Diversified Municipal Portfolio
BERNSTEIN SANFORD C FUND INC · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Diversified Municipal Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the Portfolio is to provide safety of principal and maximize total return after taking account of federal taxes.
The fund invests at least 80% of assets in municipal securities rated A or better, selecting securities based on the manager's assessment of risk and return characteristics and their impact on overall portfolio risk. The manager uses interest rate forecasting to maintain an effective duration between three and one-half and seven years, shortening duration when expecting rates to rise and lengthening it when anticipating declines. Up to 20% of assets may be allocated to below-investment-grade municipal securities or non-municipal fixed-income securities if expected to enhance after-tax returns. Because security selection depends on the manager's credit and interest-rate assessments, portfolio returns will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| AIDAX | 0.67% |
| AIMCX | 1.42% |
| SNDPX | 0.49% |
| AIDYX | 0.42% |
| AIDZX | 0.40% |
Portfolio turnover 26.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.13% |
| Securitized | 0.65% |
| Derivatives | 0.02% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: State of Idaho, City of Los Angeles CA, County of Los Angeles CA, Black Belt Energy Gas District, FHLMC Multifamily VRD Certificates, The School Board of Miami-Dade County, Kentucky State Property & Building Commission, City of San Diego CA
Largest exited: Colorado State Education Loan Program ×2, City of Los Angeles CA, South Carolina Jobs-Economic Development Authority, School District of Broward County, City of Whiting IN, Legacy Denton Public Facility Corp, State of Connecticut
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.01% | +10.25% | +6.29% | 2.73% | -2.66% | |
| +4.29% | +7.90% | +2.43% | 2.68% | -2.85% | |
| +5.19% | +10.93% | +7.29% | 2.73% | -2.60% | |
| +5.26% | +11.08% | +7.60% | 2.70% | -2.60% | |
| +5.26% | +11.18% | +7.74% | 2.70% | -2.57% |
These classes hold the same portfolio, so the 5.31pp spread over 5 years is the cost difference between them — roughly 1.06pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 79.2% |
| Floating rate | 20.2% |
| Zero-coupon or unclassified | 0.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 11.9% |
| 1-3y | 11.3% |
| 3-5y | 8.3% |
| 5-10y | 21.1% |
| 10y+ | 47.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 56% |
| Interest rates | 44% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +4.48 yr |
| High yield | +0.38 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 2% |
| 1 yr | 0.38 yr | 10% |
| 5 yr | 1.28 yr | 34% |
| 10 yr | 1.83 yr | 48% |
| 30 yr | 0.24 yr | 6% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.46 yr | 9% |
| 5 yr | 1.47 yr | 30% |
| 10 yr | 2.36 yr | 49% |
| 30 yr | 0.53 yr | 11% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.03 | +0.00 | $17.7k | $1.3k |
| 1 yr | +0.38 | +0.42 | +0.04 | $220.7k | $21.5k |
| 5 yr | +1.28 | +1.41 | +0.06 | $746.9k | $32.9k |
| 10 yr | +1.83 | +2.14 | +0.22 | $1.13m | $117.4k |
| 30 yr | +0.24 | +0.48 | +0.05 | $254.2k | $28.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Patriots Energy Group Financing Agency5.25% floating · due 2054-02-01 | 1.01% | $53.79M | — |
| — | State of Idaho4.00% · due 2027-06-30 | 0.96% | $50.65M | — |
| — | Southeast Energy Authority A Cooperative District4.00% floating · due 2051-12-01 | 0.85% | $45.11M | — |
| — | Tennessee Energy Acquisition Corp5.00% floating · due 2053-05-01 | 0.85% | $44.84M | — |
| — | New Jersey Transportation Trust Fund Authority5.00% · due 2029-12-15 | 0.77% | $40.63M | — |
| — | City of Los Angeles CA5.00% · due 2027-06-24 | 0.67% | $35.75M | — |
| — | County of Miami-Dade FL Aviation Revenue5.00% · due 2035-10-01 | 0.66% | $35.18M | — |
| — | Main Street Natural Gas Inc5.00% floating · due 2053-06-01 | 0.57% | $30.48M | — |
| — | Illinois State Toll Highway Authority5.00% · due 2041-01-01 | 0.55% | $28.91M | — |
| — | Private Colleges & Universities Authority5.00% · due 2033-09-01 | 0.53% | $28.23M | — |
Top 10 positions are 7.43% of net assets, top 25 14.39%, across 403 issuers.
See more of this fund's book
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