Bernstein Sanford C Fund Ii N-CSRS Certified semi-annual shareholder report (management investment company)

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)

Joseph J. Mantineo

AllianceBernstein 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, 2022

Date of reporting period: March 31, 2022

ITEM 1. REPORTS TO STOCKHOLDERS.

SANFORD C. BERNSTEIN FUND II, INC.

INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO

SEMI-ANNUAL REPORT

MARCH 31, 2022

As of January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund’s annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically requested paper copies of the reports. Instead, the reports are made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call the Fund at 800.221.5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds you hold.

Table of Contents

Portfolio Manager Commentary	1
Disclosures and Risks	3
Historical Performance and Portfolio Summary	7
Expense Example	8
Schedule of Investments	9
Statement of Assets and Liabilities	28
Statement of Operations	29
Statement of Changes in Net Assets	30
Financial Highlights	31
Notes to Financial Statements	32
Other	49

Before investing in 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 portfolio’s prospectus, an additional copy of which may be obtained by visiting our website at www.Bernstein.com and clicking on “Investments”, found in the footer, then “Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports” or by calling your financial advisor or by calling Bernstein’s mutual fund shareholder help line at 212.756.4097. Please read the prospectus carefully before investing.

For performance information current to the most recent month-end, please visit our website at www.Bernstein.com and click on “Investments”, found in the footer, then “Mutual Fund Information—Mutual Fund Performance at a Glance”.

This shareholder report must be preceded or accompanied by the Sanford C. Bernstein Fund II, Inc. prospectus for individuals who are not shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit www.AllianceBernstein.com, or go to the Securities and Exchange Commission’s website at www.sec.gov, or call AllianceBernstein at 800.227.4618.

The Fund will file its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov.

Investment Products Offered:    ·  Are Not FDIC Insured  ·  May Lose Value  ·  Are Not Bank Guaranteed

Portfolio Manager Commentary (Unaudited)

To Our Shareholders—May 16, 2022

On the following pages, you will find the 2022 semi-annual report for the Sanford C. Bernstein Fund II, Inc.—Intermediate Duration Institutional Portfolio¹ (the “Portfolio”). The semi-annual report covers the six- and 12-month periods ended March 31, 2022, and includes financial statements as well as notes to the financial statements, information about the recent performance of the Portfolio and a listing of the Portfolio’s holdings as of the period end.

The first quarter of 2022 kicked off with a humanitarian crisis, further economic volatility, and stressed financial markets. Global equities ended the six-month period largely flat, after gains of almost 6% in the fourth quarter of 2021 were offset by declines in the first quarter of 2022. The moves have been larger under the surface. In general during this period, momentum/growth stocks, and technology stocks in particular, performed poorly. Meanwhile many commodity-related names, especially energy stocks, appreciated meaningfully.

The global reopening has been driving the global economy and markets. Yet, with demand still hitting supply constraints, inflation in the US and around the world is touching its highest level in decades. As a result, the market began to price in a swift series of interest rate hikes by the Federal Reserve. Finally, Russia’s invasion of Ukraine exacerbated inflationary pressures, especially for oil, gas, and other commodities, and led to a fall in stock prices as fears of a potential global military conflict emerged.

The fixed-income markets faced their toughest period in close to 40 years due to the twin forces of higher inflation and rising interest rates. The US 10-year Treasury rate rose from 1.5% to over 2.3%, but the moves for debt maturing sooner were even more dramatic, with the 2-year Treasury yield rising from 0.3% to 2.3% over the past six months. This means that the value of bond portfolios has fallen. However, the upside is that as bonds mature and we reinvest at the new market rates, we’re now able to earn higher yields. Active management will be critical at a volatile time like this in the bond market.

Our portfolio managers are continuously monitoring the global supply chain, China’s zero-COVID policy, the situation in Ukraine, the rapid recovery of the US labor market, and a host of other factors driving the economy and the markets. As those drivers change, the portfolio managers are incorporating their updated views into our active positioning.

Thank you for your continued confidence in our approach.

If you have any questions about your investments in the Portfolio, please contact your Bernstein Advisor by calling 212.756.4097, or visit www.Bernstein.com. As always, we are firmly dedicated to your investment success.

Sincerely,

Onur Erzan

President and Chief Executive Officer

Sanford C. Bernstein Fund II, Inc.

¹  This performance discussion is intended as a general market commentary.

Investment Objectives and Policies

The Portfolio seeks to provide safety of principal and a moderate to high rate of current income. The Portfolio seeks to maintain an average portfolio quality minimum of A, based on ratings given to the Portfolio’s securities by any nationally recognized statistical rating organization (“NRSRO”) (or, if unrated, determined by AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”), to be of comparable quality). Many types of securities may be purchased by the Portfolio, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, bank loan debt, preferred stock and inflation-protected securities, as well as others. The Portfolio may also invest up to 25% of its total assets in fixed-income, non-US dollar denominated foreign securities, and may invest without limit in fixed-income, US dollar denominated foreign securities, in each case in developed- or emerging-market countries.

The Portfolio may use derivatives, such as options, futures contracts, forward contracts and swaps.

(Portfolio Manager Commentary continued on next page)

2022 Semi-Annual Report 1

Portfolio Manager Commentary (continued)

The Portfolio may invest up to 25% of its total assets in fixed-income securities rated below investment-grade (BB or below) by NRSROs (commonly known as “junk bonds”). No more than 5% of the Portfolio’s total assets may be invested in fixed-income securities rated CCC by NRSROs.

In managing the Portfolio, the Adviser may use interest-rate forecasting to estimate an appropriate level of interest-rate risk at a given time. The Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and moderately lengthen average duration when it anticipates that interest rates will fall.

The Portfolio seeks to maintain an effective duration of three to seven years under normal market conditions. Duration is a measure that relates the expected price volatility of a security to changes in interest rates. The duration of a debt security is the weighted average term to maturity, expressed in years, of the present value of all future cash flows, including coupon payments and principal repayments.

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings.

The Portfolio may enter into foreign currency transactions on a spot (i.e., cash) basis or through the use of derivatives transactions, such as forward currency exchange contracts, currency futures and options thereon, and options on currencies. An appropriate hedge of currency exposure resulting from the Portfolio’s securities positions may not be available or cost effective, or the Adviser may determine not to hedge the positions, possibly even under market conditions where doing so could benefit the Portfolio.

2 Sanford C. Bernstein Fund II, Inc.

Disclosures and Risks (Unaudited)

Benchmark Disclosures

None of the following indices or averages reflects fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The Lipper Core Bond Funds Average is the equal-weighted average returns of the portfolios in the relevant Lipper Inc. category; the average portfolios in a category may differ in composition from the Portfolio. The Lipper Core Bond Funds Average contains portfolios that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five to ten years. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

The share price of the Portfolio will fluctuate and you may lose money. There is no guarantee that the Portfolio will achieve its investment objective.

Cybersecurity Risk: As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolio has become more susceptible to operational and financial risks associated with cybersecurity. Cybersecurity incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the Portfolio or its service providers or the issuers of securities in which the Portfolio invests have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolio does not control the cybersecurity defenses or plans of its service providers, financial intermediaries and companies in which it invests or with which they do business.

Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Portfolio or shareholder assets, Portfolio or customer data (including private shareholder information), or proprietary information, or cause a Portfolio, the Adviser, and/or the Portfolio’s service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate

risk is generally greater for fixed-income securities with longer maturities or durations. The current historically low interest rate environment heightens the risks associated with rising interest rates.

Credit Risk: This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit “spreads” (i.e., the difference between the yields

(Disclosures and Risks continued on next page)

2022 Semi-Annual Report 3

Disclosures and Risks (continued)

on lower quality securities and the yields on higher quality securities) may get larger or “widen”. As a result, the values of the lower quality securities may go down more and they may become harder to sell.

Duration Risk: The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest-rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

Inflation-Protected Securities Risk: The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors’ expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

Foreign (Non-US) Securities Risk: Investments in foreign securities entail significant risks in addition to those customarily associated with investing in securities such as less liquid, less transparent, less regulated and more volatile markets. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolio invests and adversely affect the value of the Portfolio’s assets.

Emerging-Markets Securities Risk: The risks of investing in foreign (non-US) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolio’s investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

Derivatives Risk: The Portfolio may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolio. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolio more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio. Use of derivatives may have different tax consequences for the Portfolio than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The US government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

(Disclosures and Risks continued on next page)

4 Sanford C. Bernstein Fund II, Inc.

Disclosures and Risks (continued)

Mortgage-Related Securities Risk: Mortgage-related securities represent interests in “pools” of mortgages, including consumer loans or receivables held in trust. Mortgage-related securities are subject to credit, interest-rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

Prepayment and Extension Risk: Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolio will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolio. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

Subordination Risk: The Portfolio may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolio or cause the value of the Portfolio’s shares to go down. In some cases, derivatives and other investment techniques may be unavailable or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolio. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolio’s investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse on effect the value or performance of the Portfolio.

Illiquid Investments Risk: Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolio from purchasing or selling these securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest-rate environment, where the value and liquidity of fixed-income securities generally go down.

Redemption Risk: The Portfolio may experience heavy redemptions that could cause the Portfolio to liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolio’s net asset value or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

Foreign Currency Risk: This is the risk that changes in foreign (non-US) currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce the returns of the Portfolio. For example, the value of the Portfolio’s investments in foreign securities and foreign currency positions may decrease if the US dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the US dollar).

Actions by a Few Major Investors: In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, share prices of the Portfolio.

Market Risk: The Portfolio is subject to market risk, which is the risk that stock or bond prices in general or in particular

(Disclosures and Risks continued on next page)

2022 Semi-Annual Report 5

Disclosures and Risks (continued)

countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest-rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio’s investments may be negatively affected.

Lower-rated Securities Risk: Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

These risks are discussed in further detail in the Portfolio’s prospectus.

An Important Note About Historical Performance

Except as noted, returns do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. All fees and expenses related to the operation of the Portfolio have been deducted.

The performance shown in this report represents past performance and does not guarantee future results. Performance information is as of the dates shown. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.Bernstein.com or by calling 212.756.4097. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit www.Bernstein.com, click on “Investments”, found in the footer, then “Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports”, or call Bernstein’s mutual fund shareholder help line at 212.756.4097 or contact your Bernstein Advisor. Please read the prospectus and/or summary prospectus carefully before investing.

6 Sanford C. Bernstein Fund II, Inc.

Historical Performance (Unaudited)

Intermediate Duration Institutional Portfolio vs. Its Benchmark and Lipper Average

	TOTAL RETURNS						AVERAGE ANNUAL TOTAL RETURNS
THROUGH MARCH 31, 2022	PAST SIX MONTHS			PAST 12 MONTHS			PAST FIVE YEARS			PAST 10 YEARS			SINCE INCEPTION			INCEPTION DATE
Intermediate Duration Institutional Portfolio1		-6.11	%		-4.28	%		2.26	%		2.64	%		4.17	%		5/17/2002
Bloomberg US Aggregate Bond Index		-5.92	%		-4.15	%		2.14	%		2.24	%		3.94	%
Lipper Core Bond Funds Average		-6.11	%		-4.32	%		2.16	%		2.29	%		—

1 There are no sales charges associated with an investment in the Portfolio. Total returns and average annual returns are therefore the same.

The current prospectus table shows the total annual operating expense ratio for the Portfolio as 0.52%, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the annual operating expense ratio to 0.45%. These waivers/reimbursements may not be terminated before January 28, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratio shown above may differ from the expense ratio in the Financial Highlights section since they are based on different time periods.

Growth of a $25,000 Investment in the Portfolio

The chart illustrates the total value of an assumed $25,000 minimum investment as compared to the performance of the Portfolio’s benchmark and Lipper Average for the 10-year period ended March 31, 2022.

Portfolio Summary—March 31, 2022 (Unaudited)

Security Type Breakdown¹

1 All data are as of March 31, 2022. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Schedule of Investments” section of the report for additional details).

2 “Other” represents less than 0.3% in Agencies and Governments—Sovereign Bonds.

See Disclosures, Risks and Note About Historical Performance on pages 3-6.

2022 Semi-Annual Report 7

Expense Example—March 31, 2022 (Unaudited)

As a shareholder of the Fund, you incur various types of costs including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses—The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes—The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	BEGINNING ACCOUNT VALUE OCTOBER 1, 2021		ENDING ACCOUNT VALUE MARCH 31, 2022		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO*
SCB Intermediate Duration Institutional Portfolio
Actual	$	1,000	$	938.90	$	2.18		0.45	%
Hypothetical**	$	1,000	$	1,022.69	$	2.27		0.45	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

8 Sanford C. Bernstein Fund II, Inc.

Schedule of Investments

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Intermediate Duration Institutional Portfolio

March 31, 2022 (Unaudited)

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS—TREASURIES–39.5%
United States–39.5%
U.S. Treasury Bonds 1.75%, 08/15/2041		U.S.$	18,693	$	16,224,506
1.875%, 02/15/2051			6,050		5,290,144
2.00%, 11/15/2041–08/15/2051			16,243		14,681,139
2.25%, 08/15/2046–02/15/2052			19,619		18,647,972
2.375%, 11/15/2049			4,905		4,802,302
2.50%, 02/15/2046–05/15/2046			6,259		6,143,261
2.75%, 08/15/2042			190		193,384
2.875%, 05/15/2043–11/15/2046			603		632,463
3.00%, 05/15/2042–02/15/2048			7,025		7,617,428
3.00%, 05/15/2047(a)			1,447		1,563,664
3.125%, 02/15/2043–08/15/2044			330		355,765
3.375%, 05/15/2044			646		725,796
3.50%, 02/15/2039			8,105		9,281,491
3.625%, 08/15/2043–02/15/2044			1,981		2,301,930
3.75%, 11/15/2043			295		349,345
4.375%, 02/15/2038–11/15/2039			11,639		14,779,169
4.50%, 02/15/2036			1,074		1,358,021
4.75%, 02/15/2037			1,525		1,988,219
5.25%, 11/15/2028(b)			2,645		3,100,436
5.375%, 02/15/2031			3,646		4,530,031
U.S. Treasury Notes
0.125%, 03/31/2023			67,065		66,016,912
1.25%, 11/30/2026–08/15/2031			27,145		25,512,024
1.375%, 11/15/2031			17,369		15,941,302
1.50%, 02/15/2030(b)			10,851		10,181,290
1.625%, 11/15/2022–05/15/2031			58,607		56,717,196
1.75%, 05/31/2022–11/15/2029			5,105		5,054,447
1.875%, 04/30/2022(b)			2,580		2,583,225
1.875%, 02/28/2027–02/15/2032			12,064		11,744,560
2.125%, 12/31/2022			11,453		11,510,265
2.25%, 02/15/2027			1,975		1,956,793
2.375%, 02/15/2042			1,736		1,676,325
2.625%, 02/15/2029			8,921		9,038,088
2.75%, 11/15/2023			160		161,400
2.875%, 05/15/2028			2,786		2,853,473
Total Governments—Treasuries (cost $347,854,441)					335,513,766
CORPORATES—INVESTMENT GRADE–24.5%
Industrial–13.4%
Basic–0.8%
Anglo American Capital PLC 3.875%, 03/16/2029(c)			403		402,180
Braskem Netherlands Finance BV 4.50%, 01/31/2030(c)			500		484,187
Inversiones CMPC SA 3.85%, 01/13/2030(c)			200		194,725

	Principal Amount (000)		U.S. $ Value
Inversiones CMPC SA/Cayman Islands Branch 4.375%, 05/15/2023(c)	U.S.$	322	$	326,387
LYB International Finance BV 4.00%, 07/15/2023		187		189,994
LyondellBasell Industries NV 5.75%, 04/15/2024		568		592,731
Suzano Austria GmbH 2.50%, 09/15/2028		2,416		2,171,501
3.75%, 01/15/2031		343		321,220
WRKCo, Inc. 4.00%, 03/15/2028		1,732		1,768,112
				6,451,037
Capital Goods–0.6%
Flowserve Corp. 2.80%, 01/15/2032		1,227		1,088,324
Parker-Hannifin Corp. 3.25%, 06/14/2029		743		733,096
Raytheon Technologies Corp. 4.125%, 11/16/2028		2,242		2,343,899
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		270		265,750
4.40%, 03/15/2024		1,145		1,166,515
				5,597,584
Communications—Media–1.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050		765		728,968
5.125%, 07/01/2049		467		464,955
Discovery Communications LLC 4.65%, 05/15/2050		152		148,369
5.20%, 09/20/2047		509		529,075
5.30%, 05/15/2049		222		233,786
Fox Corp. 4.709%, 01/25/2029		700		746,816
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028		519		543,258
Magallanes, Inc. 4.279%, 03/15/2032(c)		1,826		1,836,280
Prosus NV 3.257%, 01/19/2027(c)		489		447,435
3.68%, 01/21/2030(c)		639		563,119
4.027%, 08/03/2050(c)		485		363,750
Tencent Holdings Ltd. 1.81%, 01/26/2026(c)		1,256		1,163,213
2.39%, 06/03/2030(c)		1,050		930,431
3.24%, 06/03/2050(c)		1,022		798,948
Time Warner Cable LLC 4.50%, 09/15/2042		505		467,110
Weibo Corp. 3.375%, 07/08/2030		3,313		2,813,151
				12,778,664

2022 Semi-Annual Report 9

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
Communications—Telecommunications–0.2%
AT&T, Inc. 4.30%, 12/15/2042	U.S.$	1,081	$	1,092,718
T-Mobile USA, Inc. 2.625%, 02/15/2029		291		265,727
3.375%, 04/15/2029(c)		171		162,751
				1,521,196
Consumer Cyclical—Automotive–0.7%
General Motors Co. 6.125%, 10/01/2025		278		298,747
General Motors Financial Co., Inc. 4.30%, 07/13/2025		275		279,012
5.25%, 03/01/2026		600		628,842
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(c)		121		115,300
3.35%, 06/08/2025(c)		2,279		2,243,835
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(c)		2,084		2,054,866
				5,620,602
Consumer Cyclical—Other–0.5%
Las Vegas Sands Corp. 3.90%, 08/08/2029		2,303		2,110,792
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025		1,161		1,232,854
MDC Holdings, Inc. 6.00%, 01/15/2043		968		1,005,858
				4,349,504
Consumer Cyclical—Retailers–0.5%
Advance Auto Parts, Inc. 3.50%, 03/15/2032		1,186		1,140,576
Lowe’s Cos., Inc. 3.65%, 04/05/2029		774		785,726
Ross Stores, Inc. 4.70%, 04/15/2027		1,925		2,030,721
				3,957,023
Consumer Non-Cyclical–1.5%
Altria Group, Inc. 3.40%, 05/06/2030		1,745		1,679,877
4.80%, 02/14/2029		1,204		1,264,429
Amgen, Inc. 3.35%, 02/22/2032		978		969,902
BAT Capital Corp. 2.259%, 03/25/2028		2,706		2,432,748
4.906%, 04/02/2030		917		943,492
Baxalta, Inc. 3.60%, 06/23/2022		5		5,006
Biogen, Inc. 3.625%, 09/15/2022		11		11,093
Cencosud SA 5.15%, 02/12/2025(c)		1,704		1,767,900
Cigna Corp. 4.375%, 10/15/2028		740		778,362

	Principal Amount (000)		U.S. $ Value
CVS Health Corp. 4.30%, 03/25/2028	U.S.$	87	$	91,202
HCA, Inc. 5.25%, 06/15/2026		20		21,122
Kimberly-Clark de Mexico SAB de CV 2.431%, 07/01/2031(c)		469		424,093
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		1,480		1,298,508
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		1,378		1,411,789
				13,099,523
Energy–3.7%
BP Capital Markets America, Inc. 2.939%, 06/04/2051		2,985		2,546,623
Conocophillips Co. 3.758%, 03/15/2042(c)		85		86,397
Continental Resources, Inc./OK 2.875%, 04/01/2032(c)		1,353		1,203,723
5.75%, 01/15/2031(c)		1,006		1,099,417
Devon Energy Corp. 5.60%, 07/15/2041		1,190		1,374,878
Enbridge Energy Partners LP 7.375%, 10/15/2045		1,713		2,377,850
Energy Transfer LP 3.60%, 02/01/2023		100		100,581
4.75%, 01/15/2026		1,425		1,479,734
6.25%, 04/15/2049		882		1,011,680
Eni SpA 4.25%, 05/09/2029(c)		1,163		1,200,007
Marathon Oil Corp. 6.80%, 03/15/2032		1,800		2,157,282
Marathon Petroleum Corp. 5.125%, 12/15/2026		2,794		2,977,342
6.50%, 03/01/2041		415		511,027
MPLX LP 5.20%, 03/01/2047		2,687		2,896,640
Oleoducto Central SA 4.00%, 07/14/2027(c)		491		459,085
ONEOK Partners LP 6.125%, 02/01/2041		73		80,295
ONEOK, Inc. 4.00%, 07/13/2027		1,720		1,730,767
4.35%, 03/15/2029		1,012		1,033,242
6.35%, 01/15/2031		263		304,486
Phillips 66 4.30%, 04/01/2022		65		65,000
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		1,059		1,023,831
4.50%, 12/15/2026		683		701,243
Suncor Energy, Inc. 6.80%, 05/15/2038		1,377		1,775,738
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(c)		415		334,905

10 Sanford C. Bernstein Fund II, Inc.

	Principal Amount (000)		U.S. $ Value
TransCanada PipeLines Ltd. 6.10%, 06/01/2040	U.S.$	1,356	$	1,665,819
6.20%, 10/15/2037		829		1,013,701
Transcontinental Gas Pipe Line Co. LLC 3.25%, 05/15/2030		449		438,219
				31,649,512
Other Industrial–0.2%
Alfa SAB de CV 5.25%, 03/25/2024(c)		915		935,359
CITIC Ltd. 2.85%, 02/25/2030(c)		889		824,714
				1,760,073
Services–0.5%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031		1,972		1,713,076
Expedia Group, Inc. 4.625%, 08/01/2027		1,052		1,094,838
6.25%, 05/01/2025(c)		49		52,404
Global Payments, Inc. 3.20%, 08/15/2029		845		803,468
S&P Global, Inc. 4.25%, 05/01/2029(c)		411		432,483
4.75%, 08/01/2028(c)		83		89,161
				4,185,430
Technology–2.4%
Baidu, Inc. 1.625%, 02/23/2027		719		646,007
3.425%, 04/07/2030		203		194,726
Broadcom, Inc. 3.137%, 11/15/2035(c)		323		284,770
3.187%, 11/15/2036(c)		1,539		1,352,365
4.00%, 04/15/2029(c)		169		168,917
4.11%, 09/15/2028		578		586,416
4.15%, 11/15/2030		873		884,375
4.15%, 04/15/2032(c)		601		599,684
Dell International LLC/EMC Corp. 6.02%, 06/15/2026		918		996,048
Fiserv, Inc. 3.50%, 07/01/2029		2,539		2,498,554
Infor, Inc. 1.75%, 07/15/2025(c)		649		608,548
Kyndryl Holdings, Inc. 2.05%, 10/15/2026(c)		2,545		2,286,759
Micron Technology, Inc. 4.185%, 02/15/2027		1,267		1,299,752
NXP BV/NXP Funding LLC 5.55%, 12/01/2028(c)		1,300		1,406,551
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030(c)		875		849,415
Oracle Corp. 2.875%, 03/25/2031		1,479		1,349,676
3.60%, 04/01/2040		840		728,145
3.65%, 03/25/2041		455		396,464
5.375%, 07/15/2040		270		284,899

	Principal Amount (000)		U.S. $ Value
SK Hynix, Inc. 2.375%, 01/19/2031(c)	U.S.$	532	$	460,393
Western Digital Corp. 3.10%, 02/01/2032		1,444		1,290,734
Workday, Inc. 3.70%, 04/01/2029		242		242,294
3.80%, 04/01/2032		643		643,798
				20,059,290
Transportation—Airlines–0.2%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(c)		819		824,628
4.75%, 10/20/2028(c)		951		959,492
				1,784,120
Transportation—Railroads–0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(c)		252		250,477
5.875%, 07/05/2034(c)		410		438,894
				689,371
Transportation—Services–0.0%
ENA Master Trust 4.00%, 05/19/2048(c)		380		356,559
				113,859,488
Financial Institutions–10.5%
Banking–6.8%
ABN AMRO Bank NV 4.75%, 07/28/2025(c)		269		275,174
American Express Co. 2.55%, 03/04/2027		982		954,376
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(c)		1,447		1,354,392
Banco Santander SA 3.49%, 05/28/2030		200		193,142
4.175%, 03/24/2028		800		805,552
Bank of America Corp. 2.299%, 07/21/2032		924		822,314
2.687%, 04/22/2032		2,071		1,903,539
Series DD 6.30%, 03/10/2026(d)		335		356,051
Series Z 6.50%, 10/23/2024(d)		524		550,504
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(d)		392		402,149
Barclays Bank PLC 6.86%, 06/15/2032(c)(d)		226		288,195
BNP Paribas SA 2.591%, 01/20/2028(c)		751		706,683
2.871%, 04/19/2032(c)		1,587		1,450,455
Capital One Financial Corp. 3.273%, 03/01/2030		1,186		1,146,530
Citigroup, Inc. 3.98%, 03/20/2030		941		957,910

2022 Semi-Annual Report 11

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
4.075%, 04/23/2029	U.S.$	1,397	$	1,426,407
5.95%, 01/30/2023(d)		481		486,166
Series W 4.00%, 12/10/2025(d)		788		756,827
Series Y 4.15%, 11/15/2026(d)		139		130,098
Citizens Financial Group, Inc. 4.30%, 12/03/2025		2,795		2,852,773
Credit Suisse Group AG 3.091%, 05/14/2032(c)		2,591		2,331,226
4.194%, 04/01/2031(c)		799		789,548
Danske Bank A/S 3.875%, 09/12/2023(c)		1,744		1,760,655
Deutsche Bank AG/New York NY 2.129%, 11/24/2026		958		889,560
2.552%, 01/07/2028		1,458		1,347,367
3.961%, 11/26/2025		385		384,788
Discover Bank 4.682%, 08/09/2028		386		391,269
Goldman Sachs Group, Inc. (The) 2.383%, 07/21/2032		739		656,698
2.615%, 04/22/2032		1,862		1,692,446
Series V 4.125%, 11/10/2026(d)		764		716,770
HSBC Holdings PLC 2.999%, 03/10/2026		200		196,140
4.292%, 09/12/2026		220		223,080
4.583%, 06/19/2029		400		412,640
4.762%, 03/29/2033		1,009		1,036,556
6.375%, 03/30/2025(d)		3,579		3,708,739
ING Groep NV 4.017%, 03/28/2028		1,043		1,050,186
JPMorgan Chase & Co. 2.58%, 04/22/2032		2,363		2,167,013
2.956%, 05/13/2031		1,256		1,177,563
Series I 3.769% (LIBOR 3 Month + 3.47%), 07/30/2022(d)(e)		820		820,016
Series V 3.534% (LIBOR 3 Month + 3.32%), 07/01/2022(d)(e)		401		399,945
Lloyds Banking Group PLC 4.05%, 08/16/2023		250		254,395
Mizuho Financial Group, Inc. 2.226%, 05/25/2026		386		370,325
Morgan Stanley 2.943%, 01/21/2033		812		760,860
Series F 3.875%, 04/29/2024		335		341,811
Series G 3.772%, 01/24/2029		1,502		1,513,911
Nationwide Building Society 2.972%, 02/16/2028(c)		1,238		1,179,826
Santander Holdings USA, Inc. 2.49%, 01/06/2028		697		651,172
4.40%, 07/13/2027		911		926,697
Santander UK Group Holdings PLC 3.373%, 01/05/2024		1,150		1,153,691

	Principal Amount (000)		U.S. $ Value
Societe Generale SA 2.797%, 01/19/2028(c)	U.S.$	2,339	$	2,189,514
Standard Chartered PLC 1.809% (LIBOR 3 Month + 1.51%), 01/30/2027(c)(d)(e)		400		345,204
3.971%, 03/30/2026(c)		885		884,124
7.75%, 04/02/2023(c)(d)		200		207,626
UBS AG/Stamford CT 7.625%, 08/17/2022		1,584		1,610,976
UBS Group AG 7.00%, 01/31/2024–02/19/2025(c)(d)		456		479,173
UniCredit SpA 1.982%, 06/03/2027(c)		450		406,719
2.569%, 09/22/2026(c)		459		425,447
3.127%, 06/03/2032(c)		484		426,239
US Bancorp Series J 5.30%, 04/15/2027(d)		723		715,300
Wells Fargo & Co. 3.35%, 03/02/2033		2,052		1,995,262
3.584%, 05/22/2028		559		558,849
Series BB 3.90%, 03/15/2026(d)		635		606,076
				57,974,639
Brokerage–0.5%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(d)		1,949		1,870,241
Charles Schwab Corp., (The) 2.90%, 03/03/2032		209		201,190
Nomura Holdings, Inc. 2.999%, 01/22/2032		1,881		1,728,037
				3,799,468
Finance–1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032		1,320		1,193,148
6.50%, 07/15/2025		245		259,830
Air Lease Corp. 2.10%, 09/01/2028		702		623,888
2.875%, 01/15/2026		175		168,929
3.625%, 04/01/2027		76		74,544
Aircastle Ltd. 2.85%, 01/26/2028(c)		2,065		1,860,586
4.125%, 05/01/2024		359		358,221
4.25%, 06/15/2026		128		126,226
5.25%, 08/11/2025(c)		906		923,921
Aviation Capital Group LLC 1.95%, 01/30/2026–09/20/2026(c)		1,521		1,393,949
3.50%, 11/01/2027(c)		318		301,213
4.125%, 08/01/2025(c)		10		9,922
4.375%, 01/30/2024(c)		312		313,972
4.875%, 10/01/2025(c)		350		355,449
5.50%, 12/15/2024(c)		879		905,994
CDBL Funding 1 3.50%, 10/24/2027(c)		1,460		1,418,288

12 Sanford C. Bernstein Fund II, Inc.

	Principal Amount (000)		U.S. $ Value
Synchrony Financial 2.875%, 10/28/2031	U.S.$	1,255	$	1,115,243
4.50%, 07/23/2025		873		891,499
				12,294,822
Insurance–1.0%
Anthem, Inc. 3.30%, 01/15/2023		33		33,318
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/2077(c)		868		964,383
Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070(c)		11		9,722
MetLife Capital Trust IV 7.875%, 12/15/2037(c)		970		1,159,237
MetLife, Inc. 10.75%, 08/01/2039		25		36,323
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(c)		377		573,451
Prudential Financial, Inc. 5.20%, 03/15/2044		462		460,494
5.375%, 05/15/2045		139		139,520
5.625%, 06/15/2043		289		292,748
5.875%, 09/15/2042		2,353		2,364,765
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(c)		1,400		1,452,738
Voya Financial, Inc. 5.65%, 05/15/2053		742		745,932
				8,232,631
Other Finance–0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026		351		354,183
REITs–0.7%
American Tower Corp. 3.65%, 03/15/2027		845		843,648
4.05%, 03/15/2032		211		211,635
Digital Realty Trust LP 3.60%, 07/01/2029		1,584		1,573,229
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		1,181		1,070,659
Host Hotels & Resorts LP Series I 3.50%, 09/15/2030		298		283,866
Series J 2.90%, 12/15/2031		480		429,811
Vornado Realty LP 3.40%, 06/01/2031		2,003		1,876,150
				6,288,998
				88,944,741

	Principal Amount (000)		U.S. $ Value
Utility–0.6%
Electric–0.5%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(c)	U.S.$	487	$	458,998
Chile Electricity Pec SpA Zero Coupon, 01/25/2028(c)		1,040		784,095
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041		920		817,613
Engie Energia Chile SA 3.40%, 01/28/2030(c)		981		896,266
Entergy Corp. 1.90%, 06/15/2028		2,291		2,075,669
				5,032,641
Other Utility–0.1%
American Water Capital Corp. 3.45%, 06/01/2029		438		439,905
				5,472,546
Total Corporates—Investment Grade (cost $221,022,907)				208,276,775
MORTGAGE PASS-THROUGHS–11.0%
Agency Fixed Rate 30-Year–10.4%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049–11/01/2049		1,271		1,282,856
Series 2020 3.50%, 01/01/2050		1,582		1,601,794
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035		21		23,009
Series 2007 5.50%, 07/01/2035		157		169,077
Series 2016 4.00%, 02/01/2046		1,119		1,159,387
Series 2017 4.00%, 07/01/2044		752		779,879
Series 2018 4.50%, 03/01/2048–11/01/2048		2,275		2,393,126
5.00%, 11/01/2048		470		497,469
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033–07/01/2033		377		404,574
Series 2004 5.50%, 02/01/2034–11/01/2034		346		372,781
Series 2005 5.50%, 02/01/2035		359		387,222
Series 2006 5.50%, 04/01/2036		71		76,596
Series 2007 5.50%, 05/01/2036–08/01/2037		93		100,310

2022 Semi-Annual Report 13

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
Series 2008 5.50%, 08/01/2037	U.S.$	1		$	560
Series 2009 5.00%, 12/01/2039		13			13,430
Series 2010 4.00%, 12/01/2040		468			484,659
5.00%, 06/01/2040		11			11,913
Series 2012 3.50%, 02/01/2042–01/01/2043		5,339			5,472,578
Series 2013 3.50%, 04/01/2043		2,489			2,548,998
4.00%, 10/01/2043		1,649			1,717,207
Series 2015 3.00%, 05/01/2045–08/01/2045		1,496			1,487,510
Series 2018 4.50%, 09/01/2048		1,770			1,862,299
Series 2019 3.50%, 08/01/2049–11/01/2049		4,349			4,387,558
Series 2020 3.50%, 01/01/2050		1,519			1,534,579
Series 2022 3.00%, 02/01/2052–03/01/2052		12,033			11,839,537
Government National Mortgage Association Series 2016 3.00%, 04/20/2046–05/20/2046		786			787,698
Uniform Mortgage-Backed Security Series 2022 2.00%, 04/01/2052, TBA		3,870			3,593,960
2.50%, 04/01/2052, TBA		18,727			17,881,360
3.00%, 04/01/2052, TBA		26,203			25,652,533
					88,524,459
Agency Fixed Rate 15-Year–0.6%
Federal National Mortgage Association Series 2016 2.50%, 10/01/2031–12/01/2031		3,042			3,023,783
Series 2017 2.50%, 01/01/2032–02/01/2032		1,577			1,567,980
					4,591,763
Other Agency Fixed Rate Programs–0.0%
Federal National Mortgage Association Series 2005 5.50%, 03/01/2025		27			28,483
Agency ARMs–0.0%
Federal Home Loan Mortgage Corp. Gold Series 2006 2.595% (LIBOR 12 Month + 2.18%), 12/01/2036(e)		0	**		131
Series 2007 2.60% (LIBOR 12 Month + 2.10%), 03/01/2037(e)		0	**		391

	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Series 2007 1.835% (LIBOR 12 Month + 1.46%), 02/01/2037(e)	U.S.$	1	$	1,051
2.148% (LIBOR 12 Month + 1.80%), 03/01/2037(e)		1		678
				2,251
Total Mortgage Pass-Throughs (cost $95,446,259)				93,146,956
COLLATERALIZED MORTGAGE OBLIGATIONS–7.6%
Risk Share Floating Rate–5.4%
Bellemeade Re Ltd. Series 2018-3A, Class M1B 2.307% (LIBOR 1 Month + 1.85%), 10/25/2028(c)(e)		475		473,209
Series 2019-1A, Class M1B 2.207% (LIBOR 1 Month + 1.75%), 03/25/2029(c)(e)		781		781,630
Series 2019-3A, Class M1B 2.057% (LIBOR 1 Month + 1.60%), 07/25/2029(c)(e)		557		556,672
Series 2019-3A, Class M1C 2.407% (LIBOR 1 Month + 1.95%), 07/25/2029(c)(e)		300		298,167
Series 2020-3A, Class M1B 3.307% (LIBOR 1 Month + 2.85%), 10/25/2030(c)(e)		288		289,326
Series 2021-1A, Class M1C 3.049% (SOFR + 2.95%), 03/25/2031(c)(e)		1,036		1,030,974
Series 2021-2A, Class M1B 1.599% (SOFR + 1.50%), 06/25/2031(c)(e)		1,892		1,845,816
Series 2021-3A, Class A2 1.099% (SOFR + 1.00%), 09/25/2031(c)(e)		1,894		1,866,582
Series 2022-1, Class M1B 2.249% (SOFR + 2.15%), 01/26/2032(c)(e)		1,000		996,002
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M1 0.949% (SOFR + 0.85%), 12/25/2041(c)(e)		2,604		2,571,555
Series 2022-R01, Class 1M2 1.999% (SOFR + 1.90%), 12/25/2041(c)(e)		2,306		2,198,924
Series 2022-R02, Class 2M1 1.299% (SOFR + 1.20%), 01/25/2042(c)(e)		2,371		2,351,997
Series 2022-R03, Class 1M2 3.59% (SOFR + 3.50%), 03/25/2042(c)(e)		1,545		1,559,783

14 Sanford C. Bernstein Fund II, Inc.

	Principal Amount (000)		U.S. $ Value
Eagle Re Ltd. Series 2018-1, Class M2 3.187% (LIBOR 1 Month + 3.00%), 11/25/2028(c)(e)	U.S.$	217	$	216,464
Series 2020-1, Class M1A 1.357% (LIBOR 1 Month + 0.90%), 01/25/2030(c)(e)		1,700		1,687,266
Series 2021-2, Class M1B 2.149% (SOFR + 2.05%), 04/25/2034(c)(e)		650		640,276
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 3.757% (LIBOR 1 Month + 3.30%), 10/25/2027(e)		445		450,589
Series 2017-HQA2, Class M2B 3.107% (LIBOR 1 Month + 2.65%), 12/25/2029(e)		1,320		1,345,842
Series 2020-DNA5, Class M2 2.899% (SOFR + 2.80%), 10/25/2050(c)(e)		877		878,526
Series 2021-DNA3, Class M2 2.199% (SOFR + 2.10%), 10/25/2033(c)(e)		779		760,753
Series 2021-DNA5, Class M2 1.749% (SOFR + 1.65%), 01/25/2034(c)(e)		751		739,159
Series 2021-DNA6, Class M2 1.599% (SOFR + 1.50%), 10/25/2041(c)(e)		2,513		2,390,173
Series 2021-DNA7, Class M2 1.899% (SOFR + 1.80%), 11/25/2041(c)(e)		2,412		2,293,600
Series 2021-HQA4, Class M2 2.449% (SOFR + 2.35%), 12/25/2041(c)(e)		1,530		1,438,002
Series 2022-DNA1, Class M1A 1.099% (SOFR + 1.00%), 01/25/2042(c)(e)		1,019		1,001,208
Series 2022-DNA1, Class M1B 1.949% (SOFR + 1.85%), 01/25/2042(c)(e)		1,223		1,152,970
Series 2022-DNA2, Class M1B 2.499% (SOFR + 2.40%), 02/25/2042(c)(e)		1,717		1,670,525
Series 2022-HQA1, Class M1B 3.55% (SOFR + 3.50%), 03/25/2042(c)(e)		399		406,225
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C03, Class 2M2 5.457% (LIBOR 1 Month + 5.00%), 07/25/2025(e)		4		3,638
Series 2015-C04, Class 1M2 6.157% (LIBOR 1 Month + 5.70%), 04/25/2028(e)		145		154,772

	Principal Amount (000)		U.S. $ Value
Series 2016-C05, Class 2M2 4.907% (LIBOR 1 Month + 4.45%), 01/25/2029(e)	U.S.$	1,212	$	1,258,632
Series 2016-C06, Class 1M2 4.707% (LIBOR 1 Month + 4.25%), 04/25/2029(e)		276		287,743
Series 2017-C01, Class 1M2 4.007% (LIBOR 1 Month + 3.55%), 07/25/2029(e)		693		705,160
Series 2021-R02, Class 2M2 2.099% (SOFR + 2.00%), 11/25/2041(c)(e)		1,071		1,021,218
Home Re Ltd. Series 2020-1, Class M1B 3.707% (LIBOR 1 Month + 3.25%), 10/25/2030(c)(e)		449		449,559
Series 2021-2, Class M1B 1.699% (SOFR + 1.60%), 01/25/2034(c)(e)		1,162		1,141,082
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.707% (LIBOR 1 Month + 4.25%), 11/25/2024(e)(f)		54		52,618
Oaktown Re VII Ltd. Series 2021-2, Class M1A 1.699% (SOFR + 1.60%), 04/25/2034(c)(e)		1,767		1,745,733
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 3.195% (LIBOR 1 Month + 2.75%), 05/27/2023(c)(e)		863		855,693
Series 2019-3R, Class A 3.145% (LIBOR 1 Month + 2.70%), 10/27/2022(c)(e)		78		77,899
Series 2020-1R, Class A 2.795% (LIBOR 1 Month + 2.35%), 02/27/2023(e)(f)		301		300,266
Radnor Re Ltd. Series 2019-1, Class M1B 2.407% (LIBOR 1 Month + 1.95%), 02/25/2029(c)(e)		909		910,084
Series 2019-2, Class M1B 2.207% (LIBOR 1 Month + 1.75%), 06/25/2029(c)(e)		659		658,133
Series 2020-1, Class M1A 1.407% (LIBOR 1 Month + 0.95%), 01/25/2030(c)(e)		536		531,628
Triangle Re Ltd. Series 2021-3, Class M1A 1.999% (SOFR + 1.90%), 02/25/2034(c)(e)		1,282		1,275,023
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.707% (LIBOR 1 Month + 5.25%), 11/25/2025(e)(f)		208		194,511

2022 Semi-Annual Report 15

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
Series 2015-WF1, Class 2M2 5.957% (LIBOR 1 Month + 5.50%), 11/25/2025(e)(f)	U.S.$	54	$	51,272
				45,566,879
Non-Agency Fixed Rate–1.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		69		57,425
Series 2006-24CB, Class A16 5.75%, 08/25/2036		398		286,459
Series 2006-28CB, Class A14 6.25%, 10/25/2036		303		206,301
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		176		150,915
Bayview MSR Opportunity Master Fund Trust Series 2021-2, Class A2 2.50%, 06/25/2051(c)		684		634,527
CIM Trust Series 2021-INV1, Class A2 2.50%, 07/01/2051(c)		1,729		1,600,258
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		79		47,296
Flagstar Mortgage Trust Series 2021-8INV, Class A3 2.50%, 09/25/2051(c)		1,528		1,408,847
Mello Mortgage Capital Acceptance Series 2021-INV2, Class A3 2.50%, 08/25/2051(c)		1,454		1,343,121
New Residential Mortgage Loan Trust Series 2021-INV1, Class A2 2.50%, 06/25/2051(c)		2,154		1,998,889
United Wholesale Mortgage Trust Series 2021-INV1, Class A3 2.50%, 08/25/2051(c)		1,885		1,749,113
				9,483,151
Agency Fixed Rate–0.6%
Federal Home Loan Mortgage Corp. REMICs Series 4973, Class BI 4.50%, 05/25/2050(g)		6,271		1,155,348
Series 5015, Class BI 4.00%, 09/25/2050(g)		3,628		612,228
Series 5034, Class BI 4.50%, 11/25/2050(g)		4,748		853,392
Series 5049, Class CI 3.50%, 12/25/2050(g)		3,949		596,765
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.727%, 05/28/2035		308		288,360

	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050(g)	U.S.$	7,759	$	1,408,872
				4,914,965
Agency Floating Rate–0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 5.703% (6.10%–LIBOR 1 Month), 12/15/2044(e)(h)		1,577		232,937
Series 4693, Class SL 5.753% (6.15%–LIBOR 1 Month), 06/15/2047(e)(h)		1,666		275,789
Series 4954, Class SL 5.593% (6.05%–LIBOR 1 Month), 02/25/2050(e)(h)		2,482		388,427
Series 4981, Class HS 5.643% (6.10%–LIBOR 1 Month), 06/25/2050(e)(h)		5,510		778,278
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.083% (6.54%–LIBOR 1 Month), 12/25/2041(e)(h)		897		149,987
Series 2016-106, Class ES 5.543% (6.00%–LIBOR 1 Month), 01/25/2047(e)(h)		1,548		241,563
Series 2017-73, Class SA 5.693% (6.15%–LIBOR 1 Month), 09/25/2047(e)(h)		1,973		348,971
Series 2017-97, Class LS 5.743% (6.20%–LIBOR 1 Month), 12/25/2047(e)(h)		1,569		264,914
Series 2017-97, Class SW 5.743% (6.20%–LIBOR 1 Month), 12/25/2047(e)(h)		1,439		252,031
Government National Mortgage Association Series 2017-43, Class ST 5.651% (6.10%–LIBOR 1 Month), 03/20/2047(e)(h)		1,994		315,984
Series 2017-65, Class ST 5.701% (6.15%–LIBOR 1 Month), 04/20/2047(e)(h)		1,809		285,473
Series 2017-134, Class SE 5.751% (6.20%–LIBOR 1 Month), 09/20/2047(e)(h)		1,028		145,435
				3,679,789
Non-Agency Floating Rate–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.837% (LIBOR 1 Month + 0.38%), 12/25/2036(e)		895		402,815

16 Sanford C. Bernstein Fund II, Inc.

	Principal Amount (000)		U.S. $ Value
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.957% (LIBOR 1 Month + 0.50%), 03/25/2035(e)	U.S.$	182	$	160,595
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 2.557% (LIBOR 1 Month + 2.10%), 04/25/2047(c)(e)		239		238,848
				802,258
Total Collateralized Mortgage Obligations (cost $66,363,423)				64,447,042
COMMERCIAL MORTGAGE-BACKED SECURITIES–5.7%
Non-Agency Floating Rate CMBS–2.9%
AREIT Trust Series 2022-CRE6, Class A 1.30% (SOFR + 1.25%), 11/17/2024(c)(e)		3,188		3,153,928
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.397% (LIBOR 1 Month + 1.00%), 06/15/2035(c)(e)		792		784,945
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.397% (LIBOR 1 Month + 1.00%), 11/15/2033(c)(e)		2,435		2,370,350
BBCMS Mortgage Trust Series 2020-BID, Class A 2.537% (LIBOR 1 Month + 2.14%), 10/15/2037(c)(e)		1,998		1,996,191
BCP Trust Series 2021-330N, Class A 1.196% (LIBOR 1 Month + 0.80%), 06/15/2038(c)(e)		368		360,473
BFLD Trust Series 2021-FPM, Class A 1.997% (LIBOR 1 Month + 1.60%), 06/15/2038(c)(e)		2,976		2,951,785
BHMS Series 2018-ATLS, Class A 1.647% (LIBOR 1 Month + 1.25%), 07/15/2035(c)(e)		1,200		1,187,107
Braemar Hotels & Resorts Trust Series 2018-PRME, Class A 1.217% (LIBOR 1 Month + 0.82%), 06/15/2035(c)(e)		900		890,223
BX Commercial Mortgage Trust Series 2019-IMC, Class A 1.397% (LIBOR 1 Month + 1.00%), 04/15/2034(c)(e)		1,042		1,029,969
Series 2019-IMC, Class D 2.297% (LIBOR 1 Month + 1.90%), 04/15/2034(c)(e)		207		201,752
Series 2019-IMC, Class E 2.547% (LIBOR 1 Month + 2.15%), 04/15/2034(c)(e)		839		818,384

	Principal Amount (000)		U.S. $ Value
BX Trust Series 2018-EXCL, Class A 1.485% (LIBOR 1 Month + 1.09%), 09/15/2037(c)(e)	U.S.$	1,123	$	1,110,040
CLNY Trust Series 2019-IKPR, Class D 2.422% (LIBOR 1 Month + 2.02%), 11/15/2038(c)(e)		1,450		1,417,325
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.479% (LIBOR 1 Month + 1.03%), 12/19/2030(c)(e)		1,272		1,259,870
Great Wolf Trust Series 2019-WOLF, Class A 1.431% (LIBOR 1 Month + 1.03%), 12/15/2036(c)(e)		1,433		1,414,105
GS Mortgage Securities Corp. Trust Series 2019-BOCA, Class A 1.597% (LIBOR 1 Month + 1.20%), 06/15/2038(c)(e)		738		738,245
Series 2019-SMP, Class A 1.547% (LIBOR 1 Month + 1.15%), 08/15/2032(c)(e)		870		860,240
Invitation Homes Trust Series 2018-SFR2, Class C 1.677% (LIBOR 1 Month + 1.28%), 06/17/2037(c)(e)		510		505,306
Series 2018-SFR3, Class C 1.741% (LIBOR 1 Month + 1.30%), 07/17/2037(c)(e)		250		248,865
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.597% (LIBOR 1 Month + 1.95%), 11/15/2026(e)(f)		315		290,443
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 1.897% (LIBOR 1 Month + 1.50%), 07/15/2036(c)(e)		666		662,803
				24,252,349
Non-Agency Fixed Rate CMBS–2.8%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.534%, 03/10/2037(c)		740		677,048
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		211		210,674
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(c)		2,495		2,503,280
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class B 3.732%, 04/10/2046		1,140		1,141,691

2022 Semi-Annual Report 17

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
Commercial Mortgage Trust Series 2012-CR3, Class E 4.752%, 10/15/2045(c)	U.S.$	889	$	526,247
Series 2013-SFS, Class A1 1.873%, 04/12/2035(c)		157		156,263
Series 2014-UBS5, Class A4 3.838%, 09/10/2047		1,925		1,937,231
Series 2015-CR25, Class A4 3.759%, 08/10/2048		999		1,012,732
Series 2015-LC21, Class XA 0.674%, 07/10/2048(g)		2,213		39,761
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.163%, 08/10/2044(c)		28		12,753
Series 2013-G1, Class A2 3.557%, 04/10/2031(c)		1,499		1,488,958
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(f)(i)		486		466,666
Series 2021-1, Class A2 2.435%, 08/15/2026(f)(i)		990		972,882
Series 2021-1, Class AS 2.638%, 08/15/2026(f)(i)		59		56,970
HFX Funding Series 2017-1A, Class A3 3.647%, 03/15/2035(f)		1,690		1,639,067
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.549%, 08/15/2046(c)		472		292,017
Series 2014-C22, Class XA 0.818%, 09/15/2047(g)		5,398		83,738
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5, Class D 5.735%, 08/15/2046(c)		22		22,084
Series 2012-C6, Class E 5.27%, 05/15/2045(c)		712		498,489
Series 2012-C8, Class AS 3.424%, 10/15/2045(c)		1,897		1,899,073
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		147		61,361
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)		929		927,286
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C16, Class A5 3.892%, 06/15/2047		1,345		1,358,078
Series 2014-C19, Class D 3.25%, 12/15/2047(c)		603		551,698
Series 2015-C22, Class A4 3.306%, 04/15/2048		2,000		1,987,864
Series 2015-C25, Class XA 1.047%, 10/15/2048(g)		2,005		54,433

	Principal Amount (000)		U.S. $ Value
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class C 4.393%, 11/15/2049	U.S.$	1,030	$	1,008,018
WF-RBS Commercial Mortgage Trust Series 2014-C24, Class AS 3.931%, 11/15/2047		356		355,012
Series 2014-C25, Class A5 3.631%, 11/15/2047		2,100		2,113,340
				24,054,714
Agency CMBS–0.0%
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 2.099% (SOFR + 2.00%), 01/25/2051(c)(e)		283		273,994
Total Commercial Mortgage-Backed Securities (cost $50,111,819)				48,581,057
ASSET-BACKED SECURITIES–4.8%
Other ABS—Fixed Rate–3.0%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(c)		2,095		1,906,050
Affirm Asset Securitization Trust Series 2020-A, Class A 2.10%, 02/18/2025(c)		830		828,906
Series 2021-Z1, Class A 1.07%, 08/15/2025(c)		632		622,358
Series 2021-Z2, Class A 1.17%, 11/16/2026(c)		648		636,656
Series 2022-X1, Class A 1.75%, 02/15/2027(c)		2,184		2,158,522
Atalaya Equipment Leasing Trust Series 2021-1A, Class A 1 0.326%, 11/15/2022(c)		444		443,031
Series 2021-1A, Class B 2.08%, 02/15/2027(c)		509		489,403
BHG Securitization Trust Series 2022-A, Class A 1.71%, 02/20/2035(c)		340		333,841
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(c)		443		418,967
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(c)		637		598,284
Conn’s Receivables Funding LLC Series 2021-A, Class A 1.05%, 05/15/2026(c)		2,003		1,995,114
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028(c)		186		177,056
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049(c)(i)		935		871,817

18 Sanford C. Bernstein Fund II, Inc.

	Principal Amount (000)		U.S. $ Value
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051(c)	U.S.$	1,941	$	1,797,085
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(c)		1,060		985,177
FREED ABS Trust Series 2021-2, Class C 1.94%, 06/19/2028(c)		1,760		1,708,811
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(c)		688		641,347
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(c)		786		815,474
Series 2020-1A, Class A2 3.981%, 12/20/2050(c)		483		468,705
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(c)		1,022		968,292
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(c)		773		725,574
Series 2022-1A, Class A2 3.695%, 01/30/2052(c)		2,013		1,873,936
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(c)		620		567,933
Series 2021-CA, Class B 2.53%, 04/20/2062(c)		907		822,696
Series 2021-DA, Class B 2.90%, 04/20/2062(c)		798		746,879
Upstart Securitization Trust Series 2020-3, Class A 1.702%, 11/20/2030(c)		243		242,640
Series 2021-3, Class B 1.66%, 07/20/2031(c)		1,360		1,284,407
				25,128,961
Autos—Fixed Rate–1.4%
Avis Budget Rental Car Funding AESOP LLC Series 2018-1A, Class A 3.70%, 09/20/2024(c)		1,700		1,726,202
Series 2018-2A, Class A 4.00%, 03/20/2025(c)		1,680		1,706,457
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		905		874,548
Series 2021-N4, Class D 2.30%, 09/11/2028		793		761,081
Series 2021-P4, Class D 2.61%, 09/11/2028		989		928,746
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(c)		1,350		1,271,684
Series 2022-A, Class C 2.17%, 04/16/2029(c)		1,373		1,321,542

	Principal Amount (000)		U.S. $ Value
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(c)	U.S.$	794	$	772,366
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025(c)		22		21,809
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(c)		1,390		1,295,235
LAD Auto Receivables Trust Series 2021-1A, Class A 1.30%, 08/17/2026(c)		1,301		1,274,879
				11,954,549
Credit Cards—Fixed Rate–0.4%
Brex Commercial Charge Card Master Trust Series 2021-1, Class A 2.09%, 07/15/2024(c)		1,021		1,009,446
Series 2022-1, Class A 4.63%, 07/15/2025(c)		1,888		1,885,132
Chase Issuance Trust Series 2012-A7, Class A7 2.16%, 09/15/2024		200		200,695
Mission Lane Credit Card Master Trust Series 2021-A, Class B 2.24%, 09/15/2026(c)		400		390,980
				3,486,253
Home Equity Loans—Floating Rate–0.0%
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 1.057% (LIBOR 1 Month + 0.60%), 04/25/2034(e)		43		42,048
Total Asset-Backed Securities (cost $42,252,971)				40,611,811
COLLATERALIZED LOAN OBLIGATIONS–2.7%
CLO—Floating Rate–2.7%
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class A 1.454% (LIBOR 3 Month + 1.20%), 07/20/2034(c)(e)		1,472		1,462,479
Dryden 78 CLO Ltd. Series 2020-78A, Class C 2.191% (LIBOR 3 Month + 1.95%), 04/17/2033(c)(e)		1,260		1,249,815
Series 2020-78A, Class D 3.241% (LIBOR 3 Month + 3.00%), 04/17/2033(c)(e)		400		391,831
Elevation CLO Ltd. Series 2020-11A, Class C 2.441% (LIBOR 3 Month + 2.20%), 04/15/2033(c)(e)		1,080		1,055,081

2022 Semi-Annual Report 19

Schedule of Investments (continued)

	Principal Amount (000)		U.S. $ Value
Elmwood CLO IX Ltd. Series 2021-2A, Class A 1.384% (LIBOR 3 Month + 1.13%), 07/20/2034(c)(e)	U.S.$	1,500	$	1,489,016
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 1.358% (LIBOR 3 Month + 1.11%), 07/19/2034(c)(e)		1,130		1,120,614
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 1.324% (LIBOR 3 Month + 1.07%), 04/20/2034(c)(e)		1,491		1,473,642
Kayne CLO 7 Ltd. Series 2020-7A, Class C 2.241% (LIBOR 3 Month + 2.00%), 04/17/2033(c)(e)		570		569,651
Kayne CLO 11 Ltd. Series 2021-11A, Class D 3.141% (LIBOR 3 Month + 2.90%), 04/15/2034(c)(e)		950		924,443
Madison Park Funding LI Ltd. Series 2021-51A, Class D 3.298% (LIBOR 3 Month + 3.05%), 07/19/2034(c)(e)		889		872,165
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 1.371% (LIBOR 3 Month + 1.13%), 07/17/2035(c)(e)		1,729		1,718,332
New Mountain CLO 3 Ltd. Series CLO-3A, Class D 3.481% (LIBOR 3 Month + 3.35%), 10/20/2034(c)(e)		250		240,726
OCP CLO Ltd. Series 2020-18A, Class AR 1.344% (LIBOR 3 Month + 1.09%), 07/20/2032(c)(e)		1,954		1,928,590
Pikes Peak CLO 8 Series 2021-8A, Class A 1.424% (LIBOR 3 Month + 1.17%), 07/20/2034(c)(e)		1,907		1,895,718
Regatta XX Funding Ltd. Series 2021-2A, Class A 1.401% (LIBOR 3 Month + 1.16%), 10/15/2034(c)(e)		2,924		2,895,487
Rockford Tower CLO Ltd. Series 2021-1A, Class D 3.254% (LIBOR 3 Month + 3.00%), 07/20/2034(c)(e)		1,883		1,843,890
Series 2021-2A, Class A1 1.414% (LIBOR 3 Month + 1.16%), 07/20/2034(c)(e)		1,310		1,298,853
Voya CLO Ltd. Series 2019-1A, Class DR 3.091% (LIBOR 3 Month + 2.85%), 04/15/2031(c)(e)		480		459,077
Total Collateralized Loan Obligations (cost $23,176,765)				22,889,410

	Principal Amount (000)			U.S. $ Value
CORPORATES—NON-INVESTMENT GRADE–2.3%
Industrial–1.7%
Capital Goods–0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028(c)		U.S.$	1,463	$	1,327,965
TK Elevator Midco GmbH 4.375%, 07/15/2027(c)		EUR	331		362,013
					1,689,978
Communications—Media–0.5%
Altice Financing SA 3.00%, 01/15/2028(c)			540		527,398
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(c)		U.S.$	1,591		1,442,354
4.75%, 02/01/2032(c)			260		242,299
DISH DBS Corp. 5.75%, 12/01/2028(c)			996		945,573
Summer BC Holdco B SARL 5.75%, 10/31/2026(c)		EUR	540		606,001
VZ Vendor Financing II BV 2.875%, 01/15/2029(c)			540		539,555
					4,303,180
Communications—Telecommunications–0.2%
Altice France SA/France 3.375%, 01/15/2028(c)			259		260,231
Lorca Telecom Bondco SA 4.00%, 09/18/2027(c)			540		575,320
Lumen Technologies, Inc. 4.50%, 01/15/2029(c)		U.S.$	1,045		899,316
					1,734,867
Consumer Cyclical—Automotive–0.2%
Adient Global Holdings Ltd. 3.50%, 08/15/2024(c)		EUR	540		586,993
Ford Motor Credit Co. LLC 4.95%, 05/28/2027		U.S.$	812		825,552
ZF Finance GmbH 3.75%, 09/21/2028(c)		EUR	400		420,056
					1,832,601
Consumer Cyclical—Entertainment–0.2%
Carnival Corp. 4.00%, 08/01/2028(c)		U.S.$	1,545		1,440,125
Consumer Cyclical—Other–0.0%
NH Hotel Group SA 4.00%, 07/02/2026(c)		EUR	190		205,057
Consumer Non-Cyclical–0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(c)		U.S.$	959		865,708
IQVIA, Inc. 2.25%, 03/15/2029(c)		EUR	310		313,946

20 Sanford C. Bernstein Fund II, Inc.

	Principal Amount (000)			U.S. $ Value
Nobel Bidco BV 3.125%, 06/15/2028(c)		EUR	540	$	532,118
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(c)			320		337,493
					2,049,265
Services–0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(c)			540		560,827
Technology–0.0%
Playtech PLC 4.25%, 03/07/2026(c)			310		343,630
Transportation—Airlines–0.0%
Deutsche Lufthansa AG 3.00%, 05/29/2026(c)			200		212,787
					14,372,317
Financial Institutions–0.5%
Banking–0.5%
Credit Suisse Group AG 6.375%, 08/21/2026(c)(d)		U.S.$	355		350,896
7.50%, 07/17/2023–12/11/2023(c)(d)			3,124		3,177,554
Intesa Sanpaolo SpA 5.017%, 06/26/2024(c)			757		763,994
					4,292,444
Utility–0.1%
Electric–0.1%
Vistra Corp. 7.00%, 12/15/2026(c)(d)			648		630,809
Total Corporates—Non-Investment Grade (cost $20,555,611)					19,295,570
LOCAL GOVERNMENTS—US MUNICIPAL BONDS–1.0%
United States–1.0%
Port Authority of New York & New Jersey Series 2020-A 1.086%, 07/01/2023			1,000		988,101
State Board of Administration Finance Corp. Series 2020-A 1.705%, 07/01/2027			1,634		1,523,059
State of California Series 2010 7.625%, 03/01/2040			2,040		3,002,911
Tobacco Settlement Finance Authority/WV Series 2020 3.00%, 06/01/2035			1,211		1,223,458

	Principal Amount (000)			U.S. $ Value
University of California Series 2021-B 3.071%, 05/15/2051		U.S.$	2,070	$	1,801,901
Total Local Governments—US Municipal Bonds (cost $8,027,874)					8,539,430
EMERGING MARKETS—CORPORATE BONDS–0.7%
Industrial–0.7%
Basic–0.1%
CSN Resources SA 4.625%, 06/10/2031(c)			293		266,685
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			397		380,127
					646,812
Capital Goods–0.3%
Cemex SAB de CV 3.875%, 07/11/2031(c)			1,525		1,393,469
Embraer Netherlands Finance BV 5.40%, 02/01/2027			1,025		1,026,922
6.95%, 01/17/2028(c)			537		566,300
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(c)			417		2,499
					2,989,190
Communications—Media–0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			645		570,019
Consumer Cyclical—Other–0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(c)			730		616,704
Consumer Non-Cyclical–0.1%
BRF GmbH 4.35%, 09/29/2026(c)			525		511,153
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	350		364,634
					875,787
					5,698,512
Utility–0.0%
Electric–0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(f)		U.S.$	117		116,304
Financial Institutions–0.0%
Other Finance–0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(c)(j)			366		13,097
Total Emerging Markets—Corporate Bonds (cost $6,901,195)					5,827,913

2022 Semi-Annual Report 21

Schedule of Investments (continued)

	Principal Amount (000)			U.S. $ Value
QUASI-SOVEREIGNS–0.3%
Quasi-Sovereign Bonds–0.3%
Indonesia–0.1%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(c)	U.S.$		591	$	603,624
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45%, 05/21/2028(c)			447		480,329
					1,083,953
Mexico–0.2%
Comision Federal de Electricidad 3.348%, 02/09/2031(c)			1,685		1,477,324
4.688%, 05/15/2029(c)			478		471,667
					1,948,991
Total Quasi-Sovereigns (cost $3,195,955)					3,032,944
EMERGING MARKETS—SOVEREIGNS–0.3%
Dominican Republic–0.2%
Dominican Republic International Bond 4.875%, 09/23/2032(c)			1,919		1,738,854
Egypt–0.1%
Egypt Government International Bond 5.875%, 02/16/2031(c)			1,070		896,125
Total Emerging Markets—Sovereigns (cost $2,948,409)					2,634,979
		Shares
COMMON STOCKS–0.3%
Financials–0.3%
Insurance–0.3%
Mt Logan Re Ltd. (Preference Shares)(i)(k)(l)(m)			2,267		2,081,463
Mt Logan Re Ltd. (Special Investment)(i)(k)(l)			359		358,250
Total Common Stocks (cost $2,266,850)					2,439,713
	Principal Amount (000)
AGENCIES–0.3%
Agency Debentures–0.3%
Federal Home Loan Bank 2.50%, 02/13/2024	U.S.$		1,465		1,470,527
Federal National Mortgage Association 6.25%, 05/15/2029			355		439,620
6.625%, 11/15/2030			260		340,876
Total Agencies (cost $2,238,069)					2,251,023

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS—SOVEREIGN BONDS–0.3%
Colombia–0.1%
Colombia Government International Bond 3.125%, 04/15/2031		U.S.$	696	$	588,903
Qatar–0.1%
Qatar Government International Bond 3.40%, 04/16/2025(c)			565		574,181
Saudi Arabia–0.1%
Saudi Government International Bond 2.90%, 10/22/2025(c)			1,022		1,028,357
Total Governments—Sovereign Bonds (cost $2,278,435)					2,191,441
SHORT-TERM INVESTMENTS–3.9%
Governments—Treasuries–1.8%
Japan–1.8%
Japan Treasury Discount Bill Series 1062 Zero Coupon, 06/06/2022 (cost $15,885,768)		JPY	1,918,150		15,758,798
	Shares
Investment Companies–1.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio—Class AB, 0.19%(n)(o)(p) (cost $11,886,392)			11,886,392		11,886,392
	Principal Amount (000)
U.S. Treasury Bills–0.7%
U.S. Treasury Bill Zero Coupon, 04/21/2022–09/22/2022 (cost $6,056,909)		U.S.$	6,076		6,056,289
Total Short-Term Investments (cost $33,829,069)					33,701,479
Total Investments—105.2% (cost $928,470,052)					893,381,309
Other assets less liabilities—(5.2)%					(44,137,301	)
Net Assets—100.0%				$	849,244,008

22 Sanford C. Bernstein Fund II, Inc.

FUTURES (see Note 3)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-BOBL Futures		255	June 2022	$	36,350,593	$	178,942
U.S. 10 Yr Ultra Futures		217	June 2022		29,396,719		(1,301,880	)
U.S. T-Note 2 Yr (CBT) Futures		445	June 2022		94,305,235		(1,091,324	)
U.S. T-Note 5 Yr (CBT) Futures		617	June 2022		70,762,187		(1,534,710	)
U.S. Ultra Bond (CBT) Futures		73	June 2022		12,930,125		(333,296	)
						$	(4,082,268)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3)
Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.	AUD	25,681		USD	18,133		04/28/2022	$	(1,089,306)
Barclays Bank PLC	JPY	1,918,480		USD	15,904		04/28/2022		138,220
BNP Paribas SA	USD	9,416		CAD	11,975		04/22/2022		161,496
Citibank, NA	USD	9,041		AUD	12,469		04/28/2022		292,235
Goldman Sachs Bank USA	MYR	10,195		USD	2,402		06/16/2022		(12,335	)
Morgan Stanley Capital Services, Inc.	CAD	23,225		USD	18,266		04/22/2022		(309,906	)
Morgan Stanley Capital Services, Inc.	EUR	6,096		USD	6,979		05/12/2022		226,529
State Street Bank & Trust Co.	USD	1,269		AUD	1,731		04/28/2022		27,037
State Street Bank & Trust Co.	EUR	228		USD	261		05/12/2022		8,521
State Street Bank & Trust Co.	USD	7		EUR	7		05/12/2022		114
State Street Bank & Trust Co.	USD	11		EUR	9		05/12/2022		(301	)
								$	(557,696	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3)															��
Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at March 31, 2022			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 38, 5 Year Index, 06/20/2027*		(5.00	)%	Quarterly		3.74	%		USD	20,910	$	(1,176,226)	$	(997,510)	$	(178,716)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3)

Notional Amount (000)

Termination Date

Rate Type

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

Payments made by the Fund

Payments received by the Fund

USD

4,950

12/13/2029

1.764%

3 Month LIBOR

Semi-Annual/Quarterly

$

209,545

$

—

$

209,545

2022 Semi-Annual Report 23

Schedule of Investments (continued)

CREDIT DEFAULT SWAPS (see Note 3)
Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at March 31, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly		7.50	%		USD	7	$	(1,630)		$	(1,022)		$	(608	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	10		(2,329	)		(1,167	)		(1,162	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	24		(5,823	)		(2,305	)		(3,518	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	33		(8,153	)		(3,826	)		(4,327	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	40		(9,783	)		(5,169	)		(4,614	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	47		(11,413	)		(6,619	)		(4,794	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	42		(10,248	)		(5,289	)		(4,959	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	41		(10,015	)		(4,945	)		(5,070	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	48		(11,646	)		(5,940	)		(5,706	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	48		(11,646	)		(5,750	)		(5,896	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	68		(16,537	)		(8,165	)		(8,372	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	69		(16,770	)		(7,471	)		(9,299	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	98		(23,758	)		(10,585	)		(13,173	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	111		(27,018	)		(12,679	)		(14,339	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	487		(118,556	)		(57,222	)		(61,334	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	608		(148,136	)		(45,656	)		(102,480	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	5		(1,165	)		(566	)		(599	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	158		(38,431	)		(18,555	)		(19,876	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	240		(58,463	)		(18,450	)		(40,013	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	230		(55,901	)		(15,041	)		(40,860	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	399		(97,127	)		(56,074	)		(41,053	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	310		(75,466	)		(24,322	)		(51,144	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	371		(90,372	)		(20,945	)		(69,427	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	1,148		(279,502	)		(109,578	)		(169,924	)

24 Sanford C. Bernstein Fund II, Inc.

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at March 31, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Goldman Sachs International
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00	%	Monthly		7.50	%		USD	1,355	$	(109,240	)	$	(25,122	)	$	(84,118	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	27		(6,522	)		(3,855	)		(2,667	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	30		(7,221	)		(3,604	)		(3,617	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	43		(10,481	)		(4,781	)		(5,700	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	43		(10,482	)		(4,029	)		(6,453	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	43		(10,481	)		(3,723	)		(6,758	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	308		(75,000	)		(47,704	)		(27,296	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	311		(75,699	)		(45,284	)		(30,415	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	266		(64,752	)		(31,753	)		(32,999	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	429		(104,348	)		(67,326	)		(37,022	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	256		(62,422	)		(20,991	)		(41,431	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	583		(142,081	)		(63,245	)		(78,836	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	583		(142,080	)		(63,220	)		(78,860	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	909		(221,272	)		(65,829	)		(155,443	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	54		(13,044	)		(4,952	)		(8,092	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	56		(13,743	)		(5,219	)		(8,524	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	132		(32,143	)		(15,962	)		(16,181	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	229		(55,666	)		(21,077	)		(34,589	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	323		(78,727	)		(37,904	)		(40,823	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	933		(227,096	)		(108,382	)		(118,714	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	353		(85,947	)		(23,586	)		(62,361	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		7.50			USD	1,148		(279,503	)		(144,889	)		(134,614	)
											$	(2,957,838)		$	(1,259,778)		$	(1,698,060)

* Termination date

** Principal amount less than 500.

(a) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(b) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but

2022 Semi-Annual Report 25

Schedule of Investments (continued)

liquid and may be resold in transactions exempt from registration. At March 31, 2022, the aggregate market value of these securities amounted to $235,408,061 or 27.7% of net assets.

(d) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2022.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.49% of net assets as of March 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost	Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$     484,036	$	466,666		0.06	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021	1,016,365		972,882		0.11	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021	60,437		56,970		0.01	%
HFX Funding Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020	1,803,847		1,639,067		0.19	%
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.707%, 11/25/2024		11/06/2015	53,327		52,618		0.01	%
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMA 2.597%, 11/15/2026		11/16/2015	314,786		290,443		0.03	%
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 2.795%, 02/27/2023		02/11/2020	301,425		300,266		0.04	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018	117,000		116,304		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.707%, 11/25/2025		09/28/2015	209,094		194,511		0.02	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.957%, 11/25/2025		09/28/2015	54,043		51,272		0.01	%

(g) IO—Interest Only.

(h) Inverse interest only security.

(i) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(j) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at March 31, 2022.

(k) Fair valued by the Adviser.

(l) Non-income producing security.

(m) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost	Market Value		Percentage of Net Assets
Mt Logan Re Ltd. (Preference Shares)		12/30/2014	$  2,266,850	$	2,081,463		0.25	%

(n) Affiliated investments.

(o) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(p) The rate shown represents the 7-day yield as of period end.

26 Sanford C. Bernstein Fund II, Inc.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro

JPY—Japanese Yen

MYR—Malaysian Ringgit

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ARMs—Adjustable Rate Mortgages

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CDX-NAHY—North American High Yield Credit Default Swap Index

CLO—Collateralized Loan Obligations

CMBS—Commercial Mortgage-Backed Securities

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

SOFR—Secured Overnight Financing Rate

TBA—To Be Announced

See notes to financial statements.

2022 Semi-Annual Report 27

Statement of Assets and Liabilities—March 31, 2022 (Unaudited)

		INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO
ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $916,583,660)		$	881,494,917
Affiliated issuers (cost $11,886,392)			11,886,392
Foreign currencies, at value (cost $2,497,366)			2,489,286
Cash			268,986
Cash collateral due from broker			3,121,523
Receivables:
Unaffiliated interest and dividends			4,389,995
Affiliated dividends			1,412
Foreign withholding tax reclaims			16
Investment securities sold			23,389,388
Capital shares sold			960,493
Variation margin on futures			659,051
Variation margin on centrally cleared swaps			15,949
Unrealized appreciation of forward currency exchange contracts			854,152
Total assets			929,531,560
LIABILITIES
Payables:
Dividends to shareholders			349,250
Investment securities purchased			70,914,035
Capital shares redeemed			4,024,049
Advisory fee			282,018
Administrative fee			25,773
Foreign capital gains taxes			25,391
Transfer Agent fee			3,142
Directors’ fees payable			1,112
Accrued expenses and other liabilities			293,096
Market value on credit default swaps (net premiums received $1,259,778)			2,957,838
Unrealized depreciation of forward currency exchange contracts			1,411,848
Total liabilities			80,287,552
NET ASSETS		$	849,244,008
SHARES OF CAPITAL STOCK OUTSTANDING			59,703,079
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE		$	14.22
NET ASSETS CONSIST OF:
Capital stock, at par*		$	59,703
Additional paid-in capital	��		900,069,347
Accumulated loss			(50,885,042	)
		$	849,244,008

* The Sanford C. Bernstein Fund II, Inc., has authorized 18 billion shares of common stock with par value of $.001 per share.

See Notes to Financial Statements.

28 Sanford C. Bernstein Fund II, Inc.

Statement of Operations—for the six months ended March 31, 2022 (Unaudited)

	INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO
INVESTMENT INCOME
Income:
Interest	$	9,276,055
Dividends—Affiliated issuers		1,882
Total income		9,277,937
Expenses:
Advisory fee (see Note 2A)		2,104,446
Custody and accounting fees		97,265
Transfer Agent fee		9,331
Auditing and tax fees		53,988
Administrative		48,824
Registration fees		22,932
Legal fees		18,244
Directors’ fees and expenses		15,286
Printing fees		8,051
Miscellaneous		21,058
Total expenses		2,399,425
Less: expenses waived and reimbursed by the Adviser (see Note 2A and 2C)		(297,330	)
Net expenses		2,102,095
Net investment income		7,175,842
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions (a)		(2,726,845	)
Forward currency exchange contracts		(13,600	)
Futures		(5,424,624	)
Swaps		(1,939,832	)
Foreign currency transactions		692,982
Net realized loss on investment and foreign currency transactions		(9,411,919	)
Net change in unrealized appreciation/depreciation of:
Investments (b)		(53,843,579	)
Forward currency exchange contracts		(547,503	)
Futures		(3,347,253	)
Swaps		2,901,479
Foreign currency denominated assets and liabilities and other assets		(6,759	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(54,843,615	)
Net realized and unrealized loss on investment and foreign currency transactions		(64,255,534	)
Net decrease in net assets resulting from operations	$	(57,079,692	)

(a) Net of foreign realized capital gains taxes of $12,992.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $2,236.

See Notes to Financial Statements.

2022 Semi-Annual Report 29

Statement of Changes in Net Assets

	INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO
	SIX MONTHS ENDED 3/31/22 (UNAUDITED)			YEAR ENDED 9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM
Operations:
Net investment income	$	7,175,842		$	18,481,261
Net realized gain (loss) on investment and foreign currency transactions		(9,411,919	)		13,587,357
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities and other assets and liabilities		(54,843,615	)		(31,654,804	)
Net increase (decrease) in net assets resulting from operations		(57,079,692	)		413,814
Distributions to shareholders		(21,113,091	)		(32,340,013	)
Capital-share transactions:
Net proceeds from sales of shares		41,174,425			263,341,628
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions		19,894,338			29,479,217
Total proceeds from shares sold		61,068,763			292,820,845
Cost of shares redeemed		(150,616,944	)		(149,417,820	)
Net increase (decrease) in net assets from capital-share transactions		(89,548,181	)		143,403,025
Net increase (decrease) in net assets		(167,740,964	)		111,476,826
NET ASSETS:
Beginning of period		1,016,984,972			905,508,146
End of period	$	849,244,008		$	1,016,984,972

See Notes to Financial Statements.

30 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 3/31/22 (UNAUDITED)			YEAR ENDED 9/30/21			YEAR ENDED 9/30/20			YEAR ENDED 9/30/19			YEAR ENDED 9/30/18			YEAR ENDED 9/30/17
Net asset value, beginning of period	$	15.50		$	16.04		$	15.46		$	14.55		$	15.08		$	15.57
Income from investment operations
Investment income, net (a)(b)		0.12			0.30			0.40			0.44			0.36			0.38
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.06	)		(0.29	)		0.65			0.95			(0.51	)		(0.27	)
Contributions from affiliates		0			0			0			0.00	(c)		0.00	(c)		0.00	(c)
Total from investment operations		(0.94	)		0.01			1.05			1.39			(0.15	)		0.11
Less: Dividends and Distributions
Dividends from net investment income		(0.12	)		(0.33	)		(0.44	)		(0.48	)		(0.38	)		(0.41	)
Distribtions from net realized gain on investment transactions		(0.22	)		(0.22	)		(0.03	)		0			0			(0.19	)
Total dividends and distributions		(0.34	)		(0.55	)		(0.47	)		(0.48	)		(0.38	)		(0.60	)
Net asset value, end of period	$	14.22		$	15.50		$	16.04		$	15.46		$	14.55		$	15.08
Total return (d)		(6.11	)%		0.02%			6.96%			9.70%			(0.98)%			0.78%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)		$849,244			$1,016,985			$905,508			$886,574			$734,175			$689,279
Average net assets (000 omitted)		$937,879			$963,532			$879,658			$816,533			$702,953			$622,162
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		0.45%	(e)		0.45%			0.45%			0.45%			0.45%			0.45%
Expenses, before waivers/reimbursements		0.51%	(e)		0.52%			0.52%			0.52%			0.55%			0.59%
Net investment income (b)		1.53%	(e)		1.92%			2.55%			2.98%			2.47%			2.50%
Portfolio turnover rate (f)		62%			118%			86%			70%			189%			229%

(a) Based on average shares outstanding.

(b) Net of expenses waived by the Adviser.

(c) Amount is less than $.005.

(d) 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.

(e) Annualized

(f) The Portfolio accounts for dollar roll transactions as purchases and sales.

See Notes to Financial Statements.

2022 Semi-Annual Report 31

Notes to Financial Statements

NOTE 1. Organization and Significant Accounting Policies

Sanford C. Bernstein Fund II, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 as an open-end registered investment company. The Fund, which is a Maryland corporation, currently comprises one portfolio, the Intermediate Duration Institutional Portfolio (the “Portfolio”). The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

A. Portfolio Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) 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 last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures 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 valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. 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 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. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

32 Sanford C. Bernstein Fund II, Inc.

B. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those based on their market values as described in Note 1.A above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are: the value of collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

2022 Semi-Annual Report 33

Notes to Financial Statements (continued)

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2022:

INVESTMENTSIN SECURITIES:	LEVEL 1			LEVEL 2			LEVEL 3		TOTAL
Assets:
Governments—Treasuries	$	0		$	335,513,766		$	0	$	335,513,766
Corporates—Investment Grade		0			208,276,775			0		208,276,775
Mortgage Pass-Throughs		0			93,146,956			0		93,146,956
Collateralized Mortgage Obligations		0			64,447,042			0		64,447,042
Commercial Mortgage-Backed Securities		0			47,084,539			1,496,518		48,581,057
Asset-Backed Securities		0			39,739,994			871,817		40,611,811
Collateralized Loan Obligations		0			22,889,410			0		22,889,410
Corporates—Non-Investment Grade		0			19,295,570			0		19,295,570
Local Governments—US Municipal Bonds		0			8,539,430			0		8,539,430
Emerging Markets—Corporate Bonds		0			5,827,913			0		5,827,913
Quasi-Sovereigns		0			3,032,944			0		3,032,944
Emerging Markets—Sovereigns		0			2,634,979			0		2,634,979
Common Stocks		0			0			2,439,713		2,439,713
Agencies		0			2,251,023			0		2,251,023
Governments—Sovereign Bonds		0			2,191,441			0		2,191,441
Short-Term Investments:
Governments—Treasuries		0			15,758,798			.0		15,758,798
Investment Companies		11,886,392			0			0		11,886,392
U.S. Treasury Bills		0			6,056,289			0		6,056,289
Total Investments in Securities		11,886,392			876,686,869			4,808,048		893,381,309
Other Financial Instruments (a):
Assets:
Futures		178,942			0			0		178,942	(b)
Forward Currency Exchange Contracts		0			854,152			0		854,152
Centrally Cleared Interest Rate Swaps		0			209,545			0		209,545	(b)
Liabilities:
Futures		(4,261,210	)		0			0		(4,261,210	)(b)
Forward Currency Exchange Contracts		0			(1,411,848	)		0		(1,411,848	)
Centrally Cleared Credit Default Swaps		0			(1,176,226	)		0		(1,176,226	)(b)
Credit Default Swaps		0			(2,957,838	)		0		(2,957,838	)
Total	$	7,804,124		$	872,204,654		$	4,808,048	$	884,816,826

(a) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

34 Sanford C. Bernstein Fund II, Inc.

C. Foreign Currency Translation

The accounting records of the Portfolio 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 4:00 p.m., Eastern 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 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 Portfolio’s books and the U.S. dollar equivalent amount actually received or paid. Net unrealized currency gains and losses arising from valuing foreign currency denominated assets and liabilities, other than security investments, at the current exchange rate are reflected as part of unrealized appreciation/depreciation on foreign currencies.

The Portfolio does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at period end. The Portfolio does isolate the effect of changes in foreign exchange rates from changes in market prices of debt securities sold during the year, as required by the Internal Revenue Code.

The Portfolio may 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.

D. Taxes

The 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, the Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on management’s understanding of applicable local tax law.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

E. 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 or as soon as the Portfolio is informed of the dividend. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income. The Portfolio accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

F. Securities Transactions on a When-Issued or Delayed-Delivery Basis

The Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time the 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 the 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.

G. Distribution of Income and Gains

Net investment income of the Portfolio is declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly.

2022 Semi-Annual Report 35

Notes to Financial Statements (continued)

Distributions of net realized gains, less any available loss carryforwards, if any, for the Portfolio 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 statement of assets and liabilities. To the extent distributions exceed income and gains for tax purposes, such distributions would be shown as “return of capital” on the statement of changes in net assets. 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.

NOTE 2. Investment Management and Transactions with Affiliated Persons

A. Advisory Fee

Under the advisory agreement between the Fund and Adviser, the Portfolio pays the Adviser an advisory fee at an annual rate of 0.45% of the first $2.5 billion, 0.40% of the next $2.5 billion, 0.35% of the next $5 billion and 0.30% in excess of $8 billion of the average daily net assets of the Portfolio. Pursuant to an Expense Limitation Agreement, during the reporting period, the Adviser waived a portion of its advisory fee or reimbursed the Portfolio for a portion of its expenses to the extent necessary to limit the Portfolio’s expenses to 0.45%. This waiver extends through January 28, 2023 and may be extended by the Adviser for additional one-year terms. For the six months ended March 31, 2022, the aggregate amount of such fee waiver was $293,041.

B. Distribution Arrangements

Under the Distribution Agreement between the Fund, on behalf of the Portfolio, and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agrees to act as agent to sell SCB Class shares of the Portfolio. 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.

C. Investments and other transactions with Affiliated Issuers

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until December 31, 2022. In connection with the investment by the Portfolio in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six months ended March 31, 2022, such waiver amounted to $4,289.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended March 31, 2022 is as follows:

PORTFOLIO	MARKET VALUE 9/30/21 (000)		PURCHASES AT COST (000)		SALES PROCEEDS (000)		MARKET VALUE 3/31/22 (000)		DIVIDEND INCOME (000)
Government Money Market Portfolio	$	3,938	$	252,064	$	244,116	$	11,886	$	2

36 Sanford C. Bernstein Fund II, Inc.

NOTE 3. Investment Security Transactions

A. Purchases and Sales

For the six months ended March 31, 2022, the Portfolio had purchases and sales transactions, excluding transactions in short-term instruments, as follows:

	PURCHASES		SALES
Investment securities (excluding U.S. government securities)	$	94,412,757	$	133,343,054
U.S. government securities		487,053,176		511,361,138

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly,, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	6,514,856
Gross unrealized depreciation		(47,910,794	)
Net unrealized appreciation	$	(41,395,938	)

B. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Portfolio, as well as the methods in which they may be used are:

• Futures

The Portfolio may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Portfolio bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Portfolio enters into futures, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolio to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolio to unlimited risk of loss. The Portfolio may enter into futures only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transactions; therefore, the Portfolio’s credit risk is subject to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

2022 Semi-Annual Report 37

Notes to Financial Statements (continued)

During the six months ended March 31, 2022, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended March 31, 2022, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, including by making direct investments in foreign currencies, as described below under “Currency Transactions”. 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. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or

38 Sanford C. Bernstein Fund II, Inc.

counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended March 31, 2022, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended March 31, 2022, the Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

2022 Semi-Annual Report 39

Notes to Financial Statements (continued)

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the schedule of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended March 31, 2022, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended March 31, 2022, the Portfolio had entered into the following derivatives:

	ASSET DERIVATIVES				LIABILITY DERIVATIVES
DERIVATIVE TYPE	STATEMENTOF ASSETS AND LIABILITIES LOCATION	FAIR VALUE			STATEMENTOF ASSETS AND LIABILITIES LOCATION	FAIR VALUE
Interest rate contracts	Receivable/Payable for variation margin on futures	$	178,942	*	Receivable/Payable for variation margin on futures	$	4,261,210	*
Credit contracts					Receivable/Payable for variation margin on centrally cleared swaps		178,716	*
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps		209,545	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		854,152		Unrealized depreciation on forward currency exchange contracts		1,411,848
Credit contracts					Market value on credit default swaps		2,957,838
Total		$	1,242,639			$	8,809,612

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the schedule of investments.

40 Sanford C. Bernstein Fund II, Inc.

DERIVATIVE TYPE	LOCATIONOF GAINOR (LOSS)ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS	REALIZED GAIN OR (LOSS)ON DERIVATIVES			CHANGE IN UNREALIZED APPRECIATIONOR (DEPRECIATION)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(5,424,624	)	$	(3,347,253	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(13,600	)		(547,503	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(690,916	)		680,127
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(1,248,916	)		2,221,352
Total		$	(7,378,056	)	$	(993,277	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended March 31, 2022:

Futures:
Average notional amount of buy contracts	$	149,438,001
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	17,132,067
Average principal amount of sale contracts	$	61,641,729
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	31,887,702
Centrally Cleared Inflation Swaps:
Average notional amount	$	21,787,500	(a)
Credit Default Swaps:
Average notional amount of buy contracts	$	20,718,000	(b)
Average notional amount of sale contracts	$	13,578,567
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	13,776,667	(a)

(a) Positions were open for three months during the period.

(b) Positions were open for five months during the period.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of March 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

2022 Semi-Annual Report 41

Notes to Financial Statements (continued)

COUNTERPARTY	DERIVATIVE ASSETS SUBJECT TO A MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL RECEIVED*		SECURITY COLLATERAL RECEIVED*			NET AMOUNT OF DERIVATIVE ASSETS
Barclays Bank PLC	$	138,220	$	0		$	0	$	0		$	138,220
BNP Paribas SA		161,496		0			0		0			161,496
Citibank, NA/Citigroup Global Markets, Inc.		292,235		(292,235	)		0		0			0
Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC		226,529		(226,529	)		0		0			0
State Street Bank & Trust Co.		35,672		(301	)		0		0			35,371
Total	$	854,152	$	(519,065	)	$	0	$	0		$	335,087	^
COUNTERPARTY	DERIVATIVE LIABILITIES SUBJECT TOA MA		DERIVATIVES AVAILABLE FOR OFFSET			CASH COLLATERAL PLEDGED*		SECURITY COLLATERAL PLEDGED*			NET AMOUNT OF DERIVATIVE LIABILITIES
Australia and New Zealand Banking Group Ltd.	$	1,089,306	$	0		$	0	$	0		$	1,089,306
Citibank, NA/Citigroup Global Markets, Inc.		433,461		(292,235	)		0		(141,226	)		0
Credit Suisse International		696,427		0			0		(696,427	)		0
Goldman Sachs Bank USA/Goldman Sachs International		1,054,416		0			0		(976,319	)		78,097
JPMorgan Securities, LLC		420,419		0			0		(420,419	)		0
Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC		675,356		(226,529	)		0		(413,196	)		35,631
State Street Bank & Trust Co.		301		(301	)		0		0			0
Total	$	4,369,686	$	(519,065	)	$	0	$	(2,647,587	)	$	1,203,034	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

C. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

D. TBA and Dollar Rolls

The Portfolio may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract

42 Sanford C. Bernstein Fund II, Inc.

are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended March 31, 2022, the Portfolio earned drop income of $450,469 which is included in interest income in the accompanying statement of operations.

NOTE 4. Distributions to Shareholders

The tax character of distributions to be paid for the year ending September 30, 2022 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended September 30, 2021 and September 30, 2020 were as follows:

	2021		2020
Distributions paid from:
Ordinary income	$	23,987,974	$	25,414,556
Net long-term capital gains		8,352,039		1,332,771
Total taxable distributions paid	$	32,340,013	$	26,747,327

As of September 30, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,689,173
Undistributed capital gains		11,134,244
Other losses		(724,883	)(a)
Unrealized appreciation/(depreciation)		14,670,518	(b)
Total accumulated earnings/(deficit)	$	27,769,052	(c)

(a) As of September 30, 2021, the cumulative deferred loss on straddles was $724,883.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of callable bonds, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the accrual of foreign capital gains tax and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of September 30, 2021, the Portfolio did not have any capital loss carryforwards.

NOTE 5. Risks Involved in Investing in the Portfolio

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. During periods of very low or negative interest rates, the Portfolio’s returns may be

2022 Semi-Annual Report 43

Notes to Financial Statements (continued)

adversely affected, including to such an extent that the Portfolio may be unable to maintain positive returns. The current historically low interest rate environment heightens the risks associated with rising interest rates.

Credit Risk—This is the risk that the issuer or the guarantor of a debt security, or the counterparty to a derivatives or other contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The issuer or guarantor may default, potentially causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. The credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations, making credit risk greater for medium-quality and lower-rated debt securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative credit risks. At times when credit risk is perceived to be greater, credit “spreads” (i.e., the difference between the yields on lower quality securities and the yields on higher quality securities) may get larger or “widen”. As a result, the values of the lower quality securities may go down more and they may become harder to sell.

Duration Risk—The duration of a fixed-income security may be shorter than or equal to full maturity of the fixed-income security. Fixed-income securities with longer durations have more interest rate risk and will decrease in price as interest rates rise. Securities that have final maturities longer than their durations may be affected by increased credit spreads to a far greater degree than their durations would suggest, because they are exposed to credit risk until final maturity.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which could adversely affect economies and markets.

Inflation-Protected Securities Risk—The terms of inflation-protected securities provide for the coupon and/or maturity value to be adjusted based on changes in an inflation index. Decreases in the inflation rate or in investors’ expectations about inflation could cause these securities to underperform non-inflation-adjusted securities on a total-return basis. In addition, there can be no assurance that the relevant inflation index will accurately measure the rate of inflation, in which case the securities may not work as intended. These securities may be more difficult to trade or dispose of than other types of securities.

Foreign (Non-U.S.) Securities Risk—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. securities, such as less liquid, less transparent, less regulated and more volatile markets. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, and adverse market, economic, political and regulatory factors and social instability, all of which could disrupt the financial markets in which the Portfolio invests and adversely affect the value of the Portfolio’s assets.

Emerging-Markets Securities Risk—The risks of investing in foreign (non-U.S.) securities are heightened with respect to issuers in emerging-market countries because the markets are less developed and less liquid and there may be a greater amount of economic, political and social uncertainty, and these risks are even more pronounced in “frontier” markets, which are investable markets with lower total market capitalization and liquidity than the more developed emerging markets. Emerging markets typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a pandemic. In addition, the value of the Portfolios’ investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction of government or central bank support.

Derivatives Risk—The Portfolio may use derivatives as direct investments to earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolio. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted to cover or secure derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some

44 Sanford C. Bernstein Fund II, Inc.

derivatives involve leverage, which can make the Portfolio more volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Use of derivatives may have different tax consequences for the Portfolio than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

Mortgage-Related Securities Risk—Mortgage-related securities represent interests in “pools” of mortgages, including consumer loans or receivables held in trust. Mortgage-related securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-related securities. Asset-related securities entail certain risks not presented by mortgage-backed securities, including the risk that it may be difficult to perfect the liens securing any collateral backing certain asset-backed securities.

Prepayment and Extension Risk—Prepayment risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If this happens, particularly during a time of declining interest rates or credit spreads, the Portfolio will not benefit from the rise in market price that normally accompanies a decline in interest rates, and may not be able to invest the proceeds in securities providing as much income, resulting in a lower yield to the Portfolio. Conversely, extension risk is the risk that as interest rates rise or spreads widen, payments of securities may occur more slowly than anticipated by the market. If this happens, the values of these securities may go down because their interest rates are lower than current market rates and they remain outstanding longer than anticipated.

Subordination Risk—The Portfolio may invest in securities that are subordinated to more senior securities of an issuer, or which represent interests in pools of such subordinated securities. Subordinated securities will be disproportionately affected by a default or even a perceived decline in creditworthiness of the issuer. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time.

Management Risk—The Portfolio is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may, during certain periods, result in increased volatility for the Portfolio or cause the value of the Portfolio’s shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Adviser may determine not to use them, possibly even under market conditions where their use could benefit the Portfolio. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. In addition, the Adviser may change the Portfolio’s investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could have an adverse effect on the value or performance of the Portfolio.

Illiquid Investments Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolio from purchasing or selling these securities at an advantageous price. Over recent years, regulatory changes have led to reduced liquidity in the marketplace, and the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Illiquid investments risk may be magnified in a rising interest rate environment, where the value and liquidity of fixed-income securities generally go down.

Redemption Risk—The Portfolio may experience heavy redemptions that could cause the Portfolio to liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolio’s net asset value or performance, which could cause the value of your investment to decline. Redemption risk is heightened during periods of overall market turmoil.

2022 Semi-Annual Report 45

Notes to Financial Statements (continued)

Foreign Currency Risk—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce the returns of the Portfolio. For example, the value of the Portfolio’s investments in foreign securities and foreign currency positions may decrease if the U.S. Dollar is strong (i.e., gaining value relative to other currencies) and other currencies are weak (i.e., losing value relative to the U.S. Dollar).

Actions by a Few Major Investors—In certain countries, volatility may be heightened by actions of a few major investors. For example, substantial increases or decreases in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, share prices of the Portfolio.

Market Risk—The Portfolios are subject to market risk, which is the risk that stock or bond prices in general or in particular countries or sectors may decline over short or extended periods. Stock or bond prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness); policy and legislative changes; cybersecurity events; and other factors.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, sanctions, regional and global conflicts, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. As a result, whether or not the Portfolios invest in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolios’ investments may be negatively affected.

Lower-rated Securities Risk—Lower-rated securities, or junk bonds/high-yield securities, are subject to greater risk of loss of principal and interest and greater market risk than higher-rated securities. The capacity of issuers of lower-rated securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates.

LIBOR Transition and Associated Risk—A Portfolio may be exposed to debt securities, derivatives or other financial instruments that are tied to the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR’s administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Funding Rate (referred to as SOFR), which is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Portfolio’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Portfolio’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. The potential effects of a phase out of LIBOR on LIBOR-based investments are currently unknown.

46 Sanford C. Bernstein Fund II, Inc.

Cybersecurity Risk—As the use of the internet and other technologies has become more prevalent in the course of business, the Portfolios have become more susceptible to operational and financial risks associated with cybersecurity. Cybersecurity incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the Portfolios or their service providers or the issuers of securities in which the Portfolios invest have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Portfolio shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cybersecurity, there is no guarantee that those measures will be effective, particularly since the Portfolios do not control the cybersecurity defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Portfolio or shareholder assets, Portfolio or customer data (including private shareholder information), or proprietary information, or cause a Portfolio, the Adviser, and/or the Portfolios’ service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. A Portfolio and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers. Cybersecurity incidents may result in financial losses to such Portfolio and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE 6. Capital-Share Transactions

Share transactions for the six months ended March 31, 2022 and the year ended September 30, 2021, were as follows:

	INTERMEDIATE DURATION INSTITUTIONAL PORTFOLIO
	SHARES						AMOUNT
	SIX MONTHS ENDED 3/31/22 (UNAUDITED)			YEAR ENDED 9/30/21			SIX MONTHS ENDED 3/31/22 (UNAUDITED)			YEAR ENDED 9/30/21
Shares sold		2,730,800			16,874,217		$	41,174,425		$	263,341,628
Shares issued to shareholders on reinvestment of dividends and distributions		1,311,343			1,871,569			19,894,338			29,479,217
Shares redeemed		(9,946,446	)		(9,590,115	)		(150,616,944	)		(149,417,820	)
Net increase (decrease)		(5,904,303	)		9,155,671		$	(89,548,181	)	$	143,403,025

NOTE 7. Line of Credit

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended March 31, 2022.

2022 Semi-Annual Report 47

Notes to Financial Statements (continued)

NOTE 8. Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, “Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

NOTE 9. Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolios’ financial statements through this date.

48 Sanford C. Bernstein Fund II, Inc.

Sanford C. Bernstein Fund II, Inc.

BOARDOF DIRECTORS

Marshall C. Turner, Jr.*

Chairman

Jorge A. Bermudez*

Director

Michael J. Downey*

Director

Onur Erzan

Chief Executive Officer

Nancy P. Jacklin*

Director

Jeanette W. Loeb*

Director

Carol C. McMullen*

Director

Garry L. Moody*

Director

OFFICERS

Michael Canter**

Vice President

Janaki Rao**

Vice President

Emilie D. Wrapp

Secretary

Michael B. Reyes

Senior Vice President of the Funds

Joseph J. Mantineo

Treasurer and Chief Financial Officer

Stephen M. Woetzel

Controller

Vincent S. Noto

Chief Compliance Officer

INDEPENDENT REGISTEREDPUBLIC ACCOUNTING FIRM

Ernst & Young LLP

One Manhattan West

New York, NY 10001

LEGAL COUNSEL

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

CUSTODIANAND ACCOUNTING AGENT

State Street Bank and Trust Company

State Street Corporation CCB/5

1 Iron Street

Boston, MA 02210

DISTRIBUTOR

Sanford C. Bernstein & Co, LLC

1345 Avenue of the Americas

New York, NY 10105

TRANSFER AGENT

DST Asset Manager Solutions

2000 Crown Colony Drive

Quincy, MA 02169

INVESTMENT ADVISER

AllianceBernstein L.P.

501 Commerce Street

Nashville, TN 37203

* Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

** The day-to-day management of, and investment decisions for, Sanford C. Bernstein Fund II, Inc.’s portfolio are made by the U.S. Investment Grade: Core Fixed-Income Team. Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

2022 Semi-Annual Report 49

Operation and Effectiveness of the Portfolio’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Portfolio to designate an Administrator of the Portfolio’s Liquidity Risk Management Program. The Administrator of the Portfolio’s LRMP is AllianceBernstein L.P., the Portfolio’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Portfolio’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Portfolio’s compliance with limits on investments in illiquid assets and mitigating the risk that the Portfolio will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Portfolio classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Portfolio’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Portfolio participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Portfolio is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Portfolios’ reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, the Portfolio’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Portfolio’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID 19 impacts. As such, the Program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Portfolio or its ability to timely meet redemptions during the Program Reporting Period.

50 Sanford C. Bernstein Fund II, Inc.

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of Sanford C. Bernstein II, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of Bernstein Intermediate Duration Institutional Portfolio (the “Fund”) at a meeting held by video conference on November 2-4, 2021 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a

2022 Semi-Annual Report 51

number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests. The directors noted that shares of the Fund are distributed exclusively through a subsidiary of the Adviser, and that such subsidiary receives fees from its clients in connection with its services. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was above the median. The directors also took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the

52 Sanford C. Bernstein Fund II, Inc.

Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the Fund’s fee rate on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

2022 Semi-Annual Report 53

Distributor

SANFORD C. BERNSTEIN FUND II, INC.

1345 AVENUEOFTHE AMERICAS, NEW YORK, NY 10105

(212) 756-4097

SCBII-2038-0322

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. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM  11. 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.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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/ Onur Erzan
	Onur Erzan
	President

Date: May 27, 2022

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/ Onur Erzan
	Onur Erzan
	President

Date: May 27, 2022

By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: May 27, 2022