
- --------------------------------------------------------------------------------
Short Duration New York Municipal
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Short Duration Lehman Brothers
New York Municipal One-Year Municipal Index Lipper Short-Term
Yr:Month (after all costs) (before all costs) Municipal Composite
-------- --------------------- ------------------------ -------------------
94:10 $25,000 $25,000 $25,000
11 $24,970 $25,038 $24,918
12 $25,062 $25,102 $25,007
95:1 $25,212 $25,231 $25,187
2 $25,450 $25,402 $25,424
3 $25,582 $25,570 $25,584
4 $25,659 $25,663 $25,669
5 $25,882 $25,904 $25,938
6 $25,984 $25,992 $26,032
7 $26,124 $26,182 $26,185
8 $26,221 $26,321 $26,313
9 $26,284 $26,394 $26,377
10 $26,374 $26,502 $26,503
11 $26,496 $26,628 $26,662
12 $26,583 $26,728 $26,777
96:1 $26,736 $26,881 $26,937
2 $26,803 $26,946 $26,970
3 $26,783 $26,964 $26,919
4 $26,806 $27,028 $26,948
5 $26,871 $27,096 $27,007
6 $26,956 $27,228 $27,105
7 $27,075 $27,343 $27,229
8 $27,073 $27,396 $27,289
9 $27,213 $27,520 $27,423
10 $27,350 $27,661 $27,574
11 $27,486 $27,828 $27,745
12 $27,520 $27,888 $27,789
97:1 $27,636 $28,049 $27,886
2 $27,707 $28,139 $28,006
3 $27,685 $28,125 $27,934
4 $27,779 $28,238 $28,029
5 $27,890 $28,380 $28,199
6 $28,005 $28,493 $28,343
7 $28,140 $28,668 $28,573
8 $28,158 $28,704 $28,573
9 $28,300 $28,852 $28,767
10 $28,388 $28,963 $28,871
11 $28,448 $29,052 $28,957
12 $28,553 $29,182 $29,114
98:1 $28,687 $29,335 $29,262
2 $28,755 $29,437 $29,332
3 $28,823 $29,521 $29,394
4 $28,844 $29,557 $29,394
5 $28,970 $29,711 $29,576
6 $29,061 $29,820 $29,677
7 $29,150 $29,922 $29,772
8 $29,282 $30,103 $29,986
9 $29,391 $30,246 $30,142
10 $29,497 $30,389 $30,245
11 $29,565 $30,480 $30,302
12 $29,628 $30,566 $30,402
99:1 $29,781 $30,737 $30,566
2 $29,847 $30,847 $30,569
3 $29,914 $30,873 $30,612
4 $29,957 $30,944 $30,689
5 $29,988 $31,005 $30,701
6 $29,966 $30,977 $30,593
7 $30,052 $31,088 $30,691
8 $30,096 $31,164 $30,694
9 $30,167 $31,269 $30,768
10 $30,205 $31,337 $30,777
11 $30,309 $31,434 $30,882
12 $30,310 $31,460 $30,885
00:1 $30,388 $31,580 $30,904
2 $30,484 $31,675 $31,018
3 $30,582 $31,812 $31,167
4 $30,632 $31,888 $31,198
5 $30,692 $31,941 $31,232
6 $30,918 $32,203 $31,488
7 $31,067 $32,383 $31,680
8 $31,192 $32,549 $31,848
9 $31,266 $32,621 $31,922
10 $31,385 $32,775 $32,056
11 $31,507 $32,899 $32,165
12 $31,759 $33,144 $32,425
01:1 $32,012 $33,537 $32,698
2 $32,116 $33,648 $32,815
3 $32,288 $33,822 $32,983
4 $32,286 $33,886 $33,006
5 $32,508 $34,127 $33,217
6 $32,600 $34,260 $33,350
7 $32,751 $34,411 $33,533
8 $32,941 $34,617 $33,761
9 $33,002 $34,787 $33,856
10 $33,170 $34,938 $33,998
11 $33,153 $34,970 $33,937
12 $33,188 $35,057 $33,964
02:1 $33,432 $35,341 $34,158
2 $33,545 $35,468 $34,321
3 $33,357 $35,221 $34,095
4 $33,540 $35,488 $34,364
5 $33,653 $35,645 $34,488
6 $33,775 $35,819 $34,671
7 $33,873 $35,951 $34,823
8 $33,974 $36,071 $34,959
9 $34,040 $36,152 $35,102
10 $33,943 $36,098 $34,953
11 $33,984 $36,177 $35,019
12 $34,210 $36,407 $35,285
03:1 $34,250 $36,491 $35,344
2 $34,369 $36,583 $35,517
3 $34,344 $36,583 $35,476
4 $34,406 $36,626 $35,556
5 $34,605 $36,743 $35,783
6 $34,579 $36,791 $35,780
7 $34,405 $36,776 $35,558
8 $34,480 $36,824 $35,650
9 $34,694 $36,997 $35,942
10 $34,689 $36,956 $35,894
11 $34,765 $36,992 $35,958
12 $34,824 $37,032 $36,004
04:01 $34,881 $37,110 $36,087
2 $34,990 $37,242 $36,258
3 $34,959 $37,247 $36,185
- --------------------------------------------------------------------------------
Diversified Municipal
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Lehman Brothers
Diversified Municipal Lipper Intermediate Five-year G/O Index
Yr:Month (after all costs) Municipal Composite (before all costs)
- -------- --------------------- ------------------- -------------------
89:1 $25,000 $25,000 $25,000
2 $24,863 $24,893 $24,735
3 $24,736 $24,820 $24,577
4 $25,164 $25,212 $24,999
5 $25,550 $25,550 $25,454
6 $25,878 $25,829 $25,734
7 $26,189 $26,128 $26,110
8 $26,027 $26,011 $26,008
9 $25,973 $25,972 $26,021
10 $26,266 $26,203 $26,250
11 $26,602 $26,510 $26,584
12 $26,769 $26,743 $26,799
90:1 $26,669 $26,679 $26,812
2 $26,843 $26,884 $27,013
3 $26,823 $26,868 $26,930
4 $26,741 $26,723 $26,841
5 $27,152 $27,177 $27,332
6 $27,351 $27,405 $27,532
7 $27,637 $27,748 $27,859
8 $27,510 $27,501 $27,764
9 $27,622 $27,592 $27,823
10 $28,022 $27,934 $28,232
11 $28,403 $28,375 $28,638
12 $28,590 $28,517 $28,744
91:1 $28,933 $28,845 $29,167
2 $29,187 $29,096 $29,432
3 $29,102 $29,111 $29,365
4 $29,448 $29,416 $29,732
5 $29,565 $29,622 $29,883
6 $29,545 $29,593 $29,877
7 $29,774 $29,856 $30,176
8 $30,144 $30,166 $30,565
9 $30,443 $30,504 $30,941
10 $30,652 $30,758 $31,176
11 $30,818 $30,841 $31,276
12 $31,500 $31,433 $31,980
92:1 $31,450 $31,521 $32,041
2 $31,425 $31,555 $32,060
3 $31,229 $31,489 $31,954
4 $31,393 $31,732 $32,235
5 $31,803 $32,068 $32,525
6 $32,239 $32,520 $32,994
7 $33,167 $33,486 $33,858
8 $32,915 $33,148 $33,604
9 $33,154 $33,343 $33,816
10 $32,796 $33,067 $33,708
11 $33,281 $33,622 $34,116
12 $33,560 $33,908 $34,354
93:1 $33,893 $34,291 $34,725
2 $34,711 $35,313 $35,632
3 $34,381 $34,932 $35,229
4 $34,587 $35,218 $35,455
5 $34,642 $35,355 $35,579
6 $35,137 $35,868 $36,059
7 $35,040 $35,872 $36,084
8 $35,639 $36,535 $36,575
9 $36,007 $36,959 $36,838
10 $36,062 $37,037 $36,894
11 $35,883 $36,800 $36,787
12 $36,391 $37,429 $37,291
94:1 $36,706 $37,826 $37,641
2 $36,065 $37,001 $36,937
3 $35,366 $35,950 $36,114
4 $35,368 $36,133 $36,478
5 $35,587 $36,401 $36,683
6 $35,483 $36,295 $36,598
7 $35,871 $36,753 $36,997
8 $36,012 $36,896 $37,175
9 $35,719 $36,520 $36,896
10 $35,420 $36,092 $36,689
11 $35,020 $35,555 $36,454
12 $35,475 $36,084 $36,775
95:1 $36,132 $36,792 $37,128
2 $36,876 $37,564 $37,667
3 $37,259 $37,902 $38,266
4 $37,321 $37,967 $38,369
5 $38,266 $38,870 $39,209
6 $38,107 $38,727 $39,241
7 $38,458 $39,087 $39,790
8 $38,841 $39,470 $40,192
9 $38,993 $39,643 $40,312
10 $39,376 $40,024 $40,482
11 $39,818 $40,456 $40,826
12 $40,075 $40,727 $41,050
96:1 $40,373 $41,069 $41,539
2 $40,264 $40,938 $41,398
3 $39,891 $40,475 $41,178
4 $39,808 $40,398 $41,116
5 $39,813 $40,378 $41,067
6 $40,080 $40,621 $41,359
7 $40,366 $40,978 $41,632
8 $40,331 $40,986 $41,719
9 $40,701 $41,335 $42,032
10 $41,035 $41,731 $42,423
11 $41,640 $42,353 $43,012
12 $41,532 $42,226 $42,948
97:1 $41,687 $42,315 $43,064
2 $41,938 $42,624 $43,370
3 $41,599 $42,180 $42,880
4 $41,851 $42,387 $43,094
5 $42,281 $42,892 $43,564
6 $42,594 $43,278 $43,947
7 $43,376 $44,221 $44,743
8 $43,145 $43,858 $44,505
9 $43,532 $44,310 $44,906
10 $43,687 $44,514 $45,180
11 $43,832 $44,679 $45,324
12 $44,307 $45,237 $45,732
98:1 $44,617 $45,617 $46,135
2 $44,677 $45,635 $46,190
3 $44,709 $45,635 $46,269
4 $44,638 $45,393 $46,047
5 $45,043 $46,034 $46,595
6 $45,175 $46,162 $46,739
7 $45,297 $46,241 $46,907
8 $45,750 $46,916 $47,541
9 $46,137 $47,423 $48,025
10 $46,223 $47,408 $48,126
11 $46,252 $47,494 $48,194
12 $46,356 $47,655 $48,406
99:1 $46,841 $48,199 $48,895
2 $46,767 $47,924 $48,836
3 $46,802 $47,881 $48,904
4 $46,924 $48,010 $49,046
5 $46,795 $47,722 $48,879
6 $46,390 $47,040 $48,337
7 $46,545 $47,256 $48,593
8 $46,470 $47,020 $48,593
9 $46,491 $47,038 $48,763
10 $46,295 $46,695 $48,656
11 $46,673 $47,087 $48,914
12 $46,566 $46,866 $48,752
00:1 $46,487 $46,646 $48,730
2 $46,726 $47,000 $48,880
3 $47,350 $47,663 $49,318
4 $47,262 $47,472 $49,221
5 $47,130 $47,254 $49,201
6 $47,949 $48,241 $50,111
7 $48,407 $48,782 $50,657
8 $48,906 $49,377 $51,189
9 $48,835 $49,229 $51,103
10 $49,220 $49,598 $51,466
11 $49,438 $49,831 $51,666
12 $50,202 $50,878 $52,496
01:1 $50,751 $51,437 $53,404
2 $50,902 $51,586 $53,533
3 $51,338 $51,989 $53,960
4 $51,049 $51,469 $53,674
5 $51,567 $51,978 $54,206
6 $51,819 $52,311 $54,444
7 $52,344 $52,939 $55,054
8 $52,978 $53,738 $55,792
9 $53,051 $53,652 $55,931
10 $53,461 $54,151 $56,345
11 $53,192 $53,561 $55,928
12 $52,957 $53,159 $55,637
02:1 $53,596 $53,925 $56,527
2 $54,046 $54,545 $57,155
3 $53,304 $53,541 $56,006
4 $54,096 $54,580 $57,261
5 $54,363 $54,880 $57,639
6 $54,840 $55,445 $58,267
7 $55,329 $56,094 $58,901
8 $55,749 $56,627 $59,453
9 $56,455 $57,653 $60,221
10 $55,801 $56,730 $59,625
11 $55,669 $56,475 $59,548
12 $56,551 $57,660 $60,644
03:1 $56,501 $57,398 $60,789
2 $57,115 $58,211 $61,441
3 $57,076 $58,183 $61,390
4 $57,330 $58,538 $61,642
5 $58,389 $59,725 $62,663
6 $58,106 $59,446 $62,512
7 $56,734 $57,612 $61,133
8 $57,062 $58,042 $61,572
9 $58,395 $59,514 $63,182
10 $58,160 $59,183 $62,722
11 $58,514 $59,670 $62,951
12 $58,836 $60,022 $63,180
04:01 $59,079 $60,226 $63,462
2 $59,771 $61,080 $64,299
3 $59,514 $60,670 $64,048
- --------------------------------------------------------------------------------
California Municipal
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Lehman Brothers Lipper Intermediate
California Municipal Five-year G/O Index California
Yr:Month (after all costs) (before all costs) Municipal Composite
-------- --------------------- ------------------- -------------------
90:8 $25,000 $25,000 $25,000
9 $25,155 $25,053 $24,988
10 $25,459 $25,421 $25,452
11 $25,844 $25,787 $26,015
12 $26,072 $25,882 $26,127
91:1 $26,340 $26,263 $26,424
2 $26,649 $26,502 $26,557
3 $26,566 $26,441 $26,578
4 $26,814 $26,771 $26,942
5 $26,937 $26,908 $27,184
6 $26,889 $26,902 $27,108
7 $27,112 $27,171 $27,472
8 $27,378 $27,522 $27,796
9 $27,686 $27,860 $28,168
10 $27,891 $28,072 $28,430
11 $27,989 $28,162 $28,510
12 $28,558 $28,796 $29,051
92:1 $28,610 $28,850 $29,133
2 $28,600 $28,868 $29,153
3 $28,370 $28,772 $29,074
4 $28,578 $29,026 $29,278
5 $28,916 $29,287 $29,571
6 $29,279 $29,709 $29,952
7 $30,091 $30,487 $30,776
8 $29,901 $30,258 $30,440
9 $30,111 $30,449 $30,626
10 $29,803 $30,352 $30,292
11 $30,239 $30,719 $30,792
12 $30,500 $30,934 $31,054
93:1 $30,820 $31,268 $31,389
2 $31,647 $32,084 $32,347
3 $31,314 $31,721 $32,001
4 $31,469 $31,924 $32,253
5 $31,577 $32,036 $32,369
6 $31,950 $32,469 $32,826
7 $31,855 $32,491 $32,796
8 $32,374 $32,933 $33,423
9 $32,702 $33,170 $33,820
10 $32,727 $33,220 $33,875
11 $32,544 $33,124 $33,637
12 $33,015 $33,578 $34,240
94:1 $33,326 $33,893 $34,609
2 $32,694 $33,259 $33,838
3 $32,066 $32,518 $32,890
4 $32,043 $32,846 $33,025
5 $32,213 $33,030 $33,246
6 $32,168 $32,954 $33,140
7 $32,562 $33,313 $33,617
8 $32,664 $33,473 $33,745
9 $32,381 $33,222 $33,428
10 $32,096 $33,036 $32,970
11 $31,737 $32,825 $32,459
12 $31,975 $33,114 $32,825
95:1 $32,592 $33,431 $33,495
2 $33,414 $33,916 $34,239
3 $33,727 $34,455 $34,578
4 $33,804 $34,549 $34,626
5 $34,674 $35,305 $35,481
6 $34,446 $35,333 $35,258
7 $34,807 $35,828 $35,635
8 $35,120 $36,190 $36,027
9 $35,330 $36,298 $36,229
10 $35,701 $36,451 $36,624
11 $36,150 $36,761 $37,048
12 $36,362 $36,963 $37,252
96:1 $36,708 $37,403 $37,584
2 $36,580 $37,276 $37,460
3 $36,160 $37,078 $37,029
4 $36,109 $37,022 $36,999
5 $36,084 $36,978 $36,988
6 $36,350 $37,241 $37,240
7 $36,604 $37,486 $37,571
8 $36,626 $37,565 $37,571
9 $36,955 $37,847 $37,879
10 $37,284 $38,199 $38,266
11 $37,797 $38,730 $38,874
12 $37,716 $38,672 $38,730
97:1 $37,822 $38,776 $38,804
2 $38,042 $39,051 $39,052
3 $37,705 $38,610 $38,681
4 $37,898 $38,803 $38,863
5 $38,309 $39,226 $39,372
6 $38,619 $39,571 $39,730
7 $39,374 $40,288 $40,648
8 $39,162 $40,074 $40,307
9 $39,476 $40,435 $40,710
10 $39,611 $40,681 $40,820
11 $39,739 $40,812 $40,987
12 $40,108 $41,179 $41,479
98:1 $40,439 $41,541 $41,869
2 $40,519 $41,591 $41,927
3 $40,487 $41,662 $41,856
4 $40,393 $41,462 $41,617
5 $40,840 $41,955 $42,192
6 $40,959 $42,085 $42,302
7 $41,068 $42,237 $42,428
8 $41,530 $42,807 $43,065
9 $41,989 $43,244 $43,702
10 $42,030 $43,334 $43,641
11 $42,140 $43,395 $43,759
12 $42,163 $43,586 $43,776
99:1 $42,589 $44,026 $44,289
2 $42,484 $43,973 $44,080
3 $42,539 $44,035 $44,147
4 $42,586 $44,163 $44,182
5 $42,376 $44,012 $43,912
6 $42,044 $43,524 $43,289
7 $42,208 $43,755 $43,527
8 $42,105 $43,755 $43,335
9 $42,243 $43,908 $43,491
10 $42,035 $43,811 $43,122
11 $42,342 $44,043 $43,505
12 $42,137 $43,898 $43,192
00:1 $42,158 $43,878 $43,218
2 $42,497 $44,013 $43,581
3 $43,082 $44,407 $44,261
4 $42,842 $44,320 $44,000
5 $42,874 $44,302 $43,987
6 $43,594 $45,121 $44,937
7 $43,999 $45,613 $45,458
8 $44,600 $46,092 $46,163
9 $44,540 $46,015 $45,983
10 $44,798 $46,342 $46,277
11 $45,055 $46,522 $46,504
12 $45,731 $47,269 $47,336
01:1 $46,213 $48,087 $47,937
2 $46,311 $48,202 $47,995
3 $46,529 $48,587 $48,220
4 $46,134 $48,330 $47,507
5 $46,587 $48,808 $48,134
6 $46,770 $49,023 $48,427
7 $47,229 $49,572 $49,004
8 $47,917 $50,237 $49,925
9 $47,803 $50,362 $49,795
10 $48,223 $50,735 $50,313
11 $48,037 $50,359 $49,885
12 $47,820 $50,097 $49,461
02:1 $48,346 $50,899 $50,228
2 $48,705 $51,464 $50,755
3 $47,963 $50,430 $49,695
4 $48,585 $51,559 $50,624
5 $48,911 $51,899 $51,024
6 $49,215 $52,465 $51,345
7 $49,594 $53,036 $51,879
8 $50,053 $53,533 $52,491
9 $50,801 $54,225 $53,580
10 $49,828 $53,688 $52,358
11 $49,835 $53,619 $52,310
12 $50,600 $54,606 $53,234
03:1 $50,464 $54,737 $52,874
2 $51,061 $55,323 $53,486
3 $51,083 $55,278 $53,484
4 $51,367 $55,505 $53,794
5 $52,257 $56,423 $54,846
6 $51,929 $56,288 $54,438
7 $50,741 $55,046 $52,856
8 $51,024 $55,441 $53,200
9 $52,018 $56,891 $54,474
10 $51,877 $56,477 $54,293
11 $52,185 $56,683 $54,720
12 $52,461 $56,889 $55,041
04:01 $52,630 $57,143 $55,196
2 $53,268 $57,897 $55,954
3 $53,035 $57,671 $55,534
- --------------------------------------------------------------------------------
New York Municipal
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Lipper Intermediate Lehman Brothers
New York Municipal New York Five-year G/O Index
Yr:Month (after all costs) Municipal Composite (before all costs)
- -------- --------------------- ------------------- -------------------
89:1 $25,000 $25,000 $25,000
2 $24,881 $24,750 $24,735
3 $24,809 $24,750 $24,577
4 $25,201 $25,389 $24,999
5 $25,589 $25,868 $25,454
6 $26,022 $26,197 $25,734
7 $26,313 $26,469 $26,110
8 $26,154 $26,221 $26,008
9 $26,119 $26,105 $26,021
10 $26,415 $26,319 $26,250
11 $26,731 $26,725 $26,584
12 $26,872 $26,928 $26,799
90:1 $26,733 $26,658 $26,812
2 $26,912 $26,888 $27,013
3 $26,920 $26,842 $26,930
4 $26,800 $26,514 $26,841
5 $27,193 $27,167 $27,332
6 $27,412 $27,463 $27,532
7 $27,703 $27,960 $27,859
8 $27,579 $27,420 $27,764
9 $27,718 $27,341 $27,823
10 $28,096 $27,620 $28,232
11 $28,494 $28,222 $28,638
12 $28,658 $28,323 $28,744
91:1 $28,979 $28,706 $29,167
2 $29,257 $28,878 $29,432
3 $29,267 $28,985 $29,365
4 $29,548 $29,437 $29,732
5 $29,712 $29,664 $29,883
6 $29,717 $29,634 $29,877
7 $29,973 $30,117 $30,176
8 $30,301 $30,554 $30,565
9 $30,585 $31,015 $30,941
10 $30,796 $31,313 $31,176
11 $30,916 $31,354 $31,276
12 $31,642 $31,999 $31,980
92:1 $31,552 $31,823 $32,041
2 $31,632 $31,941 $32,060
3 $31,492 $32,043 $31,954
4 $31,761 $32,383 $32,235
5 $32,079 $32,856 $32,525
6 $32,544 $33,536 $32,994
7 $33,479 $34,763 $33,858
8 $33,211 $34,235 $33,604
9 $33,432 $34,338 $33,816
10 $33,106 $34,018 $33,708
11 $33,551 $34,586 $34,116
12 $33,820 $34,901 $34,354
93:1 $34,138 $35,271 $34,725
2 $35,046 $36,294 $35,632
3 $34,698 $35,960 $35,229
4 $34,941 $36,233 $35,455
5 $35,058 $36,415 $35,579
6 $35,516 $36,884 $36,059
7 $35,424 $36,873 $36,084
8 $35,981 $37,507 $36,575
9 $36,334 $37,822 $36,838
10 $36,393 $37,909 $36,894
11 $36,170 $37,652 $36,787
12 $36,714 $38,296 $37,291
94:1 $37,013 $38,701 $37,641
2 $36,374 $37,916 $36,937
3 $35,650 $36,903 $36,114
4 $35,660 $37,092 $36,478
5 $35,938 $37,388 $36,683
6 $35,864 $37,317 $36,598
7 $36,314 $37,761 $36,997
8 $36,384 $37,882 $37,175
9 $36,038 $37,503 $36,896
10 $35,665 $37,068 $36,689
11 $35,237 $36,527 $36,454
12 $35,779 $37,053 $36,775
95:1 $36,416 $37,661 $37,128
2 $37,197 $38,418 $37,667
3 $37,522 $38,718 $38,266
4 $37,644 $38,795 $38,369
5 $38,626 $39,714 $39,209
6 $38,465 $39,583 $39,241
7 $38,791 $39,971 $39,790
8 $39,206 $40,395 $40,192
9 $39,330 $40,548 $40,312
10 $39,721 $40,950 $40,482
11 $40,171 $41,392 $40,826
12 $40,419 $41,641 $41,050
96:1 $40,725 $41,990 $41,539
2 $40,529 $41,801 $41,398
3 $40,181 $41,379 $41,178
4 $40,131 $41,263 $41,116
5 $40,108 $41,201 $41,067
6 $40,379 $41,482 $41,359
7 $40,673 $41,884 $41,632
8 $40,646 $41,859 $41,719
9 $41,026 $42,269 $42,032
10 $41,401 $42,654 $42,423
11 $41,928 $43,336 $43,012
12 $41,845 $43,176 $42,948
97:1 $41,973 $43,228 $43,064
2 $42,260 $43,560 $43,370
3 $41,887 $43,094 $42,880
4 $42,143 $43,318 $43,094
5 $42,548 $43,886 $43,564
6 $42,870 $44,312 $43,947
7 $43,663 $45,344 $44,743
8 $43,396 $44,950 $44,505
9 $43,790 $45,417 $44,906
10 $43,981 $45,576 $45,180
11 $44,099 $45,758 $45,324
12 $44,582 $46,349 $45,732
98:1 $44,931 $46,743 $46,135
2 $44,962 $46,757 $46,190
3 $44,995 $46,710 $46,269
4 $44,826 $46,402 $46,047
5 $45,370 $47,125 $46,595
6 $45,542 $47,281 $46,739
7 $45,602 $47,333 $46,907
8 $46,164 $48,052 $47,541
9 $46,556 $48,624 $48,025
10 $46,675 $48,610 $48,126
11 $46,771 $48,673 $48,194
12 $46,904 $48,863 $48,406
99:1 $47,428 $49,444 $48,895
2 $47,282 $49,157 $48,836
3 $47,314 $49,103 $48,904
4 $47,407 $49,226 $49,046
5 $47,208 $48,931 $48,879
6 $46,726 $48,216 $48,337
7 $46,917 $48,443 $48,593
8 $46,840 $48,244 $48,593
9 $46,899 $48,288 $48,763
10 $46,668 $47,877 $48,656
11 $47,056 $48,318 $48,914
12 $46,889 $48,076 $48,752
00:1 $46,846 $47,874 $48,730
2 $47,163 $48,257 $48,880
3 $47,763 $49,044 $49,318
4 $47,601 $48,789 $49,221
5 $47,533 $48,594 $49,201
6 $48,395 $49,702 $50,111
7 $48,825 $50,298 $50,657
8 $49,329 $50,982 $51,189
9 $49,211 $50,798 $51,103
10 $49,604 $51,276 $51,466
11 $49,853 $51,543 $51,666
12 $50,731 $52,707 $52,496
01:1 $51,284 $53,340 $53,404
2 $51,357 $53,420 $53,533
3 $51,756 $53,895 $53,960
4 $51,494 $53,416 $53,674
5 $51,972 $53,977 $54,206
6 $52,182 $54,284 $54,444
7 $52,669 $54,909 $55,054
8 $53,305 $55,782 $55,792
9 $53,144 $55,369 $55,931
10 $53,632 $55,884 $56,345
11 $53,277 $55,353 $55,928
12 $53,036 $54,921 $55,637
02:1 $53,758 $55,816 $56,527
2 $54,287 $56,525 $57,155
3 $53,522 $55,400 $56,006
4 $54,321 $56,525 $57,261
5 $54,543 $56,774 $57,639
6 $55,024 $57,330 $58,267
7 $55,516 $57,966 $58,901
8 $56,016 $58,563 $59,453
9 $56,774 $59,620 $60,221
10 $56,109 $58,714 $59,625
11 $55,889 $58,361 $59,548
12 $56,900 $59,581 $60,644
03:1 $56,841 $59,246 $60,789
2 $57,500 $60,103 $61,441
3 $57,376 $60,001 $61,390
4 $57,668 $60,415 $61,642
5 $58,695 $61,718 $62,663
6 $58,445 $61,317 $62,512
7 $57,048 $59,343 $61,133
8 $57,379 $59,832 $61,572
9 $58,734 $61,410 $63,182
10 $58,456 $61,015 $62,722
11 $58,858 $61,551 $62,951
12 $59,148 $61,926 $63,180
04:01 $59,401 $62,052 $63,462
2 $60,105 $62,955 $64,299
3 $59,803 $62,398 $64,048
Sanford C. Bernstein Fund II, Inc.
- --------------------------------------------------------------------------------
Taxable-Bond Portfolio
- --------------------------------------------------------------------------------
Intermediate Duration Institutional
- --------------------------------------------------------------------------------
Growth of $25,000(1)
[The following table was represented as a line graph in the printed material.]
Intermediate Duration Lehman Brothers
Institutional Lipper Intermediate Aggregate Bond Index
Yr:Month (after all costs) Bond Composite (before all costs)
- -------- --------------------- ------------------- --------------------
02:5 $25,000 $25,000 $25,000
6 $24,908 $25,060 $25,216
7 $25,077 $25,215 $25,520
8 $25,578 $25,639 $25,951
9 $25,878 $25,975 $26,372
10 $25,788 $25,837 $26,252
11 $25,923 $25,897 $26,245
12 $26,432 $26,414 $26,787
03:1 $26,474 $26,450 $26,809
2 $26,840 $26,813 $27,180
3 $26,816 $26,809 $27,160
4 $27,155 $27,077 $27,384
5 $27,624 $27,572 $27,894
6 $27,541 $27,538 $27,839
7 $26,623 $26,647 $26,903
8 $26,875 $26,811 $27,082
9 $27,545 $27,493 $27,798
10 $27,378 $27,276 $27,539
11 $27,498 $27,347 $27,605
12 $27,842 $27,607 $27,886
04:01 $28,034 $27,811 $28,110
2 $28,282 $28,063 $28,415
3 $28,480 $28,261 $28,627
- --------------------------------------------------------------------------------
The performance returns quoted above represent past performance and do not
guarantee future results. The investment return and principal value of an
investment in the funds will fluctuate, so that shares, when redeemed, may be
worth more or less than their original cost. Performance information is as of
the date shown, and current performance may be lower or higher than the
performance returns quoted. For performance information current to the most
recent month-end, please visit our website at www.bernstein.com and click on
"Updated Fund Performance" at the bottom of any screen.
- --------------------------------------------------------------------------------
2004 Semiannual Report 5
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Assets and Liabilities--March 31, 2004 (Unaudited)
TAX-MANAGED EMERGING
INTERNATIONAL INTERNATIONAL MARKETS VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
===============================================================================================================================
ASSETS
Investments in securities at value (including investments of cash
collateral for securities loaned of: International, $550,334,000) $ 4,249,467,611 $ 2,606,729,940 $ 1,197,601,372
Repurchase agreements at value 44,406,000 27,647,000 10,122,000
Foreign currency at value (a) 66,661,401 (b) 15,926,916 (b) 22,502,768
Cash in bank 227 128 486
Receivables:
Interest 925 576 211
Dividends 17,530,343 8,889,708 6,793,410
Investment securities sold 11,208,296 7,697,501 4,714,249
Capital shares sold 7,180,892 1,336,364 1,131,742
Foreign withholding tax reclaims 1,182,376 855,449 13,078
Margin due from broker on futures contracts 0 21,944 0
--------------- --------------- ---------------
Total assets 4,397,638,071 2,669,105,526 1,242,879,316
--------------- --------------- ---------------
LIABILITIES
Payable for collateral on securities lending at value (Note 1L) 0 550,334,000 0
Payables:
Investment securities purchased 18,187,076 12,311,936 7,829,846
Capital shares redeemed 0 2,005 0
Management fee (Note 2A) 3,345,522 1,658,264 1,240,474
Shareholder servicing and administration fee (Note 2B) 906,217 436,675 254,559
Distribution fee payable 59 1,215 0
Accrued expenses 175,155 107,536 32,737
Foreign capital gains taxes 0 0 13,288,719
Margin owed to broker on futures contracts 6,897 0 0
--------------- --------------- ---------------
Total liabilities 22,620,926 564,851,631 22,646,335
--------------- --------------- ---------------
NET ASSETS (c) $ 4,375,017,145 $ 2,104,253,895 $ 1,220,232,981
=============== =============== ===============
Cost of investments (including cash collateral on
securities loaned) $ 3,474,325,532 $ 2,257,478,724 $ 819,906,138
SHARES OF CAPITAL STOCK OUTSTANDING 44,935,697
===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 27.16
===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 217,167 $ 112,942 $ 44,936
Additional paid-in capital 3,491,975,498 2,048,708,962 865,709,027
Undistributed net investment income/(excess distributions) (255,840) (334,974) 2,120,391
Accumulated net realized gain (loss) on investment, futures,
and foreign currency transactions 62,173,779 (321,855,353) (23,069,034)
Unrealized appreciation (depreciation) of:
Investments and futures 819,989,525 377,333,299 375,379,934*
Foreign currency denominated assets and liabilities 917,016 289,019 47,727
--------------- --------------- ---------------
$ 4,375,017,145 $ 2,104,253,895 $ 1,220,232,981
=============== =============== ===============
(a) Cost: $66,039,630, $15,847,650, and $22,491,785, respectively (Note 1)
(b) The amounts of U.S. $4,577,598 and $2,139,275, respectively, have been
segregated as collateral for the financial futures contracts outstanding
at March 31, 2004.
(c) See page 7 for share class information on net asset value, offering price,
and redemption price per share of the Tax-Managed International and
International Portfolios.
* Net of accrued foreign capital gains taxes of $13,288,719
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. and Sanford C. Bernstein Fund II, Inc.
================================================================================
TAX-MANAGED
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
=========================================================================================
Calculation of Maximum Offering Price
Tax-Managed International Class Shares
Net Assets $ 4,374,932,261
Shares of capital stock outstanding 217,162,503
---------------
Net asset value and offering price per share $ 20.15
===============
International Class Shares
Net Assets $ 2,101,463,718
Shares of capital stock outstanding 112,792,393
---------------
Net asset value and offering price per share $ 18.63
===============
Class A Shares
Net Assets $ 20,651 $ 1,087,612
Shares of capital stock outstanding 1,025.376 58,383
--------------- ---------------
Net asset value and redemption price per share $ 20.14 $ 18.63
Sales charge--4.25% of public offering price .89 .83
--------------- ---------------
Maximum offering price $ 21.03 $ 19.46
=============== ===============
Class B Shares
Net Assets $ 19,649 $ 356,989
Shares of capital stock outstanding 976.520 19,186
--------------- ---------------
Net asset value and offering price per share $ 20.12 $ 18.61
=============== ===============
Class C Shares
Net Assets $ 44,584 $ 1,335,737
Shares of capital stock outstanding 2,216.405 71,784
--------------- ---------------
Net asset value and offering price per share $ 20.12 $ 18.61
=============== ===============
Class R Shares
Net Assets $ 9,839
Shares of capital stock outstanding 528
---------------
Net asset value and offering price per share $ 18.63
===============
- --------------------------------------------------------------------------------
2004 Semiannual Report 7
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Assets and Liabilities--March 31, 2004 (Unaudited)
(continued)
INTERMEDIATE
INTERMEDIATE U.S. GOVERNMENT DURATION
DURATION SHORT DURATION INSTITUTIONAL
PORTFOLIO PORTFOLIO PORTFOLIO
=======================================================================================================================
ASSETS
Investments in securities at value $ 2,678,262,414 $ 111,001,049 $ 581,307,656
Repurchase agreements at value 700,456,000 0 121,423,000
Cash in bank 0 6,100 69,210
Receivables:
Interest 19,353,403 813,935 3,882,418
Investment securities sold 97,761,742 2,504,600 20,560,303
Capital shares sold 4,243,626 3,400 62,282
Appreciation of swap agreement (Note 1M) 0 0 0
--------------- --------------- ---------------
Total assets 3,500,077,185 114,329,084 727,304,869
--------------- --------------- ---------------
LIABILITIES
Due to custodian 1,386,983 0 0
Payables:
Payable for reverse repurchase agreement (Note 1N) 0 4,732,244 0
Investment securities purchased 812,939,454 8,713,227 170,788,247
Deferred income on dollar rolls 589,781 11,494 129,831
Dividends to shareholders 2,510,239 66,187 526,243
Management fee (Note 2A) 1,057,275 42,993 174,694
Shareholder servicing and administration fee (Note 2B) 225,377 8,598 0
Accrued expenses 190,729 48,208 118,103
Margin owed to broker on futures contracts 0 27,828 0
Depreciation of swap agreement (Note 1M) 0 0 0
--------------- --------------- ---------------
Total liabilities 818,899,838 13,650,779 171,737,118
--------------- --------------- ---------------
NET ASSETS $ 2,681,177,347 $ 100,678,305 $ 555,567,751
=============== =============== ===============
Cost of investments $ 3,332,893,433 $ 110,288,734 $ 694,073,477
=============== =============== ===============
SHARES OF CAPITAL STOCK OUTSTANDING 196,871,024 7,824,988 35,324,999
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 13.62 $ 12.87 $ 15.73
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 196,871 $ 7,825 $ 35,325
Additional paid-in capital 2,613,730,821 99,876,679 540,215,131
Undistributed net investment income/(excess distributions) (3,749,869) (91,552) (217,407)
Accumulated net realized gain (loss) on investment, futures,
and foreign currency transactions 25,174,543 197,942 6,877,523
Unrealized appreciation (depreciation) of
investments, futures, and swaps 45,824,981 687,411 8,657,179
--------------- --------------- ---------------
$ 2,681,177,347 $ 100,678,305 $ 555,567,751
=============== =============== ===============
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
=======================================================================================================================
ASSETS
Investments in securities at value $ 258,263,380 $ 77,880,898 $ 121,203,422
Repurchase agreements at value 0 0 0
Cash in bank 0 125,192 0
Receivables:
Interest 3,452,558 807,115 1,434,805
Investment securities sold 2,000,000 0 1,060,000
Capital shares sold 96,550 0 107,600
Appreciation of swap agreement (Note 1M) 46,219 0 23,109
--------------- --------------- ---------------
Total assets 263,858,707 78,813,205 123,828,936
--------------- --------------- ---------------
LIABILITIES
Due to custodian 18,206 0 40,048
Payables:
Payable for reverse repurchase agreement (Note 1N) 0 0 0
Investment securities purchased 18,748,322 390,000 2,220,000
Deferred income on dollar rolls 0 0 0
Dividends to shareholders 111,179 33,288 57,963
Management fee (Note 2A) 103,831 33,864 51,746
Shareholder servicing and administration fee (Note 2B) 20,867 6,744 10,345
Accrued expenses 77,381 34,960 63,047
Margin owed to broker on futures contracts 0 0 0
Depreciation of swap agreement (Note 1M) 165,218 2,458 82,885
--------------- --------------- ---------------
Total liabilities 19,245,004 501,314 2,526,034
--------------- --------------- ---------------
NET ASSETS $ 244,613,703 $ 78,311,891 $ 121,302,902
=============== =============== ===============
Cost of investments $ 256,818,582 $ 77,344,670 $ 120,047,234
=============== =============== ===============
SHARES OF CAPITAL STOCK OUTSTANDING 19,318,057 6,187,121 9,679,032
=============== =============== ===============
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 12.66 $ 12.66 $ 12.53
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 19,318 $ 6,187 $ 9,679
Additional paid-in capital 243,281,096 77,788,327 120,786,170
Undistributed net investment income/(excess distributions) (11,190) (18,340) (766)
Accumulated net realized gain (loss) on investment, futures,
and foreign currency transactions (1,320) 1,947 (588,593)
Unrealized appreciation (depreciation) of
investments, futures, and swaps 1,325,799 533,770 1,096,412
--------------- --------------- ---------------
$ 244,613,703 $ 78,311,891 $ 121,302,902
=============== =============== ===============
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 & 9
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Assets and Liabilities--March 31, 2004 (Unaudited)
(continued)
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL PORTFOLIO MUNICIPAL PORTFOLIO MUNICIPAL PORTFOLIO
==================================================================================================================================
ASSETS
Investments in securities at value $ 2,634,631,956 $ 893,827,263 $ 1,264,432,203
Cash in bank 287,978 68,990 10,801
Receivables:
Interest 35,777,099 11,092,811 18,118,802
Investment securities sold 470,269 0 7,776,179
Capital shares sold 4,528,050 748,567 2,226,651
Appreciation of swap agreement (Note 1M) 275,372 95,801 281,148
--------------- --------------- ---------------
Total assets 2,675,970,724 905,833,432 1,292,845,784
--------------- --------------- ---------------
LIABILITIES
Payables:
Dividends to shareholders 2,111,647 683,044 1,033,439
Investment securities purchased 28,403,221 14,309,333 18,766,654
Capital shares redeemed 510,284 160,729 362,277
Management fee (Note 2A) 1,050,027 379,179 527,417
Shareholder servicing and administration fee (Note 2B) 194,481 64,994 91,228
Distribution fee payable 218,119 82,070 127,644
Accrued expenses 599,991 213,035 400,641
Margin owed to broker on futures contracts 0 6,906 7,969
Depreciation of swap agreement (Note 1M) 454,473 186,904 741,229
--------------- --------------- ---------------
Total liabilities 33,542,243 16,086,194 22,058,498
--------------- --------------- ---------------
NET ASSETS (d) $ 2,642,428,481 $ 889,747,238 $ 1,270,787,286
=============== =============== ===============
Cost of investments $ 2,530,390,196 $ 862,014,692 $ 1,208,553,839
=============== =============== ===============
NET ASSETS CONSIST OF:
Capital stock, at par $ 183,688 $ 61,340 $ 89,281
Additional paid-in capital 2,540,631,099 857,933,550 1,217,450,498
Undistributed net investment income/(excess distributions) 24,852 (34,764) 4,122
Accumulated net realized gain (loss) on investment
and futures transactions (2,473,817) 70,925 (2,170,210)
Unrealized appreciation/(depreciation) of investments,
futures, and swaps 104,062,659 31,716,187 55,413,595
--------------- --------------- ---------------
$ 2,642,428,481 $ 889,747,238 $ 1,270,787,286
=============== =============== ===============
(d) See page 11 for share class information on net asset value, offering price,
and redemption price per share of the Diversified Municipal, California
Municipal, and New York Municipal Portfolios.
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.
- --------------------------------------------------------------------------------
10 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
========================================================================================================
CALCULATION OF MAXIMUM OFFERING PRICE
Municipal Class Shares
Net Assets $ 2,297,161,730 $ 761,788,077 $ 1,072,264,084
Shares of capital stock outstanding 159,694,116 52,518,029 75,327,380
--------------- -------------- ---------------
Net asset value and offering price per share $ 14.38 $ 14.51 $ 14.23
=============== ============== ===============
Class A Shares
Net Assets $ 128,510,523 $ 46,228,893 $ 71,023,357
Shares of capital stock outstanding 8,930,894 3,187,263 4,991,850
--------------- -------------- ---------------
Net asset value and redemption price per share $ 14.39 $ 14.50 $ 14.23
Sales charge--4.25% of public offering price .64 .64 .63
--------------- -------------- ---------------
Maximum offering price $ 15.03 $ 15.14 $ 14.86
=============== ============== ===============
Class B Shares
Net Assets $ 109,383,831 $ 38,718,875 $ 63,722,068
Shares of capital stock outstanding 7,600,774 2,669,002 4,480,124
--------------- -------------- ---------------
Net asset value and offering price per share $ 14.39 $ 14.51 $ 14.22
=============== ============== ===============
Class C Shares
Net Assets $ 107,372,397 $ 43,011,393 $ 63,777,777
Shares of capital stock outstanding 7,461,723 2,965,397 4,481,814
--------------- -------------- ---------------
Net asset value and offering price per share $ 14.39 $ 14.50 $ 14.23
=============== ============== ===============
- --------------------------------------------------------------------------------
2004 Semiannual Report 11
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Assets and Liabilities--March 31, 2004 (Unaudited)
(continued)
SHORT
DURATION PLUS
PORTFOLIO
================================================================================
ASSETS
Investments in securities at value $ 645,345,272
Cash in bank 111,262
Receivables:
Interest 4,655,409
Investment securities sold 11,166,342
Capital shares sold 1,549,773
Other assets 23,238
-------------
Total assets 662,851,296
-------------
LIABILITIES
Payables:
Payable for reverse repurchase agreement (Note 1N) 25,555,320
Investment securities purchased 71,458,961
Capital shares redeemed 88,700
Deferred income on dollar rolls 78,853
Dividends to shareholders 396,991
Management fee (Note 2A) 233,147
Shareholder servicing and administration fee (Note 2B) 34,187
Distribution fee payable 82,735
Accrued expenses 32,411
Margin owed to broker on futures contracts 275,906
-------------
Total liabilities 98,237,211
-------------
NET ASSETS $ 564,614,085
=============
Cost of investments $ 639,340,315
=============
NET ASSETS CONSIST OF:
Capital stock, at par $ 43,939
Additional paid-in capital 559,488,252
Undistributed net investment income/
(excess distributions) (804,637)
Accumulated net realized gain on
investment transactions 170,770
Unrealized appreciation/(depreciation) of
investments and futures 5,715,761
-------------
$ 564,614,085
=============
SHORT
DURATION PLUS
PORTFOLIO
================================================================================
CALCULATION OF MAXIMUM OFFERING PRICE
Short Duration Plus Class Shares
Net assets $ 406,002,167
Shares of capital stock outstanding 31,595,564
-------------
Net asset value and offering price per share $ 12.85
=============
Short Duration Class A Shares
Net assets $ 82,868,523
Shares of capital stock outstanding 6,448,021
-------------
Net asset value and redemption price per share $ 12.85
Sales charge--4.25% of public offering price 0.57
-------------
Maximum offering price $ 13.42
=============
Short Duration Class B Shares
Net assets $ 38,179,573
Shares of capital stock outstanding 2,971,370
-------------
Net asset value and offering price per share $ 12.85
=============
Short Duration Class C Shares
Net assets $ 37,553,803
Shares of capital stock outstanding 2,923,685
-------------
Net asset value and offering price per share $ 12.84
=============
Short Duration Class R Shares
Net assets $ 10,019
Shares of capital stock outstanding 779.423
-------------
Net asset value and offering price per share $ 12.85
=============
See Notes to Financial Statements. The Schedules of Investments, an integral
part of the financial statements for each Portfolio, are included as inserts to
this Report.
- --------------------------------------------------------------------------------
12 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
This page intentionally left blank.
- --------------------------------------------------------------------------------
2004 Semiannual Report 13
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Operations for the Six Months Ended March 31, 2004 (Unaudited)
EMERGING
TAX-MANAGED MARKETS
INTERNATIONAL INTERNATIONAL VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
=============================================================================================================================
INVESTMENT INCOME
Income:
Interest $ 930,975 $ 435,004 $ 31,085
Dividends (net of foreign withholding taxes of
$2,633,698, $1,353,040, and $2,231,523, respectively) 25,255,175 12,594,775 15,308,520
------------- ------------- -------------
Total income 26,186,150 13,029,779 15,339,605
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 18,644,939 9,464,950 6,798,574
Shareholder servicing fee 5,040,235 2,489,728 1,371,905
Custodian and transfer agent fees 948,765 491,056 964,212
Distribution fees-Class A 8 285 0
Distribution fees-Class B 26 240 0
Distribution fees-Class C 52 945 0
Distribution fees-Class R 0 6 0
Auditing and tax fees 63,583 39,316 19,820
Directors' fees and expenses 38,571 21,501 9,264
Legal fees 38,458 43,993 9,212
Registration fees 80,901 29,474 27,612
Printing fees 17,267 16,930 4,098
Miscellaneous 46,363 31,341 34,708
------------- ------------- -------------
Total expenses before interest expense 24,919,168 12,629,765 9,239,405
Interest expense 0 0 0
------------- ------------- -------------
Total expenses 24,919,168 12,629,765 9,239,405
Less: expenses waived and reimbursed by the
Adviser or Transfer Agent (Note 2B) (3,000) 0 0
------------- ------------- -------------
Net expenses 24,916,168 12,629,765 9,239,405
------------- ------------- -------------
Net investment income 1,269,982 400,014 6,100,200
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENT AND FOREIGN
CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions 221,755,576 94,194,948 88,460,544*
Futures transactions 2,425,530 260,340 0
Foreign currency transactions 8,529,206 3,907,365 (181,465)
------------- ------------- -------------
Net realized gain (loss) on investment
and foreign currency transactions 232,710,312 98,362,653 88,279,079
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/(depreciation) of:
Investments, futures, and swaps 368,956,998 209,442,717 188,400,453+
Foreign currency denominated assets and liabilities (104,078) (146,765) (155,751)
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments and foreign currency
denominated assets and liabilities 368,852,920 209,295,952 188,244,702
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investment and foreign currency transactions 601,563,232 307,658,605 276,523,781
------------- ------------- -------------
Net increase in net assets resulting from operations $ 602,833,214 $ 308,058,619 $ 282,623,981
============= ============= =============
INTERMEDIATE
INTERMEDIATE U.S. GOVERNMENT DURATION
DURATION SHORT DURATION INSTITUTIONAL
PORTFOLIO PORTFOLIO PORTFOLIO
=============================================================================================================================
INVESTMENT INCOME
Income:
Interest $ 55,369,762 $ 1,563,669 $ 10,851,524
Dividends (net of foreign withholding taxes of
$2,633,698, $1,353,040, and $2,231,523, respectively) 0 0 0
------------- ------------- -------------
Total income 55,369,762 1,563,669 10,851,524
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 5,909,969 268,479 1,247,392
Shareholder servicing fee 1,257,609 53,693 0
Custodian and transfer agent fees 293,107 71,737 128,918
Distribution fees-Class A 0 0 0
Distribution fees-Class B 0 0 0
Distribution fees-Class C 0 0 0
Distribution fees-Class R 0 0 0
Auditing and tax fees 51,317 7,135 31,487
Directors' fees and expenses 17,059 3,525 11,112
Legal fees 32,485 1,622 13,969
Registration fees 50,984 6,973 32,962
Printing fees 28,272 1,271 4,099
Miscellaneous 37,432 8,752 13,037
------------- ------------- -------------
Total expenses before interest expense 7,678,234 423,187 1,482,976
Interest expense 0 15,197 0
------------- ------------- -------------
Total expenses 7,678,234 438,384 1,482,976
Less: expenses waived and reimbursed by the
Adviser or Transfer Agent (Note 2B) 0 0 (360,323)
------------- ------------- -------------
Net expenses 7,678,234 438,384 1,122,653
------------- ------------- -------------
Net investment income 47,691,528 1,125,285 9,728,871
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENT AND FOREIGN
CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions 44,270,221 478,962 8,342,680
Futures transactions 0 (310,328) 0
Foreign currency transactions 0 0 0
------------- ------------- -------------
Net realized gain (loss) on investment
and foreign currency transactions 44,270,221 168,634 8,342,680
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/(depreciation) of:
Investments, futures, and swaps (7,735,898) 1,053 (1,211,468)
Foreign currency denominated assets and liabilities 0 0 0
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments and foreign currency
denominated assets and liabilities (7,735,898) 1,053 (1,211,468)
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investment and foreign currency transactions 36,534,323 169,687 7,131,212
------------- ------------- -------------
Net increase in net assets resulting from operations $ 84,225,851 $ 1,294,972 $ 16,860,083
============= ============= =============
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
=============================================================================================================================
INVESTMENT INCOME
Income:
Interest $ 3,038,250 $ 956,666 $ 1,587,801
Dividends (net of foreign withholding taxes of
$2,633,698, $1,353,040, and $2,231,523, respectively) 0 0 0
------------- ------------- -------------
Total income 3,038,250 956,666 1,587,801
------------- ------------- -------------
Expenses (Notes 1 and 2):
Management fee 594,445 205,917 308,372
Shareholder servicing fee 118,889 41,183 61,674
Custodian and transfer agent fees 83,593 64,157 67,528
Distribution fees-Class A 0 0 0
Distribution fees-Class B 0 0 0
Distribution fees-Class C 0 0 0
Distribution fees-Class R 0 0 0
Auditing and tax fees 5,982 3,589 4,350
Directors' fees and expenses 2,810 900 1,711
Legal fees 2,300 1,154 3,983
Registration fees 10,487 1,744 1,970
Printing fees 774 863 1,371
Miscellaneous 3,716 4,935 3,771
------------- ------------- -------------
Total expenses before interest expense 822,996 324,442 454,730
Interest expense 0 0 0
------------- ------------- -------------
Total expenses 822,996 324,442 454,730
Less: expenses waived and reimbursed by the
Adviser or Transfer Agent (Note 2B) 0 0 0
------------- ------------- -------------
Net expenses 822,996 324,442 454,730
------------- ------------- -------------
Net investment income 2,215,254 632,224 1,133,071
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENT AND FOREIGN
CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions 76,509 40,539 192,731
Futures transactions (50,487) (35,290) (60,325)
Foreign currency transactions 0 0 0
------------- ------------- -------------
Net realized gain (loss) on investment
and foreign currency transactions 26,022 5,249 132,406
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/(depreciation) of:
Investments, futures, and swaps (302,729) (76,056) (337,116)
Foreign currency denominated assets and liabilities 0 0 0
------------- ------------- -------------
Net increase (decrease) in unrealized appreciation/
(depreciation) on investments and foreign currency
denominated assets and liabilities (302,729) (76,056) (337,116)
------------- ------------- -------------
Net realized and unrealized gain (loss) on
investment and foreign currency transactions (276,707) (70,807) (204,710)
------------- ------------- -------------
Net increase in net assets resulting from operations $ 1,938,547 $ 561,417 $ 928,361
============= ============= =============
*Net of foreign capital gains taxes of $9,223,718 +Net of accrued foreign
capital gains taxes of $2,882,994
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 & 15
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Operations for the Six Months Ended March 31, 2004 (Unaudited)
(continued)
DIVERSIFIED CALIFORNIA NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
=========================================================================================================
INVESTMENT INCOME
Income:
Interest $ 48,244,307 $ 15,771,608 $ 24,395,904
------------ ------------ ------------
Total income 48,244,307 15,771,608 24,395,904
------------ ------------ ------------
Expenses (Notes 1 and 2):
Management fee 5,897,967 2,141,848 3,022,572
Shareholder servicing fee 1,076,878 359,788 515,105
Custodian and transfer agent fees 316,756 151,728 192,742
Distribution fees--Class A 201,162 77,133 112,948
Distribution fees--Class B 563,130 198,598 316,398
Distribution fees--Class C 548,588 230,134 317,325
Auditing and tax fees 49,418 13,500 24,545
Printing fees 53,810 13,161 24,859
Registration fees 111,767 10,662 27,757
Legal fees 19,209 3,588 15,650
Directors' fees and expenses 15,011 6,161 9,197
Miscellaneous 30,362 10,427 21,236
------------ ------------ ------------
Total expenses 8,884,058 3,216,728 4,600,334
Less: expense offset arrangement (Note 2B) (8) (3) (5)
------------ ------------ ------------
Net expense 8,884,050 3,216,725 4,600,329
------------ ------------ ------------
Net investment income 39,360,257 12,554,883 19,795,575
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions 3,364,314 1,027,535 1,760,660
Futures transactions (1,848,737) (581,175) (888,345)
------------ ------------ ------------
Net realized gain on investment transactions 1,515,577 446,360 872,315
------------ ------------ ------------
Net increase in unrealized appreciation/
(depreciation) of:
Investments, futures, and swaps 5,565,865 2,785,585 858,754
------------ ------------ ------------
Net realized and unrealized gain on
investment transactions 7,081,442 3,231,945 1,731,069
------------ ------------ ------------
Net increase in net assets resulting from operations $ 46,441,699 $ 15,786,828 $ 21,526,644
============ ============ ============
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
SHORT
DURATION PLUS
PORTFOLIO
================================================================================
INVESTMENT INCOME
Income:
Interest $ 8,795,360
-----------
Total income 8,795,360
-----------
Expenses (Notes 1 and 2):
Management fee 1,410,179
Shareholder servicing fee 203,794
Custodian and transfer agent fees 143,169
Distribution fees--Short Duration Class A 128,096
Distribution fees--Short Duration Class B 180,229
Distribution fees--Short Duration Class C 175,194
Distribution fees--Short Duration Class R 6
Auditing and tax fees 14,169
Directors' fees and expenses 6,647
Legal fees 49,873
Registration fees 9,150
Printing fees 15,068
Miscellaneous 10,986
-----------
Total expenses before interest expense 2,346,560
Interest expense 62,588
-----------
Total expenses 2,409,148
Less: expense offset arrangement (Note 2B) (6)
-----------
Net expenses 2,409,142
-----------
Net investment income 6,386,218
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT TRANSACTIONS
Net realized gain (loss) on:
Investment transactions 1,769,251
Futures transactions (2,474,254)
-----------
Net realized loss on investment transactions (705,003)
-----------
Net increase in unrealized appreciation/(depreciation) of:
Investments and futures 2,226,793
-----------
Net realized and unrealized gain on investment transactions 1,521,790
-----------
Net increase in net assets resulting from operations $ 7,908,008
===========
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 17
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Changes in Net Assets
----------------------------------- -----------------------------------
TAX-MANAGED
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
----------------------------------- -----------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
==================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,269,982 $ 46,037,173 $ 400,014 $ 25,674,143
Net realized gain (loss) on investment
and foreign currency transactions 232,710,312 (13,171,005) 98,362,653 17,168,712
Increase (decrease) in unrealized appreciation/
(depreciation) of investments and foreign
currency denominated assets and liabilities 368,852,920 848,706,565 209,295,952 442,494,697
--------------- --------------- --------------- ---------------
Net increase in net assets
resulting from operations 602,833,214 881,572,733 308,058,619 485,337,552
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (a) (61,238,586) (35,319,934) (18,338,599) (16,987,461)
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (61,238,586) (35,319,934) (18,338,599) (16,987,461)
--------------- --------------- --------------- ---------------
Capital-share transactions (Note 6):
Net proceeds from sales of shares 558,225,762 1,145,967,491 206,839,319 406,675,464
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends and distributions 54,534,862 31,640,286 17,787,552 16,226,135
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 612,760,624 1,177,607,777 224,626,871 422,901,599
Cost of shares redeemed (340,586,037) (828,033,279) (236,760,258) (364,033,307)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 272,174,587 349,574,498 (12,133,387) 58,868,292
--------------- --------------- --------------- ---------------
Net increase in net assets 813,769,215 1,195,827,297 277,586,633 527,218,383
NET ASSETS:
Beginning of period 3,561,247,930 2,365,420,633 1,826,667,262 1,299,448,879
--------------- --------------- --------------- ---------------
End of period (b) $ 4,375,017,145 $ 3,561,247,930 $ 2,104,253,895 $ 1,826,667,262
=============== =============== =============== ===============
(b) Includes undistributed net investment income/
(excess distributions) of: $ (255,840) $ 59,712,764 $ (334,974) $ 17,603,611
=============== =============== =============== ===============
----------------------------------- -----------------------------------
EMERGING INTERMEDIATE
MARKETS VALUE DURATION
PORTFOLIO PORTFOLIO
----------------------------------- -----------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
==================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 6,100,200 $ 10,272,720 $ 47,691,528 $ 79,858,499
Net realized gain (loss) on investment
and foreign currency transactions 88,279,079 (38,483,073) 44,270,221 44,555,369
Increase (decrease) in unrealized appreciation/
(depreciation) of investments and foreign
currency denominated assets and liabilities 188,244,702 316,305,833 (7,735,898) 14,850,852
--------------- --------------- --------------- ---------------
Net increase in net assets
resulting from operations 282,623,981 288,095,480 84,225,851 139,264,720
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (a) (9,586,455) (3,072,179) (48,653,979) (79,859,897)
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (9,586,455) (3,072,179) (48,653,979) (79,859,897)
--------------- --------------- --------------- ---------------
Capital-share transactions (Note 6):
Net proceeds from sales of shares 160,091,293 156,599,814 431,908,363 605,918,965
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends and distributions 9,082,473 2,912,914 9,726,917 16,540,463
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 169,173,766 159,512,728 441,635,280 622,459,428
Cost of shares redeemed (120,380,204) (65,117,673) (198,292,118) (431,589,647)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 48,793,562* 94,395,055* 243,343,162 190,869,781
--------------- --------------- --------------- ---------------
Net increase in net assets 321,831,088 379,418,356 278,915,034 250,274,604
NET ASSETS:
Beginning of period 898,401,893 518,983,537 2,402,262,313 2,151,987,709
--------------- --------------- --------------- ---------------
End of period (b) $ 1,220,232,981 $ 898,401,893 $ 2,681,177,347 $ 2,402,262,313
=============== =============== =============== ===============
(b) Includes undistributed net investment income/
(excess distributions) of: $ 2,120,391 $ 5,606,646 $ (3,749,869) $ (2,787,418)
=============== =============== =============== ===============
(a) See page 24 for share class information on dividend distributions of the
Tax-Managed International and International Portfolios.
*Includes effect of portfolio transaction fee in the amounts of $5,477,891 and
$4,226,013 for the six months ended March 31, 2004, and the year ended September
30, 2003, respectively.
See Notes to Financial Statements.
18 & 19
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Changes in Net Assets (continued)
--------------------------------- ---------------------------------
U.S. GOVERNMENT INTERMEDIATE DURATION
SHORT DURATION INSTITUTIONAL
PORTFOLIO PORTFOLIO
--------------------------------- ---------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,125,285 $ 2,879,058 $ 9,728,871 $ 13,954,061
Net realized gain on investment
and foreign currency transactions 168,634 1,255,173 8,342,680 5,513,774
Increase (decrease) in unrealized appreciation/
(depreciation) of investments, futures, and swaps 1,053 (1,687,537) (1,211,468) 3,510,046
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations 1,294,972 2,446,694 16,860,083 22,977,881
------------- ------------- ------------- -------------
Dividends and distributions to shareholders:
Dividends from net investment income (a) (1,270,120) (2,879,058) (9,956,834) (13,953,938)
Distributions from net realized gain on
investment transactions (a) (1,171,234) (1,628,592) (6,664,869) (2,185,363)
------------- ------------- ------------- -------------
Total dividends and distributions
to shareholders (2,441,354) (4,507,650) (16,621,703) (16,139,301)
------------- ------------- ------------- -------------
Capital-share transactions (Note 6):
Net proceeds from sales of shares 15,098,100 46,328,990 132,723,336 198,075,650
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends and distributions 1,831,929 3,161,357 11,268,227 9,340,069
------------- ------------- ------------- -------------
Total proceeds from shares sold 16,930,029 49,490,347 143,991,563 207,415,719
Cost of shares redeemed (27,666,330) (50,268,393) (53,179,465) (78,130,046)
------------- ------------- ------------- -------------
Increase (decrease) in net assets from
capital-share transactions (10,736,301) (778,046) 90,812,098 129,285,673
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (11,882,683) (2,839,002) 91,050,478 136,124,253
NET ASSETS:
Beginning of period 112,560,988 115,399,990 464,517,273 328,393,020
------------- ------------- ------------- -------------
End of period (b) $ 100,678,305 $ 112,560,988 $ 555,567,751 $ 464,517,273
============= ============= ============= =============
(b) Includes undistributed net investment income/
(excess distributions) of: $ (91,552) $ 53,283 $ (217,407) $ 10,556
============= ============= ============= =============
----------------------------------- -----------------------------------
SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL
PORTFOLIO PORTFOLIO
----------------------------------- -----------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
==================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 2,215,254 $ 5,088,003 $ 632,224 $ 1,430,807
Net realized gain on investment
and foreign currency transactions 26,022 438,788 5,249 46,589
Increase (decrease) in unrealized appreciation/
(depreciation) of investments, futures, and swaps (302,729) (1,221,683) (76,056) (138,506)
--------------- --------------- --------------- ---------------
Net increase in net assets resulting
from operations 1,938,547 4,305,108 561,417 1,338,890
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (a) (2,215,254) (5,088,003) (632,224) (1,430,807)
Distributions from net realized gain on
investment transactions (a) (315,786) (833,144) 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (2,531,040) (5,921,147) (632,224) (1,430,807)
--------------- --------------- --------------- ---------------
Capital-share transactions (Note 6):
Net proceeds from sales of shares 81,807,529 175,926,413 34,693,729 60,385,211
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends and distributions 1,267,952 3,210,381 386,981 762,470
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 83,075,481 179,136,794 35,080,710 61,147,681
Cost of shares redeemed (71,518,543) (144,567,720) (36,515,748) (55,885,740)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 11,556,938 34,569,074 (1,435,038) 5,261,941
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 10,964,445 32,953,035 (1,505,845) 5,170,024
NET ASSETS:
Beginning of period 233,649,258 200,696,223 79,817,736 74,647,712
--------------- --------------- --------------- ---------------
End of period (b) $ 244,613,703 $ 233,649,258 $ 78,311,891 $ 79,817,736
=============== =============== =============== ===============
(b) Includes undistributed net investment income/
(excess distributions) of: $ (11,190) $ (11,190) $ (18,340) $ (18,340)
=============== =============== =============== ===============
----------------------------------- -----------------------------------
SHORT DURATION
NEW YORK MUNICIPAL DIVERSIFIED MUNICIPAL
PORTFOLIO PORTFOLIO
----------------------------------- -----------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
==================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 1,133,071 $ 2,456,952 $ 39,360,257 $ 74,358,002
Net realized gain on investment
and foreign currency transactions 132,406 82,070 1,515,577 4,149,618
Increase (decrease) in unrealized appreciation/
(depreciation) of investments, futures, and swaps (337,116) (231,283) 5,565,865 (5,026,157)
--------------- --------------- --------------- ---------------
Net increase in net assets resulting
from operations 928,361 2,307,739 46,441,699 73,481,463
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (a) (1,133,071) (2,456,952) (39,360,257) (74,358,002)
Distributions from net realized gain on
investment transactions (a) 0 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions
to shareholders (1,133,071) (2,456,952) (39,360,257) (74,358,002)
--------------- --------------- --------------- ---------------
Capital-share transactions (Note 6):
Net proceeds from sales of shares 43,011,643 77,251,107 472,467,681 968,964,060
Net proceeds from sales of shares issued
to shareholders on reinvestment of
dividends and distributions 524,872 1,093,765 9,802,463 19,095,903
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 43,536,515 78,344,872 482,270,144 988,059,963
Cost of shares redeemed (42,970,000) (73,561,685) (261,672,624) (490,730,845)
--------------- --------------- --------------- ---------------
Increase (decrease) in net assets from
capital-share transactions 566,515 4,783,187 220,597,520 497,329,118
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets 361,805 4,633,974 227,678,962 496,452,579
NET ASSETS:
Beginning of period 120,941,097 116,307,123 2,414,749,519 1,918,296,940
--------------- --------------- --------------- ---------------
End of period (b) $ 121,302,902 $ 120,941,097 $ 2,642,428,481 $ 2,414,749,519
=============== =============== =============== ===============
(b) Includes undistributed net investment income/
(excess distributions) of: $ (766) $ (766) $ 24,852 $ 24,852
=============== =============== =============== ===============
(a) See page 24 for share class information on dividend distributions of the
Diversified Municipal Portfolio.
See Notes to Financial Statements.
20 & 21
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Changes in Net Assets (continued)
----------------------------------- -----------------------------------
CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO
----------------------------------- -----------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
==================================================================================================================================
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 12,554,883 $ 23,267,345 $ 19,795,575 $ 37,741,695
Net realized gain on investment transactions 446,360 267,640 872,315 2,058,488
Increase (decrease) in unrealized appreciation/
(depreciation) of investments, futures, and swaps 2,785,585 (6,018,093) 858,754 (2,705,202)
--------------- --------------- --------------- ---------------
Net increase in net assets resulting
from operations 15,786,828 17,516,892 21,526,644 37,094,981
--------------- --------------- --------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (a) (12,554,883) (23,267,345) (19,795,575) (37,741,695)
--------------- --------------- --------------- ---------------
Distributions from net realized gain on
investment transactions (a) (584,016) 0 0 0
--------------- --------------- --------------- ---------------
Total dividends and distributions to shareholders (13,138,899) (23,267,345) (19,795,575) (37,741,695)
--------------- --------------- --------------- ---------------
Capital-share transactions (Note 6):
Net proceeds from sales of shares 158,677,721 335,658,922 187,985,386 413,735,995
Net proceeds from sales of shares issued
to shareholders on reinvestment of dividends
and distributions 4,176,015 6,474,935 6,578,409 12,753,085
--------------- --------------- --------------- ---------------
Total proceeds from shares sold 162,853,736 342,133,857 194,563,795 426,489,080
Cost of shares redeemed (104,670,357) (182,032,506) (134,490,397) (237,402,632)
--------------- --------------- --------------- ---------------
Increase in net assets from
capital-share transactions 58,183,379 160,101,351 60,073,398 189,086,448
--------------- --------------- --------------- ---------------
Net increase in net assets 60,831,308 154,350,898 61,804,467 188,439,734
NET ASSETS:
Beginning of period 828,915,930 674,565,032 1,208,982,819 1,020,543,085
--------------- --------------- --------------- ---------------
End of period (b) $ 889,747,238 $ 828,915,930 $ 1,270,787,286 $ 1,208,982,819
=============== =============== =============== ===============
(b) Includes undistributed net investment income/
(excess distributions) of: $ (34,764) $ (34,764) $ 4,122 $ 4,122
=============== =============== =============== ===============
(a) See pages 24-25 for share class information on dividend distributions of the
California Municipal and New York Municipal Portfolios.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
-----------------------------------
SHORT
DURATION PLUS
PORTFOLIO
-----------------------------------
SIX MONTHS YEAR
ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03
============================================================================================
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income $ 6,386,218 $ 12,308,372
Net realized gain on investment transactions (705,003) 5,195,758
Increase (decrease) in unrealized appreciation/
(depreciation) of investments, futures, and swaps 2,226,793 (3,343,946)
--------------- ---------------
Net increase in net assets resulting
from operations 7,908,008 14,160,184
--------------- ---------------
Dividends and distributions to shareholders:
Dividends from net investment income (a) (6,949,942) (12,308,812)
Distributions from net realized gain on
investment transactions (a) (664,559) 0
--------------- ---------------
Total dividends and distributions to shareholders (7,614,501) (12,308,812)
--------------- ---------------
Capital-share transactions (Note 6):
Net proceeds from sales of shares 142,594,669 355,281,867
Net proceeds from sales of shares issued
to shareholders on reinvestment of dividends
and distributions 3,876,482 5,350,098
--------------- ---------------
Total proceeds from shares sold 146,471,151 360,631,965
Cost of shares redeemed (154,565,901) (187,786,603)
--------------- ---------------
Increase in net assets from
capital-share transactions (8,094,750) 172,845,362
--------------- ---------------
Net increase in net assets (7,801,243) 174,696,734
NET ASSETS:
Beginning of period 572,415,328 397,718,594
--------------- ---------------
End of period (b) $ 564,614,085 $ 572,415,328
=============== ===============
(b) Includes undistributed net investment income/
(excess distributions) of: $ (804,637) $ (240,913)
=============== ===============
(a) See page 25 for share class information on dividend distributions of the
Short Duration Plus Portfolio.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 23
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Statements of Changes in Net Assets (continued)
---------------------------------- ----------------------------------
TAX-MANAGED
INTERNATIONAL INTERNATIONAL
PORTFOLIO PORTFOLIO
---------------------------------- ----------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) (a) 9/30/03 (UNAUDITED) (a)(b) 9/30/03
============================================================================================================================
Dividends to shareholders:
Dividends from net investment income
Tax-Managed International and International
Class Shares, respectively $(61,238,586) $(35,319,934) $(18,338,599) $(16,987,461)
Class A 0 0 0 0
Class B 0 0 0 0
Class C 0 0 0 0
Class R 0 0 0 0
------------ ------------ ------------ ------------
$(61,238,586) $(35,319,934) $(18,338,599) $(16,987,461)
============ ============ ============ ============
---------------------------------- ----------------------------------
DIVERSIFIED CALIFORNIA
MUNICIPAL MUNICIPAL
PORTFOLIO PORTFOLIO
---------------------------------- ----------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED 3/31/04 ENDED ENDED 3/31/04 ENDED
(UNAUDITED) (a) 9/30/03 (UNAUDITED) (a)(b) 9/30/03
============================================================================================================================
Dividends to shareholders:
Dividends from net investment income
Municipal Class $(34,809,820) $(66,005,881) $(10,929,909) $(20,368,700)
Class A (2,002,854) (3,841,638) (722,660) (1,329,149)
Class B (1,290,522) (2,300,733) (417,406) (701,542)
Class C (1,257,061) (2,209,750) (484,908) (867,954)
------------ ------------ ------------ ------------
$(39,360,257) $(74,358,002) $(12,554,883) $(23,267,345)
============ ============ ============ ============
Distributions from net realized gain on
investment transactions
Municipal Class $ 0 $ 0 $ (488,770) $ 0
Class A 0 0 (35,696) 0
Class B 0 0 (27,760) 0
Class C 0 0 (31,790) 0
------------ ------------ ------------ ------------
$ 0 $ 0 $ (584,016) $ 0
============ ============ ============ ============
(a) Tax-Managed International and International Class A, B, and C Shares
commenced distribution on January 30, 2004.
(b) International Class R Shares commenced distribution on February 17, 2004.
(c) Short Duration Class A, B, and C Shares commenced distribution on May 22,
2003.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
---------------------------------
NEW YORK
MUNICIPAL
PORTFOLIO
---------------------------------
SIX MONTHS YEAR
ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03
================================================================================
Dividends to shareholders:
Dividends from net investment income
Municipal Class $(17,123,663) $(33,702,805)
Class A (1,160,959) (1,915,689)
Class B (754,941) (1,138,804)
Class C (756,012) (984,397)
------------ ------------
$(19,795,575) $(37,741,695)
============ ============
---------------------------------
SHORT
DURATION PLUS
PORTFOLIO
---------------------------------
SIX MONTHS YEAR
ENDED 3/31/04 ENDED
(UNAUDITED) 9/30/03(c)
================================================================================
Dividends to shareholders:
Dividends from net investment income
Short Duration Plus Class $ (5,354,277) $(11,801,625)
Class A (1,004,943) (366,071)
Class B (299,956) (68,607)
Class C (290,739) (72,509)
Class R (27) 0
------------ ------------
$ (6,949,942) $(12,308,812)
============ ============
Distributions from net realized gain on
investment transactions
Short Duration Plus Class $ (476,390) $ 0
Class A (103,659) 0
Class B (42,750) 0
Class C (41,760) 0
Class R 0 0
------------ ------------
$ (664,559) $ 0
============ ============
- --------------------------------------------------------------------------------
2004 Semiannual Report 25
================================================================================
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:
---------------------------------------------------------------------------
TAX-MANAGED INTERNATIONAL PORTFOLIO
TAX-MANAGED INTERNATIONAL CLASS
---------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a) 9/30/00
================================================================================================================================
Net asset value, beginning of period $ 17.53 $ 13.10 $ 15.22 $ 20.44 $ 20.02
------------- ---------- ---------- ---------- ----------
Income from investment operations:
Investment income, net 0.01 0.24 0.17 0.21 0.21
Net realized and unrealized gain (loss) on
investment and foreign currency transactions 2.91 4.39 (2.00) (3.48) 0.51
------------- ---------- ---------- ---------- ----------
Total from investment operations 2.92 4.63 (1.83) (3.27) 0.72
------------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from taxable net investment income (0.30) (0.20) (0.29) (0.16) 0
Distributions from net realized gain on
investment transactions 0 0 0 (1.79) (0.30)
------------- ---------- ---------- ---------- ----------
Total distributions (0.30) (0.20) (0.29) (1.95) (0.30)
------------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 20.15 $ 17.53 $ 13.10 $ 15.22 $ 20.44
============= ========== ========== ========== ==========
Total return (b) 16.77% 35.65% (12.39)% (17.49)% 3.49%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 4,374,932 $3,561,248 $2,365,421 $2,420,323 $3,029,742
Average net assets (000 omitted) $ 4,032,188 $2,890,486 $2,708,477 $2,828,736 $3,467,670
Ratio of expenses to average net assets 1.24%* 1.25% 1.25% 1.25% 1.24%
Ratio of net investment income to average
net assets 0.06%* 1.59% 1.04% 1.14% 1.02%
Portfolio turnover rate 46% .28% .64% .46% .41%
-----------------------------------
TAX-MANAGED INTERNATIONAL PORTFOLIO
TAX-MANAGED INTERNATIONAL CLASS
-----------------------------------
YEAR ENDED
9/30/99
==================================================================================
Net asset value, beginning of period $ 17.63
----------
Income from investment operations:
Investment income, net 0.15
Net realized and unrealized gain (loss) on
investment and foreign currency transactions 4.04
----------
Total from investment operations 4.19
----------
Less distributions:
Dividends from taxable net investment income (0.93)
Distributions from net realized gain on
investment transactions (0.87)
----------
Total distributions (1.80)
----------
Net asset value, end of period $ 20.02
==========
Total return (b) 25.35%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $3,654,579
Average net assets (000 omitted) $4,618,500
Ratio of expenses to average net assets 1.24%
Ratio of net investment income to average
net assets 0.80%
Portfolio turnover rate .32%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
---------------------------------------------------------------------------
INTERNATIONAL PORTFOLIO
INTERNATIONAL CLASS
---------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a) 9/30/00
==============================================================================================================================
Net asset value, beginning of period $ 16.06 $ 11.95 $ 14.16 $ 20.44 $ 20.11
------------- ---------- ---------- ---------- ----------
Income from investment operations:
Investment income, net 0.00 (d) 0.23 0.14 0.18 0.23
Net realized and unrealized gain (loss) on
investment and foreign currency transactions 2.74 4.04 (1.90) (3.11) 0.31
------------- ---------- ---------- ---------- ----------
Total from investment operations 2.74 4.27 (1.76) (2.93) 0.54
------------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from taxable net investment income (0.17) (0.16) (0.45) (0.79) (0.19)
Distributions from net realized gain on
investment transactions 0 0 0 (2.56) (0.02)
------------- ---------- ---------- ---------- ----------
Total distributions (0.17) (0.16) (0.45) (3.35) (0.21)
------------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 18.63 $ 16.06 $ 11.95 $ 14.16 $ 20.44
============= ========== ========== ========== ==========
Total return (b) 17.10% 36.00% (13.01)% (16.95)% 2.72%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,101,464 $1,826,667 $1,299,449 $1,426,683 $1,907,921
Average net assets (000 omitted) $ 1,991,782 $1,572,731 $1,539,788 $1,718,245 $2,238,111
Ratio of expenses to average net assets 1.27%* 1.29% 1.29% 1.28% 1.25%
Ratio of net investment income to average
net assets 0.04%* 1.63% 0.97% 1.06% 1.09%
Portfolio turnover rate .61% .28% .67% .45% .24%
-----------------------
INTERNATIONAL PORTFOLIO
INTERNATIONAL CLASS
-----------------------
YEAR ENDED
9/30/99
========================================================================
Net asset value, beginning of period $ 19.43
----------
Income from investment operations:
Investment income, net 0.19
Net realized and unrealized gain (loss) on
investment and foreign currency transactions 0.49
----------
Total from investment operations 0.68
----------
Less distributions:
Dividends from taxable net investment income 0
Distributions from net realized gain on
investment transactions 0
----------
Total distributions 0
----------
Net asset value, end of period $ 20.11
==========
Total return (b) 3.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $2,459,123
Average net assets (000 omitted) $2,397,807
Ratio of expenses to average net assets 1.26%*
Ratio of net investment income to average
net assets 2.23%*
Portfolio turnover rate .09%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 27
================================================================================
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:
-----------------------------------------------------------------------------
EMERGING MARKETS
VALUE PORTFOLIO
-----------------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
================================================================================================================================
Net asset value, beginning of period $ 20.81 $ 13.65 $ 12.48 $ 16.91
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.14 0.26 0.13 0.17
Net realized and unrealized gain (loss) on
investment and foreign currency transactions 6.31 6.87 1.04 (4.34)
------------- ------------- ------------- -------------
Total from investment operations 6.45 7.13 1.17 (4.17)
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.22) (0.08) (0.13) (0.09)
Distributions from net realized gain on
investment transactions 0 0 0 (0.28)
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total distributions (0.22) (0.08) (0.13) (0.37)
------------- ------------- ------------- -------------
Portfolio transaction fee 0.12 0.11 0.13 0.11
------------- ------------- ------------- -------------
Net asset value, end of period $ 27.16 $ 20.81 $ 13.65 $ 12.48
============= ============= ============= =============
Total return (b) 26.51%(e) 47.21%(e) 5.98%(e) (27.36)%(e)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,220,233 $ 898,402 $ 518,984 $ 499,414
Average net assets (000 omitted) $ 1,097,524 $ 653,705 $ 588,195 $ 578,168
Ratio of expenses to average net assets 1.68%* 1.72% 1.73% 1.75%
Ratio of net investment income to average
net assets 1.11%* 1.57% 0.89% 1.10%
Portfolio turnover rate .26% .38% .34% .34%
-------------------------------------
EMERGING MARKETS
VALUE PORTFOLIO
-------------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
======================================================================================
Net asset value, beginning of period $ 17.67 $ 10.11
------------- -------------
Income from investment operations:
Investment income, net 0.14 0.16
Net realized and unrealized gain (loss) on
investment and foreign currency transactions (1.01) 7.39
------------- -------------
Total from investment operations (0.87) 7.55
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.10) (0.12)
Distributions from net realized gain on
investment transactions 0 0
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 (0.02)
------------- -------------
Total distributions (0.10) (0.14)
------------- -------------
Portfolio transaction fee 0.21 0.15
------------- -------------
Net asset value, end of period $ 16.91 $ 17.67
============= =============
Total return (b) (7.63)%(e) 69.88%(e)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 593,883 $ 720,444
Average net assets (000 omitted) $ 718,397 $ 581,638
Ratio of expenses to average net assets 1.71% 1.74%
Ratio of net investment income to average
net assets 0.75% 1.04%
Portfolio turnover rate .28% .29%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
28 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
----------------------------------------------------------------------
INTERMEDIATE
DURATION PORTFOLIO
----------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
=========================================================================================================================
Net asset value, beginning of period $ 13.43 $ 13.08 $ 12.98 $ 12.51
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.30 0.47 0.59 0.72
Net realized and unrealized gain (loss) on
investments 0.15 0.35 0.10 0.47
------------- ------------- ------------- -------------
Total from investment operations 0.45 0.82 0.69 1.19
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.26) (0.47) (0.59) (0.68)
Distributions from net realized gain on
investment transactions 0 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 (0.04)
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total distributions (0.26) (0.47) (0.59) (0.72)
------------- ------------- ------------- -------------
Net asset value, end of period $ 13.62 $ 13.43 $ 13.08 $ 12.98
============= ============= ============= =============
Total return (b) 3.39% 6.39% 5.48% 9.80%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $ 2,681,177 $ 2,402,262 $ 2,151,988 $ 2,130,691
Average net assets (000 omitted) $ 2,515,483 $ 2,249,030 $ 2,135,339 $ 2,060,159
Ratio of expenses to average net assets 0.61%* 0.61% 0.61% 0.61%
Ratio of net investment income to average
net assets 3.79%* 3.55% 4.57% 5.66%
Portfolio turnover rate 291% 796% 727% 532%
--------------------------------
INTERMEDIATE
DURATION PORTFOLIO
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
===================================================================================
Net asset value, beginning of period $ 12.67 $ 13.49
------------- -------------
Income from investment operations:
Investment income, net 0.81 0.77
Net realized and unrealized gain (loss) on
investments (0.16) (0.63)
------------- -------------
Total from investment operations 0.65 0.14
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.81) (0.76)
Distributions from net realized gain on
investment transactions 0 (0.10)
Distributions in excess of net investment
income due to timing differences 0 (0.03)
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 (0.07)
------------- -------------
Total distributions (0.81) (0.96)
------------- -------------
Net asset value, end of period $ 12.51 $ 12.67
============= =============
Total return (b) 5.37% 1.04%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $ 2,041,914 $ 2,674,408
Average net assets (000 omitted) $ 2,298,018 $ 2,601,959
Ratio of expenses to average net assets 0.60% 0.60%
Ratio of net investment income to average
net assets 6.48% 5.89%
Portfolio turnover rate 378% 230%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 29
================================================================================
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:
----------------------------------------------------------------------
U.S. GOVERNMENT
SHORT DURATION PORTFOLIO
----------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
=========================================================================================================================
Net asset value, beginning of period $ 13.00 $ 13.23 $ 13.07 $ 12.49
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.14 0.31 0.40 0.59
Net realized and unrealized gain (loss) on
investment transactions 0.02 (0.04) 0.16 0.58
------------- ------------- ------------- -------------
Total from investment operations 0.16 0.27 0.56 1.17
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.15) (0.31) (0.40) (0.59)
Dividends from net realized gain on
investment transactions (0.14) (0.19) 0 0
------------- ------------- ------------- -------------
Total distributions (0.29) (0.50) (0.40) (0.59)
------------- ------------- ------------- -------------
Net asset value, end of period $ 12.87 $ 13.00 $ 13.23 $ 13.07
============= ============= ============= =============
Total return (b) 1.28% 2.10% 5.42% 9.62%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 100,678 $ 112,561 $ 115,400 $ 101,664
Average net assets (000 omitted) $ 107,391 $ 120,631 $ 106,080 $ 101,326
Ratio of expenses to average net assets 0.82%* 0.76% 0.74% 0.72%
Ratio of expenses to average net assets
excluding interest expense 0.79%* 0.76% 0.74% 0.72%
Ratio of net investment income to average
net assets 2.10%* 2.39% 3.04% 4.65%
Portfolio turnover rate 190% 323% 230% 344%
--------------------------------
U.S. GOVERNMENT
SHORT DURATION PORTFOLIO
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
===================================================================================
Net asset value, beginning of period $ 12.46 $ 12.66
------------- -------------
Income from investment operations:
Investment income, net 0.61 0.58
Net realized and unrealized gain (loss) on
investment transactions 0.03 (0.20)
------------- -------------
Total from investment operations 0.64 0.38
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.61) (0.58)
Dividends from net realized gain on
investment transactions 0 0
------------- -------------
Total distributions (0.61) (0.58)
------------- -------------
Net asset value, end of period $ 12.49 $ 12.46
============= =============
Total return (b) 5.30% 3.07%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 95,617 $ 127,598
Average net assets (000 omitted) $ 112,827 $ 132,741
Ratio of expenses to average net assets 0.72% 0.70%
Ratio of expenses to average net assets
excluding interest expense 0.72% 0.70%
Ratio of net investment income to average
net assets 4.91% 4.61%
Portfolio turnover rate 160% 82%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
30 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
Sanford C. Bernstein Fund II, Inc.
Financial Highlights
Selected per-share data and ratios for a share of capital stock outstanding for
the Portfolio for each of the periods presented:
-----------------------------------------------------
INTERMEDIATE DURATION
INSTITUTIONAL PORTFOLIO
-----------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 (f)
=========================================================================================================================
Net asset value, beginning of period $ 15.74 $ 15.44 $ 15.00(g)
------------- ------------- -------------
Income from investment operations:
Investment income, net 0.31 0.56 0.25
Net realized and unrealized gain on
investment transactions 0.21 0.41 0.44
------------- ------------- -------------
Total from investment operations 0.52 0.97 0.69
------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.31) (0.57) (0.25)
Dividends from net realized gain on investment transactions (0.22) (0.10) 0
------------- ------------- -------------
Total distributions (0.53) (0.67) (0.25)
------------- ------------- -------------
Net asset value, end of period $ 15.73 $ 15.74 $ 15.44
============= ============= =============
Total return (b) 3.39% 6.44% 4.62%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 555,568 $ 464,517 $ 328,393
Average net assets (000 omitted) $ 498,957 $ 383,604 $ 237,462
Ratio of expenses to average net assets 0.45%* 0.45% 0.45%*
Ratio of expenses to average net assets before reimbursement 0.59%* 0.64% 0.75%*
Ratio of net investment income to average
net assets 3.90%* 3.64% 4.37%*
Portfolio turnover rate 290% 791% 324%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 31
================================================================================
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:
---------------------------------------------------------------------
SHORT DURATION DIVERSIFIED
MUNICIPAL PORTFOLIO
---------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
=============================================================================================================================
Net asset value, beginning of period $ 12.69 $ 12.79 $ 12.70 $ 12.44
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.12 0.29 0.37 0.47
Net realized and unrealized gain (loss) on
investment transactions (0.01) (0.05) 0.10 0.26
------------- ------------- ------------- -------------
Total from investment operations 0.11 0.24 0.47 0.73
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income 0 0 0 (0.01)
Dividends from tax-exempt net investment income (0.12) (0.29) (0.37) (0.46)
Distributions from net realized gain on
investment transactions (0.02) (0.05) (0.01) 0
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total distributions (0.14) (0.34) (0.38) (0.47)
------------- ------------- ------------- -------------
Net asset value, end of period $ 12.66 $ 12.69 $ 12.79 $ 12.70
============= ============= ============= =============
Total return (b) 0.84% 1.97% 3.81% 5.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 244,614 $ 233,649 $ 200,696 $ 156,920
Average net assets (000 omitted) $ 237,778 $ 220,768 $ 182,317 $ 144,315
Ratio of expenses to average net assets 0.69%* 0.71% 0.71% 0.71%
Ratio of net investment income to average
net assets 1.86%* 2.30% 2.92% 3.73%
Portfolio turnover rate .43% .57% .56% .77%
--------------------------------
SHORT DURATION DIVERSIFIED
MUNICIPAL PORTFOLIO
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
========================================================================================
Net asset value, beginning of period $ 12.49 $ 12.57
------------- -------------
Income from investment operations:
Investment income, net 0.47 0.42
Net realized and unrealized gain (loss) on
investment transactions (0.01) (0.05)
------------- -------------
Total from investment operations 0.46 0.37
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.01) (0.01)
Dividends from tax-exempt net investment income (0.46) (0.41)
Distributions from net realized gain on
investment transactions 0 (0.03)
Distributions in excess of net realized
gain on investment transactions
due to timing differences (0.04) 0
------------- -------------
Total distributions (0.51) (0.45)
------------- -------------
Net asset value, end of period $ 12.44 $ 12.49
============= =============
Total return (b) 3.77% 2.91%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 158,315 $ 170,722
Average net assets (000 omitted) $ 168,807 $ 167,918
Ratio of expenses to average net assets 0.71% 0.71%
Ratio of net investment income to average
net assets 3.75% 3.29%
Portfolio turnover rate .99% .95%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
32 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
---------------------------------------------------------------------
SHORT DURATION CALIFORNIA
MUNICIPAL PORTFOLIO
---------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
=============================================================================================================================
Net asset value, beginning of period $ 12.67 $ 12.69 $ 12.68 $ 12.51
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.10 0.22 0.35 0.46
Net realized and unrealized gain (loss) on
investment transactions (0.01) (0.02) 0.01 0.17
------------- ------------- ------------- -------------
Total from investment operations 0.09 0.20 0.36 0.63
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income 0 (0.01) 0 (0.03)
Dividends from tax-exempt net investment income (0.10) (0.21) (0.35) (0.43)
Distributions from net realized gain on
investment transactions 0 0 0 0
------------- ------------- ------------- -------------
Total distributions (0.10) (0.22) (0.35) (0.46)
------------- ------------- ------------- -------------
Net asset value, end of period $ 12.66 $ 12.67 $ 12.69 $ 12.68
============= ============= ============= =============
Total return (b) 0.69% 1.63% 2.87% 5.13%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 78,312 $ 79,818 $ 74,648 $ 54,073
Average net assets (000 omitted) $ 82,367 $ 80,862 $ 61,944 $ 55,681
Ratio of expenses to average net assets 0.79%* 0.80% 0.79% 0.79%
Ratio of net investment income to average
net assets 1.54%* 1.77% 2.70% 3.66%
Portfolio turnover rate .28% .72% .28% .60%
--------------------------------
SHORT DURATION CALIFORNIA
MUNICIPAL PORTFOLIO
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
========================================================================================
Net asset value, beginning of period $ 12.53 $ 12.61
------------- -------------
Income from investment operations:
Investment income, net 0.45 0.40
Net realized and unrealized gain (loss) on
investment transactions 0.02 (0.04)
------------- -------------
Total from investment operations 0.47 0.36
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.03) (0.02)
Dividends from tax-exempt net investment income (0.42) (0.38)
Distributions from net realized gain on
investment transactions (0.04) (0.04)
------------- -------------
Total distributions (0.49) (0.44)
------------- -------------
Net asset value, end of period $ 12.51 $ 12.53
============= =============
Total return (b) 3.87% 2.90%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 58,089 $ 108,511
Average net assets (000 omitted) $ 83,374 $ 97,808
Ratio of expenses to average net assets 0.73% 0.73%
Ratio of net investment income to average
net assets 3.58% 3.18%
Portfolio turnover rate .94% .127%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 33
================================================================================
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:
---------------------------------------------------------------------
SHORT DURATION NEW YORK
MUNICIPAL PORTFOLIO
---------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
==========================================================================================================================
Net asset value, beginning of period $ 12.55 $ 12.57 $ 12.54 $ 12.31
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.12 0.26 0.36 0.44
Net realized and unrealized gain (loss) on
investment transactions (0.02) (0.02) 0.03 0.23
------------- ------------- ------------- -------------
Total from investment operations 0.10 0.24 0.39 0.67
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income 0 0 0 (0.03)
Dividends from tax-exempt net
investment income (0.12) (0.26) (0.36) (0.41)
------------- ------------- ------------- -------------
Total distributions (0.12) (0.26) (0.36) (0.44)
------------- ------------- ------------- -------------
Net asset value, end of period $ 12.53 $ 12.55 $ 12.57 $ 12.54
============= ============= ============= =============
Total return (b) 0.76% 1.92% 3.14% 5.55%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 121,303 $ 120,941 $ 116,307 $ 87,919
Average net assets (000 omitted) $ 123,349 $ 119,346 $ 102,743 $ 94,322
Ratio of expenses to average net assets 0.74%* 0.76% 0.77% 0.73%
Ratio of net investment income to average
net assets 1.84%* 2.06% 2.83% 3.56%
Portfolio turnover rate .24% .47% .38% .93%
--------------------------------
SHORT DURATION NEW YORK
MUNICIPAL PORTFOLIO
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
=====================================================================================
Net asset value, beginning of period $ 12.35 $ 12.47
------------- -------------
Income from investment operations:
Investment income, net 0.48 0.44
Net realized and unrealized gain (loss) on
investment transactions (0.04) (0.12)
------------- -------------
Total from investment operations 0.44 0.32
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.47) (0.42)
------------- -------------
Total distributions (0.48) (0.44)
------------- -------------
Net asset value, end of period $ 12.31 $ 12.35
============= =============
Total return (b) 3.64% 2.64%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 93,774 $ 101,901
Average net assets (000 omitted) $ 106,683 $ 92,014
Ratio of expenses to average net assets 0.72% 0.74%
Ratio of net investment income to average
net assets 3.91% 3.57%
Portfolio turnover rate .65% .78%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
34 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
---------------------------------------------------------------------
DIVERSIFIED MUNICIPAL PORTFOLIO
MUNICIPAL CLASS
---------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
==========================================================================================================================
Net asset value, beginning of period $ 14.34 $ 14.37 $ 14.05 $ 13.50
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.23 0.51 0.56 0.59
Net realized and unrealized gain (loss) on
investment transactions 0.04 (0.03) 0.32 0.55
------------- ------------- ------------- -------------
Total from investment operations 0.27 0.48 0.88 1.14
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income 0 (0.01) 0 (0.01)
Dividends from tax-exempt net
investment income (0.23) (0.50) (0.56) (0.58)
Distributions from net realized gain on
investment transactions 0 0 0 0
------------- ------------- ------------- -------------
Total distributions (0.23) (0.51) (0.56) (0.59)
------------- ------------- ------------- -------------
Net asset value, end of period $ 14.38 $ 14.34 $ 14.37 $ 14.05
============= ============= ============= =============
Total return (b) 1.91% 3.44% 6.42% 8.63%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,297,162 $ 2,045,981 $ 1,731,818 $ 1,388,653
Average net assets (000 omitted) $ 2,153,756 $ 1,844,104 $ 1,532,681 $ 1,277,970
Ratio of expenses to average net assets 0.61%* 0.63% 0.64% 0.63%
Ratio of net investment income to average
net assets 3.23%* 3.58% 3.96% 4.30%
Portfolio turnover rate 19% 38% 22% 26%
--------------------------------
DIVERSIFIED MUNICIPAL PORTFOLIO
MUNICIPAL CLASS
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
=====================================================================================
Net asset value, beginning of period $ 13.47 $ 13.96
------------- -------------
Income from investment operations:
Investment income, net 0.58 0.56
Net realized and unrealized gain (loss) on
investment transactions 0.08 (0.46)
------------- -------------
Total from investment operations 0.66 0.10
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.01) (0.02)
Dividends from tax-exempt net
investment income (0.57) (0.54)
Distributions from net realized gain on
investment transactions (0.05) (0.03)
------------- -------------
Total distributions (0.63) (0.59)
------------- -------------
Net asset value, end of period $ 13.50 $ 13.47
============= =============
Total return (b) 5.04% 0.77%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,205,781 $ 1,517,233
Average net assets (000 omitted) $ 1,329,585 $ 1,458,118
Ratio of expenses to average net assets 0.63% 0.63%
Ratio of net investment income to average
net assets 4.30% 4.08%
Portfolio turnover rate 35% 45%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 35
================================================================================
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:
---------------------------------------------------------------------
CALIFORNIA MUNICIPAL PORTFOLIO
MUNICIPAL CLASS
---------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
=============================================================================================================================
Net asset value, beginning of period $ 14.46 $ 14.59 $ 14.23 $ 13.81
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.22 0.47 0.51 0.57
Net realized and unrealized gain (loss) on
investment transactions 0.06 (0.13) 0.36 0.42
------------- ------------- ------------- -------------
Total from investment operations 0.28 0.34 0.87 0.99
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income 0 (0.03) 0 (0.04)
Dividends from tax-exempt net
investment income (0.22) (0.44) (0.51) (0.53)
Distributions from net realized gain on
investment transactions (0.01) 0 0 0
------------- ------------- ------------- -------------
Total distributions (0.23) (0.47) (0.51) (0.57)
------------- ------------- ------------- -------------
Net asset value, end of period $ 14.51 $ 14.46 $ 14.59 $ 14.23
============= ============= ============= =============
Total return (b) 1.95% 2.40% 6.27% 7.33%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 761,788 $ 685,360 $ 597,222 $ 491,194
Average net assets (000 omitted) $ 719,571 $ 625,249 $ 541,454 $ 460,729
Ratio of expenses to average net assets 0.64%* 0.66% 0.66% 0.65%
Ratio of net investment income to average
net assets 3.04%* 3.26% 3.57% 4.07%
Portfolio turnover rate .18% .44% .31% .46%
--------------------------------
CALIFORNIA MUNICIPAL PORTFOLIO
MUNICIPAL CLASS
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
========================================================================================
Net asset value, beginning of period $ 13.69 $ 14.19
------------- -------------
Income from investment operations:
Investment income, net 0.57 0.54
Net realized and unrealized gain (loss) on
investment transactions 0.16 (0.46)
------------- -------------
Total from investment operations 0.73 0.08
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.02) (0.02)
Dividends from tax-exempt net
investment income (0.55) (0.52)
Distributions from net realized gain on
investment transactions (0.04) (0.04)
------------- -------------
Total distributions (0.61) (0.58)
------------- -------------
Net asset value, end of period $ 13.81 $ 13.69
============= =============
Total return (b) 5.44% 0.60%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 450,744 $ 605,962
Average net assets (000 omitted) $ 524,573 $ 586,510
Ratio of expenses to average net assets 0.64% 0.64%
Ratio of net investment income to average
net assets 4.15% 3.88%
Portfolio turnover rate .48% .38%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
36 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
---------------------------------------------------------------------
NEW YORK MUNICIPAL PORTFOLIO
MUNICIPAL CLASS
---------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
=============================================================================================================================
Net asset value, beginning of period $ 14.21 $ 14.23 $ 13.85 $ 13.37
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.24 0.50 0.54 0.57
Net realized and unrealized gain (loss) on
investment transactions 0.02 (0.02) 0.38 0.48
------------- ------------- ------------- -------------
Total from investment operations 0.26 0.48 0.92 1.05
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income 0 (0.01) (0.01) (0.02)
Dividends from tax-exempt net investment income (0.24) (0.49) (0.53) (0.55)
Distributions from net realized gain on
investment transactions 0 0 0 0
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 0 0 0
------------- ------------- ------------- -------------
Total distributions (0.24) (0.50) (0.54) (0.57)
------------- ------------- ------------- -------------
Net asset value, end of period $ 14.23 $ 14.21 $ 14.23 $ 13.85
============= ============= ============= =============
Total return (b) 1.82% 3.45% 6.83% 7.99%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,072,264 $ 1,006,023 $ 940,302 $ 763,728
Average net assets (000 omitted) $ 1,030,211 $ 954,250 $ 835,184 $ 713,704
Ratio of expenses to average net assets 0.63%* 0.65% 0.66% 0.64%
Ratio of net investment income to average
net assets 3.32%* 3.53% 3.89% 4.17%
Portfolio turnover rate .17% .29% .37% .29%
--------------------------------
NEW YORK MUNICIPAL PORTFOLIO
MUNICIPAL CLASS
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
========================================================================================
Net asset value, beginning of period $ 13.36 $ 13.87
------------- -------------
Income from investment operations:
Investment income, net 0.57 0.56
Net realized and unrealized gain (loss) on
investment transactions 0.07 (0.46)
------------- -------------
Total from investment operations 0.64 0.10
------------- -------------
Less distributions:
Dividends from taxable net investment income 0 (0.01)
Dividends from tax-exempt net investment income (0.57) (0.55)
Distributions from net realized gain on
investment transactions (0.05) (0.05)
Distributions in excess of net realized
gain on investment transactions
due to timing differences (0.01) 0
------------- -------------
Total distributions (0.63) (0.61)
------------- -------------
Net asset value, end of period $ 13.37 $ 13.36
============= =============
Total return (b) 4.93% 0.74%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 673,723 $ 845,970
Average net assets (000 omitted) $ 743,412 $ 843,755
Ratio of expenses to average net assets 0.64% 0.64%
Ratio of net investment income to average
net assets 4.33% 4.09%
Portfolio turnover rate .33% .35%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 37
================================================================================
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:
---------------------------------------------------------------------
SHORT DURATION PLUS PORTFOLIO
SHORT DURATION PLUS CLASS
---------------------------------------------------------------------
SIX MONTHS
ENDED 3/31/04 YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) 9/30/03 9/30/02 9/30/01 (a)
==========================================================================================================================
Net asset value, beginning of period $ 12.84 $ 12.78 $ 12.69 $ 12.25
------------- ------------- ------------- -------------
Income from investment operations:
Investment income, net 0.16 0.37 0.50 0.68
Net realized and unrealized gain (loss) on
investment and futures transactions 0.04 0.06 0.09 0.44
------------- ------------- ------------- -------------
Total from investment operations 0.20 0.43 0.59 1.12
------------- ------------- ------------- -------------
Less distributions:
Dividends from taxable net investment income (0.17) (0.37) (0.50) (0.66)
Distributions from net realized gain
on investment transactions (0.02) 0 0 0
Distributions in excess of net investment
income due to timing differences 0 0 0 (0.01)
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 0 0 (0.01)
------------- ------------- ------------- -------------
Total distributions (0.19) (0.37) (0.50) (0.68)
------------- ------------- ------------- -------------
Net asset value, end of period $ 12.85 $ 12.84 $ 12.78 $ 12.69
============= ============= ============= =============
Total return (b) 1.52% 3.42% 4.78% 9.40%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 406,002 $ 413,100 $ 397,719 $ 367,738
Average net assets (000 omitted) $ 407,587 $ 408,848 $ 377,656 $ 377,112
Ratio of expenses to average net assets 0.69%* 0.67% 0.67% 0.67%
Ratio of expenses to average net assets
excluding interest expense 0.67%* 0.66% 0.67% 0.67%
Ratio of net investment income to average
net assets 2.43%* 2.89% 3.95% 5.48%
Portfolio turnover rate 173% 286% 226% 377%
--------------------------------
SHORT DURATION PLUS PORTFOLIO
SHORT DURATION PLUS CLASS
--------------------------------
YEAR ENDED YEAR ENDED
9/30/00 9/30/99
=====================================================================================
Net asset value, beginning of period $ 12.33 $ 12.53
------------- -------------
Income from investment operations:
Investment income, net 0.72 0.67
Net realized and unrealized gain (loss) on
investment and futures transactions (0.08) (0.20)
------------- -------------
Total from investment operations 0.64 0.47
------------- -------------
Less distributions:
Dividends from taxable net investment income (0.72) (0.67)
Distributions from net realized gain
on investment transactions 0 0
Distributions in excess of net investment
income due to timing differences 0 0
Distributions in excess of net realized
gain on investment transactions
due to timing differences 0 0
------------- -------------
Total distributions (0.72) (0.67)
------------- -------------
Net asset value, end of period $ 12.25 $ 12.33
============= =============
Total return (b) 5.37% 3.82%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 407,516 $ 557,016
Average net assets (000 omitted) $ 490,232 $ 569,298
Ratio of expenses to average net assets 0.66% 0.65%
Ratio of expenses to average net assets
excluding interest expense 0.66% 0.65%
Ratio of net investment income to average
net assets 5.88% 5.36%
Portfolio turnover rate 194% 96%
See Footnote Summary on page 39.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
38 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
*Annualized.
(a) Prior to October 2, 2000, Sanford C. Bernstein & Co., Inc., served as
investment manager to the Fund. On October 2, 2000, Alliance Capital Management
L.P. acquired the business and substantially all of the assets of Sanford C.
Bernstein & Co., Inc., and became investment adviser for the Fund.
(b) Total investment return is calculated assuming an initial investment made at
the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and redemption
on the last day of the period. Total return does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of
fund shares. Total investment return calculated for a period of less than one
year is not annualized.
(c) Commenced operations April 30, 1999.
(d) Amount is less than $0.005.
(e) 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 six months ended March 31, 2004, and the year ending
September 30, 2003, September 30, 2002, September 30, 2001, September 30, 2000,
and September 30, 1999, without taking into account these transaction fees would
have been 31.73%, 53.28%, 10.35%, (24.37)%, (3.82)%, and 76.88%, respectively.
(f) Commenced operations May 17, 2002.
(g) Prior to the commencement of operations, May 17, 2002, Alliance Capital
redeemed 1,333 shares representing $16,666 of Intermediate Duration
Institutional Portfolio and made a capital contribution of $16,666 into the
Portfolio, adjusting the opening net asset value per share from $12.50 to
$15.00.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
2004 Semiannual Report 39
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements
NOTE 1. Organization and Significant Accounting Policies
This report includes the financial statements of the Sanford C.
Bernstein Fund, Inc., and the Sanford C. Bernstein Fund II, Inc. (the
"Funds"). Sanford C. Bernstein Fund, Inc., and Sanford C. Bernstein Fund
II, Inc., are managed open-end registered investment companies,
incorporated in Maryland on May 4, 1988, and February 7, 2002,
respectively. Sanford C. Bernstein Fund, Inc., currently comprises 12
series of shares (the "SCBPortfolios"), each with its own investment
objectives. The three International Equity Portfolios are Tax-Managed
International, International, and Emerging Markets Value; the nine
Fixed-Income Portfolios are Intermediate Duration, Short Duration Plus,
U.S. Government Short Duration, Short Duration Diversified Municipal,
Short Duration California Municipal, Short Duration New York Municipal,
Diversified Municipal, California Municipal, and New York Municipal.
Effective February 1, 2002, the Diversified Municipal, California
Municipal, and New York Municipal Portfolios (collectively,
"Intermediate Bernstein Municipal Portfolios") commenced offering
AllianceBernstein Intermediate Municipal Class A, Class B, and Class C
Shares (collectively, "Intermediate Retail Class Shares") in addition to
the existing share class of the Intermediate Municipal Portfolios (each,
a "Municipal Class"). Effective May 21, 2003, the Short Duration Plus
Portfolio commenced distribution of AllianceBernstein Short Duration
Class A, Class B, and Class C Shares (collectively, "Short Duration
Retail Class Shares") in addition to the existing Short Duration Plus
Class shares. Effective January 30, 2004, the Tax-Managed International
and International Portfolios commenced distribution of AllianceBernstein
Tax-Managed International and AllianceBernstein International Class A,
Class B, and Class C Shares (collectively, "International Retail Class
Shares") in addition to the existing Tax-Managed International and
International Class Shares, respectively. Effective February 17, 2004,
the International and Short Duration Plus Portfolios commenced
distribution of Class R Shares. Collectively, the Intermediate Retail
Class Shares, Short Duration Retail Class Shares, and International
Retail Class Shares are the "Retail Classes." The financial highlights
of the Retail Classes are presented in separate financial reports. All
five classes of shares have identical voting, dividend, liquidation, and
other rights, except that each class bears different distribution
expenses and has exclusive voting rights with respect to its
distribution plan, as applicable. Sanford C. Bernstein Fund II, Inc.,
currently comprises one series of shares, the Intermediate Duration
Institutional Portfolio (together with the SCB Portfolios, the
"Portfolios"). Intermediate Duration Institutional Portfolio commenced
operations on May 17, 2002, through an investment of securities received
in an in-kind redemption in the amount of $149,411,702 from the
Intermediate Duration Portfolio of the Sanford C. Bernstein Fund, Inc.
The preparation of financial statements in accordance with accounting
principles generally accepted in the United States 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. Additional information about some of the items
discussed in these Notes to Financial Statements is contained in the
Fund's Statement of Additional Information, which is available upon
request. The following is a summary of significant accounting policies
followed by the Funds.
A. Portfolio Valuation
In accordance with Pricing Policies adopted by the Boards of Directors
of the Funds (the "Pricing Policies") and applicable law, portfolio
securities are valued at current market value or at fair value. The
Boards of Directors have delegated to Alliance Capital Management L.P.
("the Adviser"), subject to the Boards' continuing oversight, certain
responsibilities with respect to the implementation of the Pricing
Policies. Pursuant to the Pricing Policies, securities for which market
quotations are readily available are valued at their current market
value. In general, the market value of these securities is determined as
follows:
Securities listed on a national securities exchange or on a foreign
securities exchange are valued at the last sale price at the close of
the exchange or foreign securities exchange. If there has been no sale
on such day, the securities are valued at the mean of the closing bid
and asked prices on such day. If no bid or asked prices are quoted on
such day, then the security is valued in good faith at fair value in
accordance with the Pricing Policies. Securities listed on more than one
exchange are valued by reference to the principal exchange on which the
securities are traded; securities not listed on an exchange but traded
on the Nasdaq Stock Market, Inc. ("NASDAQ"), are valued in accordance
with the NASDAQ Official Closing Price; listed put or call options are
valued at the last sale price. If there has been no sale on that day,
such securities will be valued at the closing bid prices on that day;
open futures contracts and options thereon are valued using the closing
settlement price or, in the absence of such a price, the most recent
quoted bid price. If there are no quotations available for the day of
valuations, the last available closing settlement price is used;
securities traded in the over-the-counter market (but excluding
- --------------------------------------------------------------------------------
40 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
securities traded on NASDAQ) are valued at the mean of the current bid
and asked prices as reported by the National Quotation Bureau or other
comparable sources; U.S. Government securities and other debt
instruments having 60 days or less remaining until maturity are valued
at amortized cost if their original maturity was 60 days or less, or by
amortizing their fair value as of the 61st day prior to maturity if
their original term to maturity exceeded 60 days; fixed-income
securities, including mortgage backed and asset backed securities, may
be valued on the basis of prices provided by a pricing service or at a
price obtained from one or more of the major broker/dealers. In cases
where broker/dealer quotes are obtained, the Pricing Policies provide
that the Adviser may establish procedures whereby changes in market
yields or spreads are used to adjust, on a daily basis, a recently
obtained quoted price on a security; and OTC and other derivatives are
valued on the basis of a quoted bid price or spread from a major
broker/dealer in such security. Securities for which market quotations
are not readily available are valued at fair value in accordance with
the Pricing Policies.
B. Foreign Currency Translation
The accounting records of the Funds 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 purchases 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 or loss on foreign currency transactions represents
net foreign exchange gains or losses 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 Funds' 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 Funds do not isolate that portion of the results of operations
arising as a result of changes in the foreign exchange rates from the
changes in the market prices of securities held at period end. The Funds
do not isolate the effect of changes in foreign exchange rates from
changes in market prices of equity securities sold during the year. The
Funds do 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 Portfolio, International Portfolio,
Emerging Markets Value Portfolio, Intermediate Duration Portfolio, and
Intermediate Duration Institutional Portfolio invest in foreign
securities and foreign currency transactions that may involve risks not
associated with domestic investments as a result of the level of
governmental supervision and regulation of foreign securities markets
and the possibility of political or economic instability, among others.
C. Security Transactions and Related Investment Income
Security transactions are accounted for on the trade date (the date the
buy or sell order is executed). Securities gains and losses are
calculated on the identified cost basis. Interest income is recorded on
the accrual basis, and dividend income is recorded on the ex-dividend
date.
D. Futures Contracts
Upon entering into a futures contract, a Portfolio is required to
deposit cash or to pledge securities 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.
- --------------------------------------------------------------------------------
2004 Semiannual Report 41
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
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. 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 13 Portfolios of the Funds 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 Funds may be
subject to taxes imposed by countries in which they invest. 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 Funds' policy that their custodian
receive 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
Each Portfolio may purchase securities on a when-issued basis or
purchase or sell securities on a delayed-delivery basis. At the time a
Portfolio commits to purchase a security on a when-issued or
delayed-delivery 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. Each
Portfolio segregates cash and marketable securities at least equal in
value to its purchase commitment for when-issued or delayed-delivery
securities, and segregates portfolio securities on a delayed-delivery
basis.
I. Distribution of Income and Gains
Net investment income of each Portfolio except the Tax-Managed
International Portfolio, International Portfolio, and Emerging Markets
Value Portfolio is declared and recorded as a dividend to shareholders
daily and is payable to shareholders monthly. Dividends from net
investment income, if any, of the Tax-Managed International Portfolio,
International Portfolio, and Emerging Markets Value Portfolio will be
paid to shareholders at least once a year. Distributions of net realized
gains, less any available loss carryforwards, if any, for all Portfolios
will be paid to shareholders at least once a year, and recorded on the
ex-dividend date.
Elements of realized gains and net investment income may be recorded in
different accounting periods for financial reporting (book) and federal
income tax (tax) purposes (temporary differences). To the extent that
such distributions required for tax purposes exceed income and gains
recorded for book purposes as a result of such temporary differences,
"excess distributions" are reflected in the accompanying financial
statements. Certain other differences--permanent differences--arise
because treatment of elements of income and gains is different between
book and tax accounting. Permanent differences are reclassified in the
year they arise.
J. Income and Expenses
All income earned and expenses incurred by the Portfolios are borne on a
pro-rata basis by each outstanding class of shares, based on the
proportionate interest in the Funds represented by the shares of such
class. Class-specific expenses are borne by the respective class.
- --------------------------------------------------------------------------------
42 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
K. 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.
L. Securities Lending
Each of the Portfolios of the Funds 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 Funds 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 Funds. Cash
collateral received is recorded as an asset as well as a corresponding
liability in the Statements of Assets and Liabilities. At March 31,
2004, the International Portfolio had securities on loan with a value of
$545,483,442 and had received collateral of $573,868,341, of which
$550,334,000 was cash collateral and $23,534,341 was collateral in the
form of U.S. Government securities. The Tax-Managed International
Portfolio and the International Portfolio earned $452,203 and $248,021,
respectively, from securities lending transactions for the period ended
March 31, 2004. This amount is reflected in the Statement of Operations
as a component of interest income.
M. Interest Rate Swap Agreements
The Funds enter into interest rate swaps to protect themselves from
interest rate fluctuations on the underlying debt instruments. A swap is
an agreement that obligates two parties to exchange a series of cash
flows at specified intervals based upon or calculated by reference to
changes in specified prices or rates for a specified amount of an
underlying asset. The payment flows are usually netted against each
other, with the difference being paid by one party to the other.
Risks may arise as a result of the failure of the counterparty to the
swap contract to comply with the terms of the swap contract. The loss
incurred by the failure of a counterparty is generally limited to the
net interest payment to be received by the Funds, and/or the termination
value at the end of the contract. Therefore, the Funds consider the
creditworthiness of each counterparty to a swap contract in evaluating
potential credit risk. Additionally, risks may arise from unanticipated
movements in interest rates or in the value of the underlying
securities.
The Funds record a net receivable or payable on a daily basis for the
net interest income or expense expected to be received or paid in the
interest period. Net interest received or paid on these contracts is
recorded as interest income (or as an offset to interest income).
Fluctuations in the value of swap contracts are recorded for financial
statement purposes as unrealized appreciation or depreciation of
investments. Realized gains and losses from terminated swaps are
included in net realized gains/losses on investment transactions.
N. Reverse Repurchase Agreements
Under a reverse repurchase agreement, a Portfolio sells securities and
agrees to repurchase them at a mutually agreed upon date and price. At
the time a Portfolio enters into a reverse repurchase agreement, it will
establish a segregated account with the custodian containing liquid
assets having a value at least equal to the repurchase price.
For the period ended March 31, 2004, the average amount of reverse
repurchase agreements outstanding for the Short Duration Plus and U.S.
Government Short Duration Portfolios was $23,428,455 and $5,409, 409,
respectively, and the daily weighted average interest rate was 0.87% and
0.88%, respectively.
O. Mortgage-Backed Dollar Rolls
The Intermediate Duration Portfolio, the Intermediate Duration
Institutional Portfolio, U.S. Government Short Duration Portfolio, and
the Short Duration Plus Portfolio may enter into dollar rolls using "to
be announced" ("TBA") mortgage-backed securities. TBAtransactions are
recorded for book purposes based on the type of the mortgage-backed
securities. For TBA
- --------------------------------------------------------------------------------
2004 Semiannual Report 43
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
transactions that are entered into as financing transactions (selling a
mortgage-backed security for delivery in the future and simultaneously
contracting to purchase a substantially similar security at a specified
future date), income is recorded for the difference between the current
sale price and the lower forward price for the future purchase.
NOTE 2. Investment Management and Transactions with Affiliated Persons
A. Management Fee
Under the Investment Management Agreement between the Funds and the
Adviser, the Adviser manages the investment of each Portfolio's assets,
places purchase and sale orders, and bears various expenses, including
the salaries and expenses of all personnel except those of outside
directors. In addition, the Adviser agrees to permit its directors,
officers, and employees who may be elected directors or officers of the
Funds to serve in the capacities to which they are elected. The Adviser
renders these services subject to the general oversight of the Board of
Directors. The Adviser receives an investment management fee, based on
the annual rate, for these services as follows:
AVERAGE DAILY NET ASSETS
FIRST $1 BILLION THEREAFTER
================================================================================================================================
Intermediate Duration, Short Duration Plus,
U.S. Government Short Duration, Intermediate Duration
Institutional, Diversified Municipal, California Municipal,
and New York Municipal Portfolios .500% .450%
- --------------------------------------------------------------------------------------------------------------------------------
AVERAGE DAILY NET ASSETS
FIRST NEXT NEXT
$1 BILLION $3 BILLION $2 BILLION THEREAFTER
================================================================================================================================
Tax-Managed International and
International Portfolios 1% .900% .875% .850%
- --------------------------------------------------------------------------------------------------------------------------------
Short Duration Diversified Municipal, Short Duration
California Municipal, and Short Duration New York
Municipal Portfolios .500% of the average daily net assets
- -------------------------------------------------------------------------------------------------------------------------------
Emerging Markets Value Portfolio 1.25% 1.125%
The Intermediate Duration Institutional Portfolio and the Adviser have
entered into an Expense Limitation Agreement (the "Agreement"), dated
March 22, 2002, under which the Adviser has agreed to waive its fees
and, if necessary, reimburse expenses in respect of the Portfolio for
the current fiscal year, so that total operational expenses do not
exceed the annual rate of 0.45% of average daily net assets of the
Portfolio. Under the Agreement, which remains in effect until March 31,
2005, any waivers or reimbursements made by the Adviser are subject to
repayment by the Portfolio by March 31, 2005, provided that repayment
does not result in the Portfolio's aggregate expenses exceeding the
foregoing expense limitations. Further, the aggregate repayment to the
Adviser will not exceed the sum of the Portfolio's organization costs
and initial offering expenses. For the period ended March 31, 2004, the
aggregate amount of such fee waiver was $360,323.
B. Shareholder Servicing Fee; Transfer Agency Fee
Under the Shareholder Servicing Agreement between the Sanford C.
Bernstein Fund, Inc., and the Adviser, the Adviser agrees to pay
expenses it incurs in providing shareholder servicing to the Fund, the
Portfolios, and individual shareholders. This agreement does not apply
to the Retail Classes and the Intermediate Duration Institutional
Portfolio. Under the agreement, the fee payable by each Portfolio except
the Tax-Managed International Portfolio, International Portfolio, and
Emerging Markets Value Portfolio to the Adviser for services under this
agreement is .10 of 1% of the average daily net
- --------------------------------------------------------------------------------
44 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
assets of each Portfolio during the month, and the fee paid by the
Tax-Managed International Portfolio, International Portfolio, and
Emerging Markets Value Portfolio for services under this agreement is
.25 of 1% of the average daily net assets of each Portfolio during the
month.
Under a Transfer Agency Agreement, the Retail Classes compensate
Alliance Global Investor Services, Inc., a wholly owned subsidiary of
the Adviser, for providing personnel and facilities to perform transfer
agency services. Such compensation amounted to: International, $283;
Diversified Municipal Portfolio, $35,428; California Municipal
Portfolio, $9,607; New York Municipal Portfolio, $18,812; and Short
Duration Plus Portfolio, $26,615, for the period ended March 31, 2004.
During the period, AGIS agreed to waive a portion of its fees for such
services for the Tax-Managed International Portfolio. Such waiver
amounted to $3,000.
For the six months ended March 31, 2004, the expenses for the Retail
Classes of the Diversified Municipal Portfolio, California Municipal
Portfolio, New York Municipal Portfolio and Short Duration Plus
Portfolio were reduced under an expense offset arrangement with AGIS by
$8, $3, $5 and $6, respectively.
C. Distribution Arrangements--the Funds Except the Retail Classes
Under the Distribution Agreement between the Funds, on behalf of each
Portfolio other than the Retail Classes, and Sanford C. Bernstein & Co.,
LLC (the "Distributor"), the Distributor agrees to act as agent to sell
shares of the 13 Portfolios. The Distributor receives no fee for this
service, and furthermore agrees to pay all expenses arising from the
performance of its obligations under this agreement. The Distributor is
a wholly owned subsidiary of the Adviser.
D. Distribution Arrangements--the Retail Classes Only
The Retail Classes of the Tax-Managed International Portfolio and
International Portfolio, the Intermediate Municipal Portfolios, and the
Short Duration Plus Portfolio have adopted a Distribution Services
Agreement (the "Agreement"), including a distribution plan pursuant to
Rule 12b-1 under the Investment Company Act of 1940. Under the
Agreement, each of the Retail Classes pays distribution services fees to
AllianceBernstein Investment Research and Management, Inc. (the
"Distributor"), a wholly-owned subsidiary of the Adviser, at an annual
rate of up to .30 of 1% of the Class A Shares, 1% of the Class B and
Class C Shares, and .50 of 1% of the Class R Shares of the respective
average daily net assets attributable to the Retail Classes. The fees
are accrued daily and paid monthly. The Agreement provides that the
Distributor will use such payments in their entirety for distribution
assistance and promotional activities. The Distributor has advised the
Sanford C. Bernstein Fund, Inc., that it has incurred expenses in excess
of the distribution costs reimbursed by each of the Retail Classes as
follows:
TAX-MANAGED DIVERSIFIED CALIFORNIA NEW YORK SHORT
INTERNATIONAL INTERNATIONAL MUNICIPAL MUNICIPAL MUNICIPAL DURATION PLUS
========================================================================================================
Class B $5,027 $6,690 $2,115,431 $1,004,608 $1,622,271 $689,221
Class C 5,008 11,977 805,826 552,079 627,745 421,215
Such costs may be recovered from each Portfolio in future periods so
long as the Agreement is in effect. In accordance with the Agreement,
there is no provision for recovery of unreimbursed distribution costs
incurred by the Distributor beyond the current fiscal year for Class A
and R Shares. The Agreement also provides that the Adviser may use its
own resources to finance the distribution of each Portfolio's Shares.
E. Other Transactions with Affiliates
Class A Shares of the Retail Classes are sold with a front-end sales
charge of up to 4.25% for purchases not exceeding $1,000,000. With
respect to purchases of $1,000,000 or more, Class A Shares redeemed
within one year of purchase may be subject to a contingent deferred
sales charge of 1%. Class B Shares of the Intermediate Municipal
Portfolios and the Short Duration Plus Portfolio are currently sold with
a contingent deferred sales charge that declines from 3% to zero
depending on the period of time the shares are held. Class B Shares of
the Tax-Managed International Portfolio and the
- --------------------------------------------------------------------------------
2004 Semiannual Report 45
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
International Portfolio are currently sold with a contingent deferred
sales charge that declines from 4% to zero depending on the period of
time the shares are held. Class B Shares will automatically convert to
Class A Shares six years after the end of the calendar month of
purchase. For the Intermediate Municipal Portfolios and the Short
Duration Plus Portfolio and eight years after the end of the calendar
month of purchase for the Tax-Managed International Portfolio and the
International Portfolio. Class C Shares are subject to a contingent
deferred sales charge of 1% on redemptions made within the first year
after purchase. Class R Shares are sold without an initial or contingent
deferred sales charge and are offered to certain group retirement plans.
AllianceBernstein Investment Research and Management, Inc., has advised
Sanford C. Bernstein Fund, Inc., that it has retained front-end sales
charges from sales of Class A Shares and received contingent deferred
sales charges imposed upon redemptions by shareholders of Class A, Class
B, and Class C Shares for the period ended March 31, 2004, as follows:
FRONT-END CONTINGENT DEFERRED SALES CHARGES
SALES CHARGES ---------------------------------------
PORTFOLIO CLASS A CLASS A CLASS B CLASS C
====================================================================================
Tax-Managed International $ 25 $ 0 $ 0 $ 0
International 411 0 0 0
Diversified Municipal 11,997 13,171 159,902 34,323
California Municipal 4,033 10,685 38,829 31,179
New York Municipal 5,975 10,000 59,253 21,640
Short Duration Plus 6,565 16,938 43,569 29,095
For the period ended March 31, 2004, the Emerging Markets Value
Portfolio paid brokerage commissions to Sanford C. Bernstein & Co., LLC,
in the amount of $104,218, and the Tax-Managed International and
International Portfolios paid commissions to Sanford C. Bernstein & Co.,
Ltd., in the amount of $325,387 and $30,924, respectively.
NOTE 3. Investment Security Transactions
A. Purchases and Sales
For the period from October 1, 2003, through March 31, 2004, the
Portfolios had purchases and sales transactions, excluding repurchase
transactions and transactions in short-term instruments, as follows:
PURCHASES SALES
EXCLUDING U.S. PURCHASES OF EXCLUDING U.S. SALES OF
GOVERNMENT U.S. GOVERNMENT GOVERNMENT U.S. GOVERNMENT
SECURITIES SECURITIES SECURITIES SECURITIES
============================================================================================================
Tax-Managed International $ 2,008,239,647 $ 0 $ 1,791,631,199 $ 0
International 1,174,104,108 0 1,230,196,677 0
Emerging Markets Value 303,283,088 0 280,830,057 0
Intermediate Duration 6,473,272,059 630,918,179 6,202,343,688 703,353,292
U.S. Government Short Duration 4,802,345 208,555,786 608,618 210,139,859
Intermediate Duration Institutional 124,913,269 1,311,615,302 131,028,909 1,238,738,898
Short Duration Diversified Municipal 116,386,764 0 99,484,539 0
Short Duration California Municipal 27,796,102 0 21,523,090 0
Short Duration New York Municipal 58,308,933 0 28,353,165 0
Diversified Municipal 707,870,058 0 479,734,972 0
California Municipal 288,953,611 0 143,843,433 0
New York Municipal 278,167,599 0 200,289,128 0
Short Duration Plus 155,945,453 942,097,009 109,426,177 947,901,094
- --------------------------------------------------------------------------------
46 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
B. Distributions to Shareholders
The tax character of distributions to be paid for the year ending
September 30, 2004, will be determined at the end of the current fiscal
year. The tax character of distributions paid during the fiscal years
ended September 30, 2003, and September 30, 2002, were as follows:
TAX-MANAGED INTERNATIONAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 35,319,934 $ 45,231,307
------------ ------------
Total distributions paid $ 35,319,934 $ 45,231,307
------------ ------------
INTERNATIONAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 16,987,461 $ 45,835,060
------------ ------------
Total distributions paid $ 16,987,461 $ 45,835,060
------------ ------------
EMERGING MARKETS VALUE 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 3,072,179 $ 5,096,387
------------ ------------
TOTAL DISTRIBUTIONS PAID $ 3,072,179 $ 5,096,387
------------ ------------
INTERMEDIATE DURATION 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 79,859,897 $ 94,607,925
------------ ------------
Total taxable distributions paid 79,859,897 94,607,925
Return of capital 0 2,914,193
------------ ------------
Total distributions paid $ 79,859,897 $ 97,522,118
------------ ------------
U.S. GOVERNMENT SHORT DURATION 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 4,005,212 $ 4,275,261
Net long-term capital gains 502,438 0
------------ ------------
Total distributions paid $ 4,507,650 $ 4,275,261
------------ ------------
INTERMEDIATE DURATION INSTITUTIONAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 16,139,301 $ 3,811,865
------------ ------------
Total distributions paid $ 16,139,301 $ 3,811,865
------------ ------------
SHORT DURATION DIVERSIFIED MUNICIPAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 101,321 $ 0
Net long-term capital gains 754,546 132,148
------------ ------------
Total taxable distributions paid 855,867 132,148
Tax exempt distributions 5,065,280 5,332,674
------------ ------------
Total distributions paid $ 5,921,147 $ 5,464,822
------------ ------------
- --------------------------------------------------------------------------------
2004 Semiannual Report 47
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
SHORT DURATION CALIFORNIA MUNICIPAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 43,186 $ 4,948
----------- -----------
Total taxable distributions paid 43,186 4,948
Tax exempt distributions 1,387,621 1,665,443
----------- -----------
Total distributions paid $ 1,430,807 $ 1,670,391
----------- -----------
SHORT DURATION NEW YORK MUNICIPAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 2,337 $ 4,496
----------- -----------
Total taxable distributions paid 2,337 4,496
Tax exempt distributions 2,454,615 2,903,602
----------- -----------
Total distributions paid $ 2,456,952 $ 2,908,098
----------- -----------
DIVERSIFIED MUNICIPAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 1,659,562 $ 45,929
----------- -----------
Total taxable distributions paid 1,659,562 45,929
Tax exempt distributions 72,698,440 62,389,473
----------- -----------
Total distributions paid $74,358,002 $62,435,402
----------- -----------
CALIFORNIA MUNICIPAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 1,308,514 $ 38,568
----------- -----------
Total taxable distributions paid 1,308,514 38,568
Tax exempt distributions 21,958,831 19,871,800
----------- -----------
Total distributions paid $23,267,345 $19,910,368
----------- -----------
NEW YORK MUNICIPAL 2003 2002
========================================================================
Distributions paid from:
Ordinary income $ 1,072,760 $ 323,848
----------- -----------
Total taxable distributions paid 1,072,760 323,848
Tax exempt distributions 36,668,935 32,997,906
----------- -----------
Total distributions paid $37,741,695 $33,321,754
----------- -----------
SHORT DURATION PLUS 2003 2002
========================================================================
Distributions paid from:
Ordinary income $12,308,812 $14,908,490
----------- -----------
Total taxable distributions paid 12,308,812 14,908,490
Return of capital 0 0
----------- -----------
Total distributions paid $12,308,812 $14,908,490
----------- -----------
- --------------------------------------------------------------------------------
48 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
As of September 30, 2003, the components of accumulated earnings/
(deficit) on a tax basis were as follows:
TOTAL
ACCUMULATED UNREALIZED ACCUMULATED
ORDINARY CAPITAL AND APPRECIATION/ EARNINGS/
INCOME (a) OTHER LOSSES (b) DEPRECIATION (c) (DEFICIT)
==================================================================================================================
Tax-Managed International $60,281,135 $(143,459,959) $452,053,621 $ 368,874,797
International 18,018,005 (419,386,927) 167,495,287 (233,873,635)
Emerging Markets Value 6,940,887 (95,888,132) 185,765,395 96,818,150
Intermediate Duration 245,955 (18,695,220) 53,160,421 34,711,156
U.S. Government Short Duration 1,233,322 0 853,518 2,086,840
Intermediate Duration Institutional 3,886,496 2,275,943 9,480,628 15,643,067
Short Duration Diversified Municipal 371,993 0 1,663,411 2,035,404
Short Duration California Municipal 23,256 0 613,535 636,791
Short Duration New York Municipal 53,674 (754,140) 1,466,669 766,203
Diversified Municipal 1,981,979 (3,877,275) 98,384,675 96,489,379
California Municipal 610,365 69,554 29,069,629 29,749,548
New York Municipal 997,705 (3,333,293) 54,845,609 52,510,021
Short Duration Plus 608,117 0 4,421,183 5,029,300
(a) Includes tax exempt income as shown below:
========================================================================
Short Duration Diversified Municipal $ 118,432
Short Duration California Municipal 22,035
Short Duration New York Municipal 53,579
Diversified Municipal 1,918,335
California Municipal 574,690
New York Municipal 996,144
(b) At September 30, 2003, the following Portfolios had capital loss
carryforwards as shown below:
CAPITAL LOSS
CARRYFORWARD AMOUNT EXPIRATION
==================================================================================================================
Tax-Managed International $ 1,633,581 9/30/2010
Tax-Managed International 141,826,378 9/30/2011
International 139,642,274 9/30/2010
International 279,744,653 9/30/2011
Emerging Markets Value 66,794,735 9/30/2010
Emerging Markets Value 29,093,397 9/30/2011
Intermediate Duration 18,695,220 9/30/2009
Short Duration New York Municipal 150,211 9/30/2007
Short Duration New York Municipal 20,583 9/30/2008
Short Duration New York Municipal 514,053 9/30/2009
Short Duration New York Municipal 69,296 9/30/2011
Diversified Municipal 3,877,275 9/30/2009
New York Municipal 3,333,293 9/30/2009
- --------------------------------------------------------------------------------
2004 Semiannual Report 49
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
(c) The difference between book-basis and tax-basis unrealized
appreciation (depreciation) is attributable primarily to the tax
deferral of losses on wash sales and mark to market on futures
contracts.
At September 30, 2003, the following Portfolios had post-October capital
loss deferrals as shown below. For tax purposes, these losses are deemed
to arise on October 1, 2003:
POST-OCTOBER CAPITAL POST-OCTOBER FOREIGN
LOSS DEFERRAL CURRENCY LOSS DEFERRAL
========================================================================================
Tax-Managed International $ 27,076,574 $ 0
International 0 0
Emerging Markets Value 14,860,667 349,692
Intermediate Duration 0 798,644
U.S. Government Short Duration 91,695 0
Intermediate Duration Institutional 0 135,169
Short Duration California Municipal 7,011 0
----------------------------------------------------------------------------------------
During the year ended September 30, 2003, capital loss carryforwards
were utilized by the Portfolios as shown below:
CAPITAL LOSS
CARRYFORWARD UTILIZED
========================================================================================
Intermediate Duration $42,755,271
Short Duration Plus 1,086,742
Short Duration California Municipal 89,338
Diversified Municipal 3,691,396
California Municipal 334,275
New York Municipal 2,339,659
----------------------------------------------------------------------------------------
NOTE 4. Risks Involved in Investing in the Portfolios
Emerging Markets Value and International Portfolios--Investments in
foreign securities entail significant risks in addition to those
customarily associated with investing in U.S. equities. These risks are
heightened with respect to investments in emerging-market countries
where there is an even greater amount of economic, political, and social
instability. Economic, political, and social instability could disrupt
financial markets in which the Portfolio invests and adversely affect
the value of the Portfolio's assets. In addition, national policies may
restrict investment opportunities.
In foreign markets there may be a lower degree of market volume and
liquidity than in U.S. markets, and this may result in greater price
volatility. The securities markets in many emerging-market countries are
substantially smaller, less developed, less liquid, and more volatile
than the securities markets of developed countries. Furthermore, since
the composition of each Portfolio will differ from that of market
indexes, its performance generally will not mirror the returns provided
by a specific market index.
- --------------------------------------------------------------------------------
50 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
Fixed Income Portfolios--Interest rate risk and credit risk. Interest
rate risk is the risk that changes in interest rates will affect the
value of a Portfolio's investments in fixed-income debt securities such
as bonds or notes. Increases in interest rates may cause the value of a
Portfolio's investments to decline. Credit risk is the risk that the
issuer or guarantor of a debt security, or the counterparty to a
derivative contract, will be unable or unwilling to make timely
principal and/or interest payments, or to otherwise honor its
obligations. The degree of risk for a particular security may be
reflected in its credit risk rating. Credit risk is greater for medium
quality and lower-rated securities. Lower-rated debt securities and
similar unrated securities (commonly known as "junk bonds") have
speculative elements or are predominantly speculative risks.
Concentration of Credit Risk--The two California Municipal Portfolios
and two New York Municipal Portfolios invest primarily in securities
issued by the State 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
Portfolios may purchase or sell financial futures contracts for the
purpose of hedging their portfolios against adverse effects of
anticipated movements in the market. 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 in these financial instruments.
To the extent that the Funds enter into short futures, losses may be
unlimited. 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 Funds' activities in futures
contracts are conducted through regulated exchanges that do not result
in counterparty credit risks.
The Short Duration Plus Portfolio, Intermediate Duration Portfolio,
Intermediate Duration Institutional Portfolio, Tax-Managed International
Portfolio, International Portfolio, and Emerging Markets Value Portfolio
may enter into forward exchange currency contracts in order to hedge
exposure to changes in foreign currency exchange rates on foreign
portfolio holdings. Foreign currency contracts involve elements of
market risk in excess of the amount reflected in the Statements of
Assets and Liabilities. A Portfolio bears the risk of an unfavorable
change in the foreign exchange rate underlying the foreign currency
contract. In addition, a Portfolio could be exposed to risks if the
counterparties to the contracts are unable to meet the terms of their
contracts.
NOTE 6. Capital-Share Transactions
As of March 31, 2004, the Sanford C. Bernstein Fund, Inc., has
authorized 8.2 billion shares of common stock, par value $0.001 per
share, of which 7.9 billion are divided into 12 Portfolios. It has
allocated 1 billion to the Tax-Managed International Portfolio of which
400 million is allocated to the Tax-Managed International Class Shares
and 200 million to each of the three retail classes of shares; 600
million to the Intermediate Duration Portfolio; 1.4 billion to the
International Portfolio of which 600 million is allocated to the
International Class Shares and 200 million to each of the four retail
classes of shares; 1.6 billion to the Diversified Municipal Portfolio,
divided evenly into four classes; 200 million each to the Emerging
Markets Value Portfolio and the U.S. Government Short Duration
Portfolio; 800 million each to the California Municipal Portfolio and
New York Municipal Portfolio, divided evenly into four classes; 1
billion to the Short Duration Plus Portfolio, divided evenly into five
classes; and 100 million each to the Short Duration Diversified
Municipal Portfolio, Short Duration California Municipal Portfolio, and
Short Duration New York Municipal Portfolio. The Sanford C. Bernstein
Fund II, Inc., has authorized 200 million shares of common stock with
par value $0.001 per share. Share transactions for each Portfolio for
the period ended March 31, 2004, and the year ended September 30, 2003,
were as follows:
- --------------------------------------------------------------------------------
2004 Semiannual Report 51
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
-------------------------------------------------------------------
TAX-MANAGED INTERNATIONAL PORTFOLIO
-------------------------------------------------------------------
------------------------------ ---------------------------------
SHARES AMOUNT
------------------------------ ---------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
=======================================================================================================================
Tax-Managed International Class Shares
Shares sold 28,770,920 75,126,039 $ 558,140,272 $1,145,967,491
Shares issued to shareholders on
reinvestment of dividends 2,890,030 2,225,055 54,534,862 31,640,286
Shares redeemed (17,662,238) (54,817,533) (340,586,037) (828,033,279)
----------- ----------- ------------- --------------
Net increase 13,998,712 22,533,561 272,089,097 349,574,498
Beginning of period 203,163,791 180,630,230 694,422,916 344,848,418
----------- ----------- ------------- --------------
End of period 217,162,503 203,163,791 $ 966,512,013 $ 694,422,916
=========== =========== ============= ==============
=======================================================================================================================
Tax-Managed International Class A Shares (a)
Shares sold 1,025.376 $ 20,575
----------- -------------
Net increase 1,025.376 20,575
Beginning of period 0 0
----------- -------------
End of period 1,025.376 $ 20,575
=========== =============
=======================================================================================================================
Tax-Managed International Class B Shares (a)
Shares sold 976.520 $ 19,915
----------- -------------
Net increase 976.520 19,915
Beginning of period 0 0
----------- -------------
End of period 976.520 $ 19,915
=========== =============
=======================================================================================================================
Tax-Managed International Class C Shares (a)
Shares sold 2,216.405 $ 45,000
----------- -------------
Net increase 2,216.405 45,000
Beginning of period 0 0
----------- -------------
End of period 2,216.405 $ 45,000
=========== =============
(a) Class A, B, and C Shares commenced distribution on January 30, 2004.
- --------------------------------------------------------------------------------
52 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
-------------------------------------------------------------------
INTERNATIONAL PORTFOLIO
-------------------------------------------------------------------
------------------------------ ---------------------------------
SHARES AMOUNT
------------------------------ ---------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
=======================================================================================================================
International Class Shares
Shares sold 11,558,549 29,322,820 $ 204,031,124 $ 406,675,464
Shares issued to shareholders on
reinvestment of dividends 1,022,861 1,249,126 17,787,552 16,226,135
Shares redeemed (13,527,528) (25,603,020) (236,715,240) (364,033,307)
----------- ----------- ------------- --------------
Net increase (decrease) (946,118) 4,968,926 (14,896,564) 58,868,292
Beginning of period 113,738,511 108,769,585 527,218,383 468,350,091
----------- ----------- ------------- --------------
End of period 112,792,393 113,738,511 $ 512,321,819 $ 527,218,383
=========== =========== ============= ==============
=======================================================================================================================
International Class A Shares (a)
Shares sold 58,383 $ 1,076,862
----------- -------------
Net increase 58,383 1,076,862
Beginning of period 0 0
----------- -------------
End of period 58,383 $ 1,076,862
=========== =============
=======================================================================================================================
International Class B Shares (a)
Shares sold 21,561 $ 395,589
Shares redeemed (2,375) (43,011)
----------- -------------
Net increase 19,186 352,578
Beginning of period 0 0
----------- -------------
End of period 19,186 $ 352,578
=========== =============
=======================================================================================================================
International Class C Shares (a)
Shares sold 71,893 $ 1,325,744
Shares redeemed (109) (2,007)
----------- -------------
Net increase 71,784 1,323,737
Beginning of period 0 0
----------- -------------
End of period 71,784 $ 1,323,737
=========== =============
=======================================================================================================================
International Class R Shares (b)
Shares sold 528 $ 10,000
----------- -------------
Net increase 528 10,000
Beginning of period 0 0
----------- -------------
End of period 528 $ 10,000
=========== =============
(a) Class A, B, and C Shares commenced distribution on January 30, 2004.
(b) Class R Shares commenced distribution on February 17, 2004.
- --------------------------------------------------------------------------------
2004 Semiannual Report 53
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
------------------------------ ---------------------------------
EMERGING INTERMEDIATE
MARKETS VALUE DURATION
PORTFOLIO PORTFOLIO
------------------------------ ---------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
=======================================================================================================================
Shares sold 6,127,505 8,956,677 32,083,944 45,689,675
Shares issued to shareholders
on reinvestment of dividends
and distributions 384,525 196,819 721,736 1,247,037
Shares redeemed (4,742,022) (4,018,608) (14,741,953) (32,638,966)
----------- ----------- ------------ -------------
Net increase
in shares outstanding 1,770,008 5,134,888 18,063,727 14,297,746
Shares outstanding at
beginning of period 43,165,689 38,030,801 178,807,897 164,510,151
----------- ----------- ------------ -------------
Shares outstanding at
end of period 44,935,697 43,165,689 196,871,624 178,807,897
=========== =========== ============ =============
------------------------------ ---------------------------------
U.S. GOVERNMENT INTERMEDIATE DURATION
SHORT DURATION INSTITUTIONAL
PORTFOLIO PORTFOLIO
------------------------------ ---------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
=======================================================================================================================
Shares sold 1,172,564 3,545,116 8,503,999 12,671,451
Shares issued to shareholders
on reinvestment of dividends
and distributions 142,772 242,544 724,435 602,234
Shares redeemed (2,148,143) (3,851,787) (3,409,137) (5,033,955)
----------- ----------- ------------ -------------
Net increase (decrease)
in shares outstanding (832,807) (64,127) 5,819,297 8,239,730
Shares outstanding at
beginning of period 8,657,795 8,721,922 29,505,702 21,265,972
----------- ----------- ------------ -------------
Shares outstanding at
end of period 7,824,988 8,657,795 35,324,999 29,505,702
=========== =========== ============ =============
- --------------------------------------------------------------------------------
54 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
------------------------------ --------------------------------- -----------------------------
SHORT DURATION SHORT DURATION SHORT DURATION
DIVERSIFIED MUNICIPAL CALIFORNIA MUNICIPAL NEW YORK MUNICIPAL
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------ --------------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
====================================================================================================================================
Shares sold 6,456,373 13,842,222 2,741,593 4,771,245 3,428,405 6,161,187
Shares issued to shareholders
on reinvestment of dividends
and distributions 100,128 252,689 30,564 60,222 41,828 87,236
Shares redeemed (5,645,269) (11,378,472) (2,885,040) (4,415,190) (3,424,698) (5,864,823)
---------- ----------- ---------- ---------- ---------- ----------
Net increase (decrease)
in shares outstanding 911,232 2,716,439 (112,883) 416,277 45,535 383,600
Shares outstanding at
beginning of period 18,406,825 15,690,386 6,300,004 5,883,727 9,633,497 9,249,897
---------- ----------- ---------- ---------- ---------- ----------
Shares outstanding at
end of period 19,318,057 18,406,825 6,187,121 6,300,004 9,679,032 9,633,497
========== =========== ========== ========== ========== ==========
- --------------------------------------------------------------------------------
2004 Semiannual Report 55
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
------------------------------------------------------------------
DIVERSIFIED MUNICIPAL PORTFOLIO
------------------------------------------------------------------
------------------------------ --------------------------------
SHARES AMOUNT
------------------------------ --------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
======================================================================================================================
Municipal Class
Shares sold 29,455,211 45,827,077 $ 423,301,993 $ 652,336,992
Shares issued to shareholders on
reinvestment of dividends 497,384 1,007,006 7,147,104 14,337,817
Shares redeemed (12,920,420) (24,691,187) (185,272,811) (351,569,651)
----------- ----------- -------------- --------------
Net increase 17,032,175 22,142,896 245,176,286 315,105,158
Beginning of period 142,661,941 120,519,045 1,955,483,332 1,640,378,174
----------- ----------- -------------- --------------
End of period 159,694,116 142,661,941 $2,200,659,618 $1,955,483,332
=========== =========== ============== ==============
======================================================================================================================
Intermediate Municipal Class A Shares
Shares sold 1,859,797 10,166,055 $ 26,630,092 $ 145,026,646
Shares issued to shareholders on
reinvestment of dividends 89,359 167,702 1,284,246 2,390,535
Shares converted from Class B 25,943 21,475 372,416 305,385
Shares redeemed (2,857,193) (6,243,391) (40,952,384) (88,536,960)
---------- ---------- -------------- --------------
Net increase (decrease) (882,094) 4,111,841 (12,665,630) 59,185,606
Beginning of period 9,812,988 5,701,147 139,356,112 80,170,506
---------- ---------- -------------- --------------
End of period 8,930,894 9,812,988 $126,690,482 $ 139,356,112
========== ========== ============== ==============
======================================================================================================================
Intermediate Municipal Class B Shares
Shares sold 560,031 5,805,688 $ 8,030,242 $ 82,692,928
Shares issued to shareholders on
reinvestment of dividends 51,117 91,215 734,637 1,300,441
Shares converted to Class A (25,945) (21,475) (372,416) (305,385)
Shares redeemed (1,047,567) (1,506,890) (15,032,662) (21,435,134)
---------- ---------- -------------- --------------
Net increase (decrease) (462,364) 4,368,538 (6,640,199) 62,252,850
Beginning of period 8,063,138 3,694,600 114,221,384 51,968,534
---------- ---------- -------------- --------------
End of period 7,600,774 8,063,138 $ 107,581,185 $ 114,221,384
========== ========== ============== ==============
======================================================================================================================
Intermediate Municipal Class C Shares
Shares sold 985,673 6,210,766 $ 14,132,938 $ 88,602,109
Shares issued to shareholders on
reinvestment of dividends 44,294 74,861 636,476 1,067,110
Shares redeemed (1,395,779) (2,035,098) (20,042,351) (28,883,715)
---------- ---------- -------------- --------------
Net increase (decrease) (365,812) 4,250,529 (5,272,937) 60,785,504
Beginning of period 7,827,535 3,577,006 111,156,439 50,370,935
---------- ---------- -------------- --------------
End of period 7,461,723 7,827,535 $ 105,883,502 $ 111,156,439
========== ========== ============== ==============
- --------------------------------------------------------------------------------
56 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
------------------------------------------------------------------
CALIFORNIA MUNICIPAL PORTFOLIO
------------------------------------------------------------------
------------------------------ --------------------------------
SHARES AMOUNT
------------------------------ --------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
======================================================================================================================
Municipal Class
Shares sold 9,559,003 15,993,308 $ 138,506,930 $ 230,456,346
Shares issued to shareholders on
reinvestment of dividends and distributions 203,677 311,153 2,950,116 4,480,766
Shares redeemed (4,641,264) (9,847,269) (67,220,557) (141,767,035)
---------- ---------- ------------- --------------
Net increase 5,121,416 6,457,192 74,236,489 93,170,077
Beginning of period 47,396,613 40,939,421 657,270,405 564,100,328
---------- ---------- ------------- --------------
End of period 52,518,029 47,396,613 $ 731,506,894 $ 657,270,405
========== ========== ============= ==============
======================================================================================================================
Intermediate Municipal Class A Shares
Shares sold 831,271 2,785,231 $ 12,012,748 $ 40,254,137
Shares issued to shareholders on
reinvestment of dividends and distributions 36,811 61,879 533,287 891,976
Shares converted from Class B 38,537 2,405 557,616 34,786
Shares redeemed (1,424,194) (1,537,746) (20,644,634) (22,122,903)
---------- ---------- ------------- --------------
Net increase (decrease) (517,575) 1,311,769 (7,540,983) 19,057,996
Beginning of period 3,704,838 2,393,069 53,199,229 34,141,233
---------- ---------- ------------- --------------
End of period 3,187,263 3,704,838 $ 45,658,246 $ 53,199,229
========== ========== ============= ==============
======================================================================================================================
Intermediate Municipal Class B Shares
Shares sold 208,998 1,920,658 $ 3,016,925 $ 27,675,631
Shares issued to shareholders on
reinvestment of dividends and distributions 23,139 34,676 335,259 499,871
Shares converted to Class A (38,538) (2,406) (557,616) (34,786)
Shares redeemed (284,628) (473,721) (4,118,921) (6,793,430)
---------- ---------- ------------- --------------
Net increase (decrease) (91,029) 1,479,207 (1,324,353) 21,347,286
Beginning of period 2,760,031 1,280,824 39,617,938 18,270,652
---------- ---------- ------------- --------------
End of period 2,669,002 2,760,031 $ 38,293,585 $ 39,617,938
========== ========== ============= ==============
======================================================================================================================
Intermediate Municipal Class C Shares
Shares sold 317,022 2,580,810 $ 4,583,502 $ 37,238,022
Shares issued to shareholders on
reinvestment of dividends and distributions 24,667 41,795 357,353 602,322
Shares redeemed (839,344) (787,462) (12,128,629) (11,314,352)
---------- ---------- ------------- --------------
Net increase (decrease) (497,655) 1,835,143 (7,187,774) 26,525,992
Beginning of period 3,463,052 1,627,909 49,723,939 23,197,947
---------- ---------- ------------- --------------
End of period 2,965,397 3,463,052 $ 42,536,165 $ 49,723,939
========== ========== ============= ==============
- --------------------------------------------------------------------------------
2004 Semiannual Report 57
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
------------------------------------------------------------------
NEW YORK MUNICIPAL PORTFOLIO
------------------------------------------------------------------
------------------------------ --------------------------------
SHARES AMOUNT
------------------------------ --------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
======================================================================================================================
Municipal Class
Shares sold 11,129,331 17,541,261 $ 158,338,098 $ 247,638,231
Shares issued to shareholders on
reinvestment of dividends 346,538 722,407 4,931,325 10,190,157
Shares redeemed (6,930,788) (13,559,281) (98,433,217) (191,147,522)
---------- ---------- -------------- --------------
Net increase 4,545,081 4,704,387 64,836,206 66,680,866
Beginning of period 70,782,299 66,077,912 956,689,419 890,008,553
---------- ---------- -------------- --------------
End of period 75,327,380 70,782,299 $1,021,525,625 $ 956,689,419
========== ========== ============== ==============
======================================================================================================================
Intermediate Municipal Class A Shares
Shares sold 983,881 4,772,614 $ 13,991,722 $ 67,433,941
Shares issued to shareholders on
reinvestment of dividends 51,672 90,478 734,846 1,276,666
Shares converted from Class B 26,101 13,121 371,038 185,945
Shares redeemed (1,596,726) (1,933,812) (22,700,782) (27,187,705)
---------- ---------- -------------- --------------
Net increase (decrease) (535,072) 2,942,401 (7,603,176) 41,708,847
Beginning of period 5,526,922 2,584,521 77,587,151 35,878,304
---------- ---------- -------------- --------------
End of period 4,991,850 5,526,922 $ 69,983,975 $ 77,587,151
========== ========== ============== ==============
======================================================================================================================
Intermediate Municipal Class B Shares
Shares sold 425,688 3,262,222 $ 6,047,518 $ 46,059,262
Shares issued to shareholders on
reinvestment of dividends 38,232 57,631 543,537 812,702
Shares converted to Class A (26,117) (13,130) (371,038) (185,945)
Shares redeemed (387,904) (679,364) (5,514,216) (9,549,437)
---------- ---------- -------------- --------------
Net increase 49,899 2,627,359 705,801 37,136,582
Beginning of period 4,430,225 1,802,866 62,187,763 25,051,181
---------- ---------- -------------- --------------
End of period 4,480,124 4,430,225 $ 62,893,564 $ 62,187,763
========== ========== ============== ==============
======================================================================================================================
Intermediate Municipal Class C Shares
Shares sold 650,603 3,705,738 $ 9,237,010 $ 52,418,616
Shares issued to shareholders on
reinvestment of dividends 25,919 33,551 368,701 473,560
Shares redeemed (524,846) (663,668) (7,471,144) (9,332,023)
---------- ---------- -------------- --------------
Net increase 151,676 3,075,621 2,134,567 43,560,153
Beginning of period 4,330,138 1,254,517 61,002,048 17,441,895
---------- ---------- -------------- --------------
End of period 4,481,814 4,330,138 $ 63,136,615 $ 61,002,048
========== ========== ============== ==============
- --------------------------------------------------------------------------------
58 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
-----------------------------------------------------------------
SHORT DURATION PLUS PORTFOLIO
-----------------------------------------------------------------
------------------------------ -------------------------------
SHARES AMOUNT
------------------------------ -------------------------------
SIX MONTHS SIX MONTHS
ENDED 3/31/04 YEAR ENDED ENDED 3/31/04 YEAR ENDED
(UNAUDITED) 9/30/03 (UNAUDITED) 9/30/03
=====================================================================================================================
Short Duration Plus Class
Shares sold 7,008,769 13,975,661 $ 89,756,031 $ 178,895,875
Shares issued to shareholders on
reinvestment of dividends and distributions 198,146 390,519 2,536,942 4,996,888
Shares redeemed (7,782,315) (13,306,518) (99,640,843) (170,299,304)
---------- ---------- -------------- -------------
Net increase (decrease) (575,400) 1,059,662 (7,347,870) 13,593,459
Beginning of period 32,170,964 31,111,302 408,375,038 394,781,579
---------- ---------- -------------- -------------
End of period 31,595,564 32,170,964 $ 401,027,168 $ 408,375,038
========== =========== ============== =============
=====================================================================================================================
Short Duration Class A Shares (a)
Shares sold 2,353,801 8,246,525 $ 30,150,038 $ 105,874,668
Shares issued to shareholders on
reinvestment of dividends and distributions 68,423 20,660 876,425 264,422
Shares converted from Class B 7,987 6,479 102,183 78,387
Shares redeemed (3,151,302) (1,104,552) (40,315,218) (14,132,073)
---------- ---------- -------------- -------------
Net increase (decrease) (721,091) 7,169,112 (9,186,572) 92,085,404
Beginning of period 7,169,112 0 92,085,404 0
---------- ---------- -------------- -------------
End of period 6,448,021 7,169,112 $ 82,898,832 $ 92,085,404
========== =========== ============== =============
=====================================================================================================================
Short Duration Class B Shares (a)
Shares sold 888,105 2,825,884 $ 11,375,201 $ 36,226,574
Shares issued to shareholders on
reinvestment of dividends and distributions 18,963 3,459 242,838 44,252
Shares converted to Class A (7,990) (6,608) (102,183) (78,387)
Shares redeemed (599,798) (150,645) (7,679,867) (1,932,900)
---------- ---------- -------------- -------------
Net increase 299,280 2,672,090 3,835,989 34,259,539
Beginning of period 2,672,090 0 34,259,539 0
---------- ---------- -------------- -------------
End of period 2,971,370 2,672,090 $ 38,095,528 $ 34,259,539
========== =========== ============== =============
=====================================================================================================================
Short Duration Class C Shares (a)
Shares sold 874,384 2,667,163 $ 11,201,216 $ 34,206,363
Shares issued to shareholders on
reinvestment of dividends and distributions 17,203 3,481 220,277 44,536
Shares redeemed (533,292) (105,254) (6,827,790) (1,343,939)
---------- ---------- -------------- -------------
Net increase 358,295 2,565,390 4,593,703 32,906,960
Beginning of period 2,565,390 0 32,906,960 0
---------- ---------- -------------- -------------
End of period 2,923,685 2,565,390 $ 37,500,663 $ 32,906,960
========== =========== ============== =============
=====================================================================================================================
Short Duration Class R Shares (b)
Shares sold 779 $ 10,000
Beginning of period 0 0
---------- --------------
End of period 779 $ 10,000
========== ==============
(a) Short Duration Class A, B, and C Shares commenced distribution on May 21,
2003. (b) Class R Shares commenced distribution on February 17, 2004.
- --------------------------------------------------------------------------------
2004 Semiannual Report 59
================================================================================
Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
Notes to Financial Statements (continued)
NOTE 7. Line of Credit
The Emerging Markets Value Portfolio maintains a $35,000,000 line of
credit intended to provide short-term financing, if necessary, subject
to certain restrictions in connection with abnormal redemption activity.
Commitment fees related to the line of credit are paid by the Portfolio
and are included in the miscellaneous expenses in the Statement of
Operations. The Portfolio did not utilize the line of credit during the
period ended March 31, 2004.
A number of open-end mutual funds managed by the Adviser, including the
Sanford C. Bernstein Fund II, Inc., participate in a $500 million
revolving credit facility (the "Facility") intended to provide
short-term financing, if necessary, subject to certain restrictions in
connection with abnormal redemption activity. Commitment fees related to
the Facility are paid by the participating funds and are included in
miscellaneous expenses in the Statements of Operations. The Portfolio
did not utilize the Facility during the period ended March 31, 2004.
NOTE 8. Legal Proceedings
As has been previously reported in the press, the Staff of the U.S.
Securities and Exchange Commission ("SEC") and the Office of the New
York Attorney General ("NYAG") have been investigating practices in the
mutual fund industry identified as "market timing" and "late trading" of
mutual fund shares. Certain other regulatory authorities have also been
conducting investigations into these practices within the industry and
have requested that Alliance Capital Management L.P. ("Alliance
Capital"), the Portfolios' Adviser, provide information to them.
Alliance Capital has been cooperating and will continue to cooperate
with all of these authorities.
On December 18, 2003, Alliance Capital confirmed that it had reached
terms with the SEC and the NYAG for the resolution of regulatory claims
relating to the practice of "market timing" mutual fund shares in some
of the AllianceBernstein Mutual Funds. The agreement with the SEC is
reflected in an Order of the Commission ("SEC Order"). The agreement
with the NYAG is subject to final, definitive documentation. Among the
key provisions of these agreements are the following:
(i) Alliance Capital agreed to establish a $250 million fund (the
"Reimbursement Fund") to compensate mutual fund shareholders for
the adverse effects of market timing attributable to market
timing relationships described in the SEC Order. According to
the SEC Order, the Reimbursement Fund is to be paid, in order of
priority, to fund investors based on (i) their aliquot share of
losses suffered by the fund due to market timing, and (ii) a
proportionate share of advisory fees paid by such fund during
the period of such market timing;
(ii) Alliance Capital agreed to reduce the advisory fees it receives
from some of the AllianceBernstein long-term, open-end retail
funds, commencing January 1, 2004, for a period of at least five
years. The determination of which funds will have their fees
reduced and to what degree is subject to the terms of the
definitive agreement with the NYAG; however, it is not expected
that the Portfolios will have their fees reduced; and
(iii) Alliance Capital agreed to implement changes to its governance
and compliance procedures. Additionally, the SEC Order
contemplates that Alliance Capital's registered investment
company clients, including the Funds, will introduce governance
and compliance changes.
The special committee of Alliance Capital's Board of Directors,
comprised of the members of Alliance Capital's Audit Committee and the
other independent member of the Board, is continuing to direct and
oversee an internal investigation and a comprehensive review of the
facts and circumstances relevant to the SEC's and the NYAG's
investigations.
- --------------------------------------------------------------------------------
60 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
In addition, the Independent Directors of Sanford C. Bernstein Fund II,
Inc. ("the Independent Directors") have initiated an investigation of
the above-mentioned matters with the advice of an independent economic
consultant and independent counsel. The Independent Directors have
formed a special committee to supervise the investigation.
On October 2, 2003, a putative class action complaint entitled Hindo et
al. v. AllianceBernstein Growth & Income Fund et al. (the "Hindo
Complaint") was filed against Alliance Capital; Alliance Capital
Management Holding L.P.; Alliance Capital Management Corporation; AXA
Financial, Inc.; certain of the AllianceBernstein Mutual Funds, Gerald
Malone; Charles Schaffran (collectively, the "Alliance Capital
defendants"); and certain other defendants not affiliated with Alliance
Capital. The Hindo Complaint was filed in the United States District
Court for the Southern District of New York by alleged shareholders of
two of the AllianceBernstein Mutual Funds. The Hindo Complaint alleges
that certain of the Alliance Capital defendants failed to disclose that
they improperly allowed certain hedge funds and other unidentified
parties to engage in late trading and market timing of AllianceBernstein
Fund securities, violating Sections 11 and 15 of the Securities Act,
Sections 10(b) and 20(a) of the Exchange Act, and Sections 206 and 215
of the Advisers Act. Plaintiffs seek an unspecified amount of
compensatory damages and rescission of their contracts with Alliance
Capital, including recovery of all fees paid to Alliance Capital
pursuant to such contracts.
Since October 2, 2003, numerous additional lawsuits making factual
allegations similar to those in the Hindo Complaint were filed against
Alliance Capital and certain other defendants, some of which name the
Funds as defendants. All of these lawsuits seek an unspecified amount of
damages.
As a result of the matters discussed above, investors in the
AllianceBernstein Mutual Funds may choose to redeem their investments.
This may require the AllianceBernstein Mutual Funds to sell investments
held by those funds to provide for sufficient liquidity and could also
have an adverse effect on the investment performance of the
AllianceBernstein Mutual Funds.
- --------------------------------------------------------------------------------
2004 Semiannual Report 61
================================================================================
Sanford C. Bernstein Fund, Inc.
================================================================================
DIRECTORS AND OFFICERS
- --------------------------------------------------------------------------------
Roger Hertog
Director and President
Vice Chairman and Director,
Alliance Capital Management Corporation ("ACMC")*
Rosalie J. Wolf**
Director and Chairman
Managing Partner,
Botanica Capital Partners LLC
Irwin Engelman**
Director
Consultant
William Kristol**
Director
Editor, The Weekly Standard
Thomas B. Stiles II**
Director
President, Cedar Lawn Corporation
Mark D. Gersten
Treasurer and Chief Financial Officer
Senior Vice President,
Alliance Global Investor Services, Inc. ("AGIS")
Mark R. Manley
Secretary
Senior Vice President and Acting General Counsel, ACMC
================================================================================
INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
================================================================================
LEGAL COUNSEL
- --------------------------------------------------------------------------------
Shearman & Sterling
599 Lexington Avenue
New York, New York 10022
================================================================================
CUSTODIAN AND TRANSFER AGENT
- --------------------------------------------------------------------------------
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
================================================================================
INVESTMENT ADVISER
- --------------------------------------------------------------------------------
Alliance Capital Management L.P.
1345 Avenue of the Americas
New York, New York 10105
*ACMC and AGIS are affiliates of Alliance Capital Management L.P.
**Member of the Audit Committee.
- --------------------------------------------------------------------------------
62 Sanford C. Bernstein Fund, Inc. and Sanford C. Bernstein Fund II, Inc.
================================================================================
Sanford C. Bernstein Fund II, Inc.
================================================================================
DIRECTORS
- --------------------------------------------------------------------------------
William H. Foulk, Jr.*
Chairman
Marc O. Mayer
President
Ruth Block*
David H. Dievler*
John H. Dobkin*
Clifford L. Michel*
Donald J. Robinson*
================================================================================
OFFICERS
- --------------------------------------------------------------------------------
Matthew D. W. Bloom
Vice President
Jeffrey S. Phlegar
Vice President
Mark D. Gersten
Treasurer and Chief Financial Officer
Vincent S. Noto
Controller
Mark R. Manley
Secretary
================================================================================
INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
================================================================================
LEGAL COUNSEL
- --------------------------------------------------------------------------------
Shearman & Sterling
599 Lexington Avenue
New York, New York 10022
================================================================================
CUSTODIAN AND TRANSFER AGENT
- --------------------------------------------------------------------------------
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
================================================================================
INVESTMENT ADVISER
- --------------------------------------------------------------------------------
Alliance Capital Management L.P.
1345 Avenue of the Americas
New York, New York 10105
*Member of the Audit Committee
- --------------------------------------------------------------------------------
2004 Semiannual Report 63
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SANFORD C. BERNSTEIN & CO., LLC
A subsidiary of Alliance Capital Management L.P.
Distributor
SANFORD C. BERNSTEIN FUND, INC.
SANFORD C. BERNSTEIN FUND II, INC.
1345 Avenue of the Americas, New York, NY 10105
(212) 756-4097
SAMFMSEMIANN0304
Sanford C. Bernstein Fund, Inc.
March 31, 2004
Schedule of Investments
To the Semiannual Report
For the Stock Portfolios
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Tax-Managed International
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International
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Emerging Markets Value
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Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Tax-Managed International Portfolio
March 31, 2004 (Unaudited)
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Shares Description Market Value*
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EQUITIES: 97.13%
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AUSTRALIA: 0.46%
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Transportation--Airlines
7,647,300 Qantas Airways Ltd. $ 19,893,058
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Total Australian Stocks (Cost $15,174,825) 19,893,058
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CANADA: 4.84%
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Autos & Auto Parts
545,303 Magna International Inc. 43,024,059
Banking
1,732,750 Bank of Nova Scotia 93,637,141
971,900 Royal Bank of Canada 46,401,057
Energy Sources
653,700 Petro-Canada 28,749,528
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Total Canadian Stocks (Cost $133,417,861) 211,811,785
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FINLAND: 0.58%
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Electrical & Electronics
1,239,380 Nokia Oyj 25,412,117
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Total Finnish Stocks (Cost $24,844,343) 25,412,117
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FRANCE: 16.09%
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Banking
1,585,000 BNP Paribas S.A. 96,892,025
638,060 Societe Generale 54,511,312
Broadcasting & Publishing
354,942 Societe Television Francaise 1 11,274,316
Electrical & Electronics
1,577,678 Alcatel S.A. (Note A, p. 4) 24,901,396
Energy Sources
348,038 Total S.A. 63,917,175
Health & Personal Care
923,000 Aventis S.A. 70,969,104
247,146 Essilor International S.A. 15,035,274
395,339 L'Oreal S.A. 30,275,966
322,376 Sanofi-Synthelabo S.A. 21,062,324
Insurance
1,406,600 Assurances Generales de France 87,317,702
AGF
Machinery & Engineering
546,896 Schneider Electric S.A. 35,630,418
Metal-Steel
4,921,913 Arcelor 89,301,879
Telecommunications
1,497,329 France Telecom S.A. 38,321,127
(Note A, p. 4)
Textiles & Apparel
879,007 LVMH Moet Hennessy Louis 64,615,071
Vuitton S.A.
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Total French Stocks (Cost $519,304,183) 704,025,089
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GERMANY: 8.62%
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Automobiles
548,058 Bayerische Motoren Werke AG 22,292,747
1,144,900 Continental AG 45,063,943
43,850 Porsche AG (PFD) 26,467,266
1,102,458 Volkswagen AG (Stamm) 48,163,694
Construction & Housing
938,854 Heidelberg Cement AG 42,412,680
Data Processing
417,431 SAP AG 66,013,809
Electrical & Electronics
340,501 Infineon Technologies AG 4,980,875
(Note A, p. 4)
Electronic Components & Instruments
501,621 Siemens AG 37,040,228
Health & Personal Care
527,729 Altana AG 32,656,112
Insurance
566,600 Hannover Rueckversicherung AG 18,958,545
Machinery & Engineering
924,600 MAN AG (Note A, p. 4) 32,960,379
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Total German Stocks (Cost $346,342,098) 377,010,278
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HONG KONG: 0.47%
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Merchandising
2,369,000 Esprit Holdings Ltd. 9,910,480
Wholesale & International Trade
7,088,000 Li & Fung Ltd. 10,823,874
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Total Hong Kong Stocks (Cost $22,499,137) 20,734,354
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IRELAND: 2.39%
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Banking
2,449,606 Allied Irish Banks plc 36,525,599
148,000 Depfa Bank plc 23,286,917
Construction & Housing
2,187,233 CRH plc 44,631,701
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Total Irish Stocks (Cost $93,515,040) 104,444,217
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*See Note 1, page 40 in Notes to Financial Statements.
Schedule of Investments--Stock Portfolios 1
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Shares Description Market Value
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ITALY: 3.14%
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Energy Sources
6,821,846 ENI S.p.A. $ 137,190,967
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Total Italian Stocks (Cost $73,318,886) 137,190,967
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JAPAN: 21.76%
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Appliances & Household Durables
1,186,000 Matsushita Electric Industrial 18,304,823
Co., Ltd.
Automobiles
1,636,000 Honda Motor Co., Ltd. 75,373,614
8,152,000 Nissan Motor Co., Ltd. 91,155,925
Banking
3,903 Mitsubishi Tokyo Financial 38,586,073
Group, Inc.
10,000 Sumitomo Mitsui Financial 73,906,993
Group Inc.
11,500 UFJ Holdings, Inc. 73,071,939
Data Processing
3,287,000 Canon Inc. 170,052,599
133,800 NEC Electronics Corp. 10,274,032
2,196,000 Ricoh Co., Ltd. 45,106,685
Electrical & Electronics
723,200 Hoya Corp. 70,456,208
Electronic Components & Instruments
144,200 Keyence Corp. 35,100,177
244,900 Tokyo Electron Ltd. 16,336,853
Financial Services
758,900 Promise Co., Ltd. 52,081,730
Food & Household Products
786,000 Nippon Meat Packers Inc. 9,226,645
Health & Personal Care
391,000 Eisai Co., Ltd. 10,583,289
616,800 Takeda Chemical Industries Ltd. 27,469,905
Metal-Steel
1,587,900 JFE Holdings, Inc. 43,361,093
Miscellaneous Materials
784,000 Nitto Denko Corp. 43,043,432
Recreation
100 Yamaha Corp. 1,867
Telecommunications
3,198 KDDI Corp. 18,018,198
Wholesale & International Trade
2,595,000 Mitsubishi Corp. 30,636,368
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Total Japanese Stocks (Cost $710,441,158) 952,148,448
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NETHERLANDS: 2.29%
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Chemicals
1,443,800 DSM N.V. 64,478,176
Data Processing
1,766,725 ASML Holding N.V. (Note A, p. 4) 32,380,750
Insurance
155,735 ING Groep N.V. 3,422,899
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Total Netherlands Stocks (Cost $86,460,393) 100,281,825
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SINGAPORE: 1.62%
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Computer/Instrumentation
1,365,500 Flextronics International Ltd. 23,513,910
(Note A, p. 4)
Telecommunications
21,268,000 Singapore Telecommunications Ltd. 29,598,877
Transportation--Airlines
2,714,000 Singapore Airlines Ltd. 17,831,800
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Total Singapore Stocks (Cost $64,575,308) 70,944,587
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SPAIN: 1.25%
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Banking
757,585 Banco Bilbao Vizcaya 10,029,687
Argentaria S.A.
Construction & Housing
276,503 ACS, Actividades de 13,527,677
Construccion y Servicios S.A.
Energy Sources
1,496,200 Repsol YPF S.A. 31,008,983
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Total Spanish Stocks (Cost $49,666,895) 54,566,347
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SWEDEN: 3.05%
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Appliances & Household Durables
1,125,153 Electrolux AB (Class B) 22,956,222
Electronic Components & Instruments
14,623,307 Telefonaktiebolaget LM 40,491,139
Ericsson (Note A, p. 4)
Paper & Forest Products
1,752,000 Svenska Cellulosa AB 69,982,512
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Total Swedish Stocks (Cost $114,729,964) 133,429,873
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SWITZERLAND: 6.73%
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Banking
2,713,135 Credit Suisse Group 93,988,263
987,030 UBS AG 73,292,186
Health & Personal Care
585,099 Novartis AG 24,839,871
332,200 Roche Holding AG 32,440,126
Insurance
1,014,943 Swiss Re (Note A, p. 4) 69,918,741
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Total Swiss Stocks (Cost $286,959,073) 294,479,187
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2 Sanford C. Bernstein Fund, Inc.--2004 Semiannual Report
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Shares Description Market Value
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UNITED KINGDOM: 23.84%
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Banking
4,382,783 HSBC Holdings plc $ 65,256,356
1,799,064 Royal Bank of Scotland Group plc 54,897,866
3,099,258 Standard Chartered plc 51,963,744
Broadcasting & Publishing
1,027,340 British Sky Broadcasting Group plc 12,828,869
Business & Public Services
1,572,424 WPP Group plc 15,931,304
Construction & Housing
5,550,000 George Wimpey plc 44,688,458
3,280,000 Persimmon plc 41,713,460
2,597,700 RMC Group plc 30,096,019
Data Processing
2,559,941 Capita Group plc 14,699,714
Energy Sources
3,700,000 BP plc 31,052,094
Food & Household Products
2,073,012 Reckitt Benckiser plc 51,315,483
16,725,009 Tesco plc 75,645,694
6,270,195 William Morrison Supermarkets plc 28,878,821
Health & Personal Care
1,260,187 AstraZeneca plc 58,516,262
3,410,000 GlaxoSmithKline plc 67,027,027
2,612,812 Smith & Nephew plc 25,750,873
Insurance
6,380,000 Aviva plc 61,998,178
6,045,118 Legal & General Group plc 10,541,643
19,692,112 Royal & Sun Alliance Insurance 29,718,746
Group plc
Leisure & Tourism
1,040,649 Carnival plc 48,820,074
4,596,023 Hilton Group plc 19,201,377
3,900,000 Whitbread plc 52,110,537
Merchandising
1,588,540 GUS plc 21,897,992
159,619 Next plc 4,200,925
Metal-Nonferrous
1,938,887 BHP Billiton plc 17,699,398
Telecommunications
45,005,663 Vodafone Group plc 106,644,565
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Total United Kingdom Stocks
(Cost $888,670,368) 1,043,095,479
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Total Equities (Cost $3,429,919,532) 4,249,467,611
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REPURCHASE AGREEMENT: 1.02%
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44,406,000 State Street Bank & Trust Co., $ 44,406,000
Repurchase Agreement,
dated 03/31/04, 0.75%, maturing
04/01/04 for $44,406,925,
collateral $30,420,000
principal amount U.S.
Treasury Bond, 8.75%, 08/15/20,
value $45,298,361
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Total Repurchase Agreement (Cost $44,406,000) 44,406,000
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INVESTMENT SUMMARY
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Total Investments
(Cost $3,474,325,532) 98.15% $4,293,873,611
(Note B, p. 4)
Cash and Other Assets,
Less Liabilities (Note B, p.4) 1.85 81,143,534
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Net Assets 100.00% $4,375,017,145
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LONG STOCK INDEX FUTURES CONTRACTS
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Unrealized
Contract Appreciation
Contracts Description Amount (Depreciation)
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1,130 DJ Euro Stoxx 50 30,815,100 $ 291,701
Index, June 2004
100 FTSE 100 Index, 4,433,500 (67,177)
June 2004
40 Japanese TSE Topix, 449,200,000 216,922
June 2004
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Total Long Stock Index Futures Contracts $ 441,446
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FOREIGN CURRENCIES
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Quantity Description Market Value
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572,549 Australian Dollar $ 436,769
2,625,033 British Pound 4,831,245
13,077,624 Canadian Dollar 9,981,776
30,231,515 Euro 37,162,097
3,479,634 Hong Kong Dollar 446,525
763,887,754 Japanese Yen 7,332,032
6,652 New Zealand Dollar 4,425
7,981 Norwegian Krone 1,164
6,853,238 Singapore Dollar 4,093,440
14,358,115 Swedish Krona 1,902,241
595,211 Swiss Franc 469,687
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Total Foreign Currencies $ 66,661,401
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Schedule of Investments--Stock Portfolios 3
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(A) Non-income-producing security.
(B) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $858,047,946 and gross unrealized
depreciation of investments was $38,499,867 resulting in net unrealized
appreciation of $819,548,079 (excluding foreign currency transactions and
futures contracts).
Explanation of abbreviations:
PFD--Preference Shares
Stamm--German Ordinary Share
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Allocation of assets by industry as of March 31, 2004:
Appliances & Household Durables 0.94%
Automobiles 7.05
Autos & Auto Parts 0.98
Banking 20.26
Broadcasting & Publishing 0.55
Business & Public Services 0.36
Chemicals 1.47
Computer/Instrumentation 0.54
Construction & Housing 4.97
Data Processing 7.74
Electrical & Electronics 2.88
Electronic Components & Instruments 2.95
Energy Sources 6.67
Financial Services 1.19
Food & Household Products 3.77
Health & Personal Care 9.52
Insurance 6.44
Leisure & Tourism 2.75
Machinery & Engineering 1.57
Merchandising .82
Metal--Nonferrous 0.41
Metal--Steel 3.03
Miscellaneous Materials 0.98
Paper & Forest Products 1.60
Recreation 0.00
Telecommunications 4.40
Textiles & Apparel 1.48
Transportation--Airlines 0.86
Wholesale & International Trade 0.95
Repurchase Agreement 1.02
Cash and Other Assets, Less Liabilities 1.85
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Total 100.00%
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Sanford C. Bernstein Fund, Inc.
Schedule of Investments
International Portfolio
March 31, 2004 (Unaudited)
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Shares Description Market Value*
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EQUITIES: 97.73%
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AUSTRALIA: 0.48%
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Transportation--Airlines
3,860,400 Qantas Airways Ltd. $ 10,042,128
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Total Australian Stocks (Cost $7,642,513) 10,042,128
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CANADA: 4.08%
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Autos & Auto Parts
256,468 Magna International Inc. (Note A, p. 7) 20,235,162
Banking
799,907 Bank of Nova Scotia (Note A, p. 7) 43,226,665
426,100 Royal Bank of Canada (Note A, p. 7) 20,343,133
Energy Sources
49,000 Petro-Canada (Note A, p. 7) 2,155,005
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Total Canadian Stocks (Cost $54,254,234) 85,959,965
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FINLAND: 0.75%
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Electrical & Electronics
766,416 Nokia Oyj (Note A, p. 7) 15,714,513
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Total Finnish Stocks (Cost $15,753,346) 15,714,513
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FRANCE: 14.49%
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Banking
648,496 BNP Paribas S.A. 39,642,959
283,100 Societe Generale (Note A, p. 7) 24,186,052
Energy Sources
185,858 Total S.A. 34,132,819
Health & Personal Care
510,000 Aventis S.A. 39,213,698
220,634 Essilor International S.A. 13,422,400
192,335 L'Oreal S.A. 14,729,455
Insurance
697,500 Assurances Generales de France 43,298,804
AGF (Note A, p. 7)
Machinery & Engineering
224,423 Schneider Electric S.A. (Note A, p. 7) 14,621,218
Metal-Steel
2,211,089 Arcelor (Note A, p. 7) 40,117,410
Telecommunications
395,424 France Telecom S.A. 10,120,083
(Note B, p. 7)
*See Note 1, page 40 in Notes to Financial Statements.
4 Sanford C. Bernstein Fund, Inc.--2004 Semiannual Report
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Shares Description Market Value
================================================================================
Textiles & Apparel
428,044 LVMH Moet Hennessy Louis $ 31,465,157
Vuitton S.A. (Note A, p. 7)
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Total French Stocks (Cost $222,742,042) 304,950,055
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GERMANY: 8.57%
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Automobiles
271,031 Bayerische Motoren Werke AG 11,024,427
(Note A, p. 7)
555,400 Continental AG (Note A, p. 7) 21,860,874
21,289 Porsche AG (PFD) 12,849,752
533,000 Volkswagen AG (Stamm) (Note A, p. 7) 23,285,466
Construction & Housing
551,509 HeidelbergCement AG (Note A, p. 7) 24,914,390
Data Processing
219,063 SAP AG (Note A, p. 7) 34,643,290
Electrical & Electronics
134,066 Infineon Technologies AG 1,961,128
(Notes A & B, p. 7)
Electronic Components & Instruments
175,072 Siemens AG 12,927,502
Health & Personal Care
256,732 Altana AG (Note A, p. 7) 15,886,694
Insurance
288,747 Hannover Rueckversicherung AG 9,661,530
Machinery & Engineering
315,000 MAN AG (Note B, p. 7) 11,229,201
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Total German Stocks (Cost $163,935,826) 180,244,254
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HONG KONG: 0.88%
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Merchandising
2,619,000 Esprit Holdings Ltd. 10,956,331
Wholesale & International Trade
4,896,000 Li & Fung Ltd. 7,476,536
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Total Hong Kong Stocks (Cost $19,279,551) 18,432,867
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IRELAND: 1.57%
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Banking
74,000 Depfa Bank plc 11,643,458
Construction & Housing
1,049,164 CRH plc 21,408,773
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Total Irish Stocks (Cost $30,009,234) 33,052,231
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ITALY: 2.29%
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Energy Sources
2,400,851 ENI S.p.A. (Note A, p. 7) 48,282,396
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Total Italian Stocks (Cost $29,405,264) 48,282,396
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================================================================================
JAPAN: 22.89%
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Appliances & Household Durables
728,000 Matsushita Electric Industrial 11,236,013
Co., Ltd. (Note A, p. 7)
Automobiles
824,100 Honda Motor Co., Ltd. 37,967,846
(Note A, p. 7)
3,886,000 Nissan Motor Co., Ltd. 43,453,376
(Note A, p. 7)
Banking
1,923 Mitsubishi Tokyo Financial 19,011,278
Group, Inc. (Note A, p. 7)
5,000 Sumitomo Mitsui Financial 36,953,496
Group Inc. (Note A, p. 7)
6,100 UFJ Holdings Inc. (Note A, p. 7) 38,759,898
Data Processing
1,558,000 Canon Inc. (Note A, p. 7) 80,602,966
67,300 NEC Electronics Corp. (Note A, p. 7) 5,167,730
995,000 Ricoh Co., Ltd. (Note A, p. 7) 20,437,683
Electrical & Electronics
355,200 Hoya Corp. 34,604,598
Electronic Components & Instruments
81,300 Keyence Corp. 19,789,490
121,200 Tokyo Electron, Ltd. (Note A, p. 7) 8,085,041
Financial Services
420,500 Promise Co., Ltd. (Note A, p. 7) 28,858,041
Health & Personal Care
538,900 Eisai Co., Ltd. (Note A, p. 7) 14,586,534
307,600 Takeda Chemical Industries, Ltd. 13,699,323
(Note A, p. 7)
Metal-Steel
785,000 JFE Holdings, Inc. 21,436,147
Miscellaneous Materials
420,800 Nitto Denko Corp. (Note A, p. 7) 23,102,903
Telecommunications
1,526 KDDI Corp. (Note A, p. 7) 8,597,802
Wholesale & International Trade
1,301,000 Mitsubishi Corp. (Note A, p. 7) 15,359,505
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Total Japanese Stocks (Cost $360,806,873) 481,709,670
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================================================================================
NETHERLANDS: 2.31%
- --------------------------------------------------------------------------------
Chemicals
727,500 DSM N.V. (Note A, p. 7) 32,489,177
Data Processing
875,564 ASML Holding N.V. 16,047,443
(Note B, p. 7)
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Total Netherlands Stocks (Cost $42,466,555) 48,536,620
---------------
================================================================================
SINGAPORE: 1.59%
- --------------------------------------------------------------------------------
Computer/Instrumentation
682,800 Flextronics International Ltd. 11,757,816
(Note B, p. 7)
Schedule of Investments--Stock Portfolios 5
================================================================================
Shares Description Market Value
================================================================================
Telecommunications
9,135,000 Singapore Telecommunications Ltd. $ 12,713,266
Transportation--Airlines
1,355,000 Singapore Airlines Ltd. 8,902,759
---------------
Total Singapore Stocks (Cost $30,162,808) 33,373,841
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================================================================================
SPAIN: 1.85%
- --------------------------------------------------------------------------------
Banking
959,868 Banco Bilbao Vizcaya 12,707,717
Argentaria S.A.
Energy Sources
744,500 Repsol YPF S.A. 15,429,881
Telecommunications
340,439 Telefonica S.A. 5,151,547
Textiles & Apparel
242,292 Industria de Dise-o Textil 5,599,345
S.A. (Note B, p. 7)
---------------
Total Spanish Stocks (Cost $38,417,496) 38,888,490
---------------
================================================================================
SWEDEN: 3.10%
- --------------------------------------------------------------------------------
Appliances & Household Durables
507,753 Electrolux AB (Class B) (Note A, p. 7) 10,359,560
Electronic Components & Instruments
7,424,669 Telefonaktiebolaget LM 20,558,503
Ericsson (Note B, p. 7)
Paper & Forest Products
860,600 Svenska Cellulosa AB (Note A, p. 7) 34,376,113
---------------
Total Swedish Stocks (Cost $56,630,846) 65,294,176
---------------
================================================================================
SWITZERLAND: 7.12%
- --------------------------------------------------------------------------------
Banking
966,445 Credit Suisse Group (Note A, p. 7) 33,479,531
479,202 UBS AG (Note A, p. 7) 35,583,277
Health & Personal Care
81,300 Alcon, Inc. 5,146,290
419,743 Novartis AG 17,819,825
225,570 Roche Holding AG (Note A, p. 7) 22,027,452
Insurance
518,636 Swiss Re (Notes A & B, p. 7) 35,728,485
---------------
Total Swiss Stocks (Cost $147,363,702) 149,784,860
---------------
================================================================================
UNITED KINGDOM: 25.76%
- --------------------------------------------------------------------------------
Banking
2,364,273 HSBC Holdings plc 35,202,254
1,033,835 Royal Bank of Scotland Group plc 31,547,146
1,303,511 Standard Chartered plc 21,855,332
Business & Public Services
787,893 WPP Group plc 7,982,683
Construction & Housing
3,326,800 George Wimpey plc 26,787,308
2,007,000 Persimmon plc 25,524,060
851,000 RMC Group plc 9,859,380
Data Processing
1,515,869 LogicaCMG, plc 7,149,075
Energy Sources
1,935,000 BP plc 16,239,406
Food & Household Products
1,174,041 Reckitt Benckiser plc 29,062,293
7,760,348 Tesco plc 35,099,348
2,042,410 William Morrison Supermarkets plc 9,406,787
Health & Personal Care
837,012 AstraZeneca plc 38,866,306
1,663,400 GlaxoSmithKline plc 32,695,823
2,012,344 Smith & Nephew plc 19,832,891
Insurance
3,151,800 Aviva plc 30,627,877
2,906,305 Legal & General Group plc 5,068,095
10,278,290 Royal & Sun Alliance Insurance 15,511,688
Group plc
Leisure & Tourism
666,131 Carnival plc 31,250,272
2,804,305 Hilton Group plc 11,715,894
2,189,900 Whitbread plc 29,260,735
Merchandising
1,273,275 GUS plc 17,552,070
Telecommunications
22,802,829 Vodafone Group plc 54,033,151
---------------
Total United Kingdom Stocks
(Cost $460,627,434) 542,129,874
---------------
Total Equities (Cost $1,679,497,724) 2,056,395,940
---------------
================================================================================
REPURCHASE AGREEMENT: 1.31%
- --------------------------------------------------------------------------------
27,647,000 State Street Bank & Trust Co., 27,647,000
Repurchase Agreement,
dated 03/31/04, 0.75%,
maturing 04/01/04 for
$27,647,576, collateral
18,940,000 principal amount
U.S. Treasury Bond, 8.75%, 08/15/20, value
$28,203,516
---------------
Total Repurchase Agreement
(Cost $27,647,000) 27,647,000
---------------
================================================================================
TOTAL INVESTMENTS BEFORE SECURITY
LENDING COLLATERAL 99.04%
- --------------------------------------------------------------------------------
(Cost $1,707,144,724) $2,084,042,940
(Note C, p. 7)
6 Sanford C. Bernstein Fund, Inc.--2004 Semiannual Report
================================================================================
Shares Description Market Value
================================================================================
INVESTMENT OF CASH COLLATERAL
FOR SECURITIES LOANED 26.15%
- --------------------------------------------------------------------------------
Repurchase Agreements: 21.86%
92,000,000 BN Amro Repurchase Agreement, $ 92,000,000
dated 03/31/03, 0.99%, maturing
04/01/04 for $92,002,530, collateral
94,195,000 principal amount U.S.
Treasury Bill, zero coupon,
08/19/2004, value $93,844,516
92,000,000 Deutsche Bank Repurchase Agreement, 92,000,000
dated 03/31/03, 1.00%, maturing
04/01/04 for $92,002,556, collateral
73,028,000 principal amount U.S.
Treasury Note, 6.875%, 08/15/2025,
value $93,936,779
92,000,000 Greenwich Funding Repurchase 92,000,000
Agreement, dated 03/31/03, 1.00%,
maturing 04/01/04 for $92,002,556,
collateral 65,995,000 principal amount U.S.
Treasury Note, 8.125%, 08/15/2021,
value $94,025,198
92,000,000 J.P. Morgan Repurchase Agreement, 92,000,000
dated 03/31/03, 0.95%, maturing
04/01/04 for $92,002,428, collateral
89,800,000 principal amount U.S.
Treasury Note, 9.125%, 05/15/2009,
value $93,768,068
92,000,000 The Bear Stearns Cos., Inc. 92,000,000
Repurchase Agreement,
dated 03/31/03, 1.01%, maturing
04/01/04 for $92,002,581, collateral
68,986,000 U.S. Treasury Bonds,
6.125% to 8.5%, 08/15/2019 to 08/15/2029,
value $94,504,953
---------------
Total Repurchase Agreements
(Cost $460,000,000) 460,000,000
---------------
Time Deposit: 4.29%
90,334,000 Royal Bank of Canada 90,334,000
Grand Cayman,
1.03, 04/01/2004
---------------
Total Time Deposit (Cost $90,334,000) 90,334,000
---------------
Total Investment of Cash Collateral for
Securities Loaned (Cost $550,334,000) 550,334,000
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments
(Cost $2,257,478,724) 125.19% $2,634,376,940
(Note C, below)
Cash and Other Assets, Less Liabilities (25.19) (530,123,045)
------- ---------------
Net Assets 100.00% $2,104,253,895
======= ===============
================================================================================
LONG STOCK INDEX FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Contract Unrealized
Contracts Description Amount Appreciation
- --------------------------------------------------------------------------------
530 DJ Euro Stoxx 50 14,453,100 $ 136,816
Index, June 2004
55 Japanese TSE 617,650,000 298,267
Topix, June 2004
---------------
Total Long Stock Index Futures Contracts $ 435,083
---------------
================================================================================
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
220,718 Australian Dollar $ 168,375
(396,548) British Pound (729,827)
4,501,923 Canadian Dollar 3,436,189
8,255,370 Euro 10,147,916
614,113 Hong Kong Dollar 78,806
90,752,038 Japanese Yen 871,066
8,266 New Zealand Dollar 5,498
1,159 Norwegian Krone 169
824,679 Singapore Dollar 492,581
312,923 Swedish Krona 41,458
1,792,759 Swiss Franc 1,414,685
---------------
Total Foreign Currencies $ 15,926,916
---------------
- --------------------------------------------------------------------------------
(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) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $396,258,826 and gross unrealized
depreciation of investments was $19,360,610 resulting in net unrealized
appreciation of $376,898,216 (excluding foreign currency transactions and
futures contracts).
Explanation of abbreviations:
PFD--Preference Shares
Stamm--German Ordinary Share
+ See Note IL, page 43 in the Notes to Financial
Statements for securities lending information.
++ Includes investment of cash collateral for
securities loaned.
Schedule of Investments--Stock Portfolios 7
================================================================================
Allocation of assets by industry as of March 31, 2004:
Appliances & Household Durables 1.03%
Automobiles 7.15
Autos & Auto Parts 0.96
Banking 19.21
Business & Public Services 0.38
Chemicals 1.54
Computer/Instrumentation 0.56
Construction & Housing 5.16
Data Processing 7.80
Electrical & Electronics 2.48
Electronic Components & Instruments 2.92
Energy Sources 5.52
Financial Services 1.37
Food & Household Products 3.50
Health & Personal Care 11.78
Insurance 6.65
Leisure & Tourism 3.43
Machinery & Engineering 1.23
Merchandising 1.35
Metal--Steel 2.92
Miscellaneous Materials 1.10
Paper & Forest Products 1.63
Telecommunications 4.31
Textiles & Apparel 1.76
Transportation--Airlines 0.90
Wholesale & International Trade 1.09
Repurchase Agreement 1.31
Cash and Other Assets, Less Liabilities++ 0.96
-------
Total 100.00%
=======
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Emerging Markets Value Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Shares Description Market Value*
================================================================================
EQUITIES: 98.14%
================================================================================
ARGENTINA: 1.74%
- --------------------------------------------------------------------------------
Metal-Steel
3,754,836 Tenaris S.A. $ 12,528,171
Real Estate
3,590,027 IRSA Inversiones y 3,531,895
Representaciones S.A. (Note A, p. 11)
Utilities-Electric, Gas & Water
3,143,000 Central Costanera S.A. (Class B) 5,171,851
(Note A, p. 11)
---------------
Total Argentine Stocks (Cost $22,207,773) 21,231,917
---------------
================================================================================
BRAZIL: 12.85%
- --------------------------------------------------------------------------------
Beverage & Tobacco
789,000 Souza Cruz S.A. 8,252,400
Chemicals
5,826,900 Braskem S.A. (Class A) (PFD) 150,359
(Note A, p. 11)
Energy Sources
1,363,000 Petroleo Brasileiros S.A. (PFD) 40,095,132
Financial Services
188,788 Banco Bradesco S.A. (PFD) 9,028,568
1,032,800 Banco do Brasil S.A. 8,272,349
845,000 Unibanco--Uniao de Bancos 20,677,150
Brasileiros S.A. ADR
Food & Household Products
2,000,000 Sadia S.A. (PFD) 2,862,549
Metal-Steel
627,180 Gerdau S.A. ADR 14,613,294
680,000 Usinas Siderurgicas de Minas 9,241,355
Gerais S.A. (PFD)
Paper & Forest Products
2,040,300 Companhia Suzano de Papel e 9,897,894
Celulose (PFD)
118,400 Klabin S.A. (PFD) 170,685
265,423,014 Votorantim Cellulose Papel 18,583,721
S.A. (PFD)
Utilities-Electric, Gas & Water
693,713,000 Centrais Eletricas Brasileiras S.A. 8,783,292
707,738,000 Companhia Paranaense de 1,797,043
Energia (Note A, p. 11)
1,150,000,000 Companhia Paranaense de 4,328,574
Energia-Copel (PFD) (Note A, p. 11)
---------------
Total Brazilian Stocks (Cost $97,171,190) 156,754,365
---------------
*See Note 1, page 40 in Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc.--2004 Semiannual Report
================================================================================
Shares Description Market Value
================================================================================
CHILE: 0.38%
- --------------------------------------------------------------------------------
Banking
170,900 Banco Santander Chile S.A. ADR $ 4,597,210
---------------
Total Chilean Stocks (Cost $3,165,061) 4,597,210
---------------
================================================================================
CHINA: 4.07%
- --------------------------------------------------------------------------------
Chemicals
19,300,000 Sinopec Shanghai Petrochemical 8,606,452
Co., Ltd.
Energy Sources
55,494,000 China Petroleum & Chemical 21,363,841
Corp.
13,259,000 Yanzhou Coal Mining Co., Ltd. 14,717,665
Utilities-Electric, Gas & Water
15,000,000 Shandong International Power 5,004,684
Development Co., Ltd.
---------------
Total Chinese Stocks (Cost $21,150,648) 49,692,642
---------------
================================================================================
CZECH REPUBLIC: 0.70%
- --------------------------------------------------------------------------------
Utilities-Electric, Gas & Water
1,186,600 CEZ 8,517,346
---------------
Total Czech Republic Stocks (Cost $3,168,622) 8,517,346
---------------
================================================================================
GREECE: 0.35%
- --------------------------------------------------------------------------------
Transportation--Shipping
938,600 Attica Enterprises Holding S.A. 4,338,191
---------------
Total Greek Stocks (Cost $6,358,851) 4,338,191
---------------
================================================================================
HUNGARY: 3.31%
- --------------------------------------------------------------------------------
Energy Sources
948,000 MOL Magyar Olaj-es Gazipari Rt. 33,395,455
200,000 MOL Magyar Olaj-es Gazipari 7,000,000
Rt. GDR
---------------
Total Hungarian Stocks (Cost $30,947,891) 40,395,455
---------------
================================================================================
INDIA: 5.94%
- --------------------------------------------------------------------------------
Banking
4,260,000 Canara Bank Ltd. 14,209,827
4,929,558 ICICI Bank Ltd. 33,648,355
8,800 ICICI Bank Ltd. ADR 140,360
765,000 Oriental Bank of Commerce 5,311,765
2,060,000 Punjab National Bank Ltd. 15,866,990
Metal-Nonferrous
116,783 Hindalco Industries Ltd. 3,278,949
---------------
Total Indian Stocks (Cost $42,301,960) 72,456,246
---------------
================================================================================
INDONESIA: 4.84%
- --------------------------------------------------------------------------------
Automobiles
29,500,000 PT Astra International Tbk 18,429,964
Banking
31,498,500 PT Bank Central Asia Tbk 13,425,530
60,308,700 PT Bank Rakyat Indonesia 10,739,857
(Note A, p. 11)
Telecommunications
20,180,000 PT Telekomunikasi Indonesia 16,495,592
(Local)
---------------
Total Indonesian Stocks (Cost $35,155,384) 59,090,943
---------------
================================================================================
ISRAEL: 3.06%
- --------------------------------------------------------------------------------
Banking
7,968,600 Bank Hapoalim Ltd. 20,858,827
6,258,800 Bank Leumi Le-Israel 11,530,460
Electrical & Electronics
903,800 Scitex Corp., Ltd. (Note A, p. 11) 4,988,976
Multi-Industry
0 Koor Industries Ltd. (Note A, p. 11) 9
---------------
Total Israeli Stocks (Cost $28,124,005) 37,378,272
---------------
================================================================================
MALAYSIA: 2.13%
- --------------------------------------------------------------------------------
Automobiles
10,757,000 Tan Chong Motor Holdings 3,764,950
Berhad
Real Estate
4,308,500 S P Setia Berhad Group 5,102,171
Utilities-Electric, Gas & Water
11,424,000 Malakoff Berhad 17,136,000
---------------
Total Malaysian Stocks (Cost $17,803,495) 26,003,121
---------------
================================================================================
MEXICO: 6.86%
- --------------------------------------------------------------------------------
Building Materials
6,151,234 Cemex S.A. de C.V. 36,593,198
Construction & Housing
1,136,600 Corporacion GEO S.A. de C.V. 7,524,122
(Note A, p. 11)
Financial Services
8,250,000 Grupo Financiero Banorte S.A. 32,465,671
de C.V.
Food & Household Products
4,150,000 Grupo Minsa S.A. de C.V. 1,002,371
(Notes A & B, p. 11)
Merchandising
1,868,900 Controladora Comercial 2,399,133
Mexicana S.A. de C.V.
Metal-Steel
814,600 Grupo Industrial Saltillo S.A. 1,581,323
de C.V.
1,926,000 Hylsamex S.A. (Note A, p. 11) 1,967,609
Schedule of Investments--Stock Portfolios 9
================================================================================
Shares Description Market Value
================================================================================
Paper & Forest Products
64,400 Corp Durango S.A. ADR $ 153,272
(Note A, p. 11)
---------------
Total Mexican Stocks (Cost $69,246,234) 83,686,699
---------------
================================================================================
PHILIPPINES: 1.57%
- --------------------------------------------------------------------------------
Banking
6,737,900 Metropolitan Bank & Trust Co. 2,818,703
Real Estate
33,468,000 Ayala Land Inc. 3,157,639
9,700,000 SM Prime Holdings 1,018,781
Telecommunications
717,000 Philippine Long Distance 12,125,501
Telephone Co. (Note A, p. 11)
---------------
Total Philippine Stocks (Cost $20,142,613) 19,120,624
---------------
================================================================================
PORTUGAL: 0.00%
- --------------------------------------------------------------------------------
Banking
1 Banco Comercial Portugues S.A. 2
---------------
Total Portuguese Stocks (Cost $0) 2
---------------
================================================================================
SOUTH AFRICA: 12.53%
- --------------------------------------------------------------------------------
Banking
4,457,146 ABSA Group Ltd. 32,952,570
Broadcasting & Publishing
1,817,000 Naspers Ltd. 12,673,060
Chemicals
2,297,000 AECI Ltd. 13,308,291
Construction & Housing
5,320,000 Murray & Roberts Holdings Ltd. 10,878,656
Food & Household Products
4,529,310 Anglovaal Industries Ltd. 12,456,769
Health & Personal Care
10,840,000 Network Healthcare Holdings Ltd. 7,904,256
Insurance
16,118,700 Sanlam Ltd. 23,506,704
Machinery & Engineering
516,000 Barloworld Ltd. 5,447,507
Paper & Forest Products
70,000 Sappi Ltd. 967,805
Telecommunications
2,626,960 Telkom SA Ltd. 32,813,577
---------------
Total South African Stocks (Cost $96,465,628) 152,909,195
---------------
================================================================================
SOUTH KOREA: 15.40%
- --------------------------------------------------------------------------------
Automobiles
497,700 Hyundai Mobis 22,791,443
542,200 Hyundai Motor Co., Ltd. 24,781,962
================================================================================
Shares/Quantity Description Market Value
================================================================================
Banking
210,000 Industrial Bank of Korea 1,456,235
1,404,440 Industrial Bank of Korea GDR 9,971,524
356,200 Kookmin Bank (Note A, p. 11) 14,447,468
1,615,000 Shinhan Financial 29,723,494
Chemicals
1,447,290 Hanwha Chemical Corp. 10,730,485
Construction & Housing
450,760 Daelim Industrial Co., Ltd. 15,727,158
1,015,080 LG Engineering & Construction 16,380,112
Corp.
Electrical & Electronics
17,250 LG Electronics Inc. 1,033,691
Food & Household Products
13,620 Lotte Confectionery Co., Ltd. 5,940,076
36,520 Nong Shim Co., Ltd. 7,071,778
Metal-Steel
42,500 INI Steel Co. 444,852
194,000 POSCO 27,413,319
---------------
Total South Korean Stocks (Cost $123,245,901) 187,913,597
---------------
================================================================================
TAIWAN: 13.57%
- --------------------------------------------------------------------------------
Banking
16,894,200 Chinatrust Financial Holding 20,252,531
Co., Ltd.
Data Processing
4,700,000 Asustek Computer Inc. 11,268,589
Electrical & Electronics
2,081,001 Acer Inc. 3,220,973
38,187,840 Compal Electronics Inc. 48,096,976
9,769,750 Gigabyte Technology Co., Ltd. 17,345,383
5,376,000 Hon Hai Precision Industry 23,249,772
Co., Ltd.
Electronic Components & Instruments
25,915,000 Ritek Corp. (Note A, p. 11) 17,145,584
Metal-Steel
11,560,000 China Steel Corp. 11,963,460
628,000 China Steel Corp. GDR 13,062,400
---------------
Total Taiwanese Stocks (Cost $153,043,373) 165,605,668
---------------
================================================================================
THAILAND: 4.55%
- --------------------------------------------------------------------------------
Banking
8,624,200 Siam Commercial Bank Public 9,779,001
Co., Ltd. (Foreign) (PFD)
(Note A, p. 11)
Chemicals
5,073,500 National Petrochemical Public 11,828,902
Co., Ltd. (Foreign)
Energy Sources
8,402,000 PTT Public Co., Ltd. (Foreign) 29,972,735
(PFD)
10 Sanford C. Bernstein Fund, Inc.--2004 Semiannual Report
================================================================================
Shares/Quantity Description Market Value
================================================================================
Food & Household Products
11,905,800 Saha Pathana Inter-Holding $ 3,943,825
Public Co., Ltd. (Foreign)
---------------
Total Thai Stocks (Cost $16,305,176) 55,524,463
---------------
================================================================================
TURKEY: 4.29%
- --------------------------------------------------------------------------------
Automobiles
2,411,309,600 Ford Otomotiv Sanayi A.S. 20,193,685
Banking
4,500,415,968 Akbank T.A.S. 23,983,945
10,900 Turkiye Garanti Bankasi A.S. 39
(Note A, p. 11)
Energy Sources
971,250,000 Tupras-Turkiye Petrol 8,207,747
Rafinerileri A.S.
---------------
Total Turkish Stocks (Cost $23,780,333) 52,385,416
---------------
Total Equities (Cost $809,784,138) 1,197,601,372
---------------
================================================================================
REPURCHASE AGREEMENT: 0.83%
- --------------------------------------------------------------------------------
10,122,000 State Street Bank & Trust Co., 10,122,000
Repurchase Agreement, dated
03/31/04, 0.75%, maturing
04/01/04 for $10,122,211
collateral 6,935,000 principal
amount U.S. Treasury Bond,
8.75%, 08/15/20, value
$10,326,895
---------------
Total Repurchase Agreement (Cost $10,122,000) 10,122,000
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $819,906,138) 98.97% $1,207,723,372
(Note C, right)
Cash and Other Assets, Less Liabilities 1.03 12,509,609
------- ---------------
Net Assets (Equivalent to $27.16
per share based on 44,935,697
shares of capital stock outstanding) 100.00% $1,220,232,981
======= ===============
================================================================================
FOREIGN CURRENCIES
- --------------------------------------------------------------------------------
Quantity Description Market Value
- --------------------------------------------------------------------------------
2,062,031 Argentine Peso $ 721,936
14,896,334 Brazilian Real 5,125,180
12,429,656 Czech Koruna 465,338
126,703 Euro 155,749
7,826,513 Hong Kong Dollar 1,004,339
2,583,761 Hungarian Forint 12,766
106,750,253 Indian Rupee 2,462,520
29,110,762,355 Indonesian Rupiah 3,399,400
4,845,255 Israeli Shekel 1,070,302
5,138,485 Malaysian Ringgit 1,352,233
401,308 Mexican Peso 35,900
5,646,270 New Taiwan Dollar 171,359
75,003,909 Philippine Peso 1,335,183
472,199 Polish Zloty 122,363
22,237,525 South African Rand 3,525,010
9 South Korean Won 0
37,973,184 Thailand Baht 967,593
756,046,226,031 Turkish Lira 575,597
---------------
Total Foreign Currencies $ 22,502,768
---------------
- --------------------------------------------------------------------------------
(A) Non-income-producing security.
(B) Illiquid security (Note 1A, p. 40).
(C) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $419,368,045 and gross unrealized
depreciation of investments was $31,550,811 resulting in net unrealized
appreciation of $387,817,234 (excluding foreign currency transactions).
Explanation of abbreviations:
ADR--American Depository Receipts
GDR--Global Depository Receipts
PFD--Preference Shares
Schedule of Investments--Stock Portfolios 11
================================================================================
Allocation of assets by industry as of March 31, 2004:
Automobiles 7.37%
Banking 25.25
Beverage & Tobacco 0.68
Broadcasting & Publishing 1.04
Building Materials 3.00
Chemicals 3.66
Construction & Housing 4.14
Data Processing 0.92
Electrical & Electronics 8.02
Electronic Components & Instruments 1.40
Energy Sources 12.68
Financial Services 3.11
Food & Household Products 2.73
Health & Personal Care 0.65
Insurance 1.93
Machinery & Engineering 0.45
Merchandising 0.20
Metal--Nonferrous 0.27
Metal--Steel 7.61
Paper & Forest Products 2.44
Real Estate 1.05
Telecommunications 5.03
Transportation--Shipping 0.35
Utilities--Electric, Gas & Water 4.16
Repurchase Agreement 0.83
Cash and Other Assets, Less Liabilities 1.03
-------
Total 100.00%
=======
12 Sanford C. Bernstein Fund, Inc.--2004 Semiannual Report
This page intentionally left blank.
SCBMFSEMIANNSTOCK0304
Sanford C. Bernstein Fund, Inc.
Sanford C. Bernstein Fund II, Inc.
- --------------------------------------------------------------------------------
March 31, 2004
- --------------------------------------------------------------------------------
Schedule of Investments
To the Annual Report
For the Taxable Bond
Portfolios
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Intermediate Duration
- --------------------------------------------------------------------------------
Short Duration Plus
- --------------------------------------------------------------------------------
U.S. Government Short Duration
- --------------------------------------------------------------------------------
Intermediate Duration Institutional
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Intermediate Duration Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
SHORT-TERM INVESTMENTS: 36.16%
- --------------------------------------------------------------------------------
U.S. Treasury Bill: 10.04%
$269,645,000 0.92%, 06/24/2004 $ 269,066,201
---------------
Total U.S. Treasury Bill (Cost $269,066,201) 269,066,201
---------------
Repurchase Agreement: 26.12%
700,456,000 State Street Bank & Trust Co., 700,456,000
Repurchase Agreement, dated
03/31/04, 0.93%, maturing
04/01/04 for $700,474,095,
collateralized by $701,100,000
FHLBs, FHLMCs, and FNMAs 1.50%
to 5.25% due 06/15/04 to
08/24/06, value $714,545,469
---------------
Total Repurchase Agreement
(Cost $700,456,000) 700,456,000
---------------
Total Short-Term Investments
(Cost $969,522,201) 969,522,201
---------------
================================================================================
U.S. TREASURY NOTES: 13.54%
- --------------------------------------------------------------------------------
162,150,000 1.625%, 02/28/2006 162,454,193
107,190,000 3.00%, 02/15/2009 108,387,527
58,935,000 2.625%, 03/15/2009 58,529,881
32,385,000 4.25%, 11/15/2013 33,509,634
---------------
Total U.S. Treasury Notes (Cost $360,432,073) 362,881,235
---------------
================================================================================
U.S. TREASURY BOND: 0.90%
- --------------------------------------------------------------------------------
16,545,000 8.75%, 05/15/2017 23,998,655
---------------
Total U.S. Treasury Bond (Cost $23,364,479) 23,998,655
---------------
================================================================================
U.S. GOVERNMENT SPONSORED
AGENCY OBLIGATIONS: 5.74%
- --------------------------------------------------------------------------------
33,230,000 Federal Home Loan Mortgage Corp., 33,544,887
2.125%, 11/15/2005
54,330,000 Federal Home Loan Mortgage Corp., 54,623,980
2.375%, 02/15/2007
17,450,000 Federal National Mortgage 17,753,630
Association,
3.875%, 11/17/2008
29,115,000 Federal National Mortgage 29,669,553
Association,
4.00%, 12/15/2008
35,000 Federal National Bank Loans, 35,445
3.375%, 04/15/2009
17,590,000 Federal National Mortgage 18,376,308
Association,
5.125%, 01/02/2014
---------------
Total U.S. Government Sponsored
Agency Obligations (Cost $151,422,146) 154,003,803
---------------
================================================================================
COLLATERALIZED MORTGAGE OBLIGATION: 0.77%
- --------------------------------------------------------------------------------
20,035,000 Federal National Mortgage 20,736,225
Association, Series 2003-92
Class BR, 5.00%, 04/25/2014
---------------
Total Collateralized Mortgage Obligation
(Cost $20,815,793) 20,736,225
---------------
================================================================================
MORTGAGE PASS-THROUGHS: 33.21%
- --------------------------------------------------------------------------------
26,755,872 Federal National Mortgage 27,911,861
Association Pool #703712,
5.50%, 02/01/2018
41,560,000 Federal National Mortgage 42,079,500
Association Pool TBA,
4.50%, 04/25/2019
(Note A, p. 13)
68,500,000 Federal National Mortgage 70,426,562
Association Pool TBA,
5.00%, 04/25/2019
(Note A, p. 13)
61,555,000 Federal National Mortgage 64,132,616
Association Pool TBA,
5.50%, 04/25/2019
(Note A, p. 13)
56,474 Federal National Mortgage 61,030
Association Pool #252971,
7.50%, 09/01/2022
12 Federal Home Loan Mortgage 13
Corp. Pool #C80297,
8.50%, 05/01/2025
282,506 Federal National Mortgage 297,864
Association Pool #333044,
6.50%, 01/01/2026
45,665 Federal National Mortgage 48,148
Association Pool #313097,
6.50%, 05/01/2026
170,760 Federal National Mortgage 183,467
Association Pool #313119,
7.50%, 10/01/2026
5,030 Government National Mortgage 5,540
Association Pool #442121,
8.50%, 11/15/2026
285,829 Federal National Mortgage 306,937
Association Pool #351721,
7.50%, 02/01/2027
166,320 Federal National Mortgage 178,698
Association Pool #367732,
7.50%, 02/01/2027
*See Note 1, page 40 in Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 1
================================================================================
Principal Amount Description Market Value
================================================================================
$ 8,253 Government National Mortgage $ 8,816
Association Pool #780651,
7.00%, 10/15/2027
2,339,388 Federal National Mortgage 2,463,841
Association Pool #313954,
6.50%, 01/01/2028
429,183 Federal National Mortgage 451,732
Association Pool #412590,
6.50%, 02/01/2028
4,724 Federal National Mortgage 4,972
Association Pool #407377,
6.50%, 05/01/2028
6,519 Federal National Mortgage 6,861
Association Pool #429079,
6.50%, 07/01/2028
6,826 Federal National Mortgage 7,185
Association Pool #433290,
6.50%, 07/01/2028
2,832 Federal National Mortgage 2,981
Association Pool #436842,
6.50%, 07/01/2028
3,499 Federal National Mortgage 3,683
Association Pool #426591,
6.50%, 08/01/2028
4,166 Federal National Mortgage 4,385
Association Pool #434908,
6.50%, 09/01/2028
4,217 Federal National Mortgage 4,439
Association Pool #323380,
6.50%, 10/01/2028
3,355 Federal National Mortgage 3,531
Association Pool #442516,
6.50%, 10/01/2028
5,722 Federal National Mortgage 6,026
Association Pool #450697,
6.50%, 10/01/2028
3,321 Federal National Mortgage 3,496
Association Pool #323427,
6.50%, 11/01/2028
3,918 Federal National Mortgage 4,123
Association Pool #451813,
6.50%, 11/01/2028
197,874 Federal National Mortgage 208,270
Association Pool #442847,
6.50%, 12/01/2028
674,113 Federal National Mortgage 709,530
Association Pool #252212,
6.50%, 01/01/2029
2,881,673 Federal National Mortgage 3,033,075
Association Pool #323621,
6.50%, 01/01/2029
111,211 Federal National Mortgage 117,054
Association Pool #453108,
6.50%, 01/01/2029
37,590 Federal National Mortgage 39,528
Association Pool #455686,
6.50%, 01/01/2029
604,584 Federal National Mortgage 636,349
Association Pool #481624,
6.50%, 01/01/2029
4,261 Federal National Mortgage 4,481
Association Pool #459634,
6.50%, 02/01/2029
53,413 Federal National Mortgage 56,166
Association Pool #485793,
6.50%, 02/01/2029
6,043 Federal National Mortgage 6,354
Association Pool #484720,
6.50%, 03/01/2029
54,142 Federal National Mortgage 56,933
Association Pool #484733,
6.50%, 03/01/2029
3,409 Federal National Mortgage 3,588
Association Pool #489287,
6.50%, 03/01/2029
49,723 Federal National Mortgage 52,286
Association Pool #490466,
6.50%, 03/01/2029
33,151 Federal National Mortgage 34,859
Association Pool #491193,
6.50%, 03/01/2029
5,699 Federal National Mortgage 5,993
Association Pool #491672,
6.50%, 03/01/2029
540,999 Federal National Mortgage 569,423
Association Pool #323979,
6.50%, 04/01/2029
4,204 Federal National Mortgage 4,420
Association Pool #493940,
6.50%, 04/01/2029
7,108 Federal National Mortgage 7,475
Association Pool #494356,
6.50%, 04/01/2029
51,720 Federal National Mortgage 54,386
Association Pool #489500,
6.50%, 06/01/2029
4,736 Federal National Mortgage 4,980
Association Pool #495046,
6.50%, 06/01/2029
986,125 Federal National Mortgage 1,036,951
Association Pool #500265,
6.50%, 06/01/2029
7,479 Federal National Mortgage 7,865
Association Pool #500441,
6.50%, 06/01/2029
50,454 Federal National Mortgage 53,054
Association Pool #500745,
6.50%, 06/01/2029
96,771 Federal National Mortgage 101,758
Association Pool #501305,
6.50%, 06/01/2029
6,489 Federal National Mortgage 6,823
Association Pool #501448,
6.50%, 06/01/2029
2 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 4,666 Federal National Mortgage $ 4,906
Association Pool #504076,
6.50%, 06/01/2029
77,355 Federal National Mortgage 81,342
Association Pool #556233,
6.50%, 06/01/2029
199,637 Federal National Mortgage 214,125
Association Pool #456545,
7.50%, 06/01/2029
5,136 Federal National Mortgage 5,401
Association Pool #489847,
6.50%, 07/01/2029
213,854 Federal National Mortgage 224,876
Association Pool #504732,
6.50%, 07/01/2029
219,656 Federal National Mortgage 230,977
Association Pool #505508,
6.50%, 07/01/2029
131,503 Federal National Mortgage 138,281
Association Pool #508584,
6.50%, 08/01/2029
6,418 Federal National Mortgage 6,749
Association Pool #252715,
6.50%, 09/01/2029
379,998 Federal National Mortgage 399,583
Association Pool #510359,
6.50%, 09/01/2029
123,860 Federal National Mortgage 132,849
Association Pool #514184,
7.50%, 09/01/2029
3,726 Federal National Mortgage 3,996
Association Pool #516472,
7.50%, 09/01/2029
3,661 Federal National Mortgage 3,849
Association Pool #520067,
6.50%, 11/01/2029
205,729 Federal National Mortgage 216,332
Association Pool #527245,
6.50%, 11/01/2029
560,495 Federal National Mortgage 601,173
Association Pool #190303,
7.50%, 11/01/2029
144,742 Federal National Mortgage 155,247
Association Pool #323998,
7.50%, 11/01/2029
198,548 Federal National Mortgage 212,957
Association Pool #252925,
7.50%, 12/01/2029
21,589 Federal National Mortgage 23,156
Association Pool #522769,
7.50%, 12/01/2029
23,383 Federal National Mortgage 25,080
Association Pool #252981,
7.50%, 01/01/2030
27,830 Federal National Mortgage 29,849
Association Pool #522897,
7.50%, 01/01/2030
192,852 Federal National Mortgage 206,848
Association Pool #535117,
7.50%, 01/01/2030
232,393 Federal National Mortgage 244,603
Association Pool #535285,
6.50%, 02/01/2030
646,041 Federal National Mortgage 692,927
Association Pool #253037,
7.50%, 02/01/2030
274,791 Federal National Mortgage 294,734
Association Pool #539087,
7.50%, 02/01/2030
6,230 Federal National Mortgage 6,681
Association Pool #528009,
7.50%, 03/01/2030
104,233 Federal National Mortgage 111,814
Association Pool #535193,
7.50%, 03/01/2030
160,959 Federal National Mortgage 172,581
Association Pool #535334,
7.50%, 06/01/2030
20,036 Federal National Mortgage 21,482
Association Pool #541792,
7.50%, 06/01/2030
75,104 Federal National Mortgage 78,975
Association Pool #556181,
6.50%, 07/01/2030
84,772 Federal National Mortgage 90,893
Association Pool #536279,
7.50%, 07/01/2030
958,827 Federal National Mortgage 1,008,245
Association Pool #535528,
6.50%, 08/01/2030
123,863 Federal National Mortgage 130,208
Association Pool #563562,
6.50%, 12/01/2030
199,325 Federal National Mortgage 213,717
Association Pool #545065,
7.50%, 12/01/2030
44,542 Federal National Mortgage 47,758
Association Pool #535714,
7.50%, 01/01/2031
74,540 Federal National Mortgage 79,923
Association Pool #573716,
7.50%, 01/01/2031
40,236 Federal National Mortgage 42,297
Association Pool #562514,
6.50%, 02/01/2031
140,214 Federal National Mortgage 150,338
Association Pool #569972,
7.50%, 03/01/2031
573,815 Federal National Mortgage 603,061
Association Pool #535811,
6.50%, 04/01/2031
7,336 Federal National Mortgage 7,721
Association Pool #535977,
6.50%, 04/01/2031
Schedule of Investments--Taxable Bond Portfolios 3
================================================================================
Principal Amount Description Market Value
================================================================================
$ 13,296 Federal National Mortgage $ 13,973
Association Pool #577604,
6.50%, 04/01/2031
409,560 Federal National Mortgage 439,005
Association Pool #253712,
7.50%, 04/01/2031
160,481 Federal National Mortgage 172,069
Association Pool #571990,
7.50%, 04/01/2031
1,205,666 Federal National Mortgage 1,267,114
Association Pool #535933,
6.50%, 05/01/2031
94,591 Federal National Mortgage 99,413
Association Pool #581197,
6.50%, 05/01/2031
404,971 Federal National Mortgage 425,611
Association Pool #583200,
6.50%, 05/01/2031
17,700 Federal National Mortgage 18,972
Association Pool #573282,
7.50%, 05/01/2031
7,816 Federal National Mortgage 8,214
Association Pool #592020,
6.50%, 06/01/2031
79,160 Federal National Mortgage 83,194
Association Pool #592274,
6.50%, 06/01/2031
230,951 Federal National Mortgage 247,753
Association Pool #545144,
7.50%, 06/01/2031
170,737 Federal National Mortgage 179,439
Association Pool #594719,
6.50%, 07/01/2031
475,711 Federal National Mortgage 510,235
Association Pool #545086,
7.50%, 07/01/2031
44,694 Federal National Mortgage 47,907
Association Pool #585187,
7.50%, 07/01/2031
159,427 Federal National Mortgage 167,552
Association Pool #586059,
6.50%, 08/01/2031
928,297 Federal National Mortgage 975,608
Association Pool #589081,
6.50%, 08/01/2031
149,879 Federal National Mortgage 160,654
Association Pool #591018,
7.50%, 08/01/2031
208,171 Federal National Mortgage 223,138
Association Pool #591218,
7.50%, 08/01/2031
487,470 Federal National Mortgage 512,315
Association Pool #253949,
6.50%, 09/01/2031
60,121 Federal National Mortgage 63,185
Association Pool #602056,
6.50%, 09/01/2031
154,632 Federal National Mortgage 162,602
Association Pool #618375,
6.50%, 09/01/2031
131,062 Federal National Mortgage 140,485
Association Pool #580082,
7.50%, 09/01/2031
399,523 Federal National Mortgage 419,885
Association Pool #606950,
6.50%, 10/01/2031
234,281 Federal National Mortgage 246,221
Association Pool #608135,
6.50%, 10/01/2031
609,843 Federal National Mortgage 653,687
Association Pool #608081,
7.50%, 10/01/2031
63,400 Federal National Mortgage 67,958
Association Pool #610075,
7.50%, 10/01/2031
301,568 Federal National Mortgage 323,454
Association Pool #618205,
7.50%, 10/01/2031
83,716 Federal National Mortgage 87,983
Association Pool #610813,
6.50%, 11/01/2031
31,459 Federal National Mortgage 33,062
Association Pool #613896,
6.50%, 11/01/2031
329,830 Federal National Mortgage 353,645
Association Pool #545304,
7.50%, 11/01/2031
505,917 Federal National Mortgage 531,702
Association Pool #614985,
6.50%, 12/01/2031
278,863 Federal National Mortgage 293,075
Association Pool #619226,
6.50%, 12/01/2031
71,116 Federal National Mortgage 74,741
Association Pool #619698,
6.50%, 12/01/2031
291,544 Federal National Mortgage 306,403
Association Pool #625157,
6.50%, 01/01/2032
4,963,563 Federal National Mortgage 5,216,537
Association Pool #634585,
6.50%, 01/01/2032
360,955 Federal National Mortgage 379,444
Association Pool #675601,
6.50%, 01/01/2032
7,830 Federal National Mortgage 8,229
Association Pool #627117,
6.50%, 02/01/2032
565,971 Federal National Mortgage 594,797
Association Pool #628006,
6.50%, 02/01/2032
97,000 Federal National Mortgage 101,941
Association Pool #629296,
6.50%, 02/01/2032
4 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 159,482 Federal National Mortgage $ 167,605
Association Pool #629314,
6.50%, 02/01/2032
4,379 Federal National Mortgage 4,602
Association Pool #631415,
6.50%, 02/01/2032
22,993 Federal National Mortgage 24,165
Association Pool #632712,
6.50%, 02/01/2032
74,666 Federal National Mortgage 80,058
Association Pool #545448,
7.50%, 02/01/2032
408,227 Federal National Mortgage 437,565
Association Pool #627932,
7.50%, 02/01/2032
869,491 Federal National Mortgage 913,806
Association Pool #545489,
6.50%, 03/01/2032
14,245 Federal National Mortgage 14,970
Association Pool #628910,
6.50%, 03/01/2032
19,278 Federal National Mortgage 20,261
Association Pool #630283,
6.50%, 03/01/2032
74,972 Federal National Mortgage 78,791
Association Pool #630290,
6.50%, 03/01/2032
113,683 Federal National Mortgage 119,473
Association Pool #633422,
6.50%, 03/01/2032
302,207 Federal National Mortgage 317,600
Association Pool #634928,
6.50%, 03/01/2032
109,782 Federal National Mortgage 115,373
Association Pool #637089,
6.50%, 03/01/2032
100,334 Federal National Mortgage 105,445
Association Pool #639700,
6.50%, 03/01/2032
477,814 Federal National Mortgage 502,166
Association Pool #641890,
6.50%, 03/01/2032
80,227 Federal National Mortgage 86,020
Association Pool #545546,
7.50%, 03/01/2032
286,699 Federal National Mortgage 307,399
Association Pool #545562,
7.50%, 03/01/2032
375,897 Federal National Mortgage 402,912
Association Pool #628887,
7.50%, 03/01/2032
9,160 Federal National Mortgage 9,626
Association Pool #635676,
6.50%, 04/01/2032
211,531 Federal National Mortgage 222,305
Association Pool #641517,
6.50%, 04/01/2032
263,546 Federal National Mortgage 276,969
Association Pool #545638,
6.50%, 05/01/2032
137,008 Federal National Mortgage 143,987
Association Pool #642082,
6.50%, 05/01/2032
57,182 Federal National Mortgage 60,094
Association Pool #644159,
6.50%, 05/01/2032
49,206 Federal National Mortgage 51,713
Association Pool #644312,
6.50%, 05/01/2032
56,784 Federal National Mortgage 59,676
Association Pool #652398,
6.50%, 05/01/2032
978,792 Federal National Mortgage 1,028,645
Association Pool #656650,
6.50%, 05/01/2032
723,521 Federal National Mortgage 760,372
Association Pool #254346,
6.50%, 06/01/2032
932,203 Federal National Mortgage 979,684
Association Pool #545695,
6.50%, 06/01/2032
88,509 Federal National Mortgage 93,017
Association Pool #545697,
6.50%, 06/01/2032
7,195 Federal National Mortgage 7,561
Association Pool #545699,
6.50%, 06/01/2032
835,194 Federal National Mortgage 877,733
Association Pool #650516,
6.50%, 06/01/2032
216,353 Federal National Mortgage 227,720
Association Pool #689546,
6.50%, 06/01/2032
13,396,985 Federal National Mortgage 14,079,336
Association Pool #545760,
6.50%, 07/01/2032
454,718 Federal National Mortgage 477,878
Association Pool #545762,
6.50%, 07/01/2032
302,386 Federal National Mortgage 317,788
Association Pool #635092,
6.50%, 07/01/2032
59,316 Federal National Mortgage 62,337
Association Pool #635142,
6.50%, 07/01/2032
82,849 Federal National Mortgage 87,068
Association Pool #641482,
6.50%, 07/01/2032
218,019 Federal National Mortgage 229,124
Association Pool #647344,
6.50%, 07/01/2032
480,349 Federal National Mortgage 504,815
Association Pool #650996,
6.50%, 07/01/2032
Schedule of Investments--Taxable Bond Portfolios 5
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,379,250 Federal National Mortgage $ 1,449,500
Association Pool #651595,
6.50%, 07/01/2032
456,316 Federal National Mortgage 479,558
Association Pool #545814,
6.50%, 08/01/2032
1,350,328 Federal National Mortgage 1,419,105
Association Pool #545817,
6.50%, 08/01/2032
1,184,533 Federal National Mortgage 1,244,904
Association Pool #545819,
6.50%, 08/01/2032
514,151 Federal National Mortgage 540,338
Association Pool #648736,
6.50%, 08/01/2032
459,255 Federal National Mortgage 482,646
Association Pool #649283,
6.50%, 08/01/2032
7,587 Federal National Mortgage 7,973
Association Pool #649488,
6.50%, 08/01/2032
136,598 Federal National Mortgage 143,555
Association Pool #651749,
6.50%, 08/01/2032
877,161 Federal National Mortgage 921,838
Association Pool #652065,
6.50%, 08/01/2032
72,726 Federal National Mortgage 76,430
Association Pool #653226,
6.50%, 08/01/2032
473,302 Federal National Mortgage 497,409
Association Pool #653591,
6.50%, 08/01/2032
728,438 Federal National Mortgage 765,539
Association Pool #653877,
6.50%, 08/01/2032
7,114 Federal National Mortgage 7,476
Association Pool #655610,
6.50%, 08/01/2032
191,979 Federal National Mortgage 201,758
Association Pool #655914,
6.50%, 08/01/2032
610,474 Federal National Mortgage 641,567
Association Pool #670551,
6.50%, 08/01/2032
83,786 Federal National Mortgage 88,053
Association Pool #254448,
6.50%, 09/01/2032
191,644 Federal National Mortgage 201,411
Association Pool #545879,
6.50%, 09/01/2032
3,033,593 Federal National Mortgage 3,188,103
Association Pool #652846,
6.50%, 09/01/2032
1,838,836 Federal National Mortgage 1,932,494
Association Pool #653675,
6.50%, 09/01/2032
1,426,164 Federal National Mortgage 1,498,803
Association Pool #653747,
6.50%, 09/01/2032
354,534 Federal National Mortgage 372,592
Association Pool #655121,
6.50%, 09/01/2032
73,381 Federal National Mortgage 77,118
Association Pool #656920,
6.50%, 09/01/2032
30,722 Federal National Mortgage 32,287
Association Pool #658979,
6.50%, 09/01/2032
987,092 Federal National Mortgage 1,037,368
Association Pool #659534,
6.50%, 09/01/2032
467,463 Federal National Mortgage 491,272
Association Pool #660265,
6.50%, 09/01/2032
563,862 Federal National Mortgage 592,582
Association Pool #660311,
6.50%, 09/01/2032
562,800 Federal National Mortgage 591,465
Association Pool #254479,
6.50%, 10/01/2032
989,391 Federal National Mortgage 1,039,784
Association Pool #611807,
6.50%, 10/01/2032
990,258 Federal National Mortgage 1,040,696
Association Pool #659080,
6.50%, 10/01/2032
290,398 Federal National Mortgage 305,189
Association Pool #660676,
6.50%, 10/01/2032
580,899 Federal National Mortgage 610,486
Association Pool #664934,
6.50%, 10/01/2032
203,390 Federal National Mortgage 213,750
Association Pool #665323,
6.50%, 10/01/2032
991,413 Federal National Mortgage 1,041,909
Association Pool #665918,
6.50%, 10/01/2032
3,463,154 Federal National Mortgage 3,639,543
Association Pool #667586,
6.50%, 10/01/2032
584,166 Federal National Mortgage 613,919
Association Pool #671437,
6.50%, 10/01/2032
519,867 Federal National Mortgage 546,345
Association Pool #666855,
6.50%, 11/01/2032
831,279 Federal National Mortgage 873,619
Association Pool #667021,
6.50%, 11/01/2032
482,924 Federal National Mortgage 507,521
Association Pool #669714,
6.50%, 11/01/2032
6 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 52,836 Federal National Mortgage $ 55,542
Association Pool #671371,
6.50%, 11/01/2032
1,853,450 Federal National Mortgage 1,947,853
Association Pool #673350,
6.50%, 11/01/2032
208,927 Federal National Mortgage 219,568
Association Pool #555147,
6.50%, 12/01/2032
694,898 Federal National Mortgage 730,291
Association Pool #673978,
6.50%, 12/01/2032
563,440 Federal National Mortgage 592,138
Association Pool #677849,
6.50%, 12/01/2032
784,092 Federal National Mortgage 824,028
Association Pool #703734,
6.50%, 12/01/2032
413,081 Federal National Mortgage 434,121
Association Pool #555197,
6.50%, 01/01/2033
3,985,776 Federal National Mortgage 4,188,915
Association Pool #555254,
6.50%, 01/01/2033
3,784,168 Federal National Mortgage 3,976,948
Association Pool #688796,
6.50%, 02/01/2033
430,324 Federal National Mortgage 452,246
Association Pool #695022,
6.50%, 02/01/2033
10,910,766 Federal National Mortgage 11,466,486
Association Pool #555404,
6.50%, 03/01/2033
53,516 Federal National Mortgage 56,242
Association Pool #688709,
6.50%, 03/01/2033
567,862 Federal National Mortgage 596,791
Association Pool #695153,
6.50%, 03/01/2033
879,148 Federal National Mortgage 923,935
Association Pool #254695,
6.50%, 04/01/2033
1,443,873 Federal National Mortgage 1,517,462
Association Pool #555533,
6.50%, 04/01/2033
694,123 Federal National Mortgage 729,484
Association Pool #693260,
6.50%, 04/01/2033
375,424 Federal National Mortgage 394,549
Association Pool #705799,
6.50%, 04/01/2033
106,140,000 Federal National Mortgage 106,637,584
Association Pool TBA,
5.00%, 04/25/2033
(Note A, p. 13)
353,325 Federal National Mortgage 371,324
Association Pool #704852,
6.50%, 10/01/2033
1,157,676 Federal National Mortgage 1,216,652
Association Pool #746307,
6.50%, 10/01/2033
1,560,632 Federal National Mortgage 1,640,137
Association Pool #747420,
6.50%, 10/01/2033
120,793 Federal National Mortgage 126,946
Association Pool #750144,
6.50%, 10/01/2033
73,954 Federal National Mortgage 77,722
Association Pool #750271,
6.50%, 10/01/2033
509,096 Federal National Mortgage 535,026
Association Pool #763559,
6.50%, 11/01/2033
26,506,012 Government National Mortgage 27,700,909
Association Pool #616150,
6.00%, 12/15/2033
21,305,000 Government National Mortgage 21,458,140
Association Pool TBA,
5.00%, 04/15/2034
(Note A, p. 13)
152,305,000 Federal Home Loan Mortgage 156,112,625
Corp. Pool TBA,
5.50%, 04/15/2034
(Note A, p. 13)
47,645,000 Government National Mortgage 49,014,794
Association Pool TBA,
5.50%, 04/15/2034
(Note A, p. 13)
30,760,000 Federal Home Loan Mortgage 31,971,175
Corp. Pool TBA,
6.00%, 04/15/2034
(Note A, p. 13)
37,110,000 Government National Mortgage 39,174,244
Association Pool TBA,
6.50%, 04/15/2034
(Note A, p. 13)
41,100,000 Federal National Mortgage 40,175,250
Association Pool TBA,
4.50%, 04/25/2034
(Note A, p. 13)
75,075,000 Federal National Mortgage 76,928,452
Association Pool TBA,
5.50%, 04/25/2034
(Note A, p. 13)
5,350,000 Federal National Mortgage 5,569,018
Association Pool TBA,
6.00%, 04/25/2034
(Note A, p. 13)
Schedule of Investments--Taxable Bond Portfolios 7
================================================================================
Principal Amount Description Market Value
================================================================================
$ 10,525,000 Federal National Mortgage $ 11,057,828
Association Pool TBA,
6.50%, 04/25/2034
(Note A, p. 13)
---------------
Total Mortgage Pass-Throughs
(Cost $889,758,912) 890,492,633
---------------
================================================================================
AEROSPACE/DEFENSE: 0.07%
- --------------------------------------------------------------------------------
1,865,000 Boeing Capital Corp., Senior 1,969,295
Note, 4.75%, 08/25/2008
---------------
Total Aerospace/Defense (Cost $1,862,221) 1,969,295
---------------
================================================================================
AUTOMOTIVE: 1.25%
- --------------------------------------------------------------------------------
244,000 TRW Automotive, Senior 292,800
Subordinated Note,
11.00%, 02/15/2013,
Callable 02/15/2008 @ 105.5
2,397,000 Keystone Automotive Operations 2,636,700
Inc., Rule 144A,
9.75%, 11/01/2013,
Callable 11/01/2008 @ 104.88
(Note B, p. 13)
15,220,000 Ford Motor Co., 15,243,972
7.45%, 07/16/2031
13,385,000 General Motors Corp., 15,228,315
8.375%, 07/15/2033
---------------
Total Automotive (Cost $32,174,272) 33,401,787
---------------
================================================================================
BANKING: 4.53%
- --------------------------------------------------------------------------------
2,365,000 Washington Mutual Finance Corp., 2,572,801
6.25%, 05/15/2006
7,200,000 U.S. Bank NA, 7,375,586
2.85%, 11/15/2006
4,115,000 Mizuho JGB Investment LLC, 4,845,009
Series A, Rule 144A,
9.87%, 06/30/2008
(Notes B & C, p. 13)
16,065,000 Citigroup Inc., Subordinated 19,158,203
Note, Global Bond,
7.25%, 10/01/2010
7,920,000 Unicredito Italiano Capital 10,091,133
Trust II, Rule 144A,
9.20%, 10/05/2010
(Notes B & C, p. 13)
5,000,000 ING Capital Funding Trust III, 6,238,150
8.439%, 12/31/2010
(Note C, p. 13)
7,450,000 J.P. Morgan Chase & Co., 8,699,357
6.75%, 02/01/2011
6,000,000 Barclays Bank plc, Rule 144A, 7,150,026
7.375%, 12/15/2011
(Notes B & C, p. 13)
7,710,000 Bank of America Corp., Senior 8,767,257
Note, 6.25%, 04/15/2012
2,645,000 M&T Bank Corp., Subordinated 2,674,164
Note, 3.85%, 04/01/2013,
Callable 04/01/2008 @ 100
(Note C, p. 13)
3,215,000 Capital One Bank, Subordinated 3,503,418
Note, 6.50%, 06/13/2013
11,370,000 RBS Capital Trust I, 11,201,929
4.709%, 07/01/2013
(Note C, p. 13)
4,505,000 UFJ Finance Aruba AEC, 4,990,594
6.75%, 07/15/2013
5,230,000 Mizuho Financial Group Ltd., 5,375,410
Rule 144A, 5.79%, 04/15/2014
(Note B, p. 13)
10,590,000 Great Western Financial Trust 12,541,769
II Series A,
8.206%, 02/01/2027,
Callable 02/01/2007 @ 104.1
4,125,000 HSBC Capital Funding LP, Rule 6,231,328
144A, 10.176%, 06/30/2030
(Notes B & C, p. 13)
---------------
Total Banking (Cost $110,472,921) 121,416,134
---------------
================================================================================
BROADCASTING/MEDIA: 1.24%
- --------------------------------------------------------------------------------
6,050,000 Liberty Media Corp., Senior 6,329,940
Note, 5.70%, 05/15/2013
10,520,000 Time Warner Entertainment Co., 13,162,508
Senior Debenture,
8.375%, 03/15/2023
6,280,000 AOL Time Warner Inc., 7,452,080
7.70%, 05/01/2032
5,895,000 News America Holdings, 6,274,096
6.55%, 03/15/2033
---------------
Total Broadcasting/Media (Cost $31,965,849) 33,218,624
---------------
================================================================================
BUILDING/REAL ESTATE: 0.56%
- --------------------------------------------------------------------------------
4,255,000 Vornado Realty Trust, 4,372,132
4.75%, 12/01/2010
2,385,000 ERP Operating LP, 2,486,634
5.20%, 04/01/2013
1,065,000 LNR Property Corp., Senior 1,128,900
Subordinate Note, Rule 144A,
7.25%, 10/15/2013,
Callable 10/15/2008 @ 103.62
(Note B, p. 13)
7,065,000 EOP Operating LP 6,978,136
4.75%, 03/15/2014
---------------
Total Building/Real Estate (Cost $14,756,820) 14,965,802
---------------
================================================================================
CABLE: 0.47%
- --------------------------------------------------------------------------------
710,000 Insight Midwest LP, Senior 743,725
Note, 9.75%, 10/01/2009,
Callable 10/01/2004 @ 104.88
8 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,415,000 EchoStar DBS Corp., Senior $ 1,510,512
Note, Rule 144A,
6.375%, 10/01/2011
(Note B, p. 13)
785,000 CSC Holdings Inc., Senior 820,325
Subordinated Debenture,
9.875%, 02/15/2013,
Callable 05/01/2004 @ 103.6
8,405,000 Comcast Corp., Class A, 9,375,971
7.05%, 03/15/2033
---------------
Total Cable (Cost $11,797,152) 12,450,533
---------------
================================================================================
CHEMICALS: 0.19%
- --------------------------------------------------------------------------------
760,000 Equistar Chemicals LP, 820,800
10.125%, 09/01/2008
930,000 Huntsman International LLC, 1,027,650
9.875%, 03/01/2009,
Callable 03/01/2006 @ 104.94
855,000 Resolution Performance 876,375
Products, Senior Note,
9.50%, 04/15/2010,
Callable 04/15/2006 @ 104.75
2,240,000 Equistar Chemicals LP, Senior 2,424,800
Note, 10.625%, 05/01/2011,
Callable 05/01/2007 @ 105.31
---------------
Total Chemicals (Cost $5,051,213) 5,149,625
---------------
================================================================================
COMMUNICATIONS: 1.52%
- --------------------------------------------------------------------------------
5,595,000 Telus Corp., 6,369,617
7.50%, 06/01/2007
7,475,000 Verizon Global Funding Corp., 8,936,505
7.375%, 09/01/2012
7,500,000 Sprint Capital Corp., 7,816,852
6.875%, 11/15/2028
6,865,000 Deutsche Telekom International 9,032,747
Finance BV,
8.75%, 06/15/2030
6,695,000 Sprint Capital Corp., 8,492,447
8.75%, 03/15/2032
---------------
Total Communications (Cost $37,874,261) 40,648,168
---------------
================================================================================
COMMUNICATIONS-FIXED: 0.24%
- --------------------------------------------------------------------------------
4,775,000 British Telecommunications plc, 6,394,136
8.875%, 12/15/2030
---------------
Total Communications-Fixed (Cost $5,846,262) 6,394,136
---------------
================================================================================
COMMUNICATIONS-MOBILE: 1.22%
- --------------------------------------------------------------------------------
5,420,000 Verizon Wireless Inc., 5,842,207
5.375%, 12/15/2006
940,000 American Cellular Corp., 907,100
Senior Note
10.00%, 08/01/2011,
Callable 08/01/2007 @ 105
590,000 Triton PCS Inc., 560,500
8.75%, 11/15/2011,
Callable 11/15/2006 @ 104.38
2,805,000 Rural Cellular Corp., Rule 2,882,137
144A, 8.25%, 03/15/2012,
Callable 3/15/08 @ 104.12
(Note B, p. 13)
535,000 Nextel Communications Inc., 571,113
Senior Note, 6.875%, 10/31/2013,
Callable 10/31/2008 @ 103.44
6,200,000 America Movil S.A. de C.V., 6,196,429
Rule 144A, 5.50%, 03/01/2014
(Note B, p. 13)
2,315,000 Nextel Communications Inc., 2,517,563
Senior Note, 7.375%, 08/01/2015,
Callable 08/01/2008 @ 103.69
3,115,000 Vodafone Group plc, 3,961,585
7.875%, 02/15/2030
7,035,000 AT&T Wireless Services Inc., 9,157,509
Senior Note, 8.75%, 03/01/2031
---------------
Total Communications-Mobile
(Cost $31,073,044) 32,596,143
---------------
================================================================================
CONGLOMERATE/MISCELLANEOUS: 0.49%
- --------------------------------------------------------------------------------
6,490,000 Tyco International Group SA, 6,899,039
5.80%, 08/01/2006
5,980,000 Hutchison Whampoa 6,281,918
International Ltd., Rule 144,
7.45%, 11/24/2033
(Note B, p. 13)
---------------
Total Conglomerate/Miscellaneous
(Cost $12,529,688) 13,180,957
---------------
================================================================================
CONSUMER MANUFACTURING: 0.24%
- --------------------------------------------------------------------------------
2,800,000 Fortune Brands Inc., 2,852,598
2.875%, 12/01/2006
700,000 Jostens Inc., Senior 794,500
Subordinated Note Class A,
12.75%, 05/01/2010,
Callable 05/01/2005 @ 106.38
2,860,000 Broder Brothers, Senior Note, 2,874,300
Rule 144A, 11.25%, 10/15/2010,
Callable 10/15/2007 @ 105.62
(Note B, p. 13)
---------------
Total Consumer Manufacturing
(Cost $6,433,126) 6,521,398
---------------
================================================================================
ELECTRONICS: 0.14%
- --------------------------------------------------------------------------------
3,505,000 Jabil Circuit Inc., Senior 3,765,162
Note, 5.875%, 07/15/2010
---------------
Total Electronics (Cost $3,482,680) 3,765,162
---------------
Schedule of Investments--Taxable Bond Portfolios 9
================================================================================
Principal Amount Description Market Value
================================================================================
ENERGY: 0.89%
- --------------------------------------------------------------------------------
$ 5,595,000 Conoco Funding Co., $ 6,048,111
5.45%, 10/15/2006
1,040,000 Hilcorp Energy I LP, Senior 1,159,600
Note, Rule 144A,
10.50%, 09/01/2010,
Callable 09/01/2007 @ 105.25
(Note B, p. 13)
55,000 CITGO Petroleum Corp., Senior 64,487
Note, 11.375%, 02/01/2011,
Callable 02/01/2007 @ 105.69
7,350,000 Conoco Inc., Senior Note, 8,594,149
6.95%, 04/15/2029
6,620,000 Valero Energy Corp., 7,902,804
7.50%, 04/15/2032
---------------
Total Energy (Cost $21,568,762) 23,769,151
================================================================================
ENTERTAINMENT/LEISURE: 0.13%
- --------------------------------------------------------------------------------
3,300,000 Six Flags Inc., Senior Note, 3,522,750
Rule 144A, 9.625%, 06/01/2014,
Callable 06/01/2009 @ 104.81
(Note B, p. 13)
---------------
Total Entertainment/Leisure (Cost $3,497,247) 3,522,750
---------------
================================================================================
FINANCIAL: 7.37%
- --------------------------------------------------------------------------------
8,900,000 CIT Group Inc., Senior Note, 9,249,725
4.125%, 02/21/2006
5,205,000 American General Finance 5,277,526
Corp., Medium-Term Note, Series H,
3.00%, 11/15/2006
4,550,000 John Deere Capital Corp., 4,829,725
4.50%, 08/22/2007
3,125,000 American General Finance 3,307,006
Corp., Medium-Term Note, Series H,
4.50%, 11/15/2007
2,345,000 CIT Group Inc., Senior Note, 2,551,266
5.50%, 11/30/2007
5,500,000 Countrywide Home Loans, Inc., 5,770,352
Medium-Term Note, Series K,
4.25%, 12/19/2007
7,745,000 Household Finance Corp., 8,775,720
6.50%, 11/15/2008
14,655,000 Trac X High Yield, Rule 144A, 14,893,144
7.375%, 03/25/2009
(Note B, p. 13)
57,805,000 Trac X High Yield, Rule 144A, 58,238,537
8.00%, 03/25/2009
(Note B, p. 13)
15,040,000 Ford Motor Credit Co., 16,424,176
7.375%, 02/01/2011
6,600,000 Country Wide Home Loans, Inc., 6,541,438
Medium-Term Note, Series L,
4.00%, 03/22/2011
3,350,000 Lehman Brothers Holdings Inc., 3,877,498
6.625%, 01/18/2012
2,855,000 Household Finance Corp., 3,355,627
7.00%, 05/15/2012
4,790,000 Goldman Sachs Group Inc., 4,798,392
4.75%, 07/15/2013
9,485,000 Ford Motor Credit Co., 10,026,575
7.00%, 10/01/2013
1,995,000 Capital One Financial Corp., 2,133,407
6.25%, 11/15/2013
6,235,000 CBA Capital Trust I, Rule 6,617,873
144A, 5.805%, 06/30/2015
(Note B, p. 13)
4,520,000 Royal & Sun Alliance Insurance 4,801,840
Group plc,
8.95%, 10/15/2029
2,190,000 General Motors Acceptance Corp., 2,431,163
8.00%, 11/01/2031
11,880,000 General Electric Capital 13,769,859
Corp., Medium-Term Note, Series A,
6.75%, 03/15/2032
3,740,000 Morgan Stanley, 4,530,973
7.25%, 04/01/2032
5,325,000 Goldman Sachs Group Inc., 5,493,542
6.345%, 02/15/2034
---------------
Total Financial (Cost $191,763,257) 197,695,364
---------------
================================================================================
FOOD/BEVERAGE: 0.84%
- --------------------------------------------------------------------------------
4,350,000 Diageo Finance BV, Senior 4,432,080
Note, 3.00%, 12/15/2006
2,355,000 Swift & Co., 2,555,175
10.125%, 10/01/2009,
Callable 10/01/2006 @ 105.06
6,725,000 Delhaize America Inc., 7,767,375
8.125%, 04/15/2011
3,415,000 Tyson Foods Inc., 4,077,196
8.25%, 10/01/2011
3,180,000 Safeway Inc., Debenture, 3,593,009
7.25%, 02/01/2031
---------------
Total Food/Beverage (Cost $21,786,170) 22,424,835
---------------
================================================================================
GAMING: 0.07%
- --------------------------------------------------------------------------------
1,110,000 Riviera Holdings Corp., 1,172,437
11.00%, 06/15/2010,
Callable 06/15/2006 @ 105.5
565,000 Venetian Casino Resort LLC, 652,575
11.00%, 06/15/2010,
Callable 06/15/2006 @ 105.5
---------------
Total Gaming (Cost $1,747,110) 1,825,012
---------------
10 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
HEALTHCARE: 0.78%
- --------------------------------------------------------------------------------
$ 4,000,000 Bristol-Myers Squibb Co., $ 4,238,132
4.75%, 10/01/2006
4,345,000 UnitedHealth Group Inc., 4,416,084
Senior Note,
3.30%, 01/30/2008
590,000 Concentra Operating Corp., 651,950
13.00%, 08/15/2009,
Callable 05/01/2004 @ 113
3,185,000 Alliance Imaging Inc., Senior 3,192,963
Subordinated Note,
10.375%, 04/15/2011,
Callable 04/15/2006 @ 105.19
2,655,000 HCA Inc., 2,862,345
6.75%, 07/15/2013
3,550,000 Humana Inc., Senior Note, 3,859,929
6.30%, 08/01/2018
1,690,000 Wyeth 1,790,359
6.50%, 02/01/2034
---------------
Total Healthcare (Cost $20,242,390) 21,011,762
---------------
================================================================================
HOTEL/LODGING: 0.04%
- --------------------------------------------------------------------------------
1,075,000 Vail Resorts Inc., Rule 144A, 1,083,062
6.75%, 02/15/2014,
Callable 02/15/2009 @ 103.38
(Note B, p. 13)
---------------
Total Hotel/Lodging (Cost $1,075,000) 1,083,062
---------------
================================================================================
INDUSTRIAL: 0.50%
- --------------------------------------------------------------------------------
985,000 FastenTech Inc., Senior Note, 1,108,125
Rule 144A, 11.50%, 05/01/2011,
Callable 05/01/2007 @ 105.75
(Note B, p. 13)
635,000 TriMas Corp., 695,325
9.875%, 06/15/2012,
Callable 06/15/2007 @ 104.94
1,278,000 H&E Equipment Services LLC, 1,335,510
11.125%, 06/15/2012,
Callable 06/15/2007 @ 105.56
9,895,000 General Electric Co., 10,379,321
5.00%, 02/01/2013
---------------
Total Industrial (Cost $13,022,196) 13,518,281
---------------
================================================================================
INSURANCE: 1.44%
- --------------------------------------------------------------------------------
4,125,000 MetLife Inc. , 4,272,036
5.00%, 11/24/2013
3,825,000 Assurant Inc., Rule 144A, 3,991,847
5.625%, 02/15/2014
(Note B, p. 13)
5,495,000 Mangrove Bay Pass-Through 5,739,967
Trust, Rule 144A,
6.102%, 07/15/2033,
Callable 07/15/2013 @ 100
(Notes B & C, p. 13)
4,895,000 Oil Insurance Ltd., 5,087,990
Subordinated Debenture, Rule
144A, 5.15%, 08/15/2033,
Callable 08/15/2008 @ 100
(Notes B & C, p. 13)
9,955,000 Zurich Capital Trust, Rule 11,569,820
144A, 8.376%, 06/01/2037,
Callable 06/01/2007 @ 104.19
(Note B, p. 13)
6,806,000 SAFECO Capital Trust I 7,842,928
8.072%, 07/15/2037,
Callable 07/15/07 @ 104.04
---------------
Total Insurance (Cost $37,715,987) 38,504,588
---------------
================================================================================
METALS/MINING: 0.04%
- --------------------------------------------------------------------------------
1,260,000 AK Steel Corp., 1,159,200
7.875%, 02/15/2009,
Callable 02/15/2004 @ 103.94
---------------
Total Metals/Mining (Cost $1,111,787) 1,159,200
---------------
================================================================================
PAPER/PACKAGING: 0.91%
- --------------------------------------------------------------------------------
4,865,000 Abitibi-Consolidated Inc., 5,098,792
8.30%, 08/01/2005
1,170,000 Owens-Brockway Glass 1,269,450
Container Inc.,
8.875%, 02/15/2009,
Callable 02/15/2006 @ 104.44
650,000 Smurfit-Stone Container Corp., 711,750
8.25%, 10/01/2012,
Callable 10/01/2007 @ 104.12
2,575,000 Sealed Air Corp., Rule 144A, 2,703,820
5.625%, 07/15/2013
(Note B, p. 13)
2,470,000 Packaging Corp. Of America, 2,603,674
5.75%, 08/01/2013
5,165,000 International Paper Co., 5,240,187
5.30%, 04/01/2015
5,925,000 Weyerhaeuser Co., 6,822,258
7.375%, 03/15/2032
---------------
Total Paper/Packaging (Cost $23,729,768) 24,449,931
---------------
================================================================================
PETROLEUM PRODUCTS: 0.57%
- --------------------------------------------------------------------------------
5,685,000 Amerada Hess Corp., 6,454,163
7.875%, 10/01/2029
8,425,000 Amerada Hess Corp., 8,874,019
7.125%, 03/15/2033
---------------
Total Petroleum Products (Cost $14,810,455) 15,328,182
---------------
================================================================================
PUBLIC UTILITIES-ELECTRIC & GAS: 2.56%
- --------------------------------------------------------------------------------
126,809 AES Corp., Rule 144A, 130,613
10.00%, 07/15/2005,
Callable 12/15/2004 @ 100
(Note B, p. 13)
Schedule of Investments--Taxable Bond Portfolios 11
================================================================================
Principal Amount Description Market Value
================================================================================
$ 9,690,000 KeySpan Corp., $ 10,526,664
6.15%, 06/01/2006
4,995,000 Yorkshire Power Finance, 5,350,079
6.496%, 02/25/2008
4,300,000 Duke Energy Corp., 4,410,089
3.75%, 03/05/2008
350,000 Southern Natural Gas Co., 390,250
8.875%, 03/15/2010,
Callable 03/15/2007 @ 104.44
2,180,000 Calpine Corp., Rule 144A, 2,016,500
8.50%, 07/15/2010,
Callable 07/15/2007 @ 104.25
(Note B, p. 13)
5,955,000 CenterPoint Energy Inc., 6,532,689
Senior Note, 7.25%, 09/01/2010
3,005,000 Nisource Finance Corp., 3,639,139
7.875%, 11/15/2010
5,770,000 Carolina Power & Light Co., 6,568,672
6.50%, 07/15/2012
2,400,000 MidAmerican Energy Holdings 2,599,183
Co., Senior Note,
5.875%, 10/01/2012
2,540,000 Public Service Co. of 3,173,151
Colorado,
7.875%, 10/01/2012
445,000 Southern Natural Gas Co., 429,425
7.35%, 02/15/2031
14,580,000 FirstEnergy Corp., Series C, 16,313,241
7.375%, 11/15/2031
6,465,000 Pacific Gas & Electric Co,. 6,566,222
6.05%, 03/01/2034
---------------
Total Public Utilities-Electric & Gas
(Cost $64,907,296) 68,645,917
---------------
================================================================================
PUBLIC UTILITIES-TELEPHONE: 0.30%
- --------------------------------------------------------------------------------
7,660,000 Telecom Italia Capital Corp., 8,036,359
Rule 144A, 6.375%, 11/15/2033,
(Note B, p. 13)
---------------
Total Public Utilities -Telephone
(Cost $7,647,711) 8,036,359
---------------
================================================================================
PUBLISHING: 0.05%
- --------------------------------------------------------------------------------
520,000 Houghton Mifflin Co., Senior 537,550
Note, 8.25%, 02/01/2011,
Callable 02/01/2007 @ 104.12
675,000 R. H. Donnelley & Sons Co., 808,312
Senior Subordinated Note, Rule
144A, 10.875%, 12/15/2012,
Callable 12/15/2007 @ 105.44
(Note B, p. 13)
---------------
Total Publishing (Cost $1,195,000) 1,345,862
---------------
================================================================================
RETAIL: 0.12%
- --------------------------------------------------------------------------------
3,097,000 Petro Stopping Centers LP, 3,205,395
Rule 144A, 9.00%, 02/15/2012,
Callable 02/15/2008 @ 104.5
(Note B, p. 13)
---------------
Total Retail (Cost $3,217,004) 3,205,395
---------------
================================================================================
SERVICE: 0.04%
- --------------------------------------------------------------------------------
1,085,000 Iron Mountain Inc., 1,057,875
6.625%, 01/01/2016,
Callable 07/01/2008 @ 103.31
---------------
Total Service (Cost $1,047,634) 1,057,875
---------------
================================================================================
SUPERMARKET/DRUG: 0.48%
- --------------------------------------------------------------------------------
870,000 Rite Aid Corp., 970,050
9.50%, 02/15/2011,
Callable 02/15/2007 @ 104.38
2,755,000 Pathmark Stores Inc., 2,892,750
8.75%, 02/01/2012,
Callable 02/01/2007 @ 104.38
985,000 Roundy's Inc., Series B, 1,088,425
8.875%, 06/15/2012,
Callable 06/15/2007 @ 104.44
7,010,000 Albertson's Inc., Debenture, 7,988,554
7.45%, 08/01/2029
---------------
Total Supermarket/Drug (Cost $12,819,381) 12,939,779
---------------
================================================================================
TECHNOLOGY: 0.02%
- --------------------------------------------------------------------------------
484,000 ON Semiconductor Corp., 600,160
12.00%, 03/15/2010,
Callable 03/15/2007 @ 106
---------------
Total Technology (Cost $464,321) 600,160
---------------
================================================================================
ASSET-BACKED SECURITIES: 1.67%
- --------------------------------------------------------------------------------
6,970,000 Honda Auto Receivables Owner 7,032,294
Trust, Series 2003-4 Class A3,
2.19%, 05/15/2007
4,780,000 World Omni Auto Receivables 4,808,393
Trust, Series 2003-B Class A3,
2.20%, 01/15/2008
75,000 Discover Card Master Trust I, 81,136
Series 2000-9 Class A,
6.35%, 07/15/2008
16,685,000 DaimlerChrysler Auto Trust, 16,911,749
Series 2003-B Class A4,
2.86%, 03/09/2009
20,000 Citibank Credit Card Issuance 20,344
Trust, Series 2003-A8 Class A8,
3.50%, 08/16/2010
9,200,000 World Omni Auto Receivables 9,316,472
Trust, Series 2003-B Class A4,
2.87%, 11/15/2010
12 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 6,586,602 Countrywide Home Loans, Series $ 6,590,752
2003-49 Class A1,
1.642%, 12/19/2033
(Note C, below)
---------------
Total Asset-Backed Securities
(Cost $44,306,373) 44,761,140
---------------
================================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.94%
- --------------------------------------------------------------------------------
19,280,000 LB-UBS Commercial Mortgage 19,571,128
Trust, Series 2003-C5 Class A2,
3.478%, 07/15/2027
18,610,000 LB-UBS Commercial Mortgage 21,575,861
Trust, Series 2001-C2 Class A2,
6.653%, 11/15/2027
84 Commercial Mortgage Asset 96
Trust, Series 1999-C1 Class A3,
6.64%, 01/17/2032
30,000 Greenwich Capital Commercial 31,053
Funding Corp., Series 2003-C2
Class A3, 4.533%, 01/05/2036
9,775,000 J.P. Morgan Chase Commercial 8,486,362
Mortgage Securities, Series
2004-C1 Class A2,
4.302%, 01/15/2038
8,665,000 Banc of America Commercial 8,846,272
Mortgage, Inc., Series 2004-1
Class A2, 4.037%, 11/10/2039
10,645,000 GS Mortgage Securities Corp. 10,891,676
II, Series 2003-C1 Class A2A,
3.59%, 01/10/2040
9,250,000 Morgan Stanley Capital I, 9,404,290
Series 2004-T13 Class A2,
3.94%, 09/13/2045
---------------
Total Commercial Mortgage-Backed Securities
(Cost $78,920,128) 78,806,738
---------------
================================================================================
SOVEREIGN DEBT: 1.78%
- --------------------------------------------------------------------------------
2,923,252 Ukraine (Republic of), 3,274,042
11.00%, 03/15/2007
585,000 Ukraine (Republic of), 614,981
7.65%, 06/11/2013
19,410,000 Russian Federation, 19,446,394
5.00%, 03/30/2030
22,315,000 United Mexican States, 24,379,138
7.50%, 04/08/2033
---------------
Total Sovereign Debt (Cost $45,663,343) 47,714,555
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost
$3,332,893,433) 126.02% $3,378,718,414
(Note D, below)
Cash and Other Assets, Less
Liabilities (26.02) (697,541,067)
--------- ---------------
Net Assets (Equivalent to
$13.62 per share based on
196,871,624 shares of
capital stock outstanding) 100.00% $2,681,177,347
========= ===============
(A) When-issued security
(B) Security is exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At March 31,
2004, the aggregate market value of these securities amounted to
$187,117,518 or 6.98% of net assets.
(C) Variable rate coupon, rate shown as of March 31, 2004.
(D) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $50,198,958 and gross unrealized
depreciation of investments was $4,373,977, resulting in net unrealized
appreciation of $45,824,981.
Explanation of abbreviations:
FHLB--Federal Home Loan Bank
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
TBA--To Be Announced
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 13
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Short Duration Plus Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
SHORT-TERM INVESTMENTS: 5.09%
- --------------------------------------------------------------------------------
Commercial Paper: 4.96%
$3,000,000 Galleon Capital LLC, $ 3,000,000
1.06%, 04/01/2004
25,000,000 Harwood Funding, 25,000,000
1.08%, 04/01/2004
---------------
Total Commercial Paper (Cost $28,000,000) 28,000,000
---------------
U.S. Treasury Bill: 0.13%
750,000 0.90%, 05/20/2004 749,066
(Note A, p. 18)
---------------
Total U.S. Treasury Bill (Cost $749,066) 749,066
---------------
Total Short-Term Investments
(Cost $28,749,066) 28,749,066
---------------
================================================================================
U.S. TREASURY NOTES: 35.02%
- --------------------------------------------------------------------------------
3,155,000 1.625%, 10/31/2005 3,168,557
6,567,000 5.75%, 11/15/2005 7,026,434
72,675,000 2.375%, 08/15/2006 73,768,032
94,420,000 2.625%, 11/15/2006 96,308,494
(Note B, p. 18)
16,935,000 3.375%, 12/15/2008 17,438,427
---------------
Total U.S. Treasury Notes (Cost $195,809,990) 197,709,944
---------------
================================================================================
U.S. GOVERNMENT SPONSORED
AGENCY OBLIGATIONS: 5.32%
- --------------------------------------------------------------------------------
14,880,000 Federal Home Loan Bank, 15,026,985
2.25%, 05/15/2006
9,110,000 Federal Home Loan Mortgage 9,158,283
Corp., Medium-Term Note,
2.75%, 10/06/2006
1,655,000 Federal Home Loan Mortgage Corp., 1,666,320
2.875%, 11/03/2006
4,125,000 Federal National Mortgage 4,172,437
Association,
3.50%, 10/15/2007
---------------
Total U.S. Government Sponsored
Agency Obligations (Cost $29,735,921) 30,024,025
---------------
================================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 10.29%
- --------------------------------------------------------------------------------
5,404,918 Federal Home Loan Mortgage 5,404,918
Corp., Series 2571 Class FB,
1.44%, 02/15/2018,
(Note C, p. 18)
3,800,000 Federal National Mortgage 3,971,608
Association, Series 2001-59
Class QM, 6.00%, 06/25/2019
10,335,454 MLCC Mortgage Investors Inc., 10,354,885
Series 2003-F Class A1,
1.41%, 10/25/2028
(Note C, p. 18)
1,116,754 Impac Cmb Trust, Series 2001-2 1,116,754
Class A2, 1.49%, 11/25/2031
(Note C, p. 18)
575,443 Countrywide Alternative Loan 586,215
Trust, Series 2002-4 Class 2A1,
7.00%, 05/25/2032
4,422,431 Structured Asset Securities 4,475,632
Corp., Series 2002-11A Class 1A,
2.755%, 06/25/2032
(Note C, p. 18)
6,600,000 Federal National Mortgage 6,741,306
Association, Series 2003-W7
Class A4, 4.06%, 03/25/2033
8,407,000 Federal National Mortgage 8,484,513
Association, Series 2003-W13
Class AF3, 2.85%, 10/25/2033
6,750,000 Federal National Mortgage 6,785,843
Association, Series 2003-W16
Class AF3, 2.91%, 11/25/2033
4,916,000 Credit Suisse First Boston 4,864,529
Mortgage Securities Corp.,
Series 2004-2R Class A1,
6.00%, 12/28/2033, Rule 144A
(Note D, p. 18)
2,907,038 Summit Mortgage Trust, Series 2,941,312
2003-1 Class 1A1, Rule 144A,
6.89%, 04/28/2035
(Notes C & D, p. 18)
2,340,000 Federal National Mortgage 2,364,874
Association, Series 2003-W6
Class 1A23, 2.90%, 10/25/2042
---------------
Total Collateralized Mortgage Obligations
(Cost $57,970,535) 58,092,389
---------------
================================================================================
MORTGAGE PASS-THROUGHS: 15.43%
- --------------------------------------------------------------------------------
607,445 Federal Home Loan Mortgage 632,405
Corp., Pool #G90018,
9.00%, 03/17/2008
1,117,262 Federal National Mortgage 1,196,794
Association Pool #190708,
7.00%, 03/01/2009
390,169 Federal National Mortgage 417,693
Association Pool #743378,
7.00%, 05/01/2013
3,087,252 Federal National Mortgage 3,258,226
Association Pool #555161,
6.00%, 12/01/2013
928,844 Federal National Mortgage 995,987
Association Pool #535201,
7.50%, 03/01/2015
1,541,585 Federal National Mortgage 1,659,608
Association Pool #545802,
8.00%, 08/01/2016
14 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 960,611 Federal National Mortgage $ 1,028,527
Association Pool #545505,
7.00%, 01/01/2017
152,257 Federal National Mortgage 163,023
Association Pool #622154,
7.00%, 01/01/2017
430,177 Federal National Mortgage 460,592
Association Pool #545524,
7.00%, 02/01/2017
122,570 Federal National Mortgage 131,211
Association Pool #598436,
7.00%, 04/01/2017
926,235 Federal National Mortgage 991,531
Association Pool #636385,
7.00%, 04/01/2017
857,572 Federal National Mortgage 918,028
Association Pool #642051,
7.00%, 05/01/2017
288,362 Federal National Mortgage 308,752
Association Pool #545725,
7.00%, 06/01/2017
168,749 Federal National Mortgage 180,679
Association Pool #545928,
7.00%, 06/01/2017
154,026 Federal National Mortgage 164,884
Association Pool #254414,
7.00%, 07/01/2017
191,227 Federal National Mortgage 204,708
Association Pool #655750,
7.00%, 08/01/2017
171,237 Federal National Mortgage 183,345
Association Pool #655836,
7.00%, 08/01/2017
78,057 Federal National Mortgage 83,560
Association Pool #655965,
7.00%, 08/01/2017
10,690,311 Federal National Mortgage 11,446,131
Association Pool #555299,
7.00%, 11/01/2017
2,354,731 Government National Mortgage 2,533,468
Association Pool #781478,
7.50%, 03/15/2032
3,300,000 Federal National Mortgage 3,315,470
Association Pool TBA,
5.00%, 04/25/2034
(Note E, p. 18)
25,700,000 Federal National Mortgage 26,334,482
Association Pool TBA,
5.50%, 04/25/2034
(Note E, p. 18)
6,200,000 Federal National Mortgage 6,453,816
Association Pool TBA,
6.00%, 04/25/2034
(Note E, p. 18)
22,885,000 Federal National Mortgage 24,043,553
Association Pool TBA,
6.50%, 04/25/2034
(Note E, p. 18)
---------------
Total Mortgage Pass-Throughs
(Cost $86,831,115) 87,106,473
---------------
================================================================================
BANKING: 1.14%
- --------------------------------------------------------------------------------
1,870,000 MBNA Corp., Medium-Term Note, 2,030,850
5.625%, 11/30/2007
4,300,000 Washington Mutual, Inc., 4,396,182
4.00%, 01/15/2009
---------------
Total Banking (Cost $6,287,879) 6,427,032
---------------
================================================================================
BROADCASTING/MEDIA: 1.58%
- --------------------------------------------------------------------------------
4,475,000 Liberty Media Corp., 4,560,142
3.50%, 09/25/2006
3,995,000 AOL Time Warner Inc., 4,392,814
6.15%, 05/01/2007
---------------
Total Broadcasting/Media (Cost $8,767,751) 8,952,956
---------------
================================================================================
BUILDING/REAL ESTATE: 0.34%
- --------------------------------------------------------------------------------
1,760,000 Vornado Realty Trust, 1,919,727
5.625%, 06/15/2007
---------------
Total Building/Real Estate (Cost $1,889,867) 1,919,727
---------------
================================================================================
CABLE: 0.66%
- --------------------------------------------------------------------------------
3,205,000 Comcast Cable Communications Inc., 3,724,915
8.375%, 05/01/2007
---------------
Total Cable (Cost $3,523,660) 3,724,915
---------------
================================================================================
COMMUNICATIONS: 0.77%
- --------------------------------------------------------------------------------
3,990,000 Sprint Capital Corp., 4,338,339
6.00%, 01/15/2007
---------------
Total Communications (Cost $4,236,260) 4,338,339
---------------
================================================================================
COMMUNICATIONS-MOBILE: 1.12%
- --------------------------------------------------------------------------------
3,265,000 Telus Corp., 3,717,033
7.50%, 06/01/2007
2,600,000 America Movil S.A. de C.V., 2,611,572
Rule 144A, 4.125%, 03/01/2009
(Note D, p. 18)
---------------
Total Communications-Mobile (Cost $6,214,076) 6,328,605
---------------
================================================================================
ENERGY: 0.46%
- --------------------------------------------------------------------------------
2,615,000 Valero Energy Corp., 2,591,465
3.50%, 04/01/2009
---------------
Total Energy (Cost $2,602,883) 2,591,465
---------------
Schedule of Investments--Taxable Bond Portfolios 15
================================================================================
Principal Amount Description Market Value
================================================================================
FINANCIAL: 10.41%
- --------------------------------------------------------------------------------
$ 3,950,000 Lehman Brothers Holdings Inc., $ 3,950,000
6.625%, 04/01/2004
2,450,000 Ford Motor Credit Co., 2,575,050
7.50%, 03/15/2005
7,800,000 General Motors Acceptance 8,340,204
Corp., Medium-Term Note,
6.75%, 01/15/2006
4,450,000 Household Finance Corp., 4,566,332
Medium-Term Note,
3.375%, 02/21/2006
5,230,000 The Goldman Sachs Group, Inc., 5,328,612
Medium-Term Note,
2.85%, 10/27/2006
3,045,000 Capital One Financial Corp., 3,487,466
8.75%, 02/01/2007
6,515,000 CIT Group Inc., 7,409,373
7.375%, 04/02/2007
5,300,000 General Electric Capital 5,707,406
Corp., Medium-Term Note,
5.00%, 06/15/2007
5,970,000 Merrill Lynch & Co. Inc., 6,073,699
Medium-Term Note,
3.375%, 09/14/2007
2,785,000 Ford Motor Credit Co., 2,877,303
5.625%, 10/01/2008
8,450,000 Meridian Funding Co., Rule 8,471,125
144A, Medium-Term Note,
1.65%, 07/26/2010
(Notes C & D, p. 18)
---------------
Total Financial (Cost $57,882,134) 58,786,570
---------------
================================================================================
FOOD/BEVERAGE: 0.84%
- --------------------------------------------------------------------------------
4,600,000 Kraft Foods Inc., 4,738,156
4.00%, 10/01/2008
---------------
Total Food/Beverage (Cost $4,582,159) 4,738,156
---------------
================================================================================
HEALTHCARE: 1.45%
- --------------------------------------------------------------------------------
3,650,000 HCA Inc., 3,948,895
7.125%, 06/01/2006
4,140,000 UnitedHealth Group, Inc., 4,221,757
3.75%, 02/10/2009
---------------
Total Healthcare (Cost $7,981,218) 8,170,652
---------------
================================================================================
INDUSTRIAL: 0.31%
- --------------------------------------------------------------------------------
1,750,000 R. R. Donnelley & Sons Co., 1,769,357
Rule 144A, 3.75%, 04/01/2009
(Note D, p. 18)
---------------
Total Industrial (Cost $1,747,438) 1,769,357
---------------
================================================================================
INSURANCE: 0.96%
5,000,000 The MONY Group Inc., 5,405,530
7.45%, 12/15/2005
---------------
Total Insurance (Cost $5,048,993) 5,405,530
---------------
================================================================================
NON-AIR TRANSPORTATION: 0.48%
- --------------------------------------------------------------------------------
2,700,000 FedEx Corp., Rule 144A, 2,696,868
2.65%, 04/01/2007
(Note D, p. 18)
---------------
Total Non-Air Transportation (Cost $2,697,987) 2,696,868
---------------
================================================================================
PAPER/PACKAGING: 1.00%
- --------------------------------------------------------------------------------
5,185,000 Weyerhaeuser Co., 5,676,274
6.125%, 03/15/2007
---------------
Total Paper/Packaging (Cost $5,629,203) 5,676,274
---------------
================================================================================
PETROLEUM PRODUCTS: 0.53%
- --------------------------------------------------------------------------------
2,600,000 Amerada Hess Corp., 2,981,620
7.375%, 10/01/2009
---------------
Total Petroleum Products (Cost $2,970,698) 2,981,620
---------------
================================================================================
PUBLIC UTILITIES-ELECTRIC & GAS: 4.01%
- --------------------------------------------------------------------------------
4,500,000 CenterPoint Energy Resources 4,813,916
Corp., Series B,
8.125%, 07/15/2005
3,780,000 Entergy-Koch LP, Rule 144A, 3,841,323
3.65%, 08/20/2006
(Note D, p. 18)
2,800,000 FirstEnergy Corp., Series A, 2,979,382
5.50%, 11/15/2006
3,100,000 CE Electric UK Funding Co., 3,396,109
Rule 144A, 6.995%, 12/30/2007
(Note D, p. 18)
4,230,000 MidAmerican Energy Holdings 4,232,944
Co., Senior Note,
3.50%, 05/15/2008
1,555,000 Appalachian Power Co., Series G, 1,571,113
3.60%, 05/15/2008
1,800,000 Pacific Gas & Electric Co., 1,810,348
3.60%, 03/01/2009
---------------
Total Public Utilities-Electric & Gas
(Cost $22,425,314) 22,645,135
---------------
================================================================================
PUBLIC UTILITIES-TELEPHONE: 1.26%
- --------------------------------------------------------------------------------
4,200,000 Telecom Italia Capital, Rule 4,299,196
144A, 4.00%, 11/15/2008
(Note D, p. 18)
16 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,750,000 Telefonos de Mexico S.A. de $ 2,809,496
C.V., Rule 144A,
4.50%, 11/19/2008
(Note D, p. 18)
---------------
Total Public Utilities-Telephone
(Cost $6,952,528) 7,108,692
---------------
================================================================================
SUPERMARKET/DRUG: 0.63%
- --------------------------------------------------------------------------------
3,470,000 Safeway, Inc., 3,547,169
4.125%, 11/01/2008
---------------
Total Supermarket/Drug (Cost $3,468,687) 3,547,169
---------------
================================================================================
ASSET-BACKED SECURITIES: 13.33%
- --------------------------------------------------------------------------------
4,470,000 Household Private Label Credit 4,531,105
Card Master Note Trust I,
Series 2001-2 Class A,
4.95%, 06/16/2008
3,500,000 Winston Funding Ltd., Series 3,508,750
2003-1 Class A2, Rule 144A,
2.02%, 04/23/2009
(Notes C & D, p. 18)
1,628,153 Spiegel Credit Card Master 1,620,012
Note Trust, Series 2001-A
Class A, 1.37%, 03/15/2010
(Note C, p. 18)
9,050,000 Countrywide Asset-Backed 9,212,628
Certificates, Series 2003-S2
Class A2, 3.44%, 12/25/2018
5,100,000 Residential Funding Mortgage 5,100,000
Securities Inc., Series
2004-HS1 Class AI3,
2.68%, 01/25/2019
3,540,672 Conseco Finance, Series 1999-H 3,633,615
Class AF6, 7.21%, 11/15/2029
1,169,278 First Franklin Mortgage Loan 1,169,278
Asset-Backed Certificates,
Series 2000-FF1 Class A,
1.32%, 09/25/2030
(Note C, p. 18)
831,259 First Greenboro Home Equity 837,626
Loan Trust, Series 2000-1A
Class A2, Rule 144A,
6.77%, 12/25/2030
(Note D, p. 18)
2,067,868 Countrywide Asset-Backed 2,072,066
Certificates, Series 2003-BC1
Class A, 1.49%, 03/25/2033
(Note C, p. 18)
7,642,968 Renaissance Home Equity Loan 7,653,744
Trust, Series 2003-2 Class A,
1.53%, 03/25/2033
(Note C, p. 18)
3,569,918 Structured Asset Securities 3,570,489
Corp., Series 2003-S2 Class A1,
1.34%, 12/25/2033
(Note C, p. 18)
9,400,000 Ameriquest Mortgage Securities 9,556,980
Inc., Series 2003-13 Class AF2,
3.177%, 01/25/2034
8,241,000 Ameriquest Mortgage Securities 8,421,313
Inc., Series 2003-11 Class AF3,
3.64%, 01/25/2034
8,670,218 Home Equity Asset Trust, 8,674,467
Series 2003-7 Class A2,
1.47%, 03/25/2034
(Note C, p. 18)
5,704,613 Merrill Lynch Mortgage 5,704,613
Investors Inc., Series
2004-WMC1 Class A2,
1.39%, 10/25/2034
(Note C, p. 18)
---------------
Total Asset-Backed Securities
(Cost $74,797,162) 75,266,686
---------------
================================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 1.87%
- --------------------------------------------------------------------------------
5,201,000 Greenwich Capital Commercial 5,205,681
Funding Corp., Series 2003-FL1
Class B, Rule 144A,
1.73%, 07/15/2018
(Notes C & D, p. 18)
2,497,500 Asset Securitization Corp., 2,750,796
Series 1997-MD7 Class A1B,
7.41%, 01/13/2030
2,500,000 Commercial Mortgage Acceptance 2,631,150
Corp., Series 1997-ML1 Class A2,
6.53%, 12/15/2030
---------------
Total Commercial Mortgage-Backed Securities
(Cost $10,537,791) 10,587,627
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost
$639,340,315) 114.30% $ 645,345,272
(Note F, p. 18)
Cash and Other Assets, Less
Liabilities (14.30) (80,731,187)
--------- ---------------
Net Assets 100.00% $ 564,614,085
========= ===============
Schedule of Investments--Taxable Bond Portfolios 17
================================================================================
SHORT FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Unrealized
Contract Appreciation
Contracts Description Amount (Depreciation)
- --------------------------------------------------------------------------------
694 U.S. Treasury $78,521,912 $ (290,463)
Note 5 Yr. Future
June 2004
22 U.S. Treasury 4,735,048 1,267
Note 2 Yr. Future
June 2004
---------------
Total Short Futures Contracts $ (289,196)
---------------
================================================================================
REVERSE REPURCHASE AGREEMENT
- --------------------------------------------------------------------------------
Broker Interest Rate Maturity Amount
- --------------------------------------------------------------------------------
Deutsche Alex Brown 0.93% 04/06/04 $ 25,555,320
- --------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for initial
margin requirement on open futures contract.
(B) Represents entire or partial position segregated as collateral for reverse
repurchase agreement.
(C) Variable rate coupon, rate shown as of March 31, 2004.
(D) Security is exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At March 31,
2004, the aggregate market value of these securities amounted to
$47,252,944 or 8.37% of net assets.
(E) When-issued security.
(F) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $6,200,640 and gross unrealized
depreciation of investments was $195,683, resulting in net unrealized
appreciation of $6,004,957.
Explanation of abbreviations:
TBA--To Be Announced
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
U.S. Government Short Duration Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
SHORT-TERM INVESTMENTS: 1.65%
- --------------------------------------------------------------------------------
Commercial Paper: 1.55%
$1,560,000 Harwood Street Funding, $ 1,560,000
1.08%, 04/01/2004
---------------
Total Commercial Paper (Cost $1,560,000) 1,560,000
---------------
U.S. Treasury Bill: 0.10%
100,000 0.915%, 05/20/2004 99,875
(Note A, p. 20)
---------------
Total U.S. Treasury Bill (Cost $99,875) 99,875
---------------
Total Short-Term Investments (Cost $1,659,875) 1,659,875
---------------
================================================================================
U.S. TREASURY NOTES: 41.74%
- --------------------------------------------------------------------------------
3,665,000 1.625%, 10/31/2005 3,680,749
2,355,000 1.875%, 11/30/2005 2,373,583
2,705,000 1.875%, 12/31/2005 2,724,760
4,500,000 2.00%, 05/15/2006 4,537,444
4,620,000 4.625%, 05/15/2006 4,910,016
19,330,000 2.625%, 11/15/2006 19,716,619
(Note B, p. 20)
3,965,000 3.375%, 12/15/2008 4,082,868
---------------
Total U.S. Treasury Notes (Cost $41,734,909) 42,026,039
---------------
================================================================================
U.S. GOVERNMENT AGENCIES: 33.69%
- --------------------------------------------------------------------------------
5,575,000 Tennessee Valley Authority, 5,631,425
Global Power Bond 2001 Series C,
4.75%, 07/15/2004
15,310,000 Federal Home Loan Bank, 15,461,232
2.25%, 05/15/2006
4,000,000 Federal Home Loan Bank, 4,007,520
2.04%, 06/12/2006
4,000,000 Federal Farm Credit Bank, 4,000,040
2.05%, 06/12/2006
2,940,000 Federal Home Loan Mortgage 2,955,582
Corp., Medium-Term Note,
2.75%, 10/06/2006
1,600,000 Federal Home Loan Mortgage Corp., 1,610,944
2.875%, 11/03/2006
250,000 Federal National Mortgage 252,580
Association,
3.50%, 01/28/2008
---------------
Total U.S. Government Agencies
(Cost $33,638,058) 33,919,323
---------------
*See Note 1, page 40 in Notes to Financial Statements.
18 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 13.89%
- --------------------------------------------------------------------------------
$ 1,370,261 Federal Home Loan Mortgage $ 1,370,261
Corp., Series 2571 Class FB,
1.44%, 02/15/2018
(Note C, p. 20)
1,000,000 Federal National Mortgage 1,045,160
Association, Series 2001-59
Class QM, 6.00%, 06/25/2019
1,086,000 Federal National Mortgage 1,127,572
Association, Series 2002-55
Class HG, 6.00%, 09/25/2030
1,250,000 Federal Home Loan Mortgage 1,300,000
Corp., Series 2491 Class PG,
6.00%, 03/15/2031
1,291,221 Structured Asset Securities 1,306,754
Corp., Series 2002-11A Class 1A1,
2.755%, 06/25/2032
(Note C, p. 20)
1,300,000 Federal National Mortgage 1,327,833
Association, Series 2003-W7
Class A4, 4.06%, 03/25/2033
2,411,448 Structured Asset Securities 2,447,620
Corp., Series 2003-23H Class 1A1,
5.50%, 07/25/2033
1,900,000 Federal National Mortgage 1,917,518
Association, Series 2003-W13
Class AF3, 2.85%, 10/25/2033
1,400,000 Federal National Mortgage 1,407,434
Association, Series 2003-W16
Class AF3, 2.91%, 11/25/2033
725,000 Federal National Mortgage 732,707
Association, Series 2003-W6
Class 1A23, 2.90%, 10/25/2042
---------------
Total Collateralized Mortgage Obligations
(Cost $13,994,148) 13,982,859
---------------
================================================================================
MORTGAGE PASS-THROUGHS: 14.66%
- --------------------------------------------------------------------------------
530,611 Federal National Mortgage 568,382
Association Pool #190708,
7.00%, 03/01/2009
370,660 Federal National Mortgage 396,809
Association Pool #743378,
7.00%, 05/01/2013
903,586 Federal National Mortgage 953,627
Association Pool #555161,
6.00%, 12/01/2013
331,730 Federal National Mortgage 355,710
Association Pool #535201,
7.50%, 03/01/2015
583,796 Federal National Mortgage 628,491
Association Pool #545802,
8.00%, 08/01/2016
841,160 Federal National Mortgage 900,631
Association Pool #545505,
7.00%, 01/01/2017
580,556 Federal National Mortgage 621,483
Association Pool #661617,
7.00%, 09/01/2017
3,409,786 Federal National Mortgage 3,650,863
Association Pool #555299,
7.00%, 11/01/2017
456,325 Federal Home Loan Mortgage 483,997
Corp., Pool #G01391,
7.00%, 04/01/2032
620,000 Federal National Mortgage 622,907
Association Pool TBA,
5.00%, 04/25/2033
(Note D, p. 20)
3,600,000 Federal National Mortgage 3,688,877
Association Pool TBA,
5.50%, 04/25/2034
(Note D, p. 20)
1,400,000 Federal National Mortgage 1,457,313
Association Pool TBA,
6.00%, 04/25/2034
(Note D, p. 20)
410,000 Federal National Mortgage 430,756
Association Pool TBA,
6.50%, 04/25/2034
(Note D, p. 20)
---------------
Total Mortgage Pass-Throughs
(Cost $14,646,978) 14,759,846
---------------
================================================================================
ASSET-BACKED SECURITIES: 4.62%
- --------------------------------------------------------------------------------
1,800,000 Countrywide Asset-Backed 1,832,346
Certificates, Series 2003-S2
Class A2, 3.44%, 12/25/2018
1,000,000 Residential Funding Mortgage 1,000,000
Securities, Inc., Series
2004-HS1 Class AI3,
2.68%, 01/25/2019
(Note C, p. 20)
300,177 First Greensboro Home Equity 302,476
Loan Trust, Series 2000-1A
Class A2, Rule 144A,
6.77%, 12/25/2030
(Note E, p. 20)
1,500,000 Ameriquest Mortgage 1,518,285
Securities, Inc., Series
2003-11 Class AF2,
3.03%, 01/25/2034
---------------
Total Asset-Backed Securities
(Cost $4,614,766) 4,653,107
---------------
Schedule of Investments--Taxable Bond Portfolios 19
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost
$110,288,734) 110.25% $ 111,001,049
(Note F, below)
Cash and Other Assets, Less
Liabilities (10.25) (10,322,744)
--------- ---------------
Net Assets (Equivalent to
$12.87 per share based on
7,824,988 shares of capital
stock outstanding) 100.00% $ 100,678,305
========= ===============
================================================================================
SHORT FUTURES CONTRACTS
- --------------------------------------------------------------------------------
Unrealized
Contract Appreciation
Contracts Description Amount (Depreciation)
- --------------------------------------------------------------------------------
69 U.S. Treasury $ 7,835,813 $ (25,134)
Note 5 Yr. Future
June 2004
4 U.S. Treasury 860,687 230
Note 2 Yr. Future
June 2004
---------------
Total Short Futures Contracts $ (24,904)
---------------
================================================================================
REVERSE REPURCHASE AGREEMENT
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Broker Interest Rate Maturity Amount
- --------------------------------------------------------------------------------
Deutsche Alex Brown 0.93% 04/06/04 $ 4,732,244
- --------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for initial
margin requirement on open futures contracts.
(B) Represents entire or partial position segregated as collateral for reverse
repurchase agreement.
(C) Variable rate coupon, rate shown as of March 31, 2004.
(D) When-issued security.
(E) Security is exempt from registration under Rule 144a of the Securities Act
of 1933. This security may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At March 31,
2004, the aggregate market value of this security amounted to $302,476 or
0.30% of net assets.
(F) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $772,024 and gross unrealized depreciation
of investments was $59,709, resulting in net unrealized appreciation of
$712,315.
Explanation of abbreviations:
TBA--To Be Announced
See Notes to Financial Statements.
20 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Intermediate Duration Institutional Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
SHORT-TERM INVESTMENTS: 36.61%
- --------------------------------------------------------------------------------
U.S. Treasury Bill: 14.75%
$ 82,140,000 0.92%, 06/24/2004 $ 81,963,860
---------------
Total U.S. Treasury Bill (Cost $81,963,860) 81,963,860
---------------
Repurchase Agreement: 21.86%
121,423,000 State Street Bank & Trust Co., 121,423,000
Repurchase Agreement, Dated
03/31/04, 0.93%, maturing
04/01/04 for $121,426,136,
collateralized by $122,890,000
FFCBs, FHLMCs, and FNMAs, 1.18%
to 2.50%, due 07/27/04 to
05/26/06, value $123,841,947
---------------
Total Repurchase Agreement
(Cost $121,423,000) 121,423,000
---------------
Total Short-Term Investments
(Cost $203,386,860) 203,386,860
---------------
================================================================================
U.S. TREASURY NOTES: 14.37%
- --------------------------------------------------------------------------------
35,855,000 1.625%, 02/28/2006 35,922,264
27,060,000 3.00%, 02/15/2009 27,362,314
11,130,000 2.625%, 03/15/2009 11,053,493
5,325,000 4.25%, 11/15/2013 5,509,921
---------------
Total U.S. Treasury Notes (Cost $79,317,893) 79,847,992
---------------
================================================================================
U.S. TREASURY BOND: 1.72%
- --------------------------------------------------------------------------------
6,600,000 8.75%, 05/15/2017 9,573,353
---------------
Total U.S. Treasury Bond (Cost $9,355,497) 9,573,353
---------------
================================================================================
U.S. GOVERNMENT SPONSORED
AGENCY OBLIGATIONS: 3.72%
- --------------------------------------------------------------------------------
3,350,000 Federal Home Loan Mortgage Corp., 3,381,745
2.125%, 11/15/2005
8,860,000 Federal Home Loan Mortgage Corp., 8,907,941
2.375%, 02/15/2007
3,430,000 Federal National Mortgage 3,489,682
Association,
3.875%, 11/17/2008
4,675,000 Federal National Mortgage 4,883,982
Association,
5.125%, 01/02/2014
---------------
Total U.S. Government Sponsored Agency Obligations
(Cost $20,243,440) 20,663,350
---------------
================================================================================
COLLATERALIZED MORTGAGE OBLIGATION: 0.88%
- --------------------------------------------------------------------------------
4,695,000 Federal National Mortgage 4,859,325
Association Series 2003-92
Class BR, 5.00%, 04/25/2014
---------------
Total Collateralized Mortgage Obligation
(Cost $4,876,483) 4,859,325
---------------
================================================================================
MORTGAGE PASS-THROUGHS: 33.35%
- --------------------------------------------------------------------------------
5,288,707 Federal National Mortgage 5,517,205
Association Pool #703712,
5.50%, 02/01/2018
8,645,000 Federal National Mortgage 8,753,063
Association Pool TBA,
4.50%, 04/25/2019
(Note A, p. 29)
14,330,000 Federal National Mortgage 14,733,031
Association Pool TBA,
5.00%, 04/25/2019
(Note A, p. 29)
13,020,000 Federal National Mortgage 13,565,212
Association Pool TBA,
5.50%, 04/25/2019
(Note A, p. 29)
44,904 Federal National Mortgage 47,318
Association Pool #667071,
6.50%, 07/01/2022
186,217 Federal National Mortgage 196,225
Association Pool #313649,
6.50%, 08/01/2027
429,183 Federal National Mortgage 451,732
Association Pool #412590,
6.50%, 02/01/2028
469,549 Federal National Mortgage 494,219
Association Pool #556484,
6.50%, 10/01/2028
7,591 Federal National Mortgage 7,989
Association Pool #252212,
6.50%, 01/01/2029
42,525 Federal National Mortgage 44,759
Association Pool #414761,
6.50%, 02/01/2029
7,931 Federal National Mortgage 8,348
Association Pool #449291,
6.50%, 02/01/2029
10,426 Federal National Mortgage 10,973
Association Pool #459498,
6.50%, 02/01/2029
48,483 Federal National Mortgage 50,982
Association Pool #484965,
6.50%, 06/01/2029
2,504 Federal National Mortgage 2,633
Association Pool #497759,
6.50%, 07/01/2029
17,244 Federal National Mortgage 18,133
Association Pool #509037,
6.50%, 08/01/2029
Schedule of Investments--Taxable Bond Portfolios 21
================================================================================
Principal Amount Description Market Value
================================================================================
$ 8,590 Federal National Mortgage $ 9,033
Association Pool #515259,
6.50%, 10/01/2029
120,511 Federal National Mortgage 129,257
Association Pool #535083,
7.50%, 12/01/2029
122,781 Federal National Mortgage 131,646
Association Pool #537332,
7.50%, 06/01/2030
152,657 Federal National Mortgage 163,680
Association Pool #253355,
7.50%, 07/01/2030
792,797 Federal National Mortgage 834,450
Association Pool #535701,
6.50%, 11/01/2030
85,765 Federal National Mortgage 91,958
Association Pool #535661,
7.50%, 01/01/2031
157,797 Federal National Mortgage 169,142
Association Pool #563742,
7.50%, 01/01/2031
424,463 Federal National Mortgage 446,097
Association Pool #585228,
6.50%, 05/01/2031
107,974 Federal National Mortgage 113,477
Association Pool #582600,
6.50%, 06/01/2031
89,373 Federal National Mortgage 95,826
Association Pool #535996,
7.50%, 06/01/2031
7,081 Federal National Mortgage 7,442
Association Pool #583960,
6.50%, 07/01/2031
104,551 Federal National Mortgage 109,879
Association Pool #584968,
6.50%, 07/01/2031
171,219 Federal National Mortgage 183,529
Association Pool #592496,
7.50%, 07/01/2031
320,803 Federal National Mortgage 337,153
Association Pool #253894,
6.50%, 08/01/2031
107,672 Federal National Mortgage 113,160
Association Pool #606950,
6.50%, 10/01/2031
2,451,733 Federal National Mortgage 2,576,688
Association Pool #607367,
6.50%, 11/01/2031
111,258 Federal National Mortgage 119,292
Association Pool #545304,
7.50%, 11/01/2031
7,807 Federal National Mortgage 8,205
Association Pool #634585,
6.50%, 01/01/2032
16,898 Federal National Mortgage 17,758
Association Pool #631415,
6.50%, 02/01/2032
512,269 Federal National Mortgage 538,361
Association Pool #634245,
6.50%, 03/01/2032
53,903 Federal National Mortgage 56,648
Association Pool #635801,
6.50%, 04/01/2032
9,422 Federal National Mortgage 9,902
Association Pool #638141,
6.50%, 04/01/2032
7,520 Federal National Mortgage 7,903
Association Pool #640901,
6.50%, 04/01/2032
9,447 Federal National Mortgage 9,928
Association Pool #641102,
6.50%, 05/01/2032
698,187 Federal National Mortgage 748,363
Association Pool #644592,
7.50%, 05/01/2032
1,871,923 Federal National Mortgage 1,967,266
Association Pool #254346,
6.50%, 06/01/2032
277,547 Federal National Mortgage 291,683
Association Pool #640047,
6.50%, 06/01/2032
558,304 Federal National Mortgage 586,740
Association Pool #545760,
6.50%, 07/01/2032
920,036 Federal National Mortgage 966,896
Association Pool #646288,
6.50%, 07/01/2032
469,387 Federal National Mortgage 493,294
Association Pool #651595,
6.50%, 07/01/2032
706,033 Federal National Mortgage 741,994
Association Pool #670405,
6.50%, 07/01/2032
1,816,094 Federal National Mortgage 1,908,594
Association Pool #545817,
6.50%, 08/01/2032
54,870 Federal National Mortgage 57,665
Association Pool #637429,
6.50%, 08/01/2032
55,975 Federal National Mortgage 58,825
Association Pool #653667,
6.50%, 08/01/2032
935,510 Federal National Mortgage 983,158
Association Pool #656100,
6.50%, 09/01/2032
469,910 Federal National Mortgage 493,844
Association Pool #663779,
6.50%, 09/01/2032
7,749 Federal National Mortgage 8,143
Association Pool #672786,
6.50%, 09/01/2032
408,005 Federal National Mortgage 418,427
Association Pool #653386,
5.50%, 10/01/2032
22 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 855,709 Federal National Mortgage $ 899,294
Association Pool #650324,
6.50%, 10/01/2032
8,030 Federal National Mortgage 8,439
Association Pool #662545,
6.50%, 10/01/2032
958,803 Federal National Mortgage 1,007,638
Association Pool #672910,
6.50%, 11/01/2032
194,432 Federal National Mortgage 208,405
Association Pool #666935,
7.50%, 11/01/2032
979,106 Federal National Mortgage 1,028,975
Association Pool #672464,
6.50%, 12/01/2032
1,964,877 Federal National Mortgage 2,064,955
Association Pool #673137,
6.50%, 12/01/2032
433,277 Federal National Mortgage 455,345
Association Pool #685331,
6.50%, 02/01/2033
32,808 Federal National Mortgage 34,479
Association Pool #555404,
6.50%, 03/01/2033
409,612 Federal National Mortgage 430,479
Association Pool #698986,
6.50%, 04/01/2033
27,666 Federal National Mortgage 29,076
Association Pool #699898,
6.50%, 04/01/2033
73,895 Federal National Mortgage 77,659
Association Pool #254796,
6.50%, 07/01/2033
291,277 Federal National Mortgage 298,717
Association Pool #736532,
5.50%, 08/01/2033
292,999 Federal National Mortgage 300,460
Association Pool #738262,
5.50%, 09/01/2033
5,096,470 Government National Mortgage 5,326,220
Association Pool #562288,
6.00%, 12/15/2033
170,987 Federal National Mortgage 179,642
Association Pool #255162,
6.50%, 03/01/2034
4,510,000 Government National Mortgage 4,542,418
Association Pool TBA,
5.00%, 04/15/2034
(Note A, p. 29)
28,730,000 Federal Home Loan Mortgage 29,448,250
Corp. Pool TBA,
5.50%, 04/15/2034
(Note A, p. 29)
11,360,000 Government National Mortgage 11,686,600
Association Pool TBA,
5.50%, 04/15/2034
(Note A, p. 29)
6,765,000 Federal Home Loan Mortgage 7,031,372
Corp. Pool TBA,
6.00%, 04/15/2034
(Note A, p. 29)
7,815,000 Government National Mortgage 8,249,709
Association Pool TBA,
6.50%, 04/15/2034
(Note A, p. 29)
8,090,000 Federal National Mortgage 7,907,975
Association Pool TBA,
4.50%, 04/25/2034
(Note A, p. 29)
22,220,000 Federal National Mortgage 22,324,167
Association Pool TBA,
5.00%, 04/25/2034
(Note A, p. 29)
16,475,000 Federal National Mortgage 16,881,735
Association Pool TBA,
5.50%, 04/25/2034
(Note A, p. 29)
1,085,000 Federal National Mortgage 1,129,418
Association Pool TBA,
6.00%, 04/25/2034
(Note A, p. 29)
3,655,000 Federal National Mortgage 3,840,034
Association Pool TBA,
6.50%, 04/25/2034
(Note A, p. 29)
---------------
Total Mortgage Pass-Throughs
(Cost $185,130,437) 185,298,589
---------------
================================================================================
AEROSPACE/DEFENSE: 0.07%
- --------------------------------------------------------------------------------
365,000 Boeing Capital Corp., Senior 385,412
Note, 4.75%, 08/25/2008
---------------
Total Aerospace/Defense (Cost $364,456) 385,412
---------------
================================================================================
AUTOMOTIVE: 1.19%
- --------------------------------------------------------------------------------
42,000 TRW Automotive, Senior 50,400
Subordinated Note,
11.00%, 02/15/2013,
Callable 02/15/2008 @ 105.5
475,000 Keystone Automotive Operations 522,500
Inc., Rule 144A,
9.75%, 11/01/2013,
Callable 11/01/2008 @ 104.88
(Note B, p. 29)
3,050,000 Ford Motor Co., 3,054,804
7.45%, 07/16/2031
2,640,000 General Motors Corp., 3,003,567
8.375%, 07/15/2033
---------------
Total Automotive (Cost $6,392,855) 6,631,271
---------------
Schedule of Investments--Taxable Bond Portfolios 23
================================================================================
Principal Amount Description Market Value
================================================================================
BANKING: 4.24%
- --------------------------------------------------------------------------------
$ 420,000 Washington Mutual Finance Corp., $ 456,903
6.25%, 05/15/2006
1,400,000 U.S. Bank N A, 1,434,142
2.85%, 11/15/2006
860,000 Mizuho JGB Investment LLC, 1,012,566
Series A, Rule 144A,
9.87%, 06/30/2008
(Notes B & C, p. 29)
3,110,000 Citigroup Inc., Subordinated 3,708,809
Note, Global Bond,
7.25%, 10/01/2010
1,300,000 Unicredito Italiano Capital 1,656,373
Trust II, Rule 144A,
9.20%, 10/05/2010
(Notes B & C, p. 29)
980,000 ING Capital Funding Trust III, 1,222,677
8.439%, 12/30/2010
(Note C, p. 29)
1,390,000 J.P. Morgan Chase & Co., 1,623,102
6.75%, 02/01/2011
905,000 Barclays Bank plc, Rule 144A, 1,078,462
7.375%, 12/15/2011
(Notes B & C, p. 29)
1,520,000 Bank of America Corp., Senior 1,728,435
Note, 6.25%, 04/15/2012
460,000 M&T Bank Corp., Subordinated 465,072
Note, 3.85%, 04/01/2013,
Callable 04/01/2008 @ 100
(Note C, p. 29)
635,000 Capital One Bank, Subordinated 691,966
Note, 6.50%, 06/13/2013
2,235,000 RBS Capital Trust I, 2,201,962
4.709%, 07/01/2013
(Note C, p. 29)
845,000 UFJ Finance Aruba AEC, 936,083
6.75%, 07/15/2013
1,075,000 Mizuho Financial Group Ltd. 1,104,888
(Cayman), Rule 144A,
5.79%, 04/15/2014
(Note B, p. 29)
120,000 Royal Bank of Scotland Group 124,006
plc, Subordinated Note,
5.00%, 10/01/2014
1,990,000 Great Western Financial Trust 2,356,763
II, Series A, 8.206%, 02/01/2027,
Callable 02/01/2007@ 104.1
810,000 HSBC Capital Funding LP, Rule 1,223,606
144A, 10.176%, 06/30/2030
(Notes B & C, p. 29)
400,000 Barclays Bank plc, Rule 144A, 503,442
8.55%, 09/29/2049
(Notes B & C, p. 29)
---------------
Total Banking (Cost $21,960,050) 23,529,257
---------------
================================================================================
BROADCASTING/MEDIA: 1.36%
- --------------------------------------------------------------------------------
890,000 News America Holdings, 1,171,225
9.25%, 02/01/2013
1,195,000 Liberty Media Corp., Senior Note, 1,250,294
5.70%, 05/15/2013
2,070,000 Time Warner Entertainment Co., 2,589,961
Senior Debenture,
8.375%, 03/15/2023
1,225,000 AOL Time Warner Inc., 1,453,630
7.70%, 05/01/2032
1,015,000 News America Holdings, 1,080,273
6.55%, 03/15/2033
---------------
Total Broadcasting/Media (Cost $6,982,472) 7,545,383
---------------
================================================================================
BUILDING/REAL ESTATE: 0.53%
- --------------------------------------------------------------------------------
845,000 Vornado Realty Trust, 868,261
4.75%, 12/01/2010
400,000 ERP Operating LP, 417,046
5.20%, 04/01/2013
210,000 LNR Property Corp., Senior 222,600
Subordinated Note, Rule 144A,
7.25%, 10/15/2013,
Callable 10/15/2008 @ 103.62
(Note B, p. 29)
1,465,000 EOP Operating LP, 1,446,988
4.75%, 03/15/2014
---------------
Total Building/Real Estate (Cost $2,918,259) 2,954,895
---------------
================================================================================
CABLE: 0.41%
- --------------------------------------------------------------------------------
105,000 Insight Midwest LP, Senior 109,987
Note, 9.75%, 10/01/2009,
Callable 10/01/2004 @ 104.88
270,000 EchoStar DBS Corp., Senior 288,225
Note, Rule 144A,
6.375%, 10/01/2011
(Note B, p. 29)
115,000 CSC Holdings Inc., Senior 120,175
Subordinated Debenture,
9.875%, 02/15/2013,
Callable 05/01/2004 @ 103.6
1,550,000 Comcast Corp., Class A, 1,729,061
7.05%, 03/15/2033
---------------
Total Cable (Cost $2,124,476) 2,247,448
---------------
================================================================================
CHEMICALS: 0.16%
- --------------------------------------------------------------------------------
120,000 Equistar Chemicals LP, 129,600
10.125%, 09/01/2008
150,000 Huntsman International LLC, 165,750
9.875%, 03/01/2009,
Callable 03/01/2006 @ 104.94
140,000 Resolution Performance 143,500
Products, Senior Note,
9.50%, 04/15/2010,
Callable 04/15/2006 @ 104.75
24 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 435,000 Equistar Chemicals LP, Senior $ 470,888
Note, 10.625%, 05/01/2011,
Callable 05/01/2007 @ 105.31
---------------
Total Chemicals (Cost $896,883) 909,738
---------------
================================================================================
COMMUNICATIONS: 1.42%
- --------------------------------------------------------------------------------
1,105,000 Telus Corp., 1,257,985
7.50%, 06/01/2007
1,375,000 Verizon Global Funding Corp., 1,643,839
7.375%, 09/01/2012
1,450,000 Sprint Capital Corp., 1,511,258
6.875%, 11/15/2028
1,335,000 Deutsche Telekom International 1,756,550
Finance BV,
8.75%, 06/15/2030
1,355,000 Sprint Capital Corp., 1,718,785
8.75%, 03/15/2032
---------------
Total Communications (Cost $7,390,198) 7,888,417
---------------
================================================================================
COMMUNICATIONS-FIXED: 0.22%
- --------------------------------------------------------------------------------
930,000 British Telecommunications plc, 1,245,350
8.875%, 12/15/2030
---------------
Total Communications-Fixed (Cost $1,158,550) 1,245,350
---------------
================================================================================
COMMUNICATIONS-MOBILE: 1.17%
- --------------------------------------------------------------------------------
1,055,000 Verizon Wireless Inc., 1,137,182
5.375%, 12/15/2006
15,000 AT&T Wireless Services Inc., 17,917
Senior Note, 7.875%, 03/01/2011
185,000 American Cellular Corp., 178,525
Senior Note
10.00%, 08/01/2011,
Callable 08/01/2007 @ 105
80,000 Triton PCS Inc., 76,000
8.75%, 11/15/2011,
Callable 11/15/2006 @ 104.38
560,000 Rural Cellular Corp., Rule 575,400
144A, 8.25%, 03/15/2012,
Callable 03/15/08 @ 104.12
(Note B, p. 29)
105,000 Nextel Communications Inc., 112,088
Senior Note, 6.875%, 10/31/2013,
Callable 10/31/2008 @ 103.44
1,290,000 America Movil S.A de C.V., 1,289,257
Rule 144A, 5.50%, 03/01/2014
(Note B, p. 29)
445,000 Nextel Communications Inc., 483,938
Senior Note,
7.375%, 08/01/2015,
Callable 08/01/2008 @ 103.69
595,000 Vodafone Group plc, 756,707
7.875%, 02/15/2030
1,425,000 AT&T Wireless Services Inc., 1,854,933
Senior Note, 8.75%, 03/01/2031
---------------
Total Communications-Mobile
(Cost $6,209,714) 6,481,947
---------------
================================================================================
CONGLOMERATE/MISCELLANEOUS: 0.22%
- --------------------------------------------------------------------------------
1,160,000 Hutchison Whampoa Ltd., Rule 1,218,566
144A, 7.45%, 11/24/2033
(Note B, p. 29)
---------------
Total Conglomerate/Miscellaneous
(Cost $1,152,727) 1,218,566
---------------
================================================================================
CONSUMER MANUFACTURING: 0.22%
- --------------------------------------------------------------------------------
540,000 Fortune Brands Inc., 550,144
2.875%, 12/01/2006
100,000 Jostens Inc., Senior 113,500
Subordinated Note Class A,
12.75%, 05/01/2010,
Callable 05/01/2005 @ 106.38
560,000 Broder Brothers, Senior Note, 562,800
Rule 144A, 11.25%, 10/15/2010,
Callable 10/15/2007 @ 105.62
(Note B, p. 29)
---------------
Total Consumer Manufacturing (Cost $1,210,934) 1,226,444
---------------
================================================================================
ELECTRONICS: 0.13%
- --------------------------------------------------------------------------------
695,000 Jabil Circuit Inc., Senior Note, 746,587
5.875%, 07/15/2010
---------------
Total Electronics (Cost $690,117) 746,587
---------------
================================================================================
ENERGY: 0.84%
- --------------------------------------------------------------------------------
980,000 Conoco Funding Co., 1,059,365
5.45%, 10/15/2006
200,000 Hilcorp Energy I LP, Senior 223,000
Note, Rule 144A,
10.50%, 09/01/2010,
Callable 09/01/2007 @ 105.25
(Note B, p. 29)
25,000 CITGO Petroleum Corp., Senior 29,313
Note, 11.375%, 02/01/2011,
Callable 02/01/2007 @ 105.69
1,530,000 Conoco Inc., Senior Note, 1,788,986
6.95%, 04/15/2029
1,295,000 Valero Energy Corp., 1,545,941
7.50%, 04/15/2032
---------------
Total Energy (Cost $4,264,896) 4,646,605
---------------
Schedule of Investments--Taxable Bond Portfolios 25
================================================================================
Principal Amount Description Market Value
================================================================================
ENTERTAINMENT/LEISURE: 0.13%
- --------------------------------------------------------------------------------
$ 650,000 Six Flags Inc., Senior Note, $ 693,875
Rule 144A, 9.625%, 06/01/2014,
Callable 06/01/2009 @ 104.81
(Note B, p. 29)
---------------
Total Entertainment/Leisure (Cost $689,171) 693,875
---------------
================================================================================
FINANCIAL: 7.00%
- --------------------------------------------------------------------------------
1,685,000 CIT Group Inc., Senior Note, 1,751,212
4.125%, 02/21/2006
1,030,000 American General Finance 1,044,352
Corp., Medium-Term Note Series
H, 3.00%, 11/15/2006
870,000 John Deere Capital Corp., 923,486
4.50%, 08/22/2007
615,000 American General Finance 650,819
Corp., Medium-Term Note Series
H, 4.50%, 11/15/2007
430,000 CIT Group Inc., Senior Note, 467,823
5.50%, 11/30/2007
1,045,000 Countrywide Home Loans, Inc., 1,096,367
Medium-Term Note, Series K,
4.25%, 12/19/2007
1,455,000 Household Finance Corp., 1,648,634
6.50%, 11/15/2008
3,455,000 Trac X High Yield, Rule 144A, 3,511,144
7.375%, 03/25/2009
(Note B, p. 29)
11,410,000 Trac X High Yield, Rule 144A, 11,495,575
8.00%, 03/25/2009
(Note B, p. 29)
3,030,000 Ford Motor Credit Co., 3,308,860
7.375%, 02/01/2011
1,375,000 Countrywide Home Loans, Inc. 1,362,800
Medium-Term Note, Series L,
4.00%, 03/22/2011
645,000 Lehman Brothers Holdings Inc., 746,563
6.625%, 01/18/2012
565,000 Household Finance Corp., 664,073
7.00%, 05/15/2012
650,000 Goldman Sachs Group Inc., 651,139
4.75%, 07/15/2013
1,855,000 Ford Motor Credit Co., 1,960,917
7.00%, 10/01/2013
385,000 Capital One Financial Corp., 411,710
6.25%, 11/15/2013
1,225,000 CBA Capital Trust I, Rule 1,300,223
144A, 5.805%, 06/30/2015
(Note B, p. 29)
895,000 Royal & Sun Alliance Insurance 950,807
Group plc,
8.95%, 10/15/2029
350,000 General Motors Acceptance Corp., 388,542
8.00%, 11/01/2031
2,260,000 General Electric Capital 2,619,518
Corp., Medium-Term Note Series
A, 6.75%, 03/15/2032
735,000 Morgan Stanley, 890,445
7.25%, 04/01/2032
1,035,000 Goldman Sachs Group Inc., 1,067,759
6.345%, 02/15/2034
---------------
Total Financial (Cost $37,931,597) 38,912,768
---------------
================================================================================
FOOD/BEVERAGE: 1.02%
- --------------------------------------------------------------------------------
850,000 Diageo Finance BV, Senior Note, 866,039
3.00%, 12/15/2006
455,000 Swift & Co., 493,675
10.125%, 10/01/2009,
Callable 10/01/2006 @ 105.06
1,315,000 Delhaize America Inc., 1,518,825
8.125%, 04/15/2011
690,000 Tyson Foods Inc., Rule 144A, 823,796
8.25%, 10/01/2011
(Note B, p. 29)
660,000 Safeway Inc., Debenture, 745,719
7.25%, 02/01/2031
1,125,000 Anheuser-Busch Cos., Inc., 1,205,281
Debenture, 5.95%, 01/15/2033
---------------
Total Food/Beverage (Cost $5,417,473) 5,653,335
---------------
================================================================================
GAMING: 0.06%
- --------------------------------------------------------------------------------
220,000 Riviera Holdings Corp., 232,375
11.00%, 06/15/2010,
Callable 06/15/2006 @ 105.5
90,000 Venetian Casino Resort LLC, 103,950
11.00%, 06/15/2010,
Callable 06/15/2006 @ 105.5
---------------
Total Gaming (Cost $323,834) 336,325
---------------
================================================================================
HEALTHCARE: 0.65%
- --------------------------------------------------------------------------------
675,000 Bristol-Myers Squibb Co., 715,185
4.75%, 10/01/2006
885,000 UnitedHealth Group Inc., 899,479
Senior Note,
3.30%, 01/30/2008
90,000 Concentra Operating Corp., 99,450
13.00%, 08/15/2009,
Callable 05/01/2004 @ 113
615,000 Alliance Imaging Inc., Senior 616,537
Subordinated Note,
10.375%, 04/15/2011,
Callable 04/15/2006 @ 105.19
510,000 HCA Inc., 549,829
6.75%, 07/15/2013
685,000 Humana Inc., Senior Note, 744,803
6.30%, 08/01/2018
---------------
Total Healthcare (Cost $3,499,670) 3,625,283
---------------
26 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
HOTEL/LODGING: 0.04%
- --------------------------------------------------------------------------------
$ 205,000 Vail Resorts Inc., Rule 144A, $ 206,538
6.75%, 02/15/2014,
Callable 02/15/2009 @ 103.38
(Note B, p. 29)
---------------
Total Hotel/Lodging (Cost $205,000) 206,538
---------------
================================================================================
INDUSTRIAL: 0.77%
- --------------------------------------------------------------------------------
285,000 Tyco International Group SA, 303,572
6.375%, 02/15/2006
1,280,000 Tyco International Group SA, 1,360,673
5.80%, 08/01/2006
185,000 FastenTech Inc., Senior Note, 208,125
Rule 144A, 11.50%, 05/01/2011,
Callable 05/01/2007 @ 105.75
(Note B, p. 29)
95,000 TriMas Corp., 104,025
9.875%, 06/15/2012,
Callable 06/15/2007 @ 104.94
250,000 H&E Equipment Services LLC, 261,250
11.125%, 06/15/2012,
Callable 06/15/2007 @ 105.56
1,965,000 General Electric Co., 2,061,179
5.00%, 02/01/2013
---------------
Total Industrial (Cost $4,133,315) 4,298,824
---------------
================================================================================
INSURANCE: 1.34%
- --------------------------------------------------------------------------------
780,000 MetLife Inc., 807,803
5.00%, 11/24/2013
735,000 Assurant Inc., Rule 144A, 767,061
5.625%, 02/15/2014,
(Note B, p. 29)
960,000 Mangrove Bay Pass-Through 1,002,797
Trust, Rule 144A,
6.102%, 07/15/2033,
Callable 07/15/2013 @ 100
(Notes B & C, p. 29)
960,000 Oil Insurance Ltd., 997,849
Subordinated Debenture, Rule
144A, 5.15%, 08/15/2033,
Callable 08/15/2008 @ 100
(Notes B & C, p. 29)
2,010,000 Zurich Capital Trust, Rule 2,336,046
144A, 8.376%, 06/01/2037,
Callable 06/01/2007 @ 104.19
(Note B, p. 29)
1,345,000 SAFECO Capital Trust I, 1,549,917
8.072%, 07/15/2037,
Callable 07/15/07 @ 104.04
---------------
Total Insurance (Cost $7,314,113) 7,461,473
---------------
================================================================================
METALS/MINING: 0.04%
- --------------------------------------------------------------------------------
$ 225,000 AK Steel Corp., $ 207,000
7.875%, 02/15/2009,
Callable 02/15/2004 @ 103.94
---------------
Total Metals/Mining (Cost $198,686) 207,000
---------------
================================================================================
PAPER/PACKAGING: 0.83%
- --------------------------------------------------------------------------------
910,000 Abitibi-Consolidated Inc., 953,731
8.30%, 08/01/2005
225,000 Owens-Brockway Glass 244,125
Container Inc.,
8.875%, 02/15/2009,
Callable 02/15/2006 @ 104.44
5,000 International Paper Co., 5,694
6.75%, 09/01/2011
95,000 Smurfit-Stone Container Corp., 104,025
8.25%, 10/01/2012,
Callable 10/01/2007 @ 104.12
465,000 Sealed Air Corp., Rule 144A, 488,263
5.625%, 07/15/2013
(Note B, p. 29)
460,000 Packaging Corp. of America 484,895
5.75%, 08/01/2013
1,015,000 International Paper Co., 1,029,775
5.30%, 04/01/2015
1,145,000 Weyerhaeuser Co., 1,318,394
7.375%, 03/15/2032
---------------
Total Paper/Packaging (Cost $4,487,982) 4,628,902
---------------
================================================================================
PETROLEUM PRODUCTS: 0.56%
- --------------------------------------------------------------------------------
20,000 Amerada Hess Corp., 22,131
6.65%, 08/15/2011
1,125,000 Amerada Hess Corp., 1,277,209
7.875%, 10/01/2029
1,720,000 Amerada Hess Corp., 1,811,669
7.125%, 03/15/2033
---------------
Total Petroleum Products (Cost $3,080,504) 3,111,009
---------------
================================================================================
PUBLIC UTILITIES-ELECTRIC & GAS: 2.38%
- --------------------------------------------------------------------------------
21,135 AES Corp., Rule 144A, 21,769
10.00%, 07/15/2005,
Callable 12/15/2004 @ 100
(Note B, p. 29)
1,595,000 KeySpan Corp., 1,734,467
7.25%, 11/15/2005
65,000 KeySpan Corp., 70,612
6.15%, 06/01/2006
965,000 Yorkshire Power Finance, 1,033,599
6.496%, 02/25/2008
820,000 Duke Energy Corp., 840,994
3.75%, 03/05/2008
55,000 Southern Natural Gas Co., 61,325
8.875%, 03/15/2010,
Callable 03/15/2007 @ 104.44
Schedule of Investments--Taxable Bond Portfolios 27
================================================================================
Principal Amount Description Market Value
================================================================================
$ 435,000 Calpine Corp., Rule 144A, $ 402,375
8.50%, 07/15/2010,
Callable 07/15/2007 @ 104.25
(Note B, p. 29)
1,170,000 CenterPoint Energy Inc., 1,283,501
Senior Note, 7.25%, 09/01/2010
590,000 Nisource Finance Corp., 714,506
7.875%, 11/15/2010
1,135,000 Carolina Power & Light Co., 1,292,104
6.50%, 07/15/2012
410,000 MidAmerican Energy Holdings 444,027
Co., Senior Note,
5.875%, 10/01/2012
410,000 Public Service Co. of Colorado, 512,202
7.875%, 10/01/2012
75,000 Southern Natural Gas Co., 72,375
7.35%, 02/15/2031
3,025,000 FirstEnergy Corp., Series C, 3,384,606
7.375%, 11/15/2031
1,340,000 Pacific Gas & Electric Co., 1,360,980
6.05%, 03/01/2034
---------------
Total Public Utilities-Electric & Gas
(Cost $12,685,572) 13,229,442
---------------
================================================================================
PUBLIC UTILITIES--TELEPHONE: 0.28%
- --------------------------------------------------------------------------------
1,505,000 Telecom Italia Capital Corp., 1,578,945
Rule 144A, 6.375%, 11/15/2033
(Note B, p. 29)
---------------
Total Public Utilities--Telephone
(Cost $1,503,003) 1,578,945
---------------
================================================================================
PUBLISHING: 0.04%
- --------------------------------------------------------------------------------
80,000 Houghton Mifflin Co., Senior 82,700
Note, 8.25%, 02/01/2011,
Callable 02/01/2007 @ 104.12
110,000 R.H. Donnelley Corp., Senior 131,725
Subordinated Note, Rule 144A,
10.875%, 12/15/2012,
Callable 12/15/2007 @ 105.44
(Note B, p. 29)
---------------
Total Publishing (Cost $190,000) 214,425
---------------
================================================================================
RETAIL: 0.12%
- --------------------------------------------------------------------------------
630,000 Petro Stopping Centers LP, 652,050
Rule 144A, 9.00%, 02/15/2012,
Callable 02/15/2008 @ 104.5
(Note B, p. 29)
---------------
Total Retail (Cost $654,644) 652,050
---------------
================================================================================
SERVICE: 0.04%
- --------------------------------------------------------------------------------
220,000 Iron Mountain Inc., 214,500
6.625%, 01/01/2016,
Callable 07/01/2008 @ 103.31
---------------
Total Service (Cost $212,424) 214,500
---------------
================================================================================
SUPERMARKET/DRUG: 0.46%
- --------------------------------------------------------------------------------
135,000 Rite Aid Corp., 150,525
9.50%, 02/15/2011,
Callable 02/15/2007 @ 104.38
540,000 Pathmark Stores Inc., 567,000
8.75%, 02/01/2012,
Callable 02/01/2007 @ 104.38
185,000 Roundy's Inc., Series B, 204,425
8.875%, 06/15/2012,
Callable 06/15/2007 @ 104.44
1,455,000 Albertson's Inc., Debenture, 1,658,109
7.45%, 08/01/2029
---------------
Total Supermarket/Drug (Cost $2,562,171) 2,580,059
---------------
================================================================================
TECHNOLOGY: 0.02%
- --------------------------------------------------------------------------------
75,000 ON Semiconductor Corp., 93,000
12.00%, 03/15/2010,
Callable 03/15/2007 @ 106
---------------
Total Technology (Cost $71,951) 93,000
---------------
================================================================================
ASSET-BACKED SECURITIES: 2.76%
- --------------------------------------------------------------------------------
1,390,000 Honda Auto Receivables Owner 1,402,423
Trust, Series 2003-4 Class A3,
2.19%, 05/15/2007
930,000 World Omni Auto Receivables 935,524
Trust, Series 2003-B Class A3,
2.20%, 01/15/2008
2,145,000 Discover Card Master Trust I, 2,320,495
Series 2000-9 Class A,
6.35%, 07/15/2008
25,000 MBNA Credit Card Master Note 26,989
Trust, Series 2001-A1 Class A1,
5.75%, 10/15/2008
245,000 Fleet Credit Card Master Trust 263,690
II, Series 2001-B Class A,
5.60%, 12/15/2008
3,220,000 DaimlerChrysler Auto Trust, 3,263,760
Series 2003-B Class A4,
2.86%, 03/09/2009
4,095,000 Citibank Credit Card Issuance 4,140,667
Trust, Series 2003-A3 Class A3,
3.10%, 03/10/2010
1,785,000 World Omni Auto Receivables 1,807,598
Trust, Series 2003-B Class A4,
2.87%, 11/15/2010
28 Sanford C. Bernstein Fund, Inc.--2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,176,179 Countrywide Home Loans, Series $ 1,176,920
2003-49 Class A1,
1.642%, 12/19/2033
(Note C, p. 29)
---------------
Total Asset-Backed Securities
(Cost $15,045,256) 15,338,066
---------------
================================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.65%
- --------------------------------------------------------------------------------
3,545,000 LB-UBS Commercial Mortgage 3,598,530
Trust, Series 2003-C5 Class A2,
3.478%, 07/15/2027
3,060,000 LB-UBS Commercial Mortgage 3,547,670
Trust, Series 2001-C2 Class A2,
6.653%, 11/15/2027
1,900,000 J.P. Morgan Chase Commercial 1,649,523
Mortgage Securities, Series
2004-C1 Class A2,
4.302%, 01/15/2038
1,755,000 Banc of America Commercial 1,791,715
Mortgage, Inc., Series 2004-1
Class A2, 4.037%, 11/10/2039
2,140,000 GS Mortgage Securities Corp. 2,189,590
II, Series 2003-C1 Class A2A,
3.59%, 01/10/2040
1,905,000 Morgan Stanley Capital I, 1,936,775
Series 2004-T13 Class A2,
3.94%, 09/13/2045
---------------
Total Commercial Mortgage-Backed Securities
(Cost $14,614,389) 14,713,803
---------------
================================================================================
SOVEREIGN DEBT: 2.47%
- --------------------------------------------------------------------------------
4,665,000 Italy (Republic of), 4,742,159
2.50%, 03/31/2006
523,609 Ukraine (Republic of), 586,442
11.00%, 03/15/2007
105,000 Ukraine (Republic of), 110,381
7.65%, 06/11/2013
3,420,000 Russian Federation, 3,426,413
5.00%, 03/31/2030
4,420,000 United Mexican States, 4,828,850
7.50%, 04/08/2033
---------------
Total Sovereign Debt (Cost $13,225,525) 13,694,245
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments ($694,073,477) 126.49% $ 702,730,656
(Note D, p. 29)
- --------------------------------------------------------------------------------
Cash and Other Assets, Less Liabilities (26.49) (147,162,905)
--------- ---------------
Net Assets (Equivalent to $15.73
per share based on 35,324,999
shares of capital stock outstanding) 100.00% $ 555,567,751
========= ===============
================================================================================
(A) When-issued security.
(B) Security is exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At March 31,
2004, the aggregate market value of these securities amounted to
$38,099,841 or 6.86% of net assets.
(C) Variable rate coupon, rate shown as of March 31, 2004.
(D) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $9,607,886 and gross unrealized
depreciation of investments was $950,707, resulting in net unrealized
appreciation of $8,657,179.
Explanation of abbreviations:
FFCB--Federal Farm Credit Bank
FHLMC--Federal Home Loan Mortgage Corporation
FNMA--Federal National Mortgage Association
TBA--To Be Announced
See Notes to Financial Statements.
Schedule of Investments--Taxable Bond Portfolios 29
SCBMFSEMIANNTAX0304
Sanford C. Bernstein Fund, Inc.
- --------------------------------------------------------------------------------
MARCH 31, 2004
- --------------------------------------------------------------------------------
Schedule of Investments
To the Semiannual Report
For the Municipal Bond
Portfolios
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Short Duration Diversified Municipal
- --------------------------------------------------------------------------------
Short Duration California Municipal
- --------------------------------------------------------------------------------
Short Duration New York Municipal
- --------------------------------------------------------------------------------
Diversified Municipal
- --------------------------------------------------------------------------------
California Municipal
- --------------------------------------------------------------------------------
New York Municipal
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Short Duration Diversified Municipal Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
TAX-EXEMPT VARIABLE-RATE DEMAND NOTES: 10.89%
- --------------------------------------------------------------------------------
$ 3,920,000 New Jersey State, Tax & $ 3,929,330
Revenue Anticipation Notes,
Series A,
2.00%, 06/25/2004
6,630,000 Michigan Municipal Bond 6,655,923
Authority Revenue, Series B-2,
2.00%, 08/23/2004
(Note A, p. 7)
7,935,000 Texas State, Tax & Revenue 7,968,565
Anticipation Notes,
2.00%, 08/31/2004
3,595,000 Illinois Development Finance 3,595,000
Authority, Pollution Control
Revenue, Illinois Power Project,
1.50%, 11/01/2028
2,500,000 Coconino County, Arizona, 2,500,000
Pollution Control Corp.
Revenue, Arizona Public
Service, Navajo Project, Series A
1.16%, 10/01/2029
1,000,000 Coconino County, Arizona, 1,000,000
Pollution Control Corp.
Revenue, Arizona Public
Service Co. Project,
1.13%, 11/01/2033
1,000,000 Michigan State Strategic Fund, 1,000,000
Limited Obligation Revenue,
Henry Ford Museum Project,
1.10%, 12/01/2033
---------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $26,641,502) 26,648,818
---------------
================================================================================
PREREFUNDED/ESCROWED: 10.18%
- --------------------------------------------------------------------------------
4,400,000 Neshaminy, Pennsylvania, 4,496,448
School District,
7.00%, 02/15/2014,
Prerefunded 08/15/2004 @ 100
2,000,000 Texas State, Public Finance 2,047,200
Authority, Series A,
5.75%, 10/01/2011,
Prerefunded 10/01/2004 @ 100
2,500,000 Lakeland, Florida, Utilities 2,611,825
Tax Revenue, Series A, FGIC,
6.00%, 10/01/2017,
Prerefunded 10/01/2004 @ 102
6,930,000 Pennsylvania State, Third 7,277,678
Series, FGIC,
6.70%, 11/15/2010,
Prerefunded 11/15/2004 @ 101.5
2,200,000 Iron County School District, 2,293,126
Utah, MBIA,
6.50%, 01/15/2013,
Prerefunded 01/15/2005 @ 100
2,500,000 Massachusetts State, 2,621,325
Consolidated Loan,
Series A, MBIA,
5.75%, 02/01/2015,
Prerefunded 02/01/2005 @ 101
2,245,000 New Jersey State Turnpike 2,398,513
Authority Revenue,
Series A, MBIA,
5.50%, 01/01/2006,
Escrowed to Maturity
1,120,000 Daytona Beach, Florida, Water 1,156,109
& Sewer Revenue,
6.75%, 11/15/2007,
Escrowed to Maturity
---------------
Total Prerefunded/Escrowed (Cost $24,861,141) 24,902,224
---------------
================================================================================
INSURED: 21.82%
- --------------------------------------------------------------------------------
4,040,000 Wisconsin State, 4,051,635
Series C, MBIA,
5.00%, 05/01/2004
1,000,000 Massachusetts State Health & 1,004,320
Educational Facilities
Authority, Revenue, New
England Medical Center
Hospital Series H, FGIC,
5.00%, 05/15/2004
275,000 Pennsylvania Economic 276,427
Development Financing
Authority, Northwestern Human
Services, Series A, ACA,
4.60%, 06/01/2004
2,365,000 Tulsa, Oklahoma, Airports 2,379,450
Improvement Trust General
Revenue, Tulsa International
Airport, FGIC,
5.00%, 06/01/2004
1,165,000 Ivy Technical State College, 1,173,330
Indiana, Individual Student
Fee, Series G, AMBAC,
4.00%, 07/01/2004
1,620,000 Florida State Correctional 1,637,026
Privatization Community,
Certificates of Participation, MBIA,
4.25%, 08/01/2004
*See Note 1, page 40 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 1
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,670,000 Alabama Water Pollution $ 1,691,059
Control Authority, AMBAC
4.50%, 08/15/2004
4,000,000 Seattle, Washington, Municipal 4,113,800
Light & Power Revenue, FSA
6.00%, 11/01/2004
1,115,000 Chicago, Illinois, Public 1,154,739
Building Commission Revenue,
Series C, FGIC,
5.375%, 02/01/2005
2,000,000 Garland, Texas, Independent 2,051,120
School District, Refunding,
Series A, PSF Guaranteed,
4.00%, 02/15/2005
1,780,000 York County, South Carolina, 1,859,050
Refunding, FGIC,
5.00%, 06/01/2005
1,335,000 Chelsea, Massachusetts, 1,395,449
Refunding State Qualifying,
AMBAC,
5.00%, 06/15/2005
2,000,000 Maricopa County, Arizona, 2,021,080
School District No. 11, Peoria
Unified, FSA,
2.00%, 07/01/2005
(Note B, p. 7)
5,665,000 Dade County, Florida, School 5,957,314
District, Refunding, AMBAC,
5.20%, 07/15/2005
6,775,000 Hawaii State, Series CB, FSA, 7,251,621
5.50%, 01/01/2006
1,000,000 Goose Creek Consolidated 1,065,700
Independent School District,
Texas, Series A, PSF
Guaranteed,
5.00%, 02/15/2006
3,180,000 Pennsylvania State, First 3,463,147
Series, MBIA,
5.00%, 01/01/2007
1,000,000 Palm Beach County School 1,098,980
Board, Florida, Certificates
of Participation, Series E, AMBAC,
5.00%, 08/01/2007
1,070,000 Pennsylvania State, Refunding 1,185,282
Second Series, FGIC,
5.00%, 10/01/2007
1,000,000 Massachusetts State 1,094,920
Development Finance Agency,
Resource Recovery Revenue,
Semass Systems, Series B,
AMT, MBIA,
5.25%, 01/01/2008
1,300,000 Richardson, Texas, Independent 1,388,621
School District, PSF Guaranteed,
4.00%, 02/15/2008
1,010,000 Chicago, Illinois, 1,036,159
Transportation Authority
Revenue, Series B, AMBAC,
4.25%, 06/01/2008
1,300,000 Essex County Improvement 1,319,058
Authority, New Jersey,
Revenue, Property & Equipment
Program, MBIA,
6.50%, 12/01/2012
1,440,000 Butler County, Ohio, MBIA, 1,590,206
5.25%, 12/01/2019
2,110,000 Pennsylvania State Higher 2,122,238
Educational Facilities
Authority Revenue, Thomas
Jefferson University, AMBAC,
2.20%, 07/31/2031
(Note C, p. 7)
---------------
Total Insured (Cost $53,028,236) 53,381,731
---------------
================================================================================
TAX SUPPORTED: 35.22%
- --------------------------------------------------------------------------------
State General Obligations: 6.41%
1,000,000 Georgia State, Series B, 1,000,000
6.25%, 04/01/2004
2,500,000 Texas State, Public Finance 2,560,800
Authority, Series B,
6.00%, 10/01/2004
1,000,000 Ohio State, Higher Education 1,032,490
Capital Facilities, Series A,
5.00%, 02/01/2005
2,000,000 Maryland State & Local 2,076,420
Facilities Improvement Loan,
Capital Improvement, Series A,
5.25%, 03/01/2005
1,600,000 North Carolina State Public 1,630,928
Improvement, Series B,
3.00%, 04/01/2005
1,500,000 New Hampshire State, Capital 1,576,770
Improvement, Series A,
4.00%, 04/15/2006
250,000 California State, 268,637
5.50%, 06/01/2006
760,000 California State, 830,422
5.00%, 02/01/2010
4,700,000 California State, Series D-3 4,708,648
1.89%, 05/01/2033
(Note C, p. 7)
---------------
Total State General Obligations
(Cost $15,663,753) 15,685,115
---------------
Local General Obligations: 15.89%
1,745,000 Hingham, Massachusetts, 1,745,000
Municipal Purpose Loan,
4.00%, 04/01/2004
1,030,000 Knox County, Tennessee, 1,030,000
Refunding,
5.00%, 04/01/2004
2 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 3,670,000 Mecklenburg County, North $ 3,670,000
Carolina, Series C,
5.25%, 04/01/2004
2,295,000 Jordan School District, Utah, 2,312,649
5.00%, 06/15/2004
2,180,000 Seattle, Washington, Refunding 2,198,181
& Improvement Limited Tax,
4.50%, 07/01/2004
3,190,000 Seattle, Washington, 3,225,887
4.50%, 08/01/2004
3,130,000 New York City, New York, 3,169,814
Series G,
5.00%, 08/01/2004
3,090,000 Lexington-Fayette Urban County 3,114,473
Government, Kentucky,
2.00%, 02/01/2005
4,050,000 Collin County, Texas, 4,084,263
Refunding Road,
2.00%, 02/15/2005
(Note B, p. 7)
1,410,000 Acton & Boxborough Regional 1,437,255
School District, Massachusetts,
Bond Anticipation Notes,
3.00%, 04/01/2005
6,850,000 Franklin, Massachusetts, Bond 6,982,411
Anticipation Notes,
3.00%, 04/01/2005
2,180,000 Newburyport, Massachusetts, 2,222,837
Bond Anticipation Notes,
3.00%, 05/01/2005
1,185,000 Fulton De Kalb, Georgia, 1,235,635
Hospital Authority Revenue,
4.00%, 01/01/2006
1,250,000 Dallas County, Texas, 1,383,250
Community College District,
Maintenance Tax Notes,
5.00%, 02/15/2008
(Note B, p. 7)
1,030,000 Dove Valley, Colorado, 1,040,516
2.875%, 05/01/2020
(Note C, p. 7)
---------------
Total Local General Obligations
(Cost $38,743,929) 38,852,171
---------------
Tax Lease: 2.90%
4,500,000 Tobacco Settlement Financing 4,707,450
Corp., New York, Series C-1,
5.50%, 06/01/2009
470,000 Tobacco Settlement Financing 489,402
Corp., New York, Series C-1,
5.50%, 06/01/2010
1,800,000 Tobacco Settlement Financing 1,900,854
Corp., New York Tobacco Asset-
Backed Bonds, Series A-1,
5.25%, 06/01/2012
---------------
Total Tax Lease (Cost $7,108,843) 7,097,706
---------------
Special Tax: 10.02%
350,000 Las Vegas Special Improvement 350,553
District No. 808-Summerlin
Area, Nevada Local
Improvement Bonds,
5.20%, 06/01/2004
520,000 South Tahoe, California, Joint 520,146
Powers Financing Authority,
Bond Anticipation Notes,
Redevelopment Project,
Series 1-B,
3.00%, 10/01/2004
200,000 Reunion West Community 200,332
Development District, Florida,
Special Assessment Revenue,
Bond Anticipation Notes,
5.25%, 10/01/2004
635,000 Lexington Oaks Community 639,902
Development District, Florida,
Special Assessment Revenue,
Series B,
5.50%, 05/01/2005
200,000 Heritage Isles Community 200,734
Development District, Florida,
Special Assessment Revenue,
Series A,
5.75%, 05/01/2005
50,000 Sampson Creek Community 50,529
Development District, Florida,
Capital Improvement Revenue,
Series B,
6.30%, 05/01/2005
300,000 Vistancia Community Facilities 301,809
District, Arizona,
4.00%, 07/15/2005
485,000 North Las Vegas, Nevada, 488,875
Special Improvement District
No. 60, Aliante,
3.50%, 12/01/2005
2,000,000 Chicago, Illinois, Tax 2,098,880
Increment, Allocation
Subordinated Central Loop
Redevelopment, Series A,
6.50%, 12/01/2005
5,000 Meadow Pointe III Community 5,088
Development District, Florida,
Capital Improvement Revenue,
Series 2001-1,
5.90%, 01/01/2006
125,000 Harbour Lake Estates Community 127,613
Development District, Florida,
Special Assessment,
6.40%, 02/01/2006
135,000 Capital Region Community 137,303
Development District, Florida,
Capital Improvement, Series B,
5.95%, 05/01/2006
Schedule of Investments -- Municipal Bond Portfolios 3
================================================================================
Principal Amount Description Market Value
================================================================================
$ 3,275,000 Tulsa County, Oklahoma, $ 3,436,097
Industrial Authority Capital
Improvements Revenue, Series B,
4.00%, 05/15/2006
250,000 Bella Terra Community 253,445
Development District, Florida,
Special Assessment,
5.65%, 11/01/2006
400,000 Dove Mountain Resort Community 406,820
Facilities District, Arizona,
Assessment Lien,
6.00%, 12/01/2006
975,000 Village Community Development 993,720
District No. 5, Florida,
Special Assessment Revenue,
Series B,
5.40%, 05/01/2007
490,000 Double Branch Community 502,108
Development District, Florida,
Special Assessment, Series B-1,
5.60%, 05/01/2007
365,000 Vizcaya Community Development 372,983
District, Florida, Special Assessment,
5.90%, 05/01/2007
310,000 University Place Community 317,195
Development District, Florida,
Special Assessment, Series B,
6.10%, 05/01/2007
55,000 Fishhawk Community Development 56,814
District, Florida, Special Assessment,
6.65%, 05/01/2007
55,000 Lake Powell Residential Golf 56,667
Community Development
District, Florida, Special
Assessment Revenue, Series C,
6.70%, 05/01/2007
4,970,000 New York City, New York, 5,494,186
Transitional Finance
Authority, Future Tax Secured,
Subseries D-1,
5.00%, 11/01/2007
360,000 Reunion East Community 369,115
Development District, Florida,
Special Assessment, Series B,
5.90%, 11/01/2007
465,000 Villasol Community Development 474,216
District, Florida, Special
Assessment Revenue, Series B,
5.375%, 05/01/2008
70,000 Stoneybrook Community 71,369
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.70%, 05/01/2008
495,000 Narcoossee Community 507,222
Development District, Florida,
Special Assessment, Series B,
5.75%, 05/01/2008
160,000 Waterchase Community 162,310
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.90%, 05/01/2008
450,000 Heritage Harbour South 459,653
Community Development
District, Florida, Special
Assessment Revenue Capital
Improvement, Series B,
5.40%, 11/01/2008
335,000 Bonita Springs, Florida, 351,271
Vasari Community Development
District, Capital Improvement
Revenue, Series B,
6.20%, 05/01/2009
195,000 Saddlebrook Community 203,311
Development District,
Florida, Special Assessment,
Series B,
6.25%, 05/01/2009
700,000 Meadow Pointe III Community 698,117
Development District, Florida,
Capital Improvements Revenue,
Series 2004-1,
4.80%, 11/01/2009
245,000 Gateway Services Community 249,336
Development District, Florida,
Special Assessment, Sun City
Center, Fort Meyers Project,
Series B,
5.50%, 05/01/2010
325,000 Harbor Bay Community 340,444
Development District, Florida,
Capital Improvement Revenue,
Series B,
6.35%, 05/01/2010
125,000 Lakewood Ranch Community 130,436
Development District No. 5,
Florida, Special Assessment
Revenue, Series B,
6.00%, 05/01/2011
2,000,000 New York City, New York, 2,301,300
Transitional Finance Authority
Revenue, Future Tax Secured,
Series A,
5.50%, 11/01/2026
(Note C, p. 7)
4 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,050,000 New York City, New York, $ 1,177,522
Transitional Finance
Authority, Tax Secured
Refunding, Series B,
5.25%, 02/01/2029
(Note C, p. 7)
---------------
Total Special Tax (Cost $24,089,091) 24,507,421
---------------
Total Tax Supported (Cost $85,605,616) 86,142,413
---------------
================================================================================
REVENUE: 24.02%
- --------------------------------------------------------------------------------
Electric Revenue: 12.45%
1,355,000 Snohomish County, Washington, 1,380,217
Public Utility District No.
001 Electric Revenue,
4.00%, 12/01/2004
2,235,000 North Carolina Municipal Power 2,288,707
Agency No. 1, Catawba,
Electric Revenue, Series A,
5.00%, 01/01/2005
6,465,000 Salt River Agricultural 6,651,903
Improvement & Power District,
Arizona, Electric Systems
Revenue, Refunding Salt River
Project, Series A,
5.00%, 01/01/2005
2,150,000 California Department of Water 2,241,117
Resources Power Supply
Revenue, Series A,
5.50%, 05/01/2005
3,290,000 Long Island Power Authority, 3,413,638
New York, Electric Systems
Revenue, Series B,
5.00%, 06/01/2005
1,665,000 South Carolina State, Public 1,767,281
Service Authority Revenue,
Series D,
5.00%, 01/01/2006
3,745,000 California Department of Water 4,025,538
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2006
7,950,000 San Antonio, Texas, Electric & 8,694,358
Gas, Refunding,
5.25%, 02/01/2007
---------------
Total Electric Revenue (Cost $30,205,891) 30,462,759
---------------
Health Care Revenue: 3.97%
1,020,000 Maricopa County Industrial 1,025,620
Development Authority,
Arizona, Health Facilities
Revenue, Catholic Healthcare
West Project, Series A,
4.35%, 07/01/2004
560,000 Illinois Health Facilities 574,577
Authority, Revenue, Advocate
Network Health Care,
5.50%, 11/15/2004
1,245,000 Colorado Health Facilities 1,272,191
Authority Revenue, Catholic
Health Initiatives, Series A,
4.00%, 03/01/2005
715,000 Connecticut State Health & 719,283
Educational Facilities
Authority, Revenue, Hospital
for Special Care, Series B,
5.125%, 07/01/2007
430,000 Allegheny County Hospital 477,695
Development Authority,
Pennsylvania, Revenue, West
Pennsylvania Health System,
Series B,
9.25%, 11/15/2022
5,400,000 Jacksonville, Florida, 5,652,450
Economic Development
Commission, Healthcare
Facilities Revenue, Series B
4.00%, 09/01/2023
(Note C, p. 7)
---------------
Total Health Care Revenue (Cost $9,592,382) 9,721,816
---------------
Higher Education Revenue: 1.52%
1,460,000 Ohio State University General 1,506,589
Receipts, Ohio State
University, Series B,
4.00%, 06/01/2005
2,200,000 Allegheny County Industrial 2,202,662
Development Authority,
Pennsylvania, Watson
Educational Center,
1.875%, 05/01/2031
(Note C, p. 7)
---------------
Total Higher Education Revenue
(Cost $3,701,858) 3,709,251
---------------
Tobacco Revenue: 2.13%
1,110,000 Nassau County, New York, 1,126,728
Tobacco Settlement Corp.,
Asset Backed, Series A,
5.50%, 07/15/2013
1,900,000 Golden State Tobacco 1,910,298
Securitization Corp.,
California Tobacco Settlement
Revenue, Series A-1,
5.00%, 06/01/2021
2,205,000 Tobacco Settlement Authority, 2,168,683
Washington, Tobacco
Settlement Asset Backed Bonds,
6.50%, 06/01/2026
---------------
Total Tobacco Revenue (Cost $5,220,372) 5,205,709
---------------
Schedule of Investments -- Municipal Bond Portfolios 5
================================================================================
Principal Amount Description Market Value
================================================================================
Miscellaneous Revenue: 0.15%
$ 370,000 Broad Street Community $ 378,814
Development Authority,
Virginia, Revenue,
7.125%, 06/01/2015
---------------
Total Miscellaneous Revenue (Cost $370,000) 378,814
---------------
Industrial Development/Pollution Control
Revenue: 3.80%
1,005,000 Richland County, South 1,063,411
Carolina Environmental
Improvement Revenue,
International Paper Co.
Projects, Series A,
4.25%, 10/01/2007
300,000 Midland County Economic 314,493
Development Corp., Michigan,
Pollution Control Revenue,
Series A, AMT,
6.875%, 07/23/2009
1,175,000 Ohio State, Water Development 1,175,846
Authority, Pollution Control
Facilities Revenue, Refunding,
Series A,
2.20%, 04/01/2024
(Note C, p. 7)
1,285,000 New Hampshire State, Business 1,292,003
Finance Authority, Pollution
Control Revenue,
2.05%, 07/01/2027
1,000,000 Pope County, Arkansas, Revenue, 1,020,780
Refunding Entergy Inc. Project,
5.05%, 09/01/2028
(Note C, p. 7)
1,215,000 Maricopa County, Arizona, 1,215,000
Pollution Control Revenue,
Public Service Company, Series E,
1.875%, 05/01/2029
(Note C, p. 7)
1,150,000 Matagorda County, Texas, 1,150,966
Navigation District No.1,
Pollution Control Revenue,
Refunding Central Power,
Series A,
2.15%, 05/01/2030
(Note C, p. 7)
1,030,000 Brazos River Authority, Texas, 1,030,000
Pollution Control Revenue, TXU
Electric Co. Project, Series A,
4.95%, 10/01/2030
(Note C, p. 7)
1,000,000 Maricopa County Industrial 1,021,230
Development Authority, Arizona,
Solid Waste Disposal Revenue,
Waste Management Inc. Project,
4.80%, 12/01/2031
(Note C, p. 7)
---------------
Total Industrial Development/Pollution
Control Revenue (Cost $9,192,955) 9,283,729
---------------
Total Revenue (Cost $58,283,458) 58,762,078
---------------
================================================================================
ASSET-BACKED SECURITIES: 3.45%
- --------------------------------------------------------------------------------
Housing: 3.45%
1,520,000 Rhode Island Housing & 1,537,343
Mortgage Finance Corp.,
Homeownership Opportunity
Notes, Series 46-B,
2.25%, 03/15/2007
895,000 West Virginia State Housing 895,421
Development Fund, Series D, AMT,
3.25%, 11/01/2015
530,000 Georgia State Housing & 533,217
Finance Authority, Revenue,
Single-Family Mortgage,
Subseries C3,
4.875%, 12/01/2015
1,505,000 Munimae Trust, Series 2001-6, 1,563,574
Class A,
4.80%, 01/14/2026
1,530,000 Colorado Housing & Finance 1,540,894
Authority, Single-Family,
Series A-2, AMT,
7.25%, 05/01/2027
165,000 District of Columbia Housing 172,247
Finance Agency, Mortgage
Revenue, Single-Family,
Series A, AMT,
6.75%, 06/01/2028
1,985,000 District of Columbia Housing 2,183,420
Finance Agency Mortgage
Revenue, Single-Family,
Series A, AMT,
6.85%, 06/01/2031
---------------
Total Housing (Cost $8,398,629) 8,426,116
---------------
Total Asset-Backed Securities
(Cost $8,398,629) 8,426,116
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments (Cost $256,818,582) 105.58% $ 258,263,380
(Note D, p. 7)
Cash and Other Assets, Less Liabilities (5.58) (13,649,677)
--------- ---------------
Net Assets (Equivalent to $12.66 per
share based on 19,318,057 shares of
capital stock outstanding) 100.00% $ 244,613,703
========= ===============
6 Sanford C. Bernstein Fund, Inc. -- 2003 Annual Report
======================================================================================
INTEREST RATE SWAPS
- ----------------------------------------------------------------------------------------------
Notional Rate Unrealized
Amount Description Received Rate Paid Termination Date Gain/(Loss)
- ----------------------------------------------------------------------------------------------
$ 2,000,000 BMA Interest 2.62% Variable* 11/01/2004 $ 36,804
Rate Swap
11,900,000 Interest 85.10% of Variable* 02/03/2006 (7,312)
Rate Swap 1 Month LIBOR+
2,000,000 BMA Interest 2.31 Variable* 11/01/2006 9,415
Rate Swap
2,000,000 BMA Interest Variable* 4.03 11/01/2011 (157,906)
Rate Swap
----------
Total Interest Rate Swaps $(118,999)
----------
*Variable interest based on the BMA (Bond Market Association) Municipal Swap
Index, which fluctuates weekly.
+Interest based on LIBOR (London Interbank Offered Rate).
- --------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for
interest rate swaps.
(B) When-issued security.
(C) Variable rate coupon, rate shown as of March 31, 2004.
(D) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $1,616,129 and gross unrealized
depreciation of investments was $171,331, resulting in net unrealized
appreciation of $1,444,798.
Explanation of abbreviations:
ACA--American Capital Access
AMBAC--American Municipal Bond Assurance Corporation
AMT--Subject to Alternative Minimum Tax
FGIC--Financial Guaranty Insurance Company
FSA--Financial Security Assurance, Inc.
MBIA--Municipal Bond Investors Assurance Corporation
PSF Guaranteed--(Texas) Permanent Schools Funds
- --------------------------------------------------------------------------------
Allocation of Portfolio Net Assets at March 31, 2004:
Alabama 0.69%
Arizona 6.60
Arkansas 0.42
California 5.93
Colorado 1.58
Connecticut 0.29
Florida 10.65
Georgia 1.13
Hawaii 2.96
Illinois 3.46
Indiana 0.48
Kansas 0.64
Kentucky 1.27
Maryland 0.85
Massachusetts 7.56
Michigan 3.26
Nevada 0.34
New Hampshire 1.17
New Jersey 3.13
New York 9.72
North Carolina 3.10
Ohio 2.17
Oklahoma 2.38
Pennsylvania 8.79
Rhode Island 0.63
South Carolina 1.92
Tennessee 0.42
Texas 13.66
Utah 1.88
Virginia 0.16
Washington 5.35
West Virginia 0.37
Wisconsin 1.66
District of Columbia 0.96
Cash and Other Assets, Less Liabilities (5.58)
-------
Total 100.00%
=======
See Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 7
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Short Duration California Municipal Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
TAX-EXEMPT VARIABLE-RATE DEMAND NOTES:12.39%
$ 2,410,000 California School Cash Reserve $ 2,416,700
Program Authority, Series A,
2.00%, 07/06/2004
2,200,000 Puerto Rico Commonwealth Tax & 2,207,458
Revenue, Anticipation Notes,
2.00%, 07/30/2004
3,400,000 Oregon State, Tax Anticipation 3,425,976
Notes,
2.25%, 11/15/2004
1,650,000 California State, Series A-2, 1,650,000
1.12%, 05/01/2033
---------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $9,698,367) 9,700,134
---------------
================================================================================
PREREFUNDED/ESCROWED: 7.20%
- --------------------------------------------------------------------------------
1,000,000 Los Angeles, California, 1,052,930
Department of Water & Power,
Electric Plant Revenue,
6.00%, 02/15/2028,
Prerefunded 2/15/2005 @ 101
1,240,000 Los Angeles County 1,301,368
Metropolitan Transportation
Authority, California, Sales
Tax Revenue, Proposition C-2nd
Series A, AMBAC,
5.00%, 07/01/2025,
Prerefunded 07/01/2005 @ 100
1,000,000 San Bernardino County, 1,092,210
California, Certificates of
Participation, Medical Center
Financing Project, Series A, MBIA,
6.50%, 08/01/2028,
Prerefunded 08/01/2005 @ 102
2,000,000 California State Public Works 2,195,260
Board, Lease Revenue,
Department of Corrections,
Series A, AMBAC,
5.75%, 01/01/2012,
Prerefunded 01/01/2006 @ 102
---------------
Total Prerefunded/Escrowed (Cost $5,663,279) 5,641,768
---------------
================================================================================
INSURED: 40.98%
- --------------------------------------------------------------------------------
1,000,000 Alameda Unified School 1,010,840
District, California,
Refunding, FSA,
5.50%, 07/01/2004
1,435,000 Lodi Unified School District, 1,444,471
California, MBIA,
3.00%, 08/01/2004
1,000,000 Long Beach Finance Authority, 1,006,600
California, Tax Allocation
Revenue, North Long Beach
Redevelopment, AMBAC,
3.00%, 08/01/2004
2,400,000 San Jose Unified School 2,415,840
District, California, County,
Series A, FSA,
3.00%, 08/01/2004
1,000,000 Chino Basin Regional Financing 1,014,300
Authority, California, Revenue
Municipal Water District Sewer
Systems Project, AMBAC,
5.40%, 08/01/2004
200,000 Los Angeles, California, 202,890
Harbor Department Revenue,
Crossover Refunding, Series A, AMBAC,
5.50%, 08/01/2004
1,000,000 Sacramento Municipal Utility 1,007,400
District, California, Electric
Revenue, Refunding, Series Q, FSA,
3.00%, 08/15/2004
1,250,000 San Joaquin Hills 1,239,763
Transportation Corridor
Agency, California, Toll Road
Revenue, Capital Appreciation
Refunding, Series A, MBIA,
0.00%, 01/15/2005
1,050,000 Alhambra Redevelopment Agency, 1,072,113
California, Tax Allocation,
Refunding Industrial
Redevelopment Project, FSA,
3.00%, 05/01/2005
2,850,000 Beverly Hills Public Financing 2,945,617
Authority, California, Lease
Refunding, Series A, MBIA,
4.00%, 06/01/2005
1,000,000 Los Angeles County 1,035,700
Metropolitan Transportation
Authority, California, Sales
Tax Revenue, Refunding
Proposition C-2nd Senior,
Series A, MBIA,
4.00%, 07/01/2005
2,450,000 Los Angeles, Community College 2,510,588
District, California,
Refunding, Series A, FSA,
3.00%, 08/01/2005
1,250,000 Los Angeles, California, 1,282,500
Series A, MBIA,
3.00%, 09/01/2005
*See Note 1, page 40 in Notes to Financial Statements.
8 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,070,000 San Francisco City & County, $ 1,148,570
California, Airports
Commission, California
International Airport,
Refunding, 2nd Series-27A, MBIA,
5.50%, 05/01/2006
1,000,000 California Department of 1,064,520
Transportation Revenue,
Federal Highway Grant,
Anticipation Bonds, Series A, AMBAC,
4.00%, 02/01/2007
1,295,000 California Department of Water 1,427,932
Resources, Power Supply
Revenue, Series A, MBIA,
5.25%, 05/01/2007
1,000,000 Fontana Public Financing 1,086,860
Authority, California, Tax
Allocation Revenue, North
Fontana Redevelopment Project,
Series A, FSA,
5.25%, 09/01/2020
1,000,000 San Jose Unified School 1,057,080
District, California, Series A, FSA,
5.00%, 08/01/2021
1,460,000 Northern California Power 1,535,716
Agency, Public Power Revenue,
Hydroelectric Project No. 1,
Series A, MBIA,
5.125%, 07/01/2023
1,300,000 Fremont, California, 1,309,906
Certificates of Participation,
Refinancing Project, AMBAC,
1.70%, 08/01/2025
(Note A, p. 12)
2,170,000 Long Beach, California, Harbor 2,176,792
Revenue, Series A, MBIA,
4.00%, 05/15/2027
(Note A, p. 12)
1,500,000 Rancho Water District 1,509,420
Financing Authority,
California, Revenue,
Refunding, Series A, FGIC,
3.00%, 08/01/2029
(Note A, p. 12)
1,500,000 Santa Clara Valley, 1,588,725
Transportation Authority,
California, Sales Tax Revenue,
Measure A, AMBAC,
4.00%, 04/01/2036
(Note A, p. 12)
---------------
Total Insured (Cost $31,826,351) 32,094,143
---------------
================================================================================
TAX SUPPORTED: 20.09%
- --------------------------------------------------------------------------------
State General Obligations: 6.34%
2,055,000 California State, 2,162,477
4.75%, 03/01/2006
1,020,000 California State, 1,096,041
5.50%, 06/01/2006
125,000 California State, 126,646
5.00%, 11/01/2022
1,575,000 California State, Series D-3, 1,577,898
1.89%, 05/01/2033
(Note A, p. 12)
---------------
Total State General Obligations
(Cost $4,940,968) 4,963,062
---------------
Local General Obligations: 8.49%
2,490,000 Los Angeles Unified School 2,496,449
District, California, Tax &
Revenue, Anticipation Notes, Series A,
2.00%, 07/01/2004
1,000,000 Fremont-Newark Community 1,006,500
College District, California, Series A,
3.00%, 08/01/2004
1,030,000 New York City, New York, 1,043,102
Series G,
5.00%, 08/01/2004
2,065,000 Franklin, Massachusetts, Bond 2,104,916
Anticipation Notes,
3.00%, 04/01/2005
---------------
Total Local General Obligations
(Cost $6,633,220) 6,650,967
---------------
Tax Lease: 0.14%
105,000 Puerto Rico Urban Renewal & 105,342
Housing Corp.,
7.875%, 10/01/2004
---------------
Total Tax Lease (Cost $105,244) 105,342
---------------
Special Tax: 5.12%
100,000 Chula Vista Community 100,163
Facilities District,
California, Special Tax No.
06-1 Eastlake Woods Area Series A,
2.40%, 09/01/2004
190,000 Salinas Public Financing 191,068
Authority, California,
Revenue, Refunding Assessment
Districts Refinancing
Subordinated B,
4.00%, 09/02/2004
200,000 South Tahoe, Joint Powers 200,056
Financing Authority,
California, Bond Anticipation
Notes, Redevelopment Project 1-B,
3.00%, 10/01/2004
Schedule of Investments -- Municipal Bond Portfolios 9
================================================================================
Principal Amount Description Market Value
================================================================================
$ 200,000 Reunion West Community $ 200,332
Development District, Florida,
Special Assessment Revenue,
Bond Anticipation Notes,
5.25%, 10/01/2004
1,800,000 Puerto Rico Commonwealth 1,875,636
Highways & Transportation,
Refunding, Series F,
5.00%, 07/01/2005
100,000 Chula Vista Community 101,254
Facilities District,
California, Special Tax No.
06-1 Eastlake Woods Area, Series A,
2.90%, 09/01/2005
200,000 Riverside, California, 200,136
Improvement Bond Act 1915,
Canyon Springs Assessment,
2.00%, 09/02/2005
190,000 North Las Vegas, Nevada, 191,518
Special Improvement District
No. 60 Aliante,
3.50%, 12/01/2005
190,000 Fishhawk Community Development 193,026
District No. 2, Florida,
Special Assessment Revenue, Series B,
5.00%, 11/01/2007
200,000 Vizcaya Community Development 202,320
District, Florida, Special
Assessment, Series B,
5.40%, 11/01/2007
200,000 Village Community Development 201,972
District No. 5, Florida,
Special Assessment Revenue, Series B,
5.00%, 05/01/2008
185,000 Villasol Community Development 188,667
District, Florida, Special
Assessment Revenue, Series B,
5.375%, 05/01/2008
160,000 Gateway Services Community 162,832
Development District, Florida,
Special Assessment, Sun City
Center, Fort Myers Project, Series B,
5.50%, 05/01/2010
---------------
Total Special Tax (Cost $3,977,695) 4,008,980
---------------
Total Tax Supported (Cost $15,657,127) 15,728,351
---------------
================================================================================
REVENUE: 15.04%
- --------------------------------------------------------------------------------
Electric Revenue: 3.17%
1,075,000 California Department of Water 1,120,558
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2005
1,270,000 California Department of Water 1,365,136
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2006
---------------
Total Electric Revenue (Cost $2,441,400) 2,485,694
---------------
Health Care Revenue: 1.44%
360,000 Maricopa County Industrial 361,984
Development Authority,
Arizona, Health Facilities
Revenue, Catholic Healthcare
West Project, Series A,
4.35%, 07/01/2004
135,000 Association of Bay Area 136,972
Governments Finance Authority
for Nonprofit Corp.,
California, Revenue, San Diego
Hospital Associates, Series A,
6.00%, 08/15/2004
610,000 California Statewide 625,622
Communities Development
Authority Revenue, Kaiser
Permanente, Series C,
3.70%, 11/01/2029
(Note A, p. 12)
---------------
Total Health Care Revenue (Cost $1,107,332) 1,124,578
---------------
Higher Education Revenue: 1.34%
1,045,000 CSUCI Financing Authority, 1,051,897
Revenue, California Rental Housing,
3.375%, 08/01/2031
(Note A, p. 12)
---------------
Total Higher Education Revenue
(Cost $1,045,564) 1,051,897
---------------
Tobacco Revenue: 2.13%
685,000 California County Tobacco 677,801
Securitization Agency, Alameda
County Tobacco Settlement
Asset-Backed Bonds,
4.75%, 06/01/2019
490,000 Tobacco Securitization 490,666
Authority of Northern
California Settlement Revenue,
Asset-Backed Bonds, Series B,
Sacramento County Tobacco
Securitization Corp.,
4.375%, 06/01/2021
500,000 Golden State Tobacco 502,710
Securitization Corp.,
California Tobacco Settlement
Revenue Series A-1,
5.00%, 06/01/2021
---------------
Total Tobacco Revenue (Cost $1,642,879) 1,671,177
---------------
10 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
Miscellaneous Revenue: 2.59%
$ 190,000 Meadow Pointe III Community $ 193,393
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.25%, 11/01/2007
1,500,000 Los Angeles County 1,701,150
Metropolitan Transportation
Authority, California, Sales
Tax Revenue, Refunding
Proposal A First Tier Senior,
Series A, FSA,
5.00%, 07/01/2011
(Note B, p. 12)
130,000 Broad Street Community 133,097
Development Authority,
Virginia, Revenue,
7.125%, 06/01/2015
---------------
Total Miscellaneous Revenue (Cost $1,970,592) 2,027,640
---------------
Industrial Development/Pollution Control
Revenue: 4.37%
785,000 California Pollution Control 783,972
Financing Authority, Pollution
Control Revenue, Southern
California Edison Series C,
2.00%, 03/01/2008
(Note A, p. 12)
380,000 Louisa Industrial Development 409,123
Authority, Virginia, Pollution
Control Revenue, Virginia
Electric & Power Co.,
5.25%, 12/01/2008
(Note A, p. 12)
400,000 Ohio Water Development 400,288
Authority, Pollution Control
Facilities Revenue, Refunding Series A,
2.20%, 04/01/2024
(Note A, p. 12)
320,000 Pope County, Arkansas, Revenue 326,650
Refunding, Entergy Arkansas,
Inc. Project, 5.05%, 09/01/2028 (Note A, p. 12)
390,000 Maricopa County Pollution 390,000
Control Corp., Arizona,
Pollution Control Revenue,
Arizona Public Service Co., Series F,
1.875%, 05/01/2029
(Note A, p. 12)
450,000 Matagorda County Navigation 450,378
District No. 1, Texas,
Pollution Control Revenue
Refunding, Central Power &
Light Co., Series B,
2.35%, 05/01/2030
(Note A, p. 12)
400,000 Maricopa County Industrial 408,492
Development Authority,
Arizona, Solid Waste Disposal
Revenue, Waste Management,
Inc., Project,
4.80%, 12/01/2031
(Note A, p. 12)
250,000 California Pollution Control 250,257
Financing Authority, Solid
Waste Disposal Revenue,
Republic Services Inc., Project,
2.00%, 12/01/2033
(Note A, p. 12)
---------------
Total Industrial Development/Pollution
Control Revenue (Cost $3,379,095) 3,419,160
---------------
Total Revenue (Cost $11,586,862) 11,780,146
---------------
================================================================================
ASSET-BACKED SECURITIES: 3.75%
- --------------------------------------------------------------------------------
Housing: 3.75%
550,000 East Bay Delta Housing & 569,206
Finance Agency, California,
Lease Revenue, Passthrough
Lease Purchase, MBIA,
4.25%, 06/01/2005
850,000 California Rural Home Mortgage 902,522
Finance Authority,
Single-Family Mortgage
Revenue, Mortgage-Backed
Securities Program, Series A,
GNMA/FNMA,
6.55%, 06/01/2030
(Note A, p. 12)
1,460,000 California Statewide 1,464,628
Communities Development
Authority, Multifamily Housing
Revenue, Fountains Seacliff
Apartments, Series Y,
2.10%, 10/15/2035
(Note A, p. 12)
---------------
Total Housing (Cost $2,912,684) 2,936,356
---------------
Total Asset-Backed Securities (Cost $2,912,684) 2,936,356
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments
(Cost $77,344,670) 99.45% $ 77,880,898
(Note C, p. 12)
Cash and Other Assets, Less Liabilities 0.55 430,993
--------- --------------
Net Assets (Equivalent to $12.66
per share based on 6,187,121
shares of capital stock outstanding) 100.00% $ 78,311,891
========= ===============
Schedule of Investments -- Municipal Bond Portfolios 11
======================================================================================
INTEREST RATE SWAPS
- --------------------------------------------------------------------------------------
Notional Rate Unrealized
Amount Description Received Rate Paid Termination Date Loss
- ----------------------------------------------------------------------------------------------
$4,000,000 BMA Interest 85.10% of Variable* 02/03/2006 $ (2,458)
Rate Swap 1 Month LIBOR+
----------
Total Interest Rate Swap $ (2,458)
==========
*Variable interest based on the BMA (Bond Market Association) Municipal Swap
Index, which fluctuates weekly.
+Interest based on LIBOR (London Interbank Offered Rate).
- --------------------------------------------------------------------------------
(A) Variable rate coupon, rate shown as of March 31, 2004.
(B) Represents entire or partial position segregated as collateral for
interest rate swaps.
(C) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $565,472 and gross unrealized depreciation
of investments was $29,244, resulting in net unrealized appreciation of
$536,228.
Explanation of abbreviations:
AMBAC--American Municipal Bond Assurance Corporation
FGIC--Financial Guaranty Insurance Company
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance, Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corporation
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Short Duration New York Municipal Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
SHORT-TERM NOTES: 5.05%
- --------------------------------------------------------------------------------
$ 3,500,000 Syracuse, New York, Revenue $ 3,506,300
Anticipation Notes, Series C,
1.75%, 06/30/2004
1,335,000 Syracuse, New York, Revenue 1,337,403
Anticipation Notes, Series D,
1.75%, 06/30/2004
1,270,000 Buffalo, New York, Revenue 1,277,341
Anticipation Notes, Series A,
2.75%, 07/29/2004
---------------
Total Short-Term Notes (Cost $6,120,415) 6,121,044
---------------
================================================================================
TAX-EXEMPT VARIABLE-RATE DEMAND BONDS/NOTES: 0.66%
- --------------------------------------------------------------------------------
800,000 New York City, New York, 800,000
Series 1994, Subseries E5,
1.11%, 08/01/2016
---------------
Total Tax-Exempt Variable-Rate Demand
Bonds/Notes (Cost $800,000) 800,000
---------------
================================================================================
PREREFUNDED/ESCROWED: 11.07%
- --------------------------------------------------------------------------------
2,730,000 New York City, New York, 2,817,660
Series A,
6.25%, 08/01/2009,
Prerefunded 08/01/2004 @ 101.50
1,000,000 New York State Medical Care 1,069,690
Facilities Finance Agency, New
York, Hospital Revenue FHA
Insured Series A, AMBAC,
6.80%, 08/15/2024,
Prerefunded 02/15/2005 @ 102
1,000,000 New York State Medical Care 1,070,120
Facilities Finance Agency,
Brookdale Hospital Medical
Center, Series A,
6.85%, 02/15/2017,
Prerefunded 02/15/2005 @ 102
*See Note 1, page 40 in Notes to Financial Statements.
12 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,250,000 New York State Local $ 1,336,488
Government Assistance Corp.,
Series A, AMBAC,
6.00%, 04/01/2024,
Prerefunded 04/01/2005 @ 102
2,545,000 New York City Municipal Water 2,718,009
Finance Authority, New York,
Water & Sewer System Revenue,
5.875%, 06/15/2025,
Prerefunded 06/15/2005 @ 101
1,000,000 New York City Transitional 1,083,150
Finance Authority, Fiscal
2003, Series C,
5.00%, 08/01/2006,
Economically Defeased to Maturity
1,390,000 New York State Urban 1,633,639
Development Corp.,
Correctional Facilities
Service Contract, Series D, FSA,
5.75%, 01/01/2015,
Prerefunded 01/01/2011 @ 100
585,000 New York State Environmental 691,704
Facilities Corp., State Water
Revolving Fund, New York City
Municipal Water Refunding, Series A,
5.75%, 06/15/2011,
Escrowed to Maturity
1,000,000 New York City, New York, 1,010,170
Series B, AMBAC,
8.25%, 06/01/2017,
Escrowed to Maturity
---------------
Total Prerefunded/Escrowed (Cost $13,236,546) 13,430,630
---------------
================================================================================
INSURED: 26.42%
- --------------------------------------------------------------------------------
1,115,000 Suffolk County, New York, 1,115,000
Refunding, Public Improvement,
Series A, MBIA,
3.00%, 04/01/2004
1,000,000 Long Island Power Authority, 1,000,000
New York, Electric Systems, MBIA,
5.00%, 04/01/2004
1,100,000 New York State Local 1,100,000
Government Assistance Corp.,
Refunding, Series A, AMBAC,
5.50%, 04/01/2004
1,000,000 Clarence Central School 1,001,980
District, New York, FSA,
2.75%, 05/15/2004
1,240,000 Trumansburg Central School 1,243,993
District, New York, FGIC,
2.625%, 06/15/2004
1,000,000 Fayetteville-Manlius Central 1,003,460
School District, New York, FGIC,
2.75%, 06/15/2004
1,900,000 North Syracuse Central School 1,907,486
District, New York, FSA,
3.00%, 06/15/2004
3,000,000 New York State Dormitory 3,036,930
Authority, Revenue, MBIA,
3.50%, 10/01/2004
2,000,000 Rochester, New York, Series B, FGIC, 2,034,900
3.00%, 02/15/2005
1,275,000 New York City Health & 1,308,150
Hospital Corp., Health System
Revenue, Series A, AMBAC,
4.00%, 02/15/2005
1,380,000 Erie County, New York, 1,407,572
Industrial Development Agency,
School Facilities Revenue,
City of Buffalo Project, FSA,
3.00%, 05/01/2005
1,225,000 Trumansburg Central School 1,252,232
District, New York, FGIC,
3.00%, 06/15/2005
1,450,000 Newark Central School 1,486,525
District, New York, FGIC,
3.25%, 06/15/2005
1,000,000 New York State Dormitory 1,063,470
Authority, Mental Health
Services Facilities Revenue,
Series E, AMBAC,
6.00%, 08/15/2005
1,000,000 Suffolk County, New York, 1,046,420
Industry Development Agency,
Southwest Sewer System
Revenue, XLCA,
4.00%, 02/01/2006
3,380,000 Port Authority of New York & 3,535,413
New Jersey, Consolidated 98th
Series, MBIA,
6.00%, 08/01/2009
1,500,000 New York State Thruway 1,703,985
Authority, Highway & Bridge
Trust Fund, Series 2002C, MBIA,
5.25%, 04/01/2010
1,260,000 MTA, New York Transit 1,423,800
Authority, Certificates of
Participation, Series A, AMBAC,
5.625%, 01/01/2013
1,160,000 New York State Thruway 1,267,938
Authority, Highway & Bridge
Trust Fund, Series B, MBIA,
5.25%, 04/01/2017
1,060,000 Florida State, Department of 1,139,055
Environmental Protection
Preservation Revenue, Florida
Forever Project, Series C, AMBAC,
5.00%, 07/01/2020
1,830,000 MTA, New York, FGIC, 1,963,846
5.25%, 11/15/2022
---------------
Total Insured (Cost $31,739,368) 32,042,155
---------------
Schedule of Investments -- Municipal Bond Portfolios 13
================================================================================
Principal Amount Description Market Value
================================================================================
TAX SUPPORTED: 30.24%
- --------------------------------------------------------------------------------
Local General Obligation: 5.75%
$ 1,500,000 New York City, New York, Series G, $ 1,519,080
5.00%, 08/01/2004
1,000,000 New York City, New York, 1,013,520
Series B,
5.25%, 08/01/2004
1,660,000 Suffolk County, New York, Tax 1,667,254
Anticipation Notes,
2.00%, 09/08/2004
1,000,000 New York City, New York, 1,060,170
Series A,
6.00%, 08/01/2005
1,610,000 New York City, New York, 1,723,570
Series G,
5.00%, 08/01/2006
---------------
Total Local General Obligation (Cost $6,950,017) 6,983,594
---------------
Tax Lease: 9.36%
1,240,000 New York State Housing Finance 1,244,067
Agency Revenue, Health
Facilities New York City Series A,
5.875%, 05/01/2004
105,000 Puerto Rico Commonwealth, 105,342
Urban Renewal & Housing Corp.,
7.875%, 10/01/2004
2,000,000 MTA, State Service Contract, 2,042,540
4.00%, 01/01/2005
1,000,000 New York State Dormitory 1,032,620
Authority, Mental Health
Services Facilities, Series C-1,
5.00%, 02/15/2005
1,565,000 New York State Thruway 1,633,594
Authority, State Service Contract,
5.60%, 04/01/2005
4,000,000 Tobacco Settlement Financing 4,184,400
Corp., New York, Series C-1,
5.50%, 06/01/2009
1,000,000 New York State Dormitory 1,108,940
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.25%, 08/01/2013
---------------
Total Tax Lease (Cost $11,226,523) 11,351,503
---------------
Special Tax: 15.13%
2,125,000 Municipal Assistance Corp., 2,147,928
New York, Series G,
5.50%, 07/01/2004
2,960,000 Municipal Assistance Corp., 2,995,461
New York, Series J,
6.00%, 07/01/2004
(Note A, p. 16)
300,000 South Tahoe, California, Joint 300,084
Powers Financing Authority,
Bond Anticipation Notes,
Redevelopment Project 1-B,
3.00%, 10/01/2004
300,000 Reunion West Community 300,498
Development District, Florida,
Special Assessment Revenue,
Bond Anticipation Notes,
5.25%, 10/01/2004
1,525,000 New York City Transitional 1,550,849
Finance Authority, Series
2003, Subseries 3A,
4.00%, 11/01/2004
2,400,000 Municipal Assistance Corp., 2,541,816
New York, Series E,
6.00%, 07/01/2005
3,355,000 New York City Transitional 3,494,434
Finance Authority, Future Tax
Secured, Subseries D-1,
4.00%, 11/01/2005
290,000 North Las Vegas, Local 292,317
Improvement Special District
No. 60, Nevada,
3.50%, 12/01/2005
1,745,000 Puerto Rico Commonwealth, 1,867,342
Highway & Transportation
Authority, Highway Revenue, Series AA,
5.00%, 07/01/2006
285,000 Fishhawk Community Development 289,540
District No. 2, Florida,
Special Assessment Revenue, Series B,
5.00%, 11/01/2007
285,000 Meadow Pointe III Community 290,090
Development District, Florida,
Capital Improvement, Series B,
5.25%, 11/01/2007
300,000 Vizcaya Community Development 303,480
District, Florida, Special
Assessment, Series B,
5.40%, 11/01/2007
300,000 Village Community Development 302,958
District No. 5, Florida,
Special Assessment Revenue, Series B,
5.00%, 05/01/2008
280,000 Villasol Community Development 285,550
District, Florida, Special
Assessment Revenue, Series B,
5.375%, 05/01/2008
235,000 Gateway Services Community 239,159
Development District, Florida,
Special Sun City Center Fort
Meyers Project B,
5.50%, 05/01/2010
1,000,000 New York City Transitional 1,150,650
Finance Authority, Future Tax
Secured Refunding, Series A,
5.50%, 11/01/2026
(Note B, p. 16)
---------------
Total Special Tax (Cost $18,204,255) 18,352,156
---------------
Total Tax Supported (Cost $36,380,795) 36,687,253
---------------
14 Sanford C. Bernstein Fund, Inc. -- 2003 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
REVENUE: 26.21%
- --------------------------------------------------------------------------------
Electric Revenue: 11.41%
$ 1,645,000 New York State Power $ 1,708,579
Authority, Series 1998A,
5.50%, 02/15/2005
1,805,000 California Department of Water 1,881,496
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2005
1,035,000 Long Island Power Authority, 1,068,006
New York, Electric Systems
Revenue, Series A,
4.50%, 06/01/2005
1,000,000 Long Island Power Authority, 1,037,580
New York, Electric Systems
Revenue, Series B,
5.00%, 06/01/2005
1,325,000 California Department of Water 1,424,256
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2006
4,720,000 New York State Power 4,720,189
Authority, Revenue & General Purpose,
0.95%, 03/01/2016
(Note B, p. 16)
2,000,000 New York State Power 1,999,680
Authority, Revenue & General Purpose,
0.95%, 03/01/2020
(Note B, p. 16)
---------------
Total Electric Revenue (Cost $13,767,283) 13,839,786
---------------
Health Care Revenue: 0.98%
1,165,000 New York State Dormitory 1,189,535
Authority, Kateri Residence Revenue,
3.00%, 07/01/2005
---------------
Total Health Care Revenue (Cost $1,180,428) 1,189,535
---------------
Tobacco Revenue: 1.58%
280,000 Tobacco Settlement Financing 276,828
Corp., New Jersey,
4.375%, 06/01/2019
625,000 Northern Tobacco 626,837
Securitization Corp., Alaska,
6.20%, 06/01/2022
1,090,000 Tobacco Settlement Financing 1,014,038
Corp., New Jersey,
5.75%, 06/01/2032
---------------
Total Tobacco Revenue (Cost $1,728,481) 1,917,703
---------------
Toll/Transit Revenue: 4.70%
2,100,000 New York State Thruway 2,135,049
Authority, General Revenue,
Bond Anticipation Notes, Series A,
2.25%, 10/06/2005
3,475,000 MTA, New York, Revenue, Series B, 3,560,450
3.00%, 11/15/2005
---------------
Total Toll/Transit Revenue (Cost $5,664,101) 5,695,499
---------------
Water/Sewer Revenue: 4.04%
1,590,000 New York State Environmental 1,593,196
Facilities Corp., Clean Water
& Drinking, Series B,
2.00%, 06/15/2004
1,000,000 New York State Environmental 1,004,910
Facilities Corp., Clean Water
& Drinking, New York City
Municipal Water Finance Authority,
3.50%, 06/15/2004
1,815,000 New York State Environmental 1,820,209
Facilities Corp., Clean Water
& Drinking,
2.00%, 07/15/2004
75,000 New York State Environmental 75,311
Facilities Corp., Pollution
Control Revenue, Series 1990C,
7.20%, 03/15/2011
90,000 New York State Environmental 105,714
Facilities Corp., New York
City Municipal Water Finance
Authority, Refunding, Series A,
5.75%, 06/15/2011
300,000 New York State Environmental 301,710
Facilities Corp., Pollution
Control Revenue, New York City
Municipal Water Finance
Authority, Series 90-A,
7.50%, 06/15/2012
---------------
Total Water/Sewer Revenue (Cost $4,896,815) 4,901,050
---------------
Miscellaneous Revenue: 0.17%
200,000 Broad Street Community 204,764
Development Authority, Virginia,
7.125%, 06/01/2015
---------------
Total Miscellaneous Revenue (Cost $200,000) 204,764
---------------
Industrial Development/Pollution Control
Revenue: 3.33%
295,000 Louisa Industrial Development 317,609
Authority, Virginia, Pollution
Control Revenue, Virginia
Electric & Power Co.,
5.25%, 12/01/2008
(Note B, p. 16)
700,000 New York State Environmental 701,232
Facilities Corp., Solid Waste
Disposal Revenue Waste
Management Project, Series A,
4.00%, 05/01/2012
(Note B, p. 16)
Schedule of Investments -- Municipal Bond Portfolios 15
================================================================================
Principal Amount Description Market Value
================================================================================
$ 600,000 Ohio State, Water Development $ 600,432
Authority, Pollution Control
Facilities Revenue, Toledo, Series A,
2.20%, 04/01/2024
(Note B, below)
570,000 Pope County, Arkansas, Entergy 581,845
Arkansas, Inc., Project
5.05%, 09/01/2028
(Note B, below)
600,000 Maricopa County, Arizona, 600,000
Pollution Control Revenue,
Arizona, Public Service Co.,
Project Series D,
1.75%, 05/01/2029
(Note B, below)
625,000 Matagorda County, Navigation 625,525
District No. 1, Texas,
Pollution Control Revenue,
Central Power & Light Co., Series B,
2.35%, 05/01/2030
(Note B, below)
620,000 Farmington, New Mexico, 618,202
Pollution Control Revenue,
Public Service, San Juan
Project, Series B,
2.10%, 04/01/2033
(Notes B & C, below)
---------------
Total Industrial Development/Pollution
Control Revenue (Cost $4,013,002) 4,044,845
---------------
Total Revenue (Cost $31,450,110) 31,793,182
---------------
================================================================================
ASSET-BACKED SECURITIES: 0.27%
- --------------------------------------------------------------------------------
Housing: 0.27%
$ 320,000 East Rochester Housing $ 329,158
Authority, New York, Revenue,
Refunding GNMA North Park
Nursing Home,
3.70%, 10/20/2006
---------------
Total Housing (Cost $320,000) 329,158
---------------
Total Asset-Backed Securities (Cost $320,000) 329,158
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments
(Cost $120,047,234) 99.92% $ 121,203,422
(Note D, below)
Cash and Other Assets, Less Liabilities 0.08 99,480
--------- ---------------
Net Assets (Equivalent to $12.53
per share based on 9,679,032
shares of capital stock outstanding) 100.00% $ 121,302,902
========= ===============
- --------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for
interest rate swaps.
(B) Variable rate coupon, rate shown as of March 31, 2004.
(C) When-issued security.
(D) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $1,302,137 and gross unrealized
depreciation of investments was $145,949, resulting in net unrealized
appreciation of $1,156,188.
Explanation of abbreviations:
AMBAC--American Municipal Bond Assurance Corporation
FGIC--Financial Guaranty Insurance Company
FHA--Federal Housing Administration
FSA--Financial Security Assurance, Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corporation
MTA--Metropolitan Transportation Authority
XLCA--XL Capital Assurance, Inc.
See Notes to Financial Statements.
======================================================================================
INTEREST RATE SWAPS
- --------------------------------------------------------------------------------------
Notional Rate Unrealized
Amount Description Received Rate Paid Termination Date Gain/(Loss)
- ----------------------------------------------------------------------------------------------
$1,000,000 BMA Interest 2.62% Variable* 11/01/2004 $ 18,402
Rate Swap
6,400,000 Interest 85.10% of Variable* 02/03/2006 (3,932)
Rate Swap 1 Month LIBOR+
1,000,000 BMA Interest 2.31 Variable* 11/01/2006 4,707
Rate Swap
1,000,000 BMA Interest Variable* 4.03% 11/01/2011 (78,953)
Rate Swap
----------
Total Interest Rate Swaps $ (59,776)
----------
*Variable interest based on the BMA (Bond Market Association) Municipal Swap
Index, which fluctuates weekly.
+Interest based on LIBOR (London Interbank Offered Rate).
16 Sanford C. Bernstein Fund, Inc. -- 2003 Annual Report
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Diversified Municipal Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
TAX-EXEMPT VARIABLE-RATE DEMAND NOTES:1.54%
$ 37,710,000 Texas State Tax & Revenue $ 37,869,513
Anticipation Notes,
2.00%, 08/31/2004
(Note A, p. 40)
1,300,000 King George County, Virginia, 1,300,000
Industrial Development
Authority Exempt Facility
Revenue, Birchwood Power
Partners, Series A,
1.15%, 04/01/2026
1,400,000 Port Bellingham, Washington, 1,400,000
Industrial Development Corp.,
Environmental Facilities, West
Coast Products LLC,
1.15%, 03/01/2038
---------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $40,545,169) 40,569,513
---------------
================================================================================
PREREFUNDED/ESCROWED: 6.82%
- --------------------------------------------------------------------------------
8,150,000 District of Columbia, Series B, 8,377,140
6.00%, 06/01/2007,
Prerefunded 06/01/2004 @ 102
700,000 Metropolitan Pier & Exposition 720,475
Authority, Illinois, Dedicated
State Tax Revenue, McCormick
Place, Series A,
5.70%, 06/15/2005,
Prerefunded 06/15/2004 @ 102
1,525,000 Cumberland County, 1,609,043
Pennsylvania, Municipal
Authority Revenue, 1st
Mortgage Carlisle Hospital & Health,
6.80%, 11/15/2023,
Prerefunded 11/15/2004 @ 102
2,330,000 Fulton County Building 2,461,272
Authority, Georgia, Series A,
8.75%, 01/01/2005,
Escrowed to Maturity
1,445,000 New York City, New York, 1,512,698
Series D,
6.50%, 02/15/2005,
Escrowed to Maturity
1,400,000 Massachusetts Consolidated 1,499,918
Loans, Series A, MBIA,
5.00%, 01/01/2008,
Prerefunded 01/01/2006 @ 101
4,950,000 Ohio State, Turnpike 5,431,189
Commission, Turnpike Revenue Series A,
5.70%, 02/15/2013,
Prerefunded 02/15/2006 @ 102
1,530,000 New York City, Series I, 1,683,199
5.875%, 03/15/2013,
Prerefunded 03/15/2006 @ 101.5
1,035,000 Massachusetts State 1,134,815
Consolidated Loans, Series B, FGIC,
5.50%, 06/01/2012,
Prerefunded 06/01/2006 @ 101
2,145,000 Nebraska Public Power District 2,186,034
Revenue, Power Supply Systems,
Series C,
4.75%, 01/01/2007,
Escrowed to Maturity
4,775,000 Chicago, Illinois, Emergency 5,257,084
Telephone System, FGIC,
5.50%, 01/01/2007,
Escrowed to Maturity
1,780,000 Jefferson County, Alabama, 1,956,362
Sewer Revenue, Refunding
Warrants, Series A, FGIC,
5.375%, 02/01/2027,
Prefunded 02/01/2007 @ 100
2,030,000 MTA, New York Commuter 2,306,628
Facilities Revenue, Series C-1, FGIC,
6.00%, 07/01/2007,
Escrowed to Maturity
1,000,000 Illinois Educational 1,133,380
Facilities Authority Revenue,
Loyola University, Chicago, Series A,
7.00%, 07/01/2007,
Escrowed to Maturity
1,000,000 Cook County, Illinois, MBIA, 1,100,630
7.25%, 11/01/2007,
Escrowed to Maturity
10,000 Connecticut State, 11,280
5.50%, 12/01/2007,
Escrowed to Maturity
1,265,000 Intermountain Power Agency, 1,491,815
Utah, Power Supply Revenue,
Series A, AMBAC,
6.50%, 07/01/2008,
Escrowed to Maturity
2,785,000 Massachusetts Consolidated 3,157,410
Loan, Series C,
5.25%, 08/01/2011,
Prerefunded 08/01/2008 @ 101
11,895,000 Jefferson County, Alabama, 13,372,002
Sewer Revenue, Capital
Improvement Warrants, Series A, FGIC,
5.00%, 02/01/2033,
Prerefunded 02/01/2009 @ 101
*See Note 1, page 40 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 17
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,000,000 Jefferson County, Alabama, $ 1,163,050
Sewer Revenue, Series A,
5.75%, 02/01/2038,
Prerefunded 02/01/2009 @ 101
3,495,000 Ohio State Public Facilities 3,652,240
Commission, Higher Education
Capital Facilities, Series A, AMBAC,
5.25%, 05/01/2009,
Escrowed to Maturity
175,000 District of Columbia, 201,154
Prerefunded 2001 Series B, FSA,
5.50%, 06/01/2009,
Escrowed to Maturity
1,130,000 Michigan Municipal Bond 1,326,281
Authority Revenue, Clean Water
Revolving Fund,
5.625%, 10/01/2011,
Prerefunded 10/01/2009 @ 101
3,745,000 Michigan Municipal Bond 4,419,437
Authority Revenue, Clean Water
Revolving Fund,
5.75%, 10/01/2014,
Prerefunded 10/01/2009 @ 101
235,000 Palm Beach County Solid Waste 278,264
Authority, Florida, Revenue,
Series A, AMBAC,
6.00%, 10/01/2009,
Escrowed to Maturity
1,145,000 Montgomery County, Ohio, 1,297,171
Hospital Revenue, Grandview
Hospital & Medical Center,
5.40%, 12/01/2009,
Escrowed to Maturity
2,100,000 Montgomery County, Ohio, 2,386,419
Hospital Revenue, Grandview
Hospital & Medical Center,
5.50%, 12/01/2010,
Prerefunded 12/01/2009 @ 100
1,000,000 Montgomery County, Ohio, 1,139,890
Hospital Revenue, Grandview
Hospital & Medical Center,
5.60%, 12/01/2011,
Prerefunded 12/01/2009 @ 100
3,475,000 Detroit, Michigan, Water 4,093,654
Supply Systems Revenue, Senior
Lien Series A, FGIC,
5.875%, 07/01/2022,
Prerefunded 01/01/2010 @ 101
2,815,000 Detroit, Michigan, Sewage 3,334,762
Disposal Revenue, Series A,
6.00%, 07/01/2029,
Prerefunded 01/01/2010 @ 101
3,000,000 Colorado Department of 3,570,030
Transportation, Transportation
Revenue, AMBAC,
6.00%, 06/15/2015,
Prerefunded 06/15/2010 @ 100.5
2,790,000 Massachusetts Consolidated 3,262,626
Loan, Series C,
5.75%, 10/01/2014,
Prerefunded 10/01/2010 @ 100
2,390,000 Illinois State, First Series, 2,828,063
MBIA,
5.75%, 12/01/2013,
Prerefunded 12/01/2010 @ 100
11,870,000 Massachusetts Consolidated 13,723,500
Loan, Series C,
5.375%, 12/01/2018,
Prerefunded 12/01/2011 @ 100
7,725,000 Jefferson County, Alabama, 8,637,786
Sewer Revenue, Capital
Improvement Warrants, FGIC,
5.00%, 02/01/2041,
Prerefunded 08/01/2012 @ 100
21,000,000 Jefferson County, Alabama, 23,670,570
Sewer Revenue, Capital
Improvement Warrants, FGIC,
5.125%, 02/01/2042,
Prerefunded 08/01/2012 @ 100
2,465,000 Massachusetts State, 2,822,869
Consolidated Loan, Series D, MBIA,
5.375%, 08/01/2022,
Prerefunded 08/01/2012 @ 100
110,000 Massachusetts State, 125,970
Consolidated Loan, Series D,
5.375%, 08/01/2022,
Prerefunded 08/01/2012 @ 100
2,755,000 Tarrant County Health 3,090,421
Facilities Development Corp.,
Texas, Harris Methodist Health
System, Series A,
5.125%, 09/01/2012,
Escrowed to Maturity
1,075,000 Anchorage, Alaska, School 1,280,164
Improvement, Series B, FGIC,
5.875%, 12/01/2012,
Escrowed to Maturity
4,100,000 North Carolina Municipal Power 4,713,524
Agency No. 1, Catawba Electric
Revenue,
5.50%, 01/01/2013,
Escrowed to Maturity
2,045,000 Retama Development Corp., 2,963,103
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2013,
Escrowed to Maturity
150,000 Florida State Board of 209,072
Education, Capital Outlay,
9.125%, 06/01/2014,
Escrowed to Maturity
18 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 950,000 Massachusetts State, Water $ 1,092,937
Pollution Abatement, Series B,
5.25%, 08/01/2014,
Escrowed to Maturity
2,690,000 MTA, New York Dedicated Tax 3,060,816
Fund, Series A, FGIC,
5.00%, 04/01/2023,
Prerefunded 10/01/2015 @ 100
3,860,000 Retama Development Corp., 5,680,723
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2015,
Escrowed to Maturity
1,125,000 Retama Development Corp., 1,673,933
Texas, Special Facilities
Revenue, Retama Racetrack,
8.75%, 12/15/2018,
Escrowed to Maturity
1,000,000 Bell County Health Facilities 1,264,550
Development Corp., Texas,
Lutheran General Healthcare System,
6.50%, 07/01/2019,
Escrowed to Maturity
4,940,000 Rhode Island Depositors 5,878,946
Economic Protection Corp.,
Series A, FSA,
5.75%, 08/01/2019,
Escrowed to Maturity
1,500,000 Rhode Island Depositors 1,715,700
Economic Protection Corp.,
Series A, FSA,
5.50%, 08/01/2020,
Escrowed to Maturity
1,685,000 North Carolina Eastern 2,042,540
Municipal Power Agency, Power
System Revenue, Series A,
6.00%, 01/01/2026,
Prerefunded 01/01/2022 @ 100
5,780,000 Rhode Island Depositors 7,289,505
Economic Protection Corp.,
Series A,
6.375%, 08/01/2022,
Escrowed to Maturity
---------------
Total Prerefunded/Escrowed (Cost $165,354,714) 180,292,044
---------------
================================================================================
INFLATION ADJUSTED: 0.94%
- --------------------------------------------------------------------------------
1,900,000 Orlando, Florida, Waste Water 1,917,385
System Revenue, Series A,
Variable Rate CPI Bond,
2.604%, 10/01/2004
(Note B, p. 40)
2,050,000 Orlando, Florida, Waste Water 2,095,982
System Revenue, Series A,
Variable Rate CPI Bond,
2.624%, 10/01/2005
(Note B, p. 40)
2,165,000 Orlando, Florida, Waste Water 2,227,785
System Revenue, Series A,
Variable Rate CPI Bond,
2.644%, 10/01/2006
(Note B, p. 40)
1,790,000 Orlando, Florida, Waste Water 1,839,422
System Revenue, Series A,
Variable Rate CPI Bond,
2.664%, 10/01/2007
(Note B, p. 40)
5,995,000 Orlando, Florida Waste Water 6,160,522
System Revenue Series A,
Variable Rate CPI Bond,
Mandatory Put 10/01/2015,
2.664%, 10/01/2015
(Note B, p. 40)
5,705,000 Illinois Development Finance 5,799,646
Authority, Adventist Health
System Series B, Variable Rate
CPI Bond, MBIA,
3.34%, 01/01/2019
(Note B, p. 40)
4,750,000 Delaware Valley Regional 4,924,752
Finance Authority,
Pennsylvania Local Government
Revenue Series A, Variable
Rate CPI Bond, AMBAC,
Mandatory Put 07/01/2007,
2.97%, 07/01/2027
(Note B, p. 40)
---------------
Total Inflation Adjusted (Cost $23,785,278) 24,965,494
---------------
================================================================================
INSURED: 41.78%
- --------------------------------------------------------------------------------
3,590,000 Kansas City, Missouri, 3,590,000
Passenger Facility Charge
Revenue, AMBAC,
5.00%, 04/01/2004
3,190,000 Illinois State, MBIA, 3,190,000
5.50%, 04/01/2004
810,000 Pennsylvania Economic 814,204
Development Financing
Authority, Northwestern Human
Services Series A, ACA,
4.60%, 06/01/2004
1,000,000 District of Columbia, 1,006,510
Series B-3, MBIA,
5.20%, 06/01/2004
1,000,000 Port of Portland, Oregon, 1,007,970
Airport Revenue, AMT Refunding
International Airport 15B, FGIC,
4.50%, 07/01/2004
1,780,000 Louisville & Jefferson County 1,795,664
Regional Airport Authority,
Kentucky, Airport Systems
Revenue, Series A, FSA,
5.00%, 07/01/2004
Schedule of Investments -- Municipal Bond Portfolios 19
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,265,000 Rhode Island State Economic $ 1,277,815
Development Corp., Providence
Place Mall, Senior Note
Obligation, Asset Guaranty, Radian,
5.45%, 07/01/2004
2,750,000 Maricopa County Unified School 2,781,240
District No. 69, Arizona,
Paradise Valley Project of
1999 Series A, MBIA,
5.75%, 07/01/2004
4,030,000 Regional Transportation 4,075,579
Authority, Illinois, MBIA,
5.75%, 07/01/2004
2,000,000 Kentucky State Property & 2,025,700
Buildings Commission Refunding
Project No. 69, Series C, FSA,
5.00%, 08/01/2004
4,250,000 Duval County School District, 4,320,210
Florida Refunding, AMBAC,
6.125%, 08/01/2004
(Note B, p. 40)
1,945,000 Pittsburgh School District, 1,980,321
Pennsylvania, Series A, AMBAC,
5.50%, 09/01/2004
2,430,000 Tampa, Florida, Utility Tax & 2,489,341
Special Revenue Refunding,
AMBAC,
6.00%, 10/01/2004
2,440,000 New Jersey State Turnpike 2,516,299
Authority Revenue, Series A,
MBIA,
5.25%, 01/01/2005
3,275,000 New Jersey State Turnpike 3,374,200
Authority, Turnpike Revenue,
Series A, MBIA,
5.25%, 01/01/2005
8,870,000 New York City, New York, 9,290,261
Series E, AMBAC,
6.50%, 02/15/2005
1,250,000 Minneapolis, Minnesota, 1,295,375
Healthcare System Revenue,
Fairview Health Services,
Series B, MBIA,
4.50%, 05/15/2005
800,000 Metropolitan Pier & Exposition 823,064
Authority, Illinois, Dedicated
State Tax Revenue, McCormick
Place Series A, MBIA,
5.70%, 06/15/2005
1,875,000 Washington State Public Power 1,983,150
Supply System Revenue, Nuclear
Project No. 1, Series A, AMBAC,
6.00%, 07/01/2005
2,395,000 Hawaii State, Airports Systems 2,531,611
Revenue Series B, FGIC,
6.125%, 07/01/2005
1,640,000 New York State Dormitory 1,741,303
Authority Revenue, City
University System
Consolidated, Series C, AMBAC,
6.25%, 07/01/2005
2,745,000 Orangeburg, South Carolina, 2,869,129
Projects Corporation, Capital
Projects Sales & Use Tax
Revenue, MBIA,
4.50%, 10/01/2005
2,000,000 Chicago, Illinois, Refunding, 2,106,460
Series A, AMBAC,
4.50%, 01/01/2006
2,500,000 Hawaii State, Series CA, FSA, 2,675,875
5.50%, 01/01/2006
1,000,000 Allegheny County, Pennsylvania, 1,067,650
Airport Revenue, Pittsburgh
International Airport Series
A-1, MBIA, AMT,
5.75%, 01/01/2006
1,200,000 Williamson County, Texas, FSA, 1,278,840
5.00%, 02/15/2006
2,385,000 Johnston County, North 2,503,010
Carolina, Public Improvement, FSA,
4.00%, 03/01/2006
1,000,000 Utah State Board of Regents, 1,073,800
Student Loan Revenue, Series J,
AMBAC, AMT,
6.00%, 05/01/2006
1,895,000 Minneapolis, Minnesota, 2,004,133
Healthcare System Revenue,
Fairview Health Services,
Series B, MBIA,
4.50%, 05/15/2006
9,000,000 Michigan State Comprehensive 9,644,220
Transportation Revenue,
Refunding, Series A, FSA,
5.00%, 05/15/2006
1,970,000 Clark County, Nevada, Bond 2,113,928
Bank, MBIA,
5.00%, 06/01/2006
1,340,000 Arlington, Texas, Waterworks & 1,463,200
Sewer Revenue, AMBAC,
6.00%, 06/01/2006
12,780,000 Clark County School District, 13,730,321
Nevada, Series C, MBIA,
5.00%, 06/15/2006
6,520,000 Delaware Transportation 6,923,653
Authority, Transportation
System Revenue Refunding, FSA,
4.375%, 07/01/2006
2,095,000 Virginia Port Authority 2,290,066
Facilities Revenue, MBIA, AMT,
6.00%, 07/01/2006
20 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,200,000 Clark County Public Utility $ 2,414,038
District No. 1, Washington,
Electric Revenue, AMBAC,
5.50%, 01/01/2007
4,485,000 Cleveland, Ohio, Waterworks 4,933,994
Revenue, Series G, MBIA,
5.50%, 01/01/2007
6,110,000 Chicago, Illinois, O'Hare 6,742,507
International Airport Revenue,
Second Lien-Series A, AMBAC,
6.00%, 01/01/2007
5,015,000 Massachusetts State Refunding, 5,521,766
Series A, MBIA,
5.50%, 02/01/2007
18,510,000 New Jersey State Transit Corp. 20,394,133
Capital Grant Anticipation
Notes, Series B, AMBAC,
5.75%, 02/01/2007
2,725,000 Garland, Texas, Independent 2,892,179
School District, Refunding
Series A, PSF-Guaranteed,
4.00%, 02/15/2007
1,000,000 Williamson County, Texas, 1,089,120
Limited Tax Notes, Series B, FSA,
5.00%, 02/15/2007
1,965,000 Waco Independent School 2,153,758
District, Texas, Refunding,
PSF Guaranteed,
5.25%, 02/15/2007
1,000,000 Prince George's County, 1,121,130
Maryland, Consolidated Public
Improvement, Series A, MBIA,
6.00%, 03/15/2007
5,140,000 New York State Thruway 5,610,259
Authority, Highway & Bridge
Trust Fund, Series B, AMBAC,
5.00%, 04/01/2007
2,375,000 New Jersey Economic 2,631,191
Development Authority Revenue
Transportation Project
Sublease, Series A, FSA,
5.50%, 05/01/2007
2,000,000 Walled Lake Consolidated 2,244,200
School District, Michigan, MBIA,
6.00%, 05/01/2007
1,000,000 Massachusetts State Health & 1,093,520
Educational Facilities
Authority Revenue, New England
Medical Center Hospital,
Series H, FGIC,
5.00%, 05/15/2007
1,000,000 Michigan State Comprehensive 1,095,110
Transportation Revenue,
Series B, FSA,
5.00%, 05/15/2007
1,715,000 Northeast Hospital Authority, 1,908,555
Texas Northeast Medical Center
Hospital Revenue, FSA,
5.75%, 05/15/2007
9,885,000 District of Columbia 10,966,419
Refunding, Series B-1, AMBAC,
5.50%, 06/01/2007
2,500,000 New Jersey State Certificates 2,760,775
of Participation, Refunding,
Series A, FSA,
5.25%, 06/15/2007
2,525,000 Philadelphia, Pennsylvania, 2,851,028
Airport Revenue Series A, FGIC,
6.00%, 06/15/2007
1,200,000 Philadelphia, Pennsylvania, 1,341,060
Airport Revenue Series B,
FGIC, AMT,
6.00%, 06/15/2007
9,600,000 Wisconsin State Transportation 10,533,408
Revenue, Series A, MBIA,
5.00%, 07/01/2007
1,065,000 Oklahoma City, Oklahoma, 1,173,194
Airport Trust Junior Lien-27th
Series-Series B, FSA,
5.50%, 07/01/2007
1,105,000 Delaware Transportation 1,253,335
Authority System Revenue, AMBAC,
6.00%, 07/01/2007
2,775,000 Washington State Public Power 3,092,682
Supply System Revenue, Nuclear
Project No.1 Series A, AMBAC,
6.00%, 07/01/2007
5,775,000 Washoe County School District, 6,340,777
Nevada, Refunding, FSA,
5.00%, 08/01/2007
6,075,000 Hawaii State, Series CV, FGIC, 6,792,396
5.50%, 08/01/2007
2,635,000 Orangeburg, South Carolina, 2,888,276
Projects Corporation, Capital
Projects Sales & Use Tax
Revenue, MBIA,
4.75%, 10/01/2007
3,100,000 South Carolina Transportation 3,424,012
Infrastructure Revenue,
Series A, AMBAC,
5.00%, 10/01/2007
3,420,000 Denver City & County, 3,730,878
Colorado, Airport Revenue
Series C, AMT, MBIA,
5.375%, 11/15/2007
2,115,000 Connecticut State Resource 2,390,711
Recovery Authority,
Mid-Connecticut System,
Series A, MBIA,
5.75%, 11/15/2007
Schedule of Investments -- Municipal Bond Portfolios 21
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,000,000 Palm Beach, Florida, Beach $ 1,103,350
Restoration Project, Series A, FSA,
5.00%, 01/01/2008
1,000,000 District of Columbia 1,102,430
Certificates of Participation, AMBAC,
5.25%, 01/01/2008
2,270,000 Clark County Public Utility 2,535,635
District No. 1, Washington,
Electric Revenue, AMBAC,
5.50%, 01/01/2008
1,465,000 Sangamon County School 1,595,927
District No. 186, Illinois, FGIC,
5.55%, 01/01/2008
1,000,000 Berkley City School District, 1,168,590
Michigan, FGIC,
7.00%, 01/01/2008
5,330,000 Hawaii State Refunding, 5,935,115
Series CY, FSA,
5.25%, 02/01/2008
19,620,000 Massachusetts State Refunding, 22,026,393
Series A, MBIA,
5.50%, 02/01/2008
2,000,000 Garland, Texas, Independent 2,136,340
School District, Refunding
Series A, PSF Guaranteed,
4.00%, 02/15/2008
5,320,000 Cypress-Fairbanks Independent 6,025,804
School District, Texas, PSF
Guaranteed,
5.75%, 02/15/2008
1,000,000 Memphis-Shelby County Airport 1,129,600
Authority, Tennessee, Revenue,
Series A, MBIA, AMT,
6.00%, 02/15/2008
7,500,000 Houston, Texas, Refunding 8,296,500
Public Improvement,
Series A, FSA,
5.00%, 03/01/2008
1,000,000 New Jersey Environmental 1,106,990
Infrastructure Trust,
Wastewater Treatment, AMBAC,
5.00%, 03/01/2008
1,875,000 Port of Port Arthur Navigation 2,140,219
District, Texas, AMBAC,
6.00%, 03/01/2008
1,320,000 Connecticut State, 1,464,698
Series G, MBIA,
5.00%, 03/15/2008
4,440,000 New York State Thruway 4,908,687
Authority Highway & Bridge
Trust Fund, Second General
Series B, FSA,
5.00%, 04/01/2008
4,035,000 Ohio State Building Authority, 4,469,085
Workers Compensation
Facilities Series A, FGIC,
5.00%, 04/01/2008
2,920,000 Lower Colorado River 3,231,155
Authority, Texas, Revenue, AMBAC,
5.00%, 05/15/2008
(Note C, p. 40)
1,000,000 Massachusetts State Health & 1,108,630
Educational Facilities
Authority Revenue, New England
Medical Center Hospital,
Series H, FGIC,
5.00%, 05/15/2008
8,400,000 District of Columbia, 9,473,436
Refunding, Series B-1, AMBAC,
5.50%, 06/01/2008
16,285,000 Texas State Public Finance 18,053,714
Authority Revenue,
Unemployment Compensation
Assessment, Series A, FSA,
5.00%, 06/15/2008
1,095,000 Haverhill, Massachusetts, 1,237,207
FGIC,
6.00%, 06/15/2008
1,000,000 Ivy Tech State College, 1,110,560
Indiana, Student Fee,
Series G, AMBAC,
5.00%, 07/01/2008
1,925,000 Wayne County Community 2,140,292
College, Michigan, Community
College Improvement, FGIC,
5.00%, 07/01/2008
6,100,000 Anchorage, Alaska, Refunding, 6,840,967
Series B, MBIA,
5.25%, 07/01/2008
735,000 Intermountain Power Agency, 856,701
Utah, Power Supply Revenue,
Series A, AMBAC,
6.50%, 07/01/2008
3,295,000 Trinity River Authority, 3,682,558
Texas, Regional Wastewater
Systems Revenue, MBIA,
5.25%, 08/01/2008
2,000,000 New York City, New York, 2,304,500
Series D, FGIC,
6.00%, 08/01/2008
8,405,000 Westmoreland County, 9,333,921
Pennsylvania, Municipal
Authority, Municipal Service
Revenue, FGIC,
5.00%, 08/15/2008
5,430,000 Ohio State Building Authority, 6,116,895
State Facilities
Administration Building Fund,
Refunding Project B, FSA,
5.25%, 10/01/2008
3,820,000 New York State Dormitory 4,335,012
Authority, School Districts
Revenue Financing Series E, MBIA,
5.50%, 10/01/2008
22 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 4,140,000 Metropolitan Washington $ 4,308,374
Airport Authority, Virginia,
Revenue, Series A, MBIA, AMT,
5.80%, 10/01/2008
1,265,000 Emerald Peoples Utility 1,536,431
District, Oregon, FGIC,
7.35%, 11/01/2008
2,750,000 Indianapolis, Indiana, 3,175,425
Resource Recovery Revenue,
Ogden Martin System, Inc.
Project, AMBAC,
6.75%, 12/01/2008
11,960,000 New Jersey State 13,532,501
Transportation Trust Fund
Authority, Series C, AMBAC,
5.25%, 12/15/2008
3,215,000 Washington State, Refunding 3,508,079
Motor Vehicle Fuel Tax, MBIA,
4.50%, 01/01/2009
10,655,000 Washington State, Refunding, 11,626,310
FGIC,
4.50%, 01/01/2009
19,700,000 Pennsylvania State, First 22,055,726
Series, MBIA,
5.00%, 01/01/2009
5,000,000 Clark County Public Utility 5,608,300
District No. 1, Washington,
Electric Revenue, AMBAC,
5.25%, 01/01/2009
4,310,000 Allegheny County, 4,787,462
Pennsylvania, Airport Revenue,
Pittsburgh International
Airport, Series A-1, MBIA, AMT,
5.75%, 01/01/2009
1,675,000 Chicago, Illinois, O'Hare 1,913,554
International Airport Revenue,
Second Lien-Series C, MBIA,
5.75%, 01/01/2009
2,070,000 North Carolina Eastern 2,338,044
Municipal Power Agency, Power
System Revenue, Series B, ACA,
6.125%, 01/01/2009
1,300,000 Illinois State, Refunding, 1,465,191
First Series, FGIC,
5.25%, 02/01/2009
1,940,000 Hoover, Alabama, Board of 2,119,295
Education Capital Outlay
Warrants, Refunding Tax
Anticipation Notes, MBIA,
4.50%, 02/15/2009
1,345,000 Frisco, Texas, FSA, 1,499,285
5.00%, 02/15/2009
1,180,000 Chicago, Illinois, Public 1,315,370
Building Commission, Building
Revenue, Chicago Transit
Authority, AMBAC,
5.00%, 03/01/2009
6,270,000 Houston, Texas, Refunding 7,148,740
Public Improvement Series B, FSA,
5.50%, 03/01/2009
5,835,000 Seattle, Washington, Municipal 6,635,387
Light & Power Revenue, FSA,
5.50%, 03/01/2009
2,665,000 Hawaii State, Series CN, FGIC, 3,101,074
6.00%, 03/01/2009
1,000,000 Middlesex County Utilities 1,072,730
Authority, New Jersey, Sewer
Revenue, Series A, FGIC,
5.15%, 03/15/2009
6,650,000 New York State Thruway 7,435,166
Authority, Highway & Bridge
Trust Fund, Second General
Series B, FSA,
5.00%, 04/01/2009
13,815,000 New York State Thruway 15,446,137
Authority, Highway & Bridge
Trust Fund, Series A, MBIA,
5.00%, 04/01/2009
1,045,000 Illinois State Refunding First 1,181,090
Series, FSA,
5.25%, 04/01/2009
2,790,000 Northeast Maryland Waste 3,080,216
Disposal Authority, AMBAC,
5.25%, 04/01/2009
32,445,000 California Department of Water 36,669,988
Resources, Power Supply
Revenue Series A, MBIA,
5.25%, 05/01/2009
1,000,000 Lower Colorado River 1,118,720
Authority, Texas, Revenue
AMBAC,
5.00%, 05/15/2009
(Note C, p. 40)
2,100,000 District of Columbia 2001, 2,395,260
Series B, FSA,
5.50%, 06/01/2009
3,125,000 New Jersey Economic 3,509,719
Development Authority Revenue,
School Facilities Construction
Series C, MBIA,
5.00%, 06/15/2009
1,185,000 New Mexico State Highway 1,327,816
Commission Revenue,
Subordinated Lien-Tax
Series B, AMBAC,
5.00%, 06/15/2009
7,000,000 Metropolitan Pier & Exposition 7,913,780
Authority, Illinois Dedicated
State Tax Revenue, McCormick
Place, Series A, MBIA,
5.25%, 06/15/2009
Schedule of Investments -- Municipal Bond Portfolios 23
================================================================================
Principal Amount Description Market Value
================================================================================
$ 3,790,000 New Jersey Economic $ 4,250,409
Development Authority, Market
Transition Facilities Revenue
Senior Lien, Series A, MBIA,
5.00%, 07/01/2009
1,780,000 Massachusetts Port Authority 2,005,188
Revenue, Series B, FSA,
5.50%, 07/01/2009
2,000,000 Missouri State Regional 2,250,420
Convention & Sports Complex
Authority, Refunding
Convention & Sports Facility
Project, Series A-1, AMBAC,
5.00%, 08/15/2009
4,055,000 Westmoreland County, 4,547,601
Pennsylvania, Municipal
Authority, Municipal Service
Revenue, FGIC,
5.00%, 08/15/2009
1,370,000 Mobile, Alabama (Warrants 1,556,416
expiring 08/15/2009), AMBAC,
5.25%, 08/15/2009
1,530,000 Texas Municipal Power Agency 1,732,373
Revenue, MBIA,
5.25%, 09/01/2009
6,410,000 Metropolitan Washington 6,673,771
Airport Authority, Virginia,
Revenue, General Airport
Series A, MBIA,
5.90%, 10/01/2009
1,000,000 Anchorage, Alaska, FGIC, 1,176,230
6.00%, 10/01/2009
4,070,000 Palm Beach County Solid Waste 4,771,302
Authority, Florida, Series A, AMBAC,
6.00%, 10/01/2009
1,370,000 Indiana State Transportation 1,603,941
Finance Authority, Airport
Facilities Lease Revenue,
Series A, AMBAC,
6.00%, 11/01/2009
5,000,000 Connecticut State Resource 5,526,150
Recovery Authority, Series A, MBIA,
5.375%, 11/15/2009
1,000,000 Providence Public Building 1,107,130
Authority, Rhode Island,
Series A, FSA,
5.10%, 12/15/2009
8,570,000 Washington State, Refunding 9,365,639
Motor Vehicle Fuel Tax, MBIA,
4.50%, 01/01/2010
1,890,000 Chicago, Illinois, O'Hare 2,098,353
International Airport Revenue,
Second Lien-Series C, MBIA,
5.00%, 01/01/2010
8,975,000 Michigan Public Power Agency 10,153,238
Revenue, Refunding Belle River
Project, Series A, MBIA,
5.25%, 01/01/2010
10,910,000 Tacoma, Washington, Electric 12,423,981
Systems Revenue, Series B, FSA,
5.50%, 01/01/2010
1,400,000 Allegheny County, 1,560,874
Pennsylvania, Airport Revenue,
Pittsburgh International
Airport Series A-1, MBIA, AMT,
5.75%, 01/01/2010
2,000,000 Jefferson County, Alabama, 2,263,780
Sewer Revenue, Refunding
Series B8, FSA,
5.25%, 02/01/2010
15,820,000 Massachusetts State, 18,145,224
Series A, MBIA,
5.50%, 02/01/2010
4,630,000 Dallas County, Texas, Utility 5,190,230
& Reclamation District, MBIA,
5.00%, 02/15/2010
1,700,000 Plano, Texas, Independent 1,901,875
School District, PSF
Guaranteed,
5.00%, 02/15/2010
(Note C, p. 40)
1,000,000 Memphis-Shelby County Airport 1,161,780
Authority, Tennessee, Series A,
MBIA, AMT,
6.25%, 02/15/2010
2,225,000 Richland County, South 2,471,107
Carolina, School District No.
001, FSA, SCSDE,
4.75%, 03/01/2010
1,810,000 Maury County, Tennessee, 2,032,394
Refunding, Series A, MBIA,
5.00%, 04/01/2010
7,635,000 New York State Thruway 8,568,608
Authority, Highway & Bridge
Trust Fund, Second General
Series B, FSA,
5.00%, 04/01/2010
7,100,000 California Department of Water 8,159,178
Resources, Power Supply
Revenue, Series A, MBIA,
5.50%, 05/01/2010
1,065,000 Detroit City School District, 1,279,661
Michigan, Series A, AMBAC,
6.50%, 05/01/2010
1,420,000 District of Columbia, 1,630,160
Series A, MBIA,
5.50%, 06/01/2010
1,000,000 Maricopa County Unified School 1,112,690
District No. 48, Arizona,
Refunding Series B, FSA,
4.75%, 07/01/2010
24 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,420,000 Intermountain Power Agency, $ 1,596,762
Utah, Power Supply Revenue
Refunding, AMBAC,
5.00%, 07/01/2010
2,510,000 Detroit, Michigan, Sewage 2,965,163
Disposal Revenue, Series B, MBIA,
6.00%, 07/01/2010
3,000,000 Houston, Texas, Hotel 3,451,020
Occupancy Tax & Special
Revenue, Refunding Convention
& Entertainment, Series A, AMBAC,
5.50%, 09/01/2010
1,500,000 Brownsville, Texas, Utilities 1,785,990
System Revenue, AMBAC,
6.25%, 09/01/2010
2,065,000 Broward County, Florida, 2,279,574
Airport System Revenue, Series E,
MBIA, AMT,
5.25%, 10/01/2010
4,565,000 Metropolitan Washington 4,752,850
Airport Authority, District of
Columbia Revenue, Virginia
General Airport Series A, MBIA,
5.90%, 10/01/2010
5,000,000 Connecticut State Resource 5,526,150
Recovery Authority, Series A, MBIA,
5.375%, 11/15/2010
4,600,000 Florida State Board of 5,239,078
Education, Series C, MBIA,
5.25%, 01/01/2011
5,435,000 Massachusetts State Refunding, 6,260,142
Series A, MBIA,
5.50%, 02/01/2011
1,000,000 Amarillo Junior College 1,029,050
District, Texas, FGIC,
5.125%, 02/15/2011
2,000,000 Louisiana State Office 2,280,100
Facilities Corp., Lease
Revenue, Capitol Complex
Program, Series A, MBIA,
5.50%, 03/01/2011
1,000,000 Ohio State Building Authority, 1,123,910
Workers Compensation
Facilities, Series A, FGIC,
5.00%, 04/01/2011
2,930,000 New Jersey Economic 4,380,965
Development Authority, MBIA,
16.49%, 07/01/2011
(Note D, p. 40)
1,915,000 Philadelphia Parking 2,181,875
Authority, Pennsylvania,
Revenue, FSA,
5.50%, 09/01/2011
1,275,000 Brownsville, Texas, Utility 1,527,692
System Revenue, AMBAC,
6.25%, 09/01/2011
2,100,000 Grand Rapids, Michigan, Water 2,424,933
Supply Systems Revenue, FGIC,
5.75%, 01/01/2012
4,000,000 Richmond, Virginia, FSA, 4,604,480
5.50%, 01/15/2012
1,025,000 Goose Creek Independent School 1,059,870
District, Texas, PSF Guaranteed,
5.00%, 02/15/2012
1,000,000 Amarillo Junior College 1,028,260
District, Texas, FGIC,
5.125%, 02/15/2012
8,060,000 Dade County, Florida, School 9,080,880
District, MBIA,
5.00%, 08/01/2012
3,455,000 Hamilton County, Ohio, Sales 3,981,438
Tax Subordinated,
Series B, AMBAC,
5.75%, 12/01/2012
3,500,000 Northern Colorado Conservancy 3,980,480
District, Municipal
Sub-District Revenue,
Series F, AMBAC,
6.50%, 12/01/2012
2,475,000 Chicago Public Building 2,743,810
Commission, Illinois, Revenue,
Chicago Park District,
Series A, FGIC,
5.375%, 01/01/2013
2,910,000 Manchester Housing & 3,325,199
Redevelopment Authority, New
Hampshire, Revenue,
Series A, ACA,
6.75%, 01/01/2013
2,085,000 New York State Dormitory 2,291,019
Authority, Mental Health
Facilities Improvement
Project, Series 1, FSA,
5.125%, 01/15/2013
1,195,000 New York State Dormitory 1,331,206
Authority, Mental Health
Service Facilities, Series D, MBIA,
5.25%, 02/15/2013
2,000,000 Walled Lake Consolidated 2,312,800
School District, Michigan,
Q-SBLF,
5.75%, 05/01/2013
1,035,000 Sacramento Municipal Utility 1,252,040
District, California, Series G, MBIA,
6.50%, 09/01/2013
2,445,000 Sunrise, Florida, Utility 2,843,364
System Revenue, AMBAC,
5.50%, 10/01/2013
3,410,000 St. Clair County, Illinois, 3,914,066
FGIC,
5.625%, 10/01/2013
Schedule of Investments -- Municipal Bond Portfolios 25
================================================================================
Principal Amount Description Market Value
================================================================================
$ 3,000,000 Hamilton County, Ohio, Sales $ 3,539,850
Tax Subordinated, Series B, AMBAC,
5.75%, 12/01/2013
2,235,000 Manchester Housing & 2,535,496
Redevelopment Authority, New
Hampshire, Revenue, Series A, ACA,
6.75%, 01/01/2014
1,555,000 Washoe County School District, 1,706,612
Nevada, FGIC,
5.25%, 06/01/2014
5,425,000 Washington State Health Care 5,947,916
Facilities Authority,
Children's Hospital & Regional
Medical Center, FSA,
5.25%, 10/01/2014
1,150,000 Douglas County School District 1,338,565
No. 206 (Eastmont),
Washington, FGIC,
5.75%, 12/01/2014
1,000,000 Manchester Housing & 1,129,000
Redevelopment Authority, New
Hampshire, Revenue, Series A, ACA,
6.75%, 01/01/2015
3,370,000 Cypress-Fairbanks Independent 3,654,630
School District, Texas, PSF
Guaranteed,
5.25%, 02/15/2016
3,515,000 Lansing Community College 4,002,882
Michigan, FGIC,
5.50%, 05/01/2016
10,745,000 Lower Colorado River 12,384,472
Authority, Texas, Revenue,
Series A, FSA,
5.875%, 05/15/2016
1,800,000 Magnolia Independent School 1,938,150
District, Texas, PSF
Guaranteed,
5.00%, 08/15/2016
1,555,000 District of Columbia Water & 1,915,371
Sewer Authority, Public
Utility Revenue, FSA,
6.00%, 10/01/2016
3,000,000 Houston, Texas, Water & Sewer 3,512,370
Systems Revenue, Refunding
Junior Lien Forward, Series B,
AMBAC,
5.75%, 12/01/2016
6,995,000 Hawaii State, Series CX, FSA, 7,929,392
5.50%, 02/01/2017
2,000,000 Wisconsin State, Series B, 2,209,620
FSA,
5.25%, 05/01/2017
1,025,000 Regional Transportation 1,187,872
Authority, Illinois,
Refunding, Series B, FGIC,
5.50%, 06/01/2017
1,760,000 Clark County, Nevada, 2,208,642
Series A, AMBAC,
6.50%, 06/01/2017
7,000,000 Energy Northwest Washington 7,994,630
Electric Revenue, Refunding,
Project 1A, MBIA,
5.75%, 07/01/2017
3,415,000 Tampa, Florida, Occupational 3,849,661
License Tax, Refunding,
Series A, FGIC,
5.375%, 10/01/2017
3,065,000 University of Connecticut 3,442,056
Revenue, Refunding, Student
Fee, Series A, FGIC,
5.25%, 11/15/2017
2,405,000 Weld County School District 2,653,124
No. 6 (Greeley), Colorado, FSA,
5.25%, 12/01/2017
2,000,000 Houston, Texas, Water & Sewer 2,333,440
Systems Revenue, Refunding
Junior Lien Forward, Series B,
AMBAC,
5.75%, 12/01/2017
1,575,000 Allen County, Indiana, 1,776,033
Juvenile Justice Center, First
Mortgage Revenue, AMBAC,
5.50%, 01/01/2018
3,000,000 Memphis-Shelby County Airport 3,431,670
Authority, Tennessee, Revenue,
Series D, AMBAC,
6.25%, 03/01/2018
4,000,000 San Antonio, Texas, Water 4,467,720
Revenue, Refunding Systems, FSA,
5.50%, 05/15/2018
6,425,000 Energy Northwest, Washington, 6,486,230
Electric Revenue, Refunding
Project 3B Convertible to
ARCS, MBIA,
5.00%, 07/01/2018
3,200,000 Florida State Department of 3,487,872
Environmental Protection
Preservation Revenue, Florida
Forever Series A, FGIC,
5.00%, 07/01/2018
2,455,000 Energy Northwest Washington 2,796,368
Electric Revenue, Refunding
Columbia Generating Series A, MBIA,
5.75%, 07/01/2018
2,865,000 New York State Dormitory 3,489,226
Authority, New York University,
Series A, MBIA,
6.00%, 07/01/2018
2,310,000 University of Illinois 2,693,783
Certificates of Participation,
Utilities Infrastructure
Projects, Series A, AMBAC,
5.50%, 08/15/2018
26 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 4,695,000 Tampa, Florida, Occupational $ 5,263,424
License Tax Refunding,
Series A, FGIC,
5.375%, 10/01/2018
3,400,000 Allegheny County, 3,772,810
Pennsylvania, Series C-54, MBIA,
5.375%, 11/01/2018
1,110,000 Michigan State Trunk Line, 1,257,308
Series A, FSA,
5.50%, 11/01/2018
2,725,000 University of Colorado 3,009,354
Enterprise Systems Revenue,
Refunding & Improvement,
AMBAC,
5.375%, 06/01/2019
4,745,000 Michigan State Certificates of 5,210,437
Participation, New Center
Development, Inc., MBIA,
5.375%, 09/01/2019
1,435,000 Cowlitz County, Washington, 1,666,308
Special Sewer Revenue, CSOB
Wastewater Treatment, FGIC,
5.50%, 11/01/2019
5,775,000 South Carolina State Public 6,144,427
Service Authority, Revenue
Refunding, Series D, FSA,
5.00%, 01/01/2020
2,360,000 New York City Transitional 2,571,857
Finance Authority, New York,
Future Tax Secured Series D, MBIA,
5.25%, 02/01/2020
3,255,000 Fresno Unified School 3,969,538
District, California,
Refunding, Series A, MBIA,
6.00%, 02/01/2020
2,270,000 Killeen Independent School 2,461,247
District, Texas, Refunding,
PSF Guaranteed,
5.25%, 02/15/2020
1,000,000 Texas State University Systems 1,055,620
Financing Revenue Refunding, FSA,
5.00%, 03/15/2020
1,705,000 Lower Colorado River 1,811,290
Authority, Texas, Revenue
Refunding, MBIA,
5.00%, 05/15/2020
3,000,000 San Antonio, Texas, Water 3,315,510
Revenue, Refunding Systems, FSA,
5.50%, 05/15/2020
1,005,000 Regional Transportation 1,379,905
Authority, Illinois, Series C, FGIC,
7.75%, 06/01/2020
8,140,000 Los Angeles Department of 8,698,241
Water & Power, Power System,
California, Series A,
Subseries A-2, MBIA,
5.00%, 07/01/2020
11,000,000 Metropolitan Atlanta Rapid 11,886,050
Transit Authority, Georgia,
Sales Tax Revenue, Second
Indenture Series B, MBIA,
5.10%, 07/01/2020
1,785,000 Los Angeles Unified School 1,948,613
District, California, Series A, FSA,
5.25%, 07/01/2020
7,090,000 New Hampshire Health & 7,835,017
Education Facilities Finance
Authority, University System
of New Hampshire, AMBAC,
5.375%, 07/01/2020
4,000,000 Kentucky State Property & 4,656,160
Buildings Commission,
Refunding Project No. 76,
AMBAC,
5.50%, 08/01/2020
2,850,000 Mobile, Alabama, (Warrants 3,123,429
expiring 08/15/2020), AMBAC,
5.25%, 08/15/2020
3,135,000 Illinois State, Dedicated Tax 3,896,115
Revenue, AMBAC,
6.25%, 12/15/2020
4,970,000 South Carolina State Public 5,265,466
Service Authority, Revenue
Refunding, Series D, FSA,
5.00%, 01/01/2021
10,985,000 Orange County, Florida, Sales 11,812,610
Tax Revenue, Refunding,
Series A, FGIC,
5.125%, 01/01/2021
2,760,000 New York City Transitional 2,994,959
Finance Authority, New York,
Future Tax Secured Series E,
MBIA,
5.25%, 02/01/2021
2,540,000 Hawaii State, Series CX, FSA, 2,806,166
5.50%, 02/01/2021
3,000,000 Arlington Independent School 3,121,770
District, Texas, PSF
Guaranteed,
5.00%, 02/15/2021
4,000,000 Chicago, Illinois, Public 4,327,760
Building Commission Building
Revenue, Chicago Transit
Authority, AMBAC,
5.25%, 03/01/2021
4,525,000 New York State Thruway 4,814,600
Authority Highway & Bridge
Trust Fund, Series A, MBIA,
5.00%, 04/01/2021
2,465,000 Florida State Board of 2,621,182
Education, Refunding Public
Education, Series B, MBIA,
5.00%, 06/01/2021
Schedule of Investments -- Municipal Bond Portfolios 27
================================================================================
Principal Amount Description Market Value
================================================================================
$ 7,000,000 MTA, New York Service Contract $ 7,416,220
Refunding, Series A, FGIC,
5.00%, 07/01/2021
14,565,000 Puerto Rico Commonwealth, 16,069,710
Refunding Public Improvement,
Series C, FSA,
5.00%, 07/01/2021
(Note B, p. 40)
1,000,000 New Jersey Healthcare 1,051,840
Facilities Financing Authority
Revenue, Jersey City Medical
Center, AMBAC, FHA,
4.80%, 08/01/2021
2,680,000 Harris County, Texas, 2,913,750
Refunding Toll Road, Senior
Lien, FSA,
5.375%, 08/15/2021
1,705,000 Illinois State, First 1,854,563
Series, MBIA,
5.25%, 10/01/2021
2,000,000 Sarasota County, Florida, 2,167,960
Utility Systems Revenue,
Refunding, Series C, FGIC,
5.25%, 10/01/2021
3,000,000 Municipal Electric Authority 3,262,980
of Georgia, Combustion Turbine
Project, Series A, MBIA,
5.25%, 11/01/2021
15,620,000 Orange County, Florida, Sales 16,702,154
Tax Revenue, Refunding,
Series A, FGIC,
5.125%, 01/01/2022
3,170,000 King County, Washington, Sewer 3,407,401
Revenue, Refunding, Series A, FGIC,
5.25%, 01/01/2022
4,685,000 New York City Transitional 5,055,021
Finance Authority, New York,
Future Tax Secured Series E, MBIA,
5.25%, 02/01/2022
37,500,000 Regional Transportation 37,693,125
District, Colorado,
Certificates of Participation
Transit Vehicles, Series A, AMBAC,
2.30%, 12/01/2022
(Note B, p. 40)
3,980,000 McGee-Creek Authority, 4,828,854
Oklahoma, Water Revenue, MBIA,
6.00%, 01/01/2023
3,455,000 Seguin Independent School 3,567,046
District, Texas, PSF
Guaranteed,
5.00%, 04/01/2023
2,770,000 Harris County, Texas, 2,991,268
Refunding Toll Road Senior
Lien, FSA,
5.375%, 08/15/2023
2,000,000 Terrebonne Parish, Louisiana, 2,165,300
Waterworks District No. 001,
Water Revenue Series A, AMBAC,
5.25%, 11/01/2023
2,000,000 Harris County, Texas, Toll 2,057,140
Road Senior Lien, MBIA,
5.00%, 08/15/2024
---------------
Total Insured (Cost $1,053,776,080) 1,104,052,621
---------------
================================================================================
TAX SUPPORTED: 26.17%
- --------------------------------------------------------------------------------
State General Obligations: 6.53%
1,165,000 California State, 1,169,812
7.10%, 05/01/2004
6,725,000 Illinois State, 6,766,695
5.00%, 06/01/2004
1,760,000 Texas State, Series A, 1,801,096
5.80%, 10/01/2004
4,355,000 Washington State, Motor 4,482,210
Vehicle Fuel, Series D,
5.00%, 01/01/2005
3,950,000 Washington State, Various 4,065,379
Purpose, Series C,
5.00%, 01/01/2005
1,000,000 Massachusetts State Refunding, 1,063,970
Series B,
5.00%, 02/01/2006
2,540,000 Florida State Board of 2,730,068
Education Capital Outlay,
Public Education, Series B,
5.00%, 06/01/2006
5,000,000 Pennsylvania State, 5,448,350
5.00%, 02/01/2007
2,450,000 Ohio State, Highway Capital 2,685,592
Improvements, Series F,
5.00%, 05/01/2007
1,455,000 Florida State Board of 1,598,114
Education Capital Outlay,
Public Education, Series B,
5.00%, 06/01/2007
3,285,000 Florida State Board of 3,658,274
Education Capital Outlay,
Refunding, Series A,
5.50%, 06/01/2007
2,465,000 Delaware State, Series A, 2,730,998
5.00%, 01/01/2008
8,325,000 Maryland State, Refunding 9,318,839
State & Local Facilities, 2nd
Lien Series B,
5.25%, 02/01/2008
2,600,000 Georgia State, Series A, 3,015,116
6.25%, 04/01/2008
5,755,000 Massachusetts State, Refunding 6,370,670
Series A,
5.00%, 08/01/2008
1,670,000 Georgia State, Series D, 1,984,995
6.70%, 08/01/2008
28 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 8,765,000 California State, $ 10,028,825
6.10%, 10/01/2008
6,440,000 Massachusetts State, 7,237,658
Consolidated Loan, Series C,
5.25%, 12/01/2008
4,380,000 Delaware State, Series A, 4,907,921
5.00%, 01/01/2009
4,975,000 Maryland State, Refunding 5,641,103
State & Local Facilities, 2nd
Lien, Series B,
5.25%, 02/01/2009
1,000,000 South Carolina State, Series A, 1,052,390
5.00%, 03/01/2009
14,855,000 Texas State, Series B, 16,578,180
5.125%, 10/01/2009
1,110,000 New Jersey State, 1,273,148
5.50%, 02/01/2010
1,185,000 Massachusetts State, 1,383,902
Consolidated Loan, Series A,
6.00%, 02/01/2010
2,225,000 Massachusetts Bay 2,572,056
Transportation Authority,
Series A,
5.75%, 03/01/2010
2,275,000 Ohio State, Community Schools, 2,560,558
Series A,
5.00%, 03/15/2010
1,490,000 Georgia State, Series C, 1,797,387
6.25%, 08/01/2010
1,220,000 Massachusetts State, Series A, 1,395,973
5.50%, 01/01/2011
1,040,000 California State, 1,134,557
5.00%, 02/01/2011
15,760,000 California State, 18,142,124
6.00%, 02/01/2011
10,000,000 North Carolina State, Public 11,340,100
Improvement, Series B,
5.00%, 04/01/2011
800,000 California State, 868,904
5.00%, 02/01/2012
5,000,000 North Carolina State, Public 5,748,450
Improvement, Series A,
5.25%, 03/01/2012
3,780,000 Massachusetts Bay 4,351,990
Transportation Authority,
Series A,
5.50%, 03/01/2012
1,000,000 Georgia State, Series B, 1,199,590
6.00%, 03/01/2012
8,935,000 Massachusetts State, 9,956,449
Consolidated Loan, Series A,
5.00%, 08/01/2012
990,000 Florida State Board of 1,355,290
Education Capital Outlay,
9.125%, 06/01/2014
2,875,000 Texas State Water, 3,067,884
5.25%, 08/01/2021
---------------
Total State General Obligations
(Cost $167,480,918) 172,484,617
---------------
Local General Obligations: 9.08%
1,265,000 Box Elder County School 1,273,640
District, Utah, Refunding,
4.50%, 06/15/2004
765,000 Pennsylvania Convention & 776,942
Exhibition Center Authority
Revenue, Series A,
6.25%, 09/01/2004
3,000,000 Winnebago & Boone Counties, 3,015,270
Illinois, School District
No. 205 Tax Anticipation Notes, 2.28%, 10/29/2004
(Note C, p. 40)
2,180,000 Ware County School District, 2,233,214
Georgia,
4.00%, 02/01/2005
1,000,000 Anoka-Hennepin Independent 1,028,490
School District No. 11,
Minnesota, Refunding, Series A,
4.50%, 02/01/2005
1,245,000 Huntsville, Alabama, Series A, 1,285,350
(Warrants expiring
02/01/2005),
5.00%, 02/01/2005
1,530,000 New York City, New York, 1,601,543
Series D,
6.50%, 02/15/2005
19,830,000 Franklin, Massachusetts, Bond 20,213,314
Anticipation Notes,
3.00%, 04/01/2005
3,700,000 Anderson County School 3,807,855
District No. 5, South
Carolina, Series A,
4.00%, 04/01/2005
1,130,000 Anoka-Hennepin Independent 1,193,212
School District No. 11,
Minnesota, Refunding, Series A,
4.50%, 02/01/2006
2,730,000 Wake County, North Carolina, 2,885,255
Series B,
4.50%, 02/01/2006
6,300,000 Anne Arundel County, Maryland, 6,726,132
5.00%, 03/01/2006
3,660,000 New York City, New York, 3,986,692
Series I,
6.25%, 04/15/2006
12,085,000 Fairfax County, Virginia, 12,818,922
Series A,
4.25%, 06/01/2006
2,860,000 Bexar County, Texas, 3,072,012
5.00%, 06/15/2006
Schedule of Investments -- Municipal Bond Portfolios 29
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,455,000 Montgomery County, Maryland, $ 1,593,312
Series A,
5.75%, 07/01/2006
6,215,000 New York City, New York, 6,653,406
Series E,
5.00%, 08/01/2006
6,185,000 New York City, New York, 6,621,290
Series G,
5.00%, 08/01/2006
1,175,000 Anoka-Hennepin Independent 1,278,999
School District No. 11,
Minnesota, Refunding, Series A,
5.00%, 02/01/2007
6,525,000 Port of Seattle, Washington, AMT, 6,676,510
5.50%, 05/01/2007
2,000,000 Bexar County, Texas, 2,194,500
5.00%, 06/15/2007
2,245,000 New York City, New York, 2,440,742
Series G,
5.00%, 08/01/2007
3,500,000 Ocean County, New Jersey, 3,846,430
Refunding, Series A,
5.00%, 08/01/2007
3,205,000 Carrollton, Texas, Refunding & 3,518,161
Improvement,
5.00%, 08/15/2007
2,620,000 Jersey City, New Jersey, 2,975,272
Series A,
6.00%, 10/01/2007
2,000,000 McLean County Public Building 2,357,940
Commission, Illinois,
7.25%, 11/01/2007
2,915,000 Mecklenburg County, North 3,126,221
Carolina, Public Improvement,
Series A,
4.00%, 02/01/2008
2,050,000 Fairfax County, Virginia, 2,204,181
Series B,
4.00%, 06/01/2008
2,585,000 Broward County, Florida, 2,883,050
Refunding, Series B,
5.00%, 01/01/2009
2,000,000 Charlotte, North Carolina, 2,195,860
Series B,
4.50%, 02/01/2009
1,660,000 Charlotte, North Carolina, 1,860,196
Refunding,
5.00%, 02/01/2009
2,665,000 Dallas, Texas, 2,853,149
4.00%, 02/15/2009
3,355,000 Dallas County, Texas, 3,749,615
Community College District,
Maintenance Tax Notes,
5.00%, 02/15/2009
(Note C, p. 40)
3,060,000 Horry County School District, 3,423,038
South Carolina, Series A, SCSDE,
5.00%, 03/01/2009
6,910,000 Du Page County, Illinois, 7,792,200
Water Commission, Refunding,
5.25%, 03/01/2009
3,750,000 New York City, New York, 4,129,800
Series G,
5.00%, 08/01/2009
(Note C, p. 40)
3,735,000 New York City, New York, 4,113,281
Series I,
5.00%, 08/01/2009
8,500,000 New York City, New York, 9,464,920
Series B,
5.25%, 08/01/2009
1,020,000 Indianapolis Local Public 1,096,286
Improvement Bond Bank,
Indiana, Series B,
5.00%, 02/01/2010
5,540,000 Wake County, North Carolina, 6,237,929
Series A,
5.00%, 03/01/2010
5,000,000 Du Page County, Illinois, 5,676,950
Water Commission, Refunding,
5.25%, 03/01/2010
3,500,000 Alpine School District, Utah, 3,925,005
Refunding,
5.00%, 03/15/2010
1,170,000 Austin, Texas, Public 1,343,885
Improvement,
5.75%, 09/01/2010
1,190,000 Roanoke, Virginia, 1,289,996
5.00%, 02/01/2011
7,360,000 New York City, New York, 8,057,360
Refunding, Series G,
5.00%, 08/01/2011
20,530,000 New York City, New York, 22,410,343
Series G,
5.00%, 08/01/2012
6,250,000 New York City, New York, 6,779,625
Series I,
5.875%, 03/15/2013
2,285,000 Shelby County, Tennessee, 2,557,075
Public Improvement, Series A,
5.625%, 04/01/2014
1,400,000 Travis County, Texas, 1,459,122
5.00%, 03/01/2015
2,965,000 Montgomery County, Maryland, 3,280,921
Public Improvement, Series A,
5.00%, 02/01/2016
1,000,000 Harris County, Texas, Toll Road, 1,067,750
5.125%, 08/15/2017
5,285,000 Horry County School District, 5,867,671
South Carolina, Series A, SCSDE,
5.375%, 03/01/2018
30 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,375,000 Harris County, Texas, $ 2,618,437
Refunding,
5.375%, 10/01/2018
6,735,000 Du Page County, Illinois, Jail 7,811,388
Project,
5.60%, 01/01/2021
1,920,000 Du Page County, Illinois, 2,226,854
Stormwater Project,
5.60%, 01/01/2021
2,160,000 Beachwood City School 2,415,074
District, Ohio, Refunding &
Improvement,
5.50%, 12/01/2021
---------------
Total Local General Obligations
(Cost $232,307,734) 239,991,587
---------------
Tax Lease: 2.29%
3,380,000 Virginia Public School 3,429,416
Authority, Series A,
5.50%, 08/01/2004
1,315,000 New York State Urban 1,363,563
Development Corp.,
Correctional Facilities Series 5,
6.00%, 01/01/2005
600,000 New Jersey State, Certificates 614,832
of Participation, Series A,
6.40%, 04/01/2005
2,000,000 New York State Dormitory 2,091,880
Authority, State University,
Series A,
5.50%, 05/15/2005
1,005,000 New York State Dormitory 1,058,375
Authority, City University,
Series 2A,
5.70%, 07/01/2005
1,005,000 New York State Dormitory 1,058,376
Authority, City University,
Series C,
5.70%, 07/01/2005
1,000,000 City University of New York 1,058,990
Certificates of Participation,
John Jay College,
5.75%, 08/15/2005
1,040,000 Alabama State Public School & 1,105,551
College Authority, Capital
Improvement Pool, Series A,
5.00%, 02/01/2006
1,000,000 New York State Dormitory 1,098,440
Authority, State University,
Series A,
6.50%, 05/15/2006
1,000,000 New York State Dormitory 1,113,010
Authority, City University,
Series A,
5.75%, 07/01/2007
7,480,000 New York State Thruway 8,231,366
Authority, Service Contract
Revenue, Local Highway &
Bridge, Series A,
5.00%, 03/15/2008
4,060,000 Virginia Public School 4,356,421
Authority,
4.00%, 04/15/2008
2,160,000 New York State Dormitory 2,381,983
Authority Revenue, Mental
Health Facilities Improvement,
Series B,
5.00%, 02/15/2010
5,215,000 Michigan Municipal Bond 5,961,892
Authority Revenue, Refunding
School Loan, Series A,
5.25%, 12/01/2010
1,280,000 New York State Dormitory 1,488,026
Authority, City University,
Series A,
5.75%, 07/01/2013
1,585,000 Virginia College Building 1,860,441
Authority, Educational
Facilities Revenue, Public
Higher Education, Series A,
5.75%, 09/01/2013
16,495,000 Tobacco Settlement Financing 17,908,457
Corp., New York Tobacco
Asset-Backed Settlement,
Series C-1,
5.50%, 06/01/2014
1,000,000 Sacramento City Finance 1,116,750
Authority, California Lease
Revenue Series B,
5.40%, 11/01/2020
2,925,000 New York State Urban 3,227,737
Development Corp., Correctional
& Youth Facilities Service
Contract Revenue, Series A,
5.00%, 01/01/2027
---------------
Total Tax Lease (Cost $58,529,883) 60,525,506
---------------
Special Tax: 8.03%
1,070,000 Las Vegas Special Improvement 1,071,691
District No. 808-Summerlin
Area, Nevada Local Improvement
Bonds,
5.20%, 06/01/2004
1,310,000 New Mexico State Highway 1,319,524
Commission, Commerce Tax
Revenue, Senior Subordinated Lien,
4.75%, 06/15/2004
2,000,000 New Mexico State Severance 2,019,060
Tax, Series B,
5.00%, 07/01/2004
Schedule of Investments -- Municipal Bond Portfolios 31
================================================================================
Principal Amount Description Market Value
================================================================================
$ 5,100,000 Municipal Assistance $ 5,161,098
Corporation, New York, Series J,
6.00%, 07/01/2004
4,790,000 South Tahoe, California, Joint 4,791,341
Powers Financing Authority,
Bond Anticipation Notes,
Redevelopment Project 1-B,
3.00%, 10/01/2004
4,300,000 Reunion West Community 4,307,138
Development District, Florida,
Special Assessment, Bond
Anticipation Notes,
5.25%, 10/01/2004
1,850,000 Chicago, Illinois, Tax 1,894,085
Increment, Allocation
Subordinated Central Loop
Redevelopment, Series A,
6.45%, 12/01/2004
840,000 Heritage Isles Community 843,083
Development District, Florida,
Special Assessment Revenue,
Series A,
5.75%, 05/01/2005
405,000 Sampson Creek Community 409,281
Development District, Florida,
Capital Improvement Revenue,
Series B,
6.30%, 05/01/2005
1,185,000 Las Vegas Special Improvement 1,199,030
District No. 808-Summerlin
Area, Nevada Local
Improvement Bonds,
5.375%, 06/01/2005
9,820,000 Municipal Assistance 10,400,264
Corporation, New York, Series G,
6.00%, 07/01/2005
1,585,000 Palm Beach County Solid Waste 1,661,096
Authority, Florida, Revenue
Refunding Series A,
5.00%, 10/01/2005
2,060,000 Chicago, Illinois, Tax 2,161,846
Increment, Allocation
Subordinated Central Loop
Redevelopment, Series A,
6.50%, 12/01/2005
65,000 Meadow Pointe III Community 66,141
Development District, Florida,
Capital Improvement Revenue,
Series 2001-1,
5.90%, 01/01/2006
1,265,000 Harbour Lake Estates Community 1,291,439
Development District, Florida,
Special Assessment,
6.40%, 02/01/2006
1,120,000 Capital Region Community 1,139,107
Development District, Florida,
Revenue Capital Improvement,
Series B,
5.95%, 05/01/2006
375,000 Vistancia Community Facilities 378,956
District, Arizona,
4.25%, 07/15/2006
1,500,000 Connecticut State Special Tax 1,653,990
Obligation Revenue, Series B,
6.00%, 09/01/2006
1,540,000 Bella Terra Community 1,561,221
Development District, Florida,
Special Assessment,
5.65%, 11/01/2006
3,100,000 Dove Mountain Resort Community 3,152,855
Facilities District, Arizona,
Assessment Lien,
6.00%, 12/01/2006
8,770,000 Village Community Development 8,938,384
District No. 5, Florida,
Special Assessment Revenue,
Series B,
5.40%, 05/01/2007
1,115,000 Double Branch Community 1,142,551
Development District, Florida,
Special Assessment, Series B-1,
5.60%, 05/01/2007
2,440,000 Vizcaya Community Development 2,493,363
District, Florida, Special
Assessment,
5.90%, 05/01/2007
2,790,000 University Place Community 2,854,756
Development District, Florida,
Special Assessment, Series B,
6.10%, 05/01/2007
295,000 Fishhawk Community Development 304,732
District, Florida, Special Assessment,
6.65%, 05/01/2007
355,000 Lake Powell Residential Golf 365,760
Community Development
District, Florida, Special
Assessment Revenue, Series C,
6.70%, 05/01/2007
730,000 Fayetteville Sales & Use Tax 730,949
Capital Improvement, Arkansas,
3.20%, 06/01/2007
1,030,000 Las Vegas Special Improvement 1,056,265
District No. 808-Summerlin
Area, Nevada, Local
Improvement Bonds,
5.50%, 06/01/2007
300,000 Vistancia Community Facilities 304,434
District, Arizona,
4.75%, 07/15/2007
32 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,095,000 Connecticut State Special Tax $ 1,213,107
Obligation Revenue, Series A,
5.25%, 09/01/2007
2,000,000 Meadow Pointe IV Community 2,033,560
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.125%, 11/01/2007
1,255,000 Reunion East Community 1,286,777
Development District, Florida,
Special Assessment, Series B,
5.90%, 11/01/2007
1,670,000 North Las Vegas Local 1,698,206
Improvement, Nevada Special
Improvement District No. 60
Aliante,
4.25%, 12/01/2007
5,055,000 Live Oak, Florida, Community 5,136,082
Development District No. 001,
Special Assessment, Series B,
5.30%, 05/01/2008
485,000 Stoneybrook Community 494,487
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.70%, 05/01/2008
3,820,000 Narcoossee Community 3,914,316
Development District, Florida,
Special Assessment, Series B,
5.75%, 05/01/2008
640,000 Waterchase Community 649,241
Development District, Florida,
Capital Improvement Revenue
Series B,
5.90%, 05/01/2008
2,700,000 Gateway Services Community 2,742,012
Development District, Florida,
Special Assessment,
Stoneybrook Project,
5.50%, 07/01/2008
400,000 Vistancia Community Facilities 407,520
District, Arizona,
5.00%, 07/15/2008
20,570,000 New York City Transitional 22,938,636
Finance Authority, New York,
Future Tax Secured, Subseries D-1,
5.00%, 11/01/2008
3,605,000 Heritage Harbour South 3,682,327
Community Development
District, Florida, Special
Assessment Revenue, Capital
Improvement, Series B,
5.40%, 11/01/2008
1,920,000 North Las Vegas Local 1,960,166
Improvement, Nevada, Special
Improvement District No. 60 Aliante,
4.65%, 12/01/2008
2,345,000 Henderson, Nevada, Local 2,356,233
Improvement Districts No. T-14,
4.35%, 03/01/2009
1,440,000 Middle Village, Community 1,446,768
Development District, Florida,
Special Assessment, Series C,
5.125%, 05/01/2009
2,495,000 Bonita Springs, Florida, 2,616,182
Vasari Community Development
District Revenue, Capital
Improvement, Series B,
6.20%, 05/01/2009
1,235,000 Greyhawk Landing Community, 1,273,248
Development District, Florida,
Special Assessment Revenue,
Series B,
6.25%, 05/01/2009
620,000 Saddlebrook Community 646,424
Development District,
Florida, Special Assessment,
Series B,
6.25%, 05/01/2009
10,900,000 Tulsa County, Oklahoma, 12,188,489
Industrial Authority Capital
Improvements Revenue, Series B,
5.00%, 05/15/2009
10,130,000 Katy, Texas, Development 10,802,125
Authority Revenue, Metro
Contract, Series A,
5.75%, 06/01/2009
1,150,000 Illinois State Sales Tax 1,181,476
Revenue, Series U,
5.00%, 06/15/2009
500,000 Vistancia Community Facilities 511,260
District, Arizona,
5.30%, 07/15/2009
1,000,000 Connecticut State Special Tax 1,182,900
Obligation Series B,
6.15%, 09/01/2009
1,000,000 North Las Vegas Local 1,024,660
Improvement, Nevada, Special
Improvement District No. 60
Aliante,
5.00%, 12/01/2009
3,655,000 New York City Transitional 4,084,097
Finance Authority, New York,
Future Tax Secured, Series E,
5.00%, 02/01/2010
7,890,000 New York City Transitional 8,822,046
Finance Authority, New York,
Future Tax, Series C,
5.00%, 02/15/2010
2,845,000 Harbor Bay Community 2,980,194
Development District, Florida
Capital Improvement Revenue,
Series B,
6.35%, 05/01/2010
Schedule of Investments -- Municipal Bond Portfolios 33
================================================================================
Principal Amount Description Market Value
================================================================================
$ 500,000 Vistancia Community Facilities $ 512,995
District, Arizona,
5.55%, 07/15/2010
3,485,000 Clark County, Nevada, Special 3,528,075
Improvement District No. 142,
5.00%, 08/01/2010
520,000 Lakewood Ranch Community 542,615
Development District No. 5,
Florida, Special Assessment
Revenue, Series B,
6.00%, 05/01/2011
1,590,000 Clark County, Nevada, Special 1,612,021
Improvement District No. 142,
5.30%, 08/01/2011
3,990,000 Venetian Community Development 4,166,358
District, Florida, Capital
Improvement Revenue, Series B,
5.95%, 05/01/2012
2,000,000 Bonnet Creek Resort Community 2,113,380
Development District, Florida,
Special Assessment,
7.125%, 05/01/2012
2,670,000 Miromar Lakes Community 2,835,326
Development District, Florida,
Capital Improvement Revenue,
Series B,
7.25%, 05/01/2012
3,225,000 Illinois State Sales Tax 3,830,268
Revenue, Series Q,
6.00%, 06/15/2012
2,365,000 Hot Springs, Arkansas, Sales & 2,426,301
Use Tax, Refunding & Improvement,
4.125%, 07/01/2012
1,525,000 Dyer Redevelopment Authority, 1,741,657
Indiana, Economic Development
Lease,
6.875%, 07/15/2014
2,315,000 Arizona Tourism & Sports 2,410,447
Authority Tax Revenue,
Baseball Training Facilities Project,
5.00%, 07/01/2015
1,500,000 Arizona Tourism & Sports 1,554,930
Authority Tax Revenue,
Baseball Training Facilities Project,
5.00%, 07/01/2016
3,561,000 Celebrate Virginia North Community 3,617,549
Development Authority, North,
Special Assessment Revenue
Project, Series B,
6.25%, 03/01/2018
3,600,000 Massachusetts Bay 4,085,928
Transportation Authority,
Massachusetts Sales Tax
Revenue, Series A,
5.25%, 07/01/2020
2,695,000 Dyer Redevelopment Authority, 3,014,789
Indiana, Economic Development Lease,
6.55%, 07/15/2020
3,695,000 Beacon Tradeport Community 3,878,789
Development District, Florida,
Industrial Project, Series B,
7.125%, 05/01/2022
5,000,000 Westchester Community 5,121,200
Development District No. 1,
Florida, Special Assessment,
6.00%, 05/01/2023
1,140,000 New York City Transitional 1,278,453
Finance Authority, New York,
Future Tax Secured, Series B,
5.25%, 02/01/2029
(Note B, p. 40)
---------------
Total Special Tax
(Cost $206,446,655) 212,217,060
---------------
Miscellaneous Tax: 0.24%
5,325,000 Indianapolis Local Public 6,257,035
Improvement Bond Bank,
Indiana, Series B,
6.00%, 01/10/2013
---------------
Total Miscellaneous Tax (Cost $5,243,321) 6,257,035
---------------
Total Tax Supported (Cost $670,008,511) 691,475,805
---------------
================================================================================
REVENUE: 21.36%
- --------------------------------------------------------------------------------
Airport Revenue: 0.03%
800,000 Denver City & County, 844,104
Colorado, Airport Revenue,
Series A, AMT,
7.50%, 11/15/2006
---------------
Total Airport Revenue (Cost $814,423) 844,104
---------------
Electric Revenue: 8.02%
1,470,000 Energy Northwest, Washington, 1,477,526
Wind Project Revenue, Series A,
4.00%, 07/01/2004
9,915,000 Salt River Agricultural 10,201,643
Improvement & Power District,
Arizona, Electric Systems
Revenue, Refunding Salt River
Project, Series A,
5.00%, 01/01/2005
5,000,000 North Carolina Eastern 5,103,500
Municipal Power Agency, Power
System Revenue, Series B,
6.00%, 01/01/2005
2,145,000 California Department of Water 2,235,905
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2005
34 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,530,000 Energy Northwest, Washington, $ 1,572,243
Wind Project Revenue, Series A,
4.30%, 07/01/2005
19,580,000 Long Island Power Authority, 20,817,064
New York Electric Systems
Revenue, Series B,
5.00%, 06/01/2006
4,350,000 Salt River Agricultural 4,732,452
Improvement & Power District,
Arizona Power Distribution
Electric Systems Revenue,
Refunding Salt River Project,
Series D,
5.00%, 01/01/2007
15,215,000 California Department of Water 16,741,369
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2007
7,000,000 Long Island Power Authority, 7,576,310
New York Electric Systems
Revenue, Series A,
5.00%, 06/01/2007
3,500,000 Washington State Public Power 3,896,655
Supply System Revenue, Nuclear
Project No. 3, Series B,
5.60%, 07/01/2007
1,000,000 San Antonio, Texas, Electric & 1,111,970
Gas, Power System Revenue,
5.25%, 02/01/2008
27,350,000 San Antonio, Texas, Electric & 30,412,380
Gas, Refunding,
5.25%, 02/01/2008
24,025,000 California Department of Water 26,828,237
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2008
6,080,000 Long Island Power Authority, 6,643,494
New York, Electric Systems
Revenue, Series A,
5.00%, 06/01/2008
2,260,000 Salt River Agricultural 2,528,104
Improvement & Power District,
Arizona, Power Distribution
Electric Systems Revenue,
Refunding Salt River Project,
Series A,
5.00%, 01/01/2009
3,775,000 North Carolina Eastern 4,253,179
Municipal Power Agency, Power
System Revenue, Series B,
6.125%, 01/01/2009
4,130,000 San Antonio, Texas, Electric & 4,648,811
Gas, Refunding Systems,
5.25%, 02/01/2009
8,515,000 California Department of Water 9,603,472
Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2009
7,130,000 Salt River Agricultural 8,016,331
Improvement & Power District,
Arizona, Power Distribution
Electric Systems Revenue,
Refunding Salt River Project,
Series A,
5.00%, 01/01/2010
2,875,000 Salt River Agricultural 3,232,391
Improvement & Power District,
Arizona, Power Distribution
Electric Systems Revenue,
Refunding Salt River Project,
Series C,
5.00%, 01/01/2010
2,765,000 North Carolina Eastern 3,021,841
Municipal Power Agency, Power
System Revenue, Refunding,
Series C,
5.25%, 01/01/2011
3,470,000 North Carolina Eastern 3,843,684
Municipal Power Agency, Power
System Revenue, Refunding,
Series A,
5.50%, 01/01/2011
10,000,000 North Carolina Municipal Power 11,201,100
Agency No. 1, Catawba Electric
Revenue, Series A,
5.50%, 01/01/2012
2,395,000 Seattle, Washington, Municipal 2,725,175
Light & Power Revenue,
5.625%, 12/01/2012
3,600,000 North Carolina Municipal Power 4,022,856
Agency No. 1, Catawba Electric
Revenue, Series A,
5.50%, 01/01/2013
630,000 North Carolina Eastern 714,464
Municipal Power Agency, Power
System Revenue, Series D,
6.45%, 01/01/2014
2,345,000 Seattle, Washington, Municipal 2,666,781
Light & Power Revenue,
5.625%, 12/01/2014
1,850,000 Seattle, Washington, Municipal 2,102,673
Light & Power Revenue,
5.625%, 12/01/2016
1,880,000 North Carolina Eastern 2,013,969
Municipal Power Agency, Power
System Revenue, Series B,
5.70%, 01/01/2017
2,500,000 San Antonio, Texas, Electric & 2,732,300
Gas, Power System Revenue,
5.375%, 02/01/2020
Schedule of Investments -- Municipal Bond Portfolios 35
================================================================================
Principal Amount Description Market Value
================================================================================
$ 4,815,000 Orlando Utilities Commission, $ 5,236,938
Florida, Water & Electric Revenue,
5.25%, 10/01/2020
---------------
Total Electric Revenue (Cost $204,737,592) 211,914,817
---------------
Health Care Revenue: 1.49%
1,225,000 Oklahoma Development Finance 1,178,401
Authority Revenue, Hillcrest
Healthcare System, Series A,
4.70%, 08/15/2005
1,360,000 Connecticut State, Health & 1,368,146
Educational Facility Authority
Revenue, Hospital for Special
Care, Series B,
5.125%, 07/01/2007
1,000,000 Oklahoma Development Finance 893,230
Authority Revenue, Hillcrest
Healthcare System, Series A,
5.00%, 08/15/2009
2,430,000 Cuyahoga County, Ohio, 2,731,028
Hospital Facilities Revenue,
Canton Incorporated Project,
6.75%, 01/01/2010
3,215,000 Chattanooga Health, 3,477,826
Educational & Housing Facility
Board, Tennessee, Catholic
Health Initiatives, Series A,
5.375%, 12/01/2011
1,240,000 Kentucky Economic Development 1,342,375
Finance Authority Revenue,
Catholic Health Initiatives,
Series A,
5.375%, 12/01/2011
2,240,000 Oklahoma Development Finance 1,986,365
Authority Revenue, Hillcrest
Healthcare System, Series A,
5.75%, 08/15/2013
1,300,000 Chester County Health & 1,300,624
Education Facilities
Authority, Pennsylvania,
Hospital Revenue, Chester
County Hospital Series A,
6.75%, 07/01/2021
3,000,000 Allegheny County Hospital 3,332,760
Development Authority,
Pennsylvania, Revenue, West
Pennsylvania Health System,
Series B,
9.25%, 11/15/2022
9,000,000 Jacksonville, Florida, 9,420,750
Economic Development
Commission, Healthcare
Facilities Revenue, Series B,
4.00%, 09/01/2023
(Note B, p. 40)
12,410,000 California Statewide 12,398,955
Communities Development
Authority Revenue, Kaiser
Permanente, Series F,
2.30%, 04/01/2033
(Note B, p. 40)
---------------
Total Health Care Revenue (Cost $38,515,648) 39,430,460
---------------
Higher Education Revenue: 0.48%
2,660,000 Pennsylvania State University, 2,794,170
Revenue,
5.00%, 08/15/2005
1,415,000 Virginia Polytechnic Institute 1,541,473
& State University Revenue,
Series A,
5.25%, 06/01/2008
1,165,000 Vermont Educational & Health 1,223,669
Buildings Financing Agency
Revenue, Norwich University
Project,
5.50%, 07/01/2018
1,230,000 University of Texas University 1,424,254
Revenue, Financing Systems,
Series B,
5.375%, 08/15/2019
2,820,000 Massachusetts Health & 3,537,352
Educational Facilities
Authority Revenue, Harvard
University, Series N,
6.25%, 04/01/2020
2,155,000 Milledgeville-Baldwin County 2,178,252
Development Authority,
Georgia, Student Housing
Revenue, Georgia College &
State University Foundation,
4.00%, 09/01/2032
(Note B, p. 40)
---------------
Total Higher Education Revenue
(Cost $11,650,707) 12,699,170
---------------
Tobacco Revenue: 3.17%
7,095,000 Tobacco Settlement Financing 7,770,160
Corp., New York, Tobacco
Asset-Backed Bonds, Series A-1,
5.00%, 06/01/2008
11,115,000 Tobacco Settlement Financing 11,672,751
Corp., New York, Tobacco
Asset-Backed Bonds, Series A-1,
5.00%, 06/01/2011
8,590,000 Tobacco Settlement Financing 9,071,298
Corp., New York, Tobacco
Asset-Backed Bonds, Series A-1,
5.25%, 06/01/2012
36 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 8,075,000 Tobacco Settlement Revenue $ 7,772,753
Management Authority, South
Carolina, Tobacco Settlement
Asset-Backed Bonds, Series B,
6.00%, 05/15/2022
5,345,000 Northern Tobacco 5,360,714
Securitization Corp., Alaska
Tobacco Settlement
Asset-Backed Bonds,
6.20%, 06/01/2022
13,125,000 Tobacco Settlement Financing 12,618,637
Corp., Rhode Island Tobacco
Asset-Backed Bonds, Series A,
6.00%, 06/01/2023
1,775,000 District of Columbia Tobacco 1,739,074
Settlement Financing Corp.,
Tobacco Settlement
Asset-Backed Bonds,
6.25%, 05/15/2024
9,335,000 Tobacco Settlement Authority, 9,181,253
Washington Tobacco Settlement
Asset-Backed Bonds,
6.50%, 06/01/2026
19,090,000 Badger Tobacco Asset 18,503,173
Securitization Corp.,
Wisconsin Tobacco Settlement
Asset-Backed Bonds,
6.125%, 06/01/2027
---------------
Total Tobacco Revenue (Cost $84,004,884) 83,689,813
---------------
Toll Revenue: 0.80%
19,735,000 Triborough Bridge & Tunnel 21,011,855
Authority, New York, Toll
Revenue, Series B,
5.00%, 11/15/2020
---------------
Total Toll Revenue (Cost $20,551,515) 21,011,855
---------------
Water/Sewer Revenue: 2.65%
19,855,000 Logan/Todd Regional Water 21,040,145
Commission, Kentucky, Revenue
Refunding,
4.00%, 02/01/2007
1,500,000 Florida Water Pollution 1,656,570
Control Financing Corp.
Revenue, Water Pollution Control,
5.00%, 01/15/2008
2,000,000 Indiana Bond Bank Revenue, Series B, 2,201,060
5.00%, 02/01/2008
(Note C, p. 40)
4,165,000 Florida Water Pollution 4,648,931
Control Financing Corp.
Revenue, Water Pollution Control,
5.00%, 01/15/2009
1,940,000 Massachusetts Water Pollution 2,203,685
Abatement Trust, Pool Program
Bonds, Series 7,
5.25%, 02/01/2010
2,230,000 Texas State Water Development 2,407,553
Board Revenue, Revolving
Senior Lien, Series A,
5.50%, 07/15/2010
1,525,000 Arizona Water Infrastructure 1,777,372
Finance Authority Revenue,
Water Quality, Series A,
5.75%, 10/01/2011
3,620,000 Dallas, Texas, Waterworks & 3,983,883
Sewer System Revenue,
5.00%, 10/01/2013
55,000 Massachusetts Water Pollution 63,741
Abatement Trust, Series B,
5.25%, 08/01/2014
3,460,000 Massachusetts Water Pollution 3,759,082
Abatement Trust, New Bedford
Program, Series A,
5.125%, 02/01/2016
3,450,000 Ohio State Water Development 3,828,465
Authority Pollution Control
Revenue,
5.25%, 06/01/2017
6,850,000 Ohio State Water Development 7,601,445
Authority Pollution Control Revenue,
5.25%, 12/01/2017
3,460,000 Michigan Municipal Bond 3,821,120
Authority Revenue, Drinking
Water Revolving Fund,
5.25%, 10/01/2018
1,160,000 Tampa, Florida, Water & Sewer 1,277,485
Revenue Refunding, Series A,
5.25%, 10/01/2018
4,500,000 Michigan Municipal Bond 4,935,420
Authority Revenue, Clean Water
State Revolving Fund,
5.25%, 10/01/2019
4,325,000 Michigan Municipal Bond 4,755,986
Authority Revenue, Clean Water
State Revolving Fund,
5.375%, 10/01/2021
---------------
Total Water/Sewer Revenue (Cost $67,397,230) 69,961,943
---------------
Miscellaneous Revenue: 1.23%
10,635,000 Broward County, Florida, 10,903,640
Resource Recovery Revenue,
Wheelabrator Florida, Series A,
5.00%, 12/01/2004
6,850,000 Massachusetts State Federal 7,345,461
Highway, Grant Anticipation
Notes, Series A,
5.00%, 06/15/2006
1,540,000 Broward County, Florida, 1,657,625
Resource Recovery Revenue,
Refunding Wheelabrator South,
Series A,
5.00%, 12/01/2006
Schedule of Investments -- Municipal Bond Portfolios 37
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,105,000 Massachusetts State Federal $ 2,348,717
Highway, Grant Anticipation
Notes, Series A,
5.75%, 06/15/2007
1,780,000 Chicago, Illinois, Park 2,093,618
District Harbor Facilities Revenue,
5.875%, 01/01/2013
1,920,000 Chicago, Illinois, Park 2,258,285
District Harbor Facilities Revenue,
5.875%, 01/01/2014
2,035,000 Chicago, Illinois, Park 2,393,547
District Harbor Facilities Revenue,
5.875%, 01/01/2015
3,510,000 Broad Street Community 3,593,608
Development Authority,
Virginia, Revenue,
7.125%, 06/01/2015
---------------
Total Miscellaneous Revenue (Cost $31,211,117) 32,594,501
---------------
Industrial Development/Pollution Control
Revenue: 3.49%
1,025,000 Richland County, South 1,084,573
Carolina, Environmental
Improvement Revenue,
International Paper Co.
Projects, Series A,
4.25%, 10/01/2007
3,000,000 Russell County, Virginia, 3,018,570
Industrial Development
Authority, Pollution Control
Revenue, Appalachian Power Co.
Project, Series I,
2.70%, 11/01/2007
(Note B, p. 40)
6,100,000 Springfield Airport Authority, 6,503,698
Illinois, Garrett Aviation
Services Project,
4.40%, 02/01/2008
3,600,000 Chesapeake, Virginia, 3,789,036
Industrial Development
Authority Revenue, Pollution
Control Project,
5.25%, 02/01/2008
(Note B, p. 40)
1,700,000 Mashantucket Western Pequot 1,856,077
Tribe, Connecticut, Special
Revenue, Sub 144A, Series B,
5.55%, 09/01/2008
4,280,000 Midland County, Michigan, 4,486,767
Economic Development Corp.,
Pollution Control Revenue,
Series A, AMT,
6.875%, 07/23/2009
2,710,000 New York State Environmental 2,714,769
Facilities Corp., Waste
Management Project, Series A,
4.00%, 05/01/2012
(Note B, p. 40)
4,300,000 New Jersey Economic 4,360,243
Development Authority, Exempt
Facilities Revenue, Waste
Management, Inc. Project,
4.00%, 11/01/2013
(Note B, p. 40)
3,950,000 Morehouse Parish, Louisiana, 4,443,039
Pollution Control Revenue,
Refunding International Paper
Co. Project, Series A, 5.70%, 04/01/2014
2,070,000 North Carolina Capital 2,086,312
Facilities Finance Agency,
Exempt Facilities Revenue,
Waste Management of Carolinas
Project,
4.00%, 08/01/2014
(Note B, p. 40)
4,435,000 Dickinson County Economic 4,854,019
Development Corp., Michigan,
Environmental Improvement
Revenue, International Paper
Co. Project, Series A, 5.75%, 06/01/2016
3,500,000 South Carolina Jobs Economic 3,551,030
Development Authority Revenue,
Waste Management Inc. Project,
4.10%, 11/01/2016
(Note B, p. 40)
3,760,000 New Hampshire State, Business 3,944,127
Finance Authority Pollution
Control Revenue, Public
Service Co., Series D,
6.00%, 05/01/2021
(Note B, p. 40)
955,000 Louisiana Local Government 1,011,269
Environmental Facilities &
Community Development
Authority Revenue, Air Cargo,
6.65%, 01/01/2025
9,100,000 Pope County, Arkansas, 9,289,098
Revenue, Refunding Entergy
Arkansas, Inc. Project,
5.05%, 09/01/2028
(Note B, p. 40)
6,190,000 Maricopa County, Arizona, 6,190,000
Pollution Control Revenue,
Arizona Public Service
Company, Series E,
1.875%, 05/01/2029
(Note B, p. 40)
38 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,745,000 Maricopa County, Arizona, $ 2,745,000
Pollution Control Revenue,
Arizona Public Service
Company, Series F,
1.875%, 05/01/2029
(Note B, p. 40)
5,055,000 Matagorda County, Texas, 5,059,246
Navigation District No. 1,
Pollution Control Revenue,
Refunding, Central Power, Series A,
2.15%, 05/01/2030
(Note B, p. 40)
12,795,000 Beaver County Industrial 13,002,023
Development Authority, Pennsylvania,
Pollution Control Revenue,
Refunding Cleveland Electric Project,
3.75%, 10/01/2030
(Note B, p. 40)
4,960,000 Brazos River Authority, Texas 4,960,000
Pollution Control Revenue, TXU
Electric Co. Project, Series A,
4.95%, 10/01/2030
(Note B, p. 40)
1,060,000 Clark County, Nevada, 1,056,640
Pollution Control Revenue,
Southern California, Series C,
3.25%, 06/01/2031
(Note B, p. 40)
2,250,000 California Pollution Control 2,252,317
Financing Authority, Solid
Waste Disposal Revenue,
Republic Services Inc. Project,
2.00%, 12/01/2033
(Note B, p. 40)
---------------
Total Industrial Development/Pollution
Control Revenue (Cost $89,337,149) 92,257,853
---------------
Total Revenue (Cost $548,220,265) 564,404,516
---------------
================================================================================
ASSET-BACKED SECURITIES: 1.09%
- --------------------------------------------------------------------------------
Higher Education Revenue: 0.06%
1,550,000 New Mexico Educational 1,665,646
Assistance Foundation, Student
Loan, Education Loan Senior,
Series A3,
4.95%, 03/01/2009
---------------
Total Higher Education Revenue
(Cost $1,634,081) 1,665,646
---------------
Housing: 1.03%
5,900,000 Rhode Island Housing & 6,052,397
Mortgage Finance Corp.,
Homeownership Opportunity
Note, Series 39C,
4.00%, 03/24/2005
1,385,000 Rhode Island Housing & 1,419,306
Mortgage Finance Corp.,
Homeownership Opportunity
Note, Series 41C,
3.375%, 11/01/2005
2,200,000 Minneapolis, Minnesota, 2,198,482
Multifamily Revenue, Sumner
Field Phase II LP Project,
AIG, AMT,
2.60%, 08/20/2008
810,000 West Virginia State, Housing 810,381
Development Fund, Series D, AMT,
3.25%, 11/01/2015
2,150,000 Maricopa County Industrial 2,213,081
Development Authority,
Arizona, Multifamily Housing
Revenue, Steeplechase
Apartments Project, Series B, AMT,
6.25%, 12/01/2020
1,635,000 Sedgwick & Shawnee Counties, 1,734,408
Kansas, Single-Family Revenue,
GNMA Mortgage-Backed
Securities Program, Series A-1, AMT,
6.50%, 12/01/2022
(Note B, p. 40)
1,065,000 Jefferson Parish, Louisiana, 1,066,225
Home Mortgage Revenue, FNMA &
GNMA Mortgage-Backed
Securities, Series C-1, AMT,
5.40%, 12/01/2024
2,275,000 Muni Mae Trust, Certificate 2,363,543
Class A-5, FHLMC,
4.80%, 07/14/2026
1,150,000 District of Columbia Housing 1,163,697
Finance Agency, Single-Family
FNMA & GNMA Mortgage Revenue,
Series A, AMT,
6.25%, 12/01/2028
470,000 Oklahoma Housing Finance 479,104
Agency, Single-Family
Redevelopment, Mortgage
Homeownership Loan, Series
B-2, AMT,
6.55%, 03/01/2029
1,035,000 Missouri State Housing 1,074,309
Development Commission, FNMA &
GNMA Mortgage Revenue,
Single-Family, Series B-2, AMT,
6.40%, 09/01/2029
310,000 Chicago, Illinois, Single 324,269
Family Mortgage Revenue Series
A, FNMA, GNMA,
6.35%, 10/01/2030
Schedule of Investments -- Municipal Bond Portfolios 39
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,925,000 Multifamily Housing Revenue $ 2,888,789
Bond, Passthrough
Certificates, Kansas,
Beneficial Ownership, Series 2000-6,
5.95%, 11/01/2033
(Note B, below)
3,465,000 Multifamily Housing Revenue 3,418,326
Bond, Passthrough
Certificates, Washington,
Beneficial Ownership, Series 2000-7,
6.00%, 11/01/2033
(Note B, below)
---------------
Total Housing (Cost $27,066,098) 27,206,317
---------------
Total Asset-Backed Securities
(Cost $28,700,179) 28,871,963
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments
(Cost $2,530,390,196) 99.70% $2,634,631,956
(Note E, below)
Cash and Other Assets,
Less Liabilities 0.30 7,796,525
-------- ---------------
Net Assets 100.00% $2,642,428,481
======== ===============
======================================================================================
INTEREST RATE SWAPS
- --------------------------------------------------------------------------------------
Notional Rate Unrealized
Amount Description Received Rate Paid Termination Date Gain/(Loss)
- ----------------------------------------------------------------------------------------------
$129,000,000 Interest 85.10% of Variable* 02/03/2006 $ (79,264)
Rate Swap 1 Month LIBOR+
21,000,000 BMA Interest 2.75 Variable* 10/01/2008 275,372
Rate Swap
21,000,000 BMA Interest Variable* 3.43% 08/01/2012 (375,209)
Rate Swap
-----------
Total Interest Rate Swaps $ (179,101)
-----------
*Variable interest based on the BMA (Bond Market Association) Municipal Swap
Index, which fluctuates weekly.
+Interest based on LIBOR (London Interbank Offered Rate).
- --------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral forinterest
rate swap.
(B) Variable rate coupon, rate shown as of March 31, 2004.
(C) When-issued security.
(D) Inverse floater security--security with variable or floating interest rate
that moves in opposite direction of short-term interest rates. \
(E) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $106,792,725 and gross unrealized
depreciation of investments was $2,550,965, resulting in net unrealized
appreciation of $104,241,760.
- --------------------------------------------------------------------------------
Explanation of abbreviations:
ACA--American Capital Access
AIG--American International Group
AMBAC--American Municipal Bond Assurance Corporation
AMT--Subject to Alternative Minimum Tax
ARCS--Auction Rate Certificate
CPI--Consumer Price Index
CSOB--Cowlitz Sewer Operation Board
FGIC--Financial Guaranty Insurance Company
FHA--Federal Housing Administration
FHLMC--Federal Home Loan Mortgage Corp.
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance, Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corporation
MTA--Metropolitan Transportation Authority
PSF Guaranteed--(Texas) Permanent Schools Funds
Q-SBLF--Qualified School Bond Loan Fund
RADIAN--Radian Group Inc.
SCSDE--South Carolina State Department of Education
40 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Allocation of Portfolio Net Assets at March 31, 2004:
Alabama 2.28%
Alaska 0.55
Arizona 2.07
Arkansas 0.47
California 6.36
Colorado 2.10
Connecticut 0.97
Delaware 0.60
Florida 8.13
Georgia 1.14
Hawaii 1.20
Illinois 4.98
Indiana 0.83
Kansas 0.26
Kentucky 1.17
Louisiana 0.42
Maryland 1.16
Massachusetts 6.13
Michigan 3.33
Minnesota 0.34
Missouri 0.26
Nebraska 0.08
Nevada 1.61
New Hampshire 0.71
New Jersey 2.79
New Mexico 0.24
New York 13.49
North Carolina 3.07
Ohio 2.27
Oklahoma 0.86
Oregon 0.10
Pennsylvania 3.39
Rhode Island 1.41
South Carolina 1.88
Tennessee 0.52
Texas 11.27
Utah 0.39
Vermont 0.05
Virginia 1.88
Washington 4.88
West Virginia 0.03
Wisconsin 1.18
District of Columbia 2.11
Puerto Rico 0.61
Tax-Exempt Private Municipal Trust 0.13
Cash and Other Assets, Less Liabilities 0.30
-------
Total 100.00%
=======
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
California Municipal Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
TAX-EXEMPT VARIABLE-RATE DEMAND NOTES: 0.71%
- --------------------------------------------------------------------------------
$ 1,500,000 Irvine Ranch Water District, $1,500,000
Consolidated Bonds Refunding,
Series B,
1.11%, 10/01/2004
700,000 Irvine Ranch Water District, 700,000
Nos. 140-240-105-250, California,
1.12%, 04/01/2033
2,900,000 California State, Series A-2, 2,900,000
1.12%, 05/01/2033
1,200,000 Irvine Unified School 1,200,000
District, Community Facilities
District No. 01-1, California,
1.12%, 09/01/2038
---------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $6,300,000) 6,300,000
---------------
================================================================================
PREREFUNDED/ESCROWED: 3.45%
- --------------------------------------------------------------------------------
1,000,000 Washington Suburban Sanitation 1,008,820
District, Maryland,
6.60%, 06/01/2015,
Prerefunded 06/01/2004 @ 100
2,000,000 Los Angeles, California, 2,036,800
Department of Water & Power,
California Electric Plant
Revenue, FSA,
5.25%, 06/15/2013,
Prerefunded 06/15/2004 @ 101
3,955,000 Imperial Irrigation District, 4,148,518
California Certificates of
Participation, Electric System
Project, MBIA,
6.00%, 11/01/2015,
Prerefunded 11/01/2004 @ 102
1,355,000 Los Angeles County 1,422,059
Metropolitan Transportation
Authority, California Sales
Tax Revenue, Proposition C-2nd
Senior Series A, AMBAC,
5.00%, 07/01/2025,
Prerefunded 07/01/2005 @ 100
9,515,000 San Bernardino County, 10,392,378
California, Certificates of
Participation, Medical Center
Financing Project, Series A, MBIA,
6.50%, 08/01/2028,
Prerefunded 08/01/2005 @ 102
*See Note 1, page 40 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 41
================================================================================
Principal Amount Description Market Value
================================================================================
$ 310,000 Burbank Redevelopment Agency, $ 314,123
California,
9.25%, 12/01/2005,
Escrowed to Maturity
1,000,000 California State Public Works 1,097,630
Board, Lease Revenue,
Department of Corrections,
Series A, AMBAC,
5.75%, 01/01/2012,
Prerefunded 01/01/2006 @ 102
1,520,000 Corona, California 1,712,584
Certificates of Participation,
8.00%, 03/01/2015,
Prerefunded 03/01/2006 @ 100
1,120,000 University of California 1,240,478
Revenue, Hospital Medical
Center, AMBAC,
5.75%, 07/01/2024,
Prerefunded 07/01/2006 @ 101
920,000 Northern California Power 1,083,006
Agency, Public Power Revenue
Series A, AMBAC,
5.80%, 07/01/2009,
Escrowed to Maturity
1,295,000 Los Angeles, Unified School 1,521,651
District, California, Series D, FGIC,
5.625%, 07/01/2015,
Prerefunded 07/01/2010 @ 100
1,000,000 Kern High School District, 1,277,510
California,
7.10%, 08/01/2011,
Escrowed to Maturity
1,000,000 Pittsburg Redevelopment 1,532,310
Agency, California Residential
Mortgage Revenue,
9.60%, 06/01/2016,
Escrowed to Maturity
1,615,000 Metropolitan Water District of 1,897,803
Southern California,
Waterworks Revenue Series A,
5.75%, 07/01/2021,
Escrowed to Maturity
---------------
Total Prerefunded/Escrowed
(Cost $29,312,675) 30,685,670
---------------
================================================================================
INSURED: 51.08%
- --------------------------------------------------------------------------------
5,000,000 San Jose Redevelopment Agency, 5,033,000
California, Tax Allocation,
Merged Area Redevelopment
Project, MBIA,
3.00%, 08/01/2004
(Note A, p. 52)
1,015,000 Covina Valley Unified School 1,026,581
District, California, Series A, FSA,
4.50%, 08/01/2004
1,365,000 Rancho Water District 1,382,772
Financing Authority,
California Revenue, Series A, FSA,
5.00%, 08/01/2004
1,835,000 Los Angeles, California, 1,861,516
Harbor Department Revenue,
AMBAC,
5.50%, 08/01/2004
1,960,000 Gateway Economic Development 1,992,222
Corp., Greater Cleveland,
Ohio, Excise Tax Revenue, FSA,
5.125%, 09/01/2004
1,600,000 Irvine Public Facilities & 1,613,328
Infrastructure Authority,
California, Assessment
Revenue, Series B, AMBAC,
3.00%, 09/02/2004
1,000,000 Oakland Joint Powers Financing 1,019,710
Authority, California, Lease
Revenue, AMBAC,
5.00%, 10/01/2004
11,530,000 San Joaquin Hills 11,435,569
Transportation Corridor
Agency, California, Toll Road
Revenue, Capital Appreciation
Refunding Series A, MBIA,
0.00%, 01/15/2005
3,300,000 Industry Urban Development 3,438,600
Agency, California, MBIA,
5.00%, 05/01/2005
3,225,000 East Bay Delta Housing & 3,337,617
Finance Agency, California,
Lease Revenue, MBIA,
4.25%, 06/01/2005
1,900,000 Association of Bay Area 1,988,350
Governments, California, Bay
Area Rapid Transit, Series A,
AMBAC,
5.00%, 06/15/2005
1,270,000 Los Angeles, California, 1,303,020
Series A, MBIA,
3.00%, 09/01/2005
8,080,000 Industry Urban Development 8,668,547
Agency, California, MBIA,
5.00%, 05/01/2006
1,535,000 Long Beach, California, Harbor 1,559,698
Revenue, Series A, FGIC,
2.50%, 05/15/2006
3,015,000 Puerto Rico Electric Power 3,341,374
Authority, Power Revenue,
Refunding Series Y, MBIA,
6.50%, 07/01/2006
1,000,000 Virgin Islands Public Finance 1,077,200
Authority Revenue, Federal
Highway Reimbursement Loan
Note, FSA,
5.00%, 09/01/2006
42 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,030,000 Los Angeles, California, $ 2,207,097
Certificates of Participation,
Equipment & Real Estate
Property Program, Series AU, MBIA,
5.00%, 10/01/2006
1,940,000 Southern California Public 2,113,281
Power Authority, Power Project
Revenue Refunding, San Juan,
Unit 3, Series A, FSA,
5.00%, 01/01/2007
6,960,000 California Department of 7,409,059
Transportation, Revenue,
Federal Highway Grant
Anticipation Bonds, Series A, AMBAC,
4.00%, 02/01/2007
810,000 San Jose, California, Airport 871,560
Revenue, FGIC,
5.875%, 03/01/2007
7,320,000 Industry Urban Development 8,039,995
Agency, California, MBIA,
5.00%, 05/01/2007
1,130,000 Long Beach, California, Harbor 1,160,454
Revenue, Series A, FGIC,
3.00%, 05/15/2007
8,240,000 East Bay Municipal Utility 8,832,868
District, California, Water
Systems Revenue, Refunding, FSA,
4.00%, 06/01/2007
13,075,000 Association of Bay Area 14,432,185
Governments, California, Bay
Area Rapid Transit, Series A, AMBAC,
5.00%, 06/15/2007
3,960,000 San Francisco City & County, 4,463,078
California, Refunding,
Series 1, FGIC,
5.75%, 06/15/2007
8,590,000 Los Angeles, California, 9,092,944
Convention & Exhibition Center
Authority, Lease Revenue,
Series A, AMBAC,
3.50%, 08/15/2007
8,800,000 Southern California Public 9,746,264
Power Authority, Power Project
Revenue Refunding, San Juan,
Unit 3, Series A, FSA,
5.00%, 01/01/2008
3,050,000 San Jose, California, Airport 3,331,972
Revenue Refunding, Series B,
FSA, AMT,
5.00%, 03/01/2008
2,135,000 San Diego County Regional 2,359,025
Transportation Authority,
California Sales Tax Revenue,
Series A, FGIC,
4.75%, 04/01/2008
2,360,000 San Diego County Regional 2,652,664
Transportation Authority,
California, Sales Tax Revenue,
Series A, FGIC,
5.25%, 04/01/2008
3,885,000 Long Beach, California, Harbor 4,142,964
Revenue, MBIA, AMT,
6.00%, 05/15/2008
2,500,000 Puerto Rico Public Building 2,854,100
Authority, Revenue Guaranteed
Series L, FSA,
5.60%, 07/01/2008
1,000,000 Riverside, California, Sewer 1,199,120
Revenue, FGIC,
7.00%, 08/01/2008
1,510,000 Castaic Lake Water Agency, 1,822,706
California, Certificates of
Participation, Water System
Improvement Project, Series A, MBIA,
7.25%, 08/01/2008
9,300,000 Los Angeles, California 10,470,777
Certificates of Participation,
Equipment & Real Estate
Property Program, Series AU, MBIA,
5.00%, 10/01/2008
9,000,000 Los Angeles County, 10,172,970
California, Public Works
Financing Authority, AMBAC,
5.50%, 10/01/2008
4,510,000 University of California 5,093,459
Revenue, Series A, AMBAC,
5.00%, 05/15/2009
1,000,000 Redding Joint Powers Financing 1,188,290
Authority, California,
Electric System Revenue,
Series A, MBIA,
6.25%, 06/01/2009
1,140,000 Florida State Department of 1,292,395
Environmental Protection
Preservation Revenue, Florida
Forever, Series C, AMBAC,
5.25%, 07/01/2009
4,960,000 Northern California Power 5,798,637
Agency, Geothermal Project
No. 3, Series A, AMBAC, 5.80%, 07/01/2009
1,100,000 South Orange County Public 1,398,573
Finance Authority, California,
Special Tax Revenue, Foothill
Area, Series C, FGIC,
8.00%, 08/15/2009
5,130,000 California State, Refunding, FSA, 5,812,495
5.25%, 02/01/2010
Schedule of Investments -- Municipal Bond Portfolios 43
================================================================================
Principal Amount Description Market Value
================================================================================
$ 600,000 Los Angeles, California $ 653,556
Department of Airports,
Airport Revenue, FGIC, AMT,
5.80%, 05/15/2010
2,000,000 Puerto Rico Commonwealth, FGIC, 2,294,660
5.25%, 07/01/2010
1,635,000 Pomona Public Financing 1,837,462
Authority, California,
Revenue, Merged Redevelopment
Project, Series AH, AMBAC,
5.00%, 02/01/2011
4,235,000 Saint Petersburg, Florida, 4,765,010
Public Improvement Revenue, MBIA,
5.00%, 02/01/2011
1,000,000 Kern High School District, 1,201,460
California, Series A, MBIA,
6.30%, 02/01/2011
2,145,000 San Francisco City & County, 2,311,817
California, Airport
Commission, International
Airport Revenue, Second Series
10A, MBIA, AMT,
5.45%, 05/01/2012
4,630,000 University of California, 5,231,668
Revenue, Series B, AMBAC,
5.00%, 05/15/2012
9,025,000 Puerto Rico Electric Power 10,383,353
Authority, Power Revenue,
Refunding, Series KK, FSA,
5.25%, 07/01/2012
5,930,000 M S R Public Power Agency, 6,572,456
California, San Juan Project,
Refunding, Series G, MBIA,
5.30%, 07/01/2012
1,075,000 Rancho Water District 1,241,281
Financing Authority,
California Revenue, Series A, FSA,
5.50%, 08/01/2012
2,500,000 Northern Mariana Islands, 2,771,725
Commonwealth of, Series A, ACA,
6.00%, 06/01/2014
1,195,000 Culver City Redevelopment 1,398,879
Finance Authority, California,
Tax Allocation, AMBAC,
5.50%, 11/01/2014
1,000,000 Santa Clara, Redevelopment 1,033,500
Agency California, Tax
Allocation, Bayshore North
Project, MBIA,
5.00%, 06/01/2015
8,785,000 Los Angeles Unified School 10,093,614
District, California, Election
of 1997, Series E, MBIA,
5.50%, 07/01/2015
1,000,000 San Jose Redevelopment Agency, 1,213,180
California, Tax Allocation,
Merged Area Redevelopment
Project, MBIA,
6.00%, 08/01/2015
2,380,000 Antioch Public Finance 2,674,049
Authority, California, Lease
Revenue, Municipal Facilities
Project, Series B, MBIA,
5.50%, 01/01/2016
1,430,000 San Mateo County 1,672,428
Transportation District
California, Series A, MBIA,
5.50%, 06/01/2016
5,225,000 California State Public Works 5,998,509
Board, Lease Revenue,
Department of Health Services,
Series A, MBIA,
5.75%, 11/01/2016
2,685,000 Northern California Power 2,880,790
Agency, Public Power Revenue,
Hydroelectric Project No. 1,
Series A, MBIA,
5.00%, 07/01/2017
1,000,000 California Special Districts 1,167,230
Association Finance Corp.,
Certificates of Participation,
Series Z, FSA,
5.50%, 08/01/2017
1,460,000 Santa Fe Springs, California, 1,626,615
Community Development
Commission, Refunding,
Series A, MBIA,
5.375%, 09/01/2017
3,130,000 Long Beach Bond Finance 3,358,772
Authority, California, Lease
Revenue, Civic Center Project,
Series A, MBIA,
5.00%, 10/01/2017
7,495,000 San Bernardino County, 8,364,195
California, Certificates of
Participation, West Valley
Detention Center, Refunding,
Series A, MBIA,
5.25%, 11/01/2017
1,210,000 Culver City, Redevelopment 1,373,144
Agency, California, Tax
Allocation Redevelopment
Project A, MBIA,
5.50%, 11/01/2017
6,390,000 Santa Clara County Financing 6,868,036
Authority, California, Lease
Revenue, Series A, AMBAC,
5.00%, 11/15/2017
44 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 5,930,000 Sacramento City Financing $ 6,710,744
Authority, California, Revenue
Capital Improvement, Series A,
AMBAC,
5.50%, 12/01/2017
2,420,000 San Francisco City & County, 2,546,663
California, Airport
Commission, International
Airport Revenue, Second Series
15A, FSA, AMT,
5.00%, 05/01/2018
2,000,000 Los Angeles, California, 2,198,100
Department of Water & Power,
Power System, Series A, FSA,
5.25%, 07/01/2018
5,000,000 Los Angeles, California, 5,554,150
Department of Water & Power,
Power System, Series A, MBIA,
5.375%, 07/01/2018
2,000,000 Los Altos School District, 2,142,800
California, Series B, MBIA,
5.00%, 08/01/2018
2,075,000 Anaheim Public Financing 2,219,213
Authority, California,
Electric System Revenue,
Distribution Facilities, MBIA,
5.00%, 10/01/2018
1,500,000 Imperial Irrigation District, 1,605,600
California, Electric System
Revenue, MBIA,
5.00%, 11/01/2018
1,000,000 Culver City, Redevelopment 1,137,530
Agency, California, Tax
Allocation Redevelopment
Project A, MBIA,
5.50%, 11/01/2018
5,000,000 California State Department of 5,527,450
Water Resources, Water
Systems, Series Y, FGIC,
5.25%, 12/01/2018
1,440,000 Sacramento City Financing 1,609,258
Authority, California,
Revenue, City Hall &
Redevelopment Projects,
Series A, FSA,
5.375%, 12/01/2018
3,830,000 Los Angeles, California, 4,180,024
Sanitation Equipment Charge
Revenue, Series A, FSA,
5.25%, 02/01/2019
5,035,000 Anaheim Union High School 5,569,465
District, California, Series A, FSA,
5.375%, 08/01/2019
1,000,000 Antelope Valley Union High 1,113,420
School District, California,
Series A, MBIA,
5.375%, 08/01/2019
1,185,000 Tahoe-Truckee Unified School 1,376,710
District, California, MBIA,
5.50%, 08/01/2019
1,000,000 Long Beach Bond Finance 1,096,010
Authority, California, Lease
Revenue, Public Safety
Facilities Projects, AMBAC,
5.25%, 11/01/2019
2,815,000 Los Angeles County, 3,224,780
California, Certificates of
Participation, Antelope Valley
Courthouse, Series A, AMBAC,
5.75%, 11/01/2019
2,630,000 California State Public Works 2,869,488
Board, Lease Revenue,
Department of Corrections,
State Prison, Series A, AMBAC,
5.00%, 12/01/2019
5,000,000 California State Department of 5,487,000
Water Resources, Water
Systems, Series Y, FGIC,
5.25%, 12/01/2019
4,525,000 Los Angeles, California, 4,901,661
Sanitation Equipment Charge
Revenue, Series A, FSA,
5.25%, 02/01/2020
2,050,000 Pasadena Unified School 2,177,551
District, California, Series B, FGIC,
5.00%, 07/01/2020
6,295,000 Los Angeles, California, 6,916,946
Department of Water & Power,
Power System, Series A, MBIA,
5.375%, 07/01/2020
3,475,000 Ventura County Community 3,715,088
College District, California,
Series A, MBIA,
5.00%, 08/01/2020
1,900,000 Gilroy Unified School 2,075,465
District, California, FGIC,
5.25%, 08/01/2020
6,340,000 University of California, 6,830,209
Multipurpose Projects,
Revenue, Series E, MBIA,
5.125%, 09/01/2020
1,000,000 Fontana Public Financing 1,086,860
Authority, California, Tax
Allocation Revenue, North
Fontana Redevelopment Project,
Series A, FSA,
5.25%, 09/01/2020
1,000,000 San Mateo County Community 1,101,040
College District, California,
2001 Election, Series A, FGIC,
5.375%, 09/01/2020
Schedule of Investments -- Municipal Bond Portfolios 45
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,075,000 Walnut Public Financing $ 2,306,964
Authority, California, Tax
Allocation Revenue, AMBAC,
5.375%, 09/01/2020
1,100,000 Mammoth Unified School 477,180
District, California, Capital
Appreciation, MBIA,
0.00%, 08/01/2021
1,800,000 San Francisco City & County, 1,894,914
California, Public Utilities
Commission, Waterworks Revenue,
Series A, FSA,
5.00%, 11/01/2021
1,050,000 Long Beach Bond Finance 1,138,084
Authority, California, Lease
Revenue, Public Safety
Facilities Projects, AMBAC,
5.25%, 11/01/2021
1,100,000 Sacramento County Sanitation 1,279,971
District Financing Authority,
California, Revenue, FSA,
5.50%, 12/01/2021
1,000,000 Mammoth Unified School 407,510
District, California, Capital
Appreciation, MBIA,
0.00%, 08/01/2022
1,440,000 Anaheim Union High School 1,513,930
District, California,
Series A, FSA,
5.00%, 08/01/2022
3,050,000 California State University 3,250,995
Headquarters Building
Authority, Lease Revenue,
Series B, MBIA,
5.25%, 09/01/2022
1,715,000 Long Beach Bond Finance 1,848,581
Authority, California, Lease
Revenue, Public Safety
Facilities Projects, AMBAC,
5.25%, 11/01/2022
1,560,000 California State Department of 1,681,025
Water Resources, Water
Revenue, Series W, FSA,
5.25%, 12/01/2022
1,240,000 San Diego Community College 1,301,740
District, California, Election
of 2002, Series A, FSA,
5.00%, 05/01/2023
1,700,000 San Diego Unified School 1,785,867
District, California,
Series C, FSA,
5.00%, 07/01/2023
2,000,000 William S. Hart Union High 2,102,540
School District, California,
Series A, MBIA,
5.00%, 09/01/2023
7,600,000 California State Department of 7,978,784
Water Resources, Central
Valley Project, Water Systems,
Series AA, FGIC,
5.00%, 12/01/2023
3,450,000 San Francisco City & County, 3,589,242
California, Airport
Commission, International
Airport Revenue, Second
Series 16B, FSA,
5.00%, 05/01/2024
2,320,000 Azusa Unified School District, 2,416,790
California, FSA,
5.00%, 07/01/2024
1,140,000 California State, MBIA, 1,192,041
5.00%, 08/01/2024
1,230,000 Gateway Unified School 1,286,826
District, California, MBIA,
5.00%, 08/01/2024
9,995,000 Los Angeles Community College 10,372,611
District, California, Series
A, MBIA,
5.00%, 06/01/2026
30,000,000 Puerto Rico Commonwealth 33,716,100
Highway & Transportation
Authority, Highway Revenue,
Refunding, Series AA, FSA,
5.00%, 07/01/2026
(Note B, p. 52)
7,525,000 Long Beach, California Harbor 7,548,553
Revenue Series A, MBIA,
4.00%, 05/15/2027
(Note B, p. 52)
4,125,000 Long Beach, California Harbor 4,138,365
Revenue Series B, MBIA,
4.00%, 05/15/2027
(Note B, p. 52)
410,000 California Housing Finance 412,218
Agency, Home Mortgage Revenue,
Series I, MBIA, AMT,
4.95%, 08/01/2028
3,790,000 California Housing Finance 1,130,633
Agency, Home Mortgage Revenue,
Series B, MBIA, AMT,
0.00%, 08/01/2029
5,000,000 Santa Clara Valley 5,295,750
Transportation Authority,
California, Sales Tax Revenue,
Measure A, AMBAC,
4.00%, 04/01/2036
(Note B, p. 52)
46 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,245,000 San Jose Financing Authority, $ 2,402,577
California, Lease Revenue,
Civic Center Project,
Series C, AMBAC,
5.00%, 06/01/2039
(Note B, p. 52)
---------------
Total Insured (Cost $432,171,770) 454,468,441
---------------
================================================================================
TAX SUPPORTED: 19.13%
- --------------------------------------------------------------------------------
State General Obligations: 7.21%
2,890,000 California State, 2,945,286
6.10%, 09/01/2004
3,055,000 California State, 3,252,597
6.20%, 09/01/2005
785,000 California State, 824,132
4.00%, 02/01/2008
1,200,000 California State, 1,305,336
5.00%, 03/01/2008
2,985,000 California State, 3,127,563
4.00%, 02/01/2009
5,400,000 California State, 5,898,042
5.00%, 02/01/2009
1,675,000 California State, 1,830,205
5.00%, 02/01/2010
2,420,000 California State, 2,772,909
5.75%, 10/01/2010
5,000,000 Maryland State, Capital 5,743,900
Improvement State & Local
Facilities, 1A,
5.25%, 03/01/2011
2,205,000 California State, 2,394,917
5.00%, 02/01/2012
1,000,000 Maryland State, Capital 1,166,340
Improvement State & Local
Facilities, Series A,
5.50%, 03/01/2012
4,230,000 Puerto Rico Commonwealth, 4,645,513
Refunding Public Improvement,
Series C,
5.00%, 07/01/2018
(Note B, p. 52)
1,870,000 California State, 1,983,509
5.25%, 09/01/2018
12,240,000 California State, 12,593,369
5.00%, 02/01/2020
2,045,000 California State, 2,143,344
5.25%, 09/01/2020
10,060,000 California State, 10,529,601
5.25%, 10/01/2020
1,000,000 California State, 1,007,150
5.00%, 10/01/2023
---------------
Total State General Obligations
(Cost $63,630,829) 64,163,713
---------------
Local General Obligations: 5.90%
4,940,000 New York City, New York, 5,433,209
Series G,
5.00%, 08/01/2010
3,920,000 Gwinnett County, School 4,420,898
District, Georgia, Refunding,
5.00%, 02/01/2011
2,200,000 Los Angeles Unified School 2,495,020
District, California, Series A, MBIA,
5.00%, 07/01/2011
15,260,000 New York City, New York, 16,705,885
Series G,
5.00%, 08/01/2011
5,450,000 Gwinnett County, School 6,147,981
District, Georgia, Refunding,
5.00%, 02/01/2012
5,000,000 Los Angeles Unified School 5,748,650
District, California, Series A, MBIA,
5.25%, 07/01/2012
1,145,000 Los Gatos-Saratoga Joint Union 1,300,697
High School District,
California, Election of 1998,
Series B,
5.75%, 12/01/2019
1,440,000 Los Angeles Unified School 1,571,990
District, California, Series A, FSA,
5.25%, 07/01/2020
2,210,000 Salinas Union High School 2,417,210
District, California, Series A, FGIC,
5.25%, 10/01/2020
1,325,000 Los Gatos-Saratoga Joint Union 1,502,643
High School District,
California, Election of 1998,
Series B,
5.75%, 12/01/2020
2,420,000 Salinas Union High School 2,631,000
District, California, Series A, FGIC,
5.25%, 10/01/2021
2,000,000 San Diego Unified School 2,141,720
District, California, Capital
Appreciation, Election of 1998,
Series D, FGIC,
5.25%, 07/01/2025
---------------
Total Local General Obligations
(Cost $52,043,169) 52,516,903
---------------
Tax Lease: 1.08%
3,360,000 Los Angeles County, 3,366,854
California, Capital Asset
Leasing Corp., Lease Revenue,
Series A,
3.00%, 06/01/2004
310,000 Puerto Rico Urban Renewal & 311,011
Housing Corp.,
7.875%, 10/01/2004
Schedule of Investments -- Municipal Bond Portfolios 47
================================================================================
Principal Amount Description Market Value
================================================================================
$ 860,000 Gilroy Unified School $ 885,998
District, California,
Certificates of Participation,
5.85%, 07/01/2008
2,590,000 Taft Public Financing 2,828,979
Authority, California, Lease
Revenue, Community
Correctional Facility Project A,
5.95%, 01/01/2011
2,000,000 Sacramento Finance Authority, 2,233,500
California, Lease Revenue,
Series B,
5.40%, 11/01/2020
---------------
Total Tax Lease (Cost $8,946,366) 9,626,342
---------------
Special Tax: 4.94%
1,150,000 New Jersey State 1,159,522
Transportation Trust Fund
Authority, Transportation
Systems, Series A,
5.25%, 06/15/2004
365,000 Vacaville, California, 365,679
Improvement Bond Act 1915,
Refunding & Improvement
Consolidated Reassessment,
Series A,
3.40%, 09/02/2004
200,000 Chula Vista, California, 202,508
Community Facilities District,
Special Tax, No. 06-1 Eastlake
Woods Area, Series A,
2.90%, 09/01/2005
645,000 Vacaville, California, 656,862
Improvement Bond Act 1915,
Refunding & Improvement
Consolidated Reassessment,
Series A,
3.95%, 09/02/2005
515,000 Contra Costa County, 534,647
California, Improvement Bond
Act 1915,
5.45%, 09/02/2005
1,760,000 South Tahoe, California, Joint 1,771,440
Powers Financing Authority,
Bond Anticipation Notes,
Redevelopment Project 1-B,
3.50%, 10/01/2005
200,000 Etiwanda School District, 202,922
California, Refunding
Community Facilities District No. 3,
3.90%, 08/01/2006
4,270,000 Santa Clara County Financing 4,582,350
Authority, California, Special
Obligation Measure B,
Transportation Improvement
Program,
5.00%, 08/01/2006
500,000 Chula Vista, California, 503,545
Community Facilities District
Special Tax, No. 06-1 Eastlake
Woods Area, Series A,
3.60%, 09/01/2006
1,075,000 Riverside, California 1,073,484
Improvement Bond Act of 1915,
Canyon Springs Assessment,
2.40%, 09/02/2006
665,000 Vacaville, California, 676,711
Improvement Bond Act 1915,
Refunding & Improvement
Consolidated Reassessment,
Series A,
4.25%, 09/02/2006
275,000 Salinas Public Financing 283,442
Authority, California, Revenue
Refunding Assessment
Districts, Refinancing
Subordinated, Series B,
4.75%, 09/02/2006
1,665,000 North Las Vegas, Nevada, 1,685,912
Special Improvement District
No. 60 Aliante,
3.90%, 12/01/2006
1,815,000 Henderson, Nevada, Local 1,820,409
Improvement Districts No. T-14,
3.75%, 03/01/2007
350,000 Etiwanda School District, 357,599
California, Refunding
Community Facilities District No. 3,
4.25%, 08/01/2007
1,420,000 Fishhawk Community Development 1,442,621
District No. 2, Florida,
Special Assessment Revenue,
Series B,
5.00%, 11/01/2007
1,180,000 Reunion East Community 1,191,422
Development District, Florida,
Special Assessment,
5.20%, 11/01/2007
1,000,000 Vizcaya Community Development 1,011,600
District, Florida, Special
Assessment, Series B,
5.40%, 11/01/2007
2,200,000 Village Community Development 2,221,692
District No. 5, Florida,
Special Assessment Revenue,
Series B,
5.00%, 05/01/2008
925,000 Villasol Community Development 943,333
District, Florida, Special
Assessment Revenue, Series B,
5.375%, 05/01/2008
48 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 480,000 Etiwanda School District, $ 491,712
California, Refunding
Community Facilities District No. 3,
4.50%, 08/01/2008
565,000 Chula Vista, California, 571,091
Community Facilities District
Special Tax, No. 06-1 Eastlake
Woods Area, Series A,
4.25%, 09/01/2008
375,000 Salinas Public Financing 386,250
Authority, California,
Revenue, Refunding Assessment
Districts, Refinancing
Subordinated, Series B,
4.75%, 09/02/2008
2,250,000 Seven Oaks Community 2,294,033
Development District No. 2,
Florida, Special Assessment
Revenue, Series B,
5.30%, 11/01/2008
1,000,000 Middle Village Community 1,004,670
Development District, Florida,
Special Assessment, Series B,
5.00%, 05/01/2009
495,000 Etiwanda School District, 505,251
California, Refunding
Community Facilities District No. 3,
4.70%, 08/01/2009
680,000 Chula Vista, California, 689,064
Community Facilities District
Special Tax, No. 06-1 Eastlake
Woods Area, Series A,
4.60%, 09/01/2009
295,000 Salinas Public Financing 304,284
Authority, California, Revenue
Refunding Assessment
Districts, Refinancing
Subordinated Series B,
5.00%, 09/02/2009
2,300,000 Meadow Pointe III Community 2,293,813
Development District,
Florida, Capital Improvement
Revenue, Series 2004-1,
4.80%, 11/01/2009
1,470,000 Gateway Services Community 1,496,019
Development District, Florida,
Special Assessment, Sun City
Center, Fort Myers Project,
Series B,
5.50%, 05/01/2010
470,000 Etiwanda School District, 480,082
California, Refunding
Community Facilities District No. 3,
4.80%, 08/01/2010
1,000,000 Sterling Hill Community 1,013,920
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.50%, 11/01/2010
1,000,000 Concorde Estates Community 989,410
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.00%, 05/01/2011
2,000,000 Clark County, Nevada, Special 2,027,700
Improvement District No. 142,
5.30%, 08/01/2011
310,000 Salinas Public Financing 319,858
Authority, California, Revenue
Refunding, Assessment
Districts, Refinancing
Subordinated, Series B,
5.25%, 09/02/2011
2,125,000 Venetian Community Development 2,218,925
District, Florida, Capital
Improvement Revenue, Series B,
5.95%, 05/01/2012
1,600,000 Fiddlers Creek Community 1,624,768
Development District No. 2,
Florida, Special Assessment
Revenue, Series B,
5.75%, 05/01/2013
1,250,000 Celebrate Community 1,269,850
Development Authority,
Virginia, Special Assessment
Revenue, North Virginia
Project, Series B,
6.25%, 03/01/2018
1,175,000 Beacon Tradeport Community 1,233,445
Development District, Florida,
Industrial Project, Series B,
7.125%, 05/01/2022
---------------
Total Special Tax (Cost $43,272,572) 43,901,845
---------------
Total Tax Supported (Cost $167,892,936) 170,208,803
---------------
================================================================================
REVENUE: 23.64%
- --------------------------------------------------------------------------------
Airport Revenue: 0.07%
500,000 Denver City & County, 615,870
Colorado, Airport Revenue,
Series D, AMT,
7.75%, 11/15/2013
---------------
Total Airport Revenue (Cost $490,078) 615,870
---------------
Electric Revenue: 9.82%
17,400,000 Los Angeles, California, 18,899,880
Department of Water & Power
Revenue, Power Systems, Series
A, Subseries A-1,
4.50%, 07/01/2007
Schedule of Investments -- Municipal Bond Portfolios 49
================================================================================
Principal Amount Description Market Value
================================================================================
$ 3,440,000 San Antonio, Texas, Electric & $ 3,872,133
Gas,
5.25%, 02/01/2009
19,000,000 California State Department of 21,428,770
Water Resources, Power Supply
Revenue, Series A,
5.50%, 05/01/2009
13,525,000 Los Angeles, California, 15,245,921
Department of Water & Power
Revenue, Power Systems, Series
A, Subseries A-1,
5.00%, 07/01/2009
21,165,000 California State Department of 24,029,047
Water Resources, Power Supply
Revenue, Series A,
5.25%, 05/01/2010
3,580,000 North Carolina Eastern 3,851,758
Municipal Power Agency, Power
Systems Revenue, Refunding,
Series C,
5.30%, 01/01/2015
---------------
Total Electric Revenue (Cost $84,707,675) 87,327,509
---------------
Health Care Revenue: 1.46%
1,195,000 Association of Bay Area 1,212,459
Governments Finance Authority
for Nonprofit Corp.,
California, Revenue, San Diego
Hospital Associates, Series A,
6.00%, 08/15/2004
3,045,000 California Statewide 3,122,983
Communities Development
Authority, Revenue, Kaiser
Permanente, Series C,
3.70%, 11/01/2029
(Note B, p. 52)
3,455,000 California Statewide 3,603,254
Communities Development
Authority Revenue, Kaiser
Permanente, Series C,
3.85%, 08/01/2031
(Note B, p. 52)
5,085,000 California Statewide 5,080,474
Communities Development
Authority Revenue, Kaiser
Permanente, Series F,
2.30%, 04/01/2033
(Note B, p. 52)
---------------
Total Health Care Revenue (Cost $12,813,488) 13,019,170
---------------
Higher Education Revenue: 1.28%
1,280,000 University of California, 1,373,568
Revenue, Series A,
5.00%, 05/15/2006
2,105,000 California Educational 2,342,886
Facilities Authority Revenue,
University of the Pacific,
5.50%, 11/01/2018
7,575,000 CSUCI Financing Authority 7,624,995
Revenue, California, Rental Housing,
3.375%, 08/01/2031
(Note B, p. 52)
---------------
Total Higher Education Revenue
(Cost $11,116,487) 11,341,449
---------------
Tobacco Revenue: 1.67%
65,000 Children's Trust Fund, Puerto 72,572
Rico, Tobacco Settlement
Revenue,
5.75%, 07/01/2020
1,840,000 Tobacco Securitization 1,842,502
Authority of Northern
California, Tobacco Settlement
Asset-Backed Bonds, Series B,
Sacramento County Tobacco
Securitization Corp.,
4.375%, 06/01/2021
3,060,000 California Counties, Tobacco 2,969,914
Securitization Agency, Fresno
County Tobacco Funding Corp.,
5.625%, 06/01/2023
7,475,000 Tobacco Securitization 7,348,074
Authority of Southern
California, Tobacco Settlement
Asset-Backed Bonds, Series A,
San Diego County Tobacco
Securitization Corp.,
5.25%, 06/01/2027
2,750,000 Badger Tobacco Asset 2,665,465
Securitization Corp.,
Wisconsin, Tobacco Settlement
Asset-Backed Bonds,
6.125%, 06/01/2027
---------------
Total Tobacco Revenue (Cost $14,939,142) 14,898,527
---------------
Water/Sewer Revenue: 2.48%
8,150,000 Metropolitan Water District of 9,229,305
Southern California,
Waterworks Revenue, Series B,
5.00%, 07/01/2010
2,460,000 San Francisco City & County 2,645,582
Public Utilities Commission,
California, Waterworks
Revenue, Series A,
5.00%, 11/01/2012
2,285,000 California State Department of 2,398,542
Water Resources, Water System
Revenue, Series O,
5.00%, 12/01/2015
50 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 5,000,000 Sacramento County Sanitation $ 5,374,900
District Financing Authority,
California, Revenue, Series A,
5.60%, 12/01/2016
2,045,000 Metropolitan Water District of 2,436,515
Southern California,
Waterworks Revenue, Series A,
5.75%, 07/01/2021
---------------
Total Water/Sewer Revenue (Cost $21,019,447) 22,084,844
---------------
Miscellaneous Revenue: 2.78%
1,850,000 Ohio State Revenue, Major New 1,864,338
State Infrastructure-1,
5.00%, 06/15/2004
6,485,000 Los Angeles, California, 7,072,541
Harbor Department Revenue,
Series B, AMT,
5.75%, 08/01/2009
8,975,000 Los Angeles County Public 10,131,249
Works Financing Authority,
California, Refunding Flood
Control District, Series A,
5.00%, 03/01/2010
2,170,000 Los Angeles County 2,457,373
Metropolitan Transportation
Authority, California, Sales
Tax Revenue, Refunding
Proposition C, Second Senior
Series A, MBIA,
5.00%, 07/01/2010
1,190,000 Broad Street Community 1,218,346
Development Authority,
Virginia, Revenue,
7.125%, 06/01/2015
2,000,000 Oakland Joint Powers Financing 2,010,340
Authority, California,
Revenue, California Fruitvale
Transit Village, Series A,
3.125%, 07/01/2033
(Note B, p. 52)
---------------
Total Miscellaneous Revenue (Cost $23,802,650) 24,754,187
---------------
Industrial Development/Pollution Control
Revenue: 4.08%
5,165,000 California Pollution Control 5,158,234
Financing Authority, Pollution
Control Revenue, Southern
California Edison, Series B,
2.00%, 03/01/2008
(Note B, p. 52)
2,900,000 California Pollution Control 2,896,201
Financing Authority, Pollution
Control Revenue, Southern
California Edison, Series C,
2.00%, 03/01/2008
(Note B, p. 52)
3,280,000 Louisa Industrial Development 3,531,379
Authority, Virginia, Pollution
Control Revenue, Virginia
Electric & Power Co.,
5.25%, 12/01/2008
(Note B, p. 52)
5,750,000 California Statewide 5,750,000
Communities Development
Authority, Solid Waste
Revenue,
2.90%, 04/01/2011
(Note B, p. 52)
2,500,000 California Statewide 2,554,575
Communities Development
Authority, Solid Waste
Facilities Revenue, Series A, AMT,
4.95%, 12/01/2012
415,000 Michigan State Strategic Fund, 416,780
Solid Waste Disposal Revenue,
Limited Obligation Waste
Management,
3.00%, 12/01/2013
(Note B, p. 52)
2,500,000 Putnam County, West Virginia, 2,516,050
Pollution Control Revenue,
Appalachian Power Co., Project
Series E,
2.80%, 05/01/2019
(Note B, p. 52)
3,050,000 Pope County, Arkansas, Revenue 3,113,379
Refunding, Entergy Arkansas,
Inc. Project, 5.05%, 09/01/2028
(Note B, p. 52)
4,400,000 Maricopa County, Arizona, 4,400,000
Pollution Control Revenue,
Arizona Public Service Co.,
Series F,
1.875%, 05/01/2029
(Note B, p. 52)
3,415,000 Beaver County Industrial 3,470,255
Development Authority,
Pennsylvania Pollution Control
Revenue, Cleveland Electric
Project,
3.75%, 10/01/2030
(Note B, p. 52)
1,000,000 Maricopa County Industrial 1,021,230
Development Authority,
Arizona, Solid Waste Disposal
Revenue, Waste Management,
Inc., Project,
4.80%, 12/01/2031
(Note B, p. 52)
Schedule of Investments -- Municipal Bond Portfolios 51
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,500,000 California Pollution Control $ 1,501,545
Financing Authority, Solid
Waste Disposal Revenue,
Republic Services Inc., Project,
2.00%, 12/01/2033
(Note B, below)
---------------
Total Industrial Development/Pollution
Control Revenue (Cost $35,904,111) 36,329,628
---------------
Total Revenue (Cost $204,793,078) 210,371,184
---------------
================================================================================
ASSET-BACKED SECURITIES: 2.45%
- --------------------------------------------------------------------------------
Housing: 2.45%
3,325,000 Munimae Trust, Series 2001-1, 3,420,428
Class A,
4.35%, 10/26/2016
3,875,000 Munimae Trust, Series 2001-2, 3,986,212
Class A,
4.35%, 10/26/2016
1,045,000 California Rural Home Mortgage 1,109,570
Finance Authority,
Single-Family Mortgage
Revenue, Mortgage-Backed
Securities Program, Series A,
GNMA/FNMA,
6.55%, 06/01/2030
(Note B, below)
13,235,000 California Statewide 13,276,955
Communities Development
Authority, Fountains Seacliff
Apartments,
2.10%, 10/15/2035
(Note B, below)
---------------
Total Housing (Cost $21,544,233) 21,793,165
---------------
Total Asset-Backed Securities
(Cost $21,544,233) 21,793,165
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments
(Cost $862,014,692) 100.46% $ 893,827,263
(Note C, below)
Cash and Other Assets,
Less Liabilities (0.46) (4,080,025)
--------- ---------------
Net Assets 100.00% $ 889,747,238
========= ===============
================================================================================
SHORT FUTURES CONTRACT
- --------------------------------------------------------------------------------
Contract Unrealized
Contracts Description Amount Depreciation
- --------------------------------------------------------------------------------
13 Interest Rate $1,467,781 $ (5,281)
Swap 10 Yr. Future
June 2004
--------------
Total Short Futures Contract $ (5,281)
--------------
======================================================================================
INTEREST RATE SWAPS
- ----------------------------------------------------------------------------------------------
Notional Rate Unrealized
Amount Description Received Rate Paid Termination Date Gain/(Loss)
- ----------------------------------------------------------------------------------------------
$43,700,000 Interest 85.10% of Variable* 02/03/2006 $ (26,852)
Rate Swap 1 Month LIBOR+
5,000,000 BMA Interest 2.90 Variable* 10/15/2008 95,801
Rate Swap
5,000,000 BMA Interest Variable* 3.62% 07/01/2012 (160,052)
Rate Swap
----------
Total Interest Rate Swaps $ (91,103)
----------
*Variable interest based on the BMA (Bond Market Association) Municipal Swap
Index, which fluctuates weekly.
+Interest based on LIBOR (London Interbank Offered Rate).
- --------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for initial
margin requirement on open futures contract and interest rate swaps.
(B) Variable rate coupon, rate shown as of March 31, 2004.
(C) At March 31, 2004, the cost basis of investment securities owned was
substantially identical for both book and tax. Gross unrealized
appreciation of investments was $32,808,737 and gross unrealized
depreciation of investments was $996,166, resulting in net unrealized
appreciation of $31,812,571.
- --------------------------------------------------------------------------------
Explanation of abbreviations:
ACA--American Capital Access
AMBAC--American Municipal Bond Assurance Corporation
AMT--Subject to Alternative Minimum Tax
CSUI--California State University College Imps.
FGIC--Financial Guaranty Insurance Company
FNMA--Federal National Mortgage Association
FSA--Financial Security Assurance, Inc.
GNMA--Government National Mortgage Association
MBIA--Municipal Bond Investors Assurance Corporation
See Notes to Financial Statements.
52 Sanford C. Bernstein Fund, Inc. -- 2003 Annual Report
- --------------------------------------------------------------------------------
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
New York Municipal Portfolio
March 31, 2004 (Unaudited)
- --------------------------------------------------------------------------------
Principal Amount Description Market Value*
================================================================================
TAX-EXEMPT VARIABLE-RATE DEMAND NOTES:0.83%
$ 2,000,000 New York State Job Development $ 2,000,000
Authority, Special Purpose,
Series A-1 thru A-25,
1.14%, 03/01/2007
1,300,000 New York City, New York, 1,300,000
Series 1993, Subseries E4,
1.09%, 08/01/2022
2,700,000 New York City Housing 2,700,000
Development Corp., Mortgage
Revenue Residential East 17th
St., Series 1993 A,
1.09%, 01/01/2023
1,300,000 New York City, New York 1,300,000
Subseries A4,
1.10%, 08/01/2023
3,200,000 New York City Municipal Water 3,200,000
Finance Authority, New York
Water & Sewer Systems Revenue,
Series 1995A, FGIC,
1.10%, 06/15/2025
---------------
Total Tax-Exempt Variable-Rate Demand Notes
(Cost $10,500,000) 10,500,000
---------------
================================================================================
PREREFUNDED/ESCROWED: 12.37%
- --------------------------------------------------------------------------------
1,740,000 New York State Local 1,766,100
Government Assistance Corp.,
Series D,
5.375%, 04/01/2014,
Prerefunded 04/01/2004 @ 101.50
(Note A, p. 68)
885,000 New York State Environmental 910,975
Facilities Corp., Pollution
Control Revenue, State
Revolving Fund, New York City
Municipal Water Finance
Authority, Series 94-A,
5.75%, 06/15/2007,
Prerefunded 6/15/2004 @ 102
100,000 New York State Environmental 102,935
Facilities Corp., Pollution
Control Revenue, State Water
Revolving Fund,
5.75%, 06/15/2007,
Prerefunded 06/15/2004 @ 102
1,630,000 Islip Resource Recovery 1,682,160
Agency, New York Revenue,
Series B, AMBAC, AMT,
6.125%, 07/01/2012,
Prerefunded 07/01/2004 @ 102
1,050,000 New York State Medical Care 1,090,740
Facilities Finance Authority,
Mental Health Services, MBIA,
6.15%, 02/15/2015,
Prerefunded 08/15/2004 @ 102
1,200,000 Niagara Falls, New York, Water 1,264,476
Treatment Plant, MBIA,
7.00%, 11/01/2012,
Economically Defeased to Maturity,
Prerefunded 11/01/2004 @ 102
(Note B, p. 68)
2,000,000 New York State Urban 2,073,860
Development Corp.,
Correctional Facilities, Series 5,
6.00%, 01/01/2005,
Escrowed to Maturity
1,050,000 New York State Medical Care 1,094,048
Facilities Finance Authority,
Hospital & Nursing Home
Insured Mortgage, FHA,
5.875%, 02/15/2005,
Escrowed to Maturity
1,000,000 New York State Thruway 1,061,830
Authority, Highway & Bridge
Trust Fund, Series A, MBIA,
5.25%, 04/01/2009,
Prerefunded 4/01/2005 @ 102
1,175,000 New York City Municipal Water 1,253,138
Finance Authority, New York,
Series A, MBIA,
5.75%, 06/15/2009,
Prerefunded 6/15/2005 @ 101
1,560,000 MTA, New York, Transit 1,641,042
Facilities Revenue, Series M, AMBAC,
5.20%, 07/01/2005,
Escrowed to Maturity
1,165,000 MTA, New York, Transit 1,226,955
Facilities Service Contract,
5.30%, 07/01/2005,
Escrowed to Maturity
1,025,000 New York City Transitional 1,073,800
Finance Authority, Unrefunded
Future Tax Secured Revenue,
Series A,
4.50%, 08/15/2005,
Escrowed to Maturity
1,025,000 New York City Transitional 1,073,800
Finance Authority, Future Tax
Secured Revenue, Series A,
4.50%, 08/15/2005,
Economically Defeased to Maturity
*See Note 1, page 40 in Notes to Financial Statements.
Schedule of Investments -- Municipal Bond Portfolios 53
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,480,000 New York City, New York, $ 1,600,990
Series B,
6.30%, 08/15/2008,
Prerefunded 08/15/2005 @ 101
(Note C, p. 68)
3,875,000 New York City, New York, 4,189,030
Series B,
6.30%, 08/15/2008,
Prerefunded 08/15/2005 @ 101
2,815,000 New York State Urban 3,064,015
Development Corp., Revenue
Correctional Facilities,
Series 6, AMBAC,
5.375%, 01/01/2025,
Prerefunded 01/01/2006 @ 102
725,000 Triborough Bridge & Tunnel 780,245
Authority, New York, Toll
Revenue, Series Y,
5.80%, 01/01/2006,
Escrowed to Maturity
2,135,000 New York State Environmental 2,342,052
Facilities Corp., Pollution
Control Revenue, Prerefunded
State Water Revolving Fund, Series A,
4.95%, 06/15/2010,
Prerefunded 06/15/2006 @ 102
790,000 New York State Environmental 870,872
Facilities Corp., Pollution
Control Revenue, Prerefunded
State Water Revolving Fund, Series A,
5.20%, 12/15/2015,
Prerefunded 06/15/2006 @ 102
1,645,000 MTA, New York, Transit 1,791,405
Facilities Service Contract,
5.40%, 07/01/2006,
Escrowed to Maturity
2,495,000 New York State Dormitory 2,784,670
Authority, Revenue,
Prerefunded City University,
5.75%, 07/01/2007,
Prerefunded 07/01/2006 @ 102
1,640,000 MTA, New York, Transportation 1,818,399
Facilities Revenue,
Series K, MBIA-IBC,
6.30%, 07/01/2006,
Escrowed to Maturity
1,000,000 MTA, New York, Commuter 1,136,270
Facilities, Series A, MBIA,
6.00%, 07/01/2007,
Escrowed to Maturity
5,000 New York State Dormitory 5,657
Authority, Mental Health Series A,
5.70%, 02/15/2009,
Prerefunded 2/15/2007 @ 102
1,885,000 New York State Environmental 2,138,438
Facilities Corp., Pollution
Control Revenue, State
Revolving Fund, New York City
Municipal Water Finance
Authority, Series 97-D,
6.00%, 06/15/2007,
Escrowed to Maturity
1,250,000 MTA, New York, Transit 1,398,750
Facilities Service Contract,
5.45%, 07/01/2007,
Escrowed to Maturity
1,100,000 New York State Dormitory 1,243,209
Authority, City University
System Consolidated,
Series 1, MBIA,
5.125%, 07/01/2027,
Prerefunded 01/01/2008 @ 102
2,220,000 New York State Power 2,467,441
Authority, Revenue, Series W,
6.50%, 01/01/2008,
Escrowed to Maturity
1,535,000 New York State Thruway 1,724,726
Authority, Highway & Bridge,
Service Contract Revenue,
Series A2, MBIA,
5.25%, 04/01/2008,
Escrowed to Maturity
315,000 New York City Transitional 353,232
Finance Authority, Prerefunded
Future Tax Secured Series C,
5.00%, 05/01/2026,
Prerefunded 05/01/2008 @ 101
4,185,000 New York City Transitional 4,751,147
Finance Authority, Future Tax
Secured, Series C,
5.25%, 05/01/2012,
Prerefunded 05/01/2008 @ 101
4,000,000 MTA, New York, Commuter 4,518,280
Facilities, Series E, AMBAC,
5.625%, 07/01/2008,
Escrowed to Maturity
1,910,000 MTA, New York Transit 2,198,811
Facilities Service Contract,
Series O, AMBAC,
5.75%, 07/01/2008,
Escrowed to Maturity
5,000 New York State Dormitory 5,667
Authority, Mental Health
Revenue, Series D,
5.00%, 08/15/2017,
Prerefunded 8/15/2008 @ 101
54 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 185,000 New York State Environmental $ 212,963
Facilities Corp., Clean Water
& Drinking Prerefunded
Revolving Funds, Series D,
5.15%, 10/15/2019,
Prerefunded 10/15/2008 @ 102
2,330,000 New York State Urban 2,657,761
Development Corp.,
Correctional Facilities,
Series B, AMBAC,
5.25%, 01/01/2016,
Prerefunded 01/01/2009 @ 101
1,800,000 Onondaga County, New York, 2,086,902
5.70%, 04/01/2009,
Economically Defeased to Maturity,
Escrowed to Maturity
1,865,000 New York City Transitional 2,143,556
Finance Authority, Future Tax
Secured, Series C,
5.25%, 05/01/2014,
Prerefunded 05/01/2009 @ 101
1,485,000 New York City Municipal Water 1,748,528
Finance Authority, New York,
Series A,
6.00%, 06/15/2009,
Escrowed to Maturity
1,495,000 MTA, New York, Commuter 1,769,766
Facilities, Series A, MBIA,
6.10%, 07/01/2009,
Escrowed to Maturity
2,400,000 MTA, New York, Transit 2,749,680
Facilities, Series K, MBIA,
6.30%, 07/01/2007,
Escrowed to Maturity
440,000 New York State Environmental 520,436
Facilities Corp., State
Prerefunded Revolving Funds,
Series B,
5.875%, 07/15/2020,
Prerefunded 07/15/2009 @ 101
2,720,000 New York City Transitional 3,147,965
Finance Authority, Future Tax
Secured, Series A,
5.375%, 02/15/2023,
Prerefunded 2/15/2010 @ 101
1,000,000 New York City Transitional 1,212,250
Finance Authority, New York
Future Tax, Series B,
6.25%, 11/15/2017,
Prerefunded 5/15/2010 @ 101
2,740,000 New York City, New York 3,360,007
Series A, XLCA,
6.50%, 05/15/2017,
Prerefunded 5/15/2010 @ 101
1,830,000 Onondaga County, New York, 2,155,850
5.70%, 04/01/2011,
Escrowed to Maturity
1,490,000 New York State Environmental 1,761,776
Facilities Corp., Pollution
Control Revenue, State
Revolving Fund, New York City
Municipal Water Finance Authority,
5.75%, 06/15/2011,
Escrowed to Maturity
4,770,000 New York State Environmental 5,640,048
Facilities Corp., State Water
Revolving Fund, New York City
Municipal Water Refunding, Series A,
5.75%, 06/15/2011,
Escrowed to Maturity
1,530,000 New York State Dormitory 1,785,816
Authority, Lease Revenue,
State University, FGIC,
5.50%, 07/01/2017,
Prerefunded 07/01/2011 @ 100
1,000,000 New York State Dormitory 1,167,200
Authority, Lease Revenue,
State University, FGIC,
5.50%, 07/01/2020,
Prerefunded 07/01/2011 @ 100
1,000,000 MTA, New York Transit 1,129,790
Facilities Revenue,
Series B-1, AMBAC,
5.00%, 07/01/2018,
Prerefunded 01/01/2012 @ 100
14,235,000 Triborough Bridge & Tunnel 16,214,946
Authority, New York, Toll
Revenue, General Purpose,
Senior Series,
5.50%, 01/01/2012,
Escrowed to Maturity
2,160,000 MTA, New York, Dedicated Tax 2,638,224
Fund, Series A, MBIA,
6.25%, 04/01/2012,
Escrowed to Maturity
1,400,000 New York State Dormitory 1,623,328
Authority, State University
Dormitory Facilities, Lease Revenue,
5.375%, 07/01/2019,
Prerefunded 07/01/2012 @ 100
4,670,000 Niagara Falls Bridge 5,754,327
Commission, New York,
6.30%, 10/01/2012,
Escrowed to Maturity
7,860,000 MTA, New York, Dedicated Tax 9,096,299
Fund, Series A, FSA,
5.25%, 04/01/2015,
Prerefunded 10/01/2014 @ 100
1,000,000 New York State Dormitory 1,106,130
Authority, North General
Hospital, Secured Hospital
Program, Series G, MBIA,
5.20%, 02/15/2016,
Escrowed to Maturity
Schedule of Investments -- Municipal Bond Portfolios 55
================================================================================
Principal Amount Description Market Value
================================================================================
$ 9,370,000 Triborough Bridge & Tunnel $ 11,001,317
Authority, New York, Toll
Revenue, Series Y,
5.50%, 01/01/2017,
Escrowed to Maturity
2,545,000 New York City Transitional 2,969,277
Finance Authority, Future Tax
Secured Series B,
5.50%, 02/01/2017,
Escrowed to Maturity
1,600,000 New York City, New York, 1,616,272
Series B, AMBAC,
8.25%, 06/01/2017,
Escrowed to Maturity
1,060,000 MTA, New York, Transit 1,203,715
Facilities, Series C-1,
5.25%, 07/01/2017,
Escrowed to Maturity
8,165,000 Triborough Bridge & Tunnel 8,842,124
Authority, New York, Special
Obligation Series A, MBIA,
5.125%, 01/01/2018,
Escrowed to Maturity
1,260,000 MTA, New York Commuter 1,380,494
Facilities, Series B, AMBAC,
5.00%, 07/01/2020,
Escrowed to Maturity
---------------
Total Prerefunded/Escrowed (Cost $144,368,347) 157,195,912
---------------
================================================================================
INSURED: 39.06%
- --------------------------------------------------------------------------------
1,000,000 Port Authority of New York & 1,011,710
New Jersey, Consolidated 122nd
Series, FSA,
5.25%, 07/15/2004
3,140,000 New York City, New York, 3,190,742
Series E, FGIC,
6.00%, 08/01/2004
3,000,000 New York State Urban 3,095,580
Development Corp.,
Correctional Facilities,
Series A, AMBAC,
5.30%, 01/01/2005
1,000,000 Nassau County, New York, 1,055,730
Series A, FGIC,
6.50%, 05/01/2005
1,890,000 Elmira City School District, 1,937,609
New York, FGIC,
3.25%, 06/15/2005
1,000,000 New York State Environmental 1,051,560
Facilities Corp., Pollution
Control Revenue, Refunding
State Water Revolving Fund,
Series E, MBIA,
5.50%, 06/15/2005
7,445,000 New York State Dormitory 7,813,602
Authority, New York University
Revenue, Series A, AMBAC,
5.25%, 07/01/2005
8,955,000 Port Authority of New York & 9,400,422
New Jersey, Consolidated 122nd
Series, FSA,
5.25%, 07/15/2005
2,760,000 Port Authority of New York & 2,960,845
New Jersey, Special Obligation
Revenue, MBIA,
6.00%, 12/01/2005
4,970,000 New York State Dormitory 5,293,646
Authority, Brookdale Hospital
Revenue, Refunding, Series J, FSA,
5.125%, 02/15/2006
1,200,000 Suffolk County, New York, 1,260,744
Public Improvement,
Series A, MBIA,
4.00%, 04/01/2006
15,795,000 New York State Thruway 16,861,320
Authority, Highway & Bridge
Trust, Fund Series B, AMBAC,
5.00%, 04/01/2006
1,710,000 Suffolk County, New York, 1,799,040
Public Improvement,
Series A, MBIA,
4.00%, 05/01/2006
1,000,000 Attica Central School 1,036,260
District, New York Refunding,
FGIC,
3.125%, 06/15/2006
1,350,000 Suffolk County, New York, 1,439,073
Public Improvement, Series C, MBIA,
4.50%, 07/15/2006
3,570,000 New York State Project Finance 3,634,724
Agency, HUD Section 236-
Series A, FSA,
4.95%, 11/01/2006
3,550,000 Port Authority of New York & 3,895,025
New Jersey, Special Obligation
Revenue, MBIA,
6.00%, 12/01/2006
2,025,000 New York State Urban 2,197,935
Development Corp.,
Correctional Facilities,
Series A, AMBAC,
5.00%, 01/01/2007
2,000,000 Suffolk County, New York, 2,231,240
Southwest Sewer District, MBIA,
6.00%, 02/01/2007
1,965,000 Longwood Central School 2,120,589
District, New York, FGIC,
4.50%, 03/15/2007
56 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 13,420,000 Long Island Power Authority, $ 14,627,263
New York, Electric System
Revenue, MBIA,
5.00%, 04/01/2007
3,500,000 New York State Thruway 3,820,215
Authority, Highway & Bridge
Trust Fund, Series B, AMBAC,
5.00%, 04/01/2007
10,000,000 New York State Thruway 11,059,600
Authority, Highway & Bridge
Trust Fund, Series C, FGIC,
5.50%, 04/01/2007
4,160,000 New York State Local 4,668,768
Government Assistance Corp.,
Refunding, Series A, AMBAC,
6.00%, 04/01/2007
2,090,000 Central Square Central School 2,214,042
District, New York, Refunding, FGIC,
3.75%, 05/15/2007
2,000,000 New York State Dormitory 2,212,780
Authority, State University,
Series B, FGIC,
5.375%, 05/15/2007
5,000,000 New York City, New York, 5,848,450
Series M, AMBAC,
7.50%, 06/01/2007
1,350,000 Jordan-Elbridge Central School 1,442,637
District, New York, Refunding, FGIC,
4.00%, 06/15/2007
4,000,000 Westchester County Industrial 4,082,440
Development Agency, New York,
Resource Recovery Revenue,
Series A, AMBAC,
5.60%, 07/01/2007
2,305,000 Suffolk County, New York, 2,536,376
Public Improvement,
Series C, MBIA,
5.00%, 07/15/2007
3,765,000 MTA, New York, Transportation 4,230,203
Revenue, Refunding,
Series E, MBIA,
5.50%, 11/15/2007
1,560,000 New York City Transportation 1,745,531
Authority, Certificates of
Participation, Series A, AMBAC,
5.50%, 01/01/2008
1,265,000 New York State Urban 1,415,446
Development Corp.,
Correctional Facilities,
Series A, AMBAC,
5.50%, 01/01/2008
1,345,000 Babylon, New York, 1,685,541
Series A, AMBAC,
9.20%, 01/15/2008
1,145,000 New York State Dormitory 1,162,312
Authority, Sound Shore Medical
Center, Insured Mortgage,
FHA, MBIA,
4.35%, 02/01/2008
1,000,000 New York State Dormitory 1,104,940
Authority, Brookdale Hospital
Revenue, Refunding,
Series J, AMBAC,
5.125%, 02/15/2008
2,060,000 Longwood Central School 2,247,831
District, New York, FGIC,
4.50%, 03/15/2008
2,750,000 New York State Thruway 3,066,387
Authority, Highway & Bridge
Trust Fund, Series A, FSA,
5.25%, 04/01/2008
495,000 New York State Thruway 551,950
Authority, Local Highway &
Bridge Service Contract
Revenue, Series A-2, MBIA,
5.25%, 04/01/2008
10,100,000 New York State Local 11,587,124
Government Assistance Corp.,
Refunding, Series A, AMBAC,
6.00%, 04/01/2008
1,000,000 Suffolk County Waterworks 1,113,690
Authority, New York, MBIA,
5.10%, 06/01/2008
4,575,000 New York State, Series B, 4,879,512
AMBAC,
5.625%, 08/15/2008
11,570,000 Port Authority of New York & 12,915,244
New Jersey, Consolidated 126th
Series, FGIC,
5.25%, 11/15/2008
2,090,000 Port Authority of New York & 2,395,704
New Jersey, Special Obligation
Revenue, MBIA,
6.25%, 12/01/2008
7,940,000 MTA, New York, Service 8,832,853
Contract, Series B, FGIC,
5.00%, 01/01/2009
1,900,000 New York State Dormitory 2,106,264
Authority, Lease Revenue,
Municipal Health Facilities
Improvement Program,
Series 1, FSA,
5.00%, 01/15/2009
2,690,000 New York State, Series A, FSA, 2,890,808
4.00%, 03/15/2009
1,250,000 New York State Dormitory 1,396,325
Authority, State Personal
Income Revenue, Tax Education,
Series A, FGIC,
5.00%, 03/15/2009
Schedule of Investments -- Municipal Bond Portfolios 57
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,510,000 New York State Thruway $ 2,803,821
Authority, State Personal
Income Tax Revenue, Series A, FSA,
5.00%, 03/15/2009
9,280,000 New York State Thruway 10,375,690
Authority, Highway & Bridge
Trust Fund, Series B, AMBAC,
5.00%, 04/01/2009
5,100,000 Long Island Power Authority, 5,741,223
New York, Electric System
Revenue, Series 8, Subseries
8A-RMK, AMBAC,
5.25%, 04/01/2009
(Note D, p. 68)
4,550,000 Long Island Power Authority, 5,122,071
New York, Electric System
Revenue, Series 8, Subseries
8B-RMK, AMBAC,
5.25%, 04/01/2009
(Note D, p. 68)
1,000,000 New York State Thruway 1,129,730
Authority, Highway & Bridge
Trust Fund, Series A, AMBAC,
5.25%, 04/01/2009
2,345,000 Erie County Industrial 2,620,233
Development Agency, New York,
School Facility Revenue,
School District of the City of
Buffalo, FSA,
5.00%, 05/01/2009
4,055,000 New York State Dormitory 4,641,434
Authority, State University
Revenue, Series A, FGIC,
5.50%, 05/15/2009
1,065,000 New York State Dormitory 1,219,020
Authority, State University
Revenue, Educational
Facilities, Series A, MBIA,
5.50%, 05/15/2009
1,005,000 New York State Dormitory 1,129,188
Authority, Jewish Board of
Family & Children, AMBAC,
5.00%, 07/01/2009
8,035,000 New York State Dormitory 9,126,072
Authority, City University
System Revenue, Consolidated
4th General Series A, MBIA,
5.25%, 07/01/2009
3,630,000 New York State Dormitory 4,151,377
Authority, City University
Revenue, Series A, AMBAC,
5.75%, 07/01/2009
2,000,000 New York State Dormitory 2,287,260
Authority, City University
Revenue, Series A, FSA,
5.75%, 07/01/2009
1,550,000 Babylon, New York, Waste 2,040,901
Facilities, FGIC,
9.00%, 08/01/2009
2,000,000 MTA, New York, Dedicated Tax 2,252,380
Fund, Series A, FSA,
5.00%, 11/15/2009
6,270,000 Port Authority of New York & 7,115,321
New Jersey, Consolidated 126th
Series, FGIC,
5.50%, 11/15/2009
1,100,000 Long Island Power Authority, 1,263,614
New York, Electric System
Revenue, Series A, AMBAC,
5.50%, 12/01/2009
1,090,000 Nassau County, New York, 1,237,052
Series G, MBIA,
5.40%, 01/15/2010
1,125,000 Hempstead Town, New York, 1,233,383
Series A, MBIA,
4.50%, 02/01/2010
1,285,000 New York City Transitional 1,438,056
Finance Authority, New York,
Future Tax Secured, Series E,
MBIA-IBC,
5.00%, 02/01/2010
9,375,000 New York City Health & 10,444,875
Hospital Corp., Health System
Revenue Refunding,
Series A, AMBAC,
5.00%, 02/15/2010
9,160,000 New York State, Series A, FSA, 9,757,965
4.00%, 03/15/2010
3,150,000 New York State Dormitory 3,575,407
Authority, State Personal
Income Tax Revenue, Education,
Series A, FGIC,
5.25%, 03/15/2010
3,190,000 Long Island Power Authority, 3,570,727
New York, Electric System
Revenue, AMBAC,
5.00%, 04/01/2010
1,000,000 New York State Thruway 1,127,770
Authority, Local Highway &
Bridge Service Contract, MBIA,
5.10%, 04/01/2010
2,220,000 Erie County Industrial 2,488,309
Development Agency, New York,
School Facility Revenue,
School District of the City of
Buffalo, FSA,
5.00%, 05/01/2010
1,000,000 New York State Dormitory 1,128,140
Authority, New York University
Revenue, Series A, MBIA,
5.00%, 07/01/2010
58 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 6,680,000 MTA, New York, Service $ 7,718,005
Contract, Series B, FGIC,
5.50%, 07/01/2010
1,120,000 Nassau County, New York, 1,285,043
Combined Sewer Districts,
Series A, AMBAC,
5.50%, 07/01/2010
10,000,000 MTA, New York, Transportation 11,274,000
Revenue, Refunding
Series E, MBIA,
5.00%, 11/15/2010
12,530,000 Port Authority of New York & 14,266,533
New Jersey, Consolidated 126th
Series, FGIC,
5.50%, 11/15/2010
5,000,000 MTA, New York, Service 5,671,750
Contract, Series B, FGIC,
5.25%, 01/01/2011
2,310,000 New York State Urban 2,612,841
Development Corp.,
Correctional Refunding,
Series A, XLCA,
5.25%, 01/01/2011
3,870,000 New York State Thruway 4,344,152
Authority, State Personal
Income Tax Revenue,
Series A, FSA,
5.00%, 03/15/2011
9,130,000 New York State Local 10,261,298
Government Assistance Corp.,
Refunding, Subordinated Lien
Series A-1, FSA,
5.00%, 04/01/2011
3,000,000 New York State Thruway 3,369,720
Authority, Highway & Bridge
Trust Fund, Series B, FSA,
5.00%, 04/01/2011
4,085,000 Long Island Power Authority, 4,489,048
New York, Electric System
Revenue, MBIA,
5.125%, 04/01/2011
6,025,000 New York City Municipal Water 6,786,861
Finance Authority, New York
Water & Sewer System Revenue,
Series D, FSA,
5.00%, 06/15/2011
1,500,000 New York State Dormitory 1,690,710
Authority, New York University
Revenue, Series B, MBIA,
5.00%, 07/01/2011
1,085,000 New York State Dormitory 1,213,095
Authority, New York Medical
College, MBIA,
5.25%, 07/01/2011
1,000,000 Nassau County, New York, 1,181,720
Series A, AMBAC,
6.00%, 07/01/2011
1,030,000 New York City, New York, 1,206,058
Series F, MBIA-IBC,
5.75%, 08/01/2011
1,000,000 New York State Dormitory 1,150,010
Authority, Mental Health
Services Facilities, Series D, FSA,
5.75%, 08/15/2011
2,725,000 New York City, New York, 2,776,693
Educational Construction Fund, MBIA,
5.50%, 10/01/2011
1,865,000 MTA, New York Dedicated Tax 2,099,505
Fund, Series A, MBIA,
5.00%, 11/15/2011
1,000,000 New York State Dormitory 1,143,200
Authority, Mental Health
Services Facilities, Series D, FSA,
5.75%, 02/15/2012
1,540,000 New York State Dormitory 1,819,895
Authority, New York
University, Series A, MBIA,
5.75%, 07/01/2012
1,000,000 Nassau County, New York, 1,189,360
Series A, FGIC,
6.00%, 07/01/2012
1,100,000 Albany County, New York, FGIC, 1,241,801
5.00%, 10/01/2012
1,850,000 New York State Dormitory 2,032,799
Authority, Municipal Health
Facilities, Series 1, FSA,
5.125%, 01/15/2013
1,110,000 New York State Dormitory 1,236,518
Authority, Mental Health,
Series D, MBIA,
5.25%, 02/15/2013
2,305,000 New York State Dormitory 2,684,610
Authority, Mental Health
Services Facilities, Series D, FSA,
5.875%, 02/15/2013
9,000,000 New York City Industrial 9,586,620
Development Agency, New York
Civic Facility Revenue, Magen
David Yeshivah Project, ACA,
4.99%, 06/15/2013
1,000,000 New York City Municipal Water 1,195,710
Finance Authority, New York,
Series A, AMBAC,
5.875%, 06/15/2013
1,135,000 New York State Dormitory 1,314,682
Authority, City University
System, Series 1, FSA,
5.75%, 07/01/2013
1,000,000 Nassau County, New York, 1,195,840
Series A, FGIC,
6.00%, 07/01/2013
Schedule of Investments -- Municipal Bond Portfolios 59
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,140,000 New York State Dormitory $ 1,258,332
Authority, Brookdale Hospital,
Secured Hospital Program, MBIA,
5.20%, 02/15/2014
1,000,000 New York State Urban 1,093,250
Development Corp., Community
Enhancement Facilities, AMBAC,
5.125%, 04/01/2014
3,930,000 New York State Dormitory 4,262,360
Authority, Secured Hospital
Program, Series E, MBIA,
5.20%, 02/15/2015
1,355,000 New York State Local 1,465,609
Government Assistance Corp.,
Series A, FGIC,
5.00%, 04/01/2015
1,355,000 Port Authority of New York & 1,455,310
New Jersey, Consolidated 117th
Series, FGIC, AMT,
5.125%, 11/15/2015
2,610,000 Nassau County Interim Finance 2,930,691
Authority, New York, Sales Tax
Secured, Series A-1, AMBAC,
5.375%, 11/15/2015
2,220,000 Long Island Power Authority, 2,391,895
New York, Electric System
Revenue, Series A, FSA,
5.00%, 12/01/2015
5,820,000 New York State Dormitory 6,263,659
Authority, Revenue, Wyckoff
Heights, Series H, MBIA,
5.20%, 02/15/2016
5,905,000 New York State Dormitory 6,972,742
Authority, State University
Educational Facilities,
Series 1989, MBIA,
6.00%, 05/15/2016
2,240,000 New York City, New York, 2,473,923
Series B, FSA,
5.25%, 08/01/2016
1,000,000 Nassau County Interim Finance 1,114,400
Authority, New York, Sales Tax
Secured, Series A-1, AMBAC,
5.375%, 11/15/2016
1,310,000 New York State Thruway 1,376,731
Authority, Highway & Bridge
Trust Fund, Series B, FSA,
5.00%, 04/01/2017
2,045,000 New York State, Series D, 2,197,782
AMBAC,
5.00%, 07/15/2017
4,855,000 New York State Dormitory 5,136,104
Authority, Mental Health,
Series D, MBIA,
5.00%, 08/15/2017
1,120,000 New York State Thruway 1,197,515
Authority, Highway & Bridge
Trust Fund, Series A, FGIC,
5.00%, 04/01/2018
1,000,000 New York State Dormitory 1,093,250
Authority, Winthrop University
Hospital Associates, Series A,
AMBAC,
5.25%, 07/01/2018
1,000,000 New York State Dormitory 1,217,880
Authority, New York
University, Series A, MBIA,
6.00%, 07/01/2018
2,720,000 New York State Housing Finance 2,981,474
Agency, Service Contract
Obligation Revenue, Series C,
MBIA-IBC,
5.50%, 09/15/2018
5,325,000 MTA, New York Revenue, 6,034,503
Refunding, Series A, AMBAC,
5.50%, 11/15/2018
2,310,000 New York State Environmental 2,531,760
Facilities Corp., Personal
Income Tax Revenue,
Series A, FGIC,
5.25%, 01/01/2019
1,780,000 New York State Dormitory 1,890,004
Authority, Mental Health
Services, Series C, MBIA,
5.25%, 02/15/2019
2,500,000 New York State Thruway 2,688,325
Authority, State Personal
Income Tax Revenue,
Series A, MBIA,
5.00%, 03/15/2019
1,325,000 New York State Dormitory 1,447,682
Authority, South Nassau
Community Hospital, Series B,
AMBAC,
5.25%, 07/01/2019
1,415,000 MTA, New York, Dedicated Tax 1,531,016
Fund, Series A, FSA,
5.125%, 11/15/2019
1,030,000 New York State Environmental 1,121,722
Facilities Corp., Personal
Income Tax Revenue,
Series A, FGIC,
5.25%, 01/01/2020
4,175,000 New York State Thruway 4,460,320
Authority, State Personal
Income Tax Revenue,
Series A, MBIA,
5.00%, 03/15/2020
3,000,000 New York City Transitional 3,267,510
Finance Authority, Future Tax
Secured, Series C, AMBAC,
5.25%, 08/01/2020
60 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,000,000 New York City Transitional $ 2,170,260
Finance Authority, Future Tax
Secured, Series E, MBIA,
5.25%, 02/01/2021
1,020,000 New York State Thruway 1,091,165
Authority, General Highway &
Bridge Trust Fund, Series A, MBIA,
5.00%, 04/01/2021
10,000,000 Puerto Rico Commonwealth, 11,033,100
Refunding Public Improvement,
Series C, FSA,
5.00%, 07/01/2021
(Note D, p. 68)
1,220,000 New York City, New York, 1,316,783
Series D, MBIA,
5.25%, 08/01/2021
1,000,000 New York City Municipal Water 1,047,700
Finance Authority, New York,
Series A, AMBAC,
5.125%, 06/15/2022
2,500,000 Long Island Power Authority, 2,635,625
New York, Electric System
Revenue, Series A, FSA,
5.125%, 12/01/2022
1,240,000 New York City, New York, 1,282,656
Series J, MBIA,
5.00%, 08/01/2023
5,300,000 Long Island Power Authority, 5,709,584
New York, Electric System
Revenue, Series A, MBIA-IBC,
5.50%, 12/01/2023
---------------
Total Insured (Cost $471,826,656) 496,329,350
---------------
================================================================================
TAX SUPPORTED: 28.64%
- --------------------------------------------------------------------------------
Local General Obligations: 7.52%
4,700,000 New York City, New York, 4,759,784
Series G,
5.00%, 08/01/2004
2,400,000 New York City, New York, 2,442,840
Series E,
6.60%, 08/01/2004
455,000 New York City, New York, 463,122
Series B,
6.00%, 08/15/2004
1,000,000 Westchester County, New York, 1,039,600
7.10%, 12/01/2004
1,000,000 New York City, New York, 1,037,300
Series C,
5.60%, 02/01/2005
1,310,000 New York City, New York, 1,405,250
Series G,
5.75%, 02/01/2006
1,000,000 New York City, New York, 1,089,260
Series I,
6.25%, 04/15/2006
9,175,000 New York City, New York, 9,822,204
Series G,
5.00%, 08/01/2006
1,300,000 Westchester County, New York, 1,478,958
Series A,
6.75%, 02/01/2007
2,170,000 New York City, New York, 2,359,202
Series A,
5.00%, 08/01/2007
4,270,000 New York City, New York, 4,676,291
Refunding Series G,
5.25%, 08/01/2007
500,000 New York City, New York, 551,550
Series F,
5.50%, 08/01/2007
1,750,000 New York City, New York, 1,919,085
Series I,
5.00%, 08/01/2008
(Note B, p. 68)
800,000 Onondaga County, New York, 923,832
Unrefunded Balance,
5.70%, 04/01/2009
15,000,000 New York City, New York, 16,519,200
Series G,
5.00%, 08/01/2009
1,600,000 New York City, New York, 1,781,632
Series A,
5.25%, 08/01/2009
17,985,000 New York City, New York, 20,246,614
Series G,
5.50%, 08/01/2009
4,025,000 New York City, New York, 4,426,856
Series A,
5.00%, 08/01/2010
2,615,000 New York City, New York, 2,876,082
Series B,
5.00%, 08/01/2010
770,000 Onondaga County, New York, 896,503
Unrefunded Balance,
5.70%, 04/01/2011
3,780,000 New York City, New York, 4,126,210
Series G,
5.00%, 08/01/2012
3,250,000 New York City, New York, 3,482,895
Series F,
5.25%, 08/01/2016
5,705,000 New York City, New York, 6,181,139
Series A,
5.25%, 08/01/2017
1,000,000 New York City, New York, 1,095,570
Series C,
5.50%, 09/15/2019
---------------
Total Local General Obligations
(Cost $92,735,477) 95,600,979
---------------
Schedule of Investments -- Municipal Bond Portfolios 61
================================================================================
Principal Amount Description Market Value
================================================================================
Tax Lease: 10.20%
$ 100,000 Puerto Rico Commonwealth, $ 100,326
Urban Renewal & Housing Corp.,
7.875%, 10/01/2004
2,500,000 MTA, New York, Service 2,611,375
Contract, Series B,
5.00%, 07/01/2005
1,020,000 New York State Dormitory 1,074,172
Authority, City University,
Series A,
5.70%, 07/01/2005
1,780,000 New York State Dormitory 1,874,536
Authority, City University,
Series D,
5.70%, 07/01/2005
4,085,000 MTA, New York, Service 4,403,998
Contract, Series B,
5.25%, 07/01/2006
4,240,000 New York State Dormitory 4,574,875
Authority, City University
System Revenue, Consolidated
5th General Series A,
5.00%, 01/01/2007
2,000,000 New York State Dormitory 2,159,040
Authority, Mental Health
Services Facilities, Series D-1,
5.00%, 02/15/2007
14,600,000 Tobacco Settlement Financing 15,806,690
Corp., New York Tobacco
Settlement Asset-Backed,
Series A-1,
5.00%, 06/01/2007
1,015,000 New York State Dormitory 1,114,470
Authority, Revenue, Unrefunded
Balance, City University,
Series 2,
5.75%, 07/01/2007
5,440,000 New York State Dormitory 5,997,219
Authority, City University
System Revenue, Consolidated
5th General Series A,
5.25%, 01/01/2008
3,770,000 New York State Dormitory 4,119,102
Authority, Mental Health
Services Facilities, Series C-1,
5.00%, 02/15/2008
3,775,000 New York State Dormitory 4,157,068
Authority, Mental Health
Services Facilities, Series C-1,
5.00%, 02/15/2009
2,000,000 New York State Dormitory 2,202,420
Authority, Mental Health
Services Facilities, Series D-1,
5.00%, 02/15/2009
1,500,000 New York State Dormitory 1,672,500
Authority Revenue, Mental
Health Services Facilities,
Series A,
5.70%, 02/15/2009
1,505,000 New York State Dormitory 1,766,840
Authority, Mental Health
Services Facilities
Improvement, Series B,
6.50%, 02/15/2009
1,605,000 New York State Housing Finance 1,781,839
Agency, Service Contract
Revenue, Refunding, Series K,
5.00%, 03/15/2009
4,780,000 New York State Thruway 5,306,660
Authority, Local Highway &
Bridge Service Contract,
Series A,
5.00%, 03/15/2009
3,485,000 Tobacco Settlement Financing 3,840,017
Corp., New York, Tobacco
Settlement Asset Backed,
Series A-1,
5.00%, 06/01/2009
1,125,000 New York State Dormitory 1,283,906
Authority, City University,
Series A,
5.75%, 07/01/2009
2,825,000 New York State Dormitory 3,113,743
Authority, Mental Health
Services Facilities, Series C-1,
5.00%, 02/15/2010
1,490,000 Triborough Bridge & Tunnel 1,743,970
Authority, New York,
Convention Center, Series E,
6.00%, 01/01/2011
3,440,000 New York State Thruway 3,934,294
Authority, Local Highway &
Bridge Service Contract Revenue,
5.50%, 04/01/2011
9,700,000 Tobacco Settlement Financing 10,186,746
Corp., New York, Tobacco
Settlement Asset-Backed,
Series A-1,
5.00%, 06/01/2011
1,000,000 New York State Dormitory 1,105,740
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.125%, 08/01/2012
1,115,000 New York State Dormitory 1,236,468
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.25%, 08/01/2013
62 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 16,465,000 Tobacco Settlement Financing $ 17,875,886
Corp., New York, Tobacco
Settlement Asset-Backed Series C-1,
5.50%, 06/01/2014
5,715,000 Yonkers Industrial Development 6,102,763
Agency, New York, Civic
Facilities Revenue, Community
Development Properties, Series A,
6.25%, 02/01/2016
2,090,000 New York State Dormitory 2,294,945
Authority, Westchester County
Court Facilities, AMBAC Surety,
5.25%, 08/01/2017
9,760,000 New York State Urban 10,878,106
Development Corp.,
Correctional & Youth
Facilities Services, Series A,
5.25%, 01/01/2021
4,750,000 New York State Dormitory 5,311,070
Authority, State University,
5.25%, 11/15/2023
(Note D, p. 68)
---------------
Total Tax Lease (Cost $126,099,825) 129,630,784
---------------
Special Tax: 10.92%
2,530,000 Municipal Assistance Corp., 2,560,309
New York, Series J,
6.00%, 07/01/2004
7,355,000 Municipal Assistance Corp., 7,789,607
New York, Series E,
6.00%, 07/01/2005
2,645,000 South Tahoe, Joint Powers 2,662,192
Financing Authority,
California Bond Anticipation
Notes, Redevelopment Project 1-B,
3.50%, 10/01/2005
1,050,000 Puerto Rico Commonwealth, 1,123,616
Highway & Transportation
Authority, Highway Revenue,
Series AA,
5.00%, 07/01/2006
1,000,000 New York City Transitional 1,084,280
Finance Authority, Refunding,
Future Tax Secured, Series A,
5.00%, 11/01/2006
2,835,000 Fishhawk Community Development 2,880,162
District No. 2, Florida,
Special Assessment Revenue,
Series B,
5.00%, 11/01/2007
1,800,000 Reunion East Community 1,817,424
Development District, Florida,
Special Assessment,
5.20%, 11/01/2007
1,800,000 Meadow Pointe III Community 1,832,148
Development District, Florida,
Capital Improvement, Series B,
5.25%, 11/01/2007
1,500,000 Vizcaya Community Development 1,517,400
District, Florida, Special
Assessment, Series B,
5.40%, 11/01/2007
3,035,000 New York State Local 3,397,167
Government Assistance Corp.,
Series A,
6.00%, 04/01/2008
3,300,000 Village Community Development 3,332,538
District No. 5, Florida,
Special Assessment Revenue,
Series B,
5.00%, 05/01/2008
1,400,000 New York City Transitional 1,558,704
Finance Authority, Future Tax
Secured Series C,
5.00%, 02/01/2009
5,810,000 New York City Transitional 6,473,618
Finance Authority, Series C,
5.00%, 02/15/2009
1,000,000 Middle Village Community 1,004,670
Development District, Florida,
Special Assessment, Series B,
5.00%, 05/01/2009
2,945,000 Clark County, Special 2,976,541
Improvement District No. 142, Nevada,
4.75%, 08/01/2009
10,000,000 New York City Transitional 11,242,800
Finance Authority, Future Tax
Secured Subseries D-1,
5.00%, 11/01/2009
1,060,000 North Las Vegas, Nevada, Local 1,086,140
Improvement District No.
60-Aliante,
5.00%, 12/01/2009
2,060,000 Gateway Services Community 2,096,462
Development District, Florida,
Special Sun City Center Fort
Meyers Project B,
5.50%, 05/01/2010
7,800,000 New York City Transitional 8,773,596
Finance Authority, Future Tax
Secured Subseries D-1,
5.00%, 11/01/2010
1,000,000 Sterling Hill Community 1,013,920
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.50%, 11/01/2010
1,000,000 North Las Vegas, Nevada, Local 1,028,180
Improvement District No.
60-Aliante,
5.25%, 12/01/2010
Schedule of Investments -- Municipal Bond Portfolios 63
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,300,000 Concorde Estates Community $ 1,286,233
Development District, Florida,
Capital Improvement Revenue,
Series B,
5.00%, 05/01/2011
2,435,000 New York City Transitional 2,759,878
Finance Authority, Future Tax
Secured, Series C,
5.25%, 02/01/2012
3,185,000 Venetian Community Development 3,325,777
District, Florida, Capital
Improvement Revenue, Series B,
5.95%, 05/01/2012
4,940,000 New York City Transitional 5,611,148
Finance Authority, Future Tax
Secured, Series C,
5.25%, 02/01/2013
2,400,000 Fiddlers Creek Community 2,437,152
Development District No. 2,
Florida, Special Assessment
Revenue, Series B,
5.75%, 05/01/2013
1,890,000 New York City Transitional 2,073,084
Finance Authority, Future Tax
Secured, Series C,
5.25%, 05/01/2015
1,185,000 New York City Transitional 1,292,930
Finance Authority, Future Tax
Secured, Series B,
5.125%, 11/01/2015
8,370,000 New York City Transitional 9,449,144
Finance Authority, Future Tax
Secured, Series B,
5.50%, 02/01/2017
1,000,000 New York City Transitional 1,093,700
Finance Authority, Revenue,
Future Tax Secured, Series A,
5.25%, 05/01/2017
3,200,000 New York City Transitional 3,518,208
Finance Authority, Revenue,
Future Tax Secured, Series A,
5.375%, 02/15/2018
1,750,000 Celebrate Community 1,777,790
Development Authority, Special
Assessment Revenue, North
Virginia Project, Series B,
6.25%, 03/01/2018
2,615,000 New York State Housing Finance 2,823,991
Agency, State Personal Income
Tax Revenue, Economic
Development & Housing, Series A,
5.25%, 03/15/2020
5,125,000 New York State Dormitory 5,570,055
Authority, State Personal
Income Tax Revenue, Education,
Series A,
5.375%, 03/15/2021
2,825,000 New York State Housing Finance 3,033,315
Agency, State Personal Income
Tax Revenue, Economic
Development & Housing, Series A,
5.25%, 09/15/2021
6,320,000 New York City Transitional 6,933,040
Finance Authority, Future Tax
Secured, Series A,
5.375%, 11/15/2021
1,810,000 Beacon Tradeport Community 1,900,029
Development District, Florida,
Special Assessment Industrial
Project, Series B,
7.125%, 05/01/2022
3,595,000 New York City Transitional 3,705,978
Finance Authority, Future Tax
Secured Revenue, Series C,
5.00%, 05/01/2026
11,255,000 New York City Transitional 12,950,566
Finance Authority, Future Tax
Secured Refunding, Series A,
5.50%, 11/01/2026
(Note D, p. 68)
---------------
Total Special Tax (Cost $133,648,426) 138,793,492
---------------
Total Tax Supported (Cost $352,483,728) 364,025,255
---------------
================================================================================
REVENUE: 17.12%
- --------------------------------------------------------------------------------
Airport Revenue: 0.10%
1,000,000 Denver City & County, 1,231,740
Colorado, Airport Revenue,
Series D, AMT,
7.75%, 11/15/2013
---------------
Total Airport Revenue (Cost $980,207) 1,231,740
---------------
Electric Revenue: 3.53%
1,270,000 California State Department 1,418,184
Water Resources, Power Supply,
Series A,
5.50%, 05/01/2008
20,105,000 California State Department 22,675,022
Water Resources, Power Supply,
Series A,
5.50%, 05/01/2009
7,500,000 Long Island Power Authority, 8,252,700
New York, Electric System
Revenue, Series A,
5.00%, 06/01/2009
2,415,000 North Carolina Eastern 2,651,090
Municipal Power Agency, Power
System Refunding, Series D,
5.375%, 01/01/2010
2,680,000 New York State Power 2,680,107
Authority, Revenue & General
Purpose,
0.95%, 03/01/2016
(Note D, p. 68)
64 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,235,000 North Carolina Eastern $ 2,383,181
Municipal Power Agency, Power
System Refunding, Series C,
5.375%, 01/01/2017
1,875,000 New York State Power 1,874,700
Authority, Revenue & General
Purpose,
0.95%, 03/01/2020
(Note D, p. 68)
2,680,000 New York State Power 2,853,396
Authority, Revenue, Series A,
5.00%, 11/15/2020
---------------
Total Electric Revenue (Cost $42,928,885) 44,788,380
---------------
Health Care Revenue: 0.76%
1,305,000 New York State Dormitory 1,393,205
Authority, Kateri Residence,
4.00%, 07/01/2007
815,000 Nassau County Industrial 905,767
Development Agency, New York,
North Shore Health System
Project, Series C,
5.625%, 11/01/2010
465,000 New York State Medical Care 483,953
Facilities Finance Agency,
Hospital & Nursing Home
Insured Mortgage, Series A, FHA,
6.125%, 02/15/2014
6,905,000 California Statewide Community 6,898,855
Development Authority Revenue,
Kaiser Permanente, Series F,
2.30%, 04/01/2033
(Note D, p. 68)
---------------
Total Health Care Revenue (Cost $9,543,445) 9,681,780
---------------
Higher Education Revenue: 0.55%
1,000,000 New York State Dormitory 1,093,010
Authority, Columbia University,
5.625%, 07/01/2006
1,290,000 New York State Dormitory 1,452,617
Authority, Columbia University,
5.75%, 07/01/2007
2,120,000 New York City Industrial 1,992,206
Development Agency, Civic
Facilities Revenue,
Polytechnic University Project,
5.75%, 11/01/2011
1,655,000 New York City Industrial 1,535,294
Development Agency, Civic
Facilities Revenue,
Polytechnic University Project,
5.75%, 11/01/2012
1,045,000 New York City Industrial 931,179
Development Agency, Civic
Facilities Revenue,
Polytechnic University Project,
6.00%, 11/01/2020
---------------
Total Higher Education Revenue
(Cost $7,145,187) 7,004,306
---------------
Tobacco Revenue: 1.87%
1,470,000 Erie County, New York, Tobacco 1,501,958
Settlement Asset-Backed,
Senior Class A,
6.00%, 07/15/2020
1,450,000 New York Counties Tobacco 1,468,415
Trust I,
5.80%, 06/01/2023
9,160,000 Tobacco Settlement Financing 8,806,607
Corp., Rhode Island, Tobacco
Settlement Asset-Backed,
Series A,
6.00%, 06/01/2023
875,000 Rensselaer Tobacco Asset 868,324
Securitization Corp., New
York, Tobacco Settlement,
Asset-Backed, Series A,
5.20%, 06/01/2025
9,795,000 Badger Tobacco Asset 9,493,902
Securitization Corp.,
Wisconsin, Tobacco Settlement
Asset-Backed,
6.125%, 06/01/2027
1,775,000 Tobacco Settlement Financing 1,651,300
Corp., New Jersey Tobacco
Settlement Asset-Backed,
5.75%, 06/01/2032
---------------
Total Tobacco Revenue
(Cost $24,089,898) 23,790,506
---------------
Toll/Transit Revenue: 3.02%
1,825,000 MTA, New York, Revenue, 1,869,877
Series B,
3.00%, 11/15/2005
1,000,000 MTA, New York, Revenue, 1,095,820
Refunding Transportation,
Series E,
5.50%, 11/15/2006
21,700,000 Triborough Bridge & Tunnel 24,012,569
Authority, New York, Series B,
5.00%, 11/15/2007
4,450,000 New York State Bridge 4,795,587
Authority, Revenue,
5.00%, 01/01/2017
5,025,000 Triborough Bridge & Tunnel 5,516,344
Authority, New York, Toll
Revenue, Series A,
5.25%, 01/01/2017
Schedule of Investments -- Municipal Bond Portfolios 65
================================================================================
Principal Amount Description Market Value
================================================================================
$ 1,000,000 Triborough Bridge & Tunnel $ 1,059,100
Authority, New York, Revenue,
Series A,
5.00%, 01/01/2020
---------------
Total Toll/Transit Revenue (Cost $37,084,908) 38,349,297
---------------
Water/Sewer Revenue: 4.66%
1,255,000 New York State Environmental 1,272,093
Facilities Corp., Pooled Loan,
Pollution Control Revenue,
State Revolving Fund, Series 92-B,
6.25%, 09/15/2005
1,255,000 New York State Environmental 1,272,168
Facilities Corp., Pooled Loan,
Pollution Control Revenue,
State Revolving Fund, Series 92-B,
6.35%, 09/15/2006
15,000 New York State Environmental 15,434
Facilities Corp., State Water
Revolving Fund, New York City
Municipal Water Refunding,
Series A,
5.75%, 06/15/2007
2,975,000 New York State Environmental 3,157,397
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 3,280,034
Facilities Corp., Pooled Loan,
Pollution Control Revenue,
State Revolving Fund, Series 95-A,
5.30%, 05/15/2009
4,600,000 New York State Environmental 5,163,914
Facilities Corp., State
Revolving Funds, Municipal
Water Project, Series K,
5.00%, 06/15/2009
780,000 New York State Environmental 829,538
Facilities Corp., Pooled Loan,
Pollution Control Revenue,
State Revolving Fund, Series 95-A,
5.40%, 05/15/2010
1,730,000 New York State Environmental 1,875,631
Facilities Corp., Pollution
Control Revenue, Unrefunded
State Water Revolving Fund,
Series A,
4.95%, 06/15/2010
1,395,000 New York City Municipal Water 1,642,850
Finance Authority, New York,
Series A,
6.00%, 06/15/2010
8,280,000 New York State Environmental 9,327,006
Facilities Corp., State
Refunding Revolving Funds,
Municipal Water Project,
Series K,
5.00%, 06/15/2011
1,000,000 New York City Municipal Water 1,139,720
Finance Authority, Refunding,
Series A,
5.25%, 06/15/2011
745,000 New York State Environmental 875,077
Facilities Corp., New York
City Municipal Water Finance
Authority Refunding, Series A,
5.75%, 06/15/2011
5,000,000 New York City Municipal Water 5,605,700
Finance Authority, New York
Water & Sewer System Revenue
Series D,
5.00%, 06/15/2012
100,000 New York State Environmental 100,570
Facilities Corp., Pollution
Control Revenue, New York City
Municipal Water Finance
Authority, Series 90-A,
7.50%, 06/15/2012
225,000 New York State Environmental 241,292
Facilities Corp., Pollution
Control Revenue, Unrefunded
State Water Revolving Fund,
Series A,
5.20%, 12/15/2015
2,320,000 New York City Municipal Water 2,640,322
Finance Authority, New York
Water & Sewer System Revenue,
Refunding Series D,
5.50%, 06/15/2017
1,200,000 New York State Environmental 1,275,852
Facilities Corp., Clean Water
& Drinking Revolving Funds,
Municipal Water Finance,
Series 01-D,
5.00%, 06/15/2018
1,485,000 New York State Environmental 1,636,292
Facilities Corp., Clean Water
& Drinking Revolving Funds,
Pooled Funding Program, Series B,
5.375%, 11/15/2018
1,250,000 New York State Environmental 1,336,275
Facilities Corp., Clean Water
& Drinking Revolving Funds,
Municipal Water Finance,
Series 01-D,
5.00%, 06/15/2019
66 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
================================================================================
Principal Amount Description Market Value
================================================================================
$ 2,310,000 New York State Environmental $ 2,479,924
Facilities Corp., State
Revolving Funds, Municipal
Water Project, Series J,
5.00%, 06/15/2019
5,025,000 New York City Municipal Water 5,439,110
Finance Authority, New York
Water & Sewer System Revenue,
Refunding Series 01-D,
5.125%, 06/15/2019
1,255,000 New York State Environmental 1,354,747
Facilities Corp., Clean Water
& Drinking Prerefunded
Revolving Funds, Series D,
5.15%, 10/15/2019
1,935,000 New York State Environmental 2,125,927
Facilities Corp., Clean Water
& Drinking Revolving Funds,
Pooled Funding Program, Series F,
5.25%, 11/15/2019
4,560,000 New York State Environmental 5,167,346
Facilities Corp., State
Unrefunded Balance Revolving
Funds, Series B,
5.875%, 07/15/2020
---------------
Total Water/Sewer Revenue (Cost $56,403,708) 59,254,219
---------------
Miscellaneous Revenue: 0.14%
1,785,000 Broad Street Community 1,827,519
Development Authority, Virginia,
7.125%, 06/01/2015
---------------
Total Miscellaneous Revenue (Cost $1,785,000) 1,827,519
---------------
Industrial Development/Pollution Control
Revenue: 2.49%
1,495,000 New York City Industrial 1,526,231
Development Agency, Special
Facilities Revenue, Terminal
One Group Association Limited
Partnership Project, AMT,
6.00%, 01/01/2007
4,910,000 Louisa Industrial Development 5,286,302
Authority, Virginia, Pollution
Control Revenue, Virginia
Electric & Power Co.,
5.25%, 12/01/2008
(Note D, p. 68)
4,800,000 New York State Environmental 4,808,448
Facilities Corp., Solid Waste
Disposal Revenue Waste
Management Project, Series A,
4.00%, 05/01/2012
(Note D, p. 68)
2,150,000 Putnam County, West Virginia 2,163,803
Pollution Control Revenue,
Appalachian Power Co. Project,
Series E,
2.80%, 05/01/2019
(Note D, p. 68)
4,750,000 Pope County, Arkansas, Entergy 4,848,705
Arkansas, Inc. Project,
5.05%, 09/01/2028
(Note D, p. 68)
5,755,000 Maricopa County, Arizona 5,755,000
Pollution Control Revenue,
Arizona Public Service Co.
Project, Series D,
1.75%, 05/01/2029
(Note D, p. 68)
1,000,000 Beaver County Industrial 1,016,180
Development Authority,
Pennsylvania, Pollution
Control Revenue, Cleveland
Electric Project,
3.75%, 10/01/2030
(Note D, p. 68)
5,080,000 Ohio State Air Quality 5,162,194
Development Authority Revenue,
Cleveland Pollution Control,
Series B,
3.75%, 10/01/2030
(Note D, p. 68)
1,100,000 Maricopa County Industrial 1,123,353
Development Authority,
Arizona, Solid Waste Disposal
Revenue, Waste Management,
Inc., Project,
4.80%, 12/01/2031
(Note D, p. 68)
---------------
Total Industrial Development/Pollution
Control Revenue (Cost $31,073,469) 31,690,216
---------------
Total Revenue (Cost $211,034,707) 217,617,963
---------------
================================================================================
ASSET-BACKED SECURITIES: 1.48%
- --------------------------------------------------------------------------------
Housing: 1.48%
7,655,000 New York City Housing 7,665,334
Development Corp., Multifamily
Housing Revenue, Series E1,
2.75%, 11/01/2007
7,045,000 New York State Mortgage 7,428,600
Agency, AMT Homeowner
Mortgage, Revenue, Series 99,
4.50%, 04/01/2023
2,105,000 New York State Dormitory 2,112,199
Authority, Highland Community
Development Corp., Revenue,
Series B,
5.50%, 07/01/2023
Schedule of Investments -- Municipal Bond Portfolios 67
================================================================================
Principal Amount Description Market Value
================================================================================
1,520,000 New York State Mortgage $ 1,557,590
Agency, AMT Homeowner
Mortgage, Revenue, Series 69,
5.50%, 10/01/2028
---------------
Total Housing (Cost $18,340,401) 18,763,723
---------------
Total Asset-Backed Securities
(Cost $18,340,401) 18,763,723
---------------
================================================================================
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
Total Investments
(Cost $1,208,553,839) 99.50% $1,264,432,203
(Note E, below)
Cash and Other Assets,
Less Liabilities 0.50 6,355,083
------- ---------------
Net Assets 100.00% $1,270,787,286
======= ===============
================================================================================
SHORT FUTURES CONTRACT
- --------------------------------------------------------------------------------
Contract Unrealized
Contracts Description Amount Depreciation
- --------------------------------------------------------------------------------
15 Interest Rate $1,695,000 $ (4,688)
Swap 10 Yr. Future
June 2004
---------------
Total Short Futures Contract $ (4,688)
---------------
======================================================================================
INTEREST RATE SWAPS
- ----------------------------------------------------------------------------------------------
Notional Rate Unrealized
Amount Description Received Rate Paid Termination Date Gain/(Loss)
- ----------------------------------------------------------------------------------------------
$ 7,000,000 BMA Interest 2.62% Variable* 11/01/2004 $ 128,813
Rate Swap
62,400,000 Interest 85.10% of Variable* 02/03/2006 (38,341)
Rate Swap 1 Month LIBOR+
7,000,000 BMA Interest 2.31 Variable* 11/01/2006 32,952
Rate Swap
5,000,000 BMA Interest 2.78 Variable* 10/01/2008 119,383
Rate Swap
7,000,000 BMA Interest Variable* 4.03% 11/01/2011 (552,669)
Rate Swap
5,000,000 BMA Interest Variable* 3.47% 06/15/2012 (150,219)
Rate Swap
----------
Total Interest Rate Swaps $(460,081)
----------
*Variable interest based on the BMA (Bond Market Association) Municipal Swap
Index, which fluctuates weekly.
+Interest based on LIBOR (London Interbank Offered Rate).
- --------------------------------------------------------------------------------
(A) Represents entire or partial position segregated as collateral for
interest rate swaps.
(B) When-issued security.
(C) Represents entire or partial position segregated as collateral for initial
margin requirement on open futures contract.
(D) Variable rate coupon, rate shown as of March 31, 2004. (E) At March 31,
2004, the cost basis of investment securities owned was substantially
identical for both book and tax. Gross unrealized appreciation of
investments was $57,183,193 and gross unrealized depreciation of
investments was $1,304,829, resulting in net unrealized appreciation of
$55,878,364.
- --------------------------------------------------------------------------------
Explanation of abbreviations:
ACA--American Capital Access
AMBAC--American Municipal Bond Assurance Corporation
AMT--Subject to Alternative Minimum Tax
FGIC--Financial Guaranty Insurance Company
FHA--Federal Housing Administration
FSA--Financial Security Assurance, Inc.
IBC--International Bancshares Corporation
MBIA--Municipal Bond Investors Assurance Corporation
MTA--Metropolitan Transportation Authority
XLCA--XL Capital Assurance, Inc.
See Notes to Financial Statements.
68 Sanford C. Bernstein Fund, Inc. -- 2004 Annual Report
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SCBMFSEMIANNMU0304
ITEM 2. CODE OF ETHICS.
Not applicable when filing a Semi-Annual report to shareholders.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a Semi-Annual report to shareholders.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a Semi-Annual report to shareholders.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
On March 17, 2004 the Fund adopted procedures effective April 1, 2004, by which
shareholders may recommend nominees to the Fund's Board of Directors. Prior
thereto, the Fund's Board did not accept shareholder recommendations for
nominees to the Fund's Board.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended)
are effective at the reasonable assurance level based on their evaluation of
these controls and procedures as of a date within 90 days of the filing date of
this document.
3
(b) There were no significant changes in the registrant's internal controls that
could significantly affect these controls subsequent to the date of their
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.
ITEM 11. EXHIBITS.
The following exhibits are attached to this Form N-CSR:
Exhibit No. DESCRIPTION OF EXHIBIT
11(b)(1) Certification of Principal Executive Officer Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
11(b)(2) Certification of Principal Financial Officer Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002
11(c) Certification of Principal Executive Officer and
Principal Financial Officer Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant): Sanford C. Bernstein Fund II, Inc.
By: /s/Marc O. Mayer
--------------------------------
Marc O. Mayer
President
Date: June 7, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/Marc O. Mayer
--------------------------------
Marc O. Mayer
President
Date: June 7, 2004
By: /s/Mark D. Gersten
--------------------------------
Mark D. Gersten
Treasurer and Chief Financial Officer
Date: June 7, 2004