Bernstein Fund NPORT-P International Small Cap Portfolio (Dec 2021 report)

Bernstein Fund, Inc.

Schedule of Investments

International Small Cap Portfolio

December 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.0%
Industrials – 21.1%
Aerospace & Defense – 1.2%
Babcock International Group PLC(a)		1,490,759	$	6,456,362
Saab AB - Class B		477,715		12,133,816
				18,590,178
Air Freight & Logistics – 0.2%
Cia de Distribucion Integral Logista Holdings SA		163,030		3,253,349
Building Products – 1.2%
Fletcher Building Ltd.		1,589,740		7,966,170
Inwido AB		189,980		3,927,689
Uponor Oyj		145,199		3,439,486
Zehnder Group AG		32,540		3,311,615
				18,644,960
Commercial Services & Supplies – 1.9%
Altech Corp.		156,500		2,587,701
Biffa PLC(b)		2,058,628		9,989,444
Clipper Logistics PLC		295,100		2,899,881
Downer EDI Ltd.		2,221,969		9,651,980
Intrum AB		65,970		1,699,841
Sthree PLC		413,920		2,599,613
				29,428,460
Construction & Engineering – 1.0%
Balfour Beatty PLC		2,384,557		8,494,139
Morgan Sindall Group PLC		103,857		3,564,700
Veidekke ASA		221,460		3,329,488
				15,388,327
Electrical Equipment – 2.6%
Fuji Electric Co., Ltd.		265,700		14,514,682
Luceco PLC(b)		627,010		2,957,682
Nexans SA		118,339		11,571,080
TKH Group NV		161,874		10,216,700
				39,260,144
Industrial Conglomerates – 0.1%
Chargeurs SA		45,740		1,355,884
Machinery – 5.6%
Amada Co., Ltd.		1,294,300		12,815,995
ANDRITZ AG		65,430		3,365,263
ATS Automation Tooling Systems, Inc.(a)		520,078		20,655,930
Cargotec Oyj		63,270		3,157,567
Deutz AG(a)		987,053		7,361,991
Duerr AG		217,808		9,898,748
FLSmidth & Co., A/S		179,505		6,710,274
IMI PLC		169,590		3,999,607
JOST Werke AG(b)		18,480		1,041,454
Manitou BF SA		67,280		2,110,282
Morgan Advanced Materials PLC		611,030		2,965,009
Semperit AG Holding		88,680		2,958,191
Turk Traktor ve Ziraat Makineleri AS		122,400		2,081,756
Valmet Oyj		98,710		4,232,253

1

Company	Shares		U.S. $ Value
YAMABIKO Corp.		288,300	$	3,126,164
				86,480,484
Professional Services – 3.2%
Benefit One, Inc.		77,300		3,321,158
Brunel International NV		62,090		792,718
Danel Adir Yeoshua Ltd.		15,840		3,580,591
NICE Information Service Co., Ltd.		112,524		1,701,417
Outsourcing, Inc.		637,100		8,596,350
Renrui Human Resources Technology Holdings Ltd.(a)		865,200		899,805
RWS Holdings PLC		1,173,425		10,323,881
Teleperformance		21,646		9,677,407
UT Group Co., Ltd.		272,800		10,245,704
				49,139,031
Road & Rail – 0.9%
Redde Northgate PLC		481,110		2,842,516
Sankyu, Inc.		199,200		8,266,015
Senko Group Holdings Co., Ltd.		327,000		2,633,928
				13,742,459
Trading Companies & Distributors – 2.5%
AerCap Holdings NV(a)		209,837		13,727,537
Barloworld Ltd.		395,550		3,732,592
Bufab AB		80,520		3,972,094
Daiichi Jitsugyo Co., Ltd.		62,700		2,700,410
Howden Joinery Group PLC		318,370		3,899,655
Inaba Denki Sangyo Co., Ltd.		143,100		3,362,067
Russel Metals, Inc.		128,507		3,416,491
Yuasa Trading Co., Ltd.		119,300		3,092,091
				37,902,937
Transportation Infrastructure – 0.7%
Grupo Aeroportuario del Centro Norte SAB de CV		1,175,805		7,901,676
Sumitomo Warehouse Co., Ltd. (The)		205,600		3,476,388
				11,378,064
				324,564,277
Information Technology – 15.3%
Communications Equipment – 1.1%
ADVA Optical Networking SE(a)		216,370		3,460,106
Sterlite Technologies Ltd.		2,979,221		11,454,154
VTech Holdings Ltd.		294,500		2,305,753
				17,220,013
Electronic Equipment, Instruments & Components – 2.9%
Anritsu Corp.		209,600		3,237,057
E Ink Holdings, Inc.		4,262,000		23,209,451
Horiba Ltd.		141,000		8,291,340
Kaga Electronics Co., Ltd.		99,600		2,830,935
Simplo Technology Co., Ltd.		7,000		83,026
SOLUM Co., Ltd.(a)		245,649		4,630,157
Test Research, Inc.		1,180,000		2,494,015
				44,775,981

2

Company	Shares		U.S. $ Value
IT Services – 2.9%
Atea ASA(a)		183,131	$	3,407,783
Computacenter PLC		92,033		3,655,691
NEC Networks & System Integration Corp.		732,700		11,492,503
Nihon Unisys Ltd.		375,339		10,533,342
NSD Co., Ltd.		61,100		1,109,866
Softcat PLC		81,653		1,993,806
Sonata Software Ltd.		257,650		3,011,753
TietoEVRY Oyj		293,122		9,156,409
				44,361,153
Semiconductors & Semiconductor Equipment – 6.7%
ASM International NV		39,642		17,498,669
ASPEED Technology, Inc.		40,000		5,157,752
BE Semiconductor Industries NV		23,343		1,984,450
Elan Microelectronics Corp.		489,000		2,997,734
FocalTech Systems Co., Ltd.		244,000		1,506,361
Himax Technologies, Inc. (ADR)		632,313		10,110,685
King Yuan Electronics Co., Ltd.		6,096,000		9,845,793
LX Semicon Co., Ltd.		32,210		4,522,637
Machvision, Inc.		88,722		893,045
Melexis NV		25,340		3,019,433
Optorun Co., Ltd.		237,800		4,907,291
Pixart Imaging, Inc.		323,000		1,771,891
Rorze Corp.		95,700		10,306,682
Sanken Electric Co., Ltd.		122,100		6,693,158
SCREEN Holdings Co., Ltd.		136,100		14,624,363
Sino-American Silicon Products, Inc.		536,000		4,565,080
Sitronix Technology Corp.		170,000		1,959,061
				102,364,085
Software – 0.7%
Fortnox AB		44,240		2,864,080
Hansen Technologies Ltd.		250,740		975,910
Hilan Ltd.		60,070		4,017,394
Magic Software Enterprises Ltd.		154,516		3,277,827
				11,135,211
Technology Hardware, Storage & Peripherals – 1.0%
Asia Vital Components Co., Ltd.		2,412,000		7,664,134
Aten International Co., Ltd.		695,000		2,051,668
Gigabyte Technology Co., Ltd.		575,000		3,226,396
Konica Minolta, Inc.		647,600		2,954,996
				15,897,194
				235,753,637
Consumer Discretionary – 13.2%
Auto Components – 2.3%
Faurecia SE		203,483		9,680,908
Mahle-Metal Leve SA		427,600		2,353,361
Nexteer Automotive Group Ltd.		6,579,000		8,167,551
Toyo Tire Corp.		700,794		10,940,388
Tube Investments of India Ltd.		161,055		3,775,822
				34,918,030

3

Company	Shares		U.S. $ Value
Automobiles – 0.5%
Piaggio & C SpA		2,067,572	$	6,764,076
Diversified Consumer Services – 0.6%
Benesse Holdings, Inc.		484,200		9,508,359
Hotels, Restaurants & Leisure – 2.9%
Entain PLC(a)		683,906		15,631,815
Food & Life Cos., Ltd.		191,180		7,218,702
Jollibee Foods Corp.		2,021,510		8,578,806
Jumbo Interactive Ltd.		261,940		3,669,992
LeoVegas AB(b)		255,040		986,119
MTY Food Group, Inc.		35,560		1,778,914
Tongcheng Travel Holdings Ltd.(a)		3,967,200		7,353,972
				45,218,320
Household Durables – 0.7%
Redrow PLC		960,293		9,164,823
Vistry Group PLC		119,020		1,903,897
				11,068,720
Leisure Products – 0.9%
BRP, Inc.		113,381		9,931,313
MIPS AB(b)		31,734		4,152,292
				14,083,605
Multiline Retail – 0.3%
Europris ASA(b)		519,394		4,148,591
Specialty Retail – 1.8%
AutoCanada, Inc.(a)		55,740		1,881,575
Bermaz Auto Bhd		8,675,100		3,290,124
Com7 PCL		1,582,200		3,872,021
Delek Automotive Systems Ltd.		213,820		3,027,190
EDION Corp.		241,700		2,256,436
Geo Holdings Corp.		278,200		2,998,190
Kohnan Shoji Co., Ltd.		78,000		2,295,271
Mobilezone Holding AG		117,534		1,753,011
Motus Holdings Ltd.		151,680		1,047,910
Nick Scali Ltd.		297,670		3,324,347
Sleep Country Canada Holdings, Inc.(b)		84,450		2,505,560
				28,251,635
Textiles, Apparel & Luxury Goods – 3.2%
Asics Corp.		584,900		12,966,930
China Lilang Ltd.		1,960,000		1,096,018
Delta Galil Industries Ltd.		36,520		2,510,859
Handsome Co., Ltd.		79,746		2,385,140
HUGO BOSS AG		226,274		13,697,265
JNBY Design Ltd.(b)		1,244,500		1,979,058
New Wave Group AB		191,450		3,555,179
Pandora A/S		91,401		11,369,450
				49,559,899
				203,521,235

4

Company	Shares		U.S. $ Value
Financials – 10.1%
Banks – 3.3%
Aozora Bank Ltd.		71,700	$	1,568,092
Bank of Ireland Group PLC(a)		2,459,555		13,929,599
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		30,387,500		2,846,330
Bank Pembangunan Daerah Jawa Timur Tbk PT		59,838,000		3,150,025
BAWAG Group AG(a) (b)		169,348		10,386,326
BNK Financial Group, Inc.		456,810		3,222,951
Canadian Western Bank		111,360		3,195,674
Close Brothers Group PLC		161,130		3,073,204
National Bank of Greece SA(a)		1,072,000		3,576,515
Seven Bank Ltd.		688,400		1,423,116
SpareBank 1 SMN		208,002		3,510,832
				49,882,664
Capital Markets – 3.9%
Altshuler Shaham Provident Funds & Pension Ltd.		236,470		1,275,633
Azimut Holding SpA		503,054		14,063,502
Banca Generali SpA		77,990		3,421,172
CI Financial Corp.		169,950		3,552,297
IG Group Holdings PLC		1,125,221		12,437,439
Intermediate Capital Group PLC		545,490		16,245,085
Man Group PLC/Jersey		965,056		2,970,416
Pinnacle Investment Management Group Ltd.		273,991		3,110,268
Polar Capital Holdings PLC		290,960		3,123,063
				60,198,875
Consumer Finance – 1.4%
Credit Corp., Group Ltd.		139,250		3,394,471
FinVolution Group (ADR)		101,670		501,233
Jaccs Co., Ltd.		124,300		3,202,080
Manappuram Finance Ltd.		2,819,562		6,230,869
Shriram Transport Finance Co., Ltd.		356,950		5,805,334
Sun Hung Kai & Co., Ltd.		4,423,000		2,360,359
				21,494,346
Diversified Financial Services – 0.2%
Svolder AB		84,830		3,434,840
Insurance – 1.3%
Anadolu Anonim Turk Sigorta Sirketi		3,937,700		1,955,604
Beazley PLC(a)		1,739,387		10,998,938
Coface SA		268,840		3,830,650
Protector Forsikring ASA		287,390		3,525,907
				20,311,099
				155,321,824
Materials – 9.6%
Chemicals – 3.2%
Chambal Fertilizers and Chemicals Ltd.		667,359		3,523,051
China General Plastics Corp.		1,566,224		1,962,506
Dongjin Semichem Co., Ltd.		82,850		3,550,453
Dongyue Group Ltd.		1,639,000		2,560,243
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		1,909,481		11,254,404
Hansol Chemical Co., Ltd.		31,054		7,977,226

5

Company	Shares		U.S. $ Value
Nantex Industry Co., Ltd.		659,597	$	2,027,993
Synthomer PLC		509,740		2,752,343
Tosoh Corp.		531,100		7,890,293
Zeon Corp.		562,200		6,498,299
				49,996,811
Construction Materials – 0.4%
JK Lakshmi Cement Ltd.		338,838		2,625,049
STO SE & Co., KGaA (Preference Shares)		13,040		3,280,974
				5,906,023
Containers & Packaging – 0.8%
Huhtamaki Oyj		81,980		3,626,057
Orora Ltd.		3,367,829		8,595,340
				12,221,397
Metals & Mining – 4.2%
APERAM SA		192,026		10,452,749
APL Apollo Tubes Ltd.(a)		173,946		2,327,003
Central Asia Metals PLC		710,192		2,489,716
Inner Mongolia ERDOS Resources Co. Ltd.		237,500		879,071
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS(a)		3,685,940		2,568,929
Labrador Iron Ore Royalty Corp.		114,054		3,383,886
Lundin Mining Corp.		1,010,895		7,895,682
Mineral Resources Ltd.		130,723		5,339,480
Mitsui Mining & Smelting Co., Ltd.		112,700		3,070,940
Northern Star Resources Ltd.		1,094,780		7,529,183
OZ Minerals Ltd.		822,809		16,963,240
Perenti Global Ltd.		2,519,334		1,694,492
				64,594,371
Paper & Forest Products – 1.0%
Century Plyboards India Ltd.		353,282		2,837,411
Interfor Corp.		380,653		12,190,405
				15,027,816
				147,746,418
Health Care – 7.3%
Biotechnology – 1.0%
BioGaia AB - Class B		42,547		2,435,582
Clinuvel Pharmaceuticals Ltd.		111,240		2,198,156
Hugel, Inc.		80,047		10,327,741
				14,961,479
Health Care Equipment & Supplies – 3.3%
Coltene Holding AG(a)		18,670		2,303,016
ConvaTec Group PLC(b)		3,117,826		8,144,642
Getinge AB - Class B		438,532		19,112,172
Inmode Ltd.(a)		41,280		2,913,542
LivaNova PLC(a)		141,046		12,331,652
Osstem Implant Co., Ltd.		35,110		4,204,165
Riverstone Holdings Ltd.		3,330,500		1,732,891
				50,742,080

6

Company	Shares		U.S. $ Value
Health Care Providers & Services – 1.1%
BML, Inc.		256,800	$	7,984,927
Dr. Lal PathLabs Ltd.(b)		49,328		2,524,496
Healius Ltd.		956,480		3,664,505
Odontoprev SA		1,312,300		2,963,894
				17,137,822
Life Sciences Tools & Services – 0.3%
Biotage AB		51,340		1,485,685
Chemometec A/S		25,490		3,227,752
				4,713,437
Pharmaceuticals – 1.6%
Chong Kun Dang Pharmaceutical Corp.		17,528		1,634,196
Faes Farma SA		490,925		1,947,440
Huons Co., Ltd.		37,076		1,484,923
Hypera SA		983,000		4,976,340
JB Chemicals & Pharmaceuticals Ltd.		143,774		3,426,662
Mega Lifesciences PCL		2,201,900		3,328,722
Samjin Pharmaceutical Co., Ltd.		58,851		1,301,003
Sanofi India Ltd.		30,443		3,244,790
Virbac SA		7,690		3,713,339
				25,057,415
				112,612,233
Communication Services – 6.6%
Diversified Telecommunication Services – 0.2%
Telecom Egypt Co.		3,147,480		3,359,141
Entertainment – 3.1%
Capcom Co., Ltd.		468,200		11,026,736
GungHo Online Entertainment, Inc.		456,700		10,266,578
International Games System Co., Ltd.		411,000		11,758,991
Soft-World International Corp.		502,000		1,786,825
Toei Animation Co., Ltd.		135,558		13,487,526
				48,326,656
Interactive Media & Services – 0.9%
Addcn Technology Co., Ltd.		118,000		1,136,762
Dip Corp.		350,000		11,914,576
				13,051,338
Media – 2.4%
Cogeco Communications, Inc.		123,311		9,819,453
Corus Entertainment, Inc. - Class B		616,350		2,319,322
Criteo SA (Sponsored ADR)(a)		227,053		8,825,550
IPSOS		80,830		3,786,394
ITV PLC(a)		2,328,400		3,501,018
Metropole Television SA		145,740		2,851,861
Reach PLC		185,910		710,879
Rightmove PLC		429,180		4,631,190
				36,445,667
				101,182,802

7

Company	Shares		U.S. $ Value
Real Estate – 6.1%
Equity Real Estate Investment Trusts (REITs) – 2.4%
AEON REIT Investment Corp.		2,016	$	2,824,300
Charter Hall Retail REIT		2,996,306		9,288,634
Cominar Real Estate Investment Trust		323,930		2,993,590
H&R Real Estate Investment Trust		170,620		2,191,846
Immobiliare Grande Distribuzione SIIQ SpA(a)		592,556		2,598,049
Kenedix Residential Next Investment Corp.		1,128		2,180,022
Killam Apartment Real Estate Investment Trust		544,780		10,159,580
Merlin Properties Socimi SA		246,690		2,672,747
Sasseur Real Estate Investment Trust(b)		4,176,300		2,616,311
				37,525,079
Real Estate Management & Development – 3.7%
CA Immobilien Anlagen AG		349,345		13,036,258
Dongwon Development Co., Ltd.		352,289		1,579,979
Farglory Land Development Co., Ltd.		3,555,000		7,936,123
Grand City Properties SA		414,063		9,835,060
IWG PLC(a)		1,984,102		7,819,838
Kerry Properties Ltd.		940,000		2,448,099
KWG Living Group Holdings Ltd.(b)		11,131,000		4,577,112
Midea Real Estate Holding Ltd.(b)		1,997,000		3,108,419
Sirius Real Estate Ltd.		2,107,730		4,034,026
Times China Holdings Ltd.		4,599,000		2,224,618
				56,599,532
				94,124,611
Consumer Staples – 4.1%
Beverages – 0.8%
Royal Unibrew A/S		106,526		11,982,349
Food & Staples Retailing – 0.5%
Arcs Co., Ltd.		149,500		2,776,488
Axfood AB		117,318		3,377,364
Sonae SGPS SA		1,388,140		1,585,024
				7,738,876
Food Products – 1.8%
Austevoll Seafood ASA		664,744		8,002,966
Hokuto Corp.		139,700		2,318,285
Marfrig Global Foods SA		727,600		2,882,968
Uni-President China Holdings Ltd.		10,169,000		9,857,311
Zhou Hei Ya International Holdings Co., Ltd.(a) (b)		7,344,800		5,542,405
				28,603,935
Personal Products – 1.0%
Cosmax, Inc.(a)		62,838		4,608,870
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		58,674,140		3,560,998
TCI Co., Ltd.		990,000		7,464,976
				15,634,844
				��    63,960,004
Utilities – 2.5%
Electric Utilities – 1.1%
Enea SA(a)		1,274,450		2,694,777

8

Company	Shares		U.S. $ Value
Enerjisa Enerji AS(b)		2,774,120	$	2,700,935
Fjordkraft Holding ASA(b)		974,746		5,264,685
Genesis Energy Ltd.		3,115,707		6,103,091
				16,763,488
Independent Power and Renewable Electricity Producers – 0.8%
Capital Power Corp.		420,077		13,104,264
Multi-Utilities – 0.4%
A2A SpA		1,699,740		3,312,154
Hera SpA		700,239		2,910,448
				6,222,602
Water Utilities – 0.2%
Cia de Saneamento de Minas Gerais-COPASA		1,179,200		2,686,602
				38,776,956
Energy – 1.1%
Energy Equipment & Services – 0.1%
Subsea 7 SA		201,465		1,441,170
Oil, Gas & Consumable Fuels – 1.0%
Beach Energy Ltd.		9,280,335		8,520,475
Itochu Enex Co., Ltd.		362,300		3,138,305
Serica Energy PLC		1,022,000		3,333,821
				14,992,601
				16,433,771
Total Common Stocks (cost $1,212,628,684)				1,493,997,768
INVESTMENT COMPANIES – 1.2%
Funds and Investment Trusts – 1.2%
iShares MSCI EAFE Small-Cap ETF(c) (cost $17,011,742)		242,000		17,687,780
RIGHTS – 0.0%
Health Care – 0.0%
Pharmaceuticals – 0.0%
Faes Farma SA, expiring 12/30/2021(a) (cost $94,765)		490,925		101,723
SHORT-TERM INVESTMENTS – 1.0%
Investment Companies – 1.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $15,381,185)		15,381,185		15,381,185
Total Investments – 99.2% (cost $1,245,116,376)(f)				1,527,168,456
Other assets less liabilities – 0.8%				13,059,407
Net Assets – 100.0%			$	1,540,227,863

9

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	16,950		GBP	12,737		01/14/2022	$	289,971
Bank of America, NA		JPY	603,871		USD	5,362		02/09/2022		110,581
Bank of America, NA		USD	29,140		JPY	3,298,751		02/09/2022		(454,821	)
Bank of America, NA		CAD	6,797		USD	5,327		02/10/2022		(46,381	)
Barclays Bank PLC		USD	3,935		RUB	294,047		03/02/2022		(45,068	)
BNP Paribas SA		KRW	5,461,540		USD	4,613		01/20/2022		22,717
Citibank, NA		JPY	3,904,491		USD	34,300		02/09/2022		348,344
Citibank, NA		EUR	10,040		USD	11,332		02/10/2022		(107,086	)
Citibank, NA		USD	5,879		EUR	5,198		02/10/2022		43,190
Deutsche Bank AG		EUR	43,857		USD	50,704		02/10/2022		736,065
Deutsche Bank AG		USD	10,518		ILS	32,967		03/03/2022		89,757
Goldman Sachs Bank USA		USD	41,100		CHF	37,709		01/13/2022		292,962
Goldman Sachs Bank USA		SEK	44,591		USD	4,870		01/20/2022		(65,422	)
Goldman Sachs Bank USA		USD	8,278		MYR	35,142		06/16/2022		106,021
HSBC Bank USA		TRY	49,719		USD	3,720		01/06/2022		(31,016	)
HSBC Bank USA		USD	14,714		INR	1,103,332		01/07/2022		110,149
HSBC Bank USA		TWD	149,588		USD	5,387		01/20/2022		(15,205	)
HSBC Bank USA		USD	11,004		KRW	13,083,750		01/20/2022		(6,763	)
HSBC Bank USA		PHP	301,351		USD	5,946		01/27/2022		84,889
JPMorgan Chase Bank, NA		NOK	200,936		USD	23,475		01/20/2022		665,059
JPMorgan Chase Bank, NA		USD	3,906		NOK	32,640		01/20/2022		(201,034	)
Morgan Stanley Capital Services, Inc.		MXN	84,320		USD	3,928		01/13/2022		(184,056	)
Morgan Stanley Capital Services, Inc.		NOK	55,832		USD	6,230		01/20/2022		(107,939	)
Morgan Stanley Capital Services, Inc.		NZD	14,196		USD	9,865		01/20/2022		144,077
Morgan Stanley Capital Services, Inc.		TWD	116,733		USD	4,218		01/20/2022		2,656
Morgan Stanley Capital Services, Inc.		USD	3,872		NOK	35,300		01/20/2022		134,800
Morgan Stanley Capital Services, Inc.		USD	4,851		NZD	6,780		01/20/2022		(208,181	)
Morgan Stanley Capital Services, Inc.		USD	8,447		ZAR	134,496		01/25/2022		(32,234	)
Morgan Stanley Capital Services, Inc.		USD	18,931		AUD	25,606		02/08/2022		(299,590	)
Morgan Stanley Capital Services, Inc.		JPY	1,326,968		USD	11,677		02/09/2022		138,000
Morgan Stanley Capital Services, Inc.		USD	6,471		JPY	742,109		02/09/2022		(18,316	)
Morgan Stanley Capital Services, Inc.		USD	5,400		CAD	6,797		02/10/2022		(26,960	)
Natwest Markets PLC		USD	4,129		MXN	84,320		01/13/2022		(17,359	)
Natwest Markets PLC		USD	13,505		NOK	115,154		01/20/2022		(432,956	)
Standard Chartered Bank		TWD	258,947		USD	9,364		01/20/2022		12,857
State Street Bank & Trust Co.		USD	3,686		INR	278,511		01/07/2022		55,570
State Street Bank & Trust Co.		CHF	4,670		USD	5,084		01/13/2022		(42,177	)
State Street Bank & Trust Co.		AUD	7,251		USD	5,381		02/08/2022		105,348
UBS AG		GBP	11,266		USD	15,285		01/14/2022		36,030
UBS AG		USD	15,817		SGD	21,313		01/14/2022		(2,501	)
UBS AG		USD	17,492		SEK	152,626		01/20/2022		(599,118	)
UBS AG		EUR	3,534		USD	4,063		02/10/2022		36,567
									$	621,427

10

(a) Non-income producing security.

(b) 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 December 31, 2021, the aggregate market value of these securities amounted to $72,625,531 or 4.7% of net assets.

(c) 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.

(d) Affiliated investments.

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

(f) As of December 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $368,912,395 and gross unrealized depreciation of investments was $(86,238,888), resulting in net unrealized appreciation of $282,673,507.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PHP – Philippine Peso

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

EAFE – Europe, Australia, and Far East

ETF – Exchange Traded Fund

MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

December 31, 2021 (unaudited)

19.3%	Japan
11.0%	United Kingdom
7.3%	Australia
6.1%	Taiwan
5.8%	Canada
4.1%	China
4.1%	Germany
3.8%	Sweden
3.5%	South Korea
3.4%	Norway
3.2%	France
2.8%	India
2.2%	Austria
22.4%	Other
1.0%	Short-Term
100.0%	Total Investments

1 All data are as of December 31, 2021. The Fund’s country 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). “Other” country weightings represent 2.2% or less in the following: Austria, Belgium, Brazil, Chile, Egypt, Finland, Greece, Hong- Kong, Indonesia, Ireland, Israel, Italy, Luxemberg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Singapore, South Africa, Spain, Switzerland, Thailand and Turkey.

11

Bernstein Fund, Inc.

International Small Cap Portfolio

December 31, 2021 (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.

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.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks:
Industrials	$	93,451,667	$	231,112,610	$	—	$	324,564,277
Information Technology		17,274,324		218,479,313		—		235,753,637
Consumer Discretionary		37,872,786		165,648,449		—		203,521,235
Financials		18,144,617		137,177,207		—		155,321,824
Materials		32,688,663		115,057,755		—		147,746,418
Health Care		17,548,210		95,064,023		—		112,612,233
Communication Services		21,675,204		79,507,598		—		101,182,802
Real Estate		19,379,042		74,745,569		—		94,124,611

12

Investments in Securities:	Level 1		Level 2			Level 3		Total
Consumer Staples	$	6,443,966	$	57,516,038		$	—	$	63,960,004
Utilities		21,908,290		16,868,666			—		38,776,956
Energy		3,333,821		13,099,950			—		16,433,771
Investment Companies		17,687,780		—			—		17,687,780
Rights		101,723		—			—		101,723
Short-Term Investments		15,381,185		—			—		15,381,185
Total Investments in Securities		322,891,278		1,204,277,178	(a)		—		1,527,168,456
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		3,565,610			—		3,565,610
Liabilities:
Forward Currency Exchange Contracts		—		(2,944,183	)		—		(2,944,183	)
Total	$	322,891,278	$	1,204,898,605		$	—	$	1,527,789,883

^(a)  A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

^(b)  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.

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended December 31, 2021 is as follows:

Fund	Market Value 09/30/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	17,728	$	76,518	$	78,865	$	15,381	$	0	*

* Amount less than $500.

13