Bernstein Sanford C Fund Ii NPORT-P Bernstein Intermediate Duration Institutional Portfolio (Jun 2023 report)

Sanford C. Bernstein Fund, Inc.

Schedule of Investments

Intermediate Duration Institutional Portfolio

June 30, 2023 (unaudited)

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS - TREASURIES – 37.6%
United States – 37.6%
U.S. Treasury Bonds 1.25%, 05/15/2050		U.S.$	9,676	$	5,427,800
1.75%, 08/15/2041			1,998		1,401,168
1.875%, 02/15/2051			876		579,246
2.00%, 11/15/2041			4,278		3,124,799
2.00%, 08/15/2051			9,349		6,360,514
2.25%, 08/15/2046			2,377		1,732,166
2.25%, 08/15/2049			15,570		11,293,116
2.25%, 02/15/2052			1,672		1,205,975
2.375%, 11/15/2049			4,905		3,655,758
2.50%, 02/15/2046			932		715,893
2.50%, 05/15/2046			5,327		4,086,885
2.875%, 05/15/2043			165		137,646
2.875%, 08/15/2045			51		42,341
2.875%, 11/15/2046			387		318,247
2.875%, 05/15/2052			2,950		2,441,042
3.00%, 11/15/2044			200		168,622
3.00%, 05/15/2045			129		108,301
3.00%, 11/15/2045			363		305,740
3.00%, 05/15/2047(a)			1,447		1,215,932
3.00%, 02/15/2048			5,490		4,618,462
3.125%, 02/15/2043			280		243,644
3.125%, 08/15/2044			50		43,172
3.25%, 05/15/2042			6,192		5,515,450
3.375%, 08/15/2042			6,591		5,972,426
3.375%, 05/15/2044			646		581,040
3.50%, 02/15/2039			8,105		7,758,005
3.625%, 08/15/2043			1,943		1,820,116
3.625%, 02/15/2044			38		35,542
3.625%, 02/15/2053			2,378		2,278,325
3.625%, 05/15/2053			4,451		4,270,490
3.75%, 11/15/2043			295		281,264
3.875%, 02/15/2043			3,999		3,892,485
3.875%, 05/15/2043			999		972,894
4.00%, 11/15/2042			5,931		5,883,341
4.375%, 02/15/2038			899		955,009
4.375%, 11/15/2039			10,740		11,350,837
4.50%, 02/15/2036			1,074		1,157,019
4.75%, 02/15/2037			1,525		1,684,410
5.375%, 02/15/2031			1,723		1,879,140
U.S. Treasury Notes 1.50%, 02/15/2030(b)			7,128		6,102,236
1.625%, 05/15/2026(b)			43,357		39,996,463
1.75%, 11/15/2029			1,386		1,214,699
2.625%, 02/15/2029			8,921		8,263,076
2.75%, 11/15/2023			160		158,500
2.75%, 07/31/2027			3,546		3,342,011
3.00%, 07/31/2024			4,528		4,413,482
3.50%, 04/30/2028			14,578		14,158,688
3.50%, 02/15/2033			6,011		5,852,661
3.875%, 11/30/2027			34,871		34,369,729
3.875%, 12/31/2027			7,359		7,253,116
4.00%, 02/29/2028			3,062		3,038,457
4.125%, 09/30/2027			4,748		4,719,709
4.125%, 10/31/2027			3,016		2,999,234
4.375%, 10/31/2024			14,510		14,332,665
Total Governments - Treasuries (cost $284,686,875)					255,728,988

1

	Principal Amount (000)			U.S. $ Value
CORPORATES - INVESTMENT GRADE – 20.8%
Industrial – 11.0%
Basic – 0.5%
Freeport Indonesia PT 4.763%, 04/14/2027(c)		U.S.$	324	$	311,941
Glencore Funding LLC 5.40%, 05/08/2028(c)			796		789,019
LYB International Finance BV 4.00%, 07/15/2023			187		186,858
LyondellBasell Industries NV 5.75%, 04/15/2024			568		566,796
WRKCo, Inc. 4.00%, 03/15/2028			1,732		1,613,340
					3,467,954
Capital Goods – 0.7%
CNH Industrial Capital LLC 3.95%, 05/23/2025			1,191		1,152,709
Flowserve Corp. 2.80%, 01/15/2032			1,227		977,490
Regal Rexnord Corp. 6.05%, 02/15/2026(c)			1,381		1,383,624
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			270		256,327
4.40%, 03/15/2024(d)			1,145		1,129,623
					4,899,773
Communications - Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049			467		366,287
Cox Communications, Inc. 5.70%, 06/15/2033(c)			479		483,661
Discovery Communications LLC 5.20%, 09/20/2047			509		419,492
Fox Corp. 4.709%, 01/25/2029			700		680,736
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028			519		500,238
5.375%, 06/15/2033			587		581,142
Meta Platforms, Inc. 4.95%, 05/15/2033			692		691,010
Prosus NV 3.257%, 01/19/2027(c)			489		441,787
4.027%, 08/03/2050(c)			485		301,306
Tencent Holdings Ltd. 3.24%, 06/03/2050(c)			1,022		671,035
Time Warner Cable LLC 4.50%, 09/15/2042			505		376,912
Warnermedia Holdings, Inc. 4.279%, 03/15/2032			1,826		1,617,964
					7,131,570

2

	Principal Amount (000)			U.S. $ Value
Communications - Telecommunications – 0.2%
T-Mobile USA, Inc. 3.875%, 04/15/2030		U.S.$	734	$	676,609
5.05%, 07/15/2033			499		489,968
					1,166,577
Consumer Cyclical - Automotive – 0.6%
General Motors Co. 6.125%, 10/01/2025			278		279,813
General Motors Financial Co., Inc. 4.30%, 04/06/2029			171		157,094
5.80%, 06/23/2028			764		761,303
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(c)			1,664		1,492,309
6.50%, 03/10/2028(c)			158		158,074
Mercedes-Benz Finance North America LLC 4.80%, 03/30/2026(c)			1,103		1,092,102
					3,940,695
Consumer Cyclical - Other – 0.5%
Las Vegas Sands Corp. 3.90%, 08/08/2029			1,159		1,035,242
Marriott International, Inc./MD 4.90%, 04/15/2029			1,365		1,328,281
MDC Holdings, Inc. 6.00%, 01/15/2043			968		871,955
					3,235,478
Consumer Cyclical - Retailers – 0.4%
Lowe’s Cos., Inc. 5.80%, 09/15/2062			1,126		1,117,048
Ross Stores, Inc. 4.70%, 04/15/2027			1,925		1,876,163
					2,993,211
Consumer Non - Cyclical – 1.7%
Altria Group, Inc. 3.40%, 05/06/2030			1,745		1,538,235
BAT Capital Corp. 2.259%, 03/25/2028			2,706		2,319,719
4.906%, 04/02/2030			917		867,170
7.75%, 10/19/2032			158		173,791
Cargill, Inc. 5.125%, 10/11/2032(c)			835		841,521
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			1,480		1,107,676
Philip Morris International, Inc. 4.875%, 02/13/2026			1,753		1,740,449
5.375%, 02/15/2033			1,688		1,684,978

3

	Principal Amount (000)			U.S. $ Value
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		U.S.$	460	$	457,309
Zoetis, Inc. 5.40%, 11/14/2025			1,182		1,185,428
					11,916,276
Energy – 1.5%
BP Capital Markets America, Inc. 2.939%, 06/04/2051			1,384		947,915
4.893%, 09/11/2033			979		969,229
Continental Resources, Inc./OK 2.875%, 04/01/2032(c)			1,353		1,041,499
5.75%, 01/15/2031(c)			1,006		958,658
Ecopetrol SA 8.625%, 01/19/2029			980		981,470
Marathon Oil Corp. 6.80%, 03/15/2032			1,800		1,862,550
Oleoducto Central SA 4.00%, 07/14/2027(c)			248		217,439
ONEOK Partners LP 6.125%, 02/01/2041			73		70,579
Ovintiv, Inc. 5.65%, 05/15/2028			324		317,993
6.25%, 07/15/2033			465		458,997
Var Energi ASA 7.50%, 01/15/2028(c)			1,132		1,166,628
8.00%, 11/15/2032(c)			1,108		1,176,541
					10,169,498
Other Industrial – 0.2%
LKQ Corp. 5.75%, 06/15/2028(c)			889		885,631
6.25%, 06/15/2033(c)			524		527,034
					1,412,665
Services – 0.4%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031			1,255		1,020,829
Booking Holdings, Inc. 4.50%, 11/15/2031		EUR	789		886,613
Expedia Group, Inc. 6.25%, 05/01/2025(c)		U.S.$	49		49,164
Global Payments, Inc. 3.20%, 08/15/2029			845		734,542
					2,691,148
Technology – 2.8%
Apple, Inc. 4.10%, 08/08/2062			1,148		1,005,430
Broadcom, Inc. 4.00%, 04/15/2029(c)			169		156,298
Entegris Escrow Corp. 4.75%, 04/15/2029(c)			1,270		1,179,322

4

	Principal Amount (000)			U.S. $ Value
Fiserv, Inc. 3.50%, 07/01/2029		U.S.$	2,539	$	2,323,490
Honeywell International, Inc. 4.125%, 11/02/2034		EUR	1,241		1,371,148
HP, Inc. 5.50%, 01/15/2033		U.S.$	1,907		1,873,113
Infor, Inc. 1.75%, 07/15/2025(c)			649		592,394
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			2,545		2,210,434
Lenovo Group Ltd. 5.831%, 01/27/2028(c)			1,031		1,023,195
6.536%, 07/27/2032(c)			725		730,916
Micron Technology, Inc. 6.75%, 11/01/2029			1,924		1,999,921
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			1,300		1,310,153
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030			875		774,988
Oracle Corp. 5.375%, 07/15/2040			270		257,696
SK Hynix, Inc. 2.375%, 01/19/2031(c)			532		409,624
TSMC Arizona Corp. 3.875%, 04/22/2027			685		656,764
Western Digital Corp. 2.85%, 02/01/2029			369		295,100
3.10%, 02/01/2032			1,016		752,094
					18,922,080
Transportation - Airlines – 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(c)			682		667,320
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(c)			235		210,291
5.875%, 07/05/2034(c)			381		371,351
					581,642
Transportation - Services – 0.3%
ENA Master Trust 4.00%, 05/19/2048(c)			380		282,260
ERAC USA Finance LLC 4.60%, 05/01/2028(c)			665		647,052
4.90%, 05/01/2033(c)			1,039		1,015,466
					1,944,778
					75,140,665
Financial Institutions – 9.1%
Banking – 6.8%
AIB Group PLC 4.263%, 04/10/2025(c)			530		517,487
7.583%, 10/14/2026(c)			2,364		2,404,661

5

	Principal Amount (000)			U.S. $ Value
Ally Financial, Inc. 6.992%, 06/13/2029		U.S.$	976	$	964,454
Banco de Credito del Peru S.A. 3.125%, 07/01/2030(c)			1,447		1,326,277
Banco Santander SA 3.80%, 02/23/2028			200		183,850
4.175%, 03/24/2028			800		749,712
Bank of Ireland Group PLC 6.253%, 09/16/2026(c)			571		567,260
Barclays PLC 6.224%, 05/09/2034			740		737,447
7.385%, 11/02/2028			931		972,746
BNP Paribas SA 2.591%, 01/20/2028(c)			751		671,394
4.625%, 02/25/2031(c) (e)			1,107		782,948
7.375%, 08/19/2025(c) (e)			385		373,608
Capital One Financial Corp. 5.468%, 02/01/2029			416		399,277
6.377%, 06/08/2034			1,163		1,154,708
Citigroup, Inc. 9.341% (LIBOR 3 Month + 4.07%), 10/30/2023(e) (f)			197		196,970
Series W 4.00%, 12/10/2025(e)			788		676,332
Series Y 4.15%, 11/15/2026(e)			139		111,493
Cooperatieve Rabobank UA 5.564%, 02/28/2029(c)			1,745		1,725,369
Danske Bank A/S 3.875%, 09/12/2023(c)			1,744		1,735,036
Deutsche Bank AG/New York NY 2.129%, 11/24/2026			958		850,551
3.961%, 11/26/2025			385		367,013
6.119%, 07/14/2026			914		906,989
Discover Bank 4.682%, 08/09/2028			386		350,635
Goldman Sachs Group, Inc. (The) Series V 4.125%, 11/10/2026(e)			764		628,390
HSBC Holdings PLC 2.804%, 05/24/2032			581		470,285
2.848%, 06/04/2031			1,675		1,393,215
8.113%, 11/03/2033			2,081		2,307,850
Intesa Sanpaolo SpA 5.017%, 06/26/2024(c)			757		733,026
7.00%, 11/21/2025(c)			320		322,877
KBC Group NV 5.796%, 01/19/2029(c)			471		469,083
Lloyds Banking Group PLC 4.05%, 08/16/2023			250		249,310
5.871%, 03/06/2029			253		251,166
7.953%, 11/15/2033			887		960,763
Mizuho Financial Group, Inc. 5.667%, 05/27/2029			1,745		1,741,405

6

	Principal Amount (000)			U.S. $ Value
Morgan Stanley 0.406%, 10/29/2027		EUR	796	$	757,641
4.21%, 04/20/2028		U.S.$	1,110		1,066,532
Series G 3.772%, 01/24/2029			1,502		1,403,018
Nationwide Building Society 2.972%, 02/16/2028(c)			1,238		1,112,603
NatWest Group PLC 4.269%, 03/22/2025			750		736,560
PNC Financial Services Group, Inc. (The) 5.068%, 01/24/2034			386		370,120
Santander Holdings USA, Inc. 6.499%, 03/09/2029			910		900,991
Societe Generale SA 2.797%, 01/19/2028(c)			2,339		2,069,056
Standard Chartered PLC 3.971%, 03/30/2026(c)			885		847,679
6.187%, 07/06/2027(c)			407		407,297
6.783% (LIBOR 3 Month + 1.51%), 01/30/2027(c) (e) (f)			400		368,512
Swedbank AB Series NC5 5.625%, 09/17/2024(c) (e)			600		566,184
Truist Financial Corp. 1.95%, 06/05/2030			222		176,519
5.122%, 01/26/2034			1,079		1,022,018
UBS Group AG 3.091%, 05/14/2032(c)			1,865		1,506,845
4.194%, 04/01/2031(c)			799		709,744
6.373%, 07/15/2026(c)			1,346		1,337,614
7.00%, 02/19/2025(c) (e)			200		190,182
UniCredit SpA 2.569%, 09/22/2026(c)			459		415,583
US Bancorp Series J 5.30%, 04/15/2027(e)			723		586,208
Wells Fargo & Co. 3.584%, 05/22/2028			559		520,882
Series BB 3.90%, 03/15/2026(e)			635		558,260
					45,883,635
Brokerage – 0.2%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(e)			1,949		1,581,380
Finance – 1.2%
Air Lease Corp. 2.875%, 01/15/2026			175		162,038
3.625%, 04/01/2027			76		70,270
Aircastle Ltd. 2.85%, 01/26/2028(c)			2,065		1,756,117
4.125%, 05/01/2024			359		350,725
5.25%, 08/11/2025(c)			906		875,323

7

	Principal Amount (000)			U.S. $ Value
Aviation Capital Group LLC 1.95%, 01/30/2026(c)		U.S.$	1,131	$	1,006,782
1.95%, 09/20/2026(c)			390		338,286
3.50%, 11/01/2027(c)			318		281,519
4.125%, 08/01/2025(c)			10		9,363
4.375%, 01/30/2024(c)			312		306,893
4.875%, 10/01/2025(c)			350		334,040
5.50%, 12/15/2024(c)			680		665,271
6.375%, 07/15/2030(c)			389		386,059
Synchrony Financial 2.875%, 10/28/2031			1,255		909,172
3.95%, 12/01/2027			200		174,214
4.50%, 07/23/2025			193		182,400
4.875%, 06/13/2025			188		178,796
					7,987,268
Insurance – 0.4%
Massachusetts Mutual Life Insurance Co. 3.729%, 10/15/2070(c)			11		7,447
MetLife Capital Trust IV 7.875%, 12/15/2037(c)			970		1,018,364
MetLife, Inc. 10.75%, 08/01/2039			25		32,363
Prudential Financial, Inc. 5.20%, 03/15/2044			462		454,691
5.375%, 05/15/2045			139		135,759
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(c)			1,400		1,338,974
					2,987,598
REITs – 0.5%
American Tower Corp. 3.65%, 03/15/2027			845		791,883
5.25%, 07/15/2028			462		457,653
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			1,181		954,650
Vornado Realty LP 3.40%, 06/01/2031			2,003		1,444,303
					3,648,489
					62,088,370
Utility – 0.7%
Electric – 0.6%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(c)			483		412,054
Chile Electricity Pec SpA Zero Coupon, 01/25/2028(c)			674		518,778
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			920		681,039
Electricite de France SA 9.125%, 03/15/2033(c) (e)			366		374,776

8

	Principal Amount (000)			U.S. $ Value
Engie Energia Chile SA 3.40%, 01/28/2030(c)		U.S.$	981	$	810,679
NRG Energy, Inc. 7.00%, 03/15/2033(c)			1,304		1,316,636
					4,113,962
Other Utility – 0.1%
American Water Capital Corp. 3.45%, 06/01/2029			438		406,525
					4,520,487
Total Corporates - Investment Grade (cost $154,040,547)					141,749,522
MORTGAGE PASS-THROUGHS – 18.1%
Agency Fixed Rate 30-Year – 17.6%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049			444		411,060
3.50%, 11/01/2049			572		528,487
Series 2020 3.50%, 01/01/2050			1,324		1,225,579
Series 2022 2.00%, 03/01/2052			6,232		5,104,091
2.50%, 04/01/2052			7,302		6,226,099
3.00%, 03/01/2052			4,036		3,574,057
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035			17		17,126
Series 2007 5.50%, 07/01/2035			127		128,035
Series 2016 4.00%, 02/01/2046			978		939,797
Series 2017 4.00%, 07/01/2044			628		603,525
Series 2018 4.50%, 03/01/2048			323		316,309
4.50%, 10/01/2048			605		590,785
4.50%, 11/01/2048			924		902,084
5.00%, 11/01/2048			349		349,395
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033			102		102,919
5.50%, 07/01/2033			193		194,505
Series 2004 5.50%, 02/01/2034			2		2,062
5.50%, 04/01/2034			48		48,207
5.50%, 05/01/2034			39		39,881
5.50%, 11/01/2034			182		184,184
Series 2005 5.50%, 02/01/2035			283		286,172
Series 2006 5.50%, 04/01/2036			56		56,717
Series 2007 5.50%, 05/01/2036			3		2,731
5.50%, 09/01/2036			2		1,620
5.50%, 08/01/2037			70		70,888

9

	Principal Amount (000)				U.S. $ Value
Series 2008 5.50%, 08/01/2037		U.S.$	0	**	$	389
Series 2009 5.00%, 12/01/2039			10			10,440
Series 2010 4.00%, 12/01/2040			392			376,312
5.00%, 06/01/2040			9			9,152
Series 2012 3.50%, 02/01/2042			343			320,272
3.50%, 11/01/2042			3,610			3,365,577
3.50%, 01/01/2043			617			574,572
Series 2013 3.50%, 04/01/2043			2,080			1,937,821
4.00%, 10/01/2043			1,375			1,319,279
Series 2015 3.00%, 05/01/2045			502			452,713
3.00%, 08/01/2045			762			687,501
Series 2018 4.50%, 09/01/2048			1,283			1,252,690
Series 2019 3.50%, 08/01/2049			1,752			1,619,868
3.50%, 09/01/2049			630			582,685
3.50%, 11/01/2049			1,224			1,130,647
Series 2020 3.50%, 01/01/2050			1,239			1,145,452
Series 2021 2.00%, 07/01/2051			6,537			5,337,001
2.50%, 01/01/2052			2,044			1,744,984
Series 2022 2.50%, 03/01/2052			4,452			3,786,844
2.50%, 04/01/2052			4,791			4,084,288
2.50%, 05/01/2052			6,068			5,172,860
3.00%, 02/01/2052			4,932			4,371,423
3.00%, 03/01/2052			6,252			5,536,674
Government National Mortgage Association Series 2016 3.00%, 04/20/2046			164			149,046
3.00%, 05/20/2046			475			430,715
Series 2023 3.00%, 07/01/2053, TBA			1,480			1,322,273
4.00%, 07/01/2053, TBA			3,275			3,096,586
4.50%, 07/01/2053, TBA			11,617			11,208,830
5.00%, 07/01/2053, TBA			10,275			10,095,641
Uniform Mortgage-Backed Security Series 2023 2.00%, 07/01/2053, TBA			10,416			8,487,567
2.50%, 07/01/2053, TBA			7,202			6,103,230
4.00%, 07/01/2053, TBA			5,776			5,418,822
5.50%, 07/01/2053, TBA			6,786			6,753,390
						119,791,859
Agency Fixed Rate 15-Year – 0.5%
Federal National Mortgage Association Series 2016 2.50%, 10/01/2031			42			39,124
2.50%, 11/01/2031			2,257			2,103,257
2.50%, 12/01/2031			12			10,724

10

	Principal Amount (000)				U.S. $ Value
Series 2017
2.50%, 01/01/2032		U.S.$	645		$	601,258
2.50%, 02/01/2032			584			544,478
						3,298,841
Other Agency Fixed Rate Programs – 0.0%
Federal National Mortgage Association Series 2005 5.50%, 03/01/2025			12			11,979
Agency ARMs – 0.0%
Federal Home Loan Mortgage Corp. Series 2006 4.595% (LIBOR 12 Month + 2.18%), 12/01/2036(f)			0	**		120
Series 2007 4.60% (LIBOR 12 Month + 2.10%), 03/01/2037(f)			0	**		350
Federal National Mortgage Association Series 2007 3.835% (LIBOR 12 Month + 1.46%), 02/01/2037(f)			1			961
4.52% (LIBOR 12 Month + 1.80%), 03/01/2037(f)			0	**		434
						1,865
Total Mortgage Pass-Throughs (cost $130,691,103)						123,104,544
COLLATERALIZED MORTGAGE OBLIGATIONS – 7.8%
Risk Share Floating Rate – 7.1%
Bellemeade Re Ltd. Series 2019-3A, Class M1C 7.10% (LIBOR 1 Month + 1.95%), 07/25/2029(c) (f)			228			228,476
Series 2021-1A, Class M1C 8.017% (SOFR + 2.95%), 03/25/2031(c) (f)			1,036			1,052,973
Series 2021-2A, Class M1B 6.567% (SOFR + 1.50%), 06/25/2031(c) (f)			1,892			1,868,548
Series 2021-3A, Class A2 6.067% (SOFR + 1.00%), 09/25/2031(c) (f)			1,894			1,851,247
Series 2022-1, Class M1B 7.217% (SOFR + 2.15%), 01/26/2032(c) (f)			1,000			990,108
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M1 5.917% (SOFR + 0.85%), 12/25/2041(c) (f)			1,555			1,542,526
Series 2022-R01, Class 1M2 6.967% (SOFR + 1.90%), 12/25/2041(c) (f)			2,306			2,246,686

11

	Principal Amount (000)			U.S. $ Value
Series 2022-R02, Class 2M1 6.267% (SOFR + 1.20%), 01/25/2042(c) (f)		U.S.$	1,467	$	1,459,027
Series 2022-R03, Class 1M 2 8.567% (SOFR + 3.50%), 03/25/2042(c) (f)			1,545		1,576,307
Series 2022-R05, Class 2M 2 8.067% (SOFR + 3.00%), 04/25/2042(c) (f)			1,206		1,201,927
Series 2022-R06, Class 1M1 7.817% (SOFR + 2.75%), 05/25/2042(c) (f)			1,339		1,365,212
Series 2022-R07, Class 1M 1 8.017% (SOFR + 2.95%), 06/25/2042(c) (f)			1,806		1,848,907
Series 2023-R02, Class 1M1 7.367% (SOFR + 2.30%), 01/25/2043(c) (f)			782		784,730
Series 2023-R03, Class 2M1 7.567% (SOFR + 2.50%), 04/25/2043(c) (f)			1,197		1,207,703
Series 2023-R04, Class 1M1 7.367% (SOFR + 2.30%), 05/25/2043(c) (f)			1,563		1,570,265
Eagle Re Ltd. Series 2018-1, Class M2 8.15% (LIBOR 1 Month + 3.00%), 11/25/2028(c) (f)			217		219,404
Series 2021-2, Class M1B 7.117% (SOFR + 2.05%), 04/25/2034(c) (f)			650		652,756
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 8.45% (LIBOR 1 Month + 3.30%), 10/25/2027(f)			200		202,094
Series 2020-DNA5, Class M2 7.867% (SOFR + 2.80%), 10/25/2050(c) (f)			496		504,108
Series 2021-DNA3, Class M2 7.167% (SOFR + 2.10%), 10/25/2033(c) (f)			779		763,750
Series 2021-DNA5, Class M2 6.717% (SOFR + 1.65%), 01/25/2034(c) (f)			548		546,917
Series 2021-DNA6, Class M2 6.567% (SOFR + 1.50%), 10/25/2041(c) (f)			2,513		2,450,460
Series 2021-DNA7, Class M2 6.867% (SOFR + 1.80%), 11/25/2041(c) (f)			2,412		2,323,517

12

	Principal Amount (000)			U.S. $ Value
Series 2021-HQA4, Class M2 7.417% (SOFR + 2.35%), 12/25/2041(c) (f)		U.S.$	1,530	$	1,451,604
Series 2022-DNA1, Class M1A 6.067% (SOFR + 1.00%), 01/25/2042(c) (f)			821		806,251
Series 2022-DNA1, Class M1B 6.917% (SOFR + 1.85%), 01/25/2042(c) (f)			1,223		1,183,845
Series 2022-DNA2, Class M1B 7.467% (SOFR + 2.40%), 02/25/2042(c) (f)			1,717		1,696,482
Series 2022-DNA3, Class M1B 7.967% (SOFR + 2.90%), 04/25/2042(c) (f)			711		710,188
Series 2022-DNA4, Class M1B 8.417% (SOFR + 3.35%), 05/25/2042(c) (f)			1,358		1,373,085
Series 2022-DNA5, Class M1B 9.567% (SOFR + 4.50%), 06/25/2042(c) (f)			2,274		2,387,406
Series 2022-DNA6, Class M1A 7.217% (SOFR + 2.15%), 09/25/2042(c) (f)			655		658,689
Series 2022-DNA7, Class M1A 7.567% (SOFR + 2.50%), 03/25/2052(c) (f)			1,793		1,807,892
Series 2022-HQA1, Class M1B 8.567% (SOFR + 3.50%), 03/25/2042(c) (f)			399		406,448
Series 2023-DNA1, Class M1A 7.167% (SOFR + 2.10%), 03/25/2043(c) (f)			920		921,754
Series 2023-DNA2, Class M1A 7.167% (SOFR + 2.10%), 04/25/2043(c) (f)			1,162		1,165,447
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 10.85% (LIBOR 1 Month + 5.70%), 04/25/2028(f)			108		114,540
Series 2021-R02, Class 2M2 7.067% (SOFR + 2.00%), 11/25/2041(c) (f)			1,071		1,041,914
Home Re Ltd. Series 2021-2, Class M1B 6.667% (SOFR + 1.60%), 01/25/2034(c) (f)			922		917,577

13

	Principal Amount (000)			U.S. $ Value
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.40% (LIBOR 1 Month + 4.25%), 11/25/2024(f) (g)		U.S.$	43	$	41,948
Oaktown Re VII Ltd. Series 2021-2, Class M1A 6.667% (SOFR + 1.60%), 04/25/2034(c) (f)			1,695		1,689,539
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 8.928% (LIBOR 1 Month + 3.75%), 05/30/2023(c) (f)			689		677,477
Series 2019-3R, Class A 8.878% (LIBOR 1 Month + 3.70%), 11/27/2031(c) (f)			56		54,508
Series 2020-1R, Class A 8.528% (LIBOR 1 Month + 3.35%), 02/27/2023(f) (g)			222		213,654
Triangle Re Ltd. Series 2021-3, Class M1A 6.967% (SOFR + 1.90%), 02/25/2034(c) (f)			700		701,258
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.40% (LIBOR 1 Month + 5.25%), 11/25/2025(f) (g)			174		163,401
Series 2015-WF1, Class 2M2 10.65% (LIBOR 1 Month + 5.50%), 11/25/2025(f) (g)			43		41,100
					48,683,655
Agency Floating Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 0.907% (6.10% - LIBOR 1 Month), 12/15/2044(f) (h)			1,256		113,859
Series 4693, Class SL 0.957% (6.15% - LIBOR 1 Month), 06/15/2047(f) (h)			1,379		137,309
Series 4954, Class SL 0.90% (6.05% - LIBOR 1 Month), 02/25/2050(f) (h)			1,920		191,793
Series 4981, Class HS 0.95% (6.10% - LIBOR 1 Month), 06/25/2050(f) (h)			4,184		405,489
Federal National Mortgage Association REMICs Series 2016-106, Class ES 0.85% (6.00% - LIBOR 1 Month), 01/25/2047(f) (h)			1,299		126,597
Series 2017-73, Class SA 1.00% (6.15% - LIBOR 1 Month), 09/25/2047(f) (h)			1,626		188,680

14

	Principal Amount (000)			U.S. $ Value
Series 2017-97, Class LS 1.05% (6.20% - LIBOR 1 Month), 12/25/2047(f) (h)		U.S.$	1,274	$	139,945
Series 2017-97, Class SW 1.05% (6.20% - LIBOR 1 Month), 12/25/2047(f) (h)			1,170		119,757
Government National Mortgage Association Series 2017-43, Class ST 0.954% (6.10% - LIBOR 1 Month), 03/20/2047(f) (h)			1,678		167,107
Series 2017-65, Class ST 1.004% (6.15% - LIBOR 1 Month), 04/20/2047(f) (h)			1,450		141,771
Series 2017-134, Class SE 1.043% (6.20% - LIBOR 1 Month), 09/20/2047(f) (h)			814		71,614
					1,803,921
Agency Fixed Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICs Series 4973, Class BI 4.50%, 05/25/2050(i)			4,901		1,040,091
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 4.135%, 05/28/2035			267		245,051
					1,285,142
Non-Agency Floating Rate – 0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 5.53% (LIBOR 1 Month + 0.38%), 12/25/2036(f)			835		293,094
HomeBanc Mortgage Trust Series 2005-1, Class A1 5.65% (LIBOR 1 Month + 0.50%), 03/25/2035(f)			133		108,011
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.25% (LIBOR 1 Month + 2.10%), 04/25/2047(c) (f)			181		172,347
					573,452
Non-Agency Fixed Rate – 0.1%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035			60		43,151
Series 2006-24CB, Class A16 5.75%, 08/25/2036			367		204,483
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			160		114,147

15

	Principal Amount (000)			U.S. $ Value
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		U.S.$	73	$	32,152
					393,933
Total Collateralized Mortgage Obligations (cost $53,471,992)					52,740,103
ASSET-BACKED SECURITIES – 5.8%
Other ABS - Fixed Rate – 3.0%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(c)			2,080		1,709,909
ACHV ABS TRUST Series 2023-2PL, Class A 6.42%, 05/20/2030(c)			718		718,662
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(c)			193		187,116
Series 2021-Z2, Class A 1.17%, 11/16/2026(c)			224		216,513
Series 2022-X1, Class A 1.75%, 02/15/2027(c)			333		326,097
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027(c)			509		478,873
BHG Securitization Trust Series 2022-A, Class A 1.71%, 02/20/2035(c)			179		171,450
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(c)			435		370,251
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055 (c)			637		530,117
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028(c)			186		169,647
Series 2023-1, Class A2 5.99%, 03/15/2032(c)			1,677		1,653,553
Diamond Infrastructure Funding LLC Series 2021-1A, Class B 2.355%, 04/15/2049(c)			935		793,618
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051(c)			1,941		1,656,147
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(c)			1,047		887,255
FREED ABS Trust Series 2021-2, Class C 1.94%, 06/19/2028(c)			1,151		1,133,690

16

	Principal Amount (000)			U.S. $ Value
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(c)		U.S.$	601	$	510,393
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(c)			776		695,227
Series 2020-1A, Class A2 3.981%, 12/20/2050(c)			477		406,278
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(c)			679		598,851
Neighborly Issuer Series 2022-1A, Class A2 3.695%, 01/30/2052(c)			1,988		1,621,133
Series 2023-1A, Class A2 7.308%, 01/30/2053(c)			1,400		1,360,077
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051(c)			763		636,905
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(c)			620		500,343
Series 2021-CA, Class B 2.53%, 04/20/2062(c)			907		719,468
Series 2021-DA, Class B 2.90%, 04/20/2062(c)			798		655,439
NMEF Funding LLC Series 2022-B, Class A2 6.07%, 06/15/2029(c)			639		634,272
Upstart Securitization Trust Series 2021-3, Class B 1.66%, 07/20/2031(c)			1,360		1,308,614
					20,649,898
Autos - Fixed Rate – 2.5%
ACM Auto Trust Series 2023-1A, Class A 6.61%, 01/22/2030(c)			1,297		1,294,918
American Credit Acceptance Receivables Trust Series 2023-1, Class A 5.45%, 09/14/2026(c)			1,192		1,186,206
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(c)			1,016		999,867
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028			354		334,178
Series 2021-N4, Class D 2.30%, 09/11/2028			793		745,259
Series 2021-P4, Class D 2.61%, 09/11/2028			989		827,582

17

	Principal Amount (000)			U.S. $ Value
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(c)		U.S.$	1,350	$	1,259,163
Series 2022-A, Class C 2.17%, 04/16/2029(c)			1,373		1,295,147
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(c)			363		345,448
Flagship Credit Auto Trust Series 2023-1, Class A2 5.38%, 12/15/2026(c)			1,700		1,691,505
Series 2023-2, Class A2 5.76%, 04/15/2027(c)			1,309		1,302,499
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(c)			1,390		1,215,416
Foursight Capital Automobile Receivables Trust Series 2023-1, Class A2 5.43%, 10/15/2026(c)			1,911		1,899,118
LAD Auto Receivables Trust Series 2021-1A, Class A 1.30%, 08/17/2026(c)			431		420,095
Series 2023-1A, Class A2 5.68%, 10/15/2026(c)			1,220		1,214,291
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(c)			915		900,214
					16,930,906
Credit Cards - Fixed Rate – 0.3%
Brex Commercial Charge Card Master Trust Series 2022-1, Class A 4.63%, 07/15/2025(c)			1,888		1,837,957
Home Equity Loans - Floating Rate – 0.0%
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class 1A 5.75% (LIBOR 1 Month + 0.60%), 04/25/2034(f)			36		34,296
Total Asset-Backed Securities (cost $42,811,549)					39,453,057
COLLATERALIZED LOAN OBLIGATIONS – 3.1%
CLO - Floating Rate – 3.1%
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class A 6.45% (LIBOR 3 Month + 1.20%), 07/20/2034(c) (f)			1,472		1,449,440
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.21% (LIBOR 3 Month + 1.95%), 04/17/2033(c) (f)			1,260		1,198,124

18

	Principal Amount (000)			U.S. $ Value
Elevation CLO Ltd. Series 2020-11A, Class C 7.46% (LIBOR 3 Month + 2.20%), 04/15/2033(c) (f)		U.S.$	1,080	$	1,022,763
Elmwood CLO IX Ltd. Series 2021-2A, Class A 6.38% (LIBOR 3 Month + 1.13%), 07/20/2034(c) (f)			1,500		1,477,119
Flatiron CLO 21 Ltd. Series 2021-1A, Class A1 6.375% (LIBOR 3 Month + 1.11%), 07/19/2034(c) (f)			1,130		1,112,216
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 6.32% (LIBOR 3 Month + 1.07%), 04/20/2034(c) (f)			1,491		1,464,040
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 6.39% (LIBOR 3 Month + 1.13%), 07/17/2035(c) (f)			1,729		1,701,996
New Mountain CLO 3 Ltd. Series CLO-3A, Class D 8.60% (LIBOR 3 Month + 3.35%), 10/20/2034(c) (f)			250		234,410
OCP CLO Ltd. Series 2020-18A, Class AR 6.34% (LIBOR 3 Month + 1.09%), 07/20/2032(c) (f)			1,954		1,931,027
Pikes Peak CLO 8 Series 2021-8A, Class A 6.42% (LIBOR 3 Month + 1.17%), 07/20/2034(c) (f)			1,907		1,878,115
Rad CLO 7 Ltd. Series 2020-7A, Class C 7.26% (LIBOR 3 Month + 2.00%), 04/17/2033(c) (f)			570		547,850
Rad CLO 11 Ltd. Series 2021-11A, Class D 8.16% (LIBOR 3 Month + 2.90%), 04/15/2034(c) (f)			950		883,746
Regatta XX Funding Ltd. Series 2021-2A, Class A 6.42% (LIBOR 3 Month + 1.16%), 10/15/2034(c) (f)			2,924		2,870,134
Rockford Tower CLO Ltd. Series 2021-1A, Class D 8.25% (LIBOR 3 Month + 3.00%), 07/20/2034(c) (f)			1,883		1,732,425
Series 2021-2A, Class A1 6.41% (LIBOR 3 Month + 1.16%), 07/20/2034(c) (f)			1,310		1,281,497

19

	Principal Amount (000)			U.S. $ Value
Voya CLO Ltd. Series 2019-1A, Class DR 8.11% (LIBOR 3 Month + 2.85%), 04/15/2031(c) (f)		U.S.$	480	$	431,756
Total Collateralized Loan Obligations (cost $21,888,106)					21,216,658
COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.0%
Non-Agency Floating Rate CMBS – 1.9%
AREIT Trust Series 2022-CRE6, Class A 6.317% (SOFR + 1.25%), 01/20/2037(c) (f)			2,977		2,900,624
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.194% (LIBOR 1 Month + 1.00%), 11/15/2033(c) (f)			2,435		2,132,471
BBCMS Mortgage Trust Series 2020-BID, Class A 7.333% (LIBOR 1 Month + 2.14%), 10/15/2037(c) (f)			1,998		1,875,767
BFLD Trust Series 2021-FPM, Class A 6.794% (LIBOR 1 Month + 1.60%), 06/15/2038(c) (f)			2,976		2,829,780
BX Commercial Mortgage Trust Series 2019-IMC, Class D 7.093% (LIBOR 1 Month + 1.90%), 04/15/2034(c) (f)			207		201,967
Series 2019-IMC, Class E 7.343% (LIBOR 1 Month + 2.15%), 04/15/2034(c) (f)			839		815,547
CLNY Trust Series 2019-IKPR, Class D 7.287% (SOFR + 2.14%), 11/15/2038(c) (f)			1,450		1,340,853
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.067% (SOFR + 2.00%), 01/25/2051(c) (f)			177		169,813
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.726% (SOFR + 1.58%), 07/15/2036(c) (f)			666		626,322
					12,893,144
Non-Agency Fixed Rate CMBS – 1.1%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(c)			740		595,728

20

	Principal Amount (000)			U.S. $ Value
Commercial Mortgage Trust Series 2012-CR3, Class E 4.796%, 10/15/2045(c)		U.S.$	889	$	487,411
Series 2015-LC21, Class XA 0.791%, 07/10/2048(i)			2,037		20,607
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.297%, 08/10/2044(c)			28		8,595
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(g) (j)			1,181		1,110,018
Series 2021-1, Class A2 2.435%, 08/15/2026(g) (j)			1,801		1,701,021
Series 2021-1, Class AS 2.638%, 08/15/2026(g) (j)			59		54,055
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(g)			1,690		1,602,381
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.43%, 08/15/2046(c)			472		205,063
Series 2014-C22, Class XA 0.946%, 09/15/2047(i)			5,018		27,025
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			147		54,257
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(c)			224		224,064
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class D 3.25%, 12/15/2047(c)			603		470,338
Series 2015-C25, Class XA 1.18%, 10/15/2048(i)			1,871		28,602
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class C 4.534%, 11/15/2049			1,030		861,948
					7,451,113
Total Commercial Mortgage-Backed Securities (cost $22,655,943)					20,344,257
CORPORATES - NON-INVESTMENT GRADE – 1.5%
Industrial – 1.4%
Capital Goods – 0.1%
TK Elevator Midco GmbH 4.375%, 07/15/2027(c)		EUR	331		322,735
Communications - Media – 0.5%
Altice Financing SA 3.00%, 01/15/2028(c)			540		454,022
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(c)		U.S.$	348		289,887
4.50%, 06/01/2033(c)			1,243		976,240
4.75%, 02/01/2032(c)			260		211,598

21

	Principal Amount (000)			U.S. $ Value
DISH DBS Corp. 5.75%, 12/01/2028(c)		U.S.$	996	$	745,317
Summer BC Holdco B SARL 5.75%, 10/31/2026(c)		EUR	540		524,431
VZ Vendor Financing II BV 2.875%, 01/15/2029(c)			540		451,582
					3,653,077
Communications - Telecommunications – 0.1%
Altice France SA/France 3.375%, 01/15/2028(c)			259		206,132
Lorca Telecom Bondco SA 4.00%, 09/18/2027(c)			540		537,648
					743,780
Consumer Cyclical - Automotive – 0.3%
Ford Motor Co. 6.10%, 08/19/2032		U.S.$	759		735,949
Ford Motor Credit Co. LLC 7.35%, 11/04/2027			330		337,702
ZF North America Capital, Inc. 6.875%, 04/14/2028(c)			692		701,951
7.125%, 04/14/2030(c)			346		352,339
					2,127,941
Consumer Cyclical - Entertainment – 0.2%
Carnival Corp. 4.00%, 08/01/2028(c)			1,545		1,368,654
Consumer Non-Cyclical – 0.0%
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(c)		EUR	320		303,043
Services – 0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(c)			540		513,447
Technology – 0.1%
Seagate HDD Cayman 8.25%, 12/15/2029(c)		U.S.$	736		769,025
					9,801,702
Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026(c) (e)			648		565,833
Total Corporates - Non-Investment Grade (cost $11,975,848)					10,367,535

22

	Principal Amount (000)			U.S. $ Value
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.9%
United States – 0.9%
Port Authority of New York & New Jersey Series 2020-A 1.086%, 07/01/2023		U.S.$	1,000	$	1,000,000
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) Series 2020-A 1.705%, 07/01/2027			1,634		1,446,412
State of California Series 2010 7.625%, 03/01/2040			2,040		2,564,257
University of California Series 2021-B 3.071%, 05/15/2051			2,070		1,461,580
Total Local Governments - US Municipal Bonds (cost $6,810,532)					6,472,249
EMERGING MARKETS - CORPORATE BONDS – 0.4%
Industrial – 0.4%
Basic – 0.1%
CSN Resources SA 4.625%, 06/10/2031(c)			293		223,009
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			189		138,936
					361,945
Capital Goods – 0.0%
Embraer Netherlands Finance BV 6.95%, 01/17/2028(c)			323		320,578
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(c)			417		1,666
					322,244
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			645		516,065
Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(c)			730		629,625
Consumer Non-Cyclical – 0.1%
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029(c)			564		523,950
					2,353,829
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(g)			117		113,965
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(c) (d) (k)			410		16,779
Total Emerging Markets - Corporate Bonds (cost $3,616,865)					2,484,573

23

	Principal Amount (000)			U.S. $ Value
AGENCIES – 0.3%
Agency Debentures – 0.3%
Federal Home Loan Banks 2.50%, 02/13/2024		U.S.$	1,465	$	1,438,703
Federal National Mortgage Association 6.25%, 05/15/2029			355		392,403
6.625%, 11/15/2030			260		301,668
Total Agencies (cost $2,215,715)					2,132,774
QUASI-SOVEREIGNS – 0.3%
Quasi-Sovereign Bonds – 0.3%
Hungary – 0.1%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(c)			988		975,274
Indonesia – 0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.45%, 05/21/2028(c)			447		446,207
Mexico – 0.1%
Comision Federal de Electricidad 4.688%, 05/15/2029(c)			478		428,403
Total Quasi-Sovereigns (cost $1,908,611)					1,849,884
	Shares
COMMON STOCKS – 0.1%
Financials – 0.1%
Insurance – 0.1%
Mt Logan Re Ltd. (Special Investment)(j) (l) (m) (cost $783,461)			882		844,074
	Principal Amount (000)
EMERGING MARKETS - SOVEREIGNS – 0.1%
Dominican Republic – 0.1%
Dominican Republic International Bond 4.875%, 09/23/2032(c) (cost $788,000)		U.S.$	788		670,596
GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $694,105)			696		525,668

24

	Principal Amount (000)			U.S. $ Value
SHORT-TERM INVESTMENTS – 7.3%
U.S. Treasury Bills – 6.7%
U.S. Treasury Bill Zero Coupon, 11/02/2023		U.S.$	21,167	$	20,790,728
Zero Coupon, 07/11/2023			2,431		2,428,199
Zero Coupon, 09/05/2023			4,235		4,196,076
Zero Coupon, 08/29/2023			2,887		2,863,047
Zero Coupon, 09/19/2023			15,209		15,037,942
Total U.S. Treasury Bills (cost $45,377,108)					45,315,992
	Shares
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.02%(n) (o) (p) (cost $4,198,895)			4,198,895		4,198,895
Total Short-Term Investments (cost $49,576,003)					49,514,887
Total Investments – 107.2% (cost $788,615,255)(q)					729,199,369
Other assets less liabilities – (7.2)%					(49,079,758	)
Net Assets – 100.0%				$	680,119,611

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		196		September 2023	$	23,213,750	$	(126,814	)
U.S. Long Bond (CBT) Futures		83		September 2023		10,533,219		89,164
U.S. T-Note 5 Yr (CBT) Futures		1,140		September 2023		122,086,875		(1,592,861	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		19		September 2023		19,560,276		(86,308	)
U.S. T-Note 2 Yr (CBT) Futures		125		September 2023		25,417,969		117,214
							$	(1,599,606	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Barclays Bank PLC		EUR	5,813		USD	6,401		07/31/2023	$	50,414
State Street Bank & Trust Co.		JPY	445		USD	3		08/25/2023		111
									$	50,525

25

CENTRALLY CLEARED INTEREST RATE SWAPS

Rate Type

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid/ (Received)

Unrealized Appreciation (Depreciation)

USD

4,950

12/13/2029

1.537%

1 Day SOFR

Annual

��

$

666,916

$

475,032

$

191,884

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at June 30, 2023	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	4	$	(861	)	$	(590	)	$	(271	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	6		(1,230	)		(674	)		(556	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	14		(3,076	)		(1,331	)		(1,745	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	20		(4,306	)		(2,209	)		(2,097	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	24		(5,167	)		(2,985	)		(2,182	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	28		(6,029	)		(3,823	)		(2,206	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	25		(5,413	)		(3,055	)		(2,358	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	25		(5,290	)		(2,856	)		(2,434	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	28		(6,151	)		(3,430	)		(2,721	)

26

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at June 30, 2023	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	28	$	(6,151	)	$	(3,321	)	$	(2,830	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3		(615	)		(327	)		(288	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	143		(30,880	)		(10,655	)		(20,225	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	16		(3,445	)		(2,226	)		(1,219	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	18		(3,814	)		(2,081	)		(1,733	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	26		(5,536	)		(2,761	)		(2,775	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	26		(5,536	)		(2,327	)		(3,209	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	26		(5,536	)		(2,150	)		(3,386	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	153		(32,970	)		(12,122	)		(20,848	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	348		(75,045	)		(36,523	)		(38,522	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	210		(45,396	)		(13,620	)		(31,776	)
									$	(252,447	)	$	(109,066	)	$	(143,381	)

* 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 liquid and may be resold in transactions exempt from registration. At June 30, 2023, the aggregate market value of these securities amounted to $190,069,128 or 27.9% of net assets.

(d) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2023.

27

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

(f) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2023.

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.75% of net assets as of June 30, 2023, 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	$	1,145,276	$	1,110,018	0.16%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026	02/25/2021		1,838,334		1,701,021	0.25%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026	02/25/2021		60,037		54,055	0.01%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035	11/19/2020		1,794,688		1,602,381	0.24%
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.40%, 11/25/2024	11/06/2015		42,761		41,948	0.01%
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 8.528%, 02/27/2023	02/11/2020		221,561		213,654	0.03%
Terraform Global Operating LP 6.125%, 03/01/2026	02/08/2018		117,000		113,965	0.02%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.40%, 11/25/2025	09/28/2015		174,124		163,401	0.02%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 10.65%, 11/25/2025	09/28/2015		42,696		41,100	0.01%

(h) Inverse interest only security.

(i) IO - Interest Only.

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

(k) 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 June 30, 2023.

(l) Fair valued by the Adviser.

(m) Non-income producing security.

(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.

(q) As of June 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,524,744 and gross unrealized depreciation of investments was $(63,441,207), resulting in net unrealized depreciation of $(60,916,463).

Currency Abbreviations:

EUR – Euro

JPY – Japanese Yen

USD – United States Dollar

28

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

29

Sanford C. Bernstein Fund II, Inc.

Intermediate Duration Institutional Portfolio    

June 30, 2023 (unaudited)

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 valued based on their market values). 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 is 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. In addition, non-agency rated investments 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.

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, by pricing vendors, 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.

30

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 value of the 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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2023:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Governments - Treasuries	$	—		$	255,728,988		$	—	$	255,728,988
Corporates - Investment Grade		—			141,749,522			—		141,749,522
Mortgage Pass-Throughs		—			123,104,544			—		123,104,544
Collateralized Mortgage Obligations		—			52,740,103			—		52,740,103
Asset-Backed Securities		—			39,453,057			—		39,453,057
Collateralized Loan Obligations		—			21,216,658			—		21,216,658
Commercial Mortgage-Backed Securities		—			17,479,163			2,865,094		20,344,257
Corporates - Non-Investment Grade		—			10,367,535			—		10,367,535
Local Governments - US Municipal Bonds		—			6,472,249			—		6,472,249
Emerging Markets - Corporate Bonds		—			2,484,573			—		2,484,573
Agencies		—			2,132,774			—		2,132,774
Quasi-Sovereigns		—			1,849,884			—		1,849,884
Common Stocks		—			—			844,074		844,074
Emerging Markets - Sovereigns		—			670,596			—		670,596
Governments - Sovereign Bonds		—			525,668			—		525,668
Short-Term Investments:
U.S. Treasury Bills		—			45,315,992			—		45,315,992
Investment Companies		4,198,895			—			—		4,198,895
Total Investments in Securities		4,198,895			721,291,306			3,709,168		729,199,369
Other Financial Instruments(a):
Assets:
Futures		206,378			—			—		206,378
Forward Currency Exchange Contracts		—			50,525			—		50,525
Centrally Cleared Interest Rate Swaps		—			666,916			—		666,916
Liabilities:
Futures		(1,805,983	)		—			—		(1,805,983	)
Credit Default Swaps		—			(252,447	)		—		(252,447	)
Total	$	2,599,290		$	721,756,300		$	3,709,168	$	728,064,758

^(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, written options and written swaptions which are valued at market value.

31

A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended June 30, 2023 is as follows:

Portfolio	Market Value 09/30/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 06/30/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	7,114	$	169,223	$	172,138	$	4,199	$	199

32