0000832808alliancebernstein:C000030493Memberalliancebernstein:MediaTekIncMinusFR637248907CTIMember2024-09-30
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: 811-05555
SANFORD C. BERNSTEIN FUND, INC.
(Exact name of registrant as specified in charter)
66 Hudson Boulevard East, New York, New York 10005
(Address of principal executive offices) (Zip code)
Stephen M. Woetzel
AllianceBernstein L.P.
66 Hudson Boulevard East
New York, New York 10005
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 221-5672
Date of fiscal year end: September 30, 2024
Date of reporting period: September 30, 2024
ITEM 1. REPORTS TO STOCKHOLDERS.
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Fund Information
California Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the California Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AICYX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Advisor Class | $52 | 0.50% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed to performance, relative to the benchmark. In particular, security selection within multi-family housing bonds was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Advisor Class | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 07/16 | $10,000 | $10,000 | $10,000 |
| 09/16 | $9,991 | $9,987 | $9,989 |
| 09/17 | $10,019 | $10,074 | $10,089 |
| 09/18 | $10,011 | $10,109 | $10,070 |
| 09/19 | $10,570 | $10,974 | $10,716 |
| 09/20 | $10,849 | $11,423 | $11,156 |
| 09/21 | $11,098 | $11,723 | $11,304 |
| 09/22 | $10,274 | $10,375 | $10,451 |
| 09/23 | $10,611 | $10,651 | $10,690 |
| 09/24 | $11,488 | $11,756 | $11,484 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 07/25/16 |
|---|
| Advisor Class | 8.19% | 1.67% | 1.71% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 1.99% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.70% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/AICYX-A for the most recent performance information.
| Net Assets | $1,030,808,218 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $4,269,717 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 7.8% |
| AA | 37.4% |
| A | 22.8% |
| BBB | 8.3% |
| BB | 3.4% |
| B | 0.3% |
| A-1+ | 5.1% |
| A-1 | 0.4% |
| SP-1+ | 3.9% |
| Pre-refunded | 2.8% |
| Not Rated | 7.8% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| California | 91.2% |
| Guam | 2.4% |
| New Jersey | 1.5% |
| Puerto Rico | 0.9% |
| Illinois | 0.8% |
| Kentucky | 0.5% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Michigan | 0.2% |
| Ohio | 0.1% |
| Pennsylvania | 0.1% |
| Washington | 0.1% |
| Other | 1.0% |
| Other assets less liabilities | 0.7% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AICYX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AICYX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
California Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the California Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/SNCAX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Municipal Class | $59 | 0.57% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed to performance, relative to the benchmark. In particular, security selection within multi-family housing bonds was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Municipal Class | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $10,161 | $10,316 | $10,222 |
| 09/16 | $10,513 | $10,892 | $10,569 |
| 09/17 | $10,537 | $10,987 | $10,675 |
| 09/18 | $10,523 | $11,025 | $10,655 |
| 09/19 | $11,101 | $11,968 | $11,339 |
| 09/20 | $11,388 | $12,458 | $11,804 |
| 09/21 | $11,641 | $12,785 | $11,961 |
| 09/22 | $10,773 | $11,315 | $11,058 |
| 09/23 | $11,120 | $11,616 | $11,311 |
| 09/24 | $12,023 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Municipal Class | 8.12% | 1.61% | 1.86% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/SNCAX-A for the most recent performance information.
| Net Assets | $1,030,808,218 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $4,269,717 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 7.8% |
| AA | 37.4% |
| A | 22.8% |
| BBB | 8.3% |
| BB | 3.4% |
| B | 0.3% |
| A-1+ | 5.1% |
| A-1 | 0.4% |
| SP-1+ | 3.9% |
| Pre-refunded | 2.8% |
| Not Rated | 7.8% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| California | 91.2% |
| Guam | 2.4% |
| New Jersey | 1.5% |
| Puerto Rico | 0.9% |
| Illinois | 0.8% |
| Kentucky | 0.5% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Michigan | 0.2% |
| Ohio | 0.1% |
| Pennsylvania | 0.1% |
| Washington | 0.1% |
| Other | 1.0% |
| Other assets less liabilities | 0.7% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/SNCAX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/SNCAX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
California Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the California Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AICAX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $78 | 0.75% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed to performance, relative to the benchmark. In particular, security selection within multi-family housing bonds was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class A (with sales charges) | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $9,699 | $10,000 | $10,000 |
| 09/15 | $9,830 | $10,316 | $10,222 |
| 09/16 | $10,150 | $10,892 | $10,569 |
| 09/17 | $10,152 | $10,987 | $10,675 |
| 09/18 | $10,119 | $11,025 | $10,655 |
| 09/19 | $10,657 | $11,968 | $11,339 |
| 09/20 | $10,911 | $12,458 | $11,804 |
| 09/21 | $11,133 | $12,785 | $11,961 |
| 09/22 | $10,281 | $11,315 | $11,058 |
| 09/23 | $10,591 | $11,616 | $11,311 |
| 09/24 | $11,438 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class A (without sales charges) | 7.91% | 1.42% | 1.66% |
| Class A (with sales charges) | 4.70% | 0.80% | 1.35% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/AICAX-A for the most recent performance information.
| Net Assets | $1,030,808,218 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $4,269,717 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 7.8% |
| AA | 37.4% |
| A | 22.8% |
| BBB | 8.3% |
| BB | 3.4% |
| B | 0.3% |
| A-1+ | 5.1% |
| A-1 | 0.4% |
| SP-1+ | 3.9% |
| Pre-refunded | 2.8% |
| Not Rated | 7.8% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| California | 91.2% |
| Guam | 2.4% |
| New Jersey | 1.5% |
| Puerto Rico | 0.9% |
| Illinois | 0.8% |
| Kentucky | 0.5% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Michigan | 0.2% |
| Ohio | 0.1% |
| Pennsylvania | 0.1% |
| Washington | 0.1% |
| Other | 1.0% |
| Other assets less liabilities | 0.7% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AICAX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AICAX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
California Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the California Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ACMCX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $155 | 1.50% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed to performance, relative to the benchmark. In particular, security selection within multi-family housing bonds was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class C | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $10,063 | $10,316 | $10,222 |
| 09/16 | $10,314 | $10,892 | $10,569 |
| 09/17 | $10,239 | $10,987 | $10,675 |
| 09/18 | $10,121 | $11,025 | $10,655 |
| 09/19 | $10,587 | $11,968 | $11,339 |
| 09/20 | $10,759 | $12,458 | $11,804 |
| 09/21 | $10,888 | $12,785 | $11,961 |
| 09/22 | $9,986 | $11,315 | $11,058 |
| 09/23 | $10,211 | $11,616 | $11,311 |
| 09/24 | $10,942 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class C | 7.11% | 0.66% | 0.90% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/ACMCX-A for the most recent performance information.
| Net Assets | $1,030,808,218 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $4,269,717 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 7.8% |
| AA | 37.4% |
| A | 22.8% |
| BBB | 8.3% |
| BB | 3.4% |
| B | 0.3% |
| A-1+ | 5.1% |
| A-1 | 0.4% |
| SP-1+ | 3.9% |
| Pre-refunded | 2.8% |
| Not Rated | 7.8% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| California | 91.2% |
| Guam | 2.4% |
| New Jersey | 1.5% |
| Puerto Rico | 0.9% |
| Illinois | 0.8% |
| Kentucky | 0.5% |
| Wisconsin | 0.3% |
| Georgia | 0.2% |
| Michigan | 0.2% |
| Ohio | 0.1% |
| Pennsylvania | 0.1% |
| Washington | 0.1% |
| Other | 1.0% |
| Other assets less liabilities | 0.7% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ACMCX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/ACMCX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SAOOX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $113 | 0.97% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Overlay A underperformed the S&P 500 index (the "benchmark") but outperformed the composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the "Fed") response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives such as credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes, which added to performance, while purchased options detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 1 | S&P 500 Index | 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $9,714 | $9,939 | $9,466 |
| 09/16 | $9,990 | $11,472 | $10,649 |
| 09/17 | $11,393 | $13,607 | $12,205 |
| 09/18 | $11,987 | $16,044 | $13,375 |
| 09/19 | $11,812 | $16,727 | $13,682 |
| 09/20 | $11,759 | $19,260 | $14,719 |
| 09/21 | $14,835 | $25,040 | $18,296 |
| 09/22 | $11,695 | $21,165 | $15,147 |
| 09/23 | $11,781 | $25,741 | $17,689 |
| 09/24 | $15,563 | $35,098 | $22,183 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 1 | 32.10% | 5.67% | 4.52% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg | 25.40% | 10.15% | 8.29% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SAOOX-A for the most recent performance information.
| Net Assets | $507,611,176 |
| # of Portfolio Holdings | 252 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $3,505,124 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 60.7% |
| Developed International | 17.2% |
| Emerging Markets | 13.6% |
| Real Assets | 6.6% |
| Global Bond | |
| US | 41.3% |
| Developed International | 13.4% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SAOOX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SAOOX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
SCBII-1947-OA-1-0153-0924
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SAOTX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 2 | $89 | 0.77% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Overlay A underperformed the S&P 500 index (the "benchmark") but outperformed the composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the "Fed") response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives such as credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes, which added to performance, while purchased options detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 2 | S&P 500 Index | 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $9,722 | $9,939 | $9,466 |
| 09/16 | $10,027 | $11,472 | $10,649 |
| 09/17 | $11,462 | $13,607 | $12,205 |
| 09/18 | $12,077 | $16,044 | $13,375 |
| 09/19 | $11,929 | $16,727 | $13,682 |
| 09/20 | $11,899 | $19,260 | $14,719 |
| 09/21 | $15,034 | $25,040 | $18,296 |
| 09/22 | $11,873 | $21,165 | $15,147 |
| 09/23 | $11,989 | $25,741 | $17,689 |
| 09/24 | $15,870 | $35,098 | $22,183 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 2 | 32.38% | 5.88% | 4.73% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg | 25.40% | 10.15% | 8.29% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SAOTX-A for the most recent performance information.
| Net Assets | $507,611,176 |
| # of Portfolio Holdings | 252 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $3,505,124 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 60.7% |
| Developed International | 17.2% |
| Emerging Markets | 13.6% |
| Real Assets | 6.6% |
| Global Bond | |
| US | 41.3% |
| Developed International | 13.4% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SAOTX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SAOTX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
SCBII-1947-OA-2-0153-0924
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SBOOX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $94 | 0.86% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Overlay B outperformed the Bloomberg Global Aggregate Bond Index (the “benchmark”) and their current composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the “Fed”) response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives in the form of inflation swaps, futures and total return swaps for hedging and investment purposes, which added to overall performance, while interest rate swaps, credit default swaps, currency forwards and purchased options detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 1 | Bloomberg Global Aggregate Bond Index (USD hedged) | Blended Benchmark: 16.9% Russell 3000/9.8% MSCI AC ex-US IMI(net)/3.3% MSCI AC Cmmd Prod(net)/24.5% Bbg US Agg/24.5% Bbg Glob Ag |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $9,889 | $10,314 | $9,879 |
| 09/16 | $10,466 | $10,989 | $10,699 |
| 09/17 | $11,051 | $10,969 | $11,254 |
| 09/18 | $11,264 | $11,060 | $11,653 |
| 09/19 | $11,687 | $12,237 | $12,407 |
| 09/20 | $12,103 | $12,743 | $13,257 |
| 09/21 | $13,508 | $12,672 | $14,553 |
| 09/22 | $11,334 | $11,145 | $12,624 |
| 09/23 | $11,524 | $11,378 | $13,537 |
| 09/24 | $13,621 | $12,588 | $15,656 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 1 | 18.20% | 3.11% | 3.14% |
| Bloomberg Global Aggregate Bond Index (USD hedged) | 10.63% | 0.57% | 2.33% |
| Blended Benchmark: 16.9% Russell 3000/9.8% MSCI AC ex-US IMI(net)/3.3% MSCI AC Cmmd Prod(net)/24.5% Bbg US Agg/24.5% Bbg Glob Ag | 15.65% | 4.76% | 4.58% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SBOOX-A for the most recent performance information.
| Net Assets | $386,457,534 |
| # of Portfolio Holdings | 617 |
| Portfolio Turnover Rate | 160% |
| Total Advisory Fees Paid | $2,343,952 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 22.3% |
| Developed International | 6.3% |
| Emerging Markets | 5.0% |
| Global Credit | |
| Investment Grade | 10.5% |
| Real Assets | 3.3% |
| Global Bond | |
| US | 51.7% |
| Developed International | 15.6% |
| Linkers | 25.4% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SBOOX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SBOOX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo and AllianceBernstein® are registered trademarks used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
SCBII-1947-OB-1-0153-0924
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SBOTX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 2 | $78 | 0.71% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Overlay B outperformed the Bloomberg Global Aggregate Bond Index (the “benchmark”) and their current composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the “Fed”) response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives in the form of inflation swaps, futures and total return swaps for hedging and investment purposes, which added to overall performance, while interest rate swaps, credit default swaps, currency forwards and purchased options detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 2 | Bloomberg Global Aggregate Bond Index (USD hedged) | Blended Benchmark: 16.9% Russell 3000/9.8% MSCI AC ex-US IMI(net)/3.3% MSCI AC Cmmd Prod(net)/24.5% Bbg US Agg/24.5% Bbg Glob Ag |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $9,902 | $10,314 | $9,879 |
| 09/16 | $10,488 | $10,989 | $10,699 |
| 09/17 | $11,099 | $10,969 | $11,254 |
| 09/18 | $11,323 | $11,060 | $11,653 |
| 09/19 | $11,772 | $12,237 | $12,407 |
| 09/20 | $12,215 | $12,743 | $13,257 |
| 09/21 | $13,637 | $12,672 | $14,553 |
| 09/22 | $11,467 | $11,145 | $12,624 |
| 09/23 | $11,680 | $11,378 | $13,537 |
| 09/24 | $13,829 | $12,588 | $15,656 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 2 | 18.40% | 3.27% | 3.29% |
| Bloomberg Global Aggregate Bond Index (USD hedged) | 10.63% | 0.57% | 2.33% |
| Blended Benchmark: 16.9% Russell 3000/9.8% MSCI AC ex-US IMI(net)/3.3% MSCI AC Cmmd Prod(net)/24.5% Bbg US Agg/24.5% Bbg Glob Ag | 15.65% | 4.76% | 4.58% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SBOTX-A for the most recent performance information.
| Net Assets | $386,457,534 |
| # of Portfolio Holdings | 617 |
| Portfolio Turnover Rate | 160% |
| Total Advisory Fees Paid | $2,343,952 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 22.3% |
| Developed International | 6.3% |
| Emerging Markets | 5.0% |
| Global Credit | |
| Investment Grade | 10.5% |
| Real Assets | 3.3% |
| Global Bond | |
| US | 51.7% |
| Developed International | 15.6% |
| Linkers | 25.4% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SBOTX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SBOTX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo and AllianceBernstein® are registered trademarks used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
SCBII-1947-OB-2-0153-0924
Tax-Aware Overlay A Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Tax-Aware Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SATOX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $110 | 0.95% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Tax Aware Overlay A underperformed the S&P 500 Index (the “benchmark”) and outperformed their current composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the “Fed”) response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives in the form of credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes, which added to overall performance, while purchased options detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 1 | S&P 500 Index | 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $9,755 | $9,939 | $9,476 |
| 09/16 | $9,987 | $11,472 | $10,642 |
| 09/17 | $11,384 | $13,607 | $12,204 |
| 09/18 | $11,929 | $16,044 | $13,344 |
| 09/19 | $11,776 | $16,727 | $13,653 |
| 09/20 | $11,810 | $19,260 | $14,746 |
| 09/21 | $14,827 | $25,040 | $18,313 |
| 09/22 | $11,690 | $21,165 | $15,100 |
| 09/23 | $11,747 | $25,741 | $17,608 |
| 09/24 | $15,492 | $35,098 | $22,113 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 1 | 31.88% | 5.64% | 4.47% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg | 25.59% | 10.12% | 8.26% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SATOX-A for the most recent performance information.
| Net Assets | $1,147,528,979 |
| # of Portfolio Holdings | 263 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $7,138,484 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 61.2% |
| Developed International | 17.2% |
| Emerging Markets | 13.6% |
| Real Assets | 6.9% |
| Global Bond | |
| US | 53.8% |
| Developed International | -% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SATOX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SATOX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
SCBII-1947-TAOA-1-0153-0924
Tax-Aware Overlay A Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Tax-Aware Overlay A Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SATTX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 2 | $87 | 0.75% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Tax Aware Overlay A underperformed the S&P 500 Index (the “benchmark”) and outperformed their current composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the “Fed”) response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives in the form of credit default swaps, futures, currency forwards and total return swaps for hedging and investment purposes, which added to overall performance, while purchased options detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 2 | S&P 500 Index | 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $9,773 | $9,939 | $9,476 |
| 09/16 | $10,029 | $11,472 | $10,642 |
| 09/17 | $11,458 | $13,607 | $12,204 |
| 09/18 | $12,024 | $16,044 | $13,344 |
| 09/19 | $11,889 | $16,727 | $13,653 |
| 09/20 | $11,956 | $19,260 | $14,746 |
| 09/21 | $15,038 | $25,040 | $18,313 |
| 09/22 | $11,883 | $21,165 | $15,100 |
| 09/23 | $11,960 | $25,741 | $17,608 |
| 09/24 | $15,795 | $35,098 | $22,113 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 2 | 32.07% | 5.85% | 4.68% |
| S&P 500 Index | 36.35% | 15.98% | 13.38% |
| 47.2% Russell 3000/26.5% MSCI ACWI ex-US IMI(net)/6.3% MSCI ACWI Commodity Producers(net)/20% Bloomberg US Agg | 25.59% | 10.12% | 8.26% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SATTX-A for the most recent performance information.
| Net Assets | $1,147,528,979 |
| # of Portfolio Holdings | 263 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $7,138,484 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 61.2% |
| Developed International | 17.2% |
| Emerging Markets | 13.6% |
| Real Assets | 6.9% |
| Global Bond | |
| US | 53.8% |
| Developed International | -% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SATTX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SATTX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
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Fund Information
SCBII-1947-TAOA-2-0153-0924
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Fund Information
Diversified Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AIDYX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Advisor Class | $46 | 0.44% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Class C underperformed the benchmark and its Lipper peer group average. Overall security selection contributed, relative to the benchmark. In particular, security selection within multi-family housing was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Advisor Class | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 06/15 | $10,000 | $10,000 | $10,000 |
| 09/15 | $10,134 | $10,189 | $10,149 |
| 09/16 | $10,475 | $10,757 | $10,494 |
| 09/17 | $10,512 | $10,852 | $10,599 |
| 09/18 | $10,461 | $10,889 | $10,579 |
| 09/19 | $11,112 | $11,820 | $11,258 |
| 09/20 | $11,457 | $12,304 | $11,720 |
| 09/21 | $11,785 | $12,627 | $11,876 |
| 09/22 | $10,859 | $11,175 | $10,979 |
| 09/23 | $11,168 | $11,473 | $11,230 |
| 09/24 | $12,095 | $12,663 | $12,065 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 06/26/15 |
|---|
| Advisor Class | 8.22% | 1.70% | 2.07% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.58% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 2.05% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/AIDYX-A for the most recent performance information.
| Net Assets | $5,044,305,341 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17,994,055 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 8.3% |
| AA | 38.2% |
| A | 27.5% |
| BBB | 9.6% |
| BB | 2.1% |
| B | 0.1% |
| A-1+ | 0.7% |
| A-1 | 0.1% |
| SP-1+ | 2.4% |
| SP-1 | 0.4% |
| Pre-refunded | 7.1% |
| Not Rated | 3.5% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 10.7% |
| California | 7.7% |
| Pennsylvania | 6.8% |
| New Jersey | 6.5% |
| Texas | 6.2% |
| Illinois | 6.2% |
| Florida | 4.3% |
| South Carolina | 4.0% |
| Michigan | 3.7% |
| Washington | 3.7% |
| Colorado | 3.2% |
| Wisconsin | 2.8% |
| Connecticut | 2.6% |
| Alabama | 2.2% |
| Other | 28.8% |
| Other assets less liabilities | 0.6% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AIDYX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AIDYX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
Diversified Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AIDAX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $72 | 0.69% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Class C underperformed the benchmark and its Lipper peer group average. Overall security selection contributed, relative to the benchmark. In particular, security selection within multi-family housing was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class A (with sales charges) | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $9,700 | $10,000 | $10,000 |
| 09/15 | $9,830 | $10,316 | $10,222 |
| 09/16 | $10,139 | $10,892 | $10,569 |
| 09/17 | $10,150 | $10,987 | $10,675 |
| 09/18 | $10,076 | $11,025 | $10,655 |
| 09/19 | $10,680 | $11,968 | $11,339 |
| 09/20 | $10,976 | $12,458 | $11,804 |
| 09/21 | $11,262 | $12,785 | $11,961 |
| 09/22 | $10,353 | $11,315 | $11,058 |
| 09/23 | $10,620 | $11,616 | $11,311 |
| 09/24 | $11,471 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class A (without sales charges) | 7.93% | 1.43% | 1.69% |
| Class A (with sales charges) | 4.73% | 0.81% | 1.38% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/AIDAX-A for the most recent performance information.
| Net Assets | $5,044,305,341 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17,994,055 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 8.3% |
| AA | 38.2% |
| A | 27.5% |
| BBB | 9.6% |
| BB | 2.1% |
| B | 0.1% |
| A-1+ | 0.7% |
| A-1 | 0.1% |
| SP-1+ | 2.4% |
| SP-1 | 0.4% |
| Pre-refunded | 7.1% |
| Not Rated | 3.5% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 10.7% |
| California | 7.7% |
| Pennsylvania | 6.8% |
| New Jersey | 6.5% |
| Texas | 6.2% |
| Illinois | 6.2% |
| Florida | 4.3% |
| South Carolina | 4.0% |
| Michigan | 3.7% |
| Washington | 3.7% |
| Colorado | 3.2% |
| Wisconsin | 2.8% |
| Connecticut | 2.6% |
| Alabama | 2.2% |
| Other | 28.8% |
| Other assets less liabilities | 0.6% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AIDAX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AIDAX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
Diversified Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AIMCX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $149 | 1.44% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Class C underperformed the benchmark and its Lipper peer group average. Overall security selection contributed, relative to the benchmark. In particular, security selection within multi-family housing was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class C | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $10,062 | $10,316 | $10,222 |
| 09/16 | $10,301 | $10,892 | $10,569 |
| 09/17 | $10,235 | $10,987 | $10,675 |
| 09/18 | $10,077 | $11,025 | $10,655 |
| 09/19 | $10,601 | $11,968 | $11,339 |
| 09/20 | $10,821 | $12,458 | $11,804 |
| 09/21 | $11,020 | $12,785 | $11,961 |
| 09/22 | $10,046 | $11,315 | $11,058 |
| 09/23 | $10,237 | $11,616 | $11,311 |
| 09/24 | $10,972 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class C | 7.13% | 0.68% | 0.93% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/AIMCX-A for the most recent performance information.
| Net Assets | $5,044,305,341 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17,994,055 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 8.3% |
| AA | 38.2% |
| A | 27.5% |
| BBB | 9.6% |
| BB | 2.1% |
| B | 0.1% |
| A-1+ | 0.7% |
| A-1 | 0.1% |
| SP-1+ | 2.4% |
| SP-1 | 0.4% |
| Pre-refunded | 7.1% |
| Not Rated | 3.5% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 10.7% |
| California | 7.7% |
| Pennsylvania | 6.8% |
| New Jersey | 6.5% |
| Texas | 6.2% |
| Illinois | 6.2% |
| Florida | 4.3% |
| South Carolina | 4.0% |
| Michigan | 3.7% |
| Washington | 3.7% |
| Colorado | 3.2% |
| Wisconsin | 2.8% |
| Connecticut | 2.6% |
| Alabama | 2.2% |
| Other | 28.8% |
| Other assets less liabilities | 0.6% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AIMCX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AIMCX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
Diversified Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AIDZX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class Z | $43 | 0.41% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Class C underperformed the benchmark and its Lipper peer group average. Overall security selection contributed, relative to the benchmark. In particular, security selection within multi-family housing was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class Z | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 07/18 | $10,000 | $10,000 | $10,000 |
| 09/18 | $9,988 | $9,982 | $9,992 |
| 09/19 | $10,617 | $10,836 | $10,633 |
| 09/20 | $10,943 | $11,279 | $11,069 |
| 09/21 | $11,258 | $11,576 | $11,216 |
| 09/22 | $10,377 | $10,244 | $10,369 |
| 09/23 | $10,674 | $10,517 | $10,606 |
| 09/24 | $11,562 | $11,608 | $11,395 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 07/02/18 |
|---|
| Class Z | 8.23% | 1.71% | 2.35% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.41% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 2.11% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/AIDZX-A for the most recent performance information.
| Net Assets | $5,044,305,341 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17,994,055 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 8.3% |
| AA | 38.2% |
| A | 27.5% |
| BBB | 9.6% |
| BB | 2.1% |
| B | 0.1% |
| A-1+ | 0.7% |
| A-1 | 0.1% |
| SP-1+ | 2.4% |
| SP-1 | 0.4% |
| Pre-refunded | 7.1% |
| Not Rated | 3.5% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 10.7% |
| California | 7.7% |
| Pennsylvania | 6.8% |
| New Jersey | 6.5% |
| Texas | 6.2% |
| Illinois | 6.2% |
| Florida | 4.3% |
| South Carolina | 4.0% |
| Michigan | 3.7% |
| Washington | 3.7% |
| Colorado | 3.2% |
| Wisconsin | 2.8% |
| Connecticut | 2.6% |
| Alabama | 2.2% |
| Other | 28.8% |
| Other assets less liabilities | 0.6% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/AIDZX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/AIDZX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
Diversified Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the Diversified Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/SNDPX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Municipal Class | $52 | 0.50% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month period, all share classes, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Class C underperformed the benchmark and its Lipper peer group average. Overall security selection contributed, relative to the benchmark. In particular, security selection within multi-family housing was additive, while yield-curve positioning detracted.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Municipal Class | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $10,169 | $10,316 | $10,222 |
| 09/16 | $10,515 | $10,892 | $10,569 |
| 09/17 | $10,554 | $10,987 | $10,675 |
| 09/18 | $10,506 | $11,025 | $10,655 |
| 09/19 | $11,158 | $11,968 | $11,339 |
| 09/20 | $11,492 | $12,458 | $11,804 |
| 09/21 | $11,813 | $12,785 | $11,961 |
| 09/22 | $10,880 | $11,315 | $11,058 |
| 09/23 | $11,185 | $11,616 | $11,311 |
| 09/24 | $12,096 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Municipal Class | 8.15% | 1.63% | 1.92% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/SNDPX-A for the most recent performance information.
| Net Assets | $5,044,305,341 |
| # of Portfolio Holdings | 944 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $17,994,055 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 8.3% |
| AA | 38.2% |
| A | 27.5% |
| BBB | 9.6% |
| BB | 2.1% |
| B | 0.1% |
| A-1+ | 0.7% |
| A-1 | 0.1% |
| SP-1+ | 2.4% |
| SP-1 | 0.4% |
| Pre-refunded | 7.1% |
| Not Rated | 3.5% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 10.7% |
| California | 7.7% |
| Pennsylvania | 6.8% |
| New Jersey | 6.5% |
| Texas | 6.2% |
| Illinois | 6.2% |
| Florida | 4.3% |
| South Carolina | 4.0% |
| Michigan | 3.7% |
| Washington | 3.7% |
| Colorado | 3.2% |
| Wisconsin | 2.8% |
| Connecticut | 2.6% |
| Alabama | 2.2% |
| Other | 28.8% |
| Other assets less liabilities | 0.6% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/SNDPX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/SNDPX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
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Fund Information
AB Emerging Markets Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the AB Emerging Markets Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/EGMZX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class Z | $120 | 1.08% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, the Portfolio underperformed the Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index (net) (the “benchmark”) and the Lipper Emerging Markets Funds Average (the “Lipper Average”). Security and currency selection, detracted from performance, relative to the benchmark. Specifically, security selection within consumer discretionary and technology detracted, while selection within financials and materials contributed. Sector selection contributed positively due to an overweight to technology and an underweight to materials.
The Portfolio used derivatives in the form of currency forwards for hedging purposes,which had no material impact on absolute performance during the 12-month period.
Top contributors to performance:
Broadcom, a US-based semiconductor company, contributed positively on the back of strong AI-related demand. KB Financial, a Korean bank, contributed as a result of the Korean government encouraging companies to become more shareholder-friendly.
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class Z | MSCI EM Index (net) |
|---|
| 01/16 | $10,000 | $10,000 |
| 09/16 | $13,188 | $12,989 |
| 09/17 | $15,882 | $15,907 |
| 09/18 | $14,552 | $15,778 |
| 09/19 | $14,457 | $15,460 |
| 09/20 | $15,372 | $17,089 |
| 09/21 | $19,300 | $20,200 |
| 09/22 | $13,812 | $14,521 |
| 09/23 | $15,552 | $16,220 |
| 09/24 | $19,124 | $20,445 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 01/15/16 |
|---|
| Class Z | 22.96% | 5.76% | 7.73% |
| MSCI EM Index (net) | 26.05% | 5.75% | 8.55% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/EGMZX-A for the most recent performance information.
| Net Assets | $1,201,372,932 |
| # of Portfolio Holdings | 150 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid | $10,459,430 |
Graphical Representation of Holdings
| Company | U.S. $ Value | % of Net Assets |
|---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | $90,332,896 | 7.5% |
| Tencent Holdings Ltd. | $50,094,400 | 4.2% |
| Samsung Electronics Co., Ltd. | $42,719,616 | 3.6% |
| SK Hynix, Inc. | $28,465,608 | 2.4% |
| Meituan - Class B | $24,845,388 | 2.1% |
| MediaTek, Inc. | $24,140,371 | 2.0% |
| PDD Holdings, Inc. | $22,510,574 | 1.9% |
| FPT Corp. Macquarie Bank Ltd., expiring 3/10/2025 | $21,878,106 | 1.8% |
| KB Financial Group, Inc. | $21,296,040 | 1.8% |
| Emaar Properties PJSC | $17,515,897 | 1.5% |
| Total | $343,798,896 | 28.8% |
| Value | Value |
|---|
| Financials | 28.0% |
| Information Technology | 25.6% |
| Consumer Discretionary | 15.8% |
| Communication Services | 7.0% |
| Industrials | 4.7% |
| Utilities | 4.0% |
| Real Estate | 3.4% |
| Materials | 3.4% |
| Consumer Staples | 3.0% |
| Health Care | 2.3% |
| Energy | 2.0% |
| Short-Term Investments | 1.0% |
| Other assets less liabilities | -0.2% |
| Value | Value |
|---|
| China | 27.5% |
| Taiwan | 14.7% |
| South Korea | 14.1% |
| India | 12.6% |
| Brazil | 7.3% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 3.0% |
| United States | 2.7% |
| Indonesia | 2.4% |
| Vietnam | 2.0% |
| Philippines | 2.0% |
| Greece | 1.8% |
| Mexico | 1.3% |
| Kazakhstan | 1.2% |
| Others | 3.6% |
| Short-Term Investments | 1.0% |
| Other assets less liabilities | -0.2% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/EGMZX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/EGMZX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Emerging Markets Class: SNEMX
AB Emerging Markets Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the AB Emerging Markets Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SNEMX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Emerging Markets Class | $145 | 1.30% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, the Portfolio underperformed the Morgan Stanley Capital International Emerging Markets (“MSCI EM”) Index (net) (the “benchmark”) and the Lipper Emerging Markets Funds Average (the “Lipper Average”). Security and currency selection, detracted from performance, relative to the benchmark. Specifically, security selection within consumer discretionary and technology detracted, while selection within financials and materials contributed. Sector selection contributed positively due to an overweight to technology and an underweight to materials.
The Portfolio used derivatives in the form of currency forwards for hedging purposes,which had no material impact on absolute performance during the 12-month period.
Top contributors to performance:
Broadcom, a US-based semiconductor company, contributed positively on the back of strong AI-related demand. KB Financial, a Korean bank, contributed as a result of the Korean government encouraging companies to become more shareholder-friendly.
Top detractors from performance:
Emerging Markets Class: SNEMX
1
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Emerging Markets Class | MSCI EM Index (net) |
|---|
| 09/14 | $9,899 | $10,000 |
| 09/15 | $8,197 | $8,072 |
| 09/16 | $9,675 | $9,426 |
| 09/17 | $11,625 | $11,544 |
| 09/18 | $10,625 | $11,450 |
| 09/19 | $10,528 | $11,219 |
| 09/20 | $11,164 | $12,401 |
| 09/21 | $13,978 | $14,659 |
| 09/22 | $9,980 | $10,538 |
| 09/23 | $11,210 | $11,770 |
| 09/24 | $13,758 | $14,837 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Emerging Markets Class | 22.73% | 5.50% | 3.35% |
| MSCI EM Index (net) | 26.05% | 5.75% | 4.02% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SNEMX-A for the most recent performance information.
| Net Assets | $1,201,372,932 |
| # of Portfolio Holdings | 150 |
| Portfolio Turnover Rate | 74% |
| Total Advisory Fees Paid | $10,459,430 |
Emerging Markets Class: SNEMX
2
Graphical Representation of Holdings
| Company | U.S. $ Value | % of Net Assets |
|---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | $90,332,896 | 7.5% |
| Tencent Holdings Ltd. | $50,094,400 | 4.2% |
| Samsung Electronics Co., Ltd. | $42,719,616 | 3.6% |
| SK Hynix, Inc. | $28,465,608 | 2.4% |
| Meituan - Class B | $24,845,388 | 2.1% |
| MediaTek, Inc. | $24,140,371 | 2.0% |
| PDD Holdings, Inc. | $22,510,574 | 1.9% |
| FPT Corp. Macquarie Bank Ltd., expiring 3/10/2025 | $21,878,106 | 1.8% |
| KB Financial Group, Inc. | $21,296,040 | 1.8% |
| Emaar Properties PJSC | $17,515,897 | 1.5% |
| Total | $343,798,896 | 28.8% |
| Value | Value |
|---|
| Financials | 28.0% |
| Information Technology | 25.6% |
| Consumer Discretionary | 15.8% |
| Communication Services | 7.0% |
| Industrials | 4.7% |
| Utilities | 4.0% |
| Real Estate | 3.4% |
| Materials | 3.4% |
| Consumer Staples | 3.0% |
| Health Care | 2.3% |
| Energy | 2.0% |
| Short-Term Investments | 1.0% |
| Other assets less liabilities | -0.2% |
| Value | Value |
|---|
| China | 27.5% |
| Taiwan | 14.7% |
| South Korea | 14.1% |
| India | 12.6% |
| Brazil | 7.3% |
| Saudi Arabia | 3.0% |
| United Arab Emirates | 3.0% |
| United States | 2.7% |
| Indonesia | 2.4% |
| Vietnam | 2.0% |
| Philippines | 2.0% |
| Greece | 1.8% |
| Mexico | 1.3% |
| Kazakhstan | 1.2% |
| Others | 3.6% |
| Short-Term Investments | 1.0% |
| Other assets less liabilities | -0.2% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SNEMX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Emerging Markets Class: SNEMX
3
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SNEMX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Emerging Markets Class: SNEMX
4
Intermediate Duration Portfolio
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Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/IDPYX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Advisor Class | $69 | 0.65% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, all share classes outperformed the Bloomberg US Aggregate Bond Index (the “benchmark”) and, except Class Z. Security selection contributed the most, relative to the benchmark, mainly due to selections in US asset-backed securities, investment-grade corporate bonds, US agency mortgage-backed securities and US commercial mortgage-backed securities. Sector allocation also contributed, namely an off-benchmark exposure to agency risk-sharing securities and an underweight to US Treasuries, which was partially offset by a loss from an underweight to US investment grade corporates. Yield-curve positioning also contributed to results, mainly from an overweight to the six-month part of the US curve that was partially offset by overweights to the two- and 10-year parts of the curve. Country allocation was a minor detractor to performance. Currency decisions did not impact results.
During the 12-month period, futures and interest rate swaps were used to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure, while credit default swaps were used to hedge credit risk and as a tool to effectively gain exposure to specific sectors.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Advisor Class | Bloomberg U.S. Aggregate Bond Index |
|---|
| 07/19 | $10,000 | $10,000 |
| 09/19 | $10,172 | $10,218 |
| 09/20 | $10,708 | $10,932 |
| 09/21 | $10,642 | $10,834 |
| 09/22 | $9,010 | $9,252 |
| 09/23 | $9,038 | $9,312 |
| 09/24 | $10,128 | $10,389 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 07/22/19 |
|---|
| Advisor Class | 11.94% | -0.09% | 0.25% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 0.74% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/IDPYX-A for the most recent performance information.
| Net Assets | $4,155,103,491 |
| # of Portfolio Holdings | 693 |
| Portfolio Turnover Rate | 195% |
| Total Advisory Fees Paid | $15,937,399 |
Graphical Representation of Holdings
| Value | Value |
|---|
| Governments - Treasuries | 35.6% |
| Corporates - Investment Grade | 23.4% |
| Mortgage Pass-Throughs | 22.0% |
| Collateralized Mortgage Obligations | 6.3% |
| Asset-Backed Securities | 5.4% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Collateralized Loan Obligations | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Other | 3.4% |
| Short-Term Investments | 6.9% |
| Other assets less liabilities | -8.1% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/IDPYX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/IDPYX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Intermediate Duration Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/IDPAX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $95 | 0.90% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, all share classes outperformed the Bloomberg US Aggregate Bond Index (the “benchmark”) and, except Class Z. Security selection contributed the most, relative to the benchmark, mainly due to selections in US asset-backed securities, investment-grade corporate bonds, US agency mortgage-backed securities and US commercial mortgage-backed securities. Sector allocation also contributed, namely an off-benchmark exposure to agency risk-sharing securities and an underweight to US Treasuries, which was partially offset by a loss from an underweight to US investment grade corporates. Yield-curve positioning also contributed to results, mainly from an overweight to the six-month part of the US curve that was partially offset by overweights to the two- and 10-year parts of the curve. Country allocation was a minor detractor to performance. Currency decisions did not impact results.
During the 12-month period, futures and interest rate swaps were used to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure, while credit default swaps were used to hedge credit risk and as a tool to effectively gain exposure to specific sectors.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class A (with sales charges) | Bloomberg U.S. Aggregate Bond Index |
|---|
| 07/19 | $10,000 | $10,000 |
| 09/19 | $11,205 | $10,218 |
| 09/20 | $11,774 | $10,932 |
| 09/21 | $11,673 | $10,834 |
| 09/22 | $9,859 | $9,252 |
| 09/23 | $9,864 | $9,312 |
| 09/24 | $11,023 | $10,389 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 07/22/19 |
|---|
| Class A (without sales charges) | 11.65% | -0.33% | 0.01% |
| Class A (with sales charges) | 6.90% | -1.19% | -0.82% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 0.74% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/IDPAX-A for the most recent performance information.
| Net Assets | $4,155,103,491 |
| # of Portfolio Holdings | 693 |
| Portfolio Turnover Rate | 195% |
| Total Advisory Fees Paid | $15,937,399 |
Graphical Representation of Holdings
| Value | Value |
|---|
| Governments - Treasuries | 35.6% |
| Corporates - Investment Grade | 23.4% |
| Mortgage Pass-Throughs | 22.0% |
| Collateralized Mortgage Obligations | 6.3% |
| Asset-Backed Securities | 5.4% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Collateralized Loan Obligations | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Other | 3.4% |
| Short-Term Investments | 6.9% |
| Other assets less liabilities | -8.1% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/IDPAX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/IDPAX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Intermediate Duration Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/IDPZX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class Z | $60 | 0.57% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, all share classes outperformed the Bloomberg US Aggregate Bond Index (the “benchmark”) and, except Class Z. Security selection contributed the most, relative to the benchmark, mainly due to selections in US asset-backed securities, investment-grade corporate bonds, US agency mortgage-backed securities and US commercial mortgage-backed securities. Sector allocation also contributed, namely an off-benchmark exposure to agency risk-sharing securities and an underweight to US Treasuries, which was partially offset by a loss from an underweight to US investment grade corporates. Yield-curve positioning also contributed to results, mainly from an overweight to the six-month part of the US curve that was partially offset by overweights to the two- and 10-year parts of the curve. Country allocation was a minor detractor to performance. Currency decisions did not impact results.
During the 12-month period, futures and interest rate swaps were used to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure, while credit default swaps were used to hedge credit risk and as a tool to effectively gain exposure to specific sectors.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class Z | Bloomberg U.S. Aggregate Bond Index |
|---|
| 07/19 | $10,000 | $10,000 |
| 09/19 | $10,188 | $10,218 |
| 09/20 | $10,817 | $10,932 |
| 09/21 | $10,775 | $10,834 |
| 09/22 | $9,139 | $9,252 |
| 09/23 | $9,169 | $9,312 |
| 09/24 | $10,284 | $10,389 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 07/22/19 |
|---|
| Class Z | 12.05% | 0.17% | 0.54% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 0.74% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/IDPZX-A for the most recent performance information.
| Net Assets | $4,155,103,491 |
| # of Portfolio Holdings | 693 |
| Portfolio Turnover Rate | 195% |
| Total Advisory Fees Paid | $15,937,399 |
Graphical Representation of Holdings
| Value | Value |
|---|
| Governments - Treasuries | 35.6% |
| Corporates - Investment Grade | 23.4% |
| Mortgage Pass-Throughs | 22.0% |
| Collateralized Mortgage Obligations | 6.3% |
| Asset-Backed Securities | 5.4% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Collateralized Loan Obligations | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Other | 3.4% |
| Short-Term Investments | 6.9% |
| Other assets less liabilities | -8.1% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/IDPZX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/IDPZX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
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Fund Information
Intermediate Duration Class: SNIDX
Intermediate Duration Portfolio
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Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Intermediate Duration Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SNIDX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Intermediate Duration Class | $60 | 0.57% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, all share classes outperformed the Bloomberg US Aggregate Bond Index (the “benchmark”) and, except Class Z. Security selection contributed the most, relative to the benchmark, mainly due to selections in US asset-backed securities, investment-grade corporate bonds, US agency mortgage-backed securities and US commercial mortgage-backed securities. Sector allocation also contributed, namely an off-benchmark exposure to agency risk-sharing securities and an underweight to US Treasuries, which was partially offset by a loss from an underweight to US investment grade corporates. Yield-curve positioning also contributed to results, mainly from an overweight to the six-month part of the US curve that was partially offset by overweights to the two- and 10-year parts of the curve. Country allocation was a minor detractor to performance. Currency decisions did not impact results.
During the 12-month period, futures and interest rate swaps were used to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure, while credit default swaps were used to hedge credit risk and as a tool to effectively gain exposure to specific sectors.
Top contributors to performance:
Top detractors from performance:
Intermediate Duration Class: SNIDX
1
The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Intermediate Duration Class | Bloomberg U.S. Aggregate Bond Index |
|---|
| 09/14 | $10,000 | $10,000 |
| 09/15 | $10,256 | $10,294 |
| 09/16 | $10,905 | $10,829 |
| 09/17 | $10,982 | $10,836 |
| 09/18 | $10,856 | $10,705 |
| 09/19 | $11,909 | $11,807 |
| 09/20 | $12,665 | $12,632 |
| 09/21 | $12,637 | $12,518 |
| 09/22 | $10,709 | $10,691 |
| 09/23 | $10,756 | $10,760 |
| 09/24 | $12,051 | $12,004 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Intermediate Duration Class | 12.04% | 0.24% | 1.88% |
| Bloomberg U.S. Aggregate Bond Index | 11.57% | 0.33% | 1.84% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SNIDX-A for the most recent performance information.
| Net Assets | $4,155,103,491 |
| # of Portfolio Holdings | 693 |
| Portfolio Turnover Rate | 195% |
| Total Advisory Fees Paid | $15,937,399 |
Intermediate Duration Class: SNIDX
2
Graphical Representation of Holdings
| Value | Value |
|---|
| Governments - Treasuries | 35.6% |
| Corporates - Investment Grade | 23.4% |
| Mortgage Pass-Throughs | 22.0% |
| Collateralized Mortgage Obligations | 6.3% |
| Asset-Backed Securities | 5.4% |
| Commercial Mortgage-Backed Securities | 2.1% |
| Collateralized Loan Obligations | 1.5% |
| Inflation-Linked Securities | 1.5% |
| Other | 3.4% |
| Short-Term Investments | 6.9% |
| Other assets less liabilities | -8.1% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SNIDX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Intermediate Duration Class: SNIDX
3
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SNIDX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Intermediate Duration Class: SNIDX
4
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Fund Information
New York Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the New York Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ANIYX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Advisor Class | $51 | 0.49% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month Period, all share classes of the Portfolio, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed, relative to the benchmark. In particular, security selection within special tax bonds contributed, while yield-curve positioning detracted. The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Advisor Class | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 07/16 | $10,000 | $10,000 | $10,000 |
| 09/16 | $10,006 | $9,987 | $9,989 |
| 09/17 | $10,040 | $10,074 | $10,089 |
| 09/18 | $9,989 | $10,109 | $10,070 |
| 09/19 | $10,590 | $10,974 | $10,716 |
| 09/20 | $10,725 | $11,423 | $11,156 |
| 09/21 | $11,095 | $11,723 | $11,304 |
| 09/22 | $10,234 | $10,375 | $10,451 |
| 09/23 | $10,542 | $10,651 | $10,690 |
| 09/24 | $11,374 | $11,756 | $11,484 |
Average Annual Total Returns
| 1 Year | 5 Years | Since Inception 07/26/16 |
|---|
| Advisor Class | 7.81% | 1.43% | 1.59% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 1.99% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.70% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/ANIYX-A for the most recent performance information.
| Net Assets | $1,344,050,792 |
| # of Portfolio Holdings | 396 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $5,522,610 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 6.3% |
| AA | 52.4% |
| A | 12.3% |
| BBB | 11.2% |
| BB | 2.7% |
| B | 0.5% |
| CC | 0.2% |
| A-1+ | 1.2% |
| A-1 | 3.9% |
| SP-1+ | 0.6% |
| Pre-refunded | 5.5% |
| Not Rated | 3.2% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 86.4% |
| New Jersey | 2.1% |
| Guam | 2.1% |
| Connecticut | 1.8% |
| Puerto Rico | 1.2% |
| Michigan | 1.2% |
| Nebraska | 0.8% |
| Illinois | 0.6% |
| Tennessee | 0.5% |
| Colorado | 0.4% |
| Alabama | 0.4% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Other | 1.5% |
| Other assets less liabilities | 0.3% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ANIYX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/ANIYX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
New York Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the New York Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ANIAX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class A | $77 | 0.74% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month Period, all share classes of the Portfolio, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed, relative to the benchmark. In particular, security selection within special tax bonds contributed, while yield-curve positioning detracted. The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class A (with sales charges) | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $9,699 | $10,000 | $10,000 |
| 09/15 | $9,868 | $10,316 | $10,222 |
| 09/16 | $10,232 | $10,892 | $10,569 |
| 09/17 | $10,240 | $10,987 | $10,675 |
| 09/18 | $10,162 | $11,025 | $10,655 |
| 09/19 | $10,747 | $11,968 | $11,339 |
| 09/20 | $10,856 | $12,458 | $11,804 |
| 09/21 | $11,211 | $12,785 | $11,961 |
| 09/22 | $10,308 | $11,315 | $11,058 |
| 09/23 | $10,592 | $11,616 | $11,311 |
| 09/24 | $11,398 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class A (without sales charges) | 7.54% | 1.18% | 1.63% |
| Class A (with sales charges) | 4.32% | 0.56% | 1.32% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/ANIAX-A for the most recent performance information.
| Net Assets | $1,344,050,792 |
| # of Portfolio Holdings | 396 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $5,522,610 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 6.3% |
| AA | 52.4% |
| A | 12.3% |
| BBB | 11.2% |
| BB | 2.7% |
| B | 0.5% |
| CC | 0.2% |
| A-1+ | 1.2% |
| A-1 | 3.9% |
| SP-1+ | 0.6% |
| Pre-refunded | 5.5% |
| Not Rated | 3.2% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 86.4% |
| New Jersey | 2.1% |
| Guam | 2.1% |
| Connecticut | 1.8% |
| Puerto Rico | 1.2% |
| Michigan | 1.2% |
| Nebraska | 0.8% |
| Illinois | 0.6% |
| Tennessee | 0.5% |
| Colorado | 0.4% |
| Alabama | 0.4% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Other | 1.5% |
| Other assets less liabilities | 0.3% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ANIAX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/ANIAX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
New York Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the New York Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ANMCX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class C | $155 | 1.50% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month Period, all share classes of the Portfolio, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed, relative to the benchmark. In particular, security selection within special tax bonds contributed, while yield-curve positioning detracted. The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class C | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $10,095 | $10,316 | $10,222 |
| 09/16 | $10,390 | $10,892 | $10,569 |
| 09/17 | $10,320 | $10,987 | $10,675 |
| 09/18 | $10,165 | $11,025 | $10,655 |
| 09/19 | $10,669 | $11,968 | $11,339 |
| 09/20 | $10,696 | $12,458 | $11,804 |
| 09/21 | $10,963 | $12,785 | $11,961 |
| 09/22 | $10,003 | $11,315 | $11,058 |
| 09/23 | $10,202 | $11,616 | $11,311 |
| 09/24 | $10,894 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class C | 6.73% | 0.41% | 0.86% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/AB/ANMCX-A for the most recent performance information.
| Net Assets | $1,344,050,792 |
| # of Portfolio Holdings | 396 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $5,522,610 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 6.3% |
| AA | 52.4% |
| A | 12.3% |
| BBB | 11.2% |
| BB | 2.7% |
| B | 0.5% |
| CC | 0.2% |
| A-1+ | 1.2% |
| A-1 | 3.9% |
| SP-1+ | 0.6% |
| Pre-refunded | 5.5% |
| Not Rated | 3.2% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 86.4% |
| New Jersey | 2.1% |
| Guam | 2.1% |
| Connecticut | 1.8% |
| Puerto Rico | 1.2% |
| Michigan | 1.2% |
| Nebraska | 0.8% |
| Illinois | 0.6% |
| Tennessee | 0.5% |
| Colorado | 0.4% |
| Alabama | 0.4% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Other | 1.5% |
| Other assets less liabilities | 0.3% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/ANMCX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/ANMCX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Please scan QR code for
Fund Information
New York Municipal Portfolio
Annual Shareholder Report
This annual shareholder report contains important information about the New York Municipal Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SNNYX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Municipal Class | $57 | 0.55% |
How did the Fund perform last year? What affected the Fund’s performance?
During the 12-month Period, all share classes of the Portfolio, except Class C, outperformed the Bloomberg 1-10 Year Blend Index (the “benchmark”). Overall security selection contributed, relative to the benchmark. In particular, security selection within special tax bonds contributed, while yield-curve positioning detracted. The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
The Portfolio used interest rate swaps for hedging purposes, which added to overall performance for the period.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Municipal Class | Bloomberg Municipal Bond Unhedged | Bloomberg 1-10 Yr Municipal Bond Blend |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 |
| 09/15 | $10,194 | $10,316 | $10,222 |
| 09/16 | $10,592 | $10,892 | $10,569 |
| 09/17 | $10,622 | $10,987 | $10,675 |
| 09/18 | $10,562 | $11,025 | $10,655 |
| 09/19 | $11,199 | $11,968 | $11,339 |
| 09/20 | $11,336 | $12,458 | $11,804 |
| 09/21 | $11,719 | $12,785 | $11,961 |
| 09/22 | $10,795 | $11,315 | $11,058 |
| 09/23 | $11,126 | $11,616 | $11,311 |
| 09/24 | $11,989 | $12,821 | $12,152 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Municipal Class | 7.75% | 1.37% | 1.83% |
| Bloomberg Municipal Bond Unhedged | 10.63% | 5.67% | 2.33% |
| Bloomberg 1-10 Yr Municipal Bond Blend | 7.44% | 1.39% | 1.97% |
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SNNYX-A for the most recent performance information.
| Net Assets | $1,344,050,792 |
| # of Portfolio Holdings | 396 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $5,522,610 |
Graphical Representation of Holdings
Credit Rating BreakdownFootnote Reference*
| Value | Value |
|---|
| AAA | 6.3% |
| AA | 52.4% |
| A | 12.3% |
| BBB | 11.2% |
| BB | 2.7% |
| B | 0.5% |
| CC | 0.2% |
| A-1+ | 1.2% |
| A-1 | 3.9% |
| SP-1+ | 0.6% |
| Pre-refunded | 5.5% |
| Not Rated | 3.2% |
| Footnote | Description |
Footnote* | The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities and may vary over time. The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by AllianceBernstein L.P.(the "Adviser"). If applicable, Not Applicable (N/A) includes non-credit worthy investments; such as, equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment. |
| Value | Value |
|---|
| New York | 86.4% |
| New Jersey | 2.1% |
| Guam | 2.1% |
| Connecticut | 1.8% |
| Puerto Rico | 1.2% |
| Michigan | 1.2% |
| Nebraska | 0.8% |
| Illinois | 0.6% |
| Tennessee | 0.5% |
| Colorado | 0.4% |
| Alabama | 0.4% |
| South Carolina | 0.4% |
| Wisconsin | 0.3% |
| Other | 1.5% |
| Other assets less liabilities | 0.3% |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SNNYX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SNNYX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
Tax-Aware Overlay B Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Tax-Aware Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SBTOX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 1 | $96 | 0.89% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Tax Aware Overlay B outperformed the Bloomberg 5-Year General Obligation (“GO”) Municipal Bond Index (the “benchmark”) and their current composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the “Fed”) response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives in the form of interest rate swaps, inflation swaps, futures and currency forwards for hedging and investment purposes, which added to overall performance, while credit default swaps, purchased options and total return swaps detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 1 | Bloomberg Municipal Bond Index | 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS | Bloomberg 5-Year GO Municipal Bond Index |
|---|
| 09/14 | $10,000 | $10,000 | $10,000 | $10,000 |
| 09/15 | $9,940 | $10,316 | $9,943 | $10,185 |
| 09/16 | $10,356 | $10,892 | $10,622 | $10,473 |
| 09/17 | $11,000 | $10,987 | $11,243 | $10,576 |
| 09/18 | $11,205 | $11,025 | $11,630 | $10,506 |
| 09/19 | $11,408 | $11,968 | $12,209 | $11,133 |
| 09/20 | $11,742 | $12,458 | $13,137 | $11,659 |
| 09/21 | $13,164 | $12,785 | $14,529 | $11,758 |
| 09/22 | $11,459 | $11,315 | $12,872 | $10,845 |
| 09/23 | $11,755 | $11,616 | $13,849 | $11,065 |
| 09/24 | $13,700 | $12,821 | $15,891 | $11,831 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 1 | 16.54% | 3.73% | 3.20% |
| Bloomberg Municipal Bond Index | 10.37% | 1.39% | 2.52% |
| Bloomberg 5-Year GO Municipal Bond Index | 6.93% | 1.22% | 1.70% |
| 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS | 14.75% | 5.41% | 4.74% |
The primary broad-based index used for comparison with the Portfolio's performance has changed from the Bloomberg 5-Year GO Municipal Bond Index to the Bloomberg Municipal Bond Index to comply with new regulations that require the Portfolio's primary benchmark to reflect the overall market in which the Portfolio may invest. The Portfolio's secondary benchmark, the 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS, which more closely reflects the market segment in which the Portfolio invests, remains the same.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SBTOX-A for the most recent performance information.
| Net Assets | $640,365,505 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4,027,669 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 24.6% |
| Developed International | 7.1% |
| Emerging Markets | 5.3% |
| Real Assets | -% |
| Global Bond | |
| US | 96.0% |
| Developed International | -% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SBTOX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SBTOX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo and AllianceBernstein® are registered trademarks used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
SCBII-1947-TAOB-1-0153-0924
Tax-Aware Overlay B Portfolio
Please scan QR code for
Fund Information
Annual Shareholder Report
This annual shareholder report contains important information about the Tax-Aware Overlay B Portfolio (the “Portfolio”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/BWM/SBTTX-A. You can also request this information by contacting us at (800) 227 4618.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Class Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Class 2 | $80 | 0.74% |
How did the Fund perform last year? What affected the Fund’s performance?
Over the 12-month period, Tax Aware Overlay B outperformed the Bloomberg 5-Year General Obligation (“GO”) Municipal Bond Index (the “benchmark”) and their current composite benchmark. This outperformance was due to duration extension, options strategies and tactical equity shifts. An overweight in risk assets also contributed positively. However, higher treasury yields, Middle East conflict and US economic concerns led to a temporary correction, prompting the Portfolio to neutralize its risk asset exposure. As the benchmark rallied, the Portfolio increased its equity exposure, driven by inflation trends and favorable central bank messaging. A reduced equity overweight followed a sell-off due to unexpected US data, but a measured US Federal Reserve (the “Fed”) response and labor market normalization improved sentiment. Concerns about US growth, a BOJ hike and US election expectations raised fears of a hard landing. The Fed responded with a 0.50% rate cut, acknowledging progress in reducing inflation. The Portfolio maintained an overweight in return-seeking assets. During the 12-month period, the Portfolio used derivatives in the form of interest rate swaps, inflation swaps, futures and currency forwards for hedging and investment purposes, which added to overall performance, while credit default swaps, purchased options and total return swaps detracted.
Top contributors to performance:
Top detractors from performance:
The following graph shows the performance of hypothetical $10,000 investments in the Fund, a broad-based securities market index and an additional index that corresponds to the Fund's investment strategies, over the most recently completed 10 fiscal years of the Fund, or since inception, if shorter. The Fund's performance reflects applicable sales charges and assumes the reinvestment of dividends.
| Class 2 | Bloomberg Municipal Bond Index | 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS | Bloomberg 5-Year GO Municipal Bond Index |
|---|
| 09/14 | $10,000 | $10,069 | $10,000 | $10,000 |
| 09/15 | $9,951 | $10,357 | $9,943 | $10,185 |
| 09/16 | $10,387 | $10,778 | $10,622 | $10,473 |
| 09/17 | $11,049 | $11,014 | $11,243 | $10,576 |
| 09/18 | $11,272 | $10,957 | $11,630 | $10,506 |
| 09/19 | $11,489 | $11,989 | $12,209 | $11,133 |
| 09/20 | $11,838 | $12,420 | $13,137 | $11,659 |
| 09/21 | $13,300 | $12,748 | $14,529 | $11,758 |
| 09/22 | $11,600 | $11,221 | $12,872 | $10,845 |
| 09/23 | $11,911 | $11,517 | $13,849 | $11,065 |
| 09/24 | $13,908 | $12,821 | $15,891 | $11,831 |
Average Annual Total Returns
| 1 Year | 5 Years | 10 Years |
|---|
| Class 2 | 16.77% | 3.90% | 3.35% |
| Bloomberg Municipal Bond Index | 10.37% | 1.39% | 2.52% |
| Bloomberg 5-Year GO Municipal Bond Index | 6.93% | 1.22% | 1.70% |
| 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS | 14.75% | 5.41% | 4.74% |
The primary broad-based index used for comparison with the Portfolio's performance has changed from the Bloomberg 5-Year GO Municipal Bond Index to the Bloomberg Municipal Bond Index to comply with new regulations that require the Portfolio's primary benchmark to reflect the overall market in which the Portfolio may invest. The Portfolio's secondary benchmark, the 19% Russell 3000/11% MSCI ACWI ex-US IMI(net)/42% Bloomberg 1-10 Year Municipal/28% Bloomberg 1-10 Year US TIPS, which more closely reflects the market segment in which the Portfolio invests, remains the same.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares.
Visit https://www.abfunds.com/link/BWM/SBTTX-A for the most recent performance information.
| Net Assets | $640,365,505 |
| # of Portfolio Holdings | 350 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $4,027,669 |
Graphical Representation of Holdings
Portfolio BreakdownFootnote Reference1
| Global Equity | |
| US | 24.6% |
| Developed International | 7.1% |
| Emerging Markets | 5.3% |
| Real Assets | -% |
| Global Bond | |
| US | 96.0% |
| Developed International | -% |
| Footnote | Description |
Footnote1 | The Portfolio's portfolio breakdown includes derivative exposure and is expressed as approximate percentages of the Portfolio's total net assets, based on the Adviser's internal classification. The percentages will vary over time, and the total of the percentages may be less than or greater than 100% in light of the leveraging effect of the derivative transactions. |
Availability of Additional Information
You can find additional information on the Fund’s website at https://www.abfunds.com/link/BWM/SBTTX-A, including the Fund's:
• Prospectus
• Financial information
• Fund holdings
• Proxy voting information
You can also request this information by contacting us at (800) 227 4618.
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.
Information Regarding the Review and Approval of the Fund’s Advisory Agreement
Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/BWM/SBTTX-A. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.
The [A/B] logo and AllianceBernstein® are registered trademarks used by permission of the owner, AllianceBernstein L.P.
Please scan QR code for
Fund Information
SCBII-1947-TAOB-2-0153-0924
ITEM 2. CODE OF ETHICS.
(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 19(a)(1).
(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.
(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors has determined that independent directors Donald K. Peterson, Debra Perry, R. Jay Gerken and Jeffrey R. Holland qualify as audit committee financial experts.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Pricewaterhouse Coopers LLP , for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.
| | | | | | | | | | | | | | | | |
| | | | | | Audit Fees | | | Audit-Related
Fees | | | Tax Fees* | |
Intermediate Duration Portfolio | | | 2023 | | | $ | 93,659 | | | $ | 1,933 | | | $ | 25,477 | |
| | | 2024 | | | $ | 100,034 | | | $ | 1,176 | | | $ | 30,663 | |
| | | | |
New York Muni Portfolio | | | 2023 | | | $ | 46,386 | | | $ | 1,933 | | | $ | 16,991 | |
| | | 2024 | | | $ | 32,939 | | | $ | 1,176 | | | $ | 14,976 | |
| | | | |
California Muni Portfolio | | | 2023 | | | $ | 36,790 | | | $ | 1,933 | | | $ | 15,721 | |
| | | 2024 | | | $ | 25,089 | | | $ | 1,176 | | | $ | 12,433 | |
| | | | |
Diversified Muni Portfolio | | | 2023 | | | $ | 163,199 | | | $ | 1,933 | | | $ | 32,306 | |
| | | 2024 | | | $ | 122,720 | | | $ | 1,176 | | | $ | 40,664 | |
| | | | |
Emerging Markets Portfolio | | | 2023 | | | $ | 34,065 | | | $ | 1,933 | | | $ | 20,918 | |
| | | 2024 | | | $ | 28,593 | | | $ | 1,176 | | | $ | 48,211 | |
| | | | |
Overlay A | | | 2023 | | | $ | 72,706 | | | $ | — | | | $ | 51,422 | |
| | | 2024 | | | $ | 72,706 | | | $ | — | | | $ | 51,926 | |
| | | | |
Tax-Aware Overlay A | | | 2023 | | | $ | 59,488 | | | $ | — | | | $ | 51,422 | |
| | | 2024 | | | $ | 59,488 | | | $ | — | | | $ | 51,926 | |
| | | | |
Overlay B | | | 2023 | | | $ | 83,205 | | | $ | — | | | $ | 48,908 | |
| | | 2024 | | | $ | 83,205 | | | $ | — | | | $ | 48,570 | |
| | | | |
Tax-Aware Overlay B | | | 2023 | | | $ | 59,488 | | | $ | — | | | $ | 50,180 | |
| | | 2024 | | | $ | 76,488 | | | $ | — | | | $ | 88,507 | |
| * | Paid to Ernst & Young LLP. |
(d) Not applicable.
(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.
(e) (2) No percentage of services addressed by (b) and (c) of this Item 4 were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. No amounts are reported for Item 4 (d).
(f) Not applicable.
(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:
| | | | | | | | | | | | |
| | | | | | All Fees for Non-Audit
Services Provided to the
Portfolio, the Adviser
and Service Affiliates | | | Pre-approved by the
Audit Committee
(Portion Comprised of
Audit Related Fees)
(Portion Comprised of
Tax Fees) | |
Intermediate Duration Portfolio | | | 2023 | | | $ | 5,897,306 | | | $ | 27,410 | |
| | | | | | | | | | $ | (1,933 | ) |
| | | | | | | | | | $ | (25,477 | ) |
| | | 2024 | | | $ | 4,442,722 | | | $ | 31,839 | |
| | | | | | | | | | $ | (1,176 | ) |
| | | | | | | | | | $ | (30,663 | ) |
| | | |
New York Muni Portfolio | | | 2023 | | | $ | 5,888,820 | | | $ | 18,924 | |
| | | | | | | | | | $ | (1,933 | ) |
| | | | | | | | | | $ | (16,991 | ) |
| | | 2024 | | | $ | 4,427,035 | | | $ | 16,152 | |
| | | | | | | | | | $ | (1,176 | ) |
| | | | | | | | | | $ | (14,976 | ) |
| | | |
California Muni Portfolio | | | 2023 | | | $ | 5,887,550 | | | $ | 17,654 | |
| | | | | | | | | | $ | (1,933 | ) |
| | | | | | | | | | $ | (15,721 | ) |
| | | 2024 | | | $ | 4,424,492 | | | $ | 13,609 | |
| | | | | | | | | | $ | (1,176 | ) |
| | | | | | | | | | $ | (12,433 | ) |
| | | |
Diversified Muni Portfolio | | | 2023 | | | $ | 5,904,135 | | | $ | 34,239 | |
| | | | | | | | | | $ | (1,933 | ) |
| | | | | | | | | | $ | (32,306 | ) |
| | | 2024 | | | $ | 4,452,723 | | | $ | 41,840 | |
| | | | | | | | | | $ | (1,176 | ) |
| | | | | | | | | | $ | (40,664 | ) |
| | | |
Emerging Markets Portfolio | | | 2023 | | | $ | 5,892,747 | | | $ | 22,851 | |
| | | | | | | | | | $ | (1,933 | ) |
| | | | | | | | | | $ | (20,918 | ) |
| | | 2024 | | | $ | 4,460,270 | | | $ | 49,387 | |
| | | | | | | | | | $ | (1,176 | ) |
| | | | | | | | | | $ | (48,211 | ) |
| | | |
Overlay A | | | 2023 | | | $ | 5,921,318 | | | $ | 51,422 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (51,422 | ) |
| | | 2024 | | | $ | 4,462,809 | | | $ | 51,926 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (51,926 | ) |
| | | |
Tax-Aware Overlay A | | | 2023 | | | $ | 5,921,318 | | | $ | 51,422 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (51,422 | ) |
| | | 2024 | | | $ | 4,462,809 | | | $ | 51,926 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (51,926 | ) |
| | | |
Overlay B | | | 2023 | | | $ | 5,918,804 | | | $ | 48,908 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (48,908 | ) |
| | | 2024 | | | $ | 4,459,453 | | | $ | 48,570 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (48,570 | ) |
| | | |
Tax-Aware Overlay B | | | 2023 | | | $ | 5,920,076 | | | $ | 50,180 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (50,180 | ) |
| | | 2024 | | | $ | 4,499,390 | | | $ | 88,507 | |
| | | | | | | | | | $ | — | |
| | | | | | | | | | $ | (88,507 | ) |
(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.
(i) Not applicable.
(j) Not applicable.
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 7 of this Form N-CSR.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
SANFORD C. BERNSTEIN FUND, INC.
Emerging Markets Portfolio
California Municipal Portfolio
Diversified Municipal Portfolio
New York Municipal Portfolio
Intermediate Duration Portfolio
ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
SEPTEMBER 30, 2024
Table of Contents
Before investing in any portfolio of the Sanford C. Bernstein Fund, 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. For Class A, Class C, Advisor Class and Class Z Shares (collectively “Retail Classes”), visit www.abfunds.com or call AB at 800.227.4618. 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”. For Retail Classes, visit www.abfunds.com
Sanford C. Bernstein Fund, Inc. (the “Fund”) operates as a series company currently comprised of 9 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”). This report relates only to the Emerging Markets Portfolio, Fixed Income Municipal Portfolios and Fixed Income Taxable Portfolios (together the “SCB Portfolios”). The financial statements of the Overlay Portfolios are presented in a separate report.
This shareholder report must be preceded or accompanied by the Sanford C. Bernstein Fund, 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.
The Report of Independent Registered Public Accounting Firm can be found with the applicable Portfolio’s Schedules of Investments. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.
Investment Products Offered: · Are Not FDIC Insured · May Lose Value · Are Not Bank Guaranteed
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Emerging Markets Portfolio
September 30, 2024
| | | | | | | | |
| | |
| Company | | Shares | | | U.S. $ Value | |
|
| COMMON STOCKS–97.4% | |
|
| Financials–28.0% | |
| Banks–19.5% | |
Abu Dhabi Islamic Bank PJSC | | | 374,735 | | | $ | 1,297,731 | |
Agricultural Bank of China Ltd.–Class H | | | 2,718,000 | | | | 1,268,142 | |
Akbank TAS | | | 3,120,580 | | | | 5,621,105 | |
Al Rajhi Bank | | | 416,310 | | | | 9,701,388 | |
Alpha Services and Holdings SA | | | 3,186,350 | | | | 5,533,032 | |
Banco do Brasil SA | | | 2,486,000 | | | | 12,403,304 | |
Bank Central Asia TBK PT | | | 11,312,500 | | | | 7,714,766 | |
Bank Mandiri Persero Tbk PT | | | 19,564,000 | | | | 8,999,346 | |
Bank Negara Indonesia Persero Tbk PT | | | 33,523,900 | | | | 11,837,917 | |
Bank Polska Kasa Opieki SA | | | 231,751 | | | | 8,848,207 | |
BDO Unibank, Inc. | | | 724,300 | | | | 2,050,979 | |
China Merchants Bank Co., Ltd.–Class A | | | 681,300 | | | | 3,600,012 | |
China Merchants Bank Co., Ltd.–Class H | | | 2,348,000 | | | | 11,378,089 | |
CIMB Group Holdings Bhd | | | 3,608,600 | | | | 7,061,439 | |
Emirates NBD Bank PJSC | | | 2,426,035 | | | | 13,408,070 | |
Eurobank Ergasias Services and Holdings SA | | | 3,697,400 | | | | 8,468,593 | |
Hana Financial Group, Inc. | | | 198,730 | | | | 8,917,394 | |
HDFC Bank Ltd. | | | 556,487 | | | | 11,460,143 | |
ICICI Bank Ltd. | | | 934,503 | | | | 14,192,174 | |
Industrial & Commercial Bank of China Ltd.–Class H | | | 6,160,000 | | | | 3,629,888 | |
Itau Unibanco Holding SA (Preference Shares) | | | 1,603,900 | | | | 10,631,428 | |
KB Financial Group, Inc. | | | 345,142 | | | | 21,296,040 | |
Metropolitan Bank & Trust Co. | | | 5,325,000 | | | | 7,487,988 | |
NU Holdings Ltd./Cayman Islands–Class A(a) | | | 723,172 | | | | 9,871,298 | |
Piraeus Financial Holdings SA | | | 1,826,055 | | | | 7,774,062 | |
Saudi Awwal Bank | | | 492,690 | | | | 4,559,999 | |
Sberbank of Russia PJSC(b)(c)(d) | | | 951,472 | | | | 0 | |
Shanghai Pudong Development Bank Co., Ltd.–Class A | | | 6,021,000 | | | | 8,593,036 | |
State Bank of India | | | 689,315 | | | | 6,472,810 | |
| | | | | | | | |
| | | | | | | 234,078,380 | |
| | | | | | | | |
| Capital Markets–1.7% | |
B3 SA–Brasil Bolsa Balcao | | | 1,839,600 | | | | 3,616,594 | |
HDFC Asset Management Co., Ltd.(e) | | | 325,745 | | | | 16,708,068 | |
| | | | | | | | |
| | | | | | | 20,324,662 | |
| | | | | | | | |
| Consumer Finance–1.2% | |
Kaspi.KZ JSC (ADR) | | | 136,710 | | | | 14,489,893 | |
| | | | | | | | |
| Financial Services–0.3% | |
L&T Finance Ltd. | | | 1,861,030 | | | | 4,113,804 | |
| | | | | | | | |
| Insurance–5.3% | |
AIA Group Ltd. | | | 679,800 | | | | 5,936,596 | |
| | | | | | | | |
| | | |
| Company | | Shares | | | U.S. $ Value | |
BB Seguridade Participacoes SA | | | 1,018,200 | | | $ | 6,635,112 | |
Bupa Arabia for Cooperative Insurance Co. | | | 68,460 | | | | 3,781,232 | |
China Pacific Insurance Group Co., Ltd.–Class H | | | 1,673,000 | | | | 5,924,223 | |
DB Insurance Co., Ltd. | | | 67,610 | | | | 5,809,987 | |
Hyundai Marine & Fire Insurance Co., Ltd. | | | 78,247 | | | | 1,970,777 | |
PICC Property & Casualty Co., Ltd.–Class H | | | 6,420,000 | | | | 9,503,305 | |
Ping An Insurance Group Co. of China Ltd.–Class H | | | 1,775,500 | | | | 11,149,302 | |
Samsung Fire & Marine Insurance Co., Ltd. | | | 33,445 | | | | 8,839,444 | |
Samsung Life Insurance Co., Ltd. | | | 58,590 | | | | 4,184,509 | |
| | | | | | | | |
| | | | | | | 63,734,487 | |
| | | | | | | | |
| | | | | | | 336,741,226 | |
| | | | | | | | |
| | | | | | | | |
| |
| Information Technology–23.8% | |
| Communications Equipment–0.1% | |
Accton Technology Corp. | | | 46,000 | | | | 769,656 | |
| | | | | | | | |
| Electronic Equipment, Instruments & Components–2.5% | |
Hon Hai Precision Industry Co., Ltd. | | | 2,657,000 | | | | 15,644,046 | |
Sinbon Electronics Co., Ltd. | | | 755,000 | | | | 7,151,905 | |
Tripod Technology Corp. | | | 418,000 | | | | 2,586,878 | |
Unimicron Technology Corp. | | | 898,000 | | | | 4,077,787 | |
| | | | | | | | |
| | | | | | | 29,460,616 | |
| | | | | | | | |
| IT Services–1.9% | |
FPT Corp. | | | 496,969 | | | | 2,720,933 | |
Globant SA(a) | | | 31,882 | | | | 6,317,099 | |
Infosys Ltd. | | | 148,803 | | | | 3,327,319 | |
Tata Consultancy Services Ltd. | | | 208,686 | | | | 10,632,196 | |
| | | | | | | | |
| | | | | | | 22,997,547 | |
| | | | | | | | |
| Semiconductors & Semiconductor Equipment–14.2% | |
ASPEED Technology, Inc. | | | 7,400 | | | | 1,000,654 | |
Broadcom, Inc. | | | 75,170 | | | | 12,966,825 | |
King Yuan Electronics Co., Ltd. | | | 1,921,000 | | | | 6,813,405 | |
MediaTek, Inc. | | | 655,000 | | | | 24,140,371 | |
Realtek Semiconductor Corp. | | | 498,000 | | | | 7,391,596 | |
SK Hynix, Inc. | | | 212,689 | | | | 28,465,608 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 2,995,706 | | | | 90,332,896 | |
| | | | | | | | |
| | | | | | | 171,111,355 | |
| | | | | | | | |
| Software–0.3% | |
TOTVS SA | | | 731,500 | | | | 3,834,947 | |
| | | | | | | | |
| Technology Hardware, Storage & Peripherals–4.8% | |
Advantech Co., Ltd. | | | 141,294 | | | | 1,431,635 | |
Asia Vital Components Co., Ltd. | | | 67,000 | | | | 1,241,313 | |
Asustek Computer, Inc. | | | 399,000 | | | | 6,931,578 | |
Samsung Electronics Co., Ltd. | | | 914,008 | | | | 42,719,616 | |
Samsung Electronics Co., Ltd. (Preference Shares) | | | 96,041 | | | | 3,729,934 | |
Wiwynn Corp. | | | 32,000 | | | | 1,734,408 | |
| | | | | | | | |
| | | | | | | 57,788,484 | |
| | | | | | | | |
| | | | | | | 285,962,605 | |
| | | | | | | | |
| | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | |
| | | |
| Company | | Shares | | | U.S. $ Value | |
|
| Consumer Discretionary–15.8% | |
| Automobiles–2.7% | |
Bajaj Auto Ltd. | | | 47,725 | | | $ | 7,031,296 | |
BYD Co., Ltd.–Class H | | | 212,500 | | | | 7,581,561 | |
Hyundai Motor Co. | | | 45,170 | | | | 8,412,574 | |
Kia Corp. | | | 108,753 | | | | 8,281,081 | |
Tata Motors Ltd. | | | 107,199 | | | | 1,246,616 | |
| | | | | | | | |
| | | | | | | 32,553,128 | |
| | | | | | | | |
| Broadline Retail–4.6% | |
Alibaba Group Holding Ltd. | | | 680,300 | | | | 9,040,355 | |
JD.com, Inc.–Class A | | | 807,250 | | | | 16,191,714 | |
MercadoLibre, Inc.(a) | | | 3,800 | | | | 7,797,448 | |
PDD Holdings, Inc. (ADR)(a) | | | 166,980 | | | | 22,510,574 | |
| | | | | | | | |
| | | | | | | 55,540,091 | |
| | | | | | | | |
| Diversified Consumer Services–1.1% | |
New Oriental Education & Technology Group, Inc. | | | 1,537,700 | | | | 11,735,201 | |
YDUQS Participacoes SA | | | 561,500 | | | | 947,222 | |
| | | | | | | | |
| | | | | | | 12,682,423 | |
| | | | | | | | |
| Hotels, Restaurants & Leisure–2.8% | |
MakeMyTrip Ltd.(a) | | | 46,930 | | | | 4,362,143 | |
Meituan–Class B(a)(e) | | | 1,170,000 | | | | 24,845,388 | |
Trip.com Group Ltd.(a) | | | 83,250 | | | | 5,009,027 | |
| | | | | | | | |
| | | | | | | 34,216,558 | |
| | | | | | | | |
| Household Durables–1.8% | |
Gree Electric Appliances, Inc. of Zhuhai–Class A | | | 925,500 | | | | 6,271,908 | |
Hisense Visual Technology Co., Ltd.–Class A | | | 484,200 | | | | 1,531,254 | |
Midea Group Co., Ltd.(a) | | | 645,300 | | | | 6,163,423 | |
Midea Group Co., Ltd.–Class A | | | 665,300 | | | | 7,168,866 | |
| | | | | | | | |
| | | | | | | 21,135,451 | |
| | | | | | | | |
| Specialty Retail–0.6% | |
HLA Group Corp., Ltd.–Class A | | | 450,300 | | | | 483,433 | |
United Electronics Co. | | | 217,570 | | | | 5,514,969 | |
Vibra Energia SA | | | 269,800 | | | | 1,158,896 | |
| | | | | | | | |
| | | | | | | 7,157,298 | |
| | | | | | | | |
| Textiles, Apparel & Luxury Goods–2.2% | |
ANTA Sports Products Ltd. | | | 832,600 | | | | 9,856,183 | |
Bosideng International Holdings Ltd. | | | 29,516,000 | | | | 16,789,692 | |
| | | | | | | | |
| | | | | | | 26,645,875 | |
| | | | | | | | |
| | | | | | | 189,930,824 | |
| | | | | | | | |
| | | | | | | | |
| |
| Communication Services–7.0% | |
| Diversified Telecommunication Services–0.1% | |
Telekom Malaysia Bhd | | | 1,192,300 | | | | 1,936,982 | |
| | | | | | | | |
| Entertainment–1.3% | |
International Games System Co., Ltd. | | | 164,000 | | | | 5,108,025 | |
NetEase, Inc. | | | 555,200 | | | | 10,370,973 | |
| | | | | | | | |
| | | | | | | 15,478,998 | |
| | | | | | | | |
| | | | | | | | |
| | | |
| Company | | Shares | | | U.S. $ Value | |
| Interactive Media & Services–4.2% | | | | | |
Tencent Holdings Ltd. | | | 900,900 | | | $ | 50,094,400 | |
| | | | | | | | |
| Wireless Telecommunication Services–1.4% | |
Etihad Etisalat Co. | | | 583,479 | | | | 8,006,967 | |
SK Telecom Co., Ltd. | | | 209,295 | | | | 8,912,875 | |
| | | | | | | | |
| | | | | | | 16,919,842 | |
| | | | | | | | |
| | | | | | | 84,430,222 | |
| | | | | | | | |
| | | | | | | | |
| |
| Industrials–4.7% | |
| Construction & Engineering–0.6% | |
Larsen & Toubro Ltd. | | | 153,449 | | | | 6,737,420 | |
| | | | | | | | |
| Electrical Equipment–0.4% | |
Riyadh Cables Group Co. | | | 158,000 | | | | 4,177,958 | |
| | | | | | | | |
| Ground Transportation–0.0% | |
Globaltrans Investment PLC (Sponsored GDR)(a)(b)(d)(f) | | | 301,797 | | | | 0 | |
| | | | | | | | |
| Industrial Conglomerates–0.7% | |
Alfa SAB de CV–Class A | | | 5,071,400 | | | | 4,157,054 | |
SK Square Co., Ltd.(a) | | | 72,550 | | | | 4,478,712 | |
| | | | | | | | |
| | | | | | | 8,635,766 | |
| | | | | | | | |
| Machinery–1.8% | |
HD Hyundai Heavy Industries Co., Ltd.(a) | | | 32,014 | | | | 4,501,442 | |
Yutong Bus Co., Ltd.–Class A | | | 4,157,200 | | | | 15,517,099 | |
Zoomlion Heavy Industry Science and Technology Co., Ltd.–Class A | | | 1,938,800 | | | | 2,082,468 | |
| | | | | | | | |
| | | | | | | 22,101,009 | |
| | | | | | | | |
| Transportation Infrastructure–1.2% | |
International Container Terminal Services, Inc. | | | 1,016,950 | | | | 7,369,717 | |
Shandong Hi-speed Co., Ltd. | | | 2,779,698 | | | | 3,636,080 | |
TangShan Port Group Co., Ltd.–Class A | | | 4,530,400 | | | | 3,338,346 | |
| | | | | | | | |
| | | | | | | 14,344,143 | |
| | | | | | | | |
| | | | | | | 55,996,296 | |
| | | | | | | | |
| | | | | | | | |
| |
| Utilities–4.0% | |
| Electric Utilities–1.3% | |
Centrais Eletricas Brasileiras SA | | | 479,149 | | | | 3,461,004 | |
Equatorial Energia SA(a) | | | 72,319 | | | | 431,973 | |
Equatorial Energia SA | | | 1,097,800 | | | | 6,549,278 | |
Power Grid Corp. of India Ltd. | | | 1,061,352 | | | | 4,459,212 | |
| | | | | | | | |
| | | | | | | 14,901,467 | |
| | | | | | | | |
| Gas Utilities–1.7% | |
GAIL India Ltd. | | | 3,955,492 | | | | 11,334,109 | |
Kunlun Energy Co., Ltd. | | | 8,952,000 | | | | 9,198,817 | |
| | | | | | | | |
| | | | | | | 20,532,926 | |
| | | | | | | | |
| Independent Power and Renewable Electricity Producers–0.7% | |
NTPC Ltd. | | | 1,629,761 | | | | 8,595,420 | |
| | | | | | | | |
| | |
| | |
| 2 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | | |
| Company | | Shares | | | U.S. $ Value | |
| Water Utilities–0.3% | | | | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | | 216,462 | | | $ | 3,592,005 | |
| | | | | | | | |
| | | | | | | 47,621,818 | |
| | | | | | | | |
| | | | | | | | |
| |
| Real Estate–3.4% | |
| Diversified REITs–0.2% | |
Fibra Uno Administracion SA de CV | | | 2,512,340 | | | | 2,925,747 | |
| | | | | | | | |
| Real Estate Management & Development–3.2% | |
Aldar Properties PJSC | | | 993,729 | | | | 2,033,035 | |
Ayala Land, Inc. | | | 10,907,600 | | | | 7,104,014 | |
Emaar Development PJSC | | | 684,945 | | | | 1,627,575 | |
Emaar Properties PJSC | | | 7,382,603 | | | | 17,515,897 | |
Macrotech Developers Ltd.(e) | | | 675,938 | | | | 9,982,030 | |
| | | | | | | | |
| | | | | | | 38,262,551 | |
| | | | | | | | |
| | | | | | | 41,188,298 | |
| | | | | | | | |
| | | | | | | | |
| |
| Materials–3.4% | |
| Chemicals–1.4% | |
Kumho Petrochemical Co., Ltd. | | | 9,910 | | | | 1,190,582 | |
UPL Ltd. | | | 798,763 | | | | 5,825,743 | |
Yunnan Yuntianhua Co., Ltd.–Class A | | | 2,950,190 | | | | 9,441,929 | |
| | | | | | | | |
| | | | | | | 16,458,254 | |
| | | | | | | | |
| Construction Materials–0.4% | |
Cemex SAB de CV | | | 4,490,300 | | | | 2,748,000 | |
GCC SAB de CV | | | 251,202 | | | | 1,881,144 | |
| | | | | | | | |
| | | | | | | 4,629,144 | |
| | | | | | | | |
| Metals & Mining–1.6% | |
Aluminum Corp. of China Ltd.–Class H | | | 2,396,000 | | | | 1,880,123 | |
Freeport-McMoRan, Inc. | | | 101,553 | | | | 5,069,526 | |
Shandong Nanshan Aluminum Co., Ltd.–Class A | | | 7,564,000 | | | | 4,690,994 | |
Western Mining Co., Ltd.–Class A | | | 481,400 | | | | 1,282,169 | |
Zijin Mining Group Co., Ltd.–Class A | | | 1,180,900 | | | | 3,001,193 | |
Zijin Mining Group Co., Ltd.–Class H | | | 1,744,000 | | | | 3,893,737 | |
| | | | | | | | |
| | | | | | | 19,817,742 | |
| | | | | | | | |
| | | | | | | 40,905,140 | |
| | | | | | | | |
| | | | | | | | |
| |
| Consumer Staples–3.0% | |
| Consumer Staples Distribution & Retail–1.3% | |
BBB Foods, Inc.–Class A(a) | | | 207,572 | | | | 6,227,160 | |
BIM Birlesik Magazalar AS | | | 305,698 | | | | 4,436,074 | |
Sendas Distribuidora SA(a) | | | 1,926,100 | | | | 2,641,109 | |
Sok Marketler Ticaret AS | | | 1,245,727 | | | | 1,753,832 | |
| | | | | | | | |
| | | | | | | 15,058,175 | |
| | | | | | | | |
| Food Products–0.0% | |
Saudia Dairy & Foodstuff Co. | | | 1,765 | | | | 177,370 | |
| | | | | | | | |
| Household Products–0.5% | |
Colgate-Palmolive Co. | | | 61,719 | | | | 6,407,049 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | |
| Company | | Shares | | | U.S. $ Value | |
| Personal Care Products–0.6% | | | | | |
Colgate-Palmolive India Ltd. | | | 148,783 | | | $ | 6,769,671 | |
| | | | | | | | |
| Tobacco–0.6% | |
ITC Ltd. | | | 1,154,319 | | | | 7,135,528 | |
| | | | | | | | |
| | | | | | | 35,547,793 | |
| | | | | | | | |
| | | | | | | | |
| | | |
| Health Care–2.3% | | | | | | | | |
| Health Care Providers & Services–0.4% | |
Hapvida Participacoes e Investimentos SA(a)(e) | | | 5,911,354 | | | | 4,340,440 | |
| | | | | | | | |
| Life Sciences Tools & Services–0.6% | |
Samsung Biologics Co., Ltd.(a)(e) | | | 9,884 | | | | 7,351,769 | |
| | | | | | | | |
| Pharmaceuticals–1.3% | | | | | | | | |
Richter Gedeon Nyrt | | | 172,152 | | | | 5,300,842 | |
Sun Pharmaceutical Industries Ltd. | | | 467,398 | | | | 10,741,777 | |
| | | | | | | | |
| | | | | | | 16,042,619 | |
| | | | | | | | |
| | | | | | | 27,734,828 | |
| | | | | | | | |
| | | | | | | | |
| | | |
| Energy–2.0% | | | | | | | | |
| Oil, Gas & Consumable Fuels–2.0% | |
Gazprom PJSC (Sponsored ADR)(a)(b)(c)(d) | | | 436,750 | | | | 0 | |
LUKOIL PJSC(b)(c)(d) | | | 80,321 | | | | 0 | |
PetroChina Co., Ltd.–Class H | | | 15,216,000 | | | | 12,274,315 | |
Petroleo Brasileiro SA (Preference Shares) | | | 1,479,600 | | | | 9,780,347 | |
Thai Oil PCL | | | 1,396,400 | | | | 2,224,085 | |
| | | | | | | | |
| | | | | | | 24,278,747 | |
| | | | | | | | |
Total Common Stocks
(cost $946,537,963) | | | | | | | 1,170,337,797 | |
| | | | | | | | |
| | | | | | | | |
| | | |
| EQUITY LINKED NOTES–1.8% | | | | | | | | |
|
| Information Technology–1.8% | |
| IT Services–1.8% | | | | | | | | |
FPT Corp. Macquarie Bank Ltd., expiring 03/10/2025(a)
(cost $2,943,861) | | | 3,992,355 | | | | 21,878,106 | |
| | | | | | | | |
| | | | | | | | |
| |
| SHORT-TERM INVESTMENTS–1.0% | |
| Investment Companies–1.0% | | | | | | | | |
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.73%(g)(h)(i)
(cost $12,058,683) | | | 12,058,683 | | | | 12,058,683 | |
| | | | | | | | |
Total Investments–100.2%
(cost $961,540,507) | | | | | | | 1,204,274,586 | |
| |
Other assets less liabilities–(0.2)% | | | | (2,901,654 | ) |
| | | | | | | | |
| Net Assets–100.0% | | | | | | $ | 1,201,372,932 | |
| | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | | | | | | | | | |
| |
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
Bank of America, NA | | USD | | | 12,136 | | | KRW | | | 16,345,174 | | | | 10/18/2024 | | | $ | 265,540 | |
| | | | | | |
Bank of America, NA | | EUR | | | 13,858 | | | USD | | | 15,196 | | | | 10/25/2024 | | | | (244,868 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 22,338 | | | TWD | | | 710,684 | | | | 11/22/2024 | | | | 235,921 | |
| | | | | | |
Barclays Bank PLC | | BRL | | | 170,319 | | | USD | | | 30,649 | | | | 10/02/2024 | | | | (615,487 | ) |
| | | | | | |
Barclays Bank PLC | | USD | | | 31,262 | | | BRL | | | 170,319 | | | | 10/02/2024 | | | | 2,295 | |
| | | | | | |
Barclays Bank PLC | | PHP | | | 487,683 | | | USD | | | 8,336 | | | | 10/25/2024 | | | | (347,686 | ) |
| | | | | | |
Barclays Bank PLC | | MYR | | | 17,264 | | | USD | | | 3,995 | | | | 11/21/2024 | | | | (191,200 | ) |
| | | | | | |
Barclays Bank PLC | | USD | | | 11,726 | | | TWD | | | 368,727 | | | | 11/22/2024 | | | | (13,967 | ) |
| | | | | | |
Barclays Bank PLC | | USD | | | 81,864 | | | INR | | | 6,895,535 | | | | 12/06/2024 | | | | 176,937 | |
| | | | | | |
BNP Paribas SA | | USD | | | 30,844 | | | ZAR | | | 552,160 | | | | 10/17/2024 | | | | 1,074,738 | |
| | | | | | |
BNP Paribas SA | | CNH | | | 60,742 | | | USD | | | 8,707 | | | | 11/21/2024 | | | | 8,172 | |
| | | | | | |
BNP Paribas SA | | HUF | | | 1,336,789 | | | USD | | | 3,704 | | | | 11/21/2024 | | | | (34,606 | ) |
| | | | | | |
BNP Paribas SA | | USD | | | 1,931 | | | MXN | | | 37,805 | | | | 12/11/2024 | | | | (31,782 | ) |
| | | | | | |
Citibank, NA | | HKD | | | 50,813 | | | USD | | | 6,534 | | | | 10/17/2024 | | | | (3,400 | ) |
| | | | | | |
Citibank, NA | | IDR | | | 103,288,077 | | | USD | | | 6,332 | | | | 10/25/2024 | | | | (459,629 | ) |
| | | | | | |
Deutsche Bank AG | | PHP | | | 474,872 | | | USD | | | 8,386 | | | | 10/25/2024 | | | | (69,762 | ) |
| | | | | | |
HSBC Bank USA | | KRW | | | 11,949,447 | | | USD | | | 9,092 | | | | 10/18/2024 | | | | 25,767 | |
| | | | | | |
JPMorgan Chase Bank, NA | | BRL | | | 24,495 | | | USD | | | 4,496 | | | | 10/02/2024 | | | | (330 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 4,335 | | | BRL | | | 24,495 | | | | 10/02/2024 | | | | 161,455 | |
| | | | | | |
JPMorgan Chase Bank, NA | | TWD | | | 54,356 | | | USD | | | 1,715 | | | | 11/22/2024 | | | | (11,846 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 3,294 | | | INR | | | 276,833 | | | | 12/06/2024 | | | | (346 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | BRL | | | 145,824 | | | USD | | | 26,766 | | | | 10/02/2024 | | | | (1,965 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | USD | | | 26,776 | | | BRL | | | 145,824 | | | | 10/02/2024 | | | | (8,356 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | KRW | | | 66,663,792 | | | USD | | | 48,677 | | | | 10/18/2024 | | | | (1,901,286 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | USD | | | 2,183 | | | KRW | | | 2,985,660 | | | | 10/18/2024 | | | | 82,226 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | TRY | | | 120,497 | | | USD | | | 3,418 | | | | 10/23/2024 | | | | (31,211 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | IDR | | | 36,322,906 | | | USD | | | 2,332 | | | | 10/25/2024 | | | | (55,997 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | PHP | | | 87,190 | | | USD | | | 1,486 | | | | 10/25/2024 | | | | (66,175 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | BRL | | | 145,824 | | | USD | | | 26,680 | | | | 11/04/2024 | | | | 10,247 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | USD | | | 14,771 | | | MYR | | | 65,330 | | | | 11/21/2024 | | | | 1,072,202 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | USD | | | 3,160 | | | PLN | | | 12,314 | | | | 11/21/2024 | | | | 34,950 | |
| | | | | | |
Standard Chartered Bank | | USD | | | 6,580 | | | HKD | | | 51,186 | | | | 10/17/2024 | | | | 5,530 | |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 1,222 | | | CNH | | | 8,545 | | | | 10/08/2024 | | | | (2,436 | ) |
| | | | | | |
State Street Bank & Trust Co. | | HKD | | | 50,190 | | | USD | | | 6,444 | | | | 10/17/2024 | | | | (13,568 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 1,775 | | | HKD | | | 13,816 | | | | 10/17/2024 | | | | 2,118 | |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 11,444 | | | THB | | | 383,906 | | | | 11/21/2024 | | | | 526,475 | |
| | | | | | |
UBS AG | | EUR | | | 2,049 | | | USD | | | 2,269 | | | | 10/25/2024 | | | | (13,732 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | $ | (435,062 | ) |
| | | | | | | | | | | | | | | | | | | | |
| (a) | | Non-income producing security. |
| (b) | | Fair valued by the Adviser. |
| | |
| | |
| 4 | | Sanford C. Bernstein Fund, Inc. |
| (c) | | Restricted and illiquid security. |
| | | | | | | | | | | | | | |
| Restricted & Illiquid Securities | | Acquisition
Date | | | Cost | | Market
Value | | | Percentage of
Net Assets | |
Gazprom PJSC (Sponsored ADR) | | | 04/05/2006–10/21/2021 | | | $ 4,522,921 | | $ | 0 | | | | 0.00 | % |
LUKOIL PJSC | | | 06/22/2012–09/21/2022 | | | 3,192,255 | | | 0 | | | | 0.00 | % |
Sberbank of Russia PJSC | | | 07/10/2020–09/17/2020 | | | 2,848,601 | | | 0 | | | | 0.00 | % |
| (d) | | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (e) | | 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 September 30, 2024, the aggregate market value of these securities amounted to $63,227,695 or 5.3% of net assets. |
| (f) | | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of September 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows: |
| | | | | | | | | | | | | | |
| 144A/Restricted & Illiquid Securities | | Acquisition
Date | | | Cost | | Market
Value | | | Percentage of
Net Assets | |
Globaltrans Investment PLC (Sponsored GDR) | | | 08/01/2017–06/19/2018 | | | $ 1,956,351 | | $ | 0 | | | | 0.00 | % |
| (g) | | Affiliated investments. |
| (h) | | The rate shown represents the 7-day yield as of period end. |
| (i) | | 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. |
Currency Abbreviations:
BRL—Brazilian Real
CNH—Chinese Yuan Renminbi (Offshore)
EUR—Euro
HKD—Hong Kong Dollar
HUF—Hungarian Forint
IDR—Indonesian Rupiah
INR—Indian Rupee
KRW—South Korean Won
MXN—Mexican Peso
MYR—Malaysian Ringgit
PHP—Philippine Peso
PLN—Polish Zloty
THB—Thailand Baht
TRY—Turkish Lira
TWD—New Taiwan Dollar
USD—United States Dollar
ZAR—South African Rand
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
JSC—Joint Stock Company
PJSC—Public Joint Stock Company
REIT—Real Estate Investment Trust
See notes to financial statements.
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
California Municipal Portfolio
September 30, 2024
| | | | | | | | |
| |
Principal Amount (000) | | | U.S. $ Value | |
|
| MUNICIPAL OBLIGATIONS–99.1% | |
|
| Long-Term Municipal Bonds–96.5% | |
| California–88.6% | |
Bay Area Toll Authority
Series 2021
3.45% (MUNIPSA + 0.30%),
04/01/2056(a) | | $ | 5,000 | | | $ | 4,932,338 | |
3.56% (MUNIPSA + 0.41%),
04/01/2056(a) | | | 13,415 | | | | 13,210,932 | |
Burbank-Glendale-Pasadena Airport Authority
Brick Campaign
Series 2024-B
5.25%, 07/01/2042 | | | 5,500 | | | | 6,162,585 | |
5.25%, 07/01/2044 | | | 4,750 | | | | 5,281,630 | |
AGM Series 2024-B
4.00%, 07/01/2039 | | | 4,500 | | | | 4,524,994 | |
4.125%, 07/01/2041 | | | 3,000 | | | | 3,011,816 | |
California Community Choice Financing Authority
(American International Group, Inc.)
Series 2023-D
5.50%, 05/01/2054 | | | 5,000 | | | | 5,396,963 | |
California Community Choice Financing Authority
(Apollo Global Management, Inc.)
Series 2024
5.00%, 01/01/2055 | | | 10,000 | | | | 10,978,185 | |
California Community Choice Financing Authority
(Deutsche Bank AG)
Series 2023
5.25%, 01/01/2054 | | | 10,000 | | | | 10,803,827 | |
California Community Choice Financing Authority
(Goldman Sachs Group, Inc. (The))
Series 2021
4.00%, 10/01/2052 | | | 7,015 | | | | 7,126,881 | |
Series 2023
5.00%, 12/01/2053 | | | 9,590 | | | | 10,262,435 | |
California Community Choice Financing Authority
(Morgan Stanley)
Series 2021-B
4.00%, 02/01/2052 | | | 4,435 | | | | 4,573,303 | |
Series 2023
4.866% (SOFR + 1.63%), 07/01/2053(a) | | | 5,000 | | | | 4,998,813 | |
4.906% (SOFR + 1.67%), 02/01/2054(a) | | | 5,000 | | | | 5,049,021 | |
5.00%, 02/01/2054 | | | 14,770 | | | | 16,046,344 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
California Community Housing Agency
(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021-A
4.00%, 08/01/2047(b) | | $ | 4,450 | | | $ | 3,738,758 | |
California Community Housing Agency
(California Community Housing Agency Fountains at Emerald Park)
Series 2021
4.00%, 08/01/2046(b) | | | 1,330 | | | | 1,173,143 | |
California Community Housing Agency
(California Community Housing Agency Summit at Sausalito Apartments)
Series 2021
4.00%, 02/01/2050(b) | | | 3,390 | | | | 2,709,359 | |
California County Tobacco Securitization Agency
(Los Angeles County Securitization Corp.)
Series 2020-A
4.00%, 06/01/2037 | | | 510 | | | | 520,324 | |
4.00%, 06/01/2038 | | | 1,000 | | | | 1,015,316 | |
5.00%, 06/01/2027 | | | 800 | | | | 837,495 | |
5.00%, 06/01/2028 | | | 700 | | | | 744,615 | |
5.00%, 06/01/2030 | | | 500 | | | | 546,087 | |
5.00%, 06/01/2031 | | | 400 | | | | 435,471 | |
5.00%, 06/01/2032 | | | 300 | | | | 325,862 | |
California Earthquake Authority
Series 2022-A
5.603%, 07/01/2027 | | | 2,250 | | | | 2,283,418 | |
Series 2024-A
5.75%, 11/01/2024 | | | 1,000 | | | | 1,000,814 | |
California Educational Facilities Authority
(St Mary’s College of California)
Series 2023
5.25%, 10/01/2033 | | | 1,375 | | | | 1,567,309 | |
California Educational Facilities Authority
(University of the Pacific)
Series 2015
5.00%, 11/01/2028 | | | 1,545 | | | | 1,579,176 | |
California Enterprise Development Authority
(Rocketship Education Obligated Group)
Series 2022
4.00%, 06/01/2027(b) | | | 885 | | | | 875,785 | |
4.00%, 06/01/2031(b) | | | 2,000 | | | | 1,953,714 | |
California Health Facilities Financing Authority
(Cedars-Sinai Medical Center)
Series 2015
5.00%, 11/15/2027 | | | 6,500 | | | | 6,677,317 | |
5.00%, 11/15/2028 | | | 6,000 | | | | 6,161,675 | |
5.00%, 11/15/2029 | | | 7,000 | | | | 7,187,241 | |
California Health Facilities Financing Authority
(Children’s Hospital Los Angeles)
Series 2017-A
5.00%, 08/15/2032 | | | 1,215 | | | | 1,267,503 | |
| | |
| | |
| 6 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
California Health Facilities Financing Authority
(CommonSpirit Health)
Series 2020-A
5.00%, 04/01/2032 | | $ | 2,900 | | | $ | 3,243,567 | |
5.00%, 04/01/2033 | | | 2,000 | | | | 2,229,549 | |
5.00%, 04/01/2034 | | | 750 | | | | 833,285 | |
California Health Facilities Financing Authority
(Stanford Health Care Obligated Group)
Series 2023-A
5.00%, 08/15/2033 | | | 10,000 | | | | 11,874,633 | |
California Health Facilities Financing Authority
(Sutter Health Obligated Group)
Series 2018-A
5.00%, 11/15/2029 | | | 1,280 | | | | 1,372,905 | |
California Housing Finance Agency
Series 2019-2, Class A
4.00%, 03/20/2033 | | | 10,635 | | | | 10,918,640 | |
Series 2021-1, Class A
3.50%, 11/20/2035 | | | 9,468 | | | | 9,260,185 | |
Series 2021-2, Class A
3.75%, 03/25/2035 | | | 7,681 | | | | 7,843,352 | |
Series 2021-2, Class X
0.82%, 03/25/2035(c) | | | 3,840 | | | | 173,790 | |
Series 2021-3, Class A
3.25%, 08/20/2036 | | | 1,911 | | | | 1,826,643 | |
Series 2021-3, Class X
0.79%, 08/20/2036(c) | | | 3,249 | | | | 162,844 | |
California Infrastructure & Economic Development Bank
(California Academy of Sciences)
Series 2024
3.25%, 08/01/2029 | | | 3,750 | | | | 3,807,312 | |
California Infrastructure & Economic Development Bank
(California Infrastructure & Economic Development Bank SRF)
Series 2017
5.00%, 10/01/2024 | | | 5,000 | | | | 5,000,000 | |
California Infrastructure & Economic Development Bank
(DesertXpress Enterprises LLC)
Series 2024
8.00%, 01/01/2050(b) | | | 2,600 | | | | 2,677,787 | |
California Infrastructure & Economic Development Bank
(Roseville Sustainable Energy Partner LLC)
Series 2024
5.00%, 07/01/2042 | | | 2,355 | | | | 2,546,810 | |
5.00%, 07/01/2044 | | | 2,000 | | | | 2,148,034 | |
California Municipal Finance Authority
(Emerson College)
Series 2017-B
5.00%, 01/01/2030 | | | 1,000 | | | | 1,048,749 | |
California Municipal Finance Authority
(LAX Integrated Express Solutions LLC)
Series 2018
5.00%, 12/31/2024 | | | 250 | | | | 250,433 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
5.00%, 12/31/2026 | | $ | 2,200 | | | $ | 2,272,041 | |
5.00%, 12/31/2028 | | | 1,000 | | | | 1,052,430 | |
5.00%, 06/30/2029 | | | 1,050 | | | | 1,104,728 | |
5.00%, 12/31/2029 | | | 2,150 | | | | 2,259,615 | |
5.00%, 12/31/2031 | | | 1,930 | | | | 2,017,168 | |
5.00%, 12/31/2033 | | | 1,500 | | | | 1,565,353 | |
5.00%, 12/31/2043 | | | 2,000 | | | | 2,048,807 | |
California Pollution Control Financing Authority
(Poseidon Resources Channelside LP)
Series 2012
5.00%, 07/01/2027(b) | | | 2,210 | | | | 2,220,105 | |
California Pollution Control Financing Authority
(San Diego County Water Authority Desalination Project Pipeline)
Series 2019
5.00%, 07/01/2029(b) | | | 3,400 | | | | 3,586,087 | |
5.00%, 07/01/2039(b) | | | 2,465 | | | | 2,589,422 | |
California Public Finance Authority
(California University of Science & Medicine Obligated Group)
Series 2019
6.25%, 07/01/2054(b) | | | 1,500 | | | | 1,578,705 | |
California School Finance Authority
(KIPP SoCal Public Schools Obligated Group)
Series 2020-A
4.00%, 07/01/2040(b) | | | 1,305 | | | | 1,299,811 | |
California School Finance Authority
(Lighthouse Community Public Schools Obligated Group)
Series 2022
6.25%, 06/01/2042(b) | | | 1,000 | | | | 1,072,767 | |
California School Finance Authority
(Partnerships to Uplift Communities Series 2023 Obligated Group)
Series 2023
5.00%, 08/01/2033(b) | | | 725 | | | | 768,449 | |
5.25%, 08/01/2038(b) | | | 500 | | | | 532,526 | |
California School Finance Authority
(Rocketship Education Obligated Group)
Series 2015-A
4.25%, 03/01/2028(b) | | | 760 | | | | 760,974 | |
Series 2016-A
5.00%, 06/01/2031(b) | | | 1,000 | | | | 1,006,295 | |
California State Public Works Board
Series 2023
5.00%, 09/01/2026 | | | 5,000 | | | | 5,239,136 | |
California State Public Works Board
(California State Public Works Board Lease)
Series 2014-A
5.00%, 09/01/2030 | | | 11,220 | | | | 11,243,762 | |
Series 2014-B
5.00%, 10/01/2029 | | | 4,445 | | | | 4,454,414 | |
Series 2017-H
5.00%, 04/01/2030 | | | 2,000 | | | | 2,108,008 | |
5.00%, 04/01/2031 | | | 2,000 | | | | 2,102,122 | |
5.00%, 04/01/2032 | | | 1,270 | | | | 1,332,694 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
California State Public Works Board
(State of California Department of General Services Lease)
Series 2024
5.05%, 04/01/2032 | | $ | 2,000 | | | $ | 2,079,736 | |
5.06%, 04/01/2033 | | | 1,000 | | | | 1,037,981 | |
California State University
Series 2017-A
5.00%, 11/01/2033 | | | 5,620 | | | | 5,947,865 | |
Series 2020-A
5.00%, 11/01/2030 | | | 600 | | | | 675,639 | |
5.00%, 11/01/2031 | | | 400 | | | | 449,048 | |
Series 2020-D
1.49%, 11/01/2028 | | | 1,500 | | | | 1,361,834 | |
Series 2021-B
2.274%, 11/01/2034 | | | 7,000 | | | | 5,762,634 | |
California State University
(Pre-refunded–US Treasuries) | | | | | | | | |
Series 2014
5.00%, 11/01/2028 | | | 280 | | | | 280,398 | |
5.00%, 11/01/2039 | | | 3,000 | | | | 3,004,268 | |
California Statewide Communities Development Authority
Series 2024-A
5.00%, 12/01/2041 | | | 3,250 | | | | 3,716,041 | |
5.25%, 12/01/2040 | | | 2,400 | | | | 2,824,078 | |
5.25%, 12/01/2044 | | | 2,725 | | | | 3,150,375 | |
California Statewide Communities Development Authority
(CHF-Irvine LLC)
Series 2017-A
5.00%, 05/15/2029 | | | 1,210 | | | | 1,270,585 | |
California Statewide Communities Development Authority
(Emanate Health Obligated Group)
Series 2020-A
5.00%, 04/01/2027 | | | 720 | | | | 755,387 | |
5.00%, 04/01/2028 | | | 535 | | | | 571,471 | |
California Statewide Communities Development Authority
(Lancer Educational Housing LLC)
Series 2016
5.00%, 06/01/2036(b) | | | 3,250 | | | | 3,303,604 | |
Series 2019
5.00%, 06/01/2034(b) | | | 755 | | | | 790,568 | |
5.00%, 06/01/2039(b) | | | 1,800 | | | | 1,847,987 | |
California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series 2014
5.25%, 12/01/2034 | | | 4,500 | | | | 4,510,098 | |
Series 2018-A
5.00%, 12/01/2027(b) | | | 250 | | | | 262,804 | |
5.00%, 12/01/2033(b) | | | 1,000 | | | | 1,048,752 | |
California Statewide Communities Development Authority
(NCCD-Hooper Street LLC)
Series 2019
5.00%, 07/01/2029(b) | | | 685 | | | | 706,501 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
California Statewide Communities Development Authority
(Southern California Edison Co.)
Series 2023
4.50%, 11/01/2033 | | $ | 8,500 | | | $ | 9,193,644 | |
City of Fremont CA Community Facilities District No. 1
Series 2015
5.00%, 09/01/2027 | | | 1,000 | | | | 1,018,132 | |
City of Los Angeles CA
Series 2024
5.00%, 06/26/2025 | | | 28,945 | | | | 29,442,978 | |
City of Los Angeles Department of Airports
Series 2017
5.00%, 05/15/2029 | | | 1,145 | | | | 1,176,923 | |
Series 2017-A
5.00%, 05/15/2028 | | | 1,440 | | | | 1,508,118 | |
5.00%, 05/15/2031 | | | 1,275 | | | | 1,325,766 | |
Series 2018
5.00%, 05/15/2031 | | | 3,000 | | | | 3,233,081 | |
5.00%, 05/15/2035 | | | 1,190 | | | | 1,248,001 | |
Series 2018-C
5.00%, 05/15/2025 | | | 2,955 | | | | 2,983,154 | |
Series 2019
4.00%, 05/15/2044 | | | 4,205 | | | | 4,148,082 | |
Series 2019-A
5.00%, 05/15/2038 | | | 4,315 | | | | 4,551,283 | |
Series 2020-C
5.00%, 05/15/2031 | | | 5,000 | | | | 5,465,354 | |
5.00%, 05/15/2039 | | | 2,655 | | | | 2,818,914 | |
Series 2021
5.00%, 05/15/2030 | | | 5,020 | | | | 5,531,785 | |
5.00%, 05/15/2033 | | | 4,735 | | | | 5,264,071 | |
5.00%, 05/15/2035 | | | 1,685 | | | | 1,852,736 | |
Series 2021-D
4.00%, 05/15/2040 | | | 2,165 | | | | 2,155,636 | |
Series 2022
4.00%, 05/15/2036 | | | 1,300 | | | | 1,319,780 | |
4.00%, 05/15/2041 | | | 1,100 | | | | 1,095,330 | |
5.00%, 05/15/2032 | | | 4,000 | | | | 4,464,746 | |
Series 2022-A
4.00%, 05/15/2041 | | | 6,160 | | | | 6,133,850 | |
City of Los Angeles Department of Airports
(Pre-refunded–US Treasuries)
Series 2021
5.00%, 05/15/2033 | | | 265 | | | | 297,941 | |
City of Riverside CA Sewer Revenue
Series 2015-A
5.00%, 08/01/2027 | | | 2,000 | | | | 2,041,597 | |
5.00%, 08/01/2030 | | | 3,320 | | | | 3,382,915 | |
City of Roseville CA
(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)
Series 2017
5.00%, 09/01/2028 | | | 1,010 | | | | 1,063,897 | |
5.00%, 09/01/2030 | | | 1,295 | | | | 1,346,225 | |
| | |
| | |
| 8 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
City of Roseville CA
(HP Campus Oaks Community Facilities District No.1)
Series 2016
5.00%, 09/01/2031 | | $ | 995 | | | $ | 1,019,962 | |
City of San Francisco CA Public Utilities Commission Water Revenue
(Pre-refunded–US Treasuries)
Series 2017-C
5.00%, 11/01/2041 | | | 2,300 | | | | 2,303,194 | |
City of San Jose CA Airport Revenue
Series 2017-A
5.00%, 03/01/2027 | | | 2,480 | | | | 2,597,837 | |
City of San Jose CA Airport Revenue
(Norman Y Mineta San Jose International Airport SJC)
Series 2014-A
5.00%, 03/01/2025 | | | 3,600 | | | | 3,603,939 | |
CMFA Special Finance Agency VIII Elan Huntington Beach
Series 2021
4.00%, 08/01/2047(b) | | | 350 | | | | 314,462 | |
Compton Community Redevelopment Agency Successor Agency
AGM Series 2022-A
5.25%, 08/01/2032 | | | 3,925 | | | | 4,416,544 | |
Contra Costa Transportation Authority Sales Tax Revenue
Series 2017-A
5.00%, 03/01/2030 | | | 1,250 | | | | 1,326,884 | |
Coronado Community Development Agency Successor Agency
Series 2018-A
5.00%, 09/01/2033 | | | 1,995 | | | | 2,031,909 | |
County of Los Angeles CA
Series 2024
5.00%, 06/30/2025 | | | 37,000 | | | | 37,623,065 | |
County of Santa Cruz CA
Series 2024
5.00%, 07/01/2025 | | | 5,500 | | | | 5,593,387 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
3.60%, 05/01/2047(b) | | | 1,500 | | | | 1,297,468 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)
Series 2021
3.35%, 04/01/2047(b) | | | 3,415 | | | | 2,904,394 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2046(b) | | | 4,000 | | | | 3,288,135 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Altana Apartments)
Series 2021
3.50%, 10/01/2046(b) | | $ | 5,000 | | | $ | 4,223,040 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments)
Series 2021-A1
2.875%, 08/01/2041(b) | | | 3,490 | | | | 3,325,189 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority
Millennium South Bay-Hawthorne)
Series 2021
3.375%, 07/01/2043(b) | | | 1,000 | | | | 866,068 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority
Oceanaire Apartments)
Series 2021
3.20%, 09/01/2046(b) | | | 5,000 | | | | 4,037,386 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Pasadena Portfolio)
Series 2021
2.65%, 12/01/2046(b) | | | 2,465 | | | | 1,983,812 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Theo Apartments)
Series 2021
3.50%, 05/01/2047(b) | | | 2,000 | | | | 1,735,134 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Union South Bay)
Series 2021-A
3.10%, 07/01/2045(b) | | | 3,000 | | | | 2,659,037 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021
4.00%, 10/01/2048(b) | | | 4,000 | | | | 3,075,944 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Waterscape Apartments)
Series 2021-A
3.00%, 09/01/2056(b) | | | 1,500 | | | | 1,105,665 | |
East County Advanced Water Purification Joint Powers Authority
Series 2024
5.00%, 09/01/2026 | | | 5,500 | | | | 5,723,717 | |
Fontana Redevelopment Agency Successor Agency
Series 2017-A
5.00%, 10/01/2031 | | | 1,750 | | | | 1,862,814 | |
Foothill-De Anza Community College District
AMBA Series 2007-A
Zero Coupon, 08/01/2034 | | | 1,000 | | | | 746,932 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Foothill-Eastern Transportation Corridor Agency
Series 2021-C
4.00%, 01/15/2043 | | $ | 1,889 | | | $ | 1,885,363 | |
Fremont Union High School District
Series 2024
5.00%, 08/01/2026 | | | 1,000 | | | | 1,049,793 | |
5.00%, 08/01/2031 | | | 1,605 | | | | 1,875,856 | |
5.00%, 08/01/2033 | | | 1,000 | | | | 1,205,915 | |
5.00%, 08/01/2035 | | | 1,000 | | | | 1,214,203 | |
Golden State Tobacco Securitization Corp.
Series 2021
3.85%, 06/01/2050 | | | 4,960 | | | | 4,649,616 | |
Golden State Tobacco Securitization Corp.
(Golden State Tobacco Securitization Corp. Lease)
Series 2021
1.40%, 06/01/2025 | | | 2,900 | | | | 2,842,595 | |
2.746%, 06/01/2034 | | | 3,165 | | | | 2,766,179 | |
3.115%, 06/01/2038 | | | 2,500 | | | | 2,117,855 | |
Lake Elsinore Public Financing Authority
Series 2015
5.00%, 09/01/2035 | | | 2,295 | | | | 2,320,103 | |
Long Beach Bond Finance Authority
(Bank of America Corp.)
Series 2007-A
5.00%, 11/15/2024 | | | 1,175 | | | | 1,176,007 | |
5.50%, 11/15/2037 | | | 1,000 | | | | 1,181,421 | |
Long Beach Unified School District
Series 2010-A
5.00%, 08/01/2025 | | | 1,000 | | | | 1,001,889 | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue
Series 2022
5.00%, 07/01/2025 | | | 3,000 | | | | 3,056,009 | |
Los Angeles Unified School District/CA
Series 2016-A
5.00%, 07/01/2027 | | | 18,645 | | | | 18,980,250 | |
Series 2018-B
5.00%, 07/01/2029 | | | 9,020 | | | | 9,755,092 | |
Series 2024-A
5.00%, 07/01/2032 | | | 23,000 | | | | 27,077,688 | |
M-S-R Energy Authority
(Citigroup, Inc.)
Series 2009-A
6.50%, 11/01/2039 | | | 4,185 | | | | 5,475,150 | |
Series 2009-B
7.00%, 11/01/2034 | | | 2,555 | | | | 3,239,263 | |
Middle Fork Project Finance Authority
Series 2020
5.00%, 04/01/2033 | | | 1,650 | | | | 1,759,456 | |
5.00%, 04/01/2034 | | | 1,100 | | | | 1,171,051 | |
5.00%, 04/01/2035 | | | 1,150 | | | | 1,221,651 | |
Northern California Energy Authority (Pacific Mutual Holding Co.)
Series 2024
5.00%, 12/01/2054 | | | 10,000 | | | | 10,817,733 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Palm Desert Redevelopment Agency Successor Agency
BAM Series 2017-A
5.00%, 10/01/2024 | | $ | 1,000 | | | $ | 1,000,000 | |
Peralta Community College District
Series 2014-A
5.00%, 08/01/2028 | | | 1,820 | | | | 1,821,843 | |
Series 2016-A
5.00%, 08/01/2032 | | | 2,720 | | | | 2,764,711 | |
Pittsburg Successor Agency Redevelopment Agency
AGM Series 2016-A
5.00%, 09/01/2027 | | | 2,785 | | | | 2,908,385 | |
Port of Los Angeles
Series 2024-A
5.00%, 08/01/2029 | | | 1,295 | | | | 1,410,329 | |
5.00%, 08/01/2030 | | | 2,110 | | | | 2,320,065 | |
5.00%, 08/01/2035 | | | 2,330 | | | | 2,621,464 | |
Port of Los Angeles
(Pre-refunded–US Treasuries)
Series 2014-A
5.00%, 08/01/2026 | | | 1,000 | | | | 1,003,574 | |
5.00%, 08/01/2027 | | | 1,565 | | | | 1,570,593 | |
Port of Oakland
Series 2021
5.00%, 05/01/2025 | | | 4,800 | | | | 4,845,816 | |
River Islands Public Financing Authority
(River Islands Public Financing Authority Community Facilities District No. 2003-1 Area 1)
Series 2022
4.50%, 09/01/2037 | | | 2,905 | | | | 2,982,521 | |
5.00%, 09/01/2042 | | | 2,510 | | | | 2,631,576 | |
Riverside County Public Financing Authority
(Pre-refunded–US Treasuries)
Series 2015
5.00%, 11/01/2028 | | | 3,395 | | | | 3,488,669 | |
Sacramento County Water Financing Authority
(Sacramento County Water Agency)
NATL Series 2007-B
4.106% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(a) | | | 5,700 | | | | 5,261,577 | |
San Diego Community College District
(Pre-refunded–US Treasuries)
Series 2016
4.00%, 08/01/2041 | | | 4,000 | | | | 4,123,033 | |
San Diego County Regional Airport Authority
Series 2021-B
5.00%, 07/01/2028 | | | 5,245 | | | | 5,626,300 | |
Series 2023
5.00%, 07/01/2041 | | | 10,320 | | | | 11,254,022 | |
San Diego County Water Authority | | | | | | | | |
Series 2015
5.00%, 05/01/2025 | | | 1,275 | | | | 1,292,396 | |
San Diego Unified School District/CA
Series 2024-A
5.00%, 06/30/2025 | | | 5,000 | | | | 5,083,007 | |
| | |
| | |
| 10 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Series 2025-Z
5.00%, 07/01/2037(d) | | $ | 1,500 | | | $ | 1,759,569 | |
5.00%, 07/01/2038(d) | | | 1,000 | | | | 1,167,225 | |
5.00%, 07/01/2039(d) | | | 875 | | | | 1,014,274 | |
5.00%, 07/01/2040(d) | | | 1,000 | | | | 1,148,050 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue
Series 2024
4.655%, 10/01/2027 | | | 2,650 | | | | 2,701,642 | |
San Francisco Intl Airport
Series 2019-A
5.00%, 05/01/2034 | | | 11,015 | | | | 11,721,165 | |
5.00%, 05/01/2035 | | | 1,000 | | | | 1,062,080 | |
Series 2019-E
5.00%, 05/01/2034 | | | 3,450 | | | | 3,671,177 | |
5.00%, 05/01/2035 | | | 3,275 | | | | 3,478,310 | |
5.00%, 05/01/2036 | | | 3,385 | | | | 3,585,684 | |
Series 2020-E
5.00%, 05/01/2037 | | | 3,815 | | | | 4,075,534 | |
Series 2022-C
2.583%, 05/01/2030 | | | 1,625 | | | | 1,498,521 | |
Series 2024
5.00%, 05/01/2036 | | | 1,950 | | | | 2,200,743 | |
5.25%, 05/01/2043 | | | 4,400 | | | | 4,902,257 | |
5.25%, 05/01/2044 | | | 5,600 | | | | 6,218,047 | |
San Mateo Joint Powers Financing Authority
(County of San Mateo CA Lease)
Series 2019-A
5.00%, 07/15/2025 | | | 5,790 | | | | 5,895,728 | |
5.00%, 07/15/2026 | | | 3,310 | | | | 3,466,674 | |
Saugus/Hart School Facilities Financing Authority
(Saugus Union School District Community Facilities District No. 06-01)
Series 2016
5.00%, 09/01/2029 | | | 1,000 | | | | 1,025,713 | |
5.00%, 09/01/2030 | | | 1,365 | | | | 1,396,650 | |
Southern California Public Power Authority
(American International Group, Inc.)
Series 2024-A
5.00%, 04/01/2055 | | | 3,500 | | | | 3,788,760 | |
Southwestern Community College District
Series 2015
5.00%, 08/01/2025 | | | 3,870 | | | | 3,946,826 | |
State of California
Series 2009
7.55%, 04/01/2039 | | | 1,000 | | | | 1,256,891 | |
Series 2018
4.60%, 04/01/2038 | | | 2,000 | | | | 1,964,209 | |
5.00%, 08/01/2025 | | | 1,885 | | | | 1,921,341 | |
Series 2019
5.00%, 04/01/2037 | | | 615 | | | | 668,504 | |
Series 2021
5.00%, 10/01/2024 | | | 3,000 | | | | 3,000,000 | |
Series 2022
5.00%, 09/01/2036 | | | 7,780 | | | | 8,958,868 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Series 2023
5.00%, 09/01/2038 | | $ | 10,000 | | | $ | 11,613,528 | |
5.00%, 10/01/2042 | | | 2,625 | | | | 2,986,597 | |
6.00%, 03/01/2033 | | | 4,000 | | | | 4,473,375 | |
Series 2024
5.15%, 09/01/2034 | | | 2,000 | | | | 2,113,553 | |
5.25%, 08/01/2044 | | | 6,000 | | | | 7,019,449 | |
State of California Department of Water Resources
(Pre-refunded–US Govt Agencies)
Series 2014-A
5.00%, 12/01/2029 | | | 1,000 | | | | 1,003,044 | |
Sweetwater Union High School District
Series 2016
5.00%, 08/01/2030 | | | 3,205 | | | | 3,308,055 | |
BAM Series 2014
5.00%, 08/01/2028 | | | 5,760 | | | | 5,776,313 | |
5.00%, 08/01/2029 | | | 2,220 | | | | 2,226,287 | |
Tobacco Securitization Authority of Northern California
(Sacramento County Tobacco Securitization Corp.)
Series 2021
4.00%, 06/01/2034 | | | 1,000 | | | | 1,031,902 | |
4.00%, 06/01/2036 | | | 1,015 | | | | 1,037,094 | |
4.00%, 06/01/2038 | | | 1,210 | | | | 1,226,790 | |
4.00%, 06/01/2040 | | | 1,150 | | | | 1,157,188 | |
5.00%, 06/01/2026 | | | 1,360 | | | | 1,398,222 | |
5.00%, 06/01/2027 | | | 1,500 | | | | 1,569,328 | |
5.00%, 06/01/2028 | | | 1,220 | | | | 1,298,977 | |
5.00%, 06/01/2030 | | | 1,500 | | | | 1,643,224 | |
5.00%, 06/01/2032 | | | 1,300 | | | | 1,428,533 | |
Transbay Joint Powers Authority
(Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment)
Series 2020
5.00%, 10/01/2031 | | | 500 | | | | 536,016 | |
5.00%, 10/01/2032 | | | 950 | | | | 1,015,111 | |
5.00%, 10/01/2034 | | | 600 | | | | 637,506 | |
5.00%, 10/01/2035 | | | 600 | | | | 635,888 | |
5.00%, 10/01/2036 | | | 800 | | | | 845,330 | |
5.00%, 10/01/2037 | | | 1,375 | | | | 1,451,751 | |
5.00%, 10/01/2038 | | | 1,000 | | | | 1,050,009 | |
University of California
Series 2015-I
4.00%, 05/15/2033 | | | 5,000 | | | | 5,018,877 | |
Series 2017-A
5.00%, 05/15/2028 | | | 1,000 | | | | 1,071,279 | |
5.00%, 05/15/2029 | | | 3,000 | | | | 3,211,157 | |
5.00%, 05/15/2031 | | | 2,465 | | | | 2,618,496 | |
Series 2017-M
5.00%, 05/15/2031 | | | 4,000 | | | | 4,246,987 | |
Series 2023-B
4.693%, 05/15/2033 | | | 6,260 | | | | 6,412,686 | |
5.00%, 05/15/2025 | | | 3,000 | | | | 3,043,390 | |
Series 2024-B
5.00%, 05/15/2026 | | | 30,000 | | | | 31,309,767 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Washington Township Health Care District
Series 2023-A
5.00%, 07/01/2040 | | $ | 400 | | | $ | 411,203 | |
5.00%, 07/01/2041 | | | 360 | | | | 368,060 | |
5.00%, 07/01/2042 | | | 350 | | | | 356,155 | |
5.00%, 07/01/2043 | | | 275 | | | | 278,767 | |
AGM Series 2023-B
4.125%, 08/01/2041 | | | 750 | | | | 784,262 | |
4.125%, 08/01/2042 | | | 275 | | | | 285,651 | |
4.25%, 08/01/2043 | | | 370 | | | | 385,673 | |
Yucaipa Valley Water District Financing Authority
(Yucaipa Valley Water District Water & Sewer Revenue)
Series 2024-A
5.00%, 06/01/2026 | | | 10,000 | | | | 10,346,575 | |
| | | | | | | | |
| | | | 913,458,413 | |
| | | | | | | | |
| American Samoa–0.1% | | | | | | | | |
American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2018
6.50%, 09/01/2028(b) | | | 610 | | | | 644,484 | |
| | | | | | | | |
| Florida–0.1% | | | | | | | | |
City of Tampa FL
(State of Florida Cigarette Tax Revenue)
Series 2020-A
Zero Coupon, 09/01/2033 | | | 175 | | | | 124,195 | |
County of Osceola FL Transportation Revenue
Series 2020-A
Zero Coupon, 10/01/2030 | | | 150 | | | | 118,818 | |
Zero Coupon, 10/01/2031 | | | 185 | | | | 140,738 | |
Zero Coupon, 10/01/2032 | | | 100 | | | | 73,123 | |
Zero Coupon, 10/01/2033 | | | 250 | | | | 175,454 | |
Zero Coupon, 10/01/2034 | | | 270 | | | | 181,881 | |
New River Community Development District
Series 2006-B
5.00%, 05/01/2013(e)(f)(g) | | | 405 | | | | 4 | |
| | | | | | | | |
| | | | 814,213 | |
| | | | | | | | |
| Georgia–0.2% | | | | | | | | |
Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2032 | | | 460 | | | | 489,759 | |
5.00%, 01/01/2035 | | | 250 | | | | 265,018 | |
5.00%, 01/01/2036 | | | 1,590 | | | | 1,682,210 | |
| | | | | | | | |
| | | | 2,436,987 | |
| | | | | | | | |
| Guam–2.4% | | | | | | | | |
Antonio B Won Pat International Airport Authority
Series 2021-A
2.899%, 10/01/2027 | | | 625 | | | | 597,597 | |
3.489%, 10/01/2031 | | | 1,120 | | | | 1,026,716 | |
Series 2023
5.00%, 10/01/2028 | | | 1,045 | | | | 1,090,892 | |
5.125%, 10/01/2034 | | | 140 | | | | 152,059 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
5.375%, 10/01/2040 | | $ | 275 | | | $ | 300,855 | |
Series 2024-A
5.00%, 10/01/2027(d) | | | 155 | | | | 161,659 | |
5.00%, 10/01/2031(d) | | | 600 | | | | 643,330 | |
5.00%, 10/01/2033(d) | | | 600 | | | | 647,280 | |
5.00%, 10/01/2034(d) | | | 450 | | | | 487,604 | |
Guam Department of Education
(Guam Department of Education COP)
Series 2020
4.25%, 02/01/2030 | | | 1,500 | | | | 1,490,758 | |
5.00%, 02/01/2040 | | | 1,090 | | | | 1,096,797 | |
Guam Education Financing Foundation
(Guam Education Financing Foundation COP)
Series 2016-B
5.00%, 10/01/2026(b) | | | 2,050 | | | | 2,050,057 | |
Guam Power Authority
Series 2022-A
5.00%, 10/01/2028 | | | 3,000 | | | | 3,222,694 | |
Territory of Guam
Series 2019
5.00%, 11/15/2031 | | | 450 | | | | 463,866 | |
Territory of Guam
(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2026 | | | 1,000 | | | | 1,038,179 | |
5.00%, 12/01/2029 | | | 455 | | | | 470,721 | |
5.00%, 12/01/2030 | | | 730 | | | | 753,492 | |
5.00%, 12/01/2032 | | | 675 | | | | 695,001 | |
Territory of Guam
(Territory of Guam Business Privilege Tax)
Series 2015
5.00%, 11/15/2030 | | | 2,625 | | | | 2,668,708 | |
Series 2015-D
5.00%, 11/15/2025 | | | 1,140 | | | | 1,159,338 | |
Series 2021-F
5.00%, 01/01/2031 | | | 1,000 | | | | 1,087,631 | |
Territory of Guam
(Territory of Guam Hotel Occupancy Tax)
Series 2021-A
5.00%, 11/01/2027 | | | 795 | | | | 834,785 | |
5.00%, 11/01/2028 | | | 955 | | | | 1,014,737 | |
5.00%, 11/01/2029 | | | 1,000 | | | | 1,072,516 | |
5.00%, 11/01/2030 | | | 320 | | | | 344,491 | |
| | | | | | | | |
| | | | 24,571,763 | |
| | | | | | | | |
| Illinois–0.8% | | | | | | | | |
Illinois Finance Authority
(Illinois Institute of Technology)
Series 2019
5.00%, 09/01/2027 | | | 100 | | | | 100,742 | |
5.00%, 09/01/2029 | | | 100 | | | | 101,376 | |
5.00%, 09/01/2032 | | | 100 | | | | 100,900 | |
5.00%, 09/01/2033 | | | 200 | | | | 201,367 | |
Metropolitan Pier & Exposition Authority
Series 2017-B
5.00%, 12/15/2026 | | | 3,250 | | | | 3,390,724 | |
| | |
| | |
| 12 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Village of Bolingbrook IL Sales Tax Revenue
Series 2005
6.00%, 01/01/2026(f)(h)(i) | | $ | 4,450 | | | $ | 4,316,920 | |
| | | | | | | | |
| | | | 8,212,029 | |
| | | | | | | | |
| Kentucky–0.5% | | | | | | | | |
City of Ashland KY
(Royal Blue Health LLC Obligated Group)
Series 2019
5.00%, 02/01/2026 | | | 230 | | | | 234,199 | |
5.00%, 02/01/2027 | | | 260 | | | | 270,010 | |
5.00%, 02/01/2030 | | | 160 | | | | 172,271 | |
5.00%, 02/01/2031 | | | 200 | | | | 210,694 | |
Kentucky Economic Development Finance Authority
(Owensboro Health, Inc. Obligated Group)
Series 2017-A
5.00%, 06/01/2029 | | | 3,500 | | | | 3,627,823 | |
| | | | | | | | |
| | | | 4,514,997 | |
| | | | | | | | |
| Michigan–0.2% | | | | | | | | |
City of Detroit MI
Series 2018
5.00%, 04/01/2031 | | | 1,745 | | | | 1,841,007 | |
| | | | | | | | |
| Missouri–0.0% | | | | | | | | |
Howard Bend Levee District
XLCA Series 2005
5.75%, 03/01/2025 | | | 175 | | | | 175,884 | |
5.75%, 03/01/2027 | | | 150 | | | | 156,605 | |
| | | | | | | | |
| | | | 332,489 | |
| | | | | | | | |
| Nevada–0.0% | | | | | | | | |
City of Sparks NV
(City of Sparks NV Sales Tax)
Series 2019-A
2.75%, 06/15/2028(b) | | | 320 | | | | 312,917 | |
| | | | | | | | |
| New Jersey–1.5% | | | | | | | | |
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant)
Series 2016
5.00%, 06/15/2027 | | | 1,410 | | | | 1,461,642 | |
5.00%, 06/15/2029 | | | 6,660 | | | | 6,883,257 | |
Series 2018-A
5.00%, 06/15/2028 | | | 2,710 | | | | 2,806,446 | |
5.00%, 06/15/2029 | | | 1,290 | | | | 1,333,244 | |
Tobacco Settlement Financing Corp./NJ
Series 2018-A
5.00%, 06/01/2025 | | | 1,000 | | | | 1,010,826 | |
5.00%, 06/01/2026 | | | 1,000 | | | | 1,029,259 | |
5.00%, 06/01/2028 | | | 1,000 | | | | 1,065,130 | |
| | | | | | | | |
| | | | 15,589,804 | |
| | | | | | | | |
| New York–0.0% | | | | | | | | |
New York Transportation Development Corp.
(Laguardia Gateway Partners LLC)
Series 2016-A
5.00%, 07/01/2046 | | | 220 | | | | 220,002 | |
| | | | | | | | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
| Ohio–0.1% | | | | | | | | |
Buckeye Tobacco Settlement Financing Authority
Series 2020-A
5.00%, 06/01/2036 | | $ | 1,175 | | | $ | 1,260,794 | |
| | | | | | | | |
| Other–0.5% | | | | | | | | |
Federal Home Loan Mortgage Corp.
Series 2021-ML10, Class AUS
2.032%, 01/25/2038 | | | 4,809 | | | | 3,883,441 | |
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
Series 2022-ML13, Class ACA
2.875%, 07/25/2036 | | | 954 | | | | 891,933 | |
Series 2022-ML13, Class XCA
0.96%, 07/25/2036(c) | | | 2,576 | | | | 139,909 | |
| | | | | | | | |
| | | | 4,915,283 | |
| | | | | | | | |
| Pennsylvania–0.1% | | | | | | | | |
Allentown Neighborhood Improvement Zone Development Authority
(Allentown Neighborhood Improvement Zone Center City Investment Corp. Revenue)
Series 2018
5.00%, 05/01/2033(b) | | | 1,000 | | | | 1,026,531 | |
| | | | | | | | |
| Puerto Rico–0.9% | | | | | | | | |
Commonwealth of Puerto Rico | | | | | | | | |
Series 2021-A
Zero Coupon, 07/01/2033 | | | 1,680 | | | | 1,140,278 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2020-A
5.00%, 07/01/2030(b) | | | 2,690 | | | | 2,848,820 | |
5.00%, 07/01/2035(b) | | | 1,735 | | | | 1,820,884 | |
Puerto Rico Electric Power Authority AGM Series 2007-V
5.25%, 07/01/2027 | | | 1,720 | | | | 1,725,255 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth
Series 2024
6.25%, 01/01/2040 | | | 1,665 | | | | 1,957,229 | |
| | | | | | | | |
| | | | 9,492,466 | |
| | | | | | | | |
| Texas–0.1% | | | | | | | | |
Texas Municipal Gas Acquisition and Supply Corp. I
(Bank of America Corp.)
Series 2008-D
6.25%, 12/15/2026 | | | 780 | | | | 806,630 | |
| | | | | | | | |
| Washington–0.1% | | | | | | | | |
Washington Health Care Facilities Authority
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2031 | | | 825 | | | | 892,419 | |
| | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
| Wisconsin–0.3% | | | | | | | | |
Wisconsin Public Finance Authority
(UMA Education, Inc.)
Series 2019
5.00%, 10/01/2025(b) | | $ | 730 | | | $ | 736,559 | |
5.00%, 10/01/2026(b) | | | 770 | | | | 784,606 | |
5.00%, 10/01/2027(b) | | | 805 | | | | 828,316 | |
5.00%, 10/01/2028(b) | | | 700 | | | | 724,781 | |
5.00%, 10/01/2029(b) | | | 320 | | | | 333,453 | |
| | | | | | | | |
| | | | 3,407,715 | |
| | | | | | | | |
Total Long-Term Municipal Bonds
(cost $1,000,627,037) | | | | 994,750,943 | |
| | | | | | | | |
| | | | | | | | |
| |
| SHORT-TERM MUNICIPAL NOTES–2.6% | |
| California–2.6% | | | | | | | | |
Bay Area Toll Authority
Series 2024
3.40%, 04/01/2059(j) | | | 11,675 | | | | 11,675,000 | |
Series 2024-H | | | | |
3.40%, 04/01/2059(j) | | | 1,475 | | | | 1,475,000 | |
California Infrastructure & Economic Development Bank
(Museum Associates)
Series 2021
3.85% (MUNIPSA + 0.70%), 12/01/2050(a) | | | 4,000 | | | | 3,998,486 | |
California Statewide Communities Development Authority
Series 2018
2.50%, 08/15/2047(j) | | | 1,395 | | | | 1,395,000 | |
Nuveen California AMT-Free Quality Municipal Income Fund
Series 2017
3.60%, 10/01/2047(b)(j) | | | 5,000 | | | | 5,000,000 | |
San Mateo County Transit District Sales Tax Revenue
Series 2020-B
3.00%, 06/01/2049(j) | | | 3,000 | | | | 3,000,000 | |
| | | | | | | | |
Total Short-Term Municipal Notes (cost $26,545,000) | | | | 26,543,486 | |
| | | | | | | | |
Total Municipal Obligations (cost $1,027,172,037) | | | | 1,021,294,429 | |
| | | | | | | | |
| | | | | | | | |
| |
| ASSET-BACKED SECURITIES–0.2% | |
| Autos—Fixed Rate–0.1% | | | | | | | | |
Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(b) | | | 1,133 | | | | 1,153,421 | |
Tricolor Auto Securitization Trust
Series 2023-1A,
Class A 6.48%, 08/17/2026(b) | | | 37 | | | | 36,866 | |
| | | | | | | | |
| | | | 1,190,287 | |
| | | | | | | | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
| Other ABS—Fixed Rate–0.1% | | | | | | | | |
HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2041 | | $ | 608 | | | $ | 592,138 | |
| | | | | | | | |
Total Asset-Backed Securities (cost $1,774,137) | | | | 1,782,425 | |
| | | | | | | | |
| | | | | | | | |
| |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | |
| Risk Share Floating Rate–0.0% | | | | | |
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2
10.295% (CME Term SOFR + 5.01%),
11/25/2024(a) | | | 40 | | | | 40,463 | |
Series 2015-C02, Class 1M2 | | | | |
9.395% (CME Term SOFR + 4.11%), 05/25/2025(a) | | | 22 | | | | 22,784 | |
Series 2015-C03, Class 1M2 | | | | |
10.395% (CME Term SOFR + 5.11%), 07/25/2025(a) | | | 23 | | | | 23,106 | |
Series 2016-C01, Class 1M2 | | | | |
12.145% (CME Term SOFR + 6.86%), 08/25/2028(a) | | | 53 | | | | 55,813 | |
Series 2016-C02, Class 1M2 | | | | |
11.395% (CME Term SOFR + 6.11%), 09/25/2028(a) | | | 21 | | | | 21,862 | |
| | | | | | | | |
Total Collateralized Mortgage Obligations (cost $161,305) | | | | 164,028 | |
| | | | | | | | |
| | | | | | | | |
| |
| COMMERCIAL MORTGAGE-BACKED SECURITY–0.0% | |
| Non-Agency Fixed Rate CMBS–0.0% | | | | | |
City of Fort Wayne IN
10.75%, 12/01/2029(f)(h)
(cost $24,607) | | | 25 | | | | 3 | |
| | | | | | | | |
Total Investments—99.3% (cost $1,029,132,086) | | | | | | | 1,023,240,885 | |
| | |
Other assets less liabilities—0.7% | | | | | | | 7,567,333 | |
| | | | | | | | |
| Net Assets—100.0% | | | | | | $ | 1,030,808,218 | |
| | | | | | | | |
| | |
| | |
| 14 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | |
| | | | | | | | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount
(000) | | | Termination
Date | | | Payments made
by the Fund | | Payments received
by the Fund |
| | USD | | | | 15,500 | | | | 07/31/2029 | | | 1 Day SOFR | | 4.461% | | Annual | | $ | 796,966 | | | $ | — | | | $ | 796,966 | |
| | USD | | | | 8,500 | | | | 07/31/2030 | | | 1 Day SOFR | | 4.656% | | Annual | | | 610,315 | | | | — | | | | 610,315 | |
| | USD | | | | 10,000 | | | | 11/01/2030 | | | 1 Day SOFR | | 4.518% | | Annual | | | 607,251 | | | | — | | | | 607,251 | |
| | USD | | | | 11,500 | | | | 09/15/2031 | | | 1 Day SOFR | | 3.464% | | Annual | | | 121,315 | | | | — | | | | 121,315 | |
| | USD | | | | 6,200 | | | | 06/15/2034 | | | 3.543% | | 1 Day SOFR | | Annual | | | (90,625 | ) | | | 772 | | | | (91,397 | ) |
| | USD | | | | 11,000 | | | | 08/15/2034 | | | 3.545% | | 1 Day SOFR | | Annual | | | (168,360 | ) | | | — | | | | (168,360 | ) |
| | USD | | | | 6,100 | | | | 08/15/2034 | | | 3.231% | | 1 Day SOFR | | Annual | | | 60,273 | | | | — | | | | 60,273 | |
| | USD | | | | 4,900 | | | | 08/15/2034 | | | 3.304% | | 1 Day SOFR | | Annual | | | 25,793 | | | | — | | | | 25,793 | |
| | USD | | | | 3,670 | | | | 08/15/2034 | | | 3.272% | | 1 Day SOFR | | Annual | | | 20,637 | | | | — | | | | 20,637 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 1,983,565 | | | $ | 772 | | | $ | 1,982,793 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| INTEREST RATE SWAPS (see Note 3) | | | | | |
| | | | | | | | | | | Rate Type | | | | | | | | | | | | | |
| Swap Counterparty | | 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) | |
| | | | | | | | | |
Citibank, NA | | | USD | | | | 12,395 | | | 10/09/2029 | | | 1.125% | | | | SIFMA* | | | | Quarterly | | | | $ 836,369 | | | | $ — | | | | $ 836,369 | |
* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.
| (a) | | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024. |
| (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 September 30, 2024, the aggregate market value of these securities amounted to $85,621,332 or 8.3% of net assets. |
| (d) | | When-Issued or delayed delivery security. |
| (e) | | Defaulted matured security. |
| (f) | | Non-income producing security. |
| (g) | | Fair valued by the Adviser. |
| (i) | | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2024. |
| (j) | | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
As of September 30, 2024, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.3% and 0.0%, respectively.
Glossary:
ACA—ACA Financial Guaranty Corporation
ABS—Asset-Backed Securities
AGM—Assured Guaranty Municipal
BAM—Build American Mutual
CMBS—Commercial Mortgage-Backed Securities
CME—Chicago Mercantile Exchange
COP—Certificate of Participation
MUNIPSA—Municipal Swap Index
NATL—National Interstate Corporation
SOFR—Secured Overnight Financing Rate
SRF—State Revolving Fund
XLCA—XL Capital Assurance Inc.
See notes to financial statements.
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Diversified Municipal Portfolio
September 30, 2024
| | | | | | | | |
| |
Principal Amount (000) | | | U.S. $ Value | |
|
| MUNICIPAL OBLIGATIONS–98.7% | |
|
| Long-Term Municipal Bonds–97.6% | |
| Alabama–2.2% | | | | | | | | |
Black Belt Energy Gas District
(Goldman Sachs Group, Inc. (The))
Series 2023-D
5.093% (SOFR + 1.85%), 06/01/2049(a) | | $ | 5,000 | | | $ | 5,136,559 | |
5.50%, 06/01/2049 | | | 11,435 | | | | 12,372,282 | |
Black Belt Energy Gas District
(Pacific Mutual Holding Co.)
Series 2024-C
5.00%, 05/01/2055 | | | 3,100 | | | | 3,373,995 | |
Energy Southeast A Cooperative District
(Morgan Stanley)
Series 2023-B
5.443% (SOFR + 2.20%), 04/01/2054(a) | | | 10,000 | | | | 10,244,564 | |
Infirmary Health System Special Care Facilities Financing Authority of Mobile
(Infirmary Health System Obligated Group)
Series 2021
4.00%, 02/01/2039 | | | 1,000 | | | | 979,336 | |
4.00%, 02/01/2040 | | | 2,680 | | | | 2,582,498 | |
Southeast Alabama Gas Supply District (The)
(Pacific Mutual Holding Co.)
Series 2024-A
5.00%, 08/01/2054 | | | 10,000 | | | | 10,866,515 | |
Southeast Energy Authority A Cooperative District
(Morgan Stanley)
Series 2021-B
4.00%, 12/01/2051 | | | 44,385 | | | | 45,184,676 | |
Southeast Energy Authority A Cooperative District
(Royal Bank of Canada)
Series 2023-B
5.00%, 01/01/2054 | | | 7,000 | | | | 7,538,405 | |
Southeast Energy Authority A Cooperative District
(Sumitomo Mitsui Financial Group, Inc.)
Series 2023-A
5.25%, 01/01/2054 | | | 13,025 | | | | 14,034,925 | |
| | | | | | | | |
| | | | | | | 112,313,755 | |
| | | | | | | | |
| American Samoa–0.0% | |
American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2018
6.50%, 09/01/2028(b) | | | 1,595 | | | | 1,685,166 | |
| | | | | | | | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| Arizona–2.1% | |
Arizona Health Facilities Authority
(HonorHealth Obligated Group)
Series 2014-A
5.00%, 12/01/2024 | | $ | 1,500 | | | $ | 1,502,512 | |
Arizona Health Facilities Authority
(Pre-refunded–US Treasuries) Series 2014A
5.00%, 12/01/2039 | | | 13,490 | | | | 13,523,997 | |
Arizona Industrial Development Authority
(Equitable School Revolving Fund LLC Obligated Group)
Series 2020
5.00%, 11/01/2034 | | | 1,000 | | | | 1,100,993 | |
Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
6.50%, 07/01/2026(c)(d)(e) | | | 2,000 | | | | 80,000 | |
Chandler Industrial Development Authority
(Intel Corp.)
Series 2022
5.00%, 09/01/2052
| | | 11,680 | | | | 12,015,921 | |
Series 2024
4.00%, 06/01/2049 | | | 12,580 | | | | 12,740,746 | |
City of Glendale AZ
(City of Glendale AZ COP)
Series 2021
2.062%, 07/01/2029 | | | 2,900 | | | | 2,673,722 | |
2.542%, 07/01/2033 | | | 5,000 | | | | 4,392,705 | |
2.642%, 07/01/2034 | | | 10,000 | | | | 8,675,527 | |
City of Phoenix Civic Improvement Corp.
Series 2019-B
5.00%, 07/01/2025 | | | 1,250 | | | | 1,265,994 | |
City of Phoenix Civic Improvement Corp.
(City of Phoenix AZ Water System Revenue)
Series 2020
5.00%, 07/01/2030 | | | 600 | | | | 678,993 | |
5.00%, 07/01/2031 | | | 850 | | | | 961,380 | |
5.00%, 07/01/2032 | | | 825 | | | | 928,243 | |
Series 2020-A
5.00%, 07/01/2030 | | | 500 | | | | 565,828 | |
5.00%, 07/01/2031 | | | 650 | | | | 735,173 | |
5.00%, 07/01/2032 | | | 400 | | | | 450,740 | |
5.00%, 07/01/2033 | | | 490 | | | | 551,217 | |
Series 2021-A
5.00%, 07/01/2039 | | | 1,720 | | | | 1,920,558 | |
City of Tempe AZ
(City of Tempe AZ COP)
Series 2021
2.071%, 07/01/2032 | | | 5,000 | | | | 4,273,663 | |
2.171%, 07/01/2033 | | | 5,000 | | | | 4,199,029 | |
Gilbert Water Resource Municipal Property Corp.
(Town of Gilbert AZ Waterworks & Sewer System Revenue)
Series 2022
5.00%, 07/15/2037 | | | 1,805 | | | | 2,064,050 | |
5.00%, 07/15/2038 | | | 5,500 | | | | 6,260,852 | |
| | |
| | |
| 16 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Industrial Development Authority of the County of Pima (The)
(La Posada at Park Centre Inc Obligated Group)
Series 2022
5.125%, 11/15/2029(b) | | $ | 2,500 | | | $ | 2,524,264 | |
Maricopa County Industrial Development Authority
(HonorHealth Obligated Group)
Series 2024-D
5.00%, 12/01/2025 | | | 1,000 | | | | 1,024,541 | |
5.00%, 12/01/2039 | | | 1,000 | | | | 1,132,205 | |
Sierra Vista Industrial Development Authority
Series 2024
5.00%, 06/15/2034(b)(f) | | | 1,250 | | | | 1,308,788 | |
State of Arizona Lottery Revenue
(Pre-refunded–US Treasuries)
Series 2019
5.00%, 07/01/2025 | | | 5,000 | | | | 5,081,188 | |
5.00%, 07/01/2027 | | | 5,500 | | | | 5,883,447 | |
Yuma Industrial Development Authority
(Yuma Regional Medical Center Obligated Group)
AGC Series 2024
5.25%, 08/01/2042(f) | | | 2,125 | | | | 2,423,288 | |
5.25%, 08/01/2044(f) | | | 3,000 | | | | 3,391,182 | |
| | | | | | | | |
| | | | | | | 104,330,746 | |
| | | | | | | | |
| Arkansas–0.1% | | | | | | | | |
Arkansas Development Finance Authority
(Hybar LLC)
Series 2024
7.375%, 07/01/2048(b) | | | 1,900 | | | | 2,115,966 | |
City of Fayetteville AR Sales & Use Tax Revenue
Series 2022
2.875%, 11/01/2032 | | | 3,000 | | | | 2,967,212 | |
| | | | | | | | |
| | | | | | | 5,083,178 | |
| | | | | | | | |
| California–7.5% | | | | | | | | |
California Community Choice Financing Authority
(American International Group, Inc.)
Series 2023-D
5.50%, 05/01/2054 | | | 10,000 | | | | 10,793,927 | |
California Community Choice Financing Authority
(Deutsche Bank AG)
Series 2023
5.25%, 01/01/2054 | | | 16,165 | | | | 17,464,386 | |
California Community Choice Financing Authority
(Goldman Sachs Group, Inc. (The))
Series 2023
5.25%, 11/01/2054 | | | 11,115 | | | | 12,099,223 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
California Community Choice Financing Authority
(Morgan Stanley)
Series 2023
4.873% (SOFR + 1.63%), 07/01/2053(a) | | $ | 5,000 | | | $ | 4,998,813 | |
4.913% (SOFR + 1.67%), 02/01/2054(a) | | | 5,000 | | | | 5,049,021 | |
California Community Housing Agency
(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021-A
4.00%, 08/01/2047(b) | | | 18,035 | | | | 15,152,473 | |
California Enterprise Development Authority
(County of Riverside CA Lease)
Series 2024
5.00%, 11/01/2036 | | | 5,005 | | | | 5,870,645 | |
California Housing Finance Agency
Series 2019-2, Class A
4.00%, 03/20/2033
| | | 10,154 | | | | 10,424,961 | |
Series 2021-1, Class A
3.50%, 11/20/2035 | | | 3,314 | | | | 3,241,065 | |
Series 2021-2, Class A
3.75%, 03/25/2035 | | | 15,842 | | | | 16,176,914 | |
Series 2021-2, Class X
0.82%, 03/25/2035(g) | | | 9,601 | | | | 434,475 | |
Series 2021-3, Class A
3.25%, 08/20/2036 | | | 3,823 | | | | 3,653,286 | |
Series 2021-3, Class X
0.79%, 08/20/2036(g) | | | 7,813 | | | | 391,543 | |
California Infrastructure & Economic Development Bank
(DesertXpress Enterprises LLC)
Series 2024
8.00%, 01/01/2050(b) | | | 4,000 | | | | 4,119,673 | |
California State Public Works Board
(California State Public Works Board Lease)
Series 2014-B
5.00%, 10/01/2028 | | | 1,225 | | | | 1,227,615 | |
California State University
Series 2021-B
2.374%, 11/01/2035 | | | 5,000 | | | | 4,061,314 | |
City of Los Angeles CA
Series 2024
5.00%, 06/26/2025 | | | 25,000 | | | | 25,430,107 | |
CMFA Special Finance Agency VIII Elan Huntington Beach
Series 2021
4.00%, 08/01/2047(b) | | | 880 | | | | 790,648 | |
County of Los Angeles CA
Series 2024
5.00%, 06/30/2025 | | | 4,000 | | | | 4,067,358 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
3.60%, 05/01/2047(b) | | | 13,250 | | | | 11,460,965 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2046(b) | | $ | 5,500 | | | $ | 4,521,185 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Altana Apartments)
Series 2021
3.50%, 10/01/2046(b) | | | 12,800 | | | | 10,810,984 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021
3.375%, 07/01/2043(b) | | | 7,000 | | | | 6,062,473 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Union South Bay)
Series 2021-A
3.10%, 07/01/2045(b) | | | 3,000 | | | | 2,659,037 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021
4.00%, 10/01/2048(b) | | | 6,545 | | | | 5,033,013 | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue
Series 2021-A
4.00%, 06/01/2037 | | | 6,165 | | | | 6,646,120 | |
Los Angeles Unified School District/CA
Series 2024-A
5.00%, 07/01/2031 | | | 25,000 | | | | 29,131,920 | |
Sacramento County Water Financing Authority
(Sacramento County Water Agency)
NATL Series 2007-B
4.106% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(a) | | | 15,000 | | | | 13,846,254 | |
San Diego County Regional Airport Authority
Series 2023
5.00%, 07/01/2042 | | | 20,735 | | | | 22,520,190 | |
San Diego Unified School District/CA
Series 2024-A
5.00%, 06/30/2025 | | | 10,060 | | | | 10,227,010 | |
San Francisco Intl Airport
Series 2020-E
5.00%, 05/01/2037 | | | 9,645 | | | | 10,303,677 | |
Series 2023-E 5.25%, 05/01/2034 | | | 22,275 | | | | 25,616,471 | |
5.25%, 05/01/2035 | | | 10,870 | | | | 12,459,728 | |
Series 2024
5.00%, 05/01/2038 | | | 7,000 | | | | 7,832,576 | |
5.25%, 05/01/2042 | | | 10,000 | | | | 11,187,831 | |
Southern California Public Power Authority
(American International Group, Inc.)
Series 2024-A
5.00%, 04/01/2055 | | | 7,000 | | | | 7,577,520 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
State of California
Series 2023
5.00%, 09/01/2037 | | $ | 10,000 | | | $ | 11,658,024 | |
5.00%, 09/01/2043 | | | 10,000 | | | | 11,373,826 | |
5.10%, 03/01/2029 | | | 2,000 | | | | 2,095,293 | |
6.00%, 03/01/2033 | | | 1,000 | | | | 1,118,344 | |
University of California
Series 2023-B
5.00%, 05/15/2042 | | | 5,000 | | | | 5,696,440 | |
Yucaipa Valley Water District Financing Authority
(Yucaipa Valley Water District Water & Sewer Revenue)
Series 2024-A
5.00%, 06/01/2026 | | | 3,000 | | | | 3,103,973 | |
| | | | | | | | |
| | | | | | | 378,390,301 | |
| | | | | | | | |
| Colorado–3.2% | | | | | | | | |
City & County of Denver CO Airport System Revenue
Series 2023-B
5.00%, 11/15/2029 | | | 3,250 | | | | 3,525,808 | |
City & County of Denver CO Airport System Revenue
(Denver Intl Airport)
Series 2018-A
5.00%, 12/01/2025 | | | 10,000 | | | | 10,216,441 | |
5.00%, 12/01/2026 | | | 16,080 | | | | 16,740,814 | |
5.00%, 12/01/2028 | | | 16,105 | | | | 17,251,352 | |
5.00%, 12/01/2029 | | | 9,560 | | | | 10,189,428 | |
Colorado Educational & Cultural Facilities Authority
(Ascent Classical Academy Charter Schools, Inc.)
Series 2024
4.75%, 04/01/2034(b) | | | 2,100 | | | | 2,214,918 | |
Colorado Health Facilities Authority
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2030 | | | 3,000 | | | | 3,250,637 | |
5.00%, 08/01/2035 | | | 1,995 | | | | 2,136,546 | |
Series 2024-A
5.00%, 12/01/2039 | | | 4,620 | | | | 5,238,941 | |
Colorado Health Facilities Authority
(Sanford Obligated Group)
Series 2019-A
5.00%, 11/01/2027 | | | 2,280 | | | | 2,435,929 | |
Colorado State Education Loan Program
Series 2024-A
5.00%, 06/30/2025 | | | 50,000 | | | | 50,799,180 | |
E-470 Public Highway Authority
Series 2024-B
3.993% (SOFR + 0.75%), 09/01/2039(a) | | | 4,000 | | | | 4,001,750 | |
Gunnison Watershed School District No. Re 1J
(Pre-refunded–US Treasuries)
Series 2014-A
4.00%, 12/01/2033 | | | 1,155 | | | | 1,156,310 | |
| | |
| | |
| 18 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Johnstown Plaza Metropolitan District
Series 2022
4.25%, 12/01/2046 | | $ | 2,218 | | | $ | 2,059,771 | |
Platte River Metropolitan District
Series 2023-A
6.50%, 08/01/2053(b) | | | 1,678 | | | | 1,761,341 | |
State of Colorado
(State of Colorado COP)
Series 2022
6.00%, 12/15/2041 | | | 11,000 | | | | 13,140,127 | |
Sterling Ranch Community Authority Board
(Sterling Ranch Metropolitan District No. 3)
Series 2022
5.80%, 12/01/2032 | | | 1,630 | | | | 1,739,114 | |
University of Colorado
(Pre-refunded–US Treasuries)
Series 2015-A
4.00%, 06/01/2033 | | | 6,000 | | | | 6,049,283 | |
4.00%, 06/01/2035 | | | 3,525 | | | | 3,553,954 | |
Vauxmont Metropolitan District
AGM Series 2019
3.25%, 12/15/2050 | | | 803 | | | | 693,337 | |
5.00%, 12/15/2026 | | | 270 | | | | 279,174 | |
AGM Series 2020
5.00%, 12/01/2024 | | | 485 | | | | 486,070 | |
5.00%, 12/01/2027 | | | 305 | | | | 325,135 | |
5.00%, 12/01/2030 | | | 385 | | | | 423,671 | |
5.00%, 12/01/2033 | | | 285 | | | | 311,317 | |
5.00%, 12/01/2050 | | | 300 | | | | 314,177 | |
| | | | | | | | |
| | | | | | | 160,294,525 | |
| | | | | | | | |
| Connecticut–2.6% | | | | | | | | |
City of Bridgeport CT
Series 2017-A
5.00%, 11/01/2028 | | | 1,000 | | | | 1,066,446 | |
Series 2017-B
5.00%, 08/15/2025 | | | 1,085 | | | | 1,103,413 | |
5.00%, 08/15/2026 | | | 4,500 | | | | 4,686,513 | |
5.00%, 08/15/2027 | | | 6,610 | | | | 7,040,734 | |
Series 2017-C
5.00%, 08/15/2026 | | | 2,480 | | | | 2,582,790 | |
5.00%, 08/15/2027 | | | 2,605 | | | | 2,774,752 | |
5.00%, 08/15/2028 | | | 1,620 | | | | 1,720,523 | |
City of Bridgeport CT
(Pre-refunded–US Treasuries)
Series 2017-B
5.00%, 08/15/2027 | | | 755 | | | | 808,867 | |
Connecticut State Health & Educational Facilities Authority
(University of New Haven, Inc.)
Series 2018-K1
5.00%, 07/01/2026 | | | 1,000 | | | | 1,021,243 | |
5.00%, 07/01/2027 | | | 1,100 | | | | 1,136,822 | |
5.00%, 07/01/2028 | | | 1,100 | | | | 1,147,836 | |
5.00%, 07/01/2029 | | | 1,200 | | | | 1,249,842 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Connecticut State Health & Educational Facilities Authority
(Yale University)
Series 2023-A
2.80%, 07/01/2048 | | $ | 19,535 | | | $ | 19,563,392 | |
State of Connecticut
Series 2015-B
5.00%, 06/15/2032 | | | 7,345 | | | | 7,437,032 | |
Series 2015-F
5.00%, 11/15/2027 | | | 1,570 | | | | 1,611,186 | |
Series 2016-A
5.00%, 03/15/2029 | | | 14,500 | | | | 14,975,085 | |
Series 2016-E
5.00%, 10/15/2024 | | | 17,000 | | | | 17,010,127 | |
Series 2018-C
5.00%, 06/15/2026 | | | 5,500 | | | | 5,734,296 | |
Series 2020-A
5.00%, 01/15/2040 | | | 2,565 | | | | 2,780,074 | |
State of Connecticut Special Tax Revenue
Series 2021-A
5.00%, 05/01/2041 | | | 2,840 | | | | 3,121,787 | |
Series 2021-D
4.00%, 11/01/2039 | | | 1,060 | | | | 1,097,629 | |
Series 2023-A
5.25%, 07/01/2042 | | | 10,000 | | | | 11,539,055 | |
Town of Stratford CT
BAM Series 2019
5.00%, 01/01/2030 | | | 2,035 | | | | 2,138,043 | |
5.00%, 01/01/2031 | | | 3,890 | | | | 4,078,382 | |
5.00%, 01/01/2032 | | | 3,890 | | | | 4,070,221 | |
5.00%, 01/01/2033 | | | 3,555 | | | | 3,713,354 | |
University of Connecticut
Series 2022-A
5.00%, 05/01/2040 | | | 7,065 | | | | 7,942,460 | |
| | | | | | | | |
| | | | | | | 133,151,904 | |
| | | | | | | | |
| Delaware–0.0% | | | | | | | | |
Delaware State Economic Development Authority
(Newark Charter School, Inc.)
Series 2020
4.00%, 09/01/2030 | | | 575 | | | | 584,493 | |
5.00%, 09/01/2050 | | | 1,000 | | | | 1,024,184 | |
| | | | | | | | |
| | | | | | | 1,608,677 | |
| | | | | | | | |
| District of Columbia–1.8% | | | | | | | | |
District of Columbia Income Tax Revenue
Series 2024-A
5.00%, 10/01/2035 | | | 10,000 | | | | 11,912,392 | |
Metropolitan Washington Airports Authority Aviation Revenue
Series 2024-A
5.00%, 10/01/2025 | | | 1,000 | | | | 1,017,730 | |
5.00%, 10/01/2033 | | | 17,600 | | | | 19,721,467 | |
5.00%, 10/01/2034 | | | 2,000 | | | | 2,234,800 | |
5.00%, 10/01/2036 | | | 8,500 | | | | 9,411,236 | |
5.00%, 10/01/2040 | | | 1,675 | | | | 1,819,383 | |
5.00%, 10/01/2044 | | | 2,000 | | | | 2,137,317 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Metropolitan Washington Airports Authority Aviation Revenue
(Pre-refunded–US Treasuries)
Series 2014-A
5.00%, 10/01/2044 | | $ | 10,040 | | | $ | 10,042,676 | |
Series 2015-A
5.00%, 10/01/2034 | | | 30,770 | | | | 30,778,200 | |
| | | | | | | | |
| | | | | | | 89,075,201 | |
| | | | | | | | |
| Florida–4.3% | | | | | | | | |
City of Lakeland FL
Series 2024
5.00%, 11/15/2043 | | | 2,420 | | | | 2,681,010 | |
City of Lakeland FL
(Lakeland Regional Health Systems Obligated Group)
Series 2024
5.00%, 11/15/2044 | | | 2,000 | | | | 2,211,176 | |
City of South Miami Health Facilities Authority, Inc.
(Baptist Health South Florida Obligated Group)
Series 2017
5.00%, 08/15/2031 | | | 5,000 | | | | 5,256,940 | |
City of Tampa FL
(State of Florida Cigarette Tax Revenue)
Series 2020-A | | | | | | | | |
Zero Coupon, 09/01/2034 | | | 650 | | | | 442,275 | |
Zero Coupon, 09/01/2035 | | | 650 | | | | 423,097 | |
County of Broward FL Airport System Revenue
Series 2019-C
2.384%, 10/01/2026 | | | 1,250 | | | | 1,212,548 | |
County of Broward FL Convention Center Hotel Revenue
Series 2022
5.00%, 01/01/2035 | | | 2,685 | | | | 3,023,543 | |
County of Lee FL Airport Revenue
Series 2024
5.25%, 10/01/2040(f) | | | 2,460 | | | | 2,747,988 | |
County of Miami-Dade FL Aviation Revenue
Series 2024-A
5.00%, 10/01/2027 | | | 4,650 | | | | 4,894,163 | |
5.00%, 10/01/2035 | | | 23,870 | | | | 26,438,467 | |
County of Miami-Dade FL Water & Sewer System Revenue
Series 2021
4.00%, 10/01/2038 | | | 2,490 | | | | 2,585,366 | |
County of Miami-Dade Seaport Department
Series 2023-A
5.00%, 10/01/2029 | | | 5,500 | | | | 5,928,057 | |
5.00%, 10/01/2038 | | | 2,535 | | | | 2,752,346 | |
County of Osceola FL Transportation Revenue
Series 2020-A
Zero Coupon, 10/01/2030 | | | 735 | | | | 582,206 | |
Zero Coupon, 10/01/2031 | | | 905 | | | | 688,476 | |
Zero Coupon, 10/01/2032 | | | 500 | | | | 365,618 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Zero Coupon, 10/01/2033 | | $ | 1,210 | | | $ | 849,196 | |
Zero Coupon, 10/01/2034 | | | 1,260 | | | | 848,777 | |
County of Pasco FL
(H Lee Moffitt Cancer Center & Research Institute Obligated Group)
Series 2023
5.00%, 07/01/2030(b) | | | 25,000 | | | | 27,748,170 | |
Duval County School Board
(Duval County School Board COP)
Series 2015-B
5.00%, 07/01/2026 | | | 4,280 | | | | 4,349,192 | |
Florida Development Finance Corp.
(Brightline Trains Florida LLC)
AGM Series 2024
5.00%, 07/01/2044 | | | 13,920 | | | | 14,660,202 | |
Florida Development Finance Corp.
(Mayflower Retirement Center, Inc. Obligated Group)
Series 2020
5.125%, 06/01/2040(b) | | | 3,760 | | | | 3,810,071 | |
Florida Development Finance Corp.
(Renaissance Charter School, Inc.)
Series 2023
6.50%, 06/15/2038(b) | | | 2,000 | | | | 2,242,003 | |
6.625%, 06/15/2043(b) | | | 2,195 | | | | 2,447,367 | |
Florida Municipal Power Agency
(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue)
Series 2015-B
5.00%, 10/01/2024 | | | 1,000 | | | | 1,000,000 | |
5.00%, 10/01/2026 | | | 1,750 | | | | 1,783,025 | |
5.00%, 10/01/2028 | | | 1,015 | | | | 1,034,502 | |
Series 2021
1.425%, 10/01/2026 | | | 3,000 | | | | 2,856,420 | |
Florida State Board of Education
(State of Florida)
Series 2017-B
5.00%, 06/01/2025 | | | 5,340 | | | | 5,419,017 | |
Florida State Board of Governors
(Florida State University Athletics Association, Inc.)
BAM Series 2024-A
5.00%, 10/01/2043 | | | 10,000 | | | | 11,217,994 | |
Greater Orlando Aviation Authority
Series 2019-A
5.00%, 10/01/2025 | | | 5,700 | | | | 5,796,551 | |
Greater Orlando Aviation Authority
(Pre-refunded–US Treasuries)
Series 2017-A
5.00%, 10/01/2029 | | | 3,000 | | | | 3,165,749 | |
5.00%, 10/01/2030 | | | 6,250 | | | | 6,595,309 | |
Hillsborough County Aviation Authority
Series 2024
5.25%, 10/01/2043 | | | 6,500 | | | | 7,268,761 | |
| | |
| | |
| 20 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Hillsborough County Aviation Authority
(Pre-refunded–US Treasuries)
Series 2015
5.00%, 10/01/2040 | | $ | 2,020 | | | $ | 2,020,000 | |
Hillsborough County Industrial Development Authority
Series 2024
5.00%, 11/15/2034 | | | 2,000 | | | | 2,360,946 | |
Hillsborough County School Board
(Hillsborough County School Board COP)
Series 2015
5.00%, 07/01/2026 | | | 1,480 | | | | 1,499,615 | |
JEA Electric System Revenue
Series 2017-B
5.00%, 10/01/2030 | | | 1,185 | | | | 1,256,453 | |
JEA Water & Sewer System Revenue
Series 2024-A
5.00%, 10/01/2043 | | | 1,635 | | | | 1,836,626 | |
Lee County Industrial Development Authority/FL
(Shell Point Obligated Group)
Series 2024
4.125%, 11/15/2029 | | | 2,975 | | | | 2,995,788 | |
Manatee County School District
(Manatee County School District COP)
Series 2016-A
5.00%, 07/01/2028 | | | 7,795 | | | | 8,105,484 | |
5.00%, 07/01/2029 | | | 6,215 | | | | 6,474,492 | |
North Broward Hospital District
Series 2017-B
5.00%, 01/01/2029 | | | 3,000 | | | | 3,163,103 | |
5.00%, 01/01/2030 | | | 3,180 | | | | 3,348,840 | |
Orange County Health Facilities Authority
(Orlando Health Obligated Group)
Series 2019
5.00%, 10/01/2024 | | | 6,560 | | | | 6,560,000 | |
Orange County Health Facilities Authority
(Presbyterian Retirement Communities, Inc. Obligated Group)
Series 2023
4.00%, 08/01/2036 | | | 1,000 | | | | 1,026,543 | |
Polk County Industrial Development Authority/FL
(Mineral Development LLC)
Series 2020
5.875%, 01/01/2033(b) | | | 1,905 | | | | 1,718,003 | |
School District of Broward County/FL
Series 2024
4.00%, 01/29/2025 | | | 3,265 | | | | 3,271,841 | |
South Broward Hospital District
(South Broward Hospital District Obligated Group)
Series 2015
5.00%, 05/01/2027 | | | 3,350 | | | | 3,402,819 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Village Community Development District No. 15
(Village Community Development District No. 15 Series 2023 Phase I Special Assmnt)
Series 2023
4.85%, 05/01/2038(b) | | $ | 1,000 | | | $ | 1,049,005 | |
| | | | | | | | |
| | | | | | | 215,415,140 | |
| | | | | | | | |
| Georgia–2.0% | | | | | | | | |
City of Atlanta GA Department of Aviation
Series 2022-B
5.00%, 07/01/2035 | | | 1,565 | | | | 1,722,000 | |
5.00%, 07/01/2036 | | | 2,845 | | | | 3,116,732 | |
5.00%, 07/01/2037 | | | 2,535 | | | | 2,768,899 | |
5.00%, 07/01/2039 | | | 2,765 | | | | 2,989,582 | |
5.00%, 07/01/2040 | | | 7,105 | | | | 7,644,014 | |
5.00%, 07/01/2041 | | | 7,460 | | | | 8,001,291 | |
Cobb County Kennestone Hospital Authority
(WellStar Health System Obligated Group)
Series 2021
5.00%, 04/01/2026 | | | 1,000 | | | | 1,032,393 | |
5.00%, 04/01/2027 | | | 250 | | | | 263,771 | |
5.00%, 04/01/2028 | | | 250 | | | | 269,114 | |
5.00%, 04/01/2029 | | | 300 | | | | 328,536 | |
5.00%, 04/01/2030 | | | 225 | | | | 249,683 | |
5.00%, 04/01/2031 | | | 250 | | | | 275,498 | |
Fayette County Development Authority
Series 2024
5.00%, 10/01/2026 | | | 300 | | | | 311,466 | |
5.00%, 10/01/2027 | | | 270 | | | | 284,813 | |
5.00%, 10/01/2028 | | | 320 | | | | 342,340 | |
5.00%, 10/01/2029 | | | 375 | | | | 406,381 | |
Main Street Natural Gas, Inc.
(Citadel LP)
Series 2022-C
4.00%, 08/01/2052(b) | | | 3,500 | | | | 3,494,615 | |
Main Street Natural Gas, Inc.
(Citigroup, Inc.)
Series 2022-B
5.00%, 12/01/2052 | | | 1,455 | | | | 1,538,994 | |
Series 2023-A
5.00%, 06/01/2053 | | | 22,965 | | | | 24,520,259 | |
Main Street Natural Gas, Inc.
(Royal Bank of Canada)
Series 2023 | | | | | | | | |
4.943% (SOFR + 1.70%), 12/01/2053(a) | | | 5,000 | | | | 5,154,753 | |
Main Street Natural Gas, Inc.
(Toronto-Dominion Bank (The))
Series 2019-B
4.00%, 08/01/2049 | | | 5,350 | | | | 5,351,049 | |
Municipal Electric Authority of Georgia
Series 2024
5.00%, 01/01/2042(f) | | | 1,500 | | | | 1,660,121 | |
Private Colleges & Universities Authority
(Emory University)
Series 2023
5.00%, 09/01/2033(b) | | | 25,000 | | | | 28,784,405 | |
| | | | | | | | |
| | | | | | | 100,510,709 | |
| | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| Guam–0.0% | | | | | | | | |
Territory of Guam
Series 2019
5.00%, 11/15/2031 | | $ | 780 | | | $ | 804,034 | |
| | | | | | | | |
| Hawaii–0.2% | | | | | | | | |
City & County Honolulu HI Wastewater System Revenue
Series 2025
5.00%, 07/01/2038(f) | | | 2,200 | | | | 2,545,088 | |
City & County of Honolulu HI | | | | | | | | |
Series 2024-A
5.25%, 07/01/2043 | | | 1,000 | | | | 1,149,055 | |
5.25%, 07/01/2044 | | | 1,000 | | | | 1,145,074 | |
State of Hawaii Harbor System Revenue
Series 2020-A
4.00%, 07/01/2035 | | | 2,765 | | | | 2,823,572 | |
| | | | | | | | |
| | | | | | | 7,662,789 | |
| | | | | | | | |
| Illinois–6.2% | | | | | | | | |
Chicago Board of Education
Series 2012-B
5.00%, 12/01/2033 | | | 2,265 | | | | 2,266,560 | |
Series 2018-A
5.00%, 12/01/2026 | | | 1,000 | | | | 1,026,089 | |
Series 2021-A
5.00%, 12/01/2037 | | | 3,750 | | | | 3,912,905 | |
Series 2023
5.25%, 04/01/2034 | | | 2,125 | | | | 2,409,882 | |
Series 2023-A
5.00%, 12/01/2034 | | | 7,000 | | | | 7,565,389 | |
Chicago O’Hare International Airport
Series 2016-C
5.00%, 01/01/2027 | | | 3,020 | | | | 3,103,486 | |
Series 2018-A
5.00%, 01/01/2039 | | | 6,000 | | | | 6,248,612 | |
Series 2022
4.00%, 01/01/2042 | | | 3,160 | | | | 3,147,442 | |
5.00%, 01/01/2029 | | | 500 | | | | 536,224 | |
5.00%, 01/01/2030 | | | 800 | | | | 868,891 | |
5.00%, 01/01/2033 | | | 890 | | | | 974,223 | |
5.00%, 01/01/2040 | | | 1,850 | | | | 1,964,451 | |
5.00%, 01/01/2041 | | | 2,000 | | | | 2,122,734 | |
5.00%, 01/01/2042 | | | 2,200 | | | | 2,332,621 | |
Series 2024-A
5.00%, 01/01/2036 | | | 1,180 | | | | 1,300,063 | |
5.00%, 01/01/2037 | | | 2,500 | | | | 2,741,305 | |
5.00%, 01/01/2038 | | | 2,500 | | | | 2,731,758 | |
5.00%, 01/01/2039 | | | 1,600 | | | | 1,731,567 | |
5.25%, 01/01/2040 | | | 4,000 | | | | 4,413,337 | |
BAM Series 2017-F
4.25%, 01/01/2042 | | | 2,000 | | | | 2,011,760 | |
County of Cook IL
Series 2021-B
4.00%, 11/15/2025 | | | 2,140 | | | | 2,164,590 | |
Illinois Finance Authority
(Ascension Health Credit Group)
Series 2016-C
5.00%, 02/15/2025 | | | 2,000 | | | | 2,013,152 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Illinois Finance Authority
(Bradley University)
Series 2024
5.00%, 08/01/2025 | | $ | 400 | | | $ | 404,928 | |
5.00%, 08/01/2026 | | | 450 | | | | 464,531 | |
Illinois Finance Authority
(Illinois Institute of Technology)
Series 2019
5.00%, 09/01/2025 | | | 350 | | | | 349,973 | |
5.00%, 09/01/2026 | | | 300 | | | | 300,946 | |
5.00%, 09/01/2027 | | | 455 | | | | 458,376 | |
5.00%, 09/01/2029 | | | 575 | | | | 582,915 | |
5.00%, 09/01/2031 | | | 1,000 | | | | 1,009,864 | |
5.00%, 09/01/2034 | | | 600 | | | | 602,542 | |
Illinois Finance Authority
(OSF Healthcare System Obligated Group)
Series 2015-A
5.00%, 11/15/2027 | | | 1,000 | | | | 1,020,535 | |
5.00%, 11/15/2028 | | | 1,250 | | | | 1,275,552 | |
Illinois Municipal Electric Agency
Series 2015-A
5.00%, 02/01/2027 | | | 16,370 | | | | 16,614,250 | |
5.00%, 02/01/2028 | | | 13,565 | | | | 13,768,521 | |
5.00%, 02/01/2029 | | | 12,885 | | | | 13,076,186 | |
Illinois State Toll Highway Authority
Series 2009
6.184%, 01/01/2034 | | | 2,669 | | | | 2,920,704 | |
Series 2021-A
5.00%, 01/01/2041 | | | 27,195 | | | | 30,247,288 | |
Series 2024-A
5.00%, 01/01/2037 | | | 4,380 | | | | 5,099,680 | |
Metropolitan Water Reclamation District of Greater Chicago
Series 2007-B
5.25%, 12/01/2035 | | | 4,835 | | | | 5,901,789 | |
Series 2009
5.72%, 12/01/2038 | | | 2,000 | | | | 2,141,852 | |
Metropolitan Water Reclamation District of Greater Chicago
(Pre-refunded–US Treasuries)
Series 2015-A
5.00%, 12/01/2044 | | | 8,350 | | | | 8,371,749 | |
Series 2015-B
5.00%, 12/01/2039 | | | 7,660 | | | | 7,679,305 | |
Railsplitter Tobacco Settlement Authority
(Pre-refunded–US Treasuries)
Series 2017
5.00%, 06/01/2025 | | | 12,450 | | | | 12,617,294 | |
State of Illinois
Series 2016
5.00%, 02/01/2029 | | | 1,100 | | | | 1,151,294 | |
Series 2017-A
5.00%, 12/01/2024 | | | 8,590 | | | | 8,612,254 | |
Series 2017-D
5.00%, 11/01/2024 | | | 35,545 | | | | 35,591,760 | |
5.00%, 11/01/2028 | | | 1,675 | | | | 1,778,967 | |
| | |
| | |
| 22 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Series 2019-B
4.00%, 11/01/2033 | | $ | 9,000 | | | $ | 9,197,674 | |
Series 2020
5.50%, 05/01/2039 | | | 1,500 | | | | 1,648,603 | |
Series 2022-B
5.25%, 10/01/2037 | | | 4,000 | | | | 4,489,494 | |
Series 2024
5.00%, 02/01/2026(f) | | | 2,500 | | | | 2,568,674 | |
5.00%, 02/01/2038(f) | | | 9,000 | | | | 10,107,280 | |
Series 2024-B
5.00%, 05/01/2039 | | | 2,250 | | | | 2,509,346 | |
5.00%, 05/01/2040 | | | 1,765 | | | | 1,958,143 | |
5.00%, 05/01/2041 | | | 7,530 | | | | 8,315,503 | |
5.25%, 05/01/2042 | | | 8,500 | | | | 9,513,214 | |
State of Illinois
(Pre-refunded–US Treasuries)
Series 2014
5.00%, 05/01/2025 | | | 18,120 | | | | 18,199,996 | |
5.00%, 05/01/2027 | | | 5,000 | | | | 5,022,074 | |
State of Illinois Sales Tax Revenue
Series 2024-A
5.00%, 06/15/2025 | | | 10,000 | | | | 10,139,979 | |
| | | | | | | | |
| | | | | | | 313,300,076 | |
| | | | | | | | |
| Indiana–1.0% | | | | | | | | |
City of Whiting IN
(BP PLC)
Series 2023
4.40%, 11/01/2045 | | | 14,460 | | | | 14,839,797 | |
Indiana Finance Authority
(CWA Authority, Inc.)
Series 2024
5.00%, 10/01/2028 | | | 1,175 | | | | 1,290,422 | |
5.00%, 10/01/2029 | | | 1,425 | | | | 1,595,261 | |
5.00%, 10/01/2030 | | | 1,000 | | | | 1,135,201 | |
5.00%, 10/01/2032 | | | 1,715 | | | | 1,986,065 | |
5.00%, 10/01/2034 | | | 800 | | | | 945,686 | |
Indiana Finance Authority
(Good Samaritan Hospital Obligated Group)
Series 2022
5.00%, 04/01/2025 | | | 750 | | | | 752,499 | |
5.00%, 04/01/2026 | | | 790 | | | | 801,466 | |
5.00%, 04/01/2027 | | | 830 | | | | 848,682 | |
5.00%, 04/01/2028 | | | 875 | | | | 897,720 | |
Indiana Finance Authority
(Indiana University Health, Inc. Obligated Group)
Series 2015
4.00%, 12/01/2040 | | | 11,690 | | | | 11,631,426 | |
Indiana Finance Authority
(Ohio Valley Electric Corp.)
Series 2021-B
2.50%, 11/01/2030 | | | 1,895 | | | | 1,765,130 | |
Indiana Finance Authority
(SFP-PUFW I LLC)
Series 2024
4.25%, 07/01/2044 | | | 1,700 | | | | 1,651,870 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Indianapolis Local Public Improvement Bond Bank
Series 2015
4.00%, 01/01/2025 | | $ | 11,570 | | | $ | 11,574,450 | |
| | | | | | | | |
| | | | | | | 51,715,675 | |
| | | | | | | | |
| Iowa–0.1% | | | | | | | | |
Iowa Finance Authority
(Pre-refunded–US Treasuries)
Series 2022
4.00%, 12/01/2050 | | | 5,450 | | | | 5,981,124 | |
| | | | | | | | |
| Kansas–0.1% | | | | | | | | |
City of Colby KS
(Citizens Medical Center, Inc.)
Series 2024
5.50%, 07/01/2026 | | | 2,000 | | | | 2,016,354 | |
City of Overland Park KS Sales Tax Revenue
Series 2022
6.00%, 11/15/2034(b) | | | 215 | | | | 224,242 | |
6.50%, 11/15/2042(b) | | | 1,610 | | | | 1,669,131 | |
| | | | | �� | | | |
| | | | | | | 3,909,727 | |
| | | | | | | | |
| Kentucky–1.8% | | | | | | | | |
County of Carroll KY
(Kentucky Utilities Co.)
Series 2019
1.75%, 10/01/2034 | | | 3,835 | | | | 3,629,841 | |
Kenton County Airport Board
Series 2024-A
5.25%, 01/01/2040 | | | 2,910 | | | | 3,241,784 | |
5.25%, 01/01/2042 | | | 2,860 | | | | 3,156,818 | |
Kentucky Economic Development Finance Authority
(Baptist Healthcare System Obligated Group)
Series 2017-B
5.00%, 08/15/2029 | | | 1,000 | | | | 1,052,628 | |
5.00%, 08/15/2041 | | | 1,260 | | | | 1,297,775 | |
Kentucky Economic Development Finance Authority
(Owensboro Health, Inc. Obligated Group)
Series 2017-A
5.00%, 06/01/2028 | | | 8,780 | | | | 9,103,863 | |
5.00%, 06/01/2030 | | | 5,870 | | | | 6,072,516 | |
Kentucky Public Energy Authority
(BP PLC)
Series 2024-B
5.00%, 01/01/2055 | | | 20,065 | | | | 21,940,742 | |
Kentucky Public Energy Authority
(Morgan Stanley)
Series 2023-A
5.223% (SOFR + 1.98%), 04/01/2054(a) | | | 20,000 | | | | 20,000,000 | |
5.25%, 04/01/2054 | | | 5,280 | | | | 5,867,931 | |
Kentucky State Property & Building Commission
(Commonwealth of Kentucky Lease)
Series 2024-B
5.00%, 11/01/2024 | | | 5,000 | | | | 5,005,560 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Kentucky Turnpike Authority
Series 2016-A
5.00%, 07/01/2025 | | $ | 2,515 | | | $ | 2,554,791 | |
5.00%, 07/01/2027 | | | 5,075 | | | | 5,261,670 | |
| | | | | | | | |
| | | | | | | 88,185,919 | |
| | | | | | | | |
| Louisiana–1.3% | | | | | | | | |
City of New Orleans LA Sewerage Service Revenue
(Pre-refunded–US Treasuries)
Series 2015
5.00%, 06/01/2040 | | | 2,000 | | | | 2,028,204 | |
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax
Series 2015
5.00%, 08/01/2027 | | | 6,450 | | | | 6,553,892 | |
5.00%, 08/01/2028 | | | 2,535 | | | | 2,573,522 | |
Louisiana Local Government Environmental Facilities & Community Development Auth
(LCDA 2023-ELL)
Series 2023-ELL, Class A1
5.081%, 06/01/2031 | | | 6,874 | | | | 7,003,105 | |
Louisiana Public Facilities Authority
(ElementUS Minerals LLC)
Series 2023
5.00%, 10/01/2043(b) | | | 22,000 | | | | 22,278,529 | |
Louisiana Public Facilities Authority
(Pre-refunded–US Treasuries)
AGM Series 2015
5.00%, 06/01/2036 | | | 2,000 | | | | 2,026,210 | |
Parish of St. James LA
(NuStar Logistics LP)
Series 2020
5.85%, 08/01/2041(b) | | | 2,250 | | | | 2,280,236 | |
6.10%, 06/01/2038(b) | | | 3,030 | | | | 3,387,956 | |
6.10%, 12/01/2040(b) | | | 2,595 | | | | 2,909,135 | |
St. Tammany Parish Finance Authority
(Christwood)
Series 2015
5.25%, 11/15/2029 | | | 1,200 | | | | 1,200,536 | |
State of Louisiana Gasoline & Fuels Tax Revenue
Series 2022-A
3.888% (SOFR + 0.50%), 05/01/2043(a) | | | 10,225 | | | | 10,199,531 | |
State of Louisiana Gasoline & Fuels Tax Revenue
(Pre-refunded–US Govt Agencies)
Series 2015-A
4.50%, 05/01/2039 | | | 2,500 | | | | 2,521,494 | |
| | | | | | | | |
| | | | 64,962,350 | |
| | | | | | | | |
| Maine–0.0% | | | | | | | | |
Maine Municipal Bond Bank
Series 2014-A
5.00%, 09/01/2025 | | | 1,000 | | | | 1,001,624 | |
| | | | | | | | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| Maryland–0.8% | | | | | | | | |
County of Frederick MD
(Pre-refunded–US Treasuries)
Series 2019-A
5.00%, 08/01/2027 | | $ | 165 | | | $ | 176,852 | |
Maryland Economic Development Corp.
(Purple Line Transit Partners LLC)
Series 2022
5.00%, 11/12/2028 | | | 10,000 | | | | 10,245,317 | |
Maryland Health & Higher Educational Facilities Authority
(UPMC Obligated Group)
Series 2020-B
5.00%, 04/15/2031 | | | 1,365 | | | | 1,512,214 | |
State of Maryland
Series 2017-B
5.00%, 08/01/2025 | | | 16,380 | | | | 16,692,915 | |
Series 2022-A
5.00%, 06/01/2035 | | | 1,080 | | | | 1,248,912 | |
State of Maryland Department of Transportation
Series 2017
5.00%, 09/01/2025 | | | 6,550 | | | | 6,686,321 | |
State of Maryland Department of Transportation
(Baltimore/Washington International Thurgood Marshall Airport)
Series 2021
5.00%, 08/01/2029 | | | 700 | | | | 756,842 | |
5.00%, 08/01/2036 | | | 1,000 | | | | 1,085,154 | |
| | | | | | | | |
| | | | 38,404,527 | |
| | | | | | | | |
| Massachusetts–2.2% | | | | | | | | |
City of Quincy MA
Series 2024
5.00%, 07/25/2025 | | | 3,000 | | | | 3,053,658 | |
Commonwealth of Massachusetts
Series 2017-D
5.00%, 07/01/2025 | | | 7,760 | | | | 7,887,422 | |
5.00%, 02/01/2036 | | | 4,435 | | | | 4,639,925 | |
Series 2024-A
5.00%, 01/01/2040 | | | 5,000 | | | | 5,752,007 | |
Series 2024-B
5.00%, 05/01/2043 | | | 4,000 | | | | 4,542,614 | |
Commonwealth of Massachusetts
(Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue)
Series 2022-B
4.11%, 07/15/2031 | | | 2,871 | | | | 2,850,368 | |
Massachusetts Bay Transportation Authority Sales Tax Revenue
Series 2024-A
5.00%, 07/01/2043 | | | 2,000 | | | | 2,276,368 | |
Massachusetts Development Finance Agency
Series 2016-E
5.00%, 07/01/2025 | | | 1,750 | | | | 1,772,868 | |
| | |
| | |
| 24 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Series 2020-A
5.00%, 10/15/2025 | | $ | 5,000 | | | $ | 5,129,194 | |
Series 2023
5.00%, 07/01/2026 | | | 1,000 | | | | 1,034,647 | |
Massachusetts Development Finance Agency
(Beth Israel Lahey Health Obligated Group)
Series 2016-I
5.00%, 07/01/2034 | | | 1,935 | | | | 1,990,093 | |
Massachusetts Development Finance Agency
(Mass General Brigham, Inc.)
Series 2017-S1
5.00%, 07/01/2025 | | | 7,565 | | | | 7,690,608 | |
5.00%, 07/01/2029 | | | 9,000 | | | | 9,669,460 | |
Massachusetts Development Finance Agency
(Pre-refunded–US Treasuries)
Series 2014-A
5.00%, 03/01/2044 | | | 2,000 | | | | 2,000,000 | |
Series 2014-P
5.00%, 10/01/2046 | | | 5,750 | | | | 5,750,000 | |
Massachusetts Development Finance Agency
(Trustees of Boston College)
Series 2020-U
5.00%, 07/01/2028 | | | 950 | | | | 1,043,185 | |
Massachusetts Development Finance Agency
(Tufts Medicine Obligated Group)
Series 2019-A
5.00%, 07/01/2028 | | | 1,425 | | | | 1,473,247 | |
5.00%, 07/01/2030 | | | 2,100 | | | | 2,169,003 | |
5.00%, 07/01/2032 | | | 2,000 | | | | 2,050,629 | |
5.00%, 07/01/2033 | | | 2,000 | | | | 2,047,948 | |
AGM Series 2020-C
5.00%, 10/01/2026 | | | 325 | | | | 338,901 | |
5.00%, 10/01/2027 | | | 440 | | | | 468,282 | |
5.00%, 10/01/2028 | | | 500 | | | | 542,136 | |
5.00%, 10/01/2029 | | | 295 | | | | 325,408 | |
5.00%, 10/01/2030 | | | 315 | | | | 351,442 | |
5.00%, 10/01/2031 | | | 375 | | | | 417,741 | |
5.00%, 10/01/2032 | | | 245 | | | | 270,680 | |
Massachusetts School Building Authority
Series 2015-C
5.00%, 08/15/2027 | | | 5,000 | | | | 5,105,406 | |
Massachusetts Water Resources Authority
Series 2024-C
5.00%, 08/01/2039 | | | 11,630 | | | | 13,638,407 | |
AGM Series 2007-B
5.25%, 08/01/2025 | | | 12,510 | | | | 12,778,745 | |
| | | | | | | | |
| | | | 109,060,392 | |
| | | | | | | | |
| Michigan–3.7% | | | | | | | | |
City of Detroit MI Sewage Disposal System Revenue
(Great Lakes Water Authority Sewage Disposal System Revenue)
AGM Series 2006-D
4.347% (CME Term SOFR 3 Month + 0.60%), 07/01/2032(a) | | | 14,000 | | | | 13,705,878 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Detroit Downtown Development Authority
(Detroit Downtown Development Authority Catalyst Development Area)
Series 2024
5.00%, 07/01/2048 | | $ | 3,705 | | | $ | 3,944,196 | |
Great Lakes Water Authority Water Supply System Revenue
Series 2016-C
5.00%, 07/01/2025 | | | 12,805 | | | | 13,011,322 | |
Series 2024-A
5.00%, 07/01/2035 | | | 2,100 | | | | 2,458,329 | |
Michigan Finance Authority
Series 2024-A
5.00%, 07/21/2025 | | | 3,000 | | | | 3,046,524 | |
5.00%, 08/20/2025 | | | 6,250 | | | | 6,359,281 | |
Michigan Finance Authority
(Bronson Healthcare Group Obligated Group)
Series 2020
5.00%, 05/15/2036 | | | 48,585 | | | | 49,808,516 | |
Michigan Finance Authority
(City of Detroit MI Income Tax)
Series 2015
4.00%, 10/01/2024 | | | 3,000 | | | | 3,000,000 | |
4.50%, 10/01/2029 | | | 12,065 | | | | 12,075,098 | |
Michigan Finance Authority
(Corewell Health Obligated Group)
Series 2022
5.00%, 04/15/2025 | | | 5,265 | | | | 5,319,321 | |
Michigan Finance Authority
(Michigan Finance Authority Tobacco Settlement Revenue)
Series 2020-A
3.267%, 06/01/2039 | | | 5,000 | | | | 4,775,912 | |
4.00%, 06/01/2035 | | | 1,000 | | | | 1,027,750 | |
4.00%, 06/01/2036 | | | 1,000 | | | | 1,021,063 | |
4.00%, 06/01/2037 | | | 1,000 | | | | 1,013,876 | |
4.00%, 06/01/2038 | | | 1,000 | | | | 1,007,841 | |
4.00%, 06/01/2039 | | | 2,000 | | | | 2,008,059 | |
5.00%, 06/01/2025 | | | 610 | | | | 615,396 | |
5.00%, 06/01/2026 | | | 1,290 | | | | 1,320,974 | |
5.00%, 06/01/2028 | | | 1,000 | | | | 1,058,719 | |
5.00%, 06/01/2029 | | | 2,000 | | | | 2,147,127 | |
5.00%, 06/01/2031 | | | 745 | | | | 814,428 | |
Michigan Finance Authority
(Public Lighting Authority)
Series 2014
5.00%, 07/01/2030 | | | 1,600 | | | | 1,601,954 | |
Series 2014-B
5.00%, 07/01/2027 | | | 4,990 | | | | 4,996,469 | |
5.00%, 07/01/2031 | | | 2,460 | | | | 2,462,839 | |
Michigan Finance Authority
(Trinity Health Corp.)
Series 2015
5.00%, 12/01/2024 | | | 4,400 | | | | 4,411,081 | |
5.00%, 12/01/2025 | | | 3,000 | | | | 3,044,812 | |
5.50%, 12/01/2026 | | | 4,500 | | | | 4,579,228 | |
5.50%, 12/01/2027 | | | 2,720 | | | | 2,768,268 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Michigan State Hospital Finance Authority
Series 2019
5.00%, 11/01/2025 | | $ | 2,315 | | | $ | 2,371,073 | |
Michigan Strategic Fund
(Michigan Strategic Fund–I 75 Improvement Project)
Series 2018
5.00%, 12/31/2024 | | | 3,210 | | | | 3,210,708 | |
5.00%, 12/31/2025 | | | 2,200 | | | | 2,220,653 | |
5.00%, 06/30/2026 | | | 2,400 | | | | 2,454,174 | |
5.00%, 12/31/2026 | | | 5,770 | | | | 5,957,519 | |
5.00%, 06/30/2027 | | | 7,635 | | | | 7,934,221 | |
5.00%, 12/31/2027 | | | 5,770 | | | | 6,036,121 | |
5.00%, 06/30/2028 | | | 4,645 | | | | 4,886,018 | |
| | | | | | | | |
| | | | 188,474,748 | |
| | | | | | | | |
| Minnesota–0.3% | | | | | | | | |
City of St. Cloud MN
Series 2024
5.00%, 05/01/2042(f) | | | 3,250 | | | | 3,632,089 | |
Minneapolis-St. Paul Metropolitan Airports Commission
Series 2024
5.00%, 01/01/2041 | | | 3,250 | | | | 3,492,521 | |
5.25%, 01/01/2044 | | | 2,000 | | | | 2,194,694 | |
Minnesota Municipal Gas Agency
(Royal Bank of Canada)
Series 2022-A
4.00%, 12/01/2052 | | | 5,425 | | | | 5,498,502 | |
Western Minnesota Municipal Power Agency
Series 2019-A
3.156%, 01/01/2039 | | | 1,000 | | | | 868,097 | |
| | | | | | | | |
| | | | 15,685,903 | |
| | | | | | | | |
| Mississippi–0.1% | | | | | | | | |
State of Mississippi
(Pre-refunded–US Treasuries)
Series 2015-A
4.00%, 10/01/2031 | | | 5,525 | | | | 5,596,302 | |
| | | | | | | | |
| Missouri–0.5% | | | | | | | | |
Cape Girardeau County Industrial Development Authority
(Mercy Health/MO)
Series 2017-A
5.00%, 03/01/2025 | | | 1,445 | | | | 1,449,377 | |
5.00%, 03/01/2028 | | | 1,375 | | | | 1,441,380 | |
City of Kansas City MO
(City of Kansas City MO Lease)
Series 2022
5.00%, 09/01/2037 | | | 4,000 | | | | 4,511,429 | |
Health & Educational Facilities Authority of the State of Missouri
Series 2021-C
5.00%, 05/01/2052 | | | 2,320 | | | | 2,497,910 | |
Health & Educational Facilities Authority of the State of Missouri
(BJC Healthcare Obligated Group)
Series 2021-A
4.00%, 07/01/2039 | | | 5,000 | | | | 5,174,109 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Howard Bend Levee District
XLCA Series 2005
5.75%, 03/01/2025 | | $ | 845 | | | $ | 849,267 | |
5.75%, 03/01/2027 | | | 775 | | | | 809,127 | |
Metropolitan St. Louis Sewer District
Series 2022-A
5.00%, 05/01/2038 | | | 1,710 | | | | 1,936,247 | |
5.00%, 05/01/2039 | | | 3,100 | | | | 3,481,210 | |
Missouri Highway & Transportation Commission
Series 2019-B
5.00%, 11/01/2025 | | | 3,385 | | | | 3,472,683 | |
| | | | | | | | |
| | | | 25,622,739 | |
| | | | | | | | |
| Montana–0.3% | | | | | | | | |
Montana Facility Finance Authority
(Benefis Health System Obligated Group)
Series 2016
5.00%, 02/15/2025 | | | 2,500 | | | | 2,510,956 | |
5.00%, 02/15/2026 | | | 3,190 | | | | 3,260,305 | |
5.00%, 02/15/2027 | | | 6,950 | | | | 7,238,255 | |
5.00%, 02/15/2028 | | | 2,375 | | | | 2,468,284 | |
| | | | | | | | |
| | | | 15,477,800 | |
| | | | | | | | |
| Nebraska–0.3% | | | | | | | | |
Central Plains Energy Project
(Bank of Montreal)
Series 2023-A
5.00%, 05/01/2054 | | | 5,000 | | | | 5,362,586 | |
Central Plains Energy Project
(Goldman Sachs Group, Inc. (The))
Series 2022-1
5.00%, 05/01/2053 | | | 10,000 | | | | 10,667,622 | |
| | | | | | | | |
| | | | 16,030,208 | |
| | | | | | | | |
| Nevada–0.7% | | | | | | | | |
City of Las Vegas NV
Series 2015-C
5.00%, 09/01/2026 | | | 2,930 | | | | 3,027,490 | |
County of Clark NV
Series 2024
4.00%, 07/01/2041 | | | 4,640 | | | | 4,756,945 | |
Las Vegas Valley Water District
Series 2016-B
5.00%, 06/01/2028 | | | 4,590 | | | | 4,766,271 | |
Series 2022-C
5.00%, 06/01/2025 | | | 5,950 | | | | 6,031,304 | |
Reno-Tahoe Airport Authority
Series 2024
5.00%, 07/01/2035 | | | 1,175 | | | | 1,292,996 | |
5.25%, 07/01/2038 | | | 1,430 | | | | 1,605,132 | |
State of Nevada
Series 2015-D
5.00%, 04/01/2027 | | | 7,000 | | | | 7,079,284 | |
State of Nevada Department of Business & Industry
(DesertXpress Enterprises LLC)
Series 2024
8.125%, 01/01/2050 | | | 4,000 | | | | 4,119,676 | |
| | | | | | | | |
| | | | 32,679,098 | |
| | | | | | | | |
| | |
| | |
| 26 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| New Hampshire–1.4% | | | | | | | | |
National Finance Authority
Series 2022-2, Class X
0.69%, 10/01/2036(g) | | $ | 9,740 | | | $ | 454,621 | |
New Hampshire Business Finance Authority
Series 2020-1, Class A
4.125%, 01/20/2034 | | | 8,857 | | | | 8,991,439 | |
Series 2022-1, Class A
4.375%, 09/20/2036 | | | 24,275 | | | | 24,960,140 | |
Series 2022-1, Class X
0.35%, 09/20/2036(g) | | | 19,420 | | | | 416,443 | |
Series 2022-2, Class A
4.00%, 10/20/2036 | | | 9,740 | | | | 9,746,826 | |
Series 2024
5.25%, 12/01/2035(b) | | | 1,000 | | | | 1,001,388 | |
5.375%, 12/15/2035(b) | | | 7,200 | | | | 7,194,622 | |
Series 2024-1, Class A
4.25%, 07/20/2041 | | | 5,605 | | | | 5,635,862 | |
Series 2024-3
4.164%, 10/20/2041 | | | 6,994 | | | | 6,969,634 | |
New Hampshire Business Finance Authority
(Brazoria-Fort Bend County Municipal Utility District No. 3)
Series 2024
4.875%, 12/01/2033(b) | | | 1,000 | | | | 1,002,763 | |
New Hampshire Business Finance Authority
(Reworld Holding Corp.)
Series 2018-A
4.00%, 11/01/2027(b) | | | 2,250 | | | | 2,249,955 | |
| | | | | | | | |
| | | | 68,623,693 | |
| | | | | | | | |
| New Jersey–6.5% | | | | | | | | |
City of Hoboken NJ
Series 2024-A
4.00%, 03/12/2025 | | | 12,000 | | | | 12,053,038 | |
Essex County Improvement Authority
(County of Essex NJ)
Series 2024
5.00%, 06/18/2025 | | | 3,055 | | | | 3,097,021 | |
New Jersey Economic Development Authority
(New Jersey Economic Development Authority State Lease)
Series 2019
5.25%, 04/01/2026(h) | | | 5,930 | | | | 6,150,428 | |
New Jersey Economic Development Authority
(New Jersey-American Water Co., Inc.)
Series 2023
3.75%, 11/01/2034 | | | 7,755 | | | | 7,841,025 | |
New Jersey Economic Development Authority
(NYNJ Link Borrower LLC)
Series 2013
5.50%, 01/01/2026 | | | 1,000 | | | | 1,001,623 | |
5.50%, 01/01/2027 | | | 1,000 | | | | 1,001,538 | |
New Jersey Economic Development Authority
(Port Newark Container Terminal LLC)
Series 2017
5.00%, 10/01/2024 | | | 2,000 | | | | 2,000,000 | |
5.00%, 10/01/2025 | | | 2,750 | | | | 2,787,312 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
New Jersey Economic Development Authority
(Rutgers The State University of New Jersey)
Series 2013
5.00%, 06/15/2025 | | $ | 1,000 | | | $ | 1,001,416 | |
5.00%, 06/15/2026 | | | 3,500 | | | | 3,505,226 | |
New Jersey Economic Development Authority
(State of New Jersey)
Series 2024-S
5.00%, 06/15/2027 | | | 3,000 | | | | 3,188,132 | |
5.00%, 06/15/2033 | | | 2,065 | | | | 2,390,663 | |
New Jersey Economic Development Authority
(United Airlines, Inc.)
Series 2012
5.25%, 09/15/2029 | | | 3,360 | | | | 3,363,878 | |
New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Fed Hwy Grant)
Series 2016
5.00%, 06/15/2027 | | | 12,830 | | | | 13,299,905 | |
5.00%, 06/15/2028 | | | 975 | | | | 1,009,699 | |
Series 2018-A
5.00%, 06/15/2029 | | | 3,050 | | | | 3,152,242 | |
New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Trust Fund Authority State Lease)
Series 2018-A
5.00%, 12/15/2027 | | | 8,605 | | | | 9,244,431 | |
5.00%, 12/15/2029 | | | 38,555 | | | | 42,061,354 | |
5.00%, 12/15/2030 | | | 5,885 | | | | 6,389,118 | |
5.00%, 12/15/2032 | | | 5,230 | | | | 5,644,155 | |
5.00%, 12/15/2033 | | | 7,230 | | | | 7,783,275 | |
Series 2019
5.00%, 06/15/2029 | | | 1,525 | | | | 1,666,221 | |
Series 2019-B
5.00%, 06/15/2033 | | | 3,885 | | | | 4,187,526 | |
Series 2023-B
5.00%, 06/15/2041 | | | 9,685 | | | | 10,839,614 | |
5.00%, 06/15/2042 | | | 2,915 | | | | 3,248,707 | |
5.00%, 06/15/2043 | | | 1,505 | | | | 1,669,250 | |
AGM Series 2006-C
Zero Coupon, 12/15/2033 | | | 6,600 | | | | 4,868,192 | |
New Jersey Turnpike Authority
Series 2014-A
5.00%, 01/01/2027 | | | 1,800 | | | | 1,802,556 | |
Series 2017-A
5.00%, 01/01/2029 | | | 7,235 | | | | 7,635,276 | |
Series 2017-B
5.00%, 01/01/2029 | | | 10,000 | | | | 10,788,109 | |
5.00%, 01/01/2030 | | | 14,830 | | | | 15,958,895 | |
5.00%, 01/01/2031 | | | 15,220 | | | | 16,306,655 | |
Series 2021-B
1.713%, 01/01/2029 | | | 6,625 | | | | 6,049,175 | |
Series 2024-A
5.00%, 01/01/2032 | | | 11,235 | | | | 12,910,798 | |
5.00%, 01/01/2033 | | | 2,000 | | | | 2,328,209 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
5.00%, 01/01/2034 | | $ | 2,100 | | | $ | 2,475,344 | |
Series 2024-C
5.00%, 01/01/2043(f) | | | 7,500 | | | | 8,452,254 | |
5.00%, 01/01/2044(f) | | | 2,500 | | | | 2,812,216 | |
AGM Series 2005-D3
5.25%, 01/01/2026 | | | 14,770 | | | | 15,079,050 | |
South Jersey Transportation Authority
BAM Series 2022
5.00%, 11/01/2036 | | | 450 | | | | 509,033 | |
5.00%, 11/01/2037 | | | 400 | | | | 451,256 | |
State of New Jersey
Series 2020
5.00%, 06/01/2025 | | | 20,500 | | | | 20,795,153 | |
Tobacco Settlement Financing Corp./NJ
Series 2018-A
5.00%, 06/01/2025 | | | 4,125 | | | | 4,169,655 | |
5.00%, 06/01/2026 | | | 3,000 | | | | 3,087,777 | |
5.00%, 06/01/2027 | | | 4,000 | | | | 4,192,005 | |
5.00%, 06/01/2028 | | | 2,140 | | | | 2,279,379 | |
5.00%, 06/01/2035 | | | 2,620 | | | | 2,756,674 | |
Series 2018-B | | | | | | | | |
5.00%, 06/01/2046 | | | 10,275 | | | | 10,364,145 | |
Township of East Brunswick NJ
Series 2024-A
4.50%, 07/15/2025 | | | 9,000 | | | | 9,108,729 | |
Township of Woodbridge NJ
Series 2024
4.00%, 03/14/2025 | | | 5,000 | | | | 5,022,439 | |
| | | | | | | | |
| | | | | | | 329,779,771 | |
| | | | | | | | |
| New Mexico–0.2% | | | | | | | | |
New Mexico Municipal Energy Acquisition Authority
Series 2019-A
5.00%, 11/01/2039 | | | 10,000 | | | | 10,095,040 | |
| | | | | | | | |
| New York–10.6% | | | | | | | | |
City of New York NY
Series 2015-A
5.00%, 08/01/2025 | | | 16,720 | | | | 17,015,921 | |
Series 2019-E
5.00%, 08/01/2025 | | | 6,100 | | | | 6,207,961 | |
Series 2020-A
5.00%, 08/01/2026 | | | 3,130 | | | | 3,272,675 | |
Series 2021 | | | | | | | | |
1.396%, 08/01/2027 | | | 18,750 | | | | 17,527,757 | |
Series 2021-F
5.00%, 06/01/2044(h) | | | 5,000 | | | | 5,064,319 | |
Series 2024-A | | | | | | | | |
5.00%, 08/01/2025 | | | 8,900 | | | | 9,057,518 | |
City of New York NY
(Pre-refunded–US Treasuries)
Series 2014-A
5.00%, 08/01/2027 | | | 1,130 | | | | 1,131,973 | |
City of Rochester NY
Series 2024-I
5.00%, 07/31/2025 | | | 7,000 | | | | 7,117,657 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
County of Nassau NY
Series 2024-A
5.00%, 04/01/2042 | | $ | 8,815 | | | $ | 10,109,418 | |
5.00%, 04/01/2044 | | | 4,120 | | | | 4,674,759 | |
Dutchess County Local Development Corp.
(Bard College)
Series 2020-B
5.918%, 07/01/2039 | | | 4,505 | | | | 4,588,128 | |
Federal Home Loan Mortgage Corp.
Series 2024-ML21, Class AUS
4.617%, 08/25/2041 | | | 8,374 | | | | 9,007,936 | |
Hudson Yards Infrastructure Corp.
Series 2017-A
5.00%, 02/15/2036 | | | 6,880 | | | | 7,200,783 | |
Long Island Power Authority
Series 2024-A
5.00%, 09/01/2044 | | | 6,400 | | | | 7,233,832 | |
Metropolitan Transportation Authority
Series 2016-A
5.00%, 11/15/2028 | | | 20,070 | | | | 20,907,838 | |
Series 2017
5.00%, 11/15/2025 | | | 7,190 | | | | 7,363,439 | |
Series 2017-C
5.00%, 11/15/2029 | | | 22,370 | | | | 24,011,153 | |
5.00%, 11/15/2030 | | | 13,755 | | | | 14,697,196 | |
5.00%, 11/15/2031 | | | 5,505 | | | | 5,858,071 | |
5.00%, 11/15/2033 | | | 8,500 | | | | 8,994,969 | |
BAM Series 2024-A
4.00%, 11/15/2048 | | | 6,500 | | | | 6,439,231 | |
Metropolitan Transportation Authority
(Pre-refunded–US Treasuries)
Series 2014-C
5.00%, 11/15/2027 | | | 5,000 | | | | 5,009,774 | |
New York City Municipal Water Finance Authority
Series 2023
5.00%, 06/15/2034 | | | 10,650 | | | | 12,771,094 | |
5.00%, 06/15/2035 | | | 2,000 | | | | 2,368,450 | |
New York City Transitional Finance Authority
(New York City Transitional Finance Authority Future Tax Secured Revenue)
Series 2024
5.00%, 11/01/2037 | | | 7,250 | | | | 8,463,844 | |
5.00%, 11/01/2038 | | | 17,000 | | | | 19,742,103 | |
5.00%, 11/01/2039 | | | 3,400 | | | | 3,917,701 | |
New York City Transitional Finance Authority Building Aid Revenue
(New York City Transitional Finance Authority Building Aid Revenue State Lease)
Series 2017-S
5.00%, 07/15/2036 | | | 10,245 | | | | 10,831,345 | |
Series 2018-S
5.00%, 07/15/2031 | | | 18,035 | | | | 19,461,381 | |
5.00%, 07/15/2032 | | | 15,945 | | | | 17,168,866 | |
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2017-A
5.00%, 08/01/2033 | | | 4,860 | | | | 5,117,090 | |
| | |
| | |
| 28 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
New York Liberty Development Corp.
(3 World Trade Center LLC)
Series 2014
5.375%, 11/15/2040(b) | | $ | 400 | | | $ | 400,471 | |
New York Liberty Development Corp.
(One Bryant Park LLC)
Series 2019
2.45%, 09/15/2069 | | | 4,250 | | | | 4,024,929 | |
2.80%, 09/15/2069 | | | 11,555 | | | | 10,658,013 | |
New York State Dormitory Authority
(New York State Sales Tax)
Series 2017-A
5.00%, 03/15/2039 | | | 14,705 | | | | 15,237,253 | |
Series 2018-C
5.00%, 03/15/2040 | | | 6,990 | | | | 7,370,552 | |
New York State Dormitory Authority
(State of New York Pers Income Tax)
Series 2019-A
5.00%, 03/15/2036 | | | 10,000 | | | | 10,817,750 | |
Series 2021-A
4.00%, 03/15/2039 | | | 1,825 | | | | 1,877,402 | |
Series 2021-E
4.00%, 03/15/2037 | | | 19,200 | | | | 20,120,070 | |
Series 2022-A
4.00%, 03/15/2039 | | | 3,500 | | | | 3,614,156 | |
Series 2024-A
5.00%, 03/15/2042 | | | 5,000 | | | | 5,641,835 | |
5.00%, 03/15/2043 | | | 6,000 | | | | 6,736,971 | |
5.00%, 03/15/2044 | | | 2,840 | | | | 3,175,564 | |
New York Transportation Development Corp.
(Delta Air Lines, Inc.)
Series 2018
5.00%, 01/01/2028 | | | 22,110 | | | | 23,048,298 | |
5.00%, 01/01/2029 | | | 27,145 | | | | 28,282,131 | |
Series 2023
5.625%, 04/01/2040 | | | 7,000 | | | | 7,606,560 | |
6.00%, 04/01/2035 | | | 5,000 | | | | 5,653,313 | |
New York Transportation Development Corp.
(JFK International Air Terminal LLC)
Series 2022
5.00%, 12/01/2040 | | | 7,015 | | | | 7,416,681 | |
New York Transportation Development Corp.
(Laguardia Gateway Partners LLC)
Series 2016-A
5.00%, 07/01/2046 | | | 2,095 | | | | 2,095,017 | |
Port Authority of New York & New Jersey
Series 2018-2
5.00%, 09/15/2026 | | | 4,000 | | | | 4,136,420 | |
Series 2019
4.00%, 11/01/2037 | | | 2,915 | | | | 2,964,674 | |
Series 2021-2
4.00%, 07/15/2037 | | | 2,980 | | | | 3,058,454 | |
Suffolk Regional Off-Track Betting Co.
Series 2024
5.00%, 12/01/2034 | | | 1,000 | | | | 1,050,409 | |
Suffolk Tobacco Asset Securitization Corp.
Series 2021
5.00%, 06/01/2027 | | | 1,045 | | | | 1,094,939 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
5.00%, 06/01/2029 | | $ | 2,080 | | | $ | 2,247,233 | |
5.00%, 06/01/2033 | | | 2,395 | | | | 2,625,476 | |
Town of Oyster Bay NY
Series 2024
4.00%, 03/07/2025 | | | 1,600 | | | | 1,605,465 | |
Triborough Bridge & Tunnel Authority
Series 2023
5.00%, 11/15/2024 | | | 9,210 | | | | 9,228,333 | |
Triborough Bridge & Tunnel Authority
(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)
Series 2021-A
2.411%, 05/15/2034 | | | 14,725 | | | | 12,379,673 | |
2.591%, 05/15/2036 | | | 2,000 | | | | 1,635,583 | |
Series 2022
4.286% (SOFR + 1.05%), 04/01/2026(a) | | | 14,000 | | | | 14,002,108 | |
Series 2023
5.00%, 11/15/2041 | | | 4,025 | | | | 4,555,311 | |
Series 2024
5.00%, 11/15/2033 | | | 5,000 | | | | 5,943,954 | |
5.00%, 11/15/2035 | | | 2,000 | | | | 2,385,287 | |
| | | | | | | | |
| | | | 535,024,467 | |
| | | | | | | | |
| North Carolina–0.4% | | | | | | | | |
County of Wake NC
Series 2024-B
5.00%, 09/01/2034 | | | 1,585 | | | | 1,906,559 | |
Greater Asheville Regional Airport Authority
AGM Series 2022-A
5.00%, 07/01/2035 | | | 1,740 | | | | 1,889,947 | |
5.00%, 07/01/2036 | | | 1,500 | | | | 1,622,164 | |
5.00%, 07/01/2037 | | | 1,250 | | | | 1,347,809 | |
5.25%, 07/01/2038 | | | 1,200 | | | | 1,325,219 | |
5.25%, 07/01/2039 | | | 1,300 | | | | 1,427,244 | |
5.25%, 07/01/2040 | | | 3,220 | | | | 3,517,758 | |
5.25%, 07/01/2042 | | | 1,140 | | | | 1,235,524 | |
AGM Series 2023
5.00%, 07/01/2036 | | | 650 | | | | 708,721 | |
5.00%, 07/01/2037 | | | 1,400 | | | | 1,521,490 | |
5.00%, 07/01/2038 | | | 420 | | | | 454,311 | |
5.25%, 07/01/2041 | | | 1,000 | | | | 1,097,264 | |
5.25%, 07/01/2042 | | | 1,000 | | | | 1,092,864 | |
| | | | | | | | |
| | | | 19,146,874 | |
| | | | | | | | |
| North Dakota–0.1% | | | | | | | | |
County of Ward ND
(Trinity Health Obligated Group)
Series 2017-C
5.00%, 06/01/2028 | | | 2,000 | | | | 2,069,134 | |
5.00%, 06/01/2030 | | | 3,000 | | | | 3,091,041 | |
| | | | | | | | |
| | | | 5,160,175 | |
| | | | | | | | |
| Ohio–2.0% | | | | | | | | |
American Municipal Power, Inc.
Series 2017
5.00%, 02/15/2025 | | | 7,020 | | | | 7,070,990 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Buckeye Tobacco Settlement Financing Authority
Series 2020-A
4.00%, 06/01/2037 | | $ | 2,000 | | | $ | 2,021,062 | |
4.00%, 06/01/2038 | | | 1,000 | | | | 1,007,044 | |
County of Allen OH Hospital Facilities Revenue
(Bon Secours Mercy Health, Inc.)
Series 2017-A
5.00%, 08/01/2026 | | | 2,700 | | | | 2,811,377 | |
5.00%, 08/01/2027 | | | 8,465 | | | | 9,004,865 | |
5.00%, 08/01/2028 | | | 1,955 | | | | 2,100,969 | |
Series 2020
5.00%, 12/01/2028 | | | 5,400 | | | | 5,892,136 | |
5.00%, 12/01/2029 | | | 1,565 | | | | 1,735,387 | |
County of Cuyahoga OH
(MetroHealth System (The))
Series 2017
5.00%, 02/15/2026 | | | 2,745 | | | | 2,800,553 | |
5.00%, 02/15/2027 | | | 2,710 | | | | 2,814,342 | |
County of Franklin OH
(Nationwide Children’s Hospital, Inc.)
Series 2017-A
5.00%, 11/01/2031 | | | 1,000 | | | | 1,054,824 | |
County of Hamilton OH
(Christ Hospital Obligated Group)
Series 2023
5.00%, 06/01/2042 | | | 4,045 | | | | 4,326,696 | |
County of Washington OH
(Marietta Area Health Care, Inc. Obligated Group)
Series 2022
5.50%, 12/01/2027 | | | 570 | | | | 578,966 | |
6.375%, 12/01/2037 | | | 5,000 | | | | 5,493,416 | |
Ohio Air Quality Development Authority
Series 2024
3.70%, 04/01/2028(f) | | | 10,400 | | | | 10,441,881 | |
3.70%, 07/01/2028(f) | | | 1,750 | | | | 1,757,323 | |
3.75%, 01/01/2029(f) | | | 5,000 | | | | 4,998,959 | |
Ohio Higher Educational Facility Commission
(Oberlin College)
Series 2023
5.00%, 10/01/2028 | | | 1,425 | | | | 1,544,205 | |
5.00%, 10/01/2037 | | | 1,270 | | | | 1,451,761 | |
5.00%, 10/01/2038 | | | 1,335 | | | | 1,517,655 | |
Ohio Water Development Authority
(Ohio Water Development Authority State Lease)
Series 2016-B
5.00%, 06/01/2025 | | | 3,985 | | | | 4,043,701 | |
Ohio Water Development Authority Water Pollution Control Loan Fund
Series 2023-A
5.00%, 12/01/2025 | | | 4,910 | | | | 5,050,248 | |
Port of Greater Cincinnati Development Authority
(Duke Energy Convention Center Project)
Series 2024
5.00%, 12/01/2029 | | | 1,000 | | | | 1,105,159 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Reynoldsburg City School District
Series 2013
4.919%, 09/01/2030 | | $ | 3,430 | | | $ | 3,549,306 | |
Series 2014
4.939%, 09/01/2032 | | | 3,670 | | | | 3,819,594 | |
State of Ohio
Series 2017-U
5.00%, 05/01/2025 | | | 7,000 | | | | 7,084,505 | |
Series 2018-A
5.00%, 02/01/2025 | | | 1,800 | | | | 1,810,914 | |
State of Ohio
(Cleveland Clinic Health System Obligated Group)
Series 2024
5.00%, 01/01/2035 | | | 5,000 | | | | 5,880,541 | |
| | | | | | | | |
| | | | | | | 102,768,379 | |
| | | | | | | | |
| Oklahoma–0.2% | | | | | | | | |
Comanche County Memorial Hospital
Series 2015
5.00%, 07/01/2026 | | | 1,235 | | | | 1,235,321 | |
5.00%, 07/01/2028 | | | 1,280 | | | | 1,280,057 | |
Oklahoma Development Finance Authority
Series 2022
4.38%, 11/01/2045 | | | 4,000 | | | | 3,835,088 | |
Oklahoma Development Finance Authority
(OU Medicine Obligated Group)
Series 2022-A
5.50%, 08/15/2037 | | | 4,245 | | | | 4,527,600 | |
| | | | | | | | |
| | | | | | | 10,878,066 | |
| | | | | | | | |
| Oregon–0.5% | | | | | | | | |
Hospital Facilities Authority of Multnomah County Oregon
(Pre-refunded–US Treasuries)
Series 2014-A
5.00%, 10/01/2024 | | | 220 | | | | 220,000 | |
Medford Hospital Facilities Authority
(Asante Health System Obligated Group)
Series 2020-A
5.00%, 08/15/2030 | | | 415 | | | | 458,837 | |
5.00%, 08/15/2031 | | | 1,245 | | | | 1,375,592 | |
5.00%, 08/15/2033 | | | 500 | | | | 548,965 | |
5.00%, 08/15/2034 | | | 875 | | | | 958,432 | |
5.00%, 08/15/2035 | | | 755 | | | | 824,371 | |
5.00%, 08/15/2036 | | | 1,300 | | | | 1,415,089 | |
Port of Portland OR Airport Revenue
Series 2022-2
4.00%, 07/01/2040 | | | 7,155 | | | | 7,107,288 | |
Series 2023
5.25%, 07/01/2041 | | | 4,455 | | | | 4,958,085 | |
Salem Hospital Facility Authority
(Salem Health Obligated Group)
Series 2019
5.00%, 05/15/2038 | | | 2,205 | | | | 2,362,784 | |
Tri-County Metropolitan Transportation District of Oregon
Series 2018-A
5.00%, 10/01/2028 | | | 2,335 | | | | 2,510,671 | |
| | |
| | |
| 30 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Umatilla County School District No. 6R Umatilla
Series 2023-B
Zero Coupon, 06/15/2043 | | $ | 2,000 | | | $ | 851,602 | |
| | | | | | | | |
| | | | 23,591,716 | |
| | | | | | | | |
| Other–1.6% | | | | | | | | |
Federal Home Loan Mortgage Corp.
Series 2021-ML10, Class ACA
2.046%, 06/25/2038 | | | 1,919 | | | | 1,592,704 | |
Series 2021-ML10, Class AUS
2.032%, 01/25/2038 | | | 4,809 | | | | 3,883,440 | |
Federal Home Loan Mortgage Corp. Enhanced Receipt
Series 2019-A, Class 1
3.87%, 11/15/2035(b) | | | 23,416 | | | | 22,244,842 | |
Series 2019-C, Class 1 3.87%, 11/15/2035(b) | | | 5,462 | | | | 5,188,622 | |
Series 2019-D, Class 1
3.87%, 11/15/2035(b) | | | 4,987 | | | | 4,737,838 | |
Series 2019-E, Class 1
3.87%, 11/15/2035(b) | | | 3,351 | | | | 3,183,091 | |
Federal Home Loan Mortgage Corp. Multifamily ML Certificates
Series 2024 4.155%, 05/25/2041(i) | | | 10,600 | | | | 10,965,101 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
Series 2024-ML23, Class AUS
4.70%, 04/25/2042(b) | | | 2,099 | | | | 2,298,204 | |
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
Series 2021-ML12, Class AUS
2.34%, 07/25/2041 | | | 7,282 | | | | 6,192,915 | |
Series 2022-ML13, Class XCA
0.96%, 07/25/2036(g) | | | 2,004 | | | | 108,818 | |
Series 2022-ML13, Class XUS
1.00%, 09/25/2036(g) | | | 3,682 | | | | 249,549 | |
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
(FHLMC Multifamily VRD Certificates)
2.625%, 06/15/2035(b) | | | 9,295 | | | | 8,351,787 | |
2.65%, 06/15/2035(b) | | | 4,670 | | | | 4,154,508 | |
Series 2019-M
2.60%, 09/15/2033 | | | 9,225 | | | | 8,426,697 | |
| | | | | | | | |
| | | | 81,578,116 | |
| | | | | | | | |
| Pennsylvania–6.8% | | | | | | | | |
Allegheny County Hospital Development Authority
(UPMC Obligated Group)
Series 2022
3.85% (MUNIPSA + 0.70%),
11/15/2047(a) | | | 10,000 | | | | 9,896,637 | |
Bucks County Industrial Development Authority
(Grand View Hospital/Sellersville PA Obligated Group)
Series 2021
5.00%, 07/01/2040 | | | 2,000 | | | | 2,026,491 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Chester County Industrial Development Authority
(Collegium Charter School)
Series 2022
5.00%, 10/15/2032(b) | | $ | 870 | | | $ | 894,520 | |
City of Philadelphia PA
Series 2017-A
5.00%, 08/01/2028 | | | 12,310 | | | | 13,092,068 | |
5.00%, 08/01/2029 | | | 9,970 | | | | 10,577,033 | |
5.00%, 08/01/2030 | | | 4,000 | | | | 4,233,978 | |
5.00%, 08/01/2032 | | | 8,010 | | | | 8,455,614 | |
Series 2019-A
5.00%, 08/01/2026 | | | 1,420 | | | | 1,483,628 | |
City of Philadelphia PA Airport Revenue
Series 2021
5.00%, 07/01/2028 | | | 10,350 | | | | 11,011,509 | |
City of Philadelphia PA Water & Wastewater Revenue
Series 2016
5.00%, 10/01/2025 | | | 7,750 | | | | 7,917,746 | |
AGM Series 2023-B
5.00%, 09/01/2037 | | | 1,500 | | | | 1,740,611 | |
Commonwealth of Pennsylvania
Series 2017
5.00%, 01/01/2027 | | | 7,190 | | | | 7,604,084 | |
Series 2019
5.00%, 07/15/2025 | | | 4,700 | | | | 4,781,386 | |
Hospitals & Higher Education Facilities Authority of Philadelphia (The)
(Temple University Health System Obligated Group)
Series 2017
5.00%, 07/01/2025 | | | 6,000 | | | | 6,048,588 | |
AGM Series 2022
4.00%, 07/01/2038 | | | 10,000 | | | | 10,236,489 | |
4.00%, 07/01/2039 | | | 10,000 | | | | 10,195,175 | |
Lancaster Municipal Authority
Series 2024
5.00%, 05/01/2031 | | | 210 | | | | 231,008 | |
5.00%, 05/01/2032 | | | 300 | | | | 332,340 | |
5.00%, 05/01/2033 | | | 400 | | | | 445,824 | |
5.00%, 05/01/2034 | | | 420 | | | | 467,396 | |
5.00%, 05/01/2044 | | | 1,300 | | | | 1,391,694 | |
Montgomery County Higher Education and Health Authority
(HumanGood Pennsylvania Obligated Group)
Series 2017
5.00%, 12/01/2027 | | | 1,845 | | | | 1,873,244 | |
5.00%, 12/01/2032 | | | 2,750 | | | | 2,832,832 | |
Montgomery County Higher Education and Health Authority
(Thomas Jefferson University Obligated Group)
Series 2018
5.00%, 09/01/2026 | | | 1,400 | | | | 1,448,657 | |
5.00%, 09/01/2027 | | | 1,750 | | | | 1,842,740 | |
5.00%, 09/01/2028 | | | 1,500 | | | | 1,604,911 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
5.00%, 09/01/2029 | | $ | 3,000 | | | $ | 3,206,026 | |
5.00%, 09/01/2030 | | | 3,000 | | | | 3,188,712 | |
Series 2019 | | | | | | | | |
5.00%, 09/01/2030 | | | 1,710 | | | | 1,848,566 | |
5.00%, 09/01/2032 | | | 1,200 | | | | 1,291,309 | |
Montgomery County Industrial Development Authority/PA
(Pre-refunded–US Treasuries)
Series 2015
5.25%, 01/15/2045 | | | 8,200 | | | | 8,241,191 | |
Pennsylvania Economic Development Financing Authority
(Commonwealth of Pennsylvania Department of Transportation)
Series 2022
5.50%, 06/30/2038 | | | 3,350 | | | | 3,763,935 | |
5.50%, 06/30/2039 | | | 5,455 | | | | 6,099,677 | |
5.50%, 06/30/2040 | | | 5,000 | | | | 5,560,502 | |
Pennsylvania Economic Development Financing Authority
(PA Bridges Finco LP)
Series 2015
5.00%, 06/30/2026 | | | 8,540 | | | | 8,724,043 | |
5.00%, 12/31/2026 | | | 4,500 | | | | 4,623,741 | |
5.00%, 06/30/2027 | | | 12,450 | | | | 12,784,606 | |
5.00%, 12/31/2027 | | | 6,000 | | | | 6,161,727 | |
5.00%, 06/30/2028 | | | 10,790 | | | | 11,076,454 | |
5.00%, 12/31/2028 | | | 8,910 | | | | 9,142,525 | |
5.00%, 06/30/2042 | | | 1,015 | | | | 1,027,449 | |
Pennsylvania Economic Development Financing Authority
(UPMC Obligated Group)
Series 2022-C
3.85% (MUNIPSA + 0.70%),
11/15/2047(a) | | | 15,140 | | | | 15,142,836 | |
Pennsylvania Higher Educational Facilities Authority
(University of Pennsylvania Health System Obligated Group (The))
Series 2017
4.00%, 08/15/2042 | | | 2,720 | | | | 2,723,941 | |
Pennsylvania Turnpike Commission
Series 2016
5.00%, 06/01/2025 | | | 2,000 | | | | 2,026,800 | |
5.00%, 06/01/2026 | | | 10,210 | | | | 10,471,228 | |
Series 2016-A
5.00%, 12/01/2041 | | | 5,000 | | | | 5,113,708 | |
Series 2017-B
5.00%, 06/01/2028 | | | 7,025 | | | | 7,413,682 | |
5.00%, 06/01/2030 | | | 6,255 | | | | 6,577,606 | |
Series 2019
5.00%, 12/01/2029 | | | 8,000 | | | | 8,762,222 | |
Series 2022-A
5.00%, 12/01/2036 | | | 1,000 | | | | 1,144,957 | |
Pennsylvania Turnpike Commission Registration Fee Revenue
Series 2023
3.15% (MUNIPSA + 0.85%),
07/15/2041(a) | | | 24,000 | | | | 24,005,695 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Philadelphia Authority for Industrial Development
(MaST Community Charter School III)
Series 2021
5.00%, 08/01/2030 | | $ | 775 | | | $ | 801,588 | |
5.00%, 08/01/2040 | | | 3,445 | | | | 3,510,364 | |
Philadelphia Authority for Industrial Development
(St. Joseph’s University)
Series 2020
5.00%, 11/01/2027 | | | 835 | | | | 878,936 | |
5.00%, 11/01/2028 | | | 1,000 | | | | 1,068,279 | |
5.00%, 11/01/2029 | | | 1,000 | | | | 1,082,493 | |
5.00%, 11/01/2030 | | | 1,750 | | | | 1,886,223 | |
5.00%, 11/01/2031 | | | 1,685 | | | | 1,813,177 | |
5.00%, 11/01/2032 | | | 1,810 | | | | 1,947,127 | |
5.00%, 11/01/2033 | | | 1,750 | | | | 1,880,779 | |
5.00%, 11/01/2034 | | | 2,110 | | | | 2,266,825 | |
Pittsburgh Water & Sewer Authority
AGM Series 2023-C
4.188% (SOFR + 0.80%),
09/01/2040(a)(b) | | | 26,000 | | | | 25,337,273 | |
School District of Philadelphia (The)
Series 2023-A
5.25%, 09/01/2038 | | | 2,000 | | | | 2,305,036 | |
5.25%, 09/01/2039 | | | 3,695 | | | | 4,236,061 | |
Southeastern Pennsylvania Transportation Authority
Series 2020
5.00%, 06/01/2025 | | | 2,290 | | | | 2,319,909 | |
| | | | | | | | |
| | | | | | | 344,123,411 | |
| | | | | | | | |
| Puerto Rico–0.4% | |
Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2033 | | | 1,346 | | | | 913,796 | |
4.00%, 07/01/2046 | | | 103 | | | | 97,005 | |
5.625%, 07/01/2027 | | | 4,709 | | | | 4,916,442 | |
5.625%, 07/01/2029 | | | 1,982 | | | | 2,140,136 | |
Series 2022-C
Zero Coupon, 11/01/2043 | | | 4,132 | | | | 2,660,285 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2021-C
3.75%, 07/01/2027(b) | | | 2,000 | | | | 1,873,923 | |
Puerto Rico Electric Power Authority
AGM Series 2007-V
5.25%, 07/01/2031 | | | 5,150 | | | | 5,172,626 | |
Puerto Rico Housing Finance Authority
(El Mirador LLC)
Series 2023
5.00%, 03/01/2027 | | | 2,250 | | | | 2,311,725 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth
Series 2024
6.50%, 01/01/2041 | | | 2,000 | | | | 2,385,623 | |
| | | | | | | | |
| | | | | | | 22,471,561 | |
| | | | | | | | |
| | |
| | |
| 32 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| Rhode Island–0.1% | |
Providence Public Building Authority
(City of Providence RI Lease)
AGM Series 2020-A
5.00%, 09/15/2032 | | $ | 2,195 | | | $ | 2,376,590 | |
| | | | | | | | |
| South Carolina–4.0% | |
Orangeburg County School District
Series 2024
5.00%, 08/13/2025 | | | 8,000 | | | | 8,125,038 | |
Patriots Energy Group Financing Agency
(Royal Bank of Canada)
Series 2023
5.25%, 02/01/2054 | | | 50,000 | | | | 54,978,380 | |
Series 2023-B
5.143% (SOFR + 1.90%),
02/01/2054(a) | | | 18,000 | | | | 18,686,036 | |
Patriots Energy Group Financing Agency
(Sumitomo Mitsui Financial Group, Inc.)
Series 2023-A
5.25%, 10/01/2054 | | | 7,460 | | | | 8,100,090 | |
SCAGO Educational Facilities Corp. for Pickens School District
(SCAGO Educational Facilities Corp. for Pickens School District Lease)
Series 2015
5.00%, 12/01/2026 | | | 3,000 | | | | 3,040,854 | |
5.00%, 12/01/2027 | | | 2,500 | | | | 2,532,565 | |
South Carolina Jobs-Economic Development Authority
(Last Step Recycling LLC)
Series 2021
6.00%, 06/01/2031(c)(d)(e) | | | 1,445 | | | | 216,750 | |
South Carolina Jobs-Economic Development Authority
(Novant Health Obligated Group)
Series 2024
4.00%, 11/01/2042 | | | 2,890 | | | | 2,937,899 | |
5.00%, 11/01/2034 | | | 10,000 | | | | 11,668,902 | |
5.00%, 11/01/2039 | | | 18,615 | | | | 21,114,075 | |
South Carolina Jobs-Economic Development Authority
(Prisma Health Obligated Group)
Series 2018
5.00%, 05/01/2038 | | | 7,500 | | | | 7,820,819 | |
South Carolina Ports Authority
Series 2018
5.00%, 07/01/2025 | | | 1,190 | | | | 1,205,629 | |
5.00%, 07/01/2031 | | | 1,945 | | | | 2,055,051 | |
South Carolina Ports Authority
(Pre-refunded–US Treasuries)
Series 2015
5.25%, 07/01/2055 | | | 3,240 | | | | 3,291,298 | |
South Carolina Public Service Authority
Series 2016-A
5.00%, 12/01/2030 | | | 1,435 | | | | 1,471,918 | |
5.00%, 12/01/2034 | | | 1,000 | | | | 1,022,754 | |
Series 2020-A
5.00%, 12/01/2043 | | | 1,800 | | | | 1,901,066 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Series 2021-A
4.00%, 12/01/2035 | | $ | 3,000 | | | $ | 3,087,612 | |
Series 2021-B
5.00%, 12/01/2043 | | | 6,350 | | | | 6,822,275 | |
Series 2024-A
5.00%, 12/01/2038 | | | 1,900 | | | | 2,156,103 | |
Series 2024-B
4.125%, 12/01/2044 | | | 1,200 | | | | 1,200,675 | |
5.00%, 12/01/2041 | | | 1,100 | | | | 1,226,861 | |
South Carolina Public Service Authority
(Pre-refunded–US Treasuries)
Series 2013-A
5.125%, 12/01/2043 | | | 30,000 | | | | 30,029,343 | |
Series 2014-A
5.50%, 12/01/2054 | | | 7,130 | | | | 7,138,580 | |
| | | | | | | | |
| | | | | | | 201,830,573 | |
| | | | | | | | |
| South Dakota–0.1% | |
South Dakota Health & Educational Facilities Authority
(Monument Health Obligated Group)
Series 2017
5.00%, 09/01/2029 | | | 3,400 | | | | 3,596,975 | |
5.00%, 09/01/2030 | | | 3,625 | | | | 3,820,243 | |
| | | | | | | | |
| | | | | | | 7,417,218 | |
| | | | | | | | |
| Tennessee–1.9% | |
City of Memphis TN
Series 2024-B
5.00%, 04/01/2041 | | | 7,040 | | | | 7,888,734 | |
Metropolitan Government of Nashville & Davidson County TN
(Pre-refunded–US Treasuries)
Series 2015-C
4.50%, 07/01/2034 | | | 10,000 | | | | 10,131,537 | |
Metropolitan Nashville Airport Authority (The)
Series 2022-B
5.50%, 07/01/2039 | | | 2,500 | | | | 2,840,269 | |
Tennergy Corp./TN
(Nomura Holdings, Inc.)
Series 2022-A
5.50%, 10/01/2053 | | | 21,150 | | | | 23,071,012 | |
Tennergy Corp./TN
(Pre-refunded–US Treasuries)
Series 2019-A
5.00%, 02/01/2050 | | | 5,445 | | | | 5,445,000 | |
Tennessee Energy Acquisition Corp.
(Goldman Sachs Group, Inc. (The))
Series 2023-A
5.00%, 05/01/2053 | | | 43,555 | | | | 45,855,244 | |
| | | | | | | | |
| | | | | | | 95,231,796 | |
| | | | | | | | |
| Texas–6.2% | |
Arlington Higher Education Finance Corp.
(BASIS Texas Charter Schools, Inc.)
Series 2024
4.125%, 06/15/2034(b) | | | 850 | | | | 853,422 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Arlington Higher Education Finance Corp.
(Cypress Christian School, Inc.)
Series 2024-2
5.75%, 06/01/2043(b) | | $ | 2,000 | | | $ | 2,085,496 | |
Arlington Higher Education Finance Corp.
(Magellan School (The))
Series 2022
6.00%, 06/01/2042(b) | | | 1,000 | | | | 1,056,634 | |
Board of Regents of the University of Texas System
Series 2022-A
4.00%, 08/15/2042 | | | 1,895 | | | | 1,920,959 | |
Central Texas Turnpike System
Series 2024-A
5.00%, 08/15/2038 | | | 3,100 | | | | 3,529,600 | |
Series 2024-C
5.00%, 08/15/2038 | | | 7,700 | | | | 8,739,333 | |
Central Texas Turnpike System
(Pre-refunded–US Govt Agencies)
Series 2015-C
5.00%, 08/15/2025 | | | 1,000 | | | | 1,001,407 | |
5.00%, 08/15/2037 | | | 7,050 | | | | 7,059,918 | |
Series 2015C
5.00%, 08/15/2042 | | | 31,805 | | | | 31,849,743 | |
City of Austin TX
Series 2015
5.00%, 09/01/2026 | | | 8,000 | | | | 8,165,226 | |
City of Austin TX Airport System Revenue
Series 2022
5.00%, 11/15/2039 | | | 2,260 | | | | 2,451,151 | |
City of Dallas TX
Series 2023-A
5.00%, 02/15/2039 | | | 2,000 | | | | 2,229,401 | |
5.00%, 02/15/2043 | | | 6,700 | | | | 7,352,189 | |
City of Dallas TX Waterworks & Sewer System Revenue
Series 2015-A
5.00%, 10/01/2025 | | | 3,885 | | | | 3,977,258 | |
City of El Paso TX Water & Sewer Revenue
Series 2019-B
5.00%, 03/01/2025 | | | 3,000 | | | | 3,023,989 | |
Series 2022
5.00%, 03/01/2037 | | | 4,275 | | | | 4,718,890 | |
5.00%, 03/01/2039 | | | 3,880 | | | | 4,236,476 | |
City of Frisco TX
Series 2024
5.00%, 02/15/2042 | | | 1,140 | | | | 1,277,948 | |
City of Houston TX
(City of Houston TX Hotel Occupancy Tax)
Series 2015
5.00%, 09/01/2025 | | | 2,000 | | | | 2,003,180 | |
City of Houston TX Airport System Revenue
Series 2021-A
4.00%, 07/01/2041 | | | 1,140 | | | | 1,122,830 | |
AGM Series 2023
5.00%, 07/01/2032 | | | 12,095 | | | | 13,411,272 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
City of Houston TX Airport System Revenue
(United Airlines, Inc.)
Series 2018
5.00%, 07/15/2028 | | $ | 9,135 | | | $ | 9,447,815 | |
City of San Antonio TX Electric & Gas Systems Revenue
Series 2024-A
5.25%, 02/01/2043 | | | 5,000 | | | | 5,692,049 | |
County of Harris TX Toll Road Revenue
Series 2024-A
5.00%, 08/15/2044 | | | 1,065 | | | | 1,186,725 | |
Crowley Independent School District
(Pre-refunded–US Govt Agencies)
Series 2016-B
4.00%, 08/01/2037 | | | 4,980 | | | | 5,025,168 | |
Dallas Fort Worth International Airport
Series 2023-C
5.00%, 11/01/2028 | | | 6,500 | | | | 6,954,466 | |
5.00%, 11/01/2032 | | | 5,500 | | | | 6,115,158 | |
Dallas Independent School District
Series 2021
4.00%, 02/15/2025 | | | 5,020 | | | | 5,037,140 | |
Denton Independent School District
Series 2016
5.00%, 08/15/2027 | | | 1,220 | | | | 1,257,339 | |
El Paso County Hospital District
AGC Series 2024
5.00%, 08/15/2039 | | | 5,000 | | | | 5,613,187 | |
5.00%, 08/15/2040 | | | 2,000 | | | | 2,228,000 | |
Harris County Cultural Education Facilities Finance Corp.
Series 2024
5.00%, 07/01/2036 | | | 7,300 | | | | 8,441,005 | |
Harris County Cultural Education Facilities Finance Corp.
(Memorial Hermann Health System Obligated Group)
Series 2022
4.00% (MUNIPSA + 0.85%), 07/01/2049(a) | | | 1,500 | | | | 1,499,078 | |
Series 2024
5.00%, 07/01/2034 | | | 3,875 | | | | 4,547,069 | |
Harris County Hospital District
Series 2016
5.00%, 02/15/2027 | | | 2,465 | | | | 2,530,706 | |
Hidalgo County Regional Mobility Authority
Series 2022-A
5.00%, 12/01/2028 | | | 200 | | | | 211,673 | |
5.00%, 12/01/2029 | | | 500 | | | | 535,984 | |
5.00%, 12/01/2030 | | | 500 | | | | 542,139 | |
5.00%, 12/01/2031 | | | 500 | | | | 547,010 | |
5.00%, 12/01/2032 | | | 795 | | | | 868,551 | |
Irving Hospital Authority
(Baylor Medical Center at Irving)
Series 2017-A
5.00%, 10/15/2026 | | | 600 | | | | 617,575 | |
5.00%, 10/15/2029 | | | 600 | | | | 617,321 | |
5.00%, 10/15/2030 | | | 1,000 | | | | 1,027,048 | |
5.00%, 10/15/2031 | | | 1,020 | | | | 1,046,749 | |
| | |
| | |
| 34 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Legacy Denton Public Facility Corp.
(LDG Vintage Ranch LP)
Series 2022
5.00%, 04/01/2043 | | $ | 15,000 | | | $ | 15,301,574 | |
McKinney Independent School District
Series 2024
5.00%, 02/15/2025 | | | 18,500 | | | | 18,630,986 | |
Mission Economic Development Corp.
(Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(b) | | | 10,680 | | | | 10,724,327 | |
New Hope Cultural Education Facilities Finance Corp.
(Children’s Health System of Texas Obligated Group)
Series 2017-A
5.00%, 08/15/2025 | | | 2,500 | | | | 2,542,114 | |
5.00%, 08/15/2026 | | | 2,000 | | | | 2,082,358 | |
5.00%, 08/15/2028 | | | 2,750 | | | | 2,919,912 | |
New Hope Cultural Education Facilities Finance Corp.
(Morningside Ministries Obligated Group)
Series 2020
5.00%, 01/01/2035 | | | 1,175 | | | | 1,135,109 | |
Series 2022
4.00%, 01/01/2032 | | | 840 | | | | 773,180 | |
4.00%, 01/01/2037 | | | 1,155 | | | | 993,214 | |
New Hope Cultural Education Facilities Finance Corp.
(Pre-refunded–Others)
Series 2017-A
5.00%, 04/01/2028 | | | 1,130 | | | | 1,200,260 | |
North Texas Tollway Authority
Series 2024-B
5.00%, 01/01/2034(f) | | | 23,690 | | | | 27,581,104 | |
North Texas Tollway Authority
(Pre-refunded–US Govt Agencies)
Series 2015-B
5.00%, 01/01/2026 | | | 3,200 | | | | 3,213,520 | |
5.00%, 01/01/2027 | | | 2,100 | | | | 2,108,873 | |
5.00%, 01/01/2028 | | | 5,975 | | | | 6,000,245 | |
Port of Beaumont Navigation District (Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group)
Series 2024
5.00%, 01/01/2039(b) | | | 1,285 | | | | 1,342,786 | |
10.00%, 07/01/2026(b) | | | 2,000 | | | | 2,062,999 | |
Richardson Independent School District
Series 2024
5.00%, 02/15/2025 | | | 2,500 | | | | 2,517,421 | |
San Antonio Independent School District/TX
Series 2015
5.00%, 02/15/2025 | | | 3,575 | | | | 3,600,979 | |
State of Texas
Series 2021-B
4.00%, 08/01/2026 | | | 2,335 | | | | 2,354,544 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Texas Municipal Gas Acquisition & Supply Corp. II
(JPMorgan Chase & Co.)
Series 2012-C
4.117% (CME Term SOFR 3 Month + 0.86%), 09/15/2027(a) | | $ | 3,990 | | | $ | 3,991,387 | |
Texas State University System
Series 2024
5.00%, 03/15/2042 | | | 2,900 | | | | 3,242,992 | |
5.00%, 03/15/2043 | | | 1,665 | | | | 1,849,979 | |
Texas Transportation Commission
Series 2024
5.00%, 04/01/2039 | | | 7,225 | | | | 8,262,811 | |
Texas Transportation Commission State Highway Fund
Series 2015
5.00%, 10/01/2025 | | | 3,035 | | | | 3,104,959 | |
Texas Water Development Board
Series 2023-A
5.00%, 10/15/2025 | | | 1,000 | | | | 1,024,338 | |
University of Houston
Series 2022-A
5.00%, 02/15/2040 | | | 1,750 | | | | 1,934,541 | |
| | | | | | | | |
| | | | | | | 314,151,789 | |
| | | | | | | | |
| Utah–1.3% | | | | | | | | |
City of Salt Lake City UT Airport Revenue
Series 2021-A
4.00%, 07/01/2040 | | | 2,615 | | | | 2,597,563 | |
5.00%, 07/01/2029 | | | 3,365 | | | | 3,634,080 | |
5.00%, 07/01/2030 | | | 7,670 | | | | 8,365,016 | |
Series 2023-A
5.00%, 07/01/2032 | | | 9,270 | | | | 10,278,834 | |
BAM Series 2018-A 5.00%, 07/01/2043 | | | 17,000 | | | | 17,474,453 | |
Grapevine Wash Local District
Series 2024-A
5.25%, 12/01/2044(b) | | | 1,600 | | | | 1,604,381 | |
Intermountain Power Agency
Series 2023
5.00%, 07/01/2039 | | | 5,000 | | | | 5,638,516 | |
5.00%, 07/01/2042 | | | 2,360 | | | | 2,626,084 | |
State of Utah
(Pre-refunded–US Treasuries)
Series 2015
5.00%, 07/01/2025 | | | 11,775 | | | | 11,826,235 | |
Utah Transit Authority
(Utah Transit Authority Sales Tax)
Series 2015-A
5.00%, 06/15/2026 | | | 1,305 | | | | 1,327,141 | |
| | | | | | | | |
| | | | | | | 65,372,303 | |
| | | | | | | | |
| Virginia–1.3% | | | | | | | | |
Chesterfield County Economic Development Authority
(County of Chesterfield VA)
Series 2024
5.00%, 04/01/2042 | | | 3,000 | | | | 3,398,719 | |
5.00%, 04/01/2043 | | | 2,000 | | | | 2,254,642 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
County of Fairfax VA
Series 2024-A
5.00%, 10/01/2025 | | $ | 2,750 | | | $ | 2,814,731 | |
County of Loudoun VA
Series 2016-A
4.00%, 12/01/2025 | | | 3,965 | | | | 4,028,790 | |
Series 2020-B
5.00%, 12/01/2024 | | | 3,300 | | | | 3,309,450 | |
Virginia Beach Development Authority
(Westminster-Canterbury on Chesapeake Bay Obligated Group)
Series 2023
5.375%, 09/01/2029 | | | 2,000 | | | | 2,083,696 | |
Virginia College Building Authority
(Pre-refunded–US Treasuries)
Series 2015-A
5.00%, 02/01/2031 | | | 1,000 | | | | 1,006,317 | |
Virginia Public Building Authority
(Virginia Public Building Authority State Lease)
Series 2024-A
5.00%, 08/01/2044 | | | 4,000 | | | | 4,554,756 | |
Virginia Small Business Financing Authority
(Elizabeth River Crossings OpCo LLC)
Series 2022
4.00%, 07/01/2030 | | | 2,000 | | | | 2,033,971 | |
4.00%, 01/01/2032 | | | 5,030 | | | | 5,100,360 | |
4.00%, 01/01/2037 | | | 7,250 | | | | 7,239,473 | |
Virginia Small Business Financing Authority
(National Senior Communities, Inc. Obligated Group)
Series 2020
5.00%, 01/01/2029 | | | 1,400 | | | | 1,473,326 | |
5.00%, 01/01/2030 | | | 1,650 | | | | 1,747,706 | |
5.00%, 01/01/2031 | | | 1,250 | | | | 1,322,404 | |
5.00%, 01/01/2033 | | | 1,750 | | | | 1,847,219 | |
5.00%, 01/01/2034 | | | 1,600 | | | | 1,687,503 | |
5.00%, 01/01/2035 | | | 1,570 | | | | 1,653,578 | |
Virginia Small Business Financing Authority
(Pure Salmon Virginia LLC)
Series 2023
5.00%, 11/01/2052 | | | 18,000 | | | | 18,004,930 | |
| | | | | | | | |
| | | | | | | 65,561,571 | |
| | | | | | | | |
| Washington–3.7% | | | | | | | | |
Central Puget Sound Regional Transit Authority
Series 2009-2
5.491%, 11/01/2039 | | | 5,000 | | | | 5,311,301 | |
Central Puget Sound Regional Transit Authority
(Pre-refunded–US Treasuries)
Series 2015
4.00%, 11/01/2050 | | | 7,625 | | | | 7,737,131 | |
Energy Northwest
(Bonneville Power Administration)
Series 2015-C
5.00%, 07/01/2026 | | | 3,025 | | | | 3,079,764 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Series 2021
5.00%, 07/01/2040 | | $ | 5,120 | | | $ | 5,671,501 | |
King County School District No. 411 Issaquah
Series 2015
5.00%, 12/01/2025 | | | 6,440 | | | | 6,535,354 | |
Port of Seattle WA
Series 2018-A
5.00%, 05/01/2025 | | | 8,320 | | | | 8,389,790 | |
5.00%, 05/01/2038 | | | 4,015 | | | | 4,137,802 | |
Series 2018-B
5.00%, 05/01/2025 | | | 4,695 | | | | 4,734,383 | |
Series 2019
5.00%, 04/01/2034 | | | 1,000 | | | | 1,055,855 | |
Series 2021
4.00%, 08/01/2041 | | | 5,000 | | | | 5,008,421 | |
5.00%, 08/01/2033 | | | 5,000 | | | | 5,459,316 | |
Series 2022
5.00%, 08/01/2042 | | | 5,000 | | | | 5,339,121 | |
Series 2024
5.25%, 07/01/2043 | | | 4,140 | | | | 4,558,347 | |
Port of Tacoma WA
Series 2016-B
5.00%, 12/01/2037 | | | 6,835 | | | | 7,058,966 | |
5.00%, 12/01/2038 | | | 6,775 | | | | 6,978,400 | |
Spokane County School District No. 81 Spokane
Series 2012
3.00%, 12/01/2031 | | | 10,000 | | | | 9,832,482 | |
State of Washington
Series 2020-R
5.00%, 07/01/2025 | | | 6,500 | | | | 6,603,326 | |
Series 2022-R
5.00%, 07/01/2025 | | | 10,000 | | | | 10,158,963 | |
Series 2024-C
5.00%, 02/01/2025 | | | 10,000 | | | | 10,058,961 | |
Series 2024-R
5.00%, 07/01/2025 | | | 4,000 | | | | 4,063,585 | |
State of Washington
(Pre-refunded–US Treasuries)
Series 2014-R
4.00%, 07/01/2026 | | | 4,410 | | | | 4,410,360 | |
Washington Health Care Facilities Authority
(Multicare Health System Obligated Group)
Series 2015-B
5.00%, 08/15/2028 | | | 8,590 | | | | 8,722,895 | |
5.00%, 08/15/2029 | | | 16,560 | | | | 16,795,294 | |
5.00%, 08/15/2030 | | | 6,400 | | | | 6,476,603 | |
Washington Health Care Facilities Authority
(Virginia Mason Medical Center Obligated Group)
Series 2017
5.00%, 08/15/2025 | | | 2,000 | | | | 2,020,865 | |
5.00%, 08/15/2027 | | | 2,175 | | | | 2,260,653 | |
5.00%, 08/15/2028 | | | 3,700 | | | | 3,845,322 | |
5.00%, 08/15/2030 | | | 8,005 | | | | 8,287,648 | |
Washington State Housing Finance Commission
Series 2021-1, Class A
3.50%, 12/20/2035 | | | 4,750 | | | | 4,536,883 | |
| | |
| | |
| 36 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Series 2021-1, Class X
0.727%, 12/20/2035(g) | | $ | 3,135 | | | $ | 135,800 | |
Series 2023-1, Class X
1.493%, 04/20/2037(g) | | | 9,929 | | | | 1,062,823 | |
Series 2024-2
4.084%, 03/20/2040 | | | 3,300 | | | | 3,278,013 | |
Washington State Housing Finance Commission
(Seattle Academy of Arts & Sciences)
Series 2023
5.875%, 07/01/2043(b) | | | 2,025 | | | | 2,236,346 | |
| | | | | | | | |
| | | | 185,842,274 | |
| | | | | | | | |
| West Virginia–0.3% | | | | | | | | |
Tobacco Settlement Finance Authority/WV
Series 2020
4.875%, 06/01/2049 | | | 13,615 | | | | 13,325,180 | |
| | | | | | | | |
| Wisconsin–2.6% | | | | | | | | |
State of Wisconsin
Series 2016-A
5.00%, 05/01/2026 | | | 5,050 | | | | 5,103,502 | |
Series 2025-1
5.00%, 05/01/2033(f) | | | 1,000 | | | | 1,159,818 | |
Series 2025-2
5.00%, 05/01/2026(f) | | | 6,600 | | | | 6,785,181 | |
State of Wisconsin
(Pre-refunded–US Treasuries)
Series 2019-A
5.00%, 05/01/2025 | | | 9,000 | | | | 9,105,802 | |
5.00%, 05/01/2027 | | | 12,500 | | | | 13,302,787 | |
5.00%, 05/01/2028 | | | 12,000 | | | | 12,770,676 | |
University of Wisconsin Hospitals & Clinics
Series 2024-B
5.00%, 04/01/2054 | | | 10,000 | | | | 11,215,267 | |
Wisconsin Center District
AGM Series 2020-C
Zero Coupon, 12/15/2028 | | | 1,075 | | | | 938,466 | |
Zero Coupon, 12/15/2030 | | | 2,140 | | | | 1,736,780 | |
Zero Coupon, 12/15/2032 | | | 2,800 | | | | 2,090,687 | |
Zero Coupon, 12/15/2034 | | | 2,500 | | | | 1,706,837 | |
Wisconsin Health & Educational Facilities Authority
(Advocate Aurora Health Obligated Group)
Series 2022
3.33% (MUNIPSA + 0.18%), 08/15/2054(a) | | | 4,000 | | | | 3,938,302 | |
Series 2023
5.00%, 08/15/2054 | | | 5,000 | | | | 5,123,193 | |
Wisconsin Health & Educational Facilities Authority
(Gundersen Lutheran Obligated Group)
Series 2021
4.00%, 10/15/2034 | | | 2,500 | | | | 2,592,616 | |
4.00%, 10/15/2035 | | | 1,000 | | | | 1,031,139 | |
Wisconsin Public Finance Authority
Series 2024
5.375%, 12/15/2032(b) | | | 2,500 | | | | 2,507,485 | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
Wisconsin Public Finance Authority (Carmelite System, Inc. Obligated Group (The))
Series 2020
5.00%, 01/01/2040 | | $ | 3,750 | | | $ | 3,910,971 | |
Wisconsin Public Finance Authority (CFC-SA LLC)
Series 2022
5.00%, 02/01/2042 | | | 2,000 | | | | 2,097,325 | |
5.50%, 02/01/2042(b) | | | 6,955 | | | | 7,282,859 | |
Wisconsin Public Finance Authority (Duke Energy Progress LLC)
Series 2022
3.30%, 10/01/2046 | | | 5,315 | | | | 5,328,182 | |
Wisconsin Public Finance Authority (Lackland Project)
Series 2024
Zero Coupon, 02/01/2031 | | | 1,698 | | | | 1,098,245 | |
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1)
Series 2023
Zero Coupon, 09/01/2029(b) | | | 1,000 | | | | 712,053 | |
Wisconsin Public Finance Authority (Pre-refunded–US Treasuries)
Series 2020
3.00%, 04/01/2025(b) | | | 10 | | | | 9,997 | |
Wisconsin Public Finance Authority (Queens University of Charlotte)
Series 2022
5.25%, 03/01/2042 | | | 6,000 | | | | 6,277,621 | |
Wisconsin Public Finance Authority (Roseman University of Health Sciences)
Series 2020
3.00%, 04/01/2025(b) | | | 85 | | | | 84,528 | |
Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency)
Series 2024
5.00%, 06/01/2041(b) | | | 1,100 | | | | 1,129,133 | |
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group)
Series 2021
4.00%, 02/01/2035 | | | 615 | | | | 555,815 | |
4.00%, 02/01/2036 | | | 3,335 | | | | 2,988,800 | |
4.00%, 02/01/2038 | | | 3,575 | | | | 3,145,577 | |
4.00%, 02/01/2040 | | | 3,945 | | | | 3,406,660 | |
Series 2022
5.00%, 02/01/2031 | | | 3,375 | | | | 3,341,173 | |
5.00%, 02/01/2032 | | | 2,545 | | | | 2,512,832 | |
Wisconsin Public Finance Authority (UMA Education, Inc.)
Series 2019
5.00%, 10/01/2025(b) | | | 3,360 | | | | 3,390,188 | |
5.00%, 10/01/2026(b) | | | 3,605 | | | | 3,673,384 | |
5.00%, 10/01/2029(b) | | | 835 | | | | 870,105 | |
| | | | | | | | |
| | | | | | | 132,923,986 | |
| | | | | | | | |
Total Long-Term Municipal Bonds (cost $4,912,444,952) | | | | 4,923,688,886 | |
| | | | | | | | |
| | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| |
| Short-Term Municipal Notes–1.1% | | | | | |
| California–0.1% | | | | | | | | |
Nuveen California AMT-Free Quality Municipal Income Fund
Series 2017
3.60%, 10/01/2047(b)(j) | | $ | 5,000 | | | $ | 5,000,000 | |
| | | | | | | | |
| Maryland–0.2% | |
Maryland Health & Higher Educational Facilities Authority
Series 2024
3.80%, 06/01/2048(j) | | | 10,610 | | | | 10,610,000 | |
| | | | | | | | |
| Massachusetts–0.1% | | | | | | | | |
Nuveen AMT-Free Quality Municipal Income Fund
Series 2021
3.60%, 03/01/2029(j) | | | 2,615 | | | | 2,615,000 | |
| | | | | | | | |
| New York–0.1% | | | | | | | | |
Metropolitan Transportation Authority
Series 2017-A
3.85%, 11/01/2031(j) | | | 4,645 | | | | 4,645,000 | |
| | | | | | | | |
| Other–0.4% | | | | | | | | |
Nuveen AMT-Free Municipal Credit Income Fund
Series 2019
3.60%, 03/01/2029(j) | | | 10,355 | | | | 10,355,000 | |
Nuveen AMT-Free Quality Municipal Income Fund
Series 2021
3.60%, 03/01/2029(j) | | | 10,000 | | | | 10,000,000 | |
| | | | | | | | |
| | | | 20,355,000 | |
| | | | | | | | |
| Texas–0.0% | | | | | | | | |
Tarrant County Housing Finance Corp. (One Oaklake VIII LLC)
Series 2003
3.21%, 02/15/2036(j) | | | 270 | | | | 270,000 | |
| | | | | | | | |
| Wisconsin–0.2% | | | | | | | | |
Wisconsin Health & Educational Facilities Authority
Series 2023-B
3.80%, 12/01/2033(j) | | | 11,850 | | | | 11,850,000 | |
| | | | | | | | |
Total Short-Term Municipal Notes (cost $55,345,000) | | | | 55,345,000 | |
| | | | | | | | |
Total Municipal Obligations (cost $4,967,789,952) | | | | 4,979,033,886 | |
| | | | | | | | |
| | | | | | | | |
| | |
| CORPORATES—INVESTMENT GRADE–1.1% | | | | | |
| |
| Industrial–1.1% | | | | | |
| Consumer Cyclical—Automotive–0.2% | | | | | |
General Motors Financial Co., Inc.
6.59% (SOFR + 1.30%), 04/07/2025(a) | | | 10,000 | | | | 10,026,100 | |
| | | | | | | | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| Consumer Non-Cyclical–0.9% | | | | | | | | |
Baylor Scott & White Holdings
Series 2021
0.827%, 11/15/2025 | | $ | 5,835 | | | $ | 5,593,489 | |
1.777%, 11/15/2030 | | | 5,000 | | | | 4,346,200 | |
CommonSpirit Health
1.547%, 10/01/2025 | | | 4,513 | | | | 4,355,406 | |
Hackensack Meridian Health, Inc.
Series 2020
2.675%, 09/01/2041 | | | 7,000 | | | | 5,190,080 | |
Novant Health, Inc. | | | | | | | | |
2.637%, 11/01/2036 | | | 19,100 | | | | 15,427,452 | |
Ochsner LSU Health System of North Louisiana
Series 2021
2.51%, 05/15/2031 | | | 10,000 | | | | 7,766,200 | |
Sutter Health
Series 20A
3.161%, 08/15/2040 | | | 4,000 | | | | 3,227,360 | |
| | | | | | | | |
| | | | 45,906,187 | |
| | | | | | | | |
Total Corporates—Investment Grade (cost $65,339,698) | | | | | | | 55,932,287 | |
| | | | | | | | |
| | | | | | | | |
| |
| ASSET-BACKED SECURITIES–0.4% | |
| Autos—Fixed Rate–0.1% | | | | | | | | |
Flagship Credit Auto Trust
Series 2023-1, Class A2
5.38%, 12/15/2026(b) | | | 453 | | | | 453,305 | |
Foursight Capital Automobile Receivables Trust
Series 2023-1, Class A2
5.43%, 10/15/2026(b) | | | 100 | | | | 99,708 | |
LAD Auto Receivables Trust
Series 2023-1A, Class A2
5.68%, 10/15/2026(b) | | | 383 | | | | 382,994 | |
Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(b) | | | 5,663 | | | | 5,767,103 | |
Tricolor Auto Securitization Trust
Series 2023-1A, Class A
6.48%, 08/17/2026(b) | | | 101 | | | | 101,383 | |
| | | | | | | | |
| | | | 6,804,493 | |
| | | | | | | | |
| Other ABS—Fixed Rate–0.3% | | | | | |
HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2034 | | | 4,190 | | | | 4,084,281 | |
5.25%, 07/01/2036 | | | 4,457 | | | | 4,476,150 | |
5.25%, 07/01/2041 | | | 3,500 | | | | 3,408,795 | |
| | | | | | | | |
| | | | 11,969,226 | |
| | | | | | | | |
Total Asset-Backed Securities (cost $18,794,786) | | | | | | | 18,773,719 | |
| | | | | | | | |
| | | | | | | | |
| | |
| | |
| 38 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| |
| CORPORATES—NON-INVESTMENT GRADE–0.3% | | | | | |
| | |
| Industrial–0.3% | | | | | | | | |
| Communications–Media–0.1% | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 01/15/2034(b) | | $ | 7,730 | | | $ | 6,347,567 | |
| | | | | | | | |
| Transportation—Airlines–0.2% | | | | | | | | |
United Airlines, Inc.
4.375%, 04/15/2026(b) | | | 5,000 | | | | 4,924,650 | |
4.625%, 04/15/2029(b) | | | 2,300 | | | | 2,222,237 | |
| | | | | | | | |
| | | | 7,146,887 | |
| | | | | | | | |
Total Corporates—Non-Investment Grade (cost $15,030,000) | | | | 13,494,454 | |
| | | | | | | | |
| | | | | | | | |
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1% | |
| Agency CMBS–0.0% | | | | | | | | |
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
Series 2024-ML22, Class AUS
4.683%, 10/25/2040 | | | 998 | | | | 1,086,175 | |
| | | | | | | | |
| Non-Agency Fixed Rate CMBS–0.1% | | | | | |
City of Fort Wayne IN
10.75%, 12/01/2029(c)(d) | | | 159 | | | | 16 | |
New Hampshire Business Finance Authority
Series 2024-2, Class A
3.625%, 08/20/2039 | | | 4,990 | | | | 4,779,912 | |
| | | | | | | | |
| | | | | | | 4,779,928 | |
| | | | | | | | |
| Non-Agency Floating Rate CMBS–0.0% | | | | | |
New Hampshire Business Finance Authority
Series 2024-1, Class X
0.55%, 07/01/2051(g) | | | 7,254 | | | | 286,822 | |
Series 2024-2, Class X
0.59%, 08/20/2039(g) | | | 4,990 | | | | 212,193 | |
| | | | | | | | |
| | | | 499,015 | |
| | | | | | | | |
Total Commercial Mortgage-Backed Securities (cost $6,207,162) | | | | 6,365,118 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | |
Principal Amount (000) | | | U.S. $ Value | |
| |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | | | | | |
| Risk Share Floating Rate–0.0% | | | | | | | | |
Connecticut Avenue Securities Trust
Series 2020-SBT1, Class 2M2
9.045% (CME Term SOFR + 3.76%), 02/25/2040(a)(b) | | $ | 813 | | | $ | 860,594 | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3
8.695% (CME Term SOFR + 3.41%), 10/25/2027(a) | | | 20 | | | | 20,223 | |
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2
10.295% (CME Term SOFR + 5.01%), 11/25/2024(a) | | | 113 | | | | 113,296 | |
Series 2015-C02, Class 1M2
9.395% (CME Term SOFR + 4.11%), 05/25/2025(a) | | | 175 | | | | 177,715 | |
Series 2016-C01, Class 1M2
12.145% (CME Term SOFR + 6.86%), 08/25/2028(a) | | | 189 | | | | 198,555 | |
| | | | | | | | |
Total Collateralized Mortgage Obligations (cost $1,059,490) | | | | 1,370,383 | |
| | | | | | | | |
Total Investments—100.6% (cost $5,074,221,088) | | | | | | | 5,074,969,847 | |
| | |
Other assets less liabilities—(0.6)% | | | | | | | (30,664,506 | ) |
| | | | | | | | |
| Net Assets—100.0% | | | | | | $ | 5,044,305,341 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | | | | | | | | | |
| Description | | Fixed
Rate
(Pay)
Receive | | Payment
Frequency | | | Implied
Credit
Spread at
September 30,
2024 | | | Notional
Amount
(000) | | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
| Buy Contracts | |
| | | | | | | | |
CDX-NAHY Series 43, 5 Year Index, 12/20/2029* | | (5.00)% | | | Quarterly | | | | 3.30 | % | | | USD | | | | 52,040 | | | $ | (3,884,672 | ) | | $ | (3,792,882 | ) | | $ | (91,790 | ) |
* Termination date
Schedule of Investments (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | |
| | | | | | | | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount
(000) | | | Termination
Date | | | Payments made
by the Fund | | Payments received
by the Fund |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | USD | | | | 63,900 | | | | 07/31/2029 | | | 1 Day SOFR | | 4.461% | | Annual | | $ | 3,285,556 | | | $ | — | | | $ | 3,285,556 | |
| | USD | | | | 74,000 | | | | 07/31/2031 | | | 1 Day SOFR | | 3.877% | | Annual | | | 2,500,819 | | | | — | | | | 2,500,819 | |
| | USD | | | | 40,300 | | | | 09/15/2031 | | | 1 Day SOFR | | 3.464% | | Annual | | | 425,130 | | | | — | | | | 425,130 | |
| | USD | | | | 61,200 | | | | 06/15/2034 | | | 3.543% | | 1 Day SOFR | | Annual | | | (894,561 | ) | | | 7,620 | | | | (902,181 | ) |
| | USD | | | | 41,630 | | | | 08/15/2034 | | | 3.194% | | 1 Day SOFR | | Annual | | | 523,508 | | | | — | | | | 523,508 | |
| | USD | | | | 29,900 | | | | 08/15/2034 | | | 3.304% | | 1 Day SOFR | | Annual | | | 157,393 | | | | — | | | | 157,393 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 5,997,845 | | | $ | 7,620 | | | $ | 5,990,225 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| INTEREST RATE SWAPS (see Note 3) | | | | | | | | | |
| | | | | | | | | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| Swap Counterparty | | Notional Amount
(000) | | | Termination
Date | | | Payments made
by the Fund | | Payments received
by the Fund |
| | | | | | | | | |
| Citibank, NA | | USD | | | 57,160 | | | | 10/09/2029 | | | 1.125% | | SIFMA* | | Quarterly | | $ | 3,856,944 | | | $ | — | | | $ | 3,856,944 | |
* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.
| (a) | | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024. |
| (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 September 30, 2024, the aggregate market value of these securities amounted to $334,163,233 or 6.6% of net assets. |
| (d) | | Non-income producing security. |
| (e) | | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of September 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows: |
| | | | | | | | | | | | | | |
| 144A/Restricted & Illiquid Securities | | Acquisition
Date | | | Cost | | Market
Value | | | Percentage of
Net Assets | |
Arizona Industrial Development Authority
(Legacy Cares, Inc.)
Series 2020
6.50%, 07/01/2026 | | | 06/13/2022 | | | $ 2,077,317 | | $ | 80,000 | | | | 0.00 | % |
South Carolina Jobs-Economic Development Authority
(Last Step Recycling LLC)
Series 2021
6.00%, 06/01/2031 | | | 10/04/2022 | | | 1,180,754 | | | 216,750 | | | | 0.00 | % |
| (f) | | When-Issued or delayed delivery security. |
| (h) | | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2024. |
| (i) | | Inverse floater security. |
| (j) | | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
| | |
| | |
| 40 | | Sanford C. Bernstein Fund, Inc. |
As of September 30, 2024, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.9% and 0.0%, respectively.
Glossary:
ABS—Asset-Backed Securities
ACA—ACA Financial Guaranty Corporation
AGC—Assured Guaranty Corporation
AGM—Assured Guaranty Municipal
BAM—Build American Mutual
CDX-NAHY—North American High Yield Credit Default Swap
CMBS—Commercial Mortgage-Backed Securities
CME—Chicago Mercantile Exchange
COP—Certificate of Participation
FHLMC—Federal Home Loan Mortgage Corporation
MUNIPSA—SIFMA Municipal Swap Index
NATL—National Interstate Corporation
OSF—Order of St. Francis
SOFR—Secured Overnight Financing Rate
UPMC—University of Pittsburgh Medical Center
XLCA—XL Capital Assurance Inc.
See notes to financial statements.
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
New York Municipal Portfolio
September 30, 2024
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
|
| MUNICIPAL OBLIGATIONS–99.2% | |
|
| Long-Term Municipal Bonds–92.9% | |
| New York–80.1% | | | | | | | | |
Albany County Airport Authority
Series 2020-B
5.00%, 12/15/2024 | | $ | 855 | | | $ | 857,100 | |
5.00%, 12/15/2025 | | | 855 | | | | 874,212 | |
5.00%, 12/15/2026 | | | 855 | | | | 888,907 | |
Broome County Local Development Corp.
(United Health Services Hospitals Obligated Group)
AGM Series 2020
3.00%, 04/01/2035 | | | 2,220 | | | | 2,103,932 | |
3.00%, 04/01/2036 | | | 2,000 | | | | 1,876,983 | |
3.00%, 04/01/2037 | | | 1,500 | | | | 1,390,001 | |
4.00%, 04/01/2034 | | | 725 | | | | 743,646 | |
4.00%, 04/01/2038 | | | 2,900 | | | | 2,941,348 | |
4.00%, 04/01/2040 | | | 1,500 | | | | 1,509,240 | |
5.00%, 04/01/2032 | | | 2,000 | | | | 2,169,769 | |
5.00%, 04/01/2033 | | | 1,000 | | | | 1,082,883 | |
Build NYC Resource Corp.
(East Harlem Scholars Academy Charter School Obligated Group)
Series 2022
5.00%, 06/01/2032(a) | | | 375 | | | | 400,721 | |
5.75%, 06/01/2042(a) | | | 2,250 | | | | 2,436,846 | |
Build NYC Resource Corp.
(Grand Concourse Acadmey Charter School)
Series 2022
5.00%, 07/01/2042 | | | 550 | | | | 568,022 | |
Build NYC Resource Corp.
(Integration Charter Schools)
Series 2021
5.00%, 06/01/2041(a) | | | 800 | | | | 785,583 | |
Build NYC Resource Corp.
(Metropolitan College of New York)
Series 2014
5.00%, 11/01/2025 | | | 1,750 | | | | 1,050,000 | |
5.25%, 11/01/2029 | | | 2,100 | | | | 1,260,000 | |
City of New York NY
Series 2016-C
5.00%, 08/01/2028 | | | 11,165 | | | | 11,482,445 | |
Series 2017
5.00%, 08/01/2025 | | | 5,000 | | | | 5,088,493 | |
Series 2017-1
5.00%, 08/01/2025 | | | 2,450 | | | | 2,493,362 | |
Series 2017-C
5.00%, 08/01/2025 | | | 1,085 | | | | 1,104,203 | |
Series 2018
5.00%, 12/01/2024 | | | 4,220 | | | | 4,231,031 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Series 2018-A
5.00%, 08/01/2026 | | $ | 7,690 | | | $ | 8,040,533 | |
Series 2018-D
5.00%, 12/01/2038 | | | 9,665 | | | | 10,338,283 | |
Series 2019-E
5.00%, 08/01/2025 | | | 1,700 | | | | 1,730,088 | |
Series 2020-C
4.00%, 08/01/2037 | | | 3,445 | | | | 3,578,182 | |
4.00%, 08/01/2039 | | | 1,450 | | | | 1,488,650 | |
Series 2021
1.216%, 08/01/2026 | | | 5,360 | | | | 5,105,615 | |
1.396%, 08/01/2027 | | | 4,950 | | | | 4,627,328 | |
1.623%, 08/01/2028 | | | 3,255 | | | | 2,998,212 | |
Series 2021-F
4.00%, 03/01/2040 | | | 1,000 | | | | 1,021,717 | |
Series 2022-B
5.00%, 08/01/2025 | | | 8,000 | | | | 8,141,589 | |
Series 2023
5.00%, 08/01/2036 | | | 2,500 | | | | 2,882,605 | |
5.00%, 08/01/2040 | | | 1,000 | | | | 1,130,339 | |
5.00%, 08/01/2043 | | | 5,000 | | | | 5,570,977 | |
Series 2024-A
5.00%, 08/01/2025 | | | 5,000 | | | | 5,088,493 | |
Series 2024-C
4.61%, 09/01/2037 | | | 2,000 | | | | 2,009,583 | |
5.00%, 09/01/2043 | | | 4,000 | | | | 4,503,891 | |
5.00%, 09/01/2044 | | | 1,000 | | | | 1,121,105 | |
Series 2024-D
5.00%, 04/01/2043 | | | 2,000 | | | | 2,243,064 | |
Series 2024-I
5.00%, 04/01/2034 | | | 7,000 | | | | 8,291,611 | |
AGM Series 2024-A
5.00%, 08/01/2026 | | | 4,985 | | | | 5,227,820 | |
AGM Series 2024-C
5.00%, 10/01/2026 | | | 5,310 | | | | 5,580,188 | |
City of New York NY
(Pre-refunded–US Treasuries)
Series 2021
1.216%, 08/01/2026 | | | 640 | | | | 609,937 | |
1.623%, 08/01/2028 | | | 745 | | | | 688,638 | |
City of Rochester NY
Series 2024-I
5.00%, 07/31/2025 | | | 5,000 | | | | 5,084,041 | |
City of Yonkers NY
AGM Series 2024-A
5.00%, 02/15/2037 | | | 1,100 | | | | 1,267,648 | |
5.00%, 02/15/2040 | | | 1,000 | | | | 1,131,165 | |
5.00%, 02/15/2041 | | | 2,120 | | | | 2,381,887 | |
County of Erie NY
Series 2024
5.00%, 09/15/2044(b) | | | 3,750 | | | | 4,243,925 | |
County of Nassau NY
Series 2017-C
5.00%, 10/01/2026 | | | 2,220 | | | | 2,336,425 | |
Series 2024-A
5.00%, 04/01/2040 | | | 5,705 | | | | 6,600,703 | |
5.00%, 04/01/2041 | | | 7,855 | | | | 9,047,927 | |
5.00%, 04/01/2043 | | | 9,280 | | | | 10,581,969 | |
| | |
| | |
| 42 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
County of Suffolk NY
Series 2022
5.00%, 09/01/2029 | | $ | 1,770 | | | $ | 1,977,908 | |
Dutchess County Local Development Corp.
(Bard College)
Series 2020-A
5.00%, 07/01/2040 | | | 2,400 | | | | 2,520,296 | |
Series 2020-B
5.918%, 07/01/2039 | | | 4,560 | | | | 4,644,143 | |
Empire State Development Corp.
(Pre-refunded–US Govt Agencies)
Series 2016-A
5.00%, 03/15/2028 | | | 5,010 | | | | 5,197,387 | |
Empire State Development Corp.
(Pre-refunded–US Treasuries)
Series 2015-A
5.00%, 03/15/2027 | | | 7,000 | | | | 7,152,236 | |
Empire State Development Corp.
(State of New York Pers Income Tax)
Series 2020-E
5.00%, 03/15/2026 | | | 10,000 | | | | 10,373,213 | |
Series 2022 | | | | | | | | |
5.00%, 09/15/2029 | | | 6,830 | | | | 7,663,520 | |
Hempstead Town Local Development Corp.
(Evergreen Charter School, Inc.)
Series 2022-A
5.25%, 06/15/2042 | | | 4,000 | | | | 4,198,055 | |
Hudson Yards Infrastructure Corp.
Series 2017-A
5.00%, 02/15/2031 | | | 17,060 | | | | 17,955,096 | |
5.00%, 02/15/2032 | | | 5,590 | | | | 5,876,545 | |
Long Island Power Authority
Series 2024-A
5.00%, 09/01/2044 | | | 10,000 | | | | 11,302,862 | |
5.00%, 09/01/2049 | | | 2,900 | | | | 3,202,139 | |
Metropolitan Transportation Authority
Series 2010
6.814%, 11/15/2040 | | | 2,450 | | | | 2,782,458 | |
Series 2016-D
5.00%, 11/15/2027 | | | 1,210 | | | | 1,261,000 | |
Series 2017
5.00%, 11/15/2027 | | | 5,050 | | | | 5,403,284 | |
5.00%, 11/15/2028 | | | 4,020 | | | | 4,381,047 | |
Series 2017-C
5.00%, 11/15/2024 | | | 4,000 | | | | 4,005,199 | |
5.00%, 11/15/2025 | | | 1,000 | | | | 1,024,152 | |
5.00%, 11/15/2027 | | | 9,140 | | | | 9,780,781 | |
5.00%, 11/15/2028 | | | 7,400 | | | | 7,960,141 | |
5.00%, 11/15/2029 | | | 1,790 | | | | 1,921,322 | |
5.00%, 11/15/2031 | | | 29,930 | | | | 31,849,605 | |
Series 2021
3.673% (SOFR + 0.43%), 11/01/2026(c) | | | 1,205 | | | | 1,201,892 | |
AGM Series 2021
4.043% (SOFR + 0.80%), 11/01/2032(c) | | | 3,715 | | | | 3,717,174 | |
Metropolitan Transportation Authority
(Metropolitan Transportation Authority Dedicated Tax Fund)
Series 2017-A
5.00%, 11/15/2031 | | | 2,060 | | | | 2,160,597 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Series 2022-A
4.00%, 11/15/2038 | | $ | 3,000 | | | $ | 3,129,363 | |
Metropolitan Transportation Authority Payroll Mobility Tax Revenue
Series 2024-A
5.37%, 12/19/2024 | | | 3,500 | | | | 3,503,710 | |
Monroe County Industrial Development Corp./NY
Series 2024
5.00%, 07/01/2044(a) | | | 2,445 | | | | 2,540,226 | |
Monroe County Industrial Development Corp./NY
(Academy of Health Sciences Charter School)
Series 2022
5.00%, 07/01/2032(a) | | | 250 | | | | 259,994 | |
5.625%, 07/01/2042(a) | | | 2,000 | | | | 2,068,694 | |
Monroe County Industrial Development Corp./NY
(Rochester Regional Health Obligated Group)
Series 2020
5.00%, 12/01/2024 | | | 510 | | | | 510,602 | |
5.00%, 12/01/2028 | | | 1,210 | | | | 1,291,768 | |
Monroe County Industrial Development Corp./NY
(St. Ann’s of Greater Rochester Obligated Group)
Series 2019
4.00%, 01/01/2030 | | | 2,145 | | | | 2,083,855 | |
Monroe County Industrial Development Corp./NY
(True North Rochester Prep Charter School)
Series 2020
5.00%, 06/01/2040(a) | | | 2,265 | | | | 2,332,536 | |
Nassau County Local Economic Assistance Corp.
(Roosevelt Children’s Academy Charter School)
Series 2023
4.00%, 07/01/2033 | | | 750 | | | | 765,447 | |
New York City Municipal Water Finance Authority
Series 2015
5.00%, 06/15/2037 | | | 5,000 | | | | 5,061,250 | |
Series 2015-F
5.00%, 06/15/2028 | | | 3,125 | | | | 3,172,943 | |
Series 2015-G
5.00%, 06/15/2028 | | | 11,465 | | | | 11,640,895 | |
Series 2021-B
4.00%, 06/15/2039 | | | 2,000 | | | | 2,066,678 | |
Series 2023
5.00%, 06/15/2035 | | | 13,345 | | | | 15,803,481 | |
New York City Municipal Water Finance Authority
(Pre-refunded–US Treasuries)
Series 2015-G
5.00%, 06/15/2027 | | | 3,000 | | | | 3,047,071 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
New York City Transitional Finance Authority
(New York City Transitional Finance Authority Future Tax Secured Revenue)
Series 2023
5.50%, 05/01/2043 | | $ | 5,000 | | | $ | 5,820,750 | |
Series 2024
5.01%, 05/01/2034 | | | 2,000 | | | | 2,073,751 | |
New York City Transitional Finance Authority Building Aid Revenue
(New York City Transitional Finance Authority Building Aid Revenue State Lease)
Series 2016-S
5.00%, 07/15/2034 | | | 2,000 | | | | 2,054,495 | |
Series 2018-S
5.00%, 07/15/2031 | | | 2,065 | | | | 2,228,320 | |
5.00%, 07/15/2032 | | | 16,090 | | | | 17,324,996 | |
Series 2021-S
4.00%, 07/15/2040 | | | 2,500 | | | | 2,556,898 | |
New York City Transitional Finance Authority Future Tax Secured Revenue
Series 2015-C
5.00%, 11/01/2024 | | | 8,405 | | | | 8,415,417 | |
5.00%, 11/01/2026 | | | 20,000 | | | | 20,242,684 | |
Series 2016-B
5.00%, 08/01/2031 | | | 2,200 | | | | 2,279,090 | |
Series 2017-F
5.00%, 05/01/2032 | | | 1,220 | | | | 1,280,140 | |
Series 2020
5.00%, 11/01/2027 | | | 2,580 | | | | 2,777,249 | |
Series 2020-D
4.00%, 11/01/2042 | | | 5,000 | | | | 5,086,420 | |
Series 2021-E
4.00%, 02/01/2038 | | | 3,750 | | | | 3,904,641 | |
4.00%, 02/01/2040 | | | 12,575 | | | | 12,899,134 | |
Series 2022-A
5.00%, 11/01/2024 | | | 3,345 | | | | 3,349,146 | |
New York City Transitional Finance Authority Future Tax Secured Revenue
(Pre-refunded–US Treasuries)
Series 2014-A
5.00%, 08/01/2034 | | | 4,000 | | | | 4,005,081 | |
New York City Transitional Finance Authority Future Tax Secured Revenue
(Pre-refunded–US Treasuries)
Series 2014
5.00%, 11/01/2030 | | | 1,570 | | | | 1,571,994 | |
Series 2014-A
5.00%, 08/01/2027 | | | 1,655 | | | | 1,657,102 | |
5.00%, 08/01/2029 | | | 5,000 | | | | 5,006,351 | |
Series 2014-C
5.00%, 11/01/2026 | | | 6,345 | | | | 6,353,059 | |
New York Liberty Development Corp.
(3 World Trade Center LLC)
Series 2014
5.375%, 11/15/2040(a) | | | 2,000 | | | | 2,002,355 | |
7.25%, 11/15/2044(a) | | | 3,260 | | | | 3,266,462 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
New York Liberty Development Corp.
(One Bryant Park LLC)
Series 2019
2.45%, 09/15/2069 | | $ | 20,000 | | | $ | 18,940,840 | |
2.625%, 09/15/2069 | | | 22,240 | | | | 20,850,727 | |
2.80%, 09/15/2069 | | | 6,470 | | | | 5,967,749 | |
New York Liberty Development Corp.
(Port Authority of New York & New Jersey)
Series 2021-1
3.00%, 02/15/2042 | | | 20,000 | | | | 17,395,760 | |
New York Power Authority
(New York Power Authority SFP Transmission Project)
AGM Series 2023
5.25%, 11/15/2040 | | | 1,000 | | | | 1,187,502 | |
5.25%, 11/15/2041 | | | 1,000 | | | | 1,179,917 | |
New York State Dormitory Authority
Series 2017
5.00%, 10/01/2024 | | | 4,995 | | | | 4,995,000 | |
Series 2018
5.00%, 10/01/2024 | | | 1,110 | | | | 1,110,000 | |
Series 2019-A
5.00%, 10/01/2024 | | | 2,670 | | | | 2,670,000 | |
Series 2022
5.00%, 10/01/2024 | | | 2,195 | | | | 2,195,000 | |
Series 2022-C
5.00%, 10/01/2024 | | | 1,500 | | | | 1,500,000 | |
Series 2024-A
5.00%, 07/01/2030(b) | | | 1,600 | | | | 1,804,866 | |
5.00%, 07/01/2034(b) | | | 1,700 | | | | 2,009,811 | |
5.25%, 05/01/2039 | | | 1,050 | | | | 1,185,045 | |
5.25%, 05/01/2042 | | | 1,325 | | | | 1,474,869 | |
5.25%, 05/01/2044 | | | 1,050 | | | | 1,159,980 | |
5.50%, 05/01/2049 | | | 1,500 | | | | 1,663,674 | |
New York State Dormitory Authority
(Catholic Health System Obligated Group)
Series 2019
5.00%, 07/01/2036 | | | 1,000 | | | | 993,349 | |
New York State Dormitory Authority
(Garnet Health Medical Center Obligated Group)
Series 2017
5.00%, 12/01/2024(a) | | | 1,700 | | | | 1,699,423 | |
5.00%, 12/01/2026(a) | | | 1,500 | | | | 1,508,957 | |
5.00%, 12/01/2034(a) | | | 2,500 | | | | 2,486,678 | |
New York State Dormitory Authority
(Icahn School of Medicine at Mount Sinai)
Series 2015-A
5.00%, 07/01/2026 | | | 3,745 | | | | 3,792,338 | |
New York State Dormitory Authority
(Iona College)
Series 2022-2
5.00%, 07/01/2026 | | | 620 | | | | 641,589 | |
5.00%, 07/01/2027 | | | 325 | | | | 340,038 | |
| | |
| | |
| 44 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
5.00%, 07/01/2029 | | $ | 500 | | | $ | 537,302 | |
5.00%, 07/01/2030 | | | 300 | | | | 324,611 | |
5.00%, 07/01/2031 | | | 320 | | | | 348,325 | |
5.00%, 07/01/2032 | | | 280 | | | | 306,528 | |
New York State Dormitory Authority
(New York and Presbyterian Hospital Obligated Group)
Series 2023
5.00%, 08/01/2036 | | | 4,250 | | | | 4,979,538 | |
5.00%, 08/01/2038 | | | 5,000 | | | | 5,777,025 | |
New York State Dormitory Authority
(New York State Dormitory Authority Lease)
Series 2022-C
5.00%, 10/01/2025 | | | 1,000 | | | | 1,023,150 | |
AGM Series 2014-A
5.00%, 10/01/2024 | | | 2,000 | | | | 2,000,000 | |
AGM Series 2020
5.00%, 10/01/2024 | | | 3,085 | | | | 3,085,000 | |
5.00%, 10/01/2026 | | | 3,045 | | | | 3,201,092 | |
5.00%, 10/01/2029 | | | 2,130 | | | | 2,316,621 | |
AGM Series 2023
5.00%, 10/01/2025 | | | 4,695 | | | | 4,804,160 | |
BAM Series 2022
5.00%, 10/01/2025 | | | 3,975 | | | | 4,066,627 | |
New York State Dormitory Authority
(New York State Sales Tax)
Series 2018-C
5.00%, 03/15/2040 | | | 2,000 | | | | 2,108,885 | |
New York State Dormitory Authority
(New York University)
Series 2019-A
5.00%, 07/01/2032 | | | 2,975 | | | | 3,282,942 | |
New York State Dormitory Authority
(Northwell Health Obligated Group)
Series 2022
4.00%, 05/01/2039 | | | 2,500 | | | | 2,483,923 | |
4.00%, 05/01/2040 | | | 6,000 | | | | 5,942,418 | |
New York State Dormitory Authority
(Pace University)
Series 2024-A
5.50%, 05/01/2056 | | | 875 | | | | 964,371 | |
New York State Dormitory Authority
(Pre-refunded–US Govt Agencies)
Series 2021
1.187%, 03/15/2026 | | | 5,500 | | | | 5,281,489 | |
New York State Dormitory Authority
(Pre-refunded–US Treasuries)
Series 2017
5.00%, 02/15/2025 | | | 2,775 | | | | 2,793,369 | |
Series 2022-A
5.00%, 03/15/2025 | | | 10,750 | | | | 10,851,773 | |
AGM Series 2020
5.00%, 10/01/2026 | | | 5 | | | | 5,250 | |
5.00%, 10/01/2029 | | | 5 | | | | 5,482 | |
New York State Dormitory Authority
(Rochester Institute of Technology)
Series 2020-A
5.00%, 07/01/2026 | | | 1,000 | | | | 1,042,545 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
New York State Dormitory Authority
(St. John’s University/NY)
Series 2021-A
4.00%, 07/01/2031 | | $ | 1,400 | | | $ | 1,484,241 | |
New York State Dormitory Authority
(State of New York Pers Income Tax)
Series 2017-B
5.00%, 02/15/2037 | | | 5,520 | | | | 5,779,848 | |
Series 2021-A | | | | | | | | |
4.00%, 03/15/2039 | | | 1,000 | | | | 1,028,714 | |
Series 2021-E | | | | | | | | |
4.00%, 03/15/2037 | | | 4,645 | | | | 4,867,590 | |
Series 2022-A | | | | | | | | |
4.00%, 03/15/2039 | | | 2,000 | | | | 2,065,232 | |
Series 2024-A | | | | | | | | |
5.00%, 03/15/2044 | | | 3,000 | | | | 3,354,469 | |
Series 2024-B | | | | | | | | |
5.113%, 03/15/2025 | | | 2,800 | | | | 2,803,292 | |
New York State Dormitory Authority
(State of New York Sales Tax Revenue)
Series 2023-A
4.00%, 03/15/2043 | | | 4,350 | | | | 4,412,461 | |
New York State Dormitory Authority
(Wagner College)
Series 2022
5.00%, 07/01/2037 | | | 1,000 | | | | 1,042,306 | |
5.00%, 07/01/2039 | | | 1,500 | | | | 1,541,862 | |
5.00%, 07/01/2042 | | | 1,630 | | | | 1,654,098 | |
New York State Environmental Facilities Corp.
(New York City Municipal Water Finance Authority)
Series 2019-B
5.00%, 06/15/2027 | | | 445 | | | | 476,587 | |
Series 2022
5.00%, 06/15/2025 | | | 3,000 | | | | 3,048,987 | |
Series 2023
5.125%, 09/01/2050(a) | | | 1,800 | | | | 1,893,434 | |
New York State Thruway Authority
(New York State Thruway Authority Gen Toll Road)
Series 2014-K
5.00%, 01/01/2026 | | | 1,310 | | | | 1,317,151 | |
5.00%, 01/01/2028 | | | 3,150 | | | | 3,165,872 | |
Series 2021-O
4.00%, 01/01/2042 | | | 5,750 | | | | 5,786,318 | |
Series 2024-P
5.00%, 01/01/2025 | | | 3,500 | | | | 3,515,356 | |
New York State Thruway Authority
(State of New York Pers Income Tax)
Series 2022-A
5.00%, 03/15/2039 | | | 7,250 | | | | 8,198,541 | |
New York Transportation Development Corp.
(American Airlines, Inc.)
Series 2016
5.00%, 08/01/2026 | | | 730 | | | | 731,352 | |
Series 2021
2.25%, 08/01/2026 | | | 830 | | | | 809,273 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
New York Transportation Development Corp.
(Delta Air Lines, Inc.)
Series 2018
5.00%, 01/01/2030 | | $ | 24,485 | | | $ | 25,471,995 | |
5.00%, 01/01/2032 | | | 2,355 | | | | 2,437,027 | |
5.00%, 01/01/2036 | | | 2,000 | | | | 2,059,192 | |
Series 2023
5.625%, 04/01/2040 | | | 2,165 | | | | 2,352,600 | |
New York Transportation Development Corp.
(Elevated Accessibility Enhancements Holding Co., LLC)
Series 2023
6.971%, 06/30/2051 | | | 2,000 | | | | 2,084,572 | |
New York Transportation Development Corp.
(Empire State Thruway Partners LLC)
Series 2021
4.00%, 10/31/2034 | | | 500 | | | | 496,498 | |
4.00%, 10/31/2041 | | | 2,075 | | | | 1,960,851 | |
New York Transportation Development Corp.
(JFK International Air Terminal LLC)
Series 2020
5.00%, 12/01/2027 | | | 2,210 | | | | 2,328,589 | |
5.00%, 12/01/2030 | | | 1,010 | | | | 1,094,712 | |
5.00%, 12/01/2031 | | | 400 | | | | 430,200 | |
5.00%, 12/01/2032 | | | 1,035 | | | | 1,107,539 | |
5.00%, 12/01/2035 | | | 1,000 | | | | 1,062,851 | |
5.00%, 12/01/2036 | | | 1,050 | | | | 1,112,074 | |
Series 2022
5.00%, 12/01/2027 | | | 2,115 | | | | 2,228,492 | |
5.00%, 12/01/2031 | | | 2,035 | | | | 2,214,537 | |
5.00%, 12/01/2039 | | | 4,580 | | | | 4,866,879 | |
5.00%, 12/01/2040 | | | 3,310 | | | | 3,499,532 | |
5.00%, 12/01/2042 | | | 2,860 | | | | 2,998,624 | |
New York Transportation Development Corp.
(JFK NTO LLC)
Series 2024
5.25%, 06/30/2043 | | | 8,500 | | | | 9,189,994 | |
5.25%, 06/30/2044 | | | 10,895 | | | | 11,743,022 | |
AGM Series 2023 | | | | | | | | |
5.50%, 06/30/2043 | | | 2,250 | | | | 2,470,893 | |
5.50%, 06/30/2044 | | | 2,500 | | | | 2,738,611 | |
AGM Series 2024 | | | | | | | | |
4.25%, 06/30/2042 | | | 10,000 | | | | 10,036,217 | |
New York Transportation Development Corp.
(Laguardia Gateway Partners LLC)
Series 2016-A
5.25%, 01/01/2050 | | | 2,535 | | | | 2,535,115 | |
Niagara Area Development Corp.
(Reworld Holding Corp.) Series 2018-A
4.75%, 11/01/2042(a) | | | 1,000 | | | | 970,383 | |
Series 2018-B
3.50%, 11/01/2024(a) | | | 3,400 | | | | 3,399,637 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Niagara Falls City School District
Series 2016
5.00%, 06/15/2025 | | $ | 3,660 | | | $ | 3,702,243 | |
Onondaga Civic Development Corp.
(Crouse Health Hospital Inc Obligated Group)
Series 2024
5.00%, 08/01/2033 | | | 825 | | | | 873,550 | |
Onondaga Civic Development Corp.
(Le Moyne College)
Series 2022
4.00%, 07/01/2034 | | | 300 | | | | 301,086 | |
4.00%, 07/01/2036 | | | 350 | | | | 348,547 | |
4.00%, 07/01/2039 | | | 450 | | | | 433,566 | |
Port Authority of New York & New Jersey
Series 2014
5.00%, 09/01/2027 | | | 10,465 | | | | 10,478,449 | |
Series 2015
5.00%, 10/15/2026 | | | 8,405 | | | | 8,544,820 | |
Series 2017
5.00%, 10/15/2028 | | | 6,925 | | | | 7,206,129 | |
Series 2018-2
5.00%, 09/15/2025 | | | 3,040 | | | | 3,090,704 | |
5.00%, 09/15/2026 | | | 1,000 | | | | 1,034,105 | |
5.00%, 09/15/2027 | | | 1,000 | | | | 1,052,907 | |
5.00%, 09/15/2028 | | | 8,000 | | | | 8,473,478 | |
5.00%, 09/15/2033 | | | 5,335 | | | | 5,577,539 | |
Series 2019
5.00%, 11/01/2039 | | | 9,000 | | | | 9,448,303 | |
Series 2020-2
5.00%, 07/15/2033 | | | 3,000 | | | | 3,251,049 | |
5.00%, 07/15/2034 | | | 4,860 | | | | 5,257,019 | |
5.00%, 07/15/2035 | | | 5,095 | | | | 5,497,454 | |
Sales Tax Asset Receivable Corp.
(Pre-refunded–US Treasuries)
Series 2014-A
5.00%, 10/15/2025 | | | 7,245 | | | | 7,249,329 | |
5.00%, 10/15/2026 | | | 7,065 | | | | 7,069,221 | |
State of New York
Series 2015-A
5.00%, 03/15/2028 | | | 3,895 | | | | 3,937,287 | |
Series 2023-A
5.00%, 03/15/2025 | | | 1,000 | | | | 1,010,172 | |
5.00%, 03/15/2026 | | | 1,395 | | | | 1,449,100 | |
5.00%, 03/15/2031 | | | 5,600 | | | | 6,501,803 | |
5.00%, 03/15/2032 | | | 1,815 | | | | 2,139,343 | |
5.00%, 03/15/2033 | | | 1,750 | | | | 2,093,404 | |
5.00%, 03/15/2036 | | | 1,500 | | | | 1,774,179 | |
5.00%, 03/15/2038 | | | 1,500 | | | | 1,757,907 | |
5.00%, 03/15/2039 | | | 2,000 | | | | 2,320,354 | |
5.00%, 03/15/2040 | | | 2,250 | | | | 2,594,543 | |
Series 2023-C
5.00%, 03/15/2037 | | | 1,670 | | | | 1,966,055 | |
Suffolk County Economic Development Corp.
(Peconic Landing at Southold, Inc.)
Series 2020
5.00%, 12/01/2029 | | | 500 | | | | 519,982 | |
5.00%, 12/01/2034 | | | 1,000 | | | | 1,051,366 | |
| | |
| | |
| 46 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Suffolk Regional Off-Track Betting Co.
Series 2024
5.75%, 12/01/2044 | | $ | 4,300 | | | $ | 4,514,531 | |
Suffolk Tobacco Asset Securitization Corp.
Series 2021
4.00%, 06/01/2035 | | | 2,300 | | | | 2,358,643 | |
4.00%, 06/01/2036 | | | 2,425 | | | | 2,476,183 | |
4.00%, 06/01/2037 | | | 1,170 | | | | 1,190,757 | |
4.00%, 06/01/2050 | | | 2,140 | | | | 2,150,552 | |
5.00%, 06/01/2034 | | | 2,275 | | | | 2,488,851 | |
Town of Oyster Bay NY
Series 2024
4.00%, 08/21/2025 | | | 3,000 | | | | 3,027,032 | |
Triborough Bridge & Tunnel Authority
Series 2021-A
5.00%, 11/01/2025 | | | 2,535 | | | | 2,600,665 | |
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue)
Series 2021
5.00%, 05/15/2050 | | | 15,035 | | | | 15,513,420 | |
Series 2021-A
2.511%, 05/15/2035 | | | 10,000 | | | | 8,295,378 | |
Series 2021-C
5.00%, 05/15/2039 | | | 5,000 | | | | 5,592,861 | |
Series 2022
4.286% (SOFR + 1.05%),
04/01/2026(c) | | | 7,500 | | | | 7,501,129 | |
5.00%, 05/15/2041 | | | 1,750 | | | | 1,946,646 | |
Series 2023
5.25%, 11/15/2042 | | | 10,420 | | | | 11,955,132 | |
Series 2024
5.00%, 11/15/2033 | | | 3,000 | | | | 3,566,372 | |
Series 2024-B
5.00%, 03/15/2027 | | | 5,000 | | | | 5,314,882 | |
Troy Capital Resource Corp.
(Rensselaer Polytechnic Institute)
Series 2020
4.00%, 09/01/2040 | | | 1,190 | | | | 1,194,415 | |
5.00%, 09/01/2031 | | | 2,570 | | | | 2,843,980 | |
5.00%, 09/01/2032 | | | 7,890 | | | | 8,726,417 | |
5.00%, 09/01/2033 | | | 2,365 | | | | 2,614,204 | |
Trust for Cultural Resources of The City of New York (The)
(Lincoln Center for the Performing Arts, Inc.)
Series 2016-A
5.00%, 12/01/2026 | | | 7,175 | | | | 7,545,469 | |
Series 2020
4.00%, 12/01/2033 | | | 1,160 | | | | 1,227,172 | |
5.00%, 12/01/2031 | | | 1,800 | | | | 2,026,850 | |
5.00%, 12/01/2032 | | | 2,000 | | | | 2,247,831 | |
Utility Debt Securitization Authority
Series 2015
5.00%, 12/15/2033 | | | 2,000 | | | | 2,049,099 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Westchester County Local Development Corp.
(Kendal on Hudson Obligated Group)
Series 2022
5.00%, 01/01/2027 | | $ | 400 | | | $ | 412,768 | |
5.00%, 01/01/2032 | | | 520 | | | | 558,907 | |
5.00%, 01/01/2037 | | | 530 | | | | 566,116 | |
5.00%, 01/01/2041 | | | 720 | | | | 760,159 | |
| | | | | | | | |
| | | | | | | 1,076,403,537 | |
| | | | | | | | |
| Alabama–0.4% | |
Black Belt Energy Gas District
(Pacific Mutual Holding Co.)
Series 2024-C
5.00%, 05/01/2055 | | | 5,000 | | | | 5,441,928 | |
| | | | | | | | |
| American Samoa–0.1% | |
American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2018
6.50%, 09/01/2028(a) | | | 875 | | | | 924,464 | |
| | | | | | | | |
| California–0.1% | |
California Community Choice Financing Authority
(Goldman Sachs Group, Inc. (The))
Series 2023
5.25%, 11/01/2054 | | | 1,215 | | | | 1,322,587 | |
| | | | | | | | |
| Colorado–0.4% | |
Colorado Health Facilities Authority
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2030 | | | 3,000 | | | | 3,250,637 | |
5.00%, 08/01/2031 | | | 2,000 | | | | 2,163,440 | |
Vauxmont Metropolitan District
AGM Series 2020
5.00%, 12/01/2050 | | | 160 | | | | 167,561 | |
| | | | | | | | |
| | | | | | | 5,581,638 | |
| | | | | | | | |
| Connecticut–1.8% | |
State of Connecticut
Series 2018-B
5.00%, 04/15/2025 | | | 14,565 | | | | 14,726,644 | |
Series 2018-C
5.00%, 06/15/2027 | | | 4,715 | | | | 5,037,575 | |
Series 2018-F
5.00%, 09/15/2027 | | | 4,025 | | | | 4,325,841 | |
| | | | | | | | |
| | | | | | | 24,090,060 | |
| | | | | | | | |
| Florida–0.0% | |
County of Osceola FL Transportation Revenue
Series 2020-A
Zero Coupon, 10/01/2030 | | | 100 | | | | 79,212 | |
Zero Coupon, 10/01/2032 | | | 100 | | | | 73,124 | |
Zero Coupon, 10/01/2033 | | | 100 | | | | 70,181 | |
Zero Coupon, 10/01/2034 | | | 110 | | | | 74,099 | |
| | | | | | | | |
| | | | | | | 296,616 | |
| | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
| Georgia–0.2% | | | | | | | | |
Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2031 | | $ | 905 | | | $ | 965,988 | |
5.00%, 01/01/2032 | | | 565 | | | | 601,551 | |
5.00%, 01/01/2035 | | | 1,185 | | | | 1,243,370 | |
| | | | | | | | |
| | | | | | | 2,810,909 | |
| | | | | | | | |
| Guam–2.1% | | | | | | | | |
Antonio B Won Pat International Airport Authority
Series 2021-A
3.099%, 10/01/2028 | | | 1,430 | | | | 1,355,145 | |
3.189%, 10/01/2029 | | | 1,650 | | | | 1,544,418 | |
3.339%, 10/01/2030 | | | 1,050 | | | | 971,123 | |
Series 2023
5.125%, 10/01/2034 | | | 250 | | | | 271,534 | |
5.25%, 10/01/2031 | | | 1,025 | | | | 1,114,853 | |
5.25%, 10/01/2035 | | | 265 | | | | 289,628 | |
5.375%, 10/01/2033 | | | 525 | | | | 573,463 | |
Series 2024-A
5.00%, 10/01/2028(b) | | | 325 | | | | 342,755 | |
5.00%, 10/01/2030(b) | | | 855 | | | | 913,544 | |
5.00%, 10/01/2032(b) | | | 1,875 | | | | 2,013,967 | |
Guam Government Waterworks Authority
Series 2017
5.00%, 07/01/2028 | | | 1,250 | | | | 1,315,325 | |
Guam Government Waterworks Authority
(Guam Waterworks Authority Water And Wastewater System)
Series 2024-A
5.00%, 07/01/2045 | | | 1,100 | | | | 1,190,911 | |
Guam Power Authority
Series 2017-A
5.00%, 10/01/2025 | | | 2,980 | | | | 3,032,570 | |
5.00%, 10/01/2026 | | | 1,225 | | | | 1,271,120 | |
5.00%, 10/01/2027 | | | 1,230 | | | | 1,299,039 | |
Territory of Guam
Series 2019
5.00%, 11/15/2031 | | | 225 | | | | 231,933 | |
Territory of Guam
(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2026 | | | 1,150 | | | | 1,193,906 | |
5.00%, 12/01/2029 | | | 770 | | | | 796,605 | |
5.00%, 12/01/2030 | | | 1,000 | | | | 1,032,181 | |
5.00%, 12/01/2032 | | | 925 | | | | 952,408 | |
Territory of Guam
(Territory of Guam Business Privilege Tax)
Series 2015
5.00%, 11/15/2030 | | | 3,580 | | | | 3,639,610 | |
Series 2015-D | | | | | | | | |
5.00%, 11/15/2025 | | | 1,555 | | | | 1,581,378 | |
Series 2021-F | | | | | | | | |
5.00%, 01/01/2030 | | | 1,000 | | | | 1,078,748 | |
| | | | | | | | |
| | | | | | | 28,006,164 | |
| | | | | | | | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
| Illinois–0.6% | | | | | | | | |
Illinois Finance Authority
(Illinois Institute of Technology)
Series 2019
5.00%, 09/01/2027 | | $ | 145 | | | $ | 146,076 | |
5.00%, 09/01/2029 | | | 225 | | | | 228,097 | |
5.00%, 09/01/2032 | | | 365 | | | | 368,285 | |
5.00%, 09/01/2033 | | | 200 | | | | 201,367 | |
5.00%, 09/01/2034 | | | 100 | | | | 100,424 | |
Metropolitan Pier & Exposition Authority
Series 2017-B
5.00%, 12/15/2028 | | | 2,000 | | | | 2,114,678 | |
State of Illinois
Series 2017-A
5.00%, 12/01/2024 | | | 2,105 | | | | 2,110,454 | |
Series 2018-A
5.00%, 10/01/2024 | | | 2,910 | | | | 2,910,000 | |
| | | | | | | | |
| | | | | | | 8,179,381 | |
| | | | | | | | |
| Kentucky–0.2% | | | | | | | | |
City of Ashland KY
(Royal Blue Health LLC Obligated Group)
Series 2019
5.00%, 02/01/2026 | | | 350 | | | | 356,391 | |
5.00%, 02/01/2027 | | | 375 | | | | 389,437 | |
5.00%, 02/01/2030 | | | 210 | | | | 226,106 | |
5.00%, 02/01/2031 | | | 275 | | | | 289,704 | |
Kentucky Economic Development Finance Authority
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2035 | | | 555 | | | | 594,377 | |
| | | | | | | | |
| | | | | | | 1,856,015 | |
| | | | | | | | |
| Michigan–1.2% | | | | | | | | |
City of Detroit MI
Series 2018
5.00%, 04/01/2029 | | | 250 | | | | 266,059 | |
5.00%, 04/01/2032 | | | 1,005 | | | | 1,057,620 | |
Michigan Strategic Fund
(Michigan Strategic Fund–I 75 Improvement Project)
Series 2018
5.00%, 12/31/2029 | | | 8,600 | | | | 9,078,791 | |
5.00%, 12/31/2030 | | | 4,000 | | | | 4,206,856 | |
5.00%, 06/30/2032 | | | 1,690 | | | | 1,773,476 | |
| | | | | | | | |
| | | | | | | 16,382,802 | |
| | | | | | | | |
| Missouri–0.0% | | | | | | | | |
Howard Bend Levee District
XLCA Series 2005
5.75%, 03/01/2025 | | | 120 | | | | 120,606 | |
5.75%, 03/01/2027 | | | 275 | | | | 287,109 | |
| | | | | | | | |
| | | | | | | 407,715 | |
| | | | | | | | |
| | |
| | |
| 48 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
| Nevada–0.0% | | | | | | | | |
City of Sparks NV
(City of Sparks NV Sales Tax)
Series 2019-A
2.75%, 06/15/2028(a) | | $ | 435 | | | $ | 425,372 | |
| | | | | | | | |
| New Jersey–2.1% | | | | | | | | |
New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Fed Hwy Grant)
Series 2016
5.00%, 06/15/2027 | | | 5,000 | | | | 5,183,127 | |
Series 2018-A
5.00%, 06/15/2028 | | | 11,680 | | | | 12,095,679 | |
New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Trust Fund Authority State Lease)
Series 2018-A
5.00%, 12/15/2030 | | | 3,360 | | | | 3,647,823 | |
Series 2019-B | | | | | | | | |
5.00%, 06/15/2030 | | | 1,500 | | | | 1,631,153 | |
5.00%, 06/15/2034 | | | 2,360 | | | | 2,536,412 | |
Series 2019-BB1
5.00%, 06/15/2034 | | | 2,900 | | | | 3,116,778 | |
| | | | | | | | |
| | | | | | | 28,210,972 | |
| | | | | | | | |
| Puerto Rico–1.2% | | | | | | | | |
Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2033 | | | 2,420 | | | | 1,642,543 | |
5.625%, 07/01/2027 | | | 3,150 | | | | 3,288,736 | |
5.625%, 07/01/2029 | | | 760 | | | | 820,637 | |
Series 2022-C
Zero Coupon, 11/01/2043 | | | 888 | | | | 571,482 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2020-A
5.00%, 07/01/2030(a) | | | 3,490 | | | | 3,696,053 | |
5.00%, 07/01/2035(a) | | | 2,310 | | | | 2,424,347 | |
Puerto Rico Electric Power Authority
AGM Series 2007-V
5.25%, 07/01/2031 | | | 1,390 | | | | 1,396,107 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth
Series 2024
6.25%, 01/01/2040 | | | 1,000 | | | | 1,175,513 | |
6.50%, 01/01/2041 | | | 1,250 | | | | 1,491,015 | |
| | | | | | | | |
| | | | | | | 16,506,433 | |
| | | | | | | | |
| South Carolina–0.4% | | | | | | | | |
South Carolina Public Service Authority
Series 2020-A
5.00%, 12/01/2043 | | | 1,500 | | | | 1,584,222 | |
Series 2021-B
4.00%, 12/01/2038 | | | 2,125 | | | | 2,159,537 | |
5.00%, 12/01/2040 | | | 1,000 | | | | 1,090,015 | |
| | | | | | | | |
| | | | | | | 4,833,774 | |
| | | | | | | | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
| Tennessee–0.5% | | | | | | | | |
Chattanooga Health Educational & Housing Facility Board
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2031 | | $ | 1,500 | | | $ | 1,622,580 | |
Tennergy Corp./TN
(Pre-refunded–US Treasuries)
Series 2019-A
5.00%, 02/01/2050 | | | 4,735 | | | | 4,735,000 | |
| | | | | | | | |
| | | | | | | 6,357,580 | |
| | | | | | | | |
| Texas–0.1% | | | | | | | | |
City of Houston TX Airport System Revenue
(United Airlines, Inc.)
Series 2018
5.00%, 07/15/2028 | | | 1,750 | | | | 1,809,926 | |
| | | | | | | | |
| Washington–0.3% | | | | | | | | |
Washington Health Care Facilities Authority
(CommonSpirit Health)
Series 2019-A
5.00%, 08/01/2032 | | | 2,165 | | | | 2,341,597 | |
Washington State Housing Finance Commission
Series 2021-1, Class A
3.50%, 12/20/2035 | | | 950 | | | | 907,377 | |
Series 2021-1, Class X
0.727%, 12/20/2035(d) | | | 950 | | | | 41,152 | |
| | | | | | | | |
| | | | | | | 3,290,126 | |
| | | | | | | | |
| Wisconsin–0.3% | | | | | | | | |
Wisconsin Public Finance Authority
(UMA Education, Inc.)
Series 2019
5.00%, 10/01/2025(a) | | | 995 | | | | 1,003,940 | |
5.00%, 10/01/2026(a) | | | 1,050 | | | | 1,069,918 | |
5.00%, 10/01/2027(a) | | | 1,090 | | | | 1,121,571 | |
5.00%, 10/01/2028(a) | | | 900 | | | | 931,861 | |
5.00%, 10/01/2029(a) | | | 275 | | | | 286,561 | |
| | | | | | | | |
| | | | | | | 4,413,851 | |
| | | | | | | | |
| Nebraska–0.8% | | | | | | | | |
Central Plains Energy Project
(Goldman Sachs Group, Inc. (The))
Series 2022-1
5.00%, 05/01/2053 | | | 10,000 | | | | 10,667,622 | |
| | | | | | | | |
Total Long-Term Municipal Bonds
(cost $1,255,142,967) | | | | | | | 1,248,219,472 | |
| | | | | | | | |
| | | | | | | | |
| |
| Short-Term Municipal Notes–6.3% | |
| New York–6.3% | | | | | | | | |
Build NYC Resource Corp. (Asia Society (The))
Series 2015
3.15%, 04/01/2045(e) | | | 1,680 | | | | 1,680,000 | |
Schedule of Investments (continued)
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
City of New York NY
Series 2008-L
3.90%, 04/01/2038(e) | | $ | 1,275 | | | $ | 1,275,000 | |
Series 2016
3.17%, 08/01/2044(e) | | | 8,995 | | | | 8,995,000 | |
Series 2022-A
3.85%, 09/01/2049(e) | | | 3,900 | | | | 3,900,000 | |
Dutchess County Industrial Development Agency (Marist College)
Series 2008
3.15%, 07/01/2038(e) | | | 1,105 | | | | 1,105,000 | |
Metropolitan Transportation Authority
Series 2015
3.17%, 11/01/2026(e) | | | 380 | | | | 380,000 | |
New York City Health and Hospitals Corp.
Series 2008-D
3.10%, 02/15/2026(e) | | | 495 | | | | 495,000 | |
New York City Housing Development Corp.
Series 2008
2.87%, 04/15/2035(e) | | | 1,700 | | | | 1,700,000 | |
Series 2012-A
3.10%, 09/01/2049(e) | | | 1,000 | | | | 1,000,000 | |
New York City Housing Development Corp.
(201 Pearl LLC)
Series 2006-A
3.15%, 10/15/2041(e) | | | 250 | | | | 250,000 | |
New York City Housing Development Corp.
(Hewitt Westchester LP)
Series 2011
3.10%, 11/01/2048(e) | | | 3,400 | | | | 3,400,000 | |
New York City Municipal Water Finance Authority
Series 2015-F
3.90%, 06/15/2035(e) | | | 21,300 | | | | 21,300,000 | |
New York State Housing Finance Agency
Series 2006
3.15%, 11/15/2036(e) | | | 7,800 | | | | 7,800,000 | |
Series 2009
3.00%, 05/15/2039(e) | | | 400 | | | | 400,000 | |
New York State Housing Finance Agency
(8 East 102nd Street LLC)
Series 2023
3.20%, 05/01/2044(e) | | | 5,790 | | | | 5,790,000 | |
New York State Housing Finance Agency
(DD 11th Avenue LLC)
Series 2009
3.15%, 05/15/2041(e) | | | 1,075 | | | | 1,075,000 | |
New York State Housing Finance Agency
(Liberty Street Realty LLC)
Series 2005
2.87%, 05/01/2035(e) | | | 3,573 | | | | 3,573,000 | |
Nuveen New York AMT-Free Quality Municipal Income Fund
Series 2017
3.60%, 05/01/2047(a)(e) | | | 3,500 | | | | 3,500,000 | |
Triborough Bridge & Tunnel Authority
Series 2022-B
3.90%, 01/01/2033(e) | | | 4,980 | | | | 4,980,000 | |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
Trust for Cultural Resources of The City of New York (The)
(New York Botanical Garden (The))
Series 2009
3.15%, 07/01/2032(e) | | $ | 7,175 | | | $ | 7,175,000 | |
Trust for Cultural Resources of The City of New York (The)
(Pierpont Morgan Library)
Series 2004
3.10%, 02/01/2034(e) | | | 5,465 | | | | 5,465,000 | |
| | | | | | | | |
Total Short-Term Municipal Notes
(cost $85,238,000) | | | | | | | 85,238,000 | |
| | | | | | | | |
Total Municipal Obligations
(cost $1,340,380,967) | | | | | | | 1,333,457,472 | |
| | | | | | | | |
| | | | | | | | |
| | | |
| ASSET-BACKED SECURITIES–0.3% | | | | | | | | |
| Autos—Fixed Rate–0.1% | | | | | | | | |
Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(a) | | | 1,133 | | | | 1,153,421 | |
Tricolor Auto Securitization Trust
Series 2023-1A, Class A
6.48%, 08/17/2026(a) | | | 37 | | | | 36,866 | |
| | | | | | | | |
| | | | | | | 1,190,287 | |
| | | | | | | | |
| Other ABS—Fixed Rate–0.2% | | | | | | | | |
HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2036 | | | 1,245 | | | | 1,250,022 | |
5.25%, 07/01/2034 | | | 1,298 | | | | 1,265,326 | |
| | | | | | | | |
| | | | | | | 2,515,348 | |
| | | | | | | | |
Total Asset-Backed Securities
(cost $3,702,368) | | | | | | | 3,705,635 | |
| | | | | | | | |
| | | | | | | | |
| | | |
| GOVERNMENTS—TREASURIES–0.2% | | | | | | | | |
| United States–0.2% | | | | | | | | |
U.S. Treasury Notes
2.625%, 02/15/2029(f)
(cost $2,452,227) | | | 2,377 | | | | 2,284,149 | |
| | | | | | | | |
| | | | | | | | |
| |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.0% | |
| Risk Share Floating Rate–0.0% | | | | | | | | |
Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C02, Class 1M2
9.395% (CME Term SOFR + 4.11%), 05/25/2025(c) | | | 63 | | | | 63,795 | |
Series 2016-C01, Class 1M2
12.145% (CME Term SOFR + 6.86%), 08/25/2028(c) | | | 116 | | | | 122,091 | |
Series 2016-C02, Class 1M2
11.395% (CME Term SOFR + 6.11%), 09/25/2028(c) | | | 21 | | | | 21,862 | |
| | | | | | | | |
Total Collateralized Mortgage Obligations
(cost $203,296) | | | | | | | 207,748 | |
| | | | | | | | |
| | |
| | |
| 50 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | |
| Principal Amount (000) | | | U.S. $ Value | |
|
| COMMERCIAL MORTGAGE-BACKED SECURITY–0.0% | |
| Non-Agency Fixed Rate CMBS–0.0% | |
City of Fort Wayne IN
10.75%, 12/01/2029(g)(h)
(cost $31,638) | | $ | 32 | | | $ | 3 | |
| | | | | | | | |
Total Investments—99.7%
(cost $1,346,770,496) | | | | | | | 1,339,655,007 | |
| | |
Other assets less liabilities—0.3% | | | | | | | 4,395,785 | |
| | | | | | | | |
| Net Assets—100.0% | | | | | | $ | 1,344,050,792 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | |
| | | | | | | | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount
(000) | | | Termination
Date | | | Payments made
by the Fund | | Payments received
by the Fund |
| | USD | | | | 25,000 | | | | 01/15/2027 | | | 1 Day SOFR | | 2.540% | | Annual | | $ | (975,044 | ) | | $ | — | | | $ | (975,044 | ) |
| | USD | | | | 16,300 | | | | 07/31/2030 | | | 1 Day SOFR | | 4.656% | | Annual | | | 1,170,369 | | | | — | | | | 1,170,369 | |
| | USD | | | | 8,800 | | | | 07/31/2031 | | | 1 Day SOFR | | 3.972% | | Annual | | | 349,521 | | | | — | | | | 349,521 | |
| | USD | | | | 19,450 | | | | 09/15/2031 | | | 1 Day SOFR | | 3.255% | | Annual | | | (47,911 | ) | | | 711 | | | | (48,622 | ) |
| | USD | | | | 13,150 | | | | 06/15/2034 | | | 3.851% | | 1 Day SOFR | | Annual | | | (510,031 | ) | | | 4,052 | | | | (514,083 | ) |
| | USD | | | | 8,200 | | | | 06/15/2034 | | | 3.543% | | 1 Day SOFR | | Annual | | | (119,859 | ) | | | 1,021 | | | | (120,880 | ) |
| | USD | | | | 9,620 | | | | 08/15/2034 | | | 3.314% | | 1 Day SOFR | | Annual | | | — | | | | — | | | | — | |
| | USD | | | | 8,900 | | | | 08/15/2034 | | | 3.264% | | 1 Day SOFR | | Annual | | | 63,634 | | | | 267 | | | | 63,367 | |
| | USD | | | | 6,400 | | | | 08/15/2034 | | | 3.304% | | 1 Day SOFR | | Annual | | | 33,689 | | | | — | | | | 33,689 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (35,632 | ) | | $ | 6,051 | | | $ | (41,683 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| INTEREST RATE SWAPS (see Note 3) | |
| | | | | | | | | | | Rate Type | | | | | | | Upfront
Premiums
Paid
(Received) | | | | |
| Swap Counterparty | | Notional
Amount
(000) | | | Termination
Date | | Payments
made by
the Fund | | Payments
received by
the Fund | | Payment Frequency
Paid/Received | | Market
Value | | | Unrealized
Appreciation
(Depreciation) | |
| Citibank, NA | | | USD | | | | 16,980 | | | 10/09/2029 | | 1.125% | | SIFMA* | | Quarterly | | $ | 1,145,747 | | | $ | — | | | $ | 1,145,747 | |
* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.
| (a) | | 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 September 30, 2024, the aggregate market value of these securities amounted to $44,626,303 or 3.3% of net assets. |
| (b) | | When-Issued or delayed delivery security. |
| (c) | | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024. |
| (e) | | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
| (f) | | Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps. |
| (g) | | Non-income producing security. |
As of September 30, 2024, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 5.4% and 0.0%, respectively.
Glossary:
ABS—Asset-Backed Securities
AGM—Assured Guaranty Municipal
AMT—Alternative Minimum Tax (subject to)
BAM—Build American Mutual
CMBS—Commercial Mortgage-Backed Securities
CME—Chicago Mercantile Exchange
SOFR—Secured Overnight Financing Rate
XLCA—XL Capital Assurance Inc.
See notes to financial statements.
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Intermediate Duration Portfolio
September 30, 2024
| | | | | | | | | | | | |
| | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| |
| GOVERNMENTS—TREASURIES–35.6% | | | | | |
| United States–35.6% | |
U.S. Treasury Bonds
1.25%, 05/15/2050(a) | | U.S.$ | | | | | 202,544 | | | $ | 108,202,535 | |
1.75%, 08/15/2041(a) | | | | | | | 46,935 | | | | 33,221,180 | |
2.00%, 11/15/2041 | | | | | | | 9,057 | | | | 6,650,113 | |
2.25%, 08/15/2046 | | | | | | | 12,530 | | | | 8,955,034 | |
2.375%, 02/15/2042 | | | | | | | 11,433 | | | | 8,889,235 | |
2.375%, 11/15/2049 | | | | | | | 2,885 | | | | 2,047,899 | |
2.50%, 02/15/2045 | | | | | | | 1,916 | | | | 1,462,148 | |
2.50%, 05/15/2046 | | | | | | | 23,956 | | | | 18,023,147 | |
3.00%, 05/15/2045 | | | | | | | 23,139 | | | | 19,212,601 | |
3.00%, 08/15/2048 | | | | | | | 28,274 | | | | 22,892,942 | |
3.00%, 02/15/2049 | | | | | | | 26,971 | | | | 21,796,182 | |
3.25%, 05/15/2042 | | | | | | | 11,593 | | | | 10,292,233 | |
3.375%, 08/15/2042 | | | | | | | 19,569 | | | | 17,636,201 | |
3.375%, 05/15/2044 | | | | | | | 5,710 | | | | 5,065,397 | |
3.50%, 02/15/2039 | | | | | | | 4,254 | | | | 4,051,935 | |
3.625%, 05/15/2053 | | | | | | | 27,235 | | | | 24,749,624 | |
3.75%, 11/15/2043 | | | | | | | 10,205 | | | | 9,587,916 | |
3.875%, 02/15/2043 | | | | | | | 12,073 | | | | 11,635,065 | |
3.875%, 05/15/2043 | | | | | | | 19,718 | | | | 18,959,609 | |
4.00%, 11/15/2042 | | | | | | | 33,530 | | | | 32,953,703 | |
4.125%, 08/15/2053 | | | | | | | 30,804 | | | | 30,631,125 | |
4.25%, 02/15/2054 | | | | | | | 4,634 | | | | 4,716,441 | |
4.375%, 02/15/2038 | | | | | | | 14,232 | | | | 14,966,048 | |
4.375%, 11/15/2039 | | | | | | | 47,210 | | | | 49,319,697 | |
4.375%, 08/15/2043 | | | | | | | 19,182 | | | | 19,697,824 | |
4.50%, 02/15/2036 | | | | | | | 4,048 | | | | 4,328,402 | |
4.50%, 02/15/2044 | | | | | | | 20,030 | | | | 20,874,495 | |
4.625%, 05/15/2054 | | | | | | | 16,704 | | | | 18,095,347 | |
4.75%, 02/15/2037 | | | | | | | 4,156 | | | | 4,531,339 | |
4.75%, 11/15/2043 | | | | | | | 17,479 | | | | 18,833,623 | |
4.75%, 11/15/2053 | | | | | | | 24,746 | | | | 27,298,372 | |
U.S. Treasury Notes
1.625%, 05/15/2026 | | | | | | | 19,229 | | | | 18,591,846 | |
3.50%, 04/30/2028 | | | | | | | 16,210 | | | | 16,164,609 | |
3.625%, 03/31/2028 | | | | | | | 28,384 | | | | 28,428,450 | |
3.75%, 12/31/2028 | | | | | | | 80,830 | | | | 81,335,288 | |
3.875%, 11/30/2027 | | | | | | | 102,699 | | | | 103,565,825 | |
3.875%, 12/31/2027 | | | | | | | 75,973 | | | | 76,661,707 | |
4.00%, 02/29/2028 | | | | | | | 13,956 | | | | 14,143,838 | |
4.00%, 01/31/2029 | | | | | | | 73,672 | | | | 74,880,783 | |
4.00%, 02/15/2034 | | | | | | | 48,407 | | | | 49,193,614 | |
4.125%, 09/30/2027 | | | | | | | 20,692 | | | | 21,015,109 | |
4.125%, 03/31/2029 | | | | | | | 8,646 | | | | 8,837,935 | |
4.125%, 08/31/2030 | | | | | | | 25,659 | | | | 26,316,922 | |
4.125%, 11/15/2032 | | | | | | | 18,170 | | | | 18,675,456 | |
4.25%, 02/28/2029 | | | | | | | 15,011 | | | | 15,421,457 | |
4.375%, 08/31/2028 | | | | | | | 13,427 | | | | 13,808,522 | |
4.375%, 11/30/2028 | | | | | | | 47,131 | | | | 48,544,827 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
4.375%, 05/15/2034 | | U.S.$ | | | | | 19,615 | | | $ | 20,525,468 | |
4.50%, 05/31/2029 | | | | | | | 36,587 | | | | 38,027,613 | |
4.50%, 11/15/2033 | | | | | | | 17,484 | | | | 18,445,093 | |
4.625%, 04/30/2029 | | | | | | | 59,634 | | | | 62,243,405 | |
4.875%, 05/31/2026 | | | | | | | 13,901 | | | | 14,155,331 | |
4.875%, 10/31/2028 | | | | | | | 106,793 | | | | 111,965,891 | |
| | | | | | | | | | | | |
Total Governments–Treasuries
(cost $1,520,729,202) | | | | 1,480,526,401 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| CORPORATES—INVESTMENT GRADE–23.4% | |
|
| Industrial–11.8% | |
| Basic–0.3% | |
Freeport Indonesia PT
4.763%, 04/14/2027(b) | | | | | | | 904 | | | | 908,520 | |
Glencore Funding LLC
5.338%, 04/04/2027(b) | | | | | | | 7,164 | | | | 7,341,810 | |
6.50%, 10/06/2033(b) | | | | | | | 2,016 | | | | 2,224,596 | |
Nexa Resources SA
6.75%, 04/09/2034(b) | | | | | | | 2,053 | | | | 2,173,614 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,648,540 | |
| | | | | | | | | | | | |
| Capital Goods–1.0% | |
Boeing Co. (The)
3.25%, 02/01/2028 | | | | 1,193 | | | | 1,130,654 | |
3.625%, 02/01/2031 | | | | | | | 1,417 | | | | 1,297,859 | |
5.15%, 05/01/2030 | | | | | | | 1,240 | | | | 1,242,765 | |
6.298%, 05/01/2029(b) | | | | | | | 2,015 | | | | 2,119,558 | |
6.528%, 05/01/2034(b) | | | | | | | 2,879 | | | | 3,088,764 | |
Caterpillar Financial Services Corp.
4.45%, 10/16/2026 | | | | | | | 10,001 | | | | 10,119,412 | |
CNH Industrial Capital LLC
5.10%, 04/20/2029 | | | | | | | 5,776 | | | | 5,947,778 | |
Embraer Netherlands Finance BV
5.40%, 02/01/2027 | | | | | | | 4,960 | | | | 5,024,728 | |
Flowserve Corp.
2.80%, 01/15/2032 | | | | | | | 4,669 | | | | 4,040,646 | |
Regal Rexnord Corp.
6.05%, 02/15/2026 | | | | | | | 6,295 | | | | 6,401,637 | |
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025 | | | | | | | 1,117 | | | | 1,102,781 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 41,516,582 | |
| | | | | | | | | | | | |
| Communications—Media–0.7% | |
| | | |
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/2029 | | | | | | | 3,490 | | | | 3,105,542 | |
| | | |
6.10%, 06/01/2029 | | | | | | | 6,455 | | | | 6,682,281 | |
| | |
Discovery Communications LLC
5.20%, 09/20/2047 | | | | 1,999 | | | | 1,625,027 | |
| | | |
5.30%, 05/15/2049 | | | | | | | 857 | | | | 693,064 | |
| | | |
Fox Corp.
6.50%, 10/13/2033 | | | | | | | 2,656 | | | | 2,905,425 | |
| | |
| | |
| 52 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | | |
Prosus NV
3.061%, 07/13/2031(b) | | | U.S.$ | | | | 3,921 | | | $ | 3,456,607 | |
3.257%, 01/19/2027(b) | | | | | | | 1,724 | | | | 1,663,660 | |
3.68%, 01/21/2030(b) | | | | | | | 462 | | | | 434,857 | |
4.027%, 08/03/2050(b) | | | | | | | 3,458 | | | | 2,517,874 | |
Tencent Holdings Ltd.
3.24%, 06/03/2050(b) | | | | | | | 4,830 | | | | 3,527,397 | |
Time Warner Cable LLC
4.50%, 09/15/2042 | | | | | | | 2,370 | | | | 1,816,581 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 28,428,315 | |
| | | | | | | | | | | | |
| Communications—Telecommunications–0.1% | |
AT&T, Inc.
4.50%, 05/15/2035 | | | | | | | 2,034 | | | | 1,981,014 | |
T-Mobile USA, Inc.
3.875%, 04/15/2030 | | | | | | | 1,696 | | | | 1,649,326 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,630,340 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Automotive–1.5% | |
BMW US Capital LLC
4.60%, 08/13/2027(b) | | | | | | | 10,014 | | | | 10,124,254 | |
Ford Motor Co.
3.25%, 02/12/2032 | | | | | | | 6,003 | | | | 5,114,196 | |
Ford Motor Credit Co., LLC
2.70%, 08/10/2026 | | | | | | | 902 | | | | 866,912 | |
6.125%, 03/08/2034 | | | | | | | 3,932 | | | | 3,980,206 | |
General Motors Co.
6.125%, 10/01/2025 | | | | | | | 1,152 | | | | 1,163,071 | |
General Motors Financial Co., Inc.
5.75%, 02/08/2031 | | | | | | | 9,151 | | | | 9,461,677 | |
Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(b) | | | | | | | 7,064 | | | | 6,782,005 | |
5.95%, 06/11/2029(b) | | | | | | | 1,511 | | | | 1,548,367 | |
Hyundai Capital America
4.30%, 09/24/2027(b) | | | | | | | 625 | | | | 623,344 | |
5.25%, 01/08/2027(b) | | | | | | | 2,195 | | | | 2,234,225 | |
5.275%, 06/24/2027(b) | | | | | | | 293 | | | | 299,472 | |
5.30%, 03/19/2027(b) | | | | | | | 2,599 | | | | 2,653,059 | |
6.10%, 09/21/2028(b) | | | | | | | 4,320 | | | | 4,552,071 | |
Mercedes-Benz Finance North America LLC
4.80%, 03/30/2026(b) | | | | | | | 5,380 | | | | 5,423,524 | |
Nissan Motor Co., Ltd.
4.345%, 09/17/2027(b) | | | | | | | 8,330 | | | | 8,117,918 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 62,944,301 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Entertainment–0.1% | |
Hasbro, Inc.
6.05%, 05/14/2034 | | | | | | | 2,322 | | | | 2,443,301 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Other–0.6% | |
DR Horton, Inc.
5.00%, 10/15/2034 | | | | | | | 6,008 | | | | 6,083,761 | |
Las Vegas Sands Corp.
3.90%, 08/08/2029 | | | | | | | 7,323 | | | | 6,981,309 | |
Marriott International, Inc./MD
5.30%, 05/15/2034 | | | | | | | 1,998 | | | | 2,058,979 | |
5.35%, 03/15/2035 | | | | | | | 7,963 | | | | 8,157,377 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
MDC Holdings, Inc.
6.00%, 01/15/2043 | | | U.S.$ | | | | 3,776 | | | $ | 4,016,002 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,297,428 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Restaurants–0.2% | |
Starbucks Corp.
4.85%, 02/08/2027 | | | | | | | 9,151 | | | | 9,297,507 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Retailers–0.2% | |
Ross Stores, Inc.
4.70%, 04/15/2027 | | | | | | | 7,988 | | | | 8,072,673 | |
| | | | | | | | | | | | |
| Consumer Non-Cyclical–2.1% | |
Altria Group, Inc.
3.40%, 05/06/2030 | | | | | | | 7,300 | | | | 6,893,171 | |
BAT Capital Corp.
2.259%, 03/25/2028 | | | | | | | 8,570 | | | | 7,969,500 | |
Cargill, Inc.
5.125%, 10/11/2032(b) | | | | | | | 3,643 | | | | 3,785,915 | |
Cencosud SA
5.95%, 05/28/2031(b) | | | | | | | 1,905 | | | | 1,985,486 | |
CVS Health Corp.
5.70%, 06/01/2034 | | | | | | | 6,753 | | | | 7,042,974 | |
General Mills, Inc.
4.70%, 01/30/2027 | | | | | | | 2,460 | | | | 2,488,511 | |
Imperial Brands Finance PLC
5.875%, 07/01/2034(b) | | | | | | | 7,441 | | | | 7,732,910 | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 6.75%, 03/15/2034(b) | | | | | | | 3,892 | | | | 4,311,130 | |
Kroger Co. (The)
4.70%, 08/15/2026 | | | | | | | 4,708 | | | | 4,741,756 | |
Ochsner LSU Health System of North Louisiana
Series 2021
2.51%, 05/15/2031 | | | | | | | 5,660 | | | | 4,395,669 | |
Philip Morris International, Inc.
4.875%, 02/13/2026 | | | | | | | 2,541 | | | | 2,566,563 | |
5.00%, 11/17/2025 | | | | | | | 4,607 | | | | 4,641,829 | |
5.375%, 02/15/2033 | | | | | | | 8,162 | | | | 8,533,698 | |
5.625%, 11/17/2029 | | | | | | | 829 | | | | 879,768 | |
Pilgrim’s Pride Corp.
6.875%, 05/15/2034 | | | | | | | 6,561 | | | | 7,288,484 | |
Roche Holdings, Inc.
4.203%, 09/09/2029(b) | | | | | | | 10,206 | | | | 10,262,337 | |
Tyson Foods, Inc.
5.70%, 03/15/2034 | | | | | | | 3,052 | | | | 3,214,183 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 88,733,884 | |
| | | | | | | | | | | | |
| Energy–2.1% | |
Columbia Pipelines Holding Co., LLC
5.097%, 10/01/2031(b) | | | | | | | 3,211 | | | | 3,239,257 | |
Continental Resources, Inc./OK
2.875%, 04/01/2032(b) | | | | | | | 6,461 | | | | 5,464,649 | |
4.375%, 01/15/2028 | | | | | | | 1,885 | | | | 1,858,026 | |
5.75%, 01/15/2031(b) | | | | | | | 2,866 | | | | 2,932,004 | |
Devon Energy Corp.
5.20%, 09/15/2034 | | | | | | | 5,353 | | | | 5,330,571 | |
5.60%, 07/15/2041 | | | | | | | 4,914 | | | | 4,819,209 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Diamondback Energy, Inc.
3.50%, 12/01/2029 | | | U.S.$ | | | | 1,467 | | | $ | 1,396,584 | |
Energy Transfer LP
5.60%, 09/01/2034 | | | | | | | 9,646 | | | | 10,022,387 | |
EQT Corp.
5.70%, 04/01/2028 | | | | | | | 1,958 | | | | 2,024,259 | |
Occidental Petroleum Corp. | | | | | | | | | |
5.20%, 08/01/2029 | | | | | | | 2,949 | | | | 2,997,393 | |
5.375%, 01/01/2032 | | | | | | | 3,070 | | | | 3,116,879 | |
6.625%, 09/01/2030 | | | | | | | 3,903 | | | | 4,209,190 | |
ONEOK, Inc.
6.05%, 09/01/2033 | | | | | | | 1,323 | | | | 1,414,234 | |
Ovintiv, Inc. | | | | | | | | | | | | |
6.25%, 07/15/2033 | | | | | | | 1,563 | | | | 1,652,951 | |
6.50%, 02/01/2038 | | | | | | | 697 | | | | 745,699 | |
Plains All American Pipeline LP/PAA Finance Corp.
5.70%, 09/15/2034 | | | | | | | 9,697 | | | | 10,076,734 | |
Saudi Arabian Oil Co.
5.75%, 07/17/2054(b) | | | | | | | 3,852 | | | | 3,898,224 | |
Suncor Energy, Inc.
6.80%, 05/15/2038 | | | | | | | 5,543 | | | | 6,333,931 | |
Var Energi ASA | | | | | | | | | | | | |
7.50%, 01/15/2028(b) | | | | | | | 5,044 | | | | 5,395,062 | |
8.00%, 11/15/2032(b) | | | | | | | 4,495 | | | | 5,204,626 | |
Williams Cos., Inc. (The)
4.80%, 11/15/2029 | | | | | | | 4,524 | | | | 4,591,996 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 86,723,865 | |
| | | | | | | | | | | | |
| Other Industrial–0.1% | |
LKQ Corp. | | | | | |
5.75%, 06/15/2028 | | | | | | | 2,309 | | | | 2,396,026 | |
6.25%, 06/15/2033 | | | | | | | 2,145 | | | | 2,275,330 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,671,356 | |
| | | | | | | | | | | | |
| Services–0.7% | |
Alibaba Group Holding Ltd.
2.125%, 02/09/2031 | | | | | | | 9,680 | | | | 8,442,122 | |
Booking Holdings, Inc.
4.50%, 11/15/2031 | | | EUR | | | | 3,033 | | | | 3,665,723 | |
Expedia Group, Inc.
6.25%, 05/01/2025(b) | | | U.S.$ | | | | 211 | | | | 211,549 | |
Global Payments, Inc.
3.20%, 08/15/2029 | | | | | | | 3,208 | | | | 3,004,709 | |
Mastercard, Inc.
4.55%, 01/15/2035 | | | | | | | 7,332 | | | | 7,366,534 | |
Moody’s Corp.
5.00%, 08/05/2034 | | | | | | | 5,101 | | | | 5,221,077 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,911,714 | |
| | | | | | | | | | | | |
| Technology–1.5% | |
Apple, Inc.
4.10%, 08/08/2062 | | | | | | | 5,020 | | | | 4,446,967 | |
Broadcom, Inc. | | | | | | | | | | | | |
4.15%, 02/15/2028 | | | | | | | 1,661 | | | | 1,659,306 | |
4.926%, 05/15/2037(b) | | | | | | | 3,190 | | | | 3,184,386 | |
5.05%, 07/12/2027 | | | | | | | 3,689 | | | | 3,769,199 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Entegris, Inc.
4.75%, 04/15/2029(b) | | | U.S.$ | | | | 5,311 | | | $ | 5,233,778 | |
Fiserv, Inc.
3.50%, 07/01/2029 | | | | | | | 9,632 | | | | 9,304,319 | |
Hewlett Packard Enterprise Co.
4.40%, 09/25/2027 | | | | | | | 4,227 | | | | 4,230,635 | |
Honeywell International, Inc.
4.125%, 11/02/2034 | | | EUR | | | | 5,113 | | | | 6,013,389 | |
Infor, Inc.
1.75%, 07/15/2025(b) | | | U.S.$ | | | | 2,719 | | | | 2,645,397 | |
Kyndryl Holdings, Inc.
2.05%, 10/15/2026 | | | | | | | 9,627 | | | | 9,153,640 | |
NXP BV/NXP Funding LLC
5.55%, 12/01/2028 | | | | | | | 4,119 | | | | 4,275,687 | |
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.40%, 05/01/2030 | | | | | | | 3,313 | | | | 3,129,890 | |
TSMC Arizona Corp.
3.875%, 04/22/2027 | | | | | | | 2,710 | | | | 2,688,998 | |
Western Digital Corp.
2.85%, 02/01/2029 | | | | | | | 1,351 | | | | 1,230,288 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 60,965,879 | |
| | | | | | | | | | | | |
| Transportation—Airlines–0.1% | |
Delta Air Lines, Inc./SkyMiles IP Ltd. | | | | | |
4.50%, 10/20/2025(b) | | | | | | | 1,414 | | | | 1,408,632 | |
4.75%, 10/20/2028(b) | | | | | | | 3,940 | | | | 3,933,420 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,342,052 | |
| | | | | | | | | | | | |
| Transportation—Railroads–0.0% | |
Lima Metro Line 2 Finance Ltd. | | | | | |
4.35%, 04/05/2036(b) | | | | | | | 393 | | | | 367,116 | |
5.875%, 07/05/2034(b) | | | | | | | 941 | | | | 952,881 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,319,997 | |
| | | | | | | | | | | | |
| Transportation—Services–0.5% | |
ENA Master Trust
4.00%, 05/19/2048(b) | | | | | | | 1,235 | | | | 938,279 | |
ERAC USA Finance LLC
4.60%, 05/01/2028(b) | | | | | | | 2,517 | | | | 2,546,801 | |
Ryder System, Inc.
5.375%, 03/15/2029 | | | | | | | 7,365 | | | | 7,642,734 | |
TTX Co.
5.50%, 09/25/2026(b) | | | | | | | 8,329 | | | | 8,502,577 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,630,391 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 491,578,125 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Financial Institutions–10.4% | |
| Banking–8.3% | |
AIB Group PLC
6.608%, 09/13/2029(b) | | | | | | | 1,569 | | | | 1,680,132 | |
7.583%, 10/14/2026(b) | | | | | | | 8,806 | | | | 9,058,732 | |
Ally Financial, Inc.
6.992%, 06/13/2029 | | | | | | | 4,741 | | | | 5,011,759 | |
American Express Co.
5.098%, 02/16/2028 | | | | | | | 9,109 | | | | 9,283,620 | |
| | |
| | |
| 54 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Banco Bilbao Vizcaya Argentaria SA
5.381%, 03/13/2029 | | | U.S.$ | | | | 3,200 | | | $ | 3,323,520 | |
7.883%, 11/15/2034 | | | | | | | 800 | | | | 917,912 | |
Banco de Credito del Peru SA
3.125%, 07/01/2030(b) | | | | | | | 5,996 | | | | 5,862,949 | |
Banco Santander SA
4.175%, 03/24/2028 | | | | | | | 3,200 | | | | 3,170,816 | |
6.35%, 03/14/2034 | | | | | | | 3,000 | | | | 3,211,140 | |
6.921%, 08/08/2033 | | | | | | | 3,200 | | | | 3,536,992 | |
9.625%, 05/21/2033(c) | | | | | | | 4,400 | | | | 5,181,616 | |
Bank of America Corp.
2.687%, 04/22/2032 | | | | | | | 1,935 | | | | 1,725,246 | |
2.972%, 02/04/2033 | | | | | | | 10,774 | | | | 9,652,211 | |
Bank of Ireland Group PLC
5.601%, 03/20/2030(b) | | | | | | | 1,428 | | | | 1,479,836 | |
6.253%, 09/16/2026(b) | | | | | | | 2,285 | | | | 2,315,116 | |
Bank of New York Mellon Corp. (The)
5.606%, 07/21/2039 | | | | | | | 3,118 | | | | 3,275,490 | |
Barclays PLC
5.088%, 06/20/2030 | | | | | | | 1,648 | | | | 1,652,763 | |
5.335%, 09/10/2035 | | | | | | | 2,534 | | | | 2,562,913 | |
5.674%, 03/12/2028 | | | | | | | 736 | | | | 756,056 | |
6.224%, 05/09/2034 | | | | | | | 3,451 | | | | 3,715,450 | |
7.119%, 06/27/2034 | | | | | | | 1,360 | | | | 1,514,591 | |
BNP Paribas SA
2.591%, 01/20/2028(b) | | | | | | | 2,660 | | | | 2,552,137 | |
4.625%, 02/25/2031(b)(c) | | | | | | | 943 | | | | 824,757 | |
5.497%, 05/20/2030(b) | | | | | | | 6,651 | | | | 6,894,360 | |
BPCE SA
6.508%, 01/18/2035(b) | | | | | | | 8,900 | | | | 9,352,031 | |
CaixaBank SA
6.037%, 06/15/2035(b) | | | | | | | 2,782 | | | | 2,956,960 | |
6.684%, 09/13/2027(b) | | | | | | | 5,127 | | | | 5,331,055 | |
Capital One Financial Corp.
5.468%, 02/01/2029 | | | | | | | 1,883 | | | | 1,930,791 | |
6.377%, 06/08/2034 | | | | | | | 5,768 | | | | 6,232,439 | |
Citigroup, Inc.
4.075%, 04/23/2029 | | | | | | | 5,373 | | | | 5,319,539 | |
4.542%, 09/19/2030 | | | | | | | 10,407 | | | | 10,420,529 | |
Series W
4.00%, 12/10/2025(c) | | | | | | | 3,243 | | | | 3,178,821 | |
Cooperatieve Rabobank UA
5.564%, 02/28/2029(b) | | | | | | | 7,918 | | | | 8,188,875 | |
Credit Agricole SA
6.251%, 01/10/2035(b) | | | | | | | 7,161 | | | | 7,653,319 | |
Danske Bank A/S
4.613%, 10/02/2030(b) | | | | | | | 4,420 | | | | 4,417,569 | |
Deutsche Bank AG/New York NY
2.129%, 11/24/2026 | | | | | | | 4,221 | | | | 4,088,503 | |
2.552%, 01/07/2028 | | | | | | | 604 | | | | 575,594 | |
3.961%, 11/26/2025 | | | | | | | 1,336 | | | | 1,332,633 | |
6.119%, 07/14/2026 | | | | | | | 4,678 | | | | 4,714,161 | |
7.146%, 07/13/2027 | | | | | | | 1,492 | | | | 1,553,500 | |
Discover Bank
Series B
5.974%, 08/09/2028 | | | | | | | 2,264 | | | | 2,335,180 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Goldman Sachs Group, Inc. (The)
2.615%, 04/22/2032 | | | U.S.$ | | | | 10,017 | | | $ | 8,846,614 | |
2.65%, 10/21/2032 | | | | | | | 701 | | | | 615,639 | |
Series P
8.238% (CME Term SOFR 3 Month + 3.14%), 10/21/2024(c)(d) | | | | | | | 1,153 | | | | 1,153,934 | |
Series V
4.125%, 11/10/2026(c) | | | | | | | 3,016 | | | | 2,886,915 | |
HSBC Holdings PLC
2.804%, 05/24/2032 | | | | | | | 2,559 | | | | 2,263,512 | |
2.848%, 06/04/2031 | | | | | | | 7,601 | | | | 6,919,798 | |
7.399%, 11/13/2034 | | | | | | | 5,415 | | | | 6,219,128 | |
8.113%, 11/03/2033 | | | | | | | 4,435 | | | | 5,280,089 | |
ING Groep NV
6.083%, 09/11/2027 | | | | | | | 6,267 | | | | 6,462,217 | |
Intesa Sanpaolo SpA
7.20%, 11/28/2033(b) | | | | | | | 4,756 | | | | 5,418,225 | |
JPMorgan Chase & Co.
2.963%, 01/25/2033 | | | | | | | 12,789 | | | | 11,499,741 | |
KBC Group NV
5.796%, 01/19/2029(b) | | | | | | | 1,666 | | | | 1,727,425 | |
Lloyds Banking Group PLC
4.976%, 08/11/2033 | | | | | | | 366 | | | | 369,151 | |
5.462%, 01/05/2028 | | | | | | | 656 | | | | 670,616 | |
7.50%, 09/27/2025(c) | | | | | | | 5,358 | | | | 5,413,402 | |
7.953%, 11/15/2033 | | | | | | | 2,446 | | | | 2,860,328 | |
Mizuho Financial Group, Inc.
5.376%, 05/26/2030 | | | | | | | 2,363 | | | | 2,450,573 | |
Morgan Stanley
0.406%, 10/29/2027 | | | EUR | | | | 3,196 | | | | 3,377,823 | |
Morgan Stanley Bank NA
Series B
5.504%, 05/26/2028 | | | U.S.$ | | | | 6,454 | | | | 6,656,785 | |
Nationwide Building Society
2.972%, 02/16/2028(b) | | | | | | | 5,154 | | | | 4,968,301 | |
NatWest Group PLC
3.032%, 11/28/2035 | | | | | | | 669 | | | | 595,564 | |
6.475%, 06/01/2034 | | | | | | | 537 | | | | 565,327 | |
8.125%, 11/10/2033(c) | | | | | | | 1,358 | | | | 1,482,434 | |
PNC Financial Services Group, Inc. (The)
Series R
8.317% (CME Term SOFR 3 Month + 3.30%), 12/01/2024(c)(d) | | | | | | | 1,677 | | | | 1,693,451 | |
Santander Holdings USA, Inc.
6.174%, 01/09/2030 | | | | | | | 550 | | | | 573,854 | |
6.499%, 03/09/2029 | | | | | | | 331 | | | | 346,458 | |
6.565%, 06/12/2029 | | | | | | | 13 | | | | 13,640 | |
Santander UK Group Holdings PLC
4.858%, 09/11/2030 | | | | | | | 1,481 | | | | 1,493,055 | |
6.833%, 11/21/2026 | | | | | | | 7,481 | | | | 7,641,542 | |
Skandinaviska Enskilda Banken AB
5.125%, 03/05/2027(b) | | | | | | | 1,913 | | | | 1,958,204 | |
Societe Generale SA
2.797%, 01/19/2028(b) | | | | | | | 4,567 | | | | 4,361,668 | |
2.889%, 06/09/2032(b) | | | | | | | 200 | | | | 173,434 | |
5.519%, 01/19/2028(b) | | | | | | | 4,676 | | | | 4,738,752 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Standard Chartered PLC
3.971%, 03/30/2026(b) | | | U.S.$ | | | | 3,723 | | | $ | 3,699,508 | |
6.187%, 07/06/2027(b) | | | | | | | 3,042 | | | | 3,123,952 | |
7.027% (CME Term SOFR 3 Month + 1.51%),
01/30/2027(b)(c)(d) | | | | | | | 300 | | | | 287,748 | |
Sumitomo Mitsui Financial Group, Inc.
5.316%, 07/09/2029 | | | | | | | 8,152 | | | | 8,481,504 | |
Sumitomo Mitsui Trust Bank Ltd.
4.45%, 09/10/2027(b) | | | | | | | 886 | | | | 891,139 | |
Toronto-Dominion Bank (The)
5.146%, 09/10/2034 | | | | | | | 3,542 | | | | 3,583,689 | |
UBS Group AG
3.091%, 05/14/2032(b) | | | | | | | 9,944 | | | | 8,954,473 | |
3.875%, 06/02/2026(b)(c) | | | | | | | 408 | | | | 387,539 | |
4.194%, 04/01/2031(b) | | | | | | | 2,852 | | | | 2,786,661 | |
6.373%, 07/15/2026(b) | | | | | | | 6,080 | | | | 6,146,758 | |
9.25%, 11/13/2028(b)(c) | | | | | | | 1,113 | | | | 1,230,566 | |
9.25%, 11/13/2033(b)(c) | | | | | | | 1,022 | | | | 1,204,948 | |
UniCredit SpA
1.982%, 06/03/2027(b) | | | | | | | 271 | | | | 259,163 | |
2.569%, 09/22/2026(b) | | | | | | | 6,253 | | | | 6,112,870 | |
3.127%, 06/03/2032(b) | | | | | | | 1,858 | | | | 1,646,299 | |
Wells Fargo & Co.
3.35%, 03/02/2033 | | | | | | | 12,130 | | | | 11,091,793 | |
3.584%, 05/22/2028 | | | | | | | 2,117 | | | | 2,076,078 | |
Series BB
3.90%, 03/15/2026(c) | | | | | | | 2,664 | | | | 2,592,685 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 344,996,585 | |
| | | | | | | | | | | | |
| Brokerage–0.2% | |
Charles Schwab Corp. (The)
Series I
4.00%, 06/01/2026(c) | | | | | | | 7,570 | | | | 7,266,367 | |
| | | | | | | | | | | | |
| Finance–0.3% | |
Aircastle Ltd.
4.25%, 06/15/2026 | | | | | | | 530 | | | | 526,105 | |
5.25%, 08/11/2025(b) | | | | | | | 2,686 | | | | 2,686,940 | |
Aviation Capital Group LLC
1.95%, 01/30/2026(b) | | | | | | | 4,547 | | | | 4,380,125 | |
1.95%, 09/20/2026(b) | | | | | | | 1,485 | | | | 1,406,562 | |
3.50%, 11/01/2027(b) | | | | | | | 893 | | | | 861,593 | |
4.125%, 08/01/2025(b) | | | | | | | 35 | | | | 34,768 | |
4.875%, 10/01/2025(b) | | | | | | | 1,447 | | | | 1,445,119 | |
5.50%, 12/15/2024(b) | | | | | | | 2,808 | | | | 2,804,967 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,146,179 | |
| | | | | | | | | | | | |
| Insurance–0.8% | |
Athene Global Funding
1.985%, 08/19/2028(b) | | | | | | | 3,079 | | | | 2,796,101 | |
2.55%, 11/19/2030(b) | | | | | | | 606 | | | | 533,831 | |
2.717%, 01/07/2029(b) | | | | | | | 1,145 | | | | 1,058,129 | |
5.583%, 01/09/2029(b) | | | | | | | 541 | | | | 560,016 | |
5.62%, 05/08/2026(b) | | | | | | | 5,842 | | | | 5,933,486 | |
MetLife Capital Trust IV
7.875%, 12/15/2037(b) | | | | | | | 5,200 | | | | 5,809,544 | |
Principal Life Global Funding II
5.10%, 01/25/2029(b) | | | | | | | 6,566 | | | | 6,765,147 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Prudential Financial, Inc.
5.375%, 05/15/2045 | | | U.S.$ | | | | 615 | | | $ | 612,288 | |
Swiss Re Finance Luxembourg SA
5.00%, 04/02/2049(b) | | | | | | | 1,600 | | | | 1,620,704 | |
Swiss Re Subordinated Finance PLC
5.698%, 04/05/2035(b) | | | | | | | 8,000 | | | | 8,274,720 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,963,966 | |
| | | | | | | | | | | | |
| Other Finance–0.1% | |
GPS Blue Financing DAC
5.645%, 11/09/2041(b) | | | | | | | 4,889 | | | | 4,921,121 | |
| | | | | | | | | | | | |
| REITs–0.7% | |
American Tower Corp.
2.10%, 06/15/2030 | | | | | | | 1,515 | | | | 1,334,533 | |
3.65%, 03/15/2027 | | | | | | | 1,936 | | | | 1,906,573 | |
5.20%, 02/15/2029 | | | | | | | 3,698 | | | | 3,811,196 | |
Crown Castle, Inc.
5.60%, 06/01/2029 | | | | | | | 1,920 | | | | 2,006,554 | |
GLP Capital LP/GLP
Financing II, Inc.
3.25%, 01/15/2032 | | | | | | | 4,575 | | | | 4,047,045 | |
4.00%, 01/15/2031 | | | | | | | 1,790 | | | | 1,677,248 | |
Simon Property Group LP
4.75%, 09/26/2034 | | | | | | | 5,987 | | | | 5,936,530 | |
Trust Fibra Uno
4.869%, 01/15/2030(b) | | | | | | | 3,548 | | | | 3,290,770 | |
5.25%, 01/30/2026(b) | | | | | | | 2,677 | | | | 2,665,060 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 26,675,509 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 431,969,727 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Utility–1.2% | |
| Electric–1.2% | |
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(b) | | | | | | | 1,612 | | | | 1,452,558 | |
Alexander Funding Trust II
7.467%, 07/31/2028(b) | | | | | | | 1,615 | | | | 1,741,842 | |
American Electric Power Co., Inc.
6.95%, 12/15/2054 | | | | | | | 3,588 | | | | 3,820,359 | |
Duke Energy Carolinas NC Storm Funding LLC
Series A-2
2.617%, 07/01/2041 | | | | | | | 3,641 | | | | 2,852,541 | |
Electricite de France SA
9.125%, 03/15/2033(b)(c) | | | | | | | 1,420 | | | | 1,618,757 | |
Enel Finance International NV
5.50%, 06/26/2034(b) | | | | | | | 9,669 | | | | 10,035,165 | |
Engie Energia Chile SA
3.40%, 01/28/2030(b) | | | | | | | 3,834 | | | | 3,516,497 | |
6.375%, 04/17/2034(b) | | | | | | | 2,080 | | | | 2,208,648 | |
FIEMEX Energia–Banco Actinver SA Institucion de Banca Multiple
7.25%, 01/31/2041(b) | | | | | | | 2,108 | | | | 2,189,685 | |
NextEra Energy Capital Holdings, Inc.
6.70%, 09/01/2054 | | | | | | | 1,217 | | | | 1,275,477 | |
| | |
| | |
| 56 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Niagara Mohawk Power Corp.
5.29%, 01/17/2034(b) | | | U.S.$ | | | | 3,243 | | | $ | 3,308,898 | |
NRG Energy, Inc.
4.45%, 06/15/2029(b) | | | | | | | 542 | | | | 529,767 | |
7.00%, 03/15/2033(b) | | | | | | | 5,900 | | | | 6,543,041 | |
Pacific Gas and Electric Co.
5.55%, 05/15/2029 | | | | | | | 1,713 | | | | 1,779,156 | |
Vistra Operations Co., LLC
6.95%, 10/15/2033(b) | | | | | | | 4,313 | | | | 4,867,005 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 47,739,396 | |
| | | | | | | | | | | | |
| Total Corporates—Investment Grade (cost $960,371,059) | | | | | | | | | | | 971,287,248 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| MORTGAGE PASS-THROUGHS–22.0% | |
| Agency Fixed Rate 30-Year–21.7% | |
Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 09/01/2049 | | | | | | | 5,145 | | | | 4,858,678 | |
3.50%, 10/01/2049 | | | | | | | 5,105 | | | | 4,817,061 | |
3.50%, 11/01/2049 | | | | | | | 1,914 | | | | 1,806,210 | |
Series 2020
3.50%, 01/01/2050 | | | | | | | 4,233 | | | | 4,003,946 | |
Series 2022
2.00%, 03/01/2052 | | | | | | | 23,399 | | | | 19,524,516 | |
2.50%, 04/01/2052 | | | | | | | 28,561 | | | | 24,913,626 | |
3.00%, 03/01/2052 | | | | | | | 15,336 | | | | 13,915,234 | |
3.00%, 05/01/2052 | | | | | | | 21,967 | | | | 19,724,652 | |
Federal Home Loan Mortgage Corp. Gold
Series 2003
5.00%, 08/01/2033 | | | | | | | 0 | ** | | | 442 | |
Series 2007
5.50%, 07/01/2035 | | | | | | | 391 | | | | 405,121 | |
Series 2016
4.00%, 02/01/2046 | | | | | | | 3,999 | | | | 3,937,322 | |
Series 2017
4.00%, 07/01/2044 | | | | | | | 2,808 | | | | 2,763,816 | |
Series 2018
4.00%, 08/01/2048 | | | | | | | 2,066 | | | | 2,015,557 | |
4.50%, 10/01/2048 | | | | | | | 3,284 | | | | 3,287,393 | |
4.50%, 11/01/2048 | | | | | | | 3,471 | | | | 3,471,930 | |
5.00%, 09/01/2048 | | | | | | | 1,188 | | | | 1,212,592 | |
5.00%, 11/01/2048 | | | | | | | 1,474 | | | | 1,504,333 | |
Federal National Mortgage Association
Series 2001
6.50%, 08/01/2031 | | | | | | | 1 | | | | 737 | |
Series 2003
5.50%, 04/01/2033 | | | | | | | 331 | | | | 342,129 | |
5.50%, 07/01/2033 | | | | | | | 736 | | | | 760,519 | |
5.50%, 11/01/2033 | | | | | | | 0 | ** | | | 75 | |
Series 2004
5.50%, 04/01/2034 | | | | | | | 175 | | | | 181,207 | |
5.50%, 05/01/2034 | | | | | | | 161 | | | | 166,760 | |
5.50%, 11/01/2034 | | | | | | | 627 | | | | 650,442 | |
6.50%, 08/01/2034 | | | | | | | 1 | | | | 840 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2005
5.50%, 02/01/2035 | | | U.S.$ | | | | 860 | | | $ | 891,373 | |
Series 2006
5.50%, 04/01/2036 | | | | | | | 158 | | | | 164,608 | |
Series 2007
5.50%, 09/01/2036 | | | | | | | 301 | | | | 311,874 | |
Series 2008
6.00%, 03/01/2037 | | | | | | | 2 | | | | 2,270 | |
Series 2010
4.00%, 12/01/2040 | | | | | | | 1,753 | | | | 1,724,782 | |
Series 2012
3.50%, 02/01/2042 | | | | | | | 1,112 | | | | 1,068,738 | |
3.50%, 11/01/2042 | | | | | | | 11,994 | | | | 11,527,219 | |
3.50%, 01/01/2043 | | | | | | | 2,027 | | | | 1,945,990 | |
Series 2013
3.50%, 04/01/2043 | | | | | | | 6,989 | | | | 6,708,455 | |
4.00%, 10/01/2043 | | | | | | | 5,466 | | | | 5,364,288 | |
Series 2015
3.00%, 05/01/2045 | | | | | | | 2,262 | | | | 2,077,696 | |
3.00%, 08/01/2045 | | | | | | | 3,984 | | | | 3,659,813 | |
Series 2018
3.50%, 02/01/2048 | | | | | | | 2,738 | | | | 2,582,918 | |
3.50%, 05/01/2048 | | | | | | | 1,155 | | | | 1,093,378 | |
4.50%, 09/01/2048 | | | | | | | 5,050 | | | | 5,049,516 | |
Series 2019
3.50%, 08/01/2049 | | | | | | | 1,724 | | | | 1,627,277 | |
3.50%, 09/01/2049 | | | | | | | 2,045 | | | | 1,931,410 | |
3.50%, 10/01/2049 | | | | | | | 5,298 | | | | 4,998,006 | |
3.50%, 11/01/2049 | | | | | | | 4,316 | | | | 4,071,772 | |
Series 2020
3.50%, 01/01/2050 | | | | | | | 4,059 | | | | 3,831,416 | |
Series 2021
2.00%, 07/01/2051 | | | | | | | 25,309 | | | | 21,015,758 | |
2.00%, 12/01/2051 | | | | | | | 44,840 | | | | 37,135,661 | |
2.50%, 01/01/2052 | | | | | | | 7,746 | | | | 6,757,503 | |
Series 2022
2.00%, 05/01/2052 | | | | | | | 12,194 | | | | 10,098,788 | |
2.50%, 03/01/2052 | | | | | | | 16,980 | | | | 14,808,096 | |
2.50%, 04/01/2052 | | | | | | | 17,789 | | | | 15,507,945 | |
2.50%, 05/01/2052 | | | | | | | 23,452 | | | | 20,444,845 | |
3.00%, 02/01/2052 | | | | | | | 18,413 | | | | 16,707,497 | |
3.00%, 03/01/2052 | | | | | | | 23,518 | | | | 21,339,287 | |
Government National Mortgage Association
Series 2016
3.00%, 04/20/2046 | | | | | | | 1,129 | | | | 1,041,573 | |
3.00%, 05/20/2046 | | | | | | | 1,048 | | | | 967,359 | |
3.00%, 12/20/2046 | | | | | | | 304 | | | | 279,338 | |
Series 2023
5.50%, 04/20/2053 | | | | | | | 17,836 | | | | 18,028,650 | |
5.50%, 07/20/2053 | | | | | | | 9,380 | | | | 9,475,892 | |
Series 2024
3.00%, 10/21/2054, TBA | | | | | | | 11,411 | | | | 10,406,294 | |
4.00%, 10/21/2054, TBA | | | | | | | 4,157 | | | | 4,018,771 | |
4.50%, 10/21/2054, TBA | | | | | | | 58,866 | | | | 58,116,294 | |
5.00%, 10/15/2054, TBA | | | | | | | 48,025 | | | | 48,113,563 | |
5.50%, 10/15/2054, TBA | | | | | | | 13,531 | | | | 13,662,056 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
6.00%, 10/15/2054, TBA | | | U.S.$ | | | | 38,472 | | | $ | 39,117,754 | |
Uniform Mortgage-Backed Security
Series 2024
2.00%, 10/15/2054, TBA | | | | | | | 54,968 | | | | 45,451,665 | |
2.50%, 10/15/2054, TBA | | | | | | | 69,193 | | | | 59,708,695 | |
3.00%, 10/15/2054, TBA | | | | | | | 16,763 | | | | 15,044,945 | |
4.00%, 10/15/2054, TBA | | | | | | | 9,401 | | | | 9,027,812 | |
4.50%, 10/15/2054, TBA | | | | | | | 8,559 | | | | 8,414,232 | |
5.00%, 10/15/2054, TBA | | | | | | | 33,691 | | | | 33,664,681 | |
5.50%, 10/15/2054, TBA | | | | | | | 89,997 | | | | 91,048,238 | |
6.00%, 10/15/2054, TBA | | | | | | | 67,485 | | | | 68,964,047 | |
6.50%, 10/15/2054, TBA | | | | | | | 25,913 | | | | 26,715,193 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 899,980,369 | |
| | | | | | | | | | | | |
| Agency Fixed Rate 15-Year–0.3% | |
Federal National Mortgage Association
Series 2012
2.50%, 04/01/2027 | | | | | | | 4 | | | | 3,711 | |
Series 2016
2.50%, 02/01/2031 | | | | | | | 10 | | | | 9,295 | |
2.50%, 04/01/2031 | | | | | | | 6 | | | | 5,842 | |
2.50%, 05/01/2031 | | | | | | | 27 | | | | 26,097 | |
2.50%, 07/01/2031 | | | | | | | 902 | | | | 867,318 | |
2.50%, 08/01/2031 | | | | | | | 302 | | | | 290,899 | |
2.50%, 09/01/2031 | | | | | | | 172 | | | | 165,065 | |
2.50%, 10/01/2031 | | | | | | | 986 | | | | 948,270 | |
2.50%, 11/01/2031 | | | | | | | 6,790 | | | | 6,522,558 | |
2.50%, 12/01/2031 | | | | | | | 2,623 | | | | 2,518,334 | |
2.50%, 01/01/2032 | | | | | | | 367 | | | | 351,733 | |
Series 2017
2.50%, 01/01/2032 | | | | | | | 1,696 | | | | 1,628,233 | |
2.50%, 02/01/2032 | | | | | | | 96 | | | | 91,780 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,429,135 | |
| | | | | | | | | | | | |
| Other Agency Fixed Rate Programs–0.0% | |
Federal National Mortgage Association
Series 2009
4.50%, 07/01/2029 | | | | | | | 119 | | | | 119,391 | |
4.50%, 08/01/2029 | | | | | | | 32 | | | | 32,499 | |
4.50%, 10/01/2029 | | | | | | | 6 | | | | 6,289 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 158,179 | |
| | | | | | | | | | | | |
| Agency ARMs–0.0% | |
Federal Home Loan Mortgage Corp.
Series 2006
6.596% (RFUCCT1Y + 2.18%), 12/01/2036(d) | | | | | | | 0 | ** | | | 137 | |
Series 2007
6.60% (RFUCCT1Y + 2.10%), 03/01/2037(d) | | | | | | | 0 | ** | | | 320 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 457 | |
| | | | | | | | | | | | |
Total Mortgage Pass-Throughs
(cost $934,451,521) | | | | | | | | | | | 913,568,140 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
|
| COLLATERALIZED MORTGAGE OBLIGATIONS–6.3% | |
| Risk Share Floating Rate–5.8% | |
Bellemeade Re Ltd.
Series 2021-3A, Class A2
6.28% (CME Term SOFR + 1.00%), 09/25/2031(b)(d) | | | U.S.$ | | | | 7,199 | | | $ | 7,209,449 | |
Series 2022-1, Class M1B
7.43% (CME Term SOFR + 2.15%), 01/26/2032(b)(d) | | | | | | | 3,969 | | | | 3,988,086 | |
Series 2022-2, Class M1A
9.28% (CME Term SOFR + 4.00%), 09/27/2032(b)(d) | | | | | | | 6,384 | | | | 6,509,542 | |
Connecticut Avenue Securities Trust
Series 2021-R03, Class 1M2
6.93% (CME Term SOFR + 1.65%), 12/25/2041(b)(d) | | | | | | | 3,513 | | | | 3,538,573 | |
Series 2022-R01, Class 1M2
7.18% (CME Term SOFR + 1.90%), 12/25/2041(b)(d) | | | | | | | 9,352 | | | | 9,464,396 | |
Series 2022-R02, Class 2M1
6.48% (CME Term SOFR + 1.20%), 01/25/2042(b)(d) | | | | | | | 3,098 | | | | 3,097,584 | |
Series 2022-R03, Class 1M2
8.78% (CME Term SOFR + 3.50%), 03/25/2042(b)(d) | | | | | | | 6,435 | | | | 6,764,118 | |
Series 2022-R04, Class 1M2
8.38% (CME Term SOFR + 3.10%), 03/25/2042(b)(d) | | | | | | | 1,747 | | | | 1,819,971 | |
Series 2022-R05, Class 2M2
8.28% (CME Term SOFR + 3.00%), 04/25/2042(b)(d) | | | | | | | 5,001 | | | | 5,163,383 | |
Series 2022-R06, Class 1M1
8.03% (CME Term SOFR + 2.75%), 05/25/2042(b)(d) | | | | | | | 5,727 | | | | 5,883,043 | |
Series 2022-R07, Class 1M1
8.213% (CME Term SOFR + 2.95%), 06/25/2042(b)(d) | | | | | | | 5,962 | | | | 6,147,015 | |
Series 2022-R08, Class 1M1
7.83% (CME Term SOFR + 2.55%), 07/25/2042(b)(d) | | | | | | | 5,024 | | | | 5,156,675 | |
Series 2023-R01, Class 1M1
7.663% (CME Term SOFR + 2.40%), 12/25/2042(b)(d) | | | | | | | 3,962 | | | | 4,069,254 | |
Series 2023-R02, Class 1M1
7.58% (CME Term SOFR + 2.30%), 01/25/2043(b)(d) | | | | | | | 2,860 | | | | 2,917,415 | |
Series 2023-R03, Class 2M1
7.78% (CME Term SOFR + 2.50%), 04/25/2043(b)(d) | | | | | | | 7,234 | | | | 7,366,761 | |
Series 2023-R04, Class 1M1
7.563% (CME Term SOFR + 2.30%), 05/25/2043(b)(d) | | | | | | | 6,042 | | | | 6,190,020 | |
Series 2023-R05, Class 1M1
7.163% (CME Term SOFR + 1.90%), 06/25/2043(b)(d) | | | | | | | 5,375 | | | | 5,415,401 | |
| | |
| | |
| 58 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2023-R06, Class 1M1
6.98% (CME Term SOFR + 1.70%), 07/25/2043(b)(d) | | | U.S.$ | | | | 5,175 | | | $ | 5,194,316 | |
Series 2024-R02, Class 1M1
6.38% (CME Term SOFR + 1.10%), 02/25/2044(b)(d) | | | | | | | 3,158 | | | | 3,159,592 | |
Series 2024-R03, Class 2M1
6.413% (CME Term SOFR + 1.15%), 03/25/2044(b)(d) | | | | | | | 5,713 | | | | 5,714,996 | |
Series 2024-R04, Class 1M1
6.38% (CME Term SOFR + 1.10%), 05/25/2044(b)(d) | | | | | | | 5,793 | | | | 5,793,057 | |
Series 2024-R05, Class 2M1
6.28% (CME Term SOFR + 1.00%), 07/25/2044(b)(d) | | | | | | | 3,230 | | | | 3,229,995 | |
Series 2024-R06, Class 1M1
6.393% (CME Term SOFR + 1.05%), 09/25/2044(b)(d) | | | | | | | 7,291 | | | | 7,294,468 | |
Eagle Re Ltd.
Series 2021-2, Class M1B
7.33% (CME Term SOFR + 2.05%), 04/25/2034(b)(d) | | | | | | | 432 | | | | 432,432 | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3
8.695% (CME Term SOFR + 3.41%), 10/25/2027(d) | | | | | | | 122 | | | | 121,895 | |
Series 2016-HQA3, Class M3
9.245% (CME Term SOFR + 3.96%), 03/25/2029(d) | | | | | | | 852 | | | | 885,652 | |
Series 2021-DNA5, Class M2
6.93% (CME Term SOFR + 1.65%), 01/25/2034(b)(d) | | | | | | | 1,375 | | | | 1,382,181 | |
Series 2021-DNA6, Class M2
6.78% (CME Term SOFR + 1.50%), 10/25/2041(b)(d) | | | | | | | 9,778 | | | | 9,831,968 | |
Series 2021-DNA7, Class M2
7.08% (CME Term SOFR + 1.80%), 11/25/2041(b)(d) | | | | | | | 9,563 | | | | 9,662,789 | |
Series 2021-HQA4, Class M1
6.23% (CME Term SOFR + 0.95%), 12/25/2041(b)(d) | | | | | | | 3,213 | | | | 3,203,383 | |
Series 2021-HQA4, Class M2
7.63% (CME Term SOFR + 2.35%), 12/25/2041(b)(d) | | | | | | | 6,126 | | | | 6,203,825 | |
Series 2022-DNA1, Class M1A
6.28% (CME Term SOFR + 1.00%), 01/25/2042(b)(d) | | | | | | | 2,450 | | | | 2,443,386 | |
Series 2022-DNA1, Class M1B
7.13% (CME Term SOFR + 1.85%), 01/25/2042(b)(d) | | | | | | | 4,940 | | | | 5,007,513 | |
Series 2022-DNA2, Class M1B
7.68% (CME Term SOFR + 2.40%), 02/25/2042(b)(d) | | | | | | | 7,072 | | | | 7,235,094 | |
Series 2022-DNA3, Class M1B
8.18% (CME Term SOFR + 2.90%), 04/25/2042(b)(d) | | | | | | | 2,957 | | | | 3,058,784 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2022-DNA4, Class M1B
8.63% (CME Term SOFR + 3.35%), 05/25/2042(b)(d) | | U.S.$ | | | | | 5,585 | | | $
| 5,853,947
|
|
Series 2022-DNA5, Class M1B
9.78% (CME Term SOFR + 4.50%), 06/25/2042(b)(d) | | | | | | | 9,989 | | | | 10,710,736 | |
Series 2022-DNA7, Class M1A
7.78% (CME Term SOFR + 2.50%), 03/25/2052(b)(d) | | | | | | | 4,959 | | | | 5,041,364 | |
Series 2022-HQA1, Class M1B
8.78% (CME Term SOFR + 3.50%), 03/25/2042(b)(d) | | | | | | | 1,664 | | | | 1,745,257 | |
Series 2023-DNA1, Class M1A
7.363% (CME Term SOFR + 2.10%), 03/25/2043(b)(d) | | | | | | | 3,357 | | | | 3,399,449 | |
Series 2023-DNA2, Class M1A
7.363% (CME Term SOFR + 2.10%), 04/25/2043(b)(d) | | | | | | | 10,902 | | | | 11,067,305 | |
Series 2023-HQA1, Class M1A
7.28% (CME Term SOFR + 2.00%), 05/25/2043(b)(d) | | | | | | | 4,131 | | | | 4,162,251 | |
Series 2023-HQA2, Class M1A
7.28% (CME Term SOFR + 2.00%), 06/25/2043(b)(d) | | | | | | | 3,984 | | | | 4,005,021 | |
Series 2024-HQA1, Class M1
6.53% (CME Term SOFR + 1.25%), 03/25/2044(b)(d) | | | | | | | 7,048 | | | | 7,058,600 | |
Series 2024-HQA2, Class M1
6.48% (CME Term SOFR + 1.20%), 08/25/2044(b)(d) | | | | | | | 9,937 | | | | 9,941,800 | |
Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C04, Class 1M2
11.095% (CME Term SOFR + 5.81%), 04/25/2028(d) | | | | | | | 731 | | | | 761,783 | |
Series 2016-C02, Class 1M2
11.395% (CME Term SOFR + 6.11%), 09/25/2028(d) | | | | | | | 136 | | | | 139,916 | |
Series 2021-R02, Class 2M2
7.28% (CME Term SOFR + 2.00%), 11/25/2041(b)(d) | | | | | | | 4,242 | | | | 4,257,468 | |
JPMorgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
9.645% (CME Term SOFR + 4.36%), 11/25/2024(b)(d) | | | | | | | 171 | | | | 179,326 | |
Oaktown Re VII Ltd.
Series 2021-2, Class M1A
6.88% (CME Term SOFR + 1.60%), 04/25/2034(b)(d) | | | | | | | 1,288 | | | | 1,288,125 | |
PMT Credit Risk Transfer Trust
Series 2019-3R, Class A
9.062% (CME Term SOFR + 3.81%), 11/27/2031(b)(d) | | | | | | | 165 | | | | 165,608 | |
Series 2020-1R, Class A
8.712% (CME Term SOFR + 3.46%), 02/25/2025(b)(d) | | | | | | | 698 | | | | 697,970 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
10.645% (CME Term SOFR + 5.36%), 11/25/2025(b)(d) | | | U.S.$ | | | | 832 | | | $ | 861,546 | |
Series 2015-WF1, Class 2M2
10.895% (CME Term SOFR + 5.61%), 11/25/2025(b)(d) | | | | | | | 208 | | | | 216,447 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 242,109,931 | |
| | | | | | | | | | | | |
| Agency Floating Rate–0.2% | | | | | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICs
Series 4416, Class BS
0.644% (5.99%-CME Term SOFR), 12/15/2044(d)(e) | | | | | | | 5,972 | | | | 789,864 | |
Series 4585, Class DS
0.544% (5.89%-CME Term SOFR), 05/15/2046(d)(e) | | | | | | | 3,851 | | | | 517,616 | |
Series 4693, Class SL
0.694% (6.04%-CME Term SOFR), 06/15/2047(d)(e) | | | | | | | 2,487 | | | | 355,766 | |
Series 4954, Class SL
0.655% (5.94%-CME Term SOFR), 02/25/2050(d)(e) | | | | | | | 1,735 | | | | 220,909 | |
Series 4981, Class HS
0.705% (5.99%-CME Term SOFR), 06/25/2050(d)(e) | | | | | | | 14,825 | | | | 1,740,846 | |
Federal National Mortgage Association REMICs
Series 2015-26, Class SH
1.055% (6.34%-CME Term SOFR), 05/25/2045(d)(e) | | | | | | | 4,668 | | | | 765,553 | |
Series 2016-106, Class ES
0.605% (5.89%-CME Term SOFR), 01/25/2047(d)(e) | | | | | | | 2,675 | | | | 406,178 | |
Series 2017-62, Class AS
0.755% (6.04%-CME Term SOFR), 08/25/2047(d)(e) | | | | | | | 3,379 | | | | 502,381 | |
Series 2017-97, Class SW
0.805% (6.09%-CME Term SOFR), 12/25/2047(d)(e) | | | | | | | 4,867 | | | | 769,697 | |
Government National Mortgage Association
Series 2017-122, Class SA
1.125% (6.09%-CME Term SOFR 1 Month), 08/20/2047(d)(e) | | | | | | | 4,163 | | | | 642,084 | |
Series 2017-134, Class MS
1.125% (6.09%-CME Term SOFR 1 Month), 09/20/2047(d)(e) | | | | | | | 4,768 | | | | 761,383 | |
Series 2017-43, Class ST
1.025% (5.99%-CME Term SOFR 1 Month), 03/20/2047(d)(e) | | | | | | | 5,689 | | | | 845,900 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,318,177 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Agency Fixed Rate–0.2% | | | | | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICs
Series 5008, Class AI
3.50%, 09/25/2050(f) | | | U.S.$ | | | | 8,376 | | | $ | 1,583,415 | |
Series 5040, Class AI
3.50%, 11/25/2050(f) | | | | | | | 6,067 | | | | 1,044,009 | |
Series 5043, Class IO
5.00%, 11/25/2050(f) | | | | | | | 12,281 | | | | 2,756,921 | |
Federal National Mortgage Association Grantor Trust
Series 2004-T5, Class AB4
5.545%, 05/28/2035 | | | | | | | 1,170 | | | | 1,158,636 | |
Federal National Mortgage Association REMICs
Series 2015-30, Class EI
5.00%, 05/25/2045(f) | | | | | | | 5,083 | | | | 738,869 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,281,850 | |
| | | | | | | | | | | | |
| Non-Agency Floating Rate–0.1% | | | | | | | | | | | | |
Deutsche Alt-A Securities Mortgage Loan Trust
Series 2006-AR4, Class A2
5.349% (CME Term SOFR 1 Month + 0.49%), 12/25/2036(d) | | | | | | | 3,556 | | | | 1,156,905 | |
HomeBanc Mortgage Trust
Series 2005-1, Class A1
5.469% (CME Term SOFR 1 Month + 0.61%), 03/25/2035(d) | | | | | | | 490 | | | | 379,687 | |
JPMorgan Chase Bank, NA
Series 2019-CL1, Class M3
7.069% (CME Term SOFR 1 Month + 2.21%),
04/25/2047(b)(d) | | | | | | | 631 | | | | 635,351 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,171,943 | |
| | | | | | | | | | | | |
| Non-Agency Fixed Rate–0.0% | |
Alternative Loan Trust
Series 2005-20CB, Class 3A6
5.50%, 07/25/2035 248 | | | | | | | | | | | 172,617 | |
Series 2006-24CB, Class A16
5.75%, 08/25/2036 | | | | | | | 1,887 | | | | 1,018,661 | |
Series 2006-J1, Class 1A13
5.50%, 02/25/2036 | | | | | | | 430 | | | | 297,580 | |
CHL Mortgage Pass-Through Trust
Series 2006-13, Class 1A19
6.25%, 09/25/2036 | | | | | | | 593 | | | | 264,333 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,753,191 | |
| | | | | | | | | | | | |
Total Collateralized Mortgage Obligations
(cost $257,340,634) | | | | | | | | 261,635,092 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| ASSET-BACKED SECURITIES–5.4% | |
| Autos—Fixed Rate–2.7% | |
ACM Auto Trust
Series 2024-1A, Class A
7.71%, 01/21/2031(b) | | | | | | | 2,391 | | | | 2,406,225 | |
| | |
| | |
| 60 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
American Credit Acceptance Receivables Trust
Series 2023-3, Class B
6.09%, 11/12/2027(b) | | | U.S.$ | | | | 8,592 | | | $ | 8,630,922 | |
Americredit Automobile Receivables Trust
Series 2023-1, Class A2A
5.84%, 10/19/2026 | | | | | | | 1,850 | | | | 1,853,249 | |
Arivo Acceptance Auto Loan Receivables Trust
Series 2024-1A, Class A
6.46%, 04/17/2028(b) | | | | | | | 1,073 | | | | 1,081,737 | |
Avis Budget Rental Car Funding AESOP LLC
Series 2023-3A, Class A
5.44%, 02/22/2028(b) | | | | | | | 4,800 | | | | 4,888,819 | |
Series 2023-5A, Class B
6.12%, 04/20/2028(b) | | | | | | | 3,817 | | | | 3,914,746 | |
Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028 | | | | | | | 547 | | | | 524,190 | |
Series 2021-N4, Class D
2.30%, 09/11/2028 | | | | | | | 1,244 | | | | 1,209,815 | |
Series 2021-P4, Class D
2.61%, 09/11/2028 U.S.$ | | | | | | | 4,063 | | | | 3,813,468 | |
Series 2024-P3, Class A2
4.61%, 11/10/2027 | | | | | | | 8,896 | | | | 8,901,807 | |
CPS Auto Receivables Trust
Series 2021-C, Class D
1.69%, 06/15/2027(b) | | | | | | | 3,687 | | | | 3,621,776 | |
Series 2022-A, Class C
2.17%, 04/16/2029(b) | | | | | | | 3,118 | | | | 3,095,656 | |
Series 2024-C, Class A
5.88%, 02/15/2028(b) | | | | | | | 3,766 | | | | 3,788,890 | |
DT Auto Owner Trust
Series 2023-1A, Class A
5.48%, 04/15/2027(b) | | | | | | | 583 | | | | 583,537 | |
FHF Trust
Series 2021-2A, Class A
0.83%, 12/15/2026(b) | | | | | | | 388 | | | | 383,412 | |
Series 2023-1A, Class A2
6.57%, 06/15/2028(b) | | | | | | | 2,006 | | | | 2,035,149 | |
Flagship Credit Auto Trust
Series 2023-2, Class A2
5.76%, 04/15/2027(b) | | | | | | | 2,229 | | | | 2,232,476 | |
Ford Credit Auto Owner Trust
Series 2021-1, Class D
2.31%, 10/17/2033(b) | | | | | | | 5,650 | | | | 5,384,148 | |
GLS Auto Receivables Issuer Trust
Series 2024-3A, Class A2
5.35%, 08/16/2027(b) | | | | | | | 7,559 | | | | 7,587,475 | |
LAD Auto Receivables Trust
Series 2022-1A, Class A
5.21%, 06/15/2027(b) | | | | | | | 1,505 | | | | 1,507,672 | |
Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(b) | | | | | | | 4,496 | | | | 4,578,503 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2023-2A, Class A2
7.09%, 10/16/2028(b) | | | U.S.$ | | | | 2,920 | | | $ | 2,982,072 | |
Series 2024-2A, Class A1
5.817%, 05/15/2025(b) | | | | | | | 630 | | | | 630,311 | |
Series 2024-3A, Class A1
5.354%, 09/15/2025(b) | | | | | | | 3,334 | | | | 3,336,304 | |
Lobel Automobile Receivables Trust
Series 2023-1, Class A
6.97%, 07/15/2026(b) | | | | | | | 288 | | | | 288,748 | |
Research-Driven Pagaya Motor Asset Trust VII
Series 2022-3A, Class A
5.38%, 11/25/2030(b) | | | | | | | 1,957 | | | | 1,953,879 | |
Research-Driven Pagaya Motor Trust
Series 2024-1A, Class A
7.09%, 06/25/2032(b) | | | | | | | 3,172 | | | | 3,207,386 | |
Santander Bank Auto Credit-Linked Notes
Series 2022-A, Class B
5.281%, 05/15/2032(b) | | | | | | | 1,070 | | | | 1,069,391 | |
Series 2022-C, Class B
6.451%, 12/15/2032(b) | | | | | | | 1,501 | | | | 1,509,305 | |
Santander Bank NA–SBCLN
Series 2021-1A, Class B
1.833%, 12/15/2031(b) | | | | | | | 231 | | | | 230,291 | |
Santander Drive Auto Receivables Trust
Series 2023-3, Class B
5.61%, 07/17/2028 | | | | | | | 4,065 | | | | 4,117,375 | |
Series 2024-4, Class A2
5.41%, 07/15/2027 | | | | | | | 7,816 | | | | 7,834,414 | |
Tesla Auto Lease Trust
Series 2024-A, Class A3
5.30%, 06/21/2027(b) | | | | | | | 3,017 | | | | 3,048,439 | |
Tricolor Auto Securitization Trust
Series 2024-2A, Class A
6.36%, 12/15/2027(b) | | | | | | | 3,274 | | | | 3,302,006 | |
United Auto Credit Securitization Trust
Series 2024-1, Class A
6.17%, 08/10/2026(b) | | | | | | | 882 | | | | 884,372 | |
Westlake Automobile Receivables Trust
Series 2023-2A, Class A2A
5.87%, 07/15/2026(b) | | | | | | | 1,059 | | | | 1,058,880 | |
Series 2023-P1, Class C
6.44%, 06/15/2027(b) | | | | | | | 2,202 | | | | 2,235,314 | |
World Omni Select Auto Trust
Series 2023-A, Class A2A
5.92%, 03/15/2027 | | | | | | | 2,200 | | | | 2,204,530 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 111,916,689 | |
| | | | | | | | | | | | |
| Other ABS—Fixed Rate–2.5% | |
AB Issuer LLC
Series 2021-1, Class A2
3.734%, 07/30/2051(b) | | | | | | | 8,256 | | | | 7,562,901 | |
Affirm Asset Securitization Trust
Series 2021-Z2, Class A
1.17%, 11/16/2026(b) | | | | | | | 126 | | | | 124,348 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2022-X1, Class A
1.75%, 02/15/2027(b) | | | U.S.$ | | | | 43 | | | $ | 42,743 | |
Series 2024-X1, Class A
6.27%, 05/15/2029(b) | | | | | | | 3,692 | | | | 3,703,774 | |
Amur Equipment Finance Receivables XI LLC
Series 2022-2A, Class A2
5.30%, 06/21/2028(b) | | | | | | | 1,261 | | | | 1,264,859 | |
Atalaya Equipment Leasing Trust
Series 2021-1A, Class B
2.08%, 02/15/2027(b) | | | | | | | 1,139 | | | | 1,127,202 | |
BHG Securitization Trust
Series 2022-A, Class A
1.71%, 02/20/2035(b) | | | | | | | 243 | | | | 241,832 | |
Cajun Global LLC
Series 2021-1, Class A2
3.931%, 11/20/2051(b) | | | | | | | 848 | | | | 798,656 | |
College Ave Student Loans LLC
Series 2021-C, Class B
2.72%, 07/26/2055(b) | | | | | | | 1,723 | | | | 1,566,023 | |
Dext ABS LLC
Series 2021-1, Class B
1.76%, 02/15/2028(b) | | | | | | | 493 | | | | 487,686 | |
Diamond Infrastructure Funding LLC
Series 2021-1A, Class B
2.355%, 04/15/2049(b) | | | | | | | 3,651 | | | | 3,397,817 | |
Diamond Issuer LLC
Series 2021-1A, Class A
2.305%, 11/20/2051(b) | | | | | | | 7,711 | | | | 7,191,264 | |
GCI Funding I LLC
Series 2021-1, Class A
2.38%, 06/18/2046(b) | | | | | | | 1,936 | | | | 1,764,517 | |
Hardee’s Funding LLC
Series 2018-1A, Class A23
5.71%, 06/20/2048(b) | | | | | | | 3,149 | | | | 3,098,231 | |
Series 2020-1A, Class A2
3.981%, 12/20/2050(b) | | | | | | | 2,552 | | | | 2,397,955 | |
Kubota Credit Owner Trust
Series 2023-1A, Class A2
5.40%, 02/17/2026(b) | | | | | | | 1,947 | | | | 1,949,670 | |
Marlette Funding Trust
Series 2024-1A, Class A
5.95%, 07/17/2034(b) | | | | | | | 2,282 | | | | 2,295,467 | |
MVW LLC
Series 2021-2A, Class B
1.83%, 05/20/2039(b) | | | | | | | 1,632 | | | | 1,545,031 | |
Neighborly Issuer LLC
Series 2022-1A, Class A2
3.695%, 01/30/2052(b) | | | | | | | 5,385 | | | | 4,925,669 | |
Series 2023-1A, Class A2
7.308%, 01/30/2053(b) | | | | | | | 6,534 | | | | 6,725,959 | |
Nelnet Student Loan Trust
Series 2021-BA, Class B
2.68%, 04/20/2062(b) | | | | | | | 2,008 | | | | 1,737,961 | |
Series 2021-CA, Class B
2.53%, 04/20/2062(b) | | | | | | | 3,421 | | | | 2,922,842 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2021-DA, Class B
2.90%, 04/20/2062(b) | | | U.S.$ | | | | 3,096 | | | $ | 2,712,307 | |
NMEF Funding LLC
Series 2022-B, Class A2
6.07%, 06/15/2029(b) | | | | | | | 1,072 | | | | 1,079,509 | |
Series 2024-A, Class A2
5.15%, 12/15/2031(b) | | | | | | | 10,104 | | | | 10,157,991 | |
Oportun Issuance Trust
Series 2024-2, Class A
5.86%, 02/09/2032(b) | | | | | | | 3,267 | | | | 3,273,432 | |
Pagaya AI Debt Grantor Trust
Series 2024-5, Class A
6.278%, 10/15/2031(b) | | | | | | | 4,261 | | | | 4,302,636 | |
Series 2024-9, Class B
5.306%, 03/15/2032(b) | | | | | | | 10,509 | | | | 10,523,254 | |
Pagaya AI Debt Trust
Series 2024-2, Class A
6.319%, 08/15/2031(b) | | | | | | | 2,898 | | | | 2,936,532 | |
Series 2024-3, Class A
6.258%, 10/15/2031(b) | | | | 4,503 | | | | 4,548,322 | |
Prosper Marketplace Issuance Trust
Series 2024-1A, Class A
6.12%, 08/15/2029(b) | | | | | | | 5,587 | | | | 5,603,550 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 102,009,940 | |
| | | | | | | | | | | | |
| Credit Cards—Fixed Rate–0.2% | |
Brex Commercial Charge Card Master Trust
Series 2024-1, Class A1
6.05%, 07/15/2027(b) | | | | | | | 6,026 | | | | 6,122,489 | |
Mission Lane Credit Card Master Trust
Series 2024-A, Class A1
6.20%, 08/15/2029(b) | | | | | | | 4,135 | | | | 4,180,238 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,302,727 | |
| | | | | | | | | | | | |
| Non-Agency Floating Rate–0.0% | |
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates
Series 2004-1, Class 1A
5.569% (CME Term SOFR 1 Month + 0.71%), 04/25/2034(d) | | | | | | | 2 | | | | 2,047 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities
(cost $227,500,827) | | | | | | | | | | | 224,231,403 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–2.1% | |
| Non-Agency Floating Rate CMBS–1.3% | |
AREIT Trust
Series 2022-CRE6, Class A
6.591% (CME Term SOFR + 1.25%), 01/20/2037(b)(d) | | | | 9,693 | | | | 9,630,228 | |
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF
6.144% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(b)(d) | | | | | | | 10,570 | | | | 10,555,538 | |
| | |
| | |
| 62 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
BBCMS Mortgage Trust
Series 2020-BID, Class A
7.352% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(b)(d) | | | U.S.$ | | | | 7,708 | | | $ | 7,693,547 | |
BFLD Mortgage Trust
Series 2021-FPM, Class A
6.812% (CME Term SOFR 1 Month + 1.71%), 06/15/2038(b)(d) | | | | | | | 11,683 | | | | 11,657,682 | |
BX Commercial Mortgage Trust
Series 2019-IMC, Class D
7.043% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(b)(d) | | | | | | | 1,772 | | | | 1,742,269 | |
Series 2019-IMC, Class E
7.293% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(b)(d) | | | | | | | 6,595 | | | | 6,442,939 | |
CLNY Trust
Series 2019-IKPR, Class D
7.258% (CME Term SOFR 1 Month + 2.14%), 11/15/2038(b)(d) | | | | | | | 2,751 | | | | 2,579,607 | |
Federal Home Loan Mortgage Corp.
Series 2021-MN1, Class M1
7.28% (CME Term SOFR + 2.00%), 01/25/2051(b)(d) | | | | | | | 612 | | | | 609,653 | |
Natixis Commercial Mortgage Securities Trust
Series 2019-MILE, Class A
6.676% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(b)(d) | | | | | | | 2,335 | | | | 2,102,221 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 53,013,684 | |
| | | | | | | | | | | | |
| Non-Agency Fixed Rate CMBS–0.8% | | | | | |
BAMLL Commercial Mortgage Securities Trust
Series 2013-WBRK, Class D
3.652%, 03/10/2037(b) | | | | | | | 2,805 | | | | 2,349,396 | |
Barclays Commercial Mortgage Trust Series 2019-C3, Class B
4.096%, 05/15/2052 | | | | | | | 3,523 | | | | 3,290,041 | |
Commercial Mortgage Trust
Series 2012-CR3, Class E
4.292%, 10/15/2045(b) | | | | | | | 3,938 | | | | 2,161,683 | |
GS Mortgage Securities Trust
Series 2011-GC5, Class D
5.297%, 08/10/2044(b) | | | | | | | 333 | | | | 172,504 | |
GSF
Series 2021-1, Class A1
1.433%, 08/15/2026(g) | | | | | | | 3,408 | | | | 3,337,783 | |
Series 2021-1, Class A2
2.435%, 08/15/2026(g) | | | | | | | 9,371 | | | | 9,192,283 | |
Series 2021-1, Class AS
2.638%, 08/15/2026(g) | | | | | | | 249 | | | | 239,341 | |
HFX Funding Issuer
Series 2017-1A, Class A3
3.647%, 03/15/2035(g) | | | | | | | 2,806 | | | | 2,792,342 | |
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class D
4.173%, 08/15/2046(b) | | | | | | | 2,527 | | | | 1,823,083 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2015-C27, Class AS
3.634%, 02/15/2048 | | | U.S.$ | | | | 3,415 | | | $ | 3,204,694 | |
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2016-JP3, Class B
3.397%, 08/15/2049 | | | | | | | 3,000 | | | | 2,603,275 | |
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 09/15/2039 | | | | | | | 817 | | | | 272,064 | |
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 03/10/2049(b) | | | | | | | 1,006 | | | | 988,801 | |
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class AS
4.047%, 09/15/2048 | | | | | | | 2,906 | | | | 2,840,571 | |
Series 2019-C51, Class B
3.836%, 06/15/2052 | | | | | | | 1,269 | | | | 1,114,671 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 36,382,532 | |
| | | | | | | | | | | | |
Total Commercial Mortgage-Backed Securities
(cost $94,961,533) | | | | 89,396,216 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| COLLATERALIZED LOAN OBLIGATIONS–1.5% | |
| CLO—Floating Rate–1.5% | |
AGL CLO 10 Ltd.
Series 2021-10A, Class A
6.693% (CME Term SOFR 3 Month + 1.39%), 04/15/2034(b)(d) | | | | | | | 3,427 | | | | 3,428,210 | |
Balboa Bay Loan Funding Ltd.
Series 2021-1A, Class A
6.744% (CME Term SOFR 3 Month + 1.46%), 07/20/2034(b)(d) | | | | | | | 6,496 | | | | 6,500,191 | |
Elmwood CLO IX Ltd.
Series 2021-2A, Class A
6.674% (CME Term SOFR 3 Month + 1.39%), 07/20/2034(b)(d) | | | | | | | 5,900 | | | | 5,907,528 | |
Elmwood CLO XII Ltd.
Series 2021-5A, Class D
8.594% (CME Term SOFR 3 Month + 3.31%), 01/20/2035(b)(d) | | | | | | | 2,100 | | | | 2,110,408 | |
Golub Capital Partners 48 LP
Series 2020-48A, Class A1
6.857% (CME Term SOFR 3 Month + 1.57%), 04/17/2033(b)(d) | | | | | | | 644 | | | | 644,127 | |
Kings Park CLO Ltd.
Series 2021-1A, Class A
6.674% (CME Term SOFR 3 Month + 1.39%), 01/21/2035(b)(d) | | | | | | | 8,477 | | | | 8,478,850 | |
Palmer Square CLO Ltd.
Series 2021-4A, Class A
6.733% (CME Term SOFR 3 Month + 1.43%), 10/15/2034(b)(d) | | | | | | | 730 | | | | 731,711 | |
Pikes Peak CLO 8
Series 2021-8A, Class A
6.714% (CME Term SOFR 3 Month + 1.43%), 07/20/2034(b)(d) | | | | | | | 7,300 | | | | 7,307,512 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Rad CLO 14 Ltd.
Series 2021-14A, Class A
6.733% (CME Term SOFR 3 Month + 1.43%), 01/15/2035(b)(d) | | | U.S.$ | | | | 829 | | | $ | 830,328 | |
Regatta XIX Funding Ltd.
Series 2022-1A, Class A1
6.602% (CME Term SOFR 3 Month + 1.32%), 04/20/2035(b)(d) | | | | | | | 5,153 | | | | 5,159,295 | |
Regatta XX Funding Ltd.
Series 2021-2A, Class A
6.723% (CME Term SOFR 3 Month + 1.42%), 10/15/2034(b)(d) | | | | | | | 11,084 | | | | 11,095,418 | |
Rockford Tower CLO Ltd.
Series 2021-2A, Class A1
6.704% (CME Term SOFR 3 Month + 1.42%), 07/20/2034(b)(d) | | | | | | | 5,449 | | | | 5,451,160 | |
Series 2021-3A, Class D
8.794% (CME Term SOFR 3 Month + 3.51%), 10/20/2034(b)(d) | | | | | | | 3,200 | | | | 3,175,530 | |
Sixth Street CLO XVII Ltd.
Series 2021-17A, Class A
6.784% (CME Term SOFR 3 Month + 1.50%), 01/20/2034(b)(d) | | | | | | | 1,089 | | | | 1,090,720 | |
TICP CLO XV Ltd.
Series 2020-15A, Class A
6.824% (CME Term SOFR 3 Month + 1.54%), 04/20/2033(b)(d) | | | | | | | 250 | | | | 250,503 | |
| | | | | | | | | | | | |
Total Collateralized Loan Obligations
(cost $61,923,485) | | | | | | | | 62,161,491 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| INFLATION-LINKED SECURITIES–1.5% | |
| United States–1.5% | |
U.S. Treasury Inflation Index
0.25%, 07/15/2029 (TIPS)
(cost $59,766,144) | | | | | | | 65,169 | | | | 61,798,773 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| AGENCIES–0.9% | |
| Agency Debentures–0.9% | |
Federal Home Loan Banks
4.00%, 06/30/2028 | | | | | | | 27,220 | | | | 27,610,607 | |
4.75%, 12/08/2028 | | | | | | | 8,990 | | | | 9,365,782 | |
| | | | | | | | | | | | |
Total Agencies
(cost $36,317,211) | | | | | | | | | | | 36,976,389 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| CORPORATES-NON-INVESTMENT GRADE–0.7% | |
|
| Industrial–0.6% | |
| Communications—Media–0.1% | |
DISH DBS Corp.
5.75%, 12/01/2028(b) | | | | | | | 3,890 | | | | 3,415,654 | |
VZ Vendor Financing II BV
2.875%, 01/15/2029(b) | | | EUR | | | | 2,093 | | | | 2,146,115 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,561,769 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Communications—Telecommunications–0.0% | |
Altice France SA
3.375%, 01/15/2028(b) | | | EUR | | | | 1,024 | | | $ | 805,269 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Other–0.1% | |
Caesars Entertainment, Inc.
7.00%, 02/15/2030(b) | | | U.S.$ | | | | 1,793 | | | | 1,873,470 | |
Hilton Domestic Operating Co., Inc.
5.875%, 04/01/2029(b) | | | | | | | 2,297 | | | | 2,356,216 | |
6.125%, 04/01/2032(b) | | | | | | | 1,315 | | | | 1,354,187 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,583,873 | |
| | | | | | | | | | | | |
| Consumer Non-Cyclical–0.1% | |
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.50%, 03/15/2029(b) | | | | | | | 3,900 | | | | 3,634,098 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%, 04/30/2028(b) | | | EUR | | | | 1,420 | | | | 1,511,376 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,145,474 | |
| | | | | | | | | | | | |
| Energy–0.2% | |
Sunoco LP
7.00%, 05/01/2029(b) | | | U.S.$ | | | | 1,508 | | | | 1,576,463 | |
7.25%, 05/01/2032(b) | | | | | | | 2,057 | | | | 2,178,816 | |
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/2029 | | | | | | | 1,418 | | | | 1,362,046 | |
4.50%, 04/30/2030 | | | | | | | 712 | | | | 681,868 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,799,193 | |
| | | | | | | | | | | | |
| Services–0.1% | |
APCOA Holdings GmbH
4.625%, 01/15/2027(b) | | | EUR | | | | 2,174 | | | | 2,418,341 | |
Block, Inc.
6.50%, 05/15/2032(b) | | | U.S.$ | | | | 3,002 | | | | 3,126,763 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,545,104 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 28,440,682 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Utility–0.1% | |
| Electric–0.1% | |
Vistra Corp.
7.00%, 12/15/2026(b)(c) | | | | | | | 2,589 | | | | 2,644,689 | |
| | | | | | | | | | | | |
Total Corporates–Non-Investment Grade
(cost $31,887,885) | | | | 31,085,371 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| EMERGING MARKETS—CORPORATE BONDS–0.6% | |
|
| Industrial–0.5% | |
| Basic–0.1% | |
Braskem Netherlands Finance BV
4.50%, 01/10/2028(b) | | | | | | | 2,591 | | | | 2,438,779 | |
4.50%, 01/31/2030(b) | | | | | | | 1,724 | | | | 1,537,291 | |
CSN Resources SA
4.625%, 06/10/2031(b) | | | | | | | 1,862 | | | | 1,506,358 | |
Volcan Cia Minera SAA
8.75%, 01/24/2030(b) | | | | | | | 768 | | | | 662,292 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,144,720 | |
| | | | | | | | | | | | |
| | |
| | |
| 64 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Communications—Media–0.2% | |
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(b) | | | U.S.$ | | | | 6,552 | | | $ | 6,167,070 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Other–0.1% | |
Wynn Macau Ltd.
5.625%, 08/26/2028(b) | | | | | | | 2,862 | | | | 2,779,861 | |
| | | | | | | | | | | | |
| Energy–0.1% | |
Ecopetrol SA
8.625%, 01/19/2029 | | | | | | | 4,800 | | | | 5,161,200 | |
Oleoducto Central SA
4.00%, 07/14/2027(b) | | | | | | | 319 | | | | 305,123 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,466,323 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,557,974 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Utility–0.1% | |
| Electric–0.0% | |
Terraform Global Operating LP
6.125%, 03/01/2026(b) | | | | | | | 565 | | | | 566,108 | |
| | | | | | | | | | | | |
| Other Utility–0.1% | |
Aegea Finance SARL
6.75%, 05/20/2029(b) | | | | | | | 1,888 | | | | 1,915,730 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,481,838 | |
| | | | | | | | | | | | |
Total Emerging Markets—Corporate Bonds
(cost $22,831,966) | | | | | | | | 23,039,812 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.5% | |
| United States–0.5% | |
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund)
Series 2020-A
1.705%, 07/01/2027 | | | | | | | 6,821 | | | | 6,379,766 | |
State of California
Series 2010
7.625%, 03/01/2040 | | | | | | | 8,520 | | | | 10,661,334 | |
University of California
Series 2021-B
3.071%, 05/15/2051 | | | | | | | 7,960 | | | | 5,787,514 | |
| | | | | | | | | | | | |
Total Local Governments—US Municipal Bonds
(cost $23,338,447) | | | | 22,828,614 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| QUASI-SOVEREIGNS–0.5% | |
|
| Quasi-Sovereign Bonds–0.5% | |
| Chile–0.2% | |
Corp. Nacional del Cobre de Chile
6.44%, 01/26/2036(b) | | | | 7,339 | | | | 7,978,869 | |
| | | | | | | | | | | | |
| Hungary–0.1% | |
Magyar Export-Import Bank Zrt
6.125%, 12/04/2027(b) | | | | 4,878 | | | | 5,010,633 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Mexico–0.2% | |
Comision Federal de Electricidad
4.688%, 05/15/2029(b) | | | U.S.$ | | | | 1,800 | | | $ | 1,739,034 | |
5.70%, 01/24/2030(b) | | | | | | | 4,505 | | | | 4,514,911 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,253,945 | |
| | | | | | | | | | | | |
Total Quasi-Sovereigns
(cost $18,692,249) | | | | | | | | | | | 19,243,447 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| EMERGING MARKETS—SOVEREIGNS–0.1% | |
| Dominican Republic–0.1% | |
Dominican Republic International Bond
4.875%, 09/23/2032(b)
(cost $3,827,000) | | | | | | | 3,827 | | | | 3,647,609 | |
| | | | | | | | | | | | |
| |
| GOVERNMENTS—SOVEREIGN BONDS–0.0% | |
| Colombia–0.0% | |
Colombia Government International Bond
3.125%, 04/15/2031
(cost $2,484,196) | | | | | | | 2,490 | | | | 2,054,250 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| SHORT-TERM INVESTMENTS–7.0% | |
|
| U.S. Treasury Bills–7.0% | |
| United States–7.0% | |
U.S. Treasury Bill
Zero Coupon, 10/15/2024 | | | | | | | 14,168 | | | | 14,141,722 | |
Zero Coupon, 10/24/2024 | | | | | | | 57,174 | | | | 57,000,659 | |
Zero Coupon, 10/29/2024 | | | | | | | 39,154 | | | | 39,009,101 | |
Zero Coupon, 11/12/2024 | | | | | | | 19,944 | | | | 19,835,503 | |
Zero Coupon, 01/23/2025 | | | | | | | 120,393 | | | | 118,706,092 | |
Zero Coupon, 01/30/2025 | | | | | | | 41,268 | | | | 40,662,149 | |
| | | | | | | | | | | | |
Total Short-Term Investments
(cost $289,068,562) | | | | 289,355,226 | |
| | | | | | | | | | | | |
Total Investments—108.1%
(cost $4,545,491,921) | | | | 4,492,835,482 | |
| |
Other assets less liabilities—(8.1)% | | | | (337,731,991 | ) |
| | | | | | | | | | | | |
| Net Assets—100.0% | | | $ | 4,155,103,491 | |
| | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | | | |
| |
| FUTURES (see Note 3) | |
| Description | | Number of
Contracts | | | Expiration
Month | | Current
Notional | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| Purchased Contracts | |
| | | | |
U.S. Long Bond (CBT) Futures | | | 76 | | | December 2024 | | $ | 9,438,250 | | | $ | (12,583 | ) |
| | | | |
U.S. T-Note 2 Yr (CBT) Futures | | | 1,461 | | | December 2024 | | | 304,241,837 | | | | 525,874 | |
| | | | |
U.S. T-Note 5 Yr (CBT) Futures | | | 3,069 | | | December 2024 | | | 337,230,353 | | | | 1,165,300 | |
| | | | |
U.S. Ultra Bond (CBT) Futures | | | 351 | | | December 2024 | | | 46,715,906 | | | | 30,794 | |
|
| Sold Contracts | |
| | | | |
U.S. 10 Yr Ultra Futures | | | 156 | | | December 2024 | | | 18,454,313 | | | | (6,717 | ) |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | $ | 1,702,668 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
Bank of America, NA | | | EUR | | | | 17,570 | | | | USD | | | | 19,266 | | | | 10/25/2024 | | | $ | | (310,450) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | | | | | |
| | | | | | | | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount (000) | | | Termination
Date | | | Payments made
by the Fund | | Payments received
by the Fund |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | USD | | | | 19,060 | | | | 12/13/2029 | | | 1.537% | | 1 Day SOFR | | Annual | | $ | 2,160,452 | | | $ | 1,474,941 | | | $ | 685,511 | |
| ** | | Principal amount less than 500. |
| (a) | | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
| (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 September 30, 2024, the aggregate market value of these securities amounted to $1,007,546,250 or 24.2% of net assets. |
| (c) | | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (d) | | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024. |
| (e) | | Inverse interest only security. |
| (g) | | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.38% of net assets as of September 30, 2024, 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 | | | 02/25/2021-08/03/2023 | | | $ 3,293,953 | | $ | 3,337,783 | | | | 0.08 | % |
| | | | |
GSF
Series 2021-1, Class A2
2.435%, 08/15/2026 | | | 02/25/2021-09/06/2022 | | | 9,489,503 | | | 9,192,283 | | | | 0.22 | % |
| | | | |
GSF
Series 2021-1, Class AS
2.638%, 08/15/2026 | | | 02/25/2021-04/01/2021 | | | 251,644 | | | 239,341 | | | | 0.01 | % |
| | | | |
HFX Funding Issuer
Series 2017-1A, Class A3
3.647%, 03/15/2035 | | | 11/19/2020 | | | 2,964,498 | | | 2,792,342 | | | | 0.07 | % |
| | |
| | |
| 66 | | Sanford C. Bernstein Fund, Inc. |
Currency Abbreviations:
EUR—Euro
USD—United States Dollar
Glossary:
ABS—Asset-Backed Securities
ARMs—Adjustable Rate Mortgages
CBT—Chicago Board of Trade
CLO—Collateralized Loan Obligations
CMBS—Commercial Mortgage-Backed Securities
CME—Chicago Mercantile Exchange
REIT—Real Estate Investment Trust
REMICs—Real Estate Mortgage Investment Conduits
RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year
SOFR—Secured Overnight Financing Rate
TBA—To Be Announced
TIPS—Treasury Inflation Protected Security
See notes to financial statements.
Statement of Assets and Liabilities—September 30, 2024
| | | | | | | | | | | | |
| | | EMERGING
MARKETS
PORTFOLIO | | | CALIFORNIA
MUNICIPAL
PORTFOLIO | | | DIVERSIFIED
MUNICIPAL
PORTFOLIO | |
| | | |
| ASSETS | | | | | | | | | | | | |
| | | |
Investments in securities at value | | | | | | | | | | | | |
| | | |
Unaffiliated issuers | | $ | 1,192,215,903 | | | $ | 1,023,240,885 | | | $ | 5,074,969,847 | |
| | | |
Affiliated issuers | | | 12,058,683 | | | | 0 | | | | 0 | |
| | | |
Foreign currencies, at value (a) | | | 3,683,496 | | | | 0 | | | | 0 | |
| | | |
Cash | | | 28,978,490 | | | | 1,221,443 | | | | 4,660,833 | |
| | | |
Cash collateral due from broker | | | 2,393,000 | | | | 983,650 | | | | 4,802,258 | |
| | | |
Receivables: | | | | | | | | | | | | |
| | | |
Unaffiliated interest and dividends | | | 2,482,530 | | | | 12,385,362 | | | | 59,040,856 | |
| | | |
Affiliated dividends | | | 64,644 | | | | 0 | | | | 0 | |
| | | |
Investment securities sold | | | 12,169,192 | | | | 985,000 | | | | 80,000 | |
| | | |
Capital shares sold | | | 271,558 | | | | 686,204 | | | | 4,170,221 | |
| | | |
Receivable due from Adviser | | | 45,937 | | | | 37,026 | | | | 181,280 | |
| | | |
Unrealized appreciation of interest rate swaps | | | 0 | | | | 836,369 | | | | 3,856,944 | |
| | | |
Unrealized appreciation of forward currency exchange contracts | | | 3,684,573 | | | | 0 | | | | 0 | |
| | | |
Other assets | | | 92,899 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | |
| | | |
Total assets | | | 1,258,140,905 | | | | 1,040,375,939 | | | | 5,151,762,239 | |
| | | | | | | | | | | | |
| | | |
| LIABILITIES | | | | | | | | | | | | |
| | | |
Due to custodian | | | 29,598,823 | | | | 0 | | | | 0 | |
| | | |
Cash collateral due to broker | | | 0 | | | | 950,000 | | | | 3,640,000 | |
| | | |
Payables: | | | | | | | | | | | | |
| | | |
Dividends to shareholders | | | 0 | | | | 652,425 | | | | 3,235,556 | |
| | | |
Investment securities purchased and foreign currency transactions | | | 13,892,110 | | | | 6,872,750 | | | | 93,398,930 | |
| | | |
Foreign capital gains taxes | | | 6,995,824 | | | | 0 | | | | 0 | |
| | | |
Capital shares redeemed | | | 544,498 | | | | 187,669 | | | | 4,507,736 | |
| | | |
Management fee | | | 839,417 | | | | 333,463 | | | | 1,404,991 | |
| | | |
Shareholder servicing fee | | | 204,458 | | | | 65,776 | | | | 300,037 | |
| | | |
Directors’ fees payable | | | 43,171 | | | | 37,026 | | | | 181,280 | |
| | | |
Transfer Agent fee | | | 30,936 | | | | 7,803 | | | | 43,923 | |
| | | |
Variation margin on centrally cleared swaps | | | 0 | | | | 7,965 | | | | 79,849 | |
| | | |
Distribution fee | | | 0 | | | | 10,975 | | | | 44,770 | |
| | | |
Terminated centrally cleared interest rate swaps | | | 0 | | | | 248,627 | | | | 0 | |
| | | |
Accrued expenses | | | 499,101 | | | | 193,242 | | | | 619,826 | |
| | | |
Unrealized depreciation of forward currency exchange contracts | | | 4,119,635 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | |
| | | |
Total liabilities | | | 56,767,973 | | | | 9,567,721 | | | | 107,456,898 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 1,201,372,932 | | | $ | 1,030,808,218 | | | $ | 5,044,305,341 | |
| | | | | | | | | | | | |
|
Cost of investments | |
| | | |
Unaffiliated issuers | | $ | 949,481,824 | | | $ | 1,029,132,086 | | | $ | 5,074,221,088 | |
| | | |
Affiliated issuers | | | 12,058,683 | | | | 0 | | | | 0 | |
|
| NET ASSETS CONSIST OF: | |
| | | |
Capital stock, at par | | $ | 41,245 | | | $ | 73,411 | | | $ | 358,696 | |
| | | |
Additional paid-in capital | | | 1,083,384,568 | | | | 1,042,682,410 | | | | 5,117,714,828 | |
| | | |
Distributable earnings (accumulated loss) | | | 117,947,119 | | | | (11,947,603 | ) | | | (73,768,183 | ) |
| | | | | | | | | | | | |
| | | |
| | $ | 1,201,372,932 | | | $ | 1,030,808,218 | | | $ | 5,044,305,341 | |
| | | | | | | | | | | | |
(a) Cost: $3,686,685, $0 and $0, respectively. (Note 1)
See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.
| | |
| | |
| 68 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | EMERGING
MARKETS
PORTFOLIO | | | CALIFORNIA
MUNICIPAL
PORTFOLIO | | | DIVERSIFIED
MUNICIPAL
PORTFOLIO | |
|
| CALCULATION OF MAXIMUM OFFERING PRICE | |
|
Emerging Markets Class/Municipal Class Shares | |
| | | |
Net Assets | | $ | 1,113,924,111 | | | $ | 860,634,176 | | | $ | 3,927,063,660 | |
| | | |
Shares of capital stock outstanding | | | 38,246,353 | | | | 61,292,633 | | | | 279,256,908 | |
| | | | | | | | | | | | |
| | | |
Net asset value, offering and redemption price per share | | $ | 29.12 | | | $ | 14.04 | | | $ | 14.06 | |
| | | | | | | | | | | | |
|
Class A Shares | |
| | | |
Net Assets | | | | | | $ | 47,614,485 | | | $ | 194,550,116 | |
| | | |
Shares of capital stock outstanding | | | | | | | 3,390,320 | | | | 13,824,619 | |
| | | | | | | | | | | | |
| | | |
Net asset value and redemption price per share | | | | | | $ | 14.04 | | | $ | 14.07 | |
| | | |
Sales charge—3.00% of public offering price | | | | | | | 0.43 | | | | 0.44 | |
| | | | | | | | | | | | |
| | | |
Maximum offering price | | | | | | $ | 14.47 | | | $ | 14.51 | |
| | | | | | | | | | | | |
|
Class C Shares | |
| | | |
Net Assets | | | | | | $ | 2,382,260 | | | $ | 9,618,290 | |
| | | |
Shares of capital stock outstanding | | | | | | | 169,674 | | | | 683,693 | |
| | | | | | | | | | | | |
| | | |
Net asset value and offering price per share | | | | | | $ | 14.04 | | | $ | 14.07 | |
| | | | | | | | | | | | |
|
Advisor Class Shares | |
| | | |
Net Assets | | | | | | $ | 120,177,297 | | | $ | 494,732,676 | |
| | | |
Shares of capital stock outstanding | | | | | | | 8,558,248 | | | | 35,204,991 | |
| | | | | | | | | | | | |
| | | |
Net asset value and offering price per share | | | | | | $ | 14.04 | | | $ | 14.05 | |
| | | | | | | | | | | | |
|
Class Z Shares | |
| | | |
Net Assets | | $ | 87,448,821 | | | | | | | $ | 418,340,599 | |
| | | |
Shares of capital stock outstanding | | | 2,998,858 | | | | | | | | 29,725,731 | |
| | | | | | | | | | | | |
| | | |
Net asset value and offering price per share | | $ | 29.16 | | | | | | | $ | 14.07 | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
Statement of Assets and Liabilities—September 30, 2024 (continued)
| | | | | | | | |
| | | NEW YORK
MUNICIPAL
PORTFOLIO | | | INTERMEDIATE
DURATION
PORTFOLIO | |
|
| ASSETS | |
| | |
Investments in securities, at value | | $ | 1,339,655,007 | | | $ | 4,492,835,482 | |
| | |
Cash | | | 4,419,552 | | | | 166,713,402 | |
| | |
Cash collateral due from broker | | | 0 | | | | 8,154,524 | |
|
Receivables: | |
| | |
Interest | | | 15,275,888 | | | | 31,788,072 | |
| | |
Investment securities sold | | | 0 | | | | 103,411,339 | |
| | |
Capital shares sold | | | 747,204 | | | | 4,262,158 | |
| | |
Variation margin on centrally cleared swaps | | | 0 | | | | 50,077 | |
| | |
Receivable due from Adviser | | | 48,377 | | | | 110,387 | |
| | |
Unrealized appreciation of interest rate swaps | | | 1,145,747 | | | | 0 | |
| | | | | | | | |
| | |
Total assets | | | 1,361,291,775 | | | | 4,807,325,441 | |
| | | | | | | | |
|
| LIABILITIES | |
| | |
Cash collateral due to broker | | | 1,170,000 | | | | 18,000 | |
|
Payables: | |
| | |
Dividends to shareholders | | | 805,409 | | | | 3,508,952 | |
| | |
Investment securities purchased | | | 11,322,848 | | | | 642,066,177 | |
| | |
Capital shares redeemed | | | 3,078,799 | | | | 1,692,583 | |
| | |
Variation margin on futures | | | 0 | | | | 2,262,862 | |
| | |
Management fee | | | 425,131 | | | | 1,362,963 | |
| | |
Shareholder servicing fee | | | 93,070 | | | | 316,718 | |
| | |
Directors’ fees payable | | | 48,377 | | | | 149,243 | |
| | |
Variation margin on centrally cleared swaps | | | 47,411 | | | | 0 | |
| | |
Transfer Agent fee | | | 10,066 | | | | 26,094 | |
| | |
Distribution fee | | | 16,385 | | | | 104 | |
| | |
Foreign capital gains taxes | | | 0 | | | | 2,928 | |
| | |
Accrued expenses | | | 223,487 | | | | 504,876 | |
| | |
Unrealized depreciation of forward currency exchange contracts | | | 0 | | | | 310,450 | |
| | | | | | | | |
| | |
Total liabilities | | | 17,240,983 | | | | 652,221,950 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 1,344,050,792 | | | $ | 4,155,103,491 | |
| | | | | | | | |
| | |
Cost of investments | | $ | 1,346,770,496 | | | $ | 4,545,491,921 | |
| | | | | | | | |
|
| NET ASSETS CONSIST OF: | |
| | |
Capital stock, at par | | $ | 98,863 | | | $ | 358,655 | |
| | |
Additional paid-in capital | | | 1,375,447,874 | | | | 4,578,822,144 | |
| | |
Accumulated loss | | | (31,495,945 | ) | | | (424,077,308 | ) |
| | | | | | | | |
| | |
| | $ | 1,344,050,792 | | | $ | 4,155,103,491 | |
| | | | | | | | |
See Notes to Financial Statements. The Schedules of Investments, an integral part of the financial statements for each Portfolio, are included as inserts to this Report.
| | |
| | |
| 70 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | | NEW YORK
MUNICIPAL
PORTFOLIO | | | INTERMEDIATE
DURATION
PORTFOLIO | |
|
| CALCULATION OF MAXIMUM OFFERING PRICE | |
|
Municipal Class/Intermediate Duration Class Shares | |
| | |
Net Assets | | $ | 1,211,802,556 | | | $ | 4,153,599,796 | |
| | |
Shares of capital stock outstanding | | | 89,132,742 | | | | 358,525,251 | |
| | | | | | | | |
| | |
Net asset value, offering and redemption price per share | | $ | 13.60 | | | $ | 11.59 | |
| | | | | | | | |
|
Class A Shares | |
| | |
Net Assets | | $ | 75,965,502 | | | $ | 602,915 | |
| | |
Shares of capital stock outstanding | | | 5,588,874 | | | | 51,976 | |
| | | | | | | | |
| | |
Net asset value and redemption price per share | | $ | 13.59 | | | $ | 11.60 | |
| | |
Sales charge—3.00% for New York Municipal Portfolio, 4.25% for Intermediate Duration Portfolio of public offering price | | | 0.42 | | | | 0.51 | |
| | | | | | | | |
| | |
Maximum offering price | | $ | 14.01 | | | $ | 12.11 | |
| | | | | | | | |
|
Class C Shares | |
| | |
Net Assets | | $ | 2,363,348 | | | | | |
| | |
Shares of capital stock outstanding | | | 173,880 | | | | | |
| | | | | | | | |
| | |
Net asset value and offering price per share | | $ | 13.59 | | | | | |
| | | | | | | | |
|
Advisor Class Shares | |
| | |
Net Assets | | $ | 53,919,386 | | | $ | 891,982 | |
| | |
Shares of capital stock outstanding | | | 3,967,849 | | | | 76,957.00 | |
| | | | | | | | |
| | |
Net asset value and offering price per share | | $ | 13.59 | | | $ | 11.59 | |
| | | | | | | | |
|
Class Z Shares | |
| | |
Net Assets | | | | | | $ | 8,798 | |
| | |
Shares of capital stock outstanding | | | | | | | 759 | |
| | | | | | | | |
| | |
Net asset value and offering price per share | | | | | | $ | 11.59 | |
| | | | | | | | |
See Notes to Financial Statements.
Statement of Operations—for the year ended September 30, 2024
| | | | | | | | | | | | |
| | | EMERGING
MARKETS
PORTFOLIO | | | CALIFORNIA
MUNICIPAL
PORTFOLIO | | | DIVERSIFIED
MUNICIPAL
PORTFOLIO | |
| | | |
| INVESTMENT INCOME | | | | | | | | | | | | |
| | | |
Income: | | | | | | | | | | | | |
| | | |
Interest | | $ | 12,569 | | | $ | 34,259,268 | | | $ | 173,966,904 | |
| | | |
Dividends | | | | | | | | | | | | |
| | | |
Unaffiliated issuers (a) | | | 31,408,272 | | | | 0 | | | | 0 | |
| | | |
Affiliated issuers | | | 776,518 | | | | 0 | | | | 0 | |
| | | |
Foreign withholding tax reclaim (see Note 1D) | | | 316,017 | | | | 0 | | | | 0 | |
| | | |
Other income | | | 0 | | | | 2,313 | | | | 17,338 | |
| | | | | | | | | | | | |
| | | |
Total income | | | 32,513,376 | | | | 34,261,581 | | | | 173,984,242 | |
| | | | | | | | | | | | |
|
Expenses: | |
| | | |
Management fee (see Note 2A) | | | 10,525,149 | | | | 4,306,743 | | | | 18,175,335 | |
| | | |
Shareholder servicing fee (see Note 2B) | | | 2,548,483 | | | | 853,213 | | | | 3,847,552 | |
| | | |
Custody and accounting fees | | | 496,882 | | | | 106,655 | | | | 227,913 | |
| | | |
Transfer Agent fee—Non-Retail Class | | | 239,013 | | | | 27,912 | | | | 123,567 | |
| | | |
Transfer Agent fee—Class A | | | 0 | | | | 14,489 | | | | 78,158 | |
| | | |
Transfer Agent fee—Class C | | | 0 | | | | 836 | | | | 3,867 | |
| | | |
Transfer Agent fee—Advisor Class | | | 0 | | | | 35,154 | | | | 184,183 | |
| | | |
Transfer Agent fee—Class Z | | | 17,739 | | | | 0 | | | | 87,874 | |
| | | |
Distribution fees—Class A | | | 0 | | | | 115,898 | | | | 512,883 | |
| | | |
Distribution fees—Class C | | | 0 | | | | 25,746 | | | | 99,819 | |
| | | |
Directors’ fees and expenses | | | 98,409 | | | | 89,730 | | | | 438,186 | |
| | | |
Legal fees | | | 64,233 | | | | 63,994 | | | | 266,254 | |
| | | |
Auditing and tax fees | | | 74,242 | | | | 35,227 | | | | 152,139 | |
| | | |
Printing fees | | | 76,147 | | | | 33,340 | | | | 106,992 | |
| | | |
Registration fees | | | 40,539 | | | | 42,515 | | | | 128,282 | |
| | | |
Miscellaneous | | | 62,863 | | | | 88,598 | | | | 254,630 | |
| | | | | | | | | | | | |
| | | |
Total expenses | | | 14,243,699 | | | | 5,840,050 | | | | 24,687,634 | |
| | | |
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B, 2E and 2G) | | | (65,719 | ) | | | (37,026 | ) | | | (181,280 | ) |
| | | | | | | | | | | | |
| | | |
Net expenses | | | 14,177,980 | | | | 5,803,024 | | | | 24,506,354 | |
| | | | | | | | | | | | |
| | | |
Net investment income | | | 18,335,396 | | | | 28,458,557 | | | | 149,477,888 | |
| | | | | | | | | | | | |
| | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | | | | | | | | | | | | |
| | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
| | | |
Investment transactions (b) | | | 21,554,366 | | | | (3,305,417 | ) | | | (44,714,573 | ) |
| | | |
Forward currency exchange contracts | | | 8,040,517 | | | | 0 | | | | 0 | |
| | | |
Swaps | | | 0 | | | | 5,903,775 | | | | 28,273,414 | |
| | | |
Foreign currency transactions | | | (1,222,697 | ) | | | 0 | | | | 0 | |
| | | | | | | | | | | | |
| | | |
Net realized gain (loss) on investment and foreign currency transactions | | | 28,372,186 | | | | 2,598,358 | | | | (16,441,159 | ) |
| | | | | | | | | | | | |
| | | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | | | | | |
| | | |
Investments (c) | | | 182,596,090 | | | | 52,801,288 | | | | 288,308,021 | |
| | | |
Forward currency exchange contracts | | | (1,892,319 | ) | | | 0 | | | | 0 | |
| | | |
Swaps | | | 0 | | | | (5,439,272 | ) | | | (30,413,965 | ) |
| | | |
Foreign currency denominated assets and liabilities | | | 62,205 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | |
| | | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | | | 180,765,976 | | | | 47,362,016 | | | | 257,894,056 | |
| | | | | | | | | | | | |
| | | |
Net realized and unrealized gain on investment and foreign currency transactions | | | 209,138,162 | | | | 49,960,374 | | | | 241,452,897 | |
| | | | | | | | | | | | |
| | | |
Net increase in net assets resulting from operations | | $ | 227,473,558 | | | $ | 78,418,931 | | | $ | 390,930,785 | |
| | | | | | | | | | | | |
(a) Net of foreign withholding taxes of $4,131,980, $0 and $0 for the Emerging Markets Portfolio, California Municipal Portfolio and Diversified Municipal Portfolio, respectively.
(b) Net of foreign realized capital gains taxes of $2,414,762, $0 and $0 for the Emerging Markets Portfolio, California Municipal Portfolio and Diversified Municipal Portfolio, respectively.
(c) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $5,661,987, $0 and $0 for the Emerging Markets Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio, respectively.
See Notes to Financial Statements.
| | |
| | |
| 72 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | | NEW YORK
MUNICIPAL
PORTFOLIO | | | INTERMEDIATE
DURATION
PORTFOLIO | |
| | |
| INVESTMENT INCOME | | | | | | | | |
| | |
Income: | | | | | | | | |
| | |
Interest | | $ | 43,808,575 | | | $ | 175,111,441 | |
| | |
Dividends | | | 0 | | | | 3,194,064 | |
| | |
Other income | | | 0 | | | | 190 | |
| | | | | | | | |
| | |
Total income | | | 43,808,575 | | | | 178,305,695 | |
| | | | | | | | |
| | |
Expenses: | | | | | | | | |
| | |
Management fee (see Note 2A) | | | 5,570,987 | | | | 16,078,512 | |
| | |
Shareholder servicing fee (see Note 2B) | | | 1,212,489 | | | | 3,705,912 | |
| | |
Custody and accounting fees | | | 118,521 | | | | 210,458 | |
| | |
Transfer Agent fee—Non-Retail Class | | | 38,697 | | | | 201,679 | |
| | |
Transfer Agent fee—Class A | | | 33,562 | | | | 8,331 | |
| | |
Transfer Agent fee—Class C | | | 1,215 | | | | 0 | |
| | |
Transfer Agent fee—Advisor Class | | | 25,200 | | | | 10,706 | |
| | |
Transfer Agent fee—Class Z | | | 0 | | | | 6 | |
| | |
Distribution fees—Class A | | | 195,828 | | | | 1,316 | |
| | |
Distribution fees—Class C | | | 26,961 | | | | 0 | |
| | |
Directors’ fees and expenses | | | 118,357 | | | | 334,818 | |
| | |
Legal fees | | | 78,593 | | | | 198,959 | |
| | |
Auditing and tax fees | | | 45,290 | | | | 129,218 | |
| | |
Registration fees | | | 66,768 | | | | 90,352 | |
| | |
Printing fees | | | 33,997 | | | | 52,614 | |
| | |
Miscellaneous | | | 70,783 | | | | 133,527 | |
| | | | | | | | |
| | |
Total expenses | | | 7,637,248 | | | | 21,156,408 | |
| | |
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2B, 2D and 2G) | | | (48,377 | ) | | | (141,113 | ) |
| | | | | | | | |
| | |
Net expenses | | | 7,588,871 | | | | 21,015,295 | |
| | | | | | | | |
| | |
Net investment income | | | 36,219,704 | | | | 157,290,400 | |
| | | | | | | | |
| | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | | | | | | | | |
| | |
Net realized gain (loss) on: | | | | | | | | |
| | |
Investment transactions | | | (8,418,541 | ) | | | (44,083,865 | ) |
| | |
Forward currency exchange contracts | | | 0 | | | | 75,653 | |
| | |
Futures | | | 0 | | | | 8,051,594 | |
| | |
Swaps | | | 8,589,809 | | | | 90,661 | |
| | |
Foreign currency transactions | | | 0 | | | | 139,377 | |
| | | | | | | | |
| | |
Net realized gain (loss) on investment transactions | | | 171,268 | | | | (35,726,580 | ) |
| | | | | | | | |
| | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | |
| | |
Investments | | | 73,546,862 | | | | 288,518,542 | |
| | |
Forward currency exchange contracts | | | 0 | | | | (1,371,538 | ) |
| | |
Futures | | | 0 | | | | 11,874,053 | |
| | |
Swaps | | | (9,451,686 | ) | | | (377,870 | ) |
| | |
Foreign currency denominated assets and liabilities | | | 0 | | | | 50,623 | |
| | | | | | | | |
| | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | | | 64,095,176 | | | | 298,693,810 | |
| | | | | | | | |
| | |
Net realized and unrealized gain on investment and foreign currency transactions | | | 64,266,444 | | | | 262,967,230 | |
| | | | | | | | |
| | |
Net increase in net assets resulting from operations | | $ | 100,486,148 | | | $ | 420,257,630 | |
| | | | | | | | |
See Notes to Financial Statements.
Statement of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | EMERGING MARKETS
PORTFOLIO | | | | | | CALIFORNIA MUNICIPAL
PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
|
| INCREASE (DECREASE) IN NET ASSETS FROM | |
|
Operations: | |
| | | | | |
Net investment income | | $ | 18,335,396 | | | $ | 14,262,792 | | | | | | | $ | 28,458,557 | | | $ | 26,245,798 | |
| | | | | |
Net realized gain (loss) on investment and foreign currency transactions | | | 28,372,186 | | | | (131,353,630 | ) | | | | | | | 2,598,358 | | | | (1,231,687 | ) |
| | | | | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | | | 180,765,976 | | | | 247,184,966 | | | | | | | | 47,362,016 | | | | 10,371,353 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase in net assets resulting from operations | | | 227,473,558 | | | | 130,094,128 | | | | | | | | 78,418,931 | | | | 35,385,464 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders (a) | | | (18,118,606 | ) | | | (14,810,926 | ) | | | | | | | (28,900,123 | ) | | | (27,699,977 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
Capital-share transactions: | |
| | | | | |
Net proceeds from sales of shares | | | 99,207,219 | | | | 126,490,994 | | | | | | | | 437,234,295 | | | | 500,501,953 | |
| | | | | |
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | | | 14,277,763 | | | | 12,035,795 | | | | | | | | 20,964,991 | | | | 20,012,002 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total proceeds from shares sold | | | 113,484,982 | | | | 138,526,789 | | | | | | | | 458,199,286 | | | | 520,513,955 | |
| | | | | |
Cost of shares redeemed | | | (168,720,338 | ) | | | (230,579,287 | ) | | | | | | | (462,131,586 | ) | | | (644,874,519 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease in net assets from capital-share transactions | | | (55,235,356 | ) | | | (92,052,498 | ) | | | | | | | (3,932,300 | ) | | | (124,360,564 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase (decrease) in net assets | | | 154,119,596 | | | | 23,230,704 | | | | | | | | 45,586,508 | | | | (116,675,077 | ) |
|
| NET ASSETS: | |
| | | | | |
Beginning of period | | | 1,047,253,336 | | | | 1,024,022,632 | | | | | | | | 985,221,710 | | | | 1,101,896,787 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
End of period | | $ | 1,201,372,932 | | | $ | 1,047,253,336 | | | | | | | $ | 1,030,808,218 | | | $ | 985,221,710 | |
| | | | | | | | | | | | | | | | | | | | |
(a) See page 77 for share class information on dividend distributions for the Emerging Markets and California Municipal Portfolios.
See Notes to Financial Statements.
| | |
| | |
| 74 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | DIVERSIFIED MUNICIPAL
PORTFOLIO | | | | | | NEW YORK MUNICIPAL
PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
| | | | | |
| INCREASE (DECREASE) IN NET ASSETS FROM | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | $ | 149,477,888 | | | $ | 135,478,038 | | | | | | | $ | 36,219,704 | | | $ | 32,973,912 | |
| | | | | |
Net realized gain (loss) on investment transactions | | | (16,441,159 | ) | | | (37,941,189 | ) | | | | | | | 171,268 | | | | (2,916,573 | ) |
| | | | | |
Net change in unrealized appreciation (depreciation) of investments | | | 257,894,056 | | | | 57,806,862 | | | | | | | | 64,095,176 | | | | 12,947,918 | |
| | | | | |
Contributions from affiliates (see Note 2E) | | | 0 | | | | 0 | | | | | | | | 0 | | | | 338 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase in net assets resulting from operations | | | 390,930,785 | | | | 155,343,711 | | | | | | | | 100,486,148 | | | | 43,005,595 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders (a) | | | (147,262,808 | ) | | | (137,506,921 | ) | | | | | | | (35,745,295 | ) | | | (33,808,753 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
Capital-share transactions: | |
| | | | | |
Net proceeds from sales of shares | | | 1,627,801,762 | | | | 1,744,549,014 | | | | | | | | 496,131,077 | | | | 586,846,724 | |
| | | | | |
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | | | 105,817,259 | | | | 99,358,117 | | | | | | | | 26,895,400 | | | | 25,071,565 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total proceeds from shares sold | | | 1,733,619,021 | | | | 1,843,907,131 | | | | | | | | 523,026,477 | | | | 611,918,289 | |
| | | | | |
Cost of shares redeemed | | | (1,878,336,352 | ) | | | (2,435,940,592 | ) | | | | | | | (584,998,456 | ) | | | (720,277,303 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease in net assets from capital-share transactions | | | (144,717,331 | ) | | | (592,033,461 | ) | | | | | | | (61,971,979 | ) | | | (108,359,014 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase (decrease) in net assets | | | 98,950,646 | | | | (574,196,671 | ) | | | | | | | 2,768,874 | | | | (99,162,172 | ) |
|
| NET ASSETS: | |
| | | | | |
Beginning of period | | | 4,945,354,695 | | | | 5,519,551,366 | | | | | | | | 1,341,281,918 | | | | 1,440,444,090 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
End of period | | $ | 5,044,305,341 | | | $ | 4,945,354,695 | | | | | | | $ | 1,344,050,792 | | | $ | 1,341,281,918 | |
| | | | | | | | | | | | | | | | | | | | |
(a) See page 77 for share class information on dividend distributions for the Diversified Municipal and New York Municipal Portfolios.
See Notes to Financial Statements.
Statement of Changes in Net Assets (continued)
| | | | | | | | |
| |
| | | INTERMEDIATE DURATION
PORTFOLIO | |
| | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
| | |
| INCREASE (DECREASE) IN NET ASSETS FROM | | | | | | | | |
| | |
Operations: | | | | | | | | |
| | |
Net investment income | | $ | 157,290,400 | | | $ | 112,808,559 | |
| | |
Net realized loss on investment and foreign currency transactions | | | (35,726,580 | ) | | | (202,738,642 | ) |
| | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities and other assets and liabilities | | | 298,693,810 | | | | 95,701,716 | |
| | | | | | | | |
| | |
Net increase in net assets resulting from operations | | | 420,257,630 | | | | 5,771,633 | |
| | | | | | | | |
| | |
Distributions to shareholders (a) | | | (157,150,760 | ) | | | (114,225,211 | ) |
| | | | | | | | |
| | |
Capital-share transactions: | | | | | | | | |
| | |
Net proceeds from sales of shares | | | 974,336,981 | | | | 658,939,419 | |
| | |
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | | | 116,531,402 | | | | 82,884,093 | |
| | | | | | | | |
| | |
Total proceeds from shares sold | | | 1,090,868,383 | | | | 741,823,512 | |
| | |
Cost of shares redeemed | | | (471,654,569 | ) | | | (451,138,552 | ) |
| | | | | | | | |
| | |
Net increase in net assets from capital-share transactions | | | 619,213,814 | | | | 290,684,960 | |
| | | | | | | | |
| | |
Net increase in net assets | | | 882,320,684 | | | | 182,231,382 | |
| | |
| NET ASSETS: | | | | | | | | |
| | |
Beginning of period | | | 3,272,782,807 | | | | 3,090,551,425 | |
| | | | | | | | |
| | |
End of period | | $ | 4,155,103,491 | | | $ | 3,272,782,807 | |
| | | | | | | | |
(a) See page 77 for share class information on dividend distributions for the Intermediate Duration Portfolio.
See Notes to Financial Statements.
| | |
| | |
| 76 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| |
| | | EMERGING MARKETS
PORTFOLIO | |
| | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
| | |
Distributions to shareholders: | | | | | | | | |
| | |
Emerging Markets Class | | $ | (16,217,175 | ) | | $ | (12,145,220 | ) |
| | |
Class Z | | | (1,901,431 | ) | | | (2,665,706 | ) |
| | | | | | | | |
| | |
| | $ | (18,118,606 | ) | | $ | (14,810,926 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | CALIFORNIA MUNICIPAL
PORTFOLIO | | | | | | DIVERSIFIED MUNICIPAL
PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
| | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Municipal Class | | $ | (24,325,394 | ) | | $ | (23,238,751 | ) | | | | | | $ | (113,727,803 | ) | | $ | (107,125,212 | ) |
| | | | | |
Class A | | | (1,234,267 | ) | | | (1,167,846 | ) | | | | | | | (5,661,410 | ) | | | (5,753,554 | ) |
| | | | | |
Class C | | | (49,162 | ) | | | (56,580 | ) | | | | | | | (200,681 | ) | | | (202,683 | ) |
| | | | | |
Advisor Class | | | (3,291,300 | ) | | | (3,236,800 | ) | | | | | | | (14,600,972 | ) | | | (12,061,867 | ) |
| | | | | |
Class Z | | | 0 | | | | 0 | | | | | | | | (13,071,942 | ) | | | (12,363,605 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | $ | (28,900,123 | ) | | $ | (27,699,977 | ) | | | | | | $ | (147,262,808 | ) | | $ | (137,506,921 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| |
| | | NEW YORK MUNICIPAL
PORTFOLIO | |
| | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
|
Distributions to shareholders: | |
| | |
Municipal Class | | $ | (32,190,707 | ) | | $ | (30,269,371 | ) |
| | |
Class A | | | (1,922,062 | ) | | | (1,973,811 | ) |
| | |
Class C | | | (45,728 | ) | | | (67,311 | ) |
| | |
Advisor Class | | | (1,586,798 | ) | | | (1,498,260 | ) |
| | | | | | | | |
| | |
| | $ | (35,745,295 | ) | | $ | (33,808,753 | ) |
| | | | | | | | |
| | | | | | | | |
| |
| | | INTERMEDIATE DURATION
PORTFOLIO | |
| | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
|
Distributions to shareholders: | |
| | |
Intermediate Duration Portfolio | | $ | (157,101,198 | ) | | $ | (114,202,494 | ) |
| | |
Class A | | | (20,530 | ) | | | (17,125 | ) |
| | |
Advisor Class | | | (28,675 | ) | | | (5,291 | ) |
| | |
Class Z | | | (357 | ) | | | (301 | ) |
| | | | | | | | |
| | |
| | $ | (157,150,760 | ) | | $ | (114,225,211 | ) |
| | | | | | | | |
See Notes to Financial Statements.
Financial Highlights
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | EMERGING MARKETS PORTFOLIO
EMERGING MARKETS CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 24.14 | | | $ | 21.77 | | | $ | 33.43 | | | $ | 27.17 | | | $ | 26.03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | .43 | | | | .31 | | | | .38 | | | | .50 | | | | .32 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 4.97 | | | | 2.37 | | | | (9.10 | ) | | | 6.32 | | | | 1.26 | |
| | | | | |
Contributions from affiliates | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | .00 | (c) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 5.40 | | | | 2.68 | | | | (8.72 | ) | | | 6.82 | | | | 1.58 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less dividends and distributions: | |
| | | | | |
Dividends from net investment income | | | (.42 | ) | | | (.31 | ) | | | (.66 | ) | | | (.56 | ) | | | (.44 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (2.28 | ) | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (.42 | ) | | | (.31 | ) | | | (2.94 | ) | | | (.56 | ) | | | (.44 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | | $29.12 | | | | $24.14 | | | | $21.77 | | | | $33.43 | | | | $27.17 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d)(e) | | | 22.73% | | | | 12.33% | | | | (28.60)% | | | | 25.20% | | | | 6.04% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $1,113,924 | | | | $951,154 | | | | $871,486 | | | | $1,225,396 | | | | $1,056,249 | |
| | | | | |
Average net assets (000 omitted) | | | $1,019,393 | | | | $978,225 | | | | $1,120,511 | | | | $1,252,078 | | | | $1,085,654 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | 1.30% | | | | 1.30% | | | | 1.28% | | | | 1.28% | | | | 1.29% | |
| | | | | |
Expenses, before waivers/reimbursements | | | 1.30% | | | | 1.30% | | | | 1.29% | | | | 1.28% | | | | 1.30% | |
| | | | | |
Net investment income (b) | | | 1.65% | | | | 1.28% | | | | 1.34% | | | | 1.50% | | | | 1.22% | |
| | | | | |
Portfolio turnover rate | | | 74% | | | | 58% | | | | 57% | | | | 68% | | | | 85% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 78 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | EMERGING MARKETS PORTFOLIO
CLASS Z | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 24.18 | | | $ | 21.81 | | | $ | 33.50 | | | $ | 27.22 | | | $ | 26.08 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income From investment operations: | |
| | | | | |
Net investment income (a)(b) | | | .45 | | | | .30 | | | | .45 | | | | .59 | | | | .39 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 5.01 | | | | 2.45 | | | | (9.11 | ) | | | 6.32 | | | | 1.26 | |
| | | | | |
Contributions from affiliates | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | .00 | (c) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 5.46 | | | | 2.75 | | | | (8.66 | ) | | | 6.91 | | | | 1.65 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less dividends and distributions: | |
| | | | | |
Dividends from net investment income | | | (.48 | ) | | | (.38 | ) | | | (.75 | ) | | | (.63 | ) | | | (.51 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (2.28 | ) | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (.48 | ) | | | (.38 | ) | | | (3.03 | ) | | | (.63 | ) | | | (.51 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | | $29.16 | | | | $24.18 | | | | $21.81 | | | | $33.50 | | | | $27.22 | |
| | | | | | | | | | | | | | | | | | | | |
|
Total Return | |
| | | | | |
Total investment return based on net asset value (d)(e) | | | 22.96% | | | | 12.60% | | | | (28.43)% | | | | 25.56% | | | | 6.33% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $87,449 | | | | $96,099 | | | | $152,537 | | | | $219,793 | | | | $181,910 | |
| | | | | |
Average net assets (000 omitted) | | | $88,517 | | | | $137,783 | | | | $198,222 | | | | $220,989 | | | | $178,143 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | 1.08% | | | | 1.04% | | | | 1.03% | | | | 1.03% | | | | 1.04% | |
| | | | | |
Expenses, before waivers/reimbursements | | | 1.09% | | | | 1.05% | | | | 1.04% | | | | 1.03% | | | | 1.04% | |
| | | | | |
Net investment income (b) | | | 1.74% | | | | 1.24% | | | | 1.57% | | | | 1.76% | | | | 1.50% | |
| | | | | |
Portfolio turnover rate | | | 74% | | | | 58% | | | | 57% | | | | 68% | | | | 85% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | CALIFORNIA MUNICIPAL PORTFOLIO
MUNICIPAL CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 13.36 | | | $ | 13.28 | | | $ | 14.60 | | | $ | 14.52 | | | $ | 14.44 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income from investment operations: | |
| | | | | |
Investment income, net (a) | | | .39 | (b) | | | .33 | | | | .25 | | | | .24 | | | | .29 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .68 | | | | .10 | | | | (1.33 | ) | | | .08 | | | | .08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.07 | | | | .43 | | | | (1.08 | ) | | | .32 | | | | .37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.39 | ) | | | (.35 | ) | | | (.24 | ) | | | (.24 | ) | | | (.29 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.04 | | | $ | 13.36 | | | $ | 13.28 | | | $ | 14.60 | | | $ | 14.52 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 8.12% | | | | 3.23% | | | | (7.46)% | | | | 2.21% | | | | 2.59% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $860,634 | | | | $831,102 | | | | $938,638 | | | | $1,228,752 | | | | $1,243,747 | |
| | | | | |
Average net assets (000 omitted) | | | $853,205 | | | | $903,282 | | | | $1,116,698 | | | | $1,252,402 | | | | $1,222,654 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .57% | | | | .57% | | | | .55% | | | | .54% | | | | .55% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .57% | | | | .57% | | | | .55% | | | | .54% | | | | .55% | |
| | | | | |
Net investment income | | | 2.81% | (b) | | | 2.44% | | | | 1.76% | | | | 1.66% | | | | 1.98% | |
| | | | | |
Portfolio turnover rate | | | 39% | | | | 31% | | | | 23% | | | | 27% | | | | 16% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 80 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | CALIFORNIA MUNICIPAL PORTFOLIO
CLASS A | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 13.36 | | | $ | 13.28 | | | $ | 14.60 | | | $ | 14.52 | | | $ | 14.44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (a) | | | .36 | (b) | | | .31 | | | | .22 | | | | .22 | | | | .26 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .69 | | | | .09 | | | | (1.33 | ) | | | .07 | | | | .08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.05 | | | | .40 | | | | (1.11 | ) | | | .29 | | | | .34 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less dividends: | |
| | | | | |
Dividends from net investment income | | | (.37 | ) | | | (.32 | ) | | | (.21 | ) | | | (.21 | ) | | | (.26 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.04 | | | $ | 13.36 | | | $ | 13.28 | | | $ | 14.60 | | | $ | 14.52 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 7.91% | | | | 3.03% | | | | (7.63)% | | | | 2.03% | | | | 2.39% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $47,615 | | | | $43,223 | | | | $57,141 | | | | $76,220 | | | | $82,318 | |
| | | | | |
Average net assets (000 omitted) | | | $46,359 | | | | $49,135 | | | | $64,530 | | | | $83,485 | | | | $79,385 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .75% | | | | .76% | | | | .73% | | | | .73% | | | | .73% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .75% | | | | .76% | | | | .73% | | | | .73% | | | | .73% | |
| | | | | |
Net investment income | | | 2.63% | (b) | | | 2.24% | | | | 1.57% | | | | 1.48% | | | | 1.79% | |
| | | | | |
Portfolio turnover rate | | | 39% | | | | 31% | | | | 23% | | | | 27% | | | | 16% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | CALIFORNIA MUNICIPAL PORTFOLIO
CLASS C | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | | $13.36 | | | | $13.28 | | | | $14.59 | | | | $14.52 | | | | $14.44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income From Investment Operations | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (a) | | | .26 | (b) | | | .20 | | | | .12 | | | | .11 | | | | .15 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .68 | | | | .10 | | | | (1.32 | ) | | | .06 | | | | .08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .94 | | | | .30 | | | | (1.20 | ) | | | .17 | | | | .23 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less: dividends | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.26 | ) | | | (.22 | ) | | | (.11 | ) | | | (.10 | ) | | | (.15 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | | $14.04 | | | | $13.36 | | | | $13.28 | | | | $14.59 | | | | $14.52 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 7.11% | | | | 2.25% | | | | (8.26)% | | | | 1.19% | | | | 1.62% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | $ | 2,382 | | | $ | 3,257 | | | $ | 3,652 | | | $ | 4,828 | | | $ | 6,586 | |
| | | | | |
Average net assets (000 omitted) | | $ | 2,575 | | | $ | 3,463 | | | $ | 4,376 | | | $ | 5,934 | | | $ | 9,405 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | 1.50% | | | | 1.51% | | | | 1.49% | | | | 1.48% | | | | 1.48% | |
| | | | | |
Expenses, before waivers/reimbursements | | | 1.51% | | | | 1.51% | | | | 1.49% | | | | 1.48% | | | | 1.48% | |
| | | | | |
Net investment income | | | 1.87% | (b) | | | 1.50% | | | | .82% | | | | .73% | | | | 1.05% | |
| | | | | |
Portfolio turnover rate | | | 39% | | | | 31% | | | | 23% | | | | 27% | | | | 16% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 82 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | CALIFORNIA MUNICIPAL PORTFOLIO
ADVISOR CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 13.36 | | | $ | 13.28 | | | $ | 14.60 | | | $ | 14.52 | | | $ | 14.44 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income From Investment Operations | |
| | | | | |
Net investment income (a) | | | .40 | (b) | | | .34 | | | | .26 | | | | .25 | | | | .29 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .68 | | | | .10 | | | | (1.33 | ) | | | .08 | | | | .08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.08 | | | | .44 | | | | (1.07 | ) | | | .33 | | | | .37 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less dividends: | |
| | | | | |
Dividends from net investment income | | | (.40) | | | | (.36 | ) | | | (.25 | ) | | | (.25 | ) | | | (.29 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | | $14.04 | | | | $13.36 | | | | $13.28 | | | | $14.60 | | | | $14.52 | |
| | | | | | | | | | | | | | | | | | | | |
|
Total Return | |
| | | | | |
Total investment return based on net asset value (d) | | | 8.19% | | | | 3.28% | | | | (7.40)% | | | | 2.28% | | | | 2.65% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $120,177 | | | | $107,640 | | | | $102,466 | | | | $82,692 | | | | $60,140 | |
| | | | | |
Average net assets (000 omitted) | | | $112,992 | | | | $123,025 | | | | $85,505 | | | | $70,376 | | | | $46,691 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .50% | | | | .51% | | | | .48% | | | | .48% | | | | .49% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .50% | | | | .51% | | | | .48% | | | | .48% | | | | .49% | |
| | | | | |
Net investment income | | | 2.88% | (b) | | | 2.50% | | | | 1.86% | | | | 1.71% | | | | 2.03% | |
| | | | | |
Portfolio turnover rate | | | 39% | | | | 31% | | | | 23% | | | | 27% | | | | 16% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | DIVERSIFIED MUNICIPAL PORTFOLIO
MUNICIPAL CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 13.39 | | | $ | 13.37 | | | $ | 14.80 | | | $ | 14.67 | | | $ | 14.57 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a) | | | .41 | (b) | | | .35 | | | | .28 | | | | .28 | | | | .33 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .67 | | | | .03 | | | | (1.44 | ) | | | .13 | | | | .10 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.08 | | | | .38 | | | | (1.16 | ) | | | .41 | | | | .43 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.41 | ) | | | (.36 | ) | | | (.27 | ) | | | (.28 | ) | | | (.33 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.06 | | | $ | 13.39 | | | $ | 13.37 | | | $ | 14.80 | | | $ | 14.67 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 8.15% | | | | 2.80% | | | | (7.89)% | | | | 2.79% | | | | 2.99% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $3,927,063 | | | | $3,824,089 | | | | $4,296,196 | | | | $5,390,502 | | | | $5,035,751 | |
| | | | | |
Average net assets (000 omitted) | | | $3,847,503 | | | | $4,105,175 | | | | $5,011,517 | | | | $5,276,753 | | | | $5,013,687 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .50% | | | | .50% | | | | .47% | | | | .47% | | | | .47% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .50% | | | | .50% | | | | .47% | | | | .47% | | | | .47% | |
| | | | | |
Net investment income | | | 3.00% | (b) | | | 2.57% | | | | 1.96% | | | | 1.89% | | | | 2.26% | |
| | | | | |
Portfolio turnover rate | | | 43% | | | | 24% | | | | 15% | | | | 22% | | | | 20% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 84 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | DIVERSIFIED MUNICIPAL PORTFOLIO
CLASS A | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 13.40 | | | $ | 13.38 | | | $ | 14.81 | | | $ | 14.68 | | | $ | 14.58 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a) | | | .39 | (b) | | | .32 | | | | .25 | | | | .25 | | | | .30 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .66 | | | | .03 | | | | (1.43 | ) | | | .13 | | | | .10 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.05 | | | | .35 | | | | (1.18 | ) | | | .38 | | | | .40 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.38 | ) | | | (.33 | ) | | | (.25 | ) | | | (.25 | ) | | | (.30 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.07 | | | $ | 13.40 | | | $ | 13.38 | | | $ | 14.81 | | | $ | 14.68 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 7.93% | | | | 2.59% | | | | (8.06)% | | | | 2.59% | | | | 2.78% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $194,550 | | | | $215,352 | | | | $261,936 | | | | $349,953 | | | | $271,074 | |
| | | | | |
Average net assets (000 omitted) | | | $205,151 | | | | $239,010 | | | | $303,281 | | | | $319,098 | | | | $248,192 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .69% | | | | .69% | | | | .65% | | | | .66% | | | | .67% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .69% | | | | .69% | | | | .65% | | | | .66% | | | | .67% | |
| | | | | |
Net investment income | | | 2.80% | (b) | | | 2.37% | | | | 1.77% | | | | 1.69% | | | | 2.04% | |
| | | | | |
Portfolio turnover rate | | | 43% | | | | 24% | | | | 15% | | | | 22% | | | | 20% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | DIVERSIFIED MUNICIPAL PORTFOLIO CLASS C | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | | $13.40 | | | | $13.37 | | | | $14.81 | | | | $14.68 | | | | $14.57 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income From Investment Operations | |
| | | | | |
Net investment income (a) | | | .28 | (b) | | | .22 | | | | .15 | | | | .14 | | | | .19 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .67 | | | | .04 | | | | (1.45 | ) | | | .13 | | | | .11 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .95 | | | | .26 | | | | (1.30 | ) | | | .27 | | | | .30 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less: dividends | |
| | | | | |
Dividends from net investment income | | | (.28 | ) | | | (.23 | ) | | | (.14 | ) | | | (.14 | ) | | | (.19 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.07 | | | $ | 13.40 | | | $ | 13.37 | | | $ | 14.81 | | | $ | 14.68 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 7.13% | | | | 1.90% | | | | (8.81)% | | | | 1.82% | | | | 2.07% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $9,618 | | | | $10,185 | | | | $13,576 | | | | $18,542 | | | | $34,743 | |
| | | | | |
Average net assets (000 omitted) | | | $9,982 | | | | $12,234 | | | | $15,772 | | | | $28,338 | | | | $39,529 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | 1.44% | | | | 1.44% | | | | 1.40% | | | | 1.41% | | | | 1.43% | |
| | | | | |
Expenses, before waivers/reimbursements | | | 1.44% | | | | 1.44% | | | | 1.40% | | | | 1.41% | | | | 1.43% | |
| | | | | |
Net investment income | | | 2.05% | (b) | | | 1.62% | | | | 1.02% | | | | .96% | | | | 1.30% | |
| | | | | |
Portfolio turnover rate | | | 43% | | | | 24% | | | | 15% | | | | 22% | | | | 20% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 86 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | DIVERSIFIED MUNICIPAL PORTFOLIO
ADVISOR CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 13.38 | | | $ | 13.36 | | | $ | 14.79 | | | $ | 14.66 | | | $ | 14.55 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income from investment operations | |
| | | | | |
Investment income, net (a) | | | .42 | (b) | | | .36 | | | | .29 | | | | .29 | | | | .33 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .67 | | | | .02 | | | | (1.44 | ) | | | .13 | | | | .11 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.09 | | | | .38 | | | | (1.15 | ) | | | .42 | | | | .44 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less dividends: | |
| | | | | |
Dividends from net investment income | | | (.42 | ) | | | (.36 | ) | | | (.28 | ) | | | (.29 | ) | | | (.33 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | | $14.05 | | | | $13.38 | | | | $13.36 | | | | $14.79 | | | | $14.66 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 8.22% | | | | 2.85% | | | | (7.84)% | | | | 2.85% | | | | 3.11% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $494,733 | | | | $445,885 | | | | $477,015 | | | | $456,386 | | | | $377,082 | |
| | | | | |
Average net assets (000 omitted) | | | $483,738 | | | | $453,119 | | | | $467,739 | | | | $419,891 | | | | $332,267 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .44% | | | | .44% | | | | .40% | | | | .41% | | | | .43% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .44% | | | | .44% | | | | .40% | | | | .41% | | | | .43% | |
| | | | | |
Net investment income | | | 3.06% | (b) | | | 2.62% | | | | 2.04% | | | | 1.94% | | | | 2.29% | |
| | | | | |
Portfolio turnover rate | | | 43% | | | | 24% | | | | 15% | | | | 22% | | | | 20% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | DIVERSIFIED MUNICIPAL PORTFOLIO
CLASS Z | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 13.40 | | | $ | 13.38 | | | $ | 14.81 | | | $ | 14.68 | | | $ | 14.58 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income from investment operations | |
| | | | | |
Investment income, net (a) | | | .43 | (b) | | | .36 | | | | .29 | | | | .29 | | | | .34 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .66 | | | | .03 | | | | (1.44 | ) | | | .13 | | | | .10 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.09 | | | | .39 | | | | (1.15 | ) | | | .42 | | | | .44 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less: dividends | |
| | | | | |
Dividends from net investment income | | | (.42 | ) | | | (.37 | ) | | | (.28 | ) | | | (.29 | ) | | | (.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.07 | | | $ | 13.40 | | | $ | 13.38 | | | $ | 14.81 | | | $ | 14.68 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 8.23% | | | | 2.88% | | | | (7.81)% | | | | 2.87% | | | | 3.08% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $418,341 | | | | $449,844 | | | | $470,829 | | | | $505,365 | | | | $509,910 | |
| | | | | |
Average net assets (000 omitted) | | | $430,653 | | | | $459,325 | | | | $500,681 | | | | $485,522 | | | | $590,892 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .41% | | | | .41% | | | | .39% | | | | .38% | | | | .39% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .41% | | | | .41% | | | | .39% | | | | .38% | | | | .39% | |
| | | | | |
Net investment income | | | 3.08% | (b) | | | 2.65% | | | | 2.05% | | | | 1.97% | | | | 2.34% | |
| | | | | |
Portfolio turnover rate | | | 43% | | | | 24% | | | | 15% | | | | 22% | | | | 20% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 88 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | NEW YORK MUNICIPAL PORTFOLIO
MUNICIPAL CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 12.96 | | | $ | 12.88 | | | $ | 14.25 | | | $ | 14.04 | | | $ | 14.18 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a) | | | .36 | (b) | | | .31 | | | | .26 | | | | .27 | | | | .30 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .64 | | | | .08 | | | | (1.37 | ) | | | .20 | | | | (.13 | ) |
| | | | | |
Contributions from affiliates | | | 0 | | | | .00 | (c) | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.00 | | | | .39 | | | | (1.11 | ) | | | .47 | | | | .17 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.36 | ) | | | (.31 | ) | | | (.26 | ) | | | (.26 | ) | | | (.31 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 13.60 | | | $ | 12.96 | | | $ | 12.88 | | | $ | 14.25 | | | $ | 14.04 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 7.75% | | | | 3.07% | | | | (7.89)% | | | | 3.38% | | | | 1.22% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $1,211,803 | | | | $1,195,461 | | | | $1,277,132 | | | | $1,606,925 | | | | $1,585,884 | |
| | | | | |
Average net assets (000 omitted) | | | $1,212,475 | | | | $1,258,015 | | | | $1,497,091 | | | | $1,623,786 | | | | $1,599,889 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .55% | | | | .56% | | | | .54% | | | | .53% | | | | .54% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .55% | | | | .56% | | | | .54% | | | | .53% | | | | .54% | |
| | | | | |
Net investment income | | | 2.69% | (b) | | | 2.35% | | | | 1.90% | | | | 1.86% | | | | 2.17% | |
| | | | | |
Portfolio turnover rate | | | 33% | | | | 20% | | | | 14% | | | | 18% | | | | 18% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | NEW YORK MUNICIPAL PORTFOLIO
CLASS A | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 12.95 | | | $ | 12.88 | | | $ | 14.25 | | | $ | 14.03 | | | $ | 14.17 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (a) | | | .33 | (b) | | | .28 | | | | .23 | | | | .24 | | | | .28 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .64 | | | | .08 | | | | (1.37 | ) | | | .22 | | | | (.14 | ) |
| | | | | |
Contributions from affiliates | | | 0 | | | | .00 | (c) | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .97 | | | | .36 | | | | (1.14 | ) | | | .46 | | | | .14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.33 | ) | | | (.29 | ) | | | (.23 | ) | | | (.24 | ) | | | (.28 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 13.59 | | | $ | 12.95 | | | $ | 12.88 | | | $ | 14.25 | | | $ | 14.03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 7.54% | | | | 2.78% | | | | (8.07)% | | | | 3.26% | | | | 1.03% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $75,966 | | | | $79,542 | | | | $96,286 | | | | $116,552 | | | | $117,874 | |
| | | | | |
Average net assets (000 omitted) | | | $78,331 | | | | $89,695 | | | | $105,328 | | | | $117,041 | | | | $119,315 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .74% | | | | .76% | | | | .73% | | | | .73% | | | | .72% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .75% | | | | .76% | | | | .73% | | | | .73% | | | | .72% | |
| | | | | |
Net investment income | | | 2.50% | (b) | | | 2.14% | | | | 1.71% | | | | 1.67% | | | | 1.98% | |
| | | | | |
Portfolio turnover rate | | | 33% | | | | 20% | | | | 14% | | | | 18% | | | | 18% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 90 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | NEW YORK MUNICIPAL PORTFOLIO
CLASS C | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 12.95 | | | $ | 12.88 | | | $ | 14.25 | | | $ | 14.03 | | | $ | 14.17 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income From Investment Operations | |
| | | | | |
Net investment income (a) | | | .23 | (b) | | | .18 | | | | .13 | | | | .13 | | | | .17 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .64 | | | | .08 | | | | (1.37) | | | | .22 | | | | (.13) | |
| | | | | |
Contributions from affiliates | | | 0 | | | | .00 | (c) | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | .87 | | | | .26 | | | | (1.24 | ) | | | .35 | | | | .04 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less: dividends | |
| | | | | |
Dividends from net investment income | | | (.23 | ) | | | (.19 | ) | | | (.13 | ) | | | (.13 | ) | | | (.18 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | | $13.59 | | | | $12.95 | | | | $12.88 | | | | $14.25 | | | | $14.03 | |
| | | | | | | | | | | | | | | | | | | | |
|
Total Return | |
| | | | | |
Total investment return based on net asset value (d) | | | 6.73% | | | | 2.01% | | | | (8.76)% | | | | 2.47% | | | | .27% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $2,363 | | | | $3,597 | | | | $5,515 | | | | $8,982 | | | | $19,813 | |
| | | | | |
Average net assets (000 omitted) | | | $2,696 | | | | $4,655 | | | | $7,393 | | | | $15,076 | | | | $23,921 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | 1.50% | | | | 1.51% | | | | 1.48% | | | | 1.48% | | | | 1.48% | |
| | | | | |
Expenses, before waivers/reimbursements | | | 1.50% | | | | 1.51% | | | | 1.48% | | | | 1.48% | | | | 1.48% | |
| | | | | |
Net investment income | | | 1.74% | (b) | | | 1.38% | | | | .95% | | | | .93% | | | | 1.23% | |
| | | | | |
Portfolio turnover rate | | | 33% | | | | 20% | | | | 14% | | | | 18% | | | | 18% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | NEW YORK MUNICIPAL PORTFOLIO
ADVISOR CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 12.95 | | | $ | 12.88 | | | $ | 14.24 | | | $ | 14.03 | | | $ | 14.17 | |
| | | | | | | | | | | | | | | | | | | | |
|
Income From Investment Operations | |
| | | | | |
Net investment income (a) | | | .37 | (b) | | | .32 | | | | .27 | | | | .27 | | | | .31 | |
| | | | | |
Net realized and unrealized gain (loss) on investment transactions | | | .63 | | | | .07 | | | | (1.36 | ) | | | .21 | | | | (.13 | ) |
| | | | | |
Contributions from affiliates | | | 0 | | | | .00 | (c) | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.00 | | | | .39 | | | | (1.09 | ) | | | .48 | | | | .18 | |
| | | | | | | | | | | | | | | | | | | | |
|
Less dividends: | |
| | | | | |
Dividends from net investment income | | | (.36 | ) | | | (.32 | ) | | | (.27 | ) | | | (.27 | ) | | | (.32 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 13.59 | | | $ | 12.95 | | | $ | 12.88 | | | $ | 14.24 | | | $ | 14.03 | |
| | | | | | | | | | | | | | | | | | | | |
|
Total Return | |
| | | | | |
Total investment return based on net asset value (d) | | | 7.81% | | | | 3.04% | | | | (7.77)% | | | | 3.44% | | | | 1.28% | |
|
| RATIOS/SUPPLEMENTAL DATA | |
| | | | | |
Net assets, end of period (000 omitted) | | | $53,919 | | | | $62,682 | | | | $61,511 | | | | $67,388 | | | | $64,546 | |
| | | | | |
Average net assets (000 omitted) | | | $58,761 | | | | $61,081 | | | | $64,326 | | | | $62,323 | | | | $63,077 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .49% | | | | .51% | | | | .48% | | | | .48% | | | | .47% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .50% | | | | .51% | | | | .48% | | | | .48% | | | | .47% | |
| | | | | |
Net investment income | | | 2.74% | (b) | | | 2.40% | | | | 1.96% | | | | 1.91% | | | | 2.22% | |
| | | | | |
Portfolio turnover rate | | | 33% | | | | 20% | | | | 14% | | | | 18% | | | | 18% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 92 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | INTERMEDIATE DURATION PORTFOLIO
INTERMEDIATE DURATION CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 10.79 | | | $ | 11.13 | | | $ | 13.49 | | | $ | 14.02 | | | $ | 13.54 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a) | | | .47 | (b) | | | .39 | | | | .21 | | | | .25 | | | | .35 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | .80 | | | | (.34 | ) | | | (2.23 | ) | | | (.28 | ) | | | .51 | |
| | | | | |
Contributions from affiliates | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.27 | | | | .05 | | | | (2.02 | ) | | | (.03 | ) | | | .86 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.47 | ) | | | (.39 | ) | | | (.21 | ) | | | (.26 | ) | | | (.38 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (.13 | ) | | | (.24 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (.47 | ) | | | (.39 | ) | | | (.34 | ) | | | (.50 | ) | | | (.38 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 11.59 | | | $ | 10.79 | | | $ | 11.13 | | | $ | 13.49 | | | $ | 14.02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 12.04% | | | | .43% | | | | (15.25)% | | | | (.23)% | | | | 6.35% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $4,153,600 | | | | $3,271,751 | | | | $3,089,962 | | | | $3,845,735 | | | | $3,696,937 | |
| | | | | |
Average net assets (000 omitted) | | | $3,705,904 | | | | $3,218,725 | | | | $3,542,155 | | | | $3,818,467 | | | | $3,503,078 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .57% | | | | .58% | | | | .56% | | | | .56% | | | | .57% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .57% | | | | .58% | | | | .56% | | | | .56% | | | | .57% | |
| | | | | |
Net investment income | | | 4.24% | (b) | | | 3.50% | | | | 1.65% | | | | 1.81% | | | | 2.54% | |
| | | | | |
Portfolio turnover rate (f) | | | 195% | | | | 187% | | | | 122% | | | | 123% | | | | 72% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | INTERMEDIATE DURATION PORTFOLIO
CLASS A | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 10.80 | | | $ | 11.14 | | | $ | 13.50 | | | $ | 14.03 | | | $ | 13.55 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (a) | | | .44 | (b) | | | .35 | (b) | | | .16 | (b) | | | .18 | (b) | | | .15 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | .80 | | | | (.34 | ) | | | (2.22 | ) | | | (.29 | ) | | | .52 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.24 | | | | .01 | | | | (2.06 | ) | | | (.11 | ) | | | .67 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.44 | ) | | | (.35 | ) | | | (.17 | ) | | | (.18 | ) | | | (.19 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (.13 | ) | | | (.24 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (.44 | ) | | | (.35 | ) | | | (.30 | ) | | | (.42 | ) | | | (.19 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 11.60 | | | $ | 10.80 | | | $ | 11.14 | | | $ | 13.50 | | | $ | 14.03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 11.65% | | | | .10% | | | | (15.54)% | | | | (.86)% | | | | 5.08% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $602 | | | | $481 | | | | $572 | | | | $1,741 | | | | $693 | |
| | | | | |
Average net assets (000 omitted) | | | $526 | | | | $537 | | | | $746 | | | | $1,438 | | | | $170 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .90% | | | | .91% | | | | .90% | | | | 1.03% | | | | 1.82% | |
| | | | | |
Expenses, before waivers/reimbursements | | | 2.53% | | | | 6.62% | | | | 5.51% | | | | 3.95% | | | | 1.82% | |
| | | | | |
Net investment income | | | 3.91% | (b) | | | 3.14% | (b) | | | 1.26% | (b) | | | 1.29% | (b) | | | 1.11% | |
| | | | | |
Portfolio turnover rate (f) | | | 195% | | | | 187% | | | | 122% | | | | 123% | | | | 72% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
| | |
| | |
| 94 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | INTERMEDIATE DURATION PORTFOLIO
ADVISOR CLASS | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 10.79 | | | $ | 11.13 | | | $ | 13.49 | | | $ | 14.03 | | | $ | 13.55 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income From Investment Operations | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (a) | | | .47 | (b) | | | .40 | (b) | | | .20 | (b) | | | .21 | (b) | | | .20 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | .80 | | | | (.36 | ) | | | (2.23 | ) | | | (.29 | ) | | | .51 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.27 | | | | .04 | | | | (2.03 | ) | | | (.08 | ) | | | .71 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.47 | ) | | | (.38 | ) | | | (.20 | ) | | | (.22 | ) | | | (.23 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (.13 | ) | | | (.24 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (.47 | ) | | | (.38 | ) | | | (.33 | ) | | | (.46 | ) | | | (.23 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 11.59 | | | $ | 10.79 | | | $ | 11.13 | | | $ | 13.49 | | | $ | 14.03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 11.94% | | | | .36% | | | | (15.33)% | | | | (.62)% | | | | 5.28% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $892 | | | | $543 | | | | $9 | | | | $11 | | | | $11 | |
| | | | | |
Average net assets (000 omitted) | | | $689 | | | | $139 | | | | $11 | | | | $11 | | | | $10 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .65% | | | | .66% | | | | .66% | | | | .86% | | | | 1.64% | |
| | | | | |
Expenses, before waivers/reimbursements | | | 2.09% | | | | 5.32% | | | | 5.53% | | | | 3.36% | | | | 1.64% | |
| | | | | |
Net investment income | | | 4.17% | (b) | | | 3.71% | (b) | | | 1.60% | (b) | | | 1.51% | (b) | | | 1.47% | |
| | | | | |
Portfolio turnover rate (f) | | | 195% | | | | 187% | | | | 122% | | | | 123% | | | | 72% | |
See Footnote Summary on page 96.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | INTERMEDIATE DURATION PORTFOLIO
CLASS Z | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 10.79 | | | $ | 11.13 | | | $ | 13.49 | | | $ | 14.03 | | | $ | 13.55 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income From investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income (a) | | | .47 | (b) | | | .39 | (b) | | | .21 | (b) | | | .24 | (b) | | | .31 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | .81 | | | | (.33 | ) | | | (2.23 | ) | | | (.29 | ) | | | .51 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.28 | | | | .06 | | | | (2.02 | ) | | | (.05 | ) | | | .82 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less: dividends | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (.48 | ) | | | (.40 | ) | | | (.21 | ) | | | (.25 | ) | | | (.34 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (.13 | ) | | | (.24 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (.48 | ) | | | (.40 | ) | | | (.34 | ) | | | (.49 | ) | | | (.34 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 11.59 | | | $ | 10.79 | | | $ | 11.13 | | | $ | 13.49 | | | $ | 14.03 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment return based on net asset value (d) | | | 12.05% | | | | .47% | (g) | | | (15.26)% | (g) | | | (.40)% | | | | 6.16% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $9 | | | | $8 | | | | $8 | | | | $10 | | | | $10 | |
| | | | | |
Average net assets (000 omitted) | | | $8 | | | | $8 | | | | $9 | | | | $10 | | | | $10 | |
|
Ratio to average net assets of: | |
| | | | | |
Expenses, net of waivers/reimbursements | | | .57% | | | | .57% | | | | .57% | | | | .63% | | | | .82% | |
| | | | | |
Expenses, before waivers/reimbursements | | | .83% | | | | 3.50% | | | | 3.01% | | | | 1.87% | | | | .82% | |
| | | | | |
Net investment income | | | 4.23% | (b) | | | 3.50% | (b) | | | 1.69% | (b) | | | 1.74% | (b) | | | 2.30% | |
| | | | | |
Portfolio turnover rate (f) | | | 195% | | | | 187% | | | | 122% | | | | 123% | | | | 72% | |
| (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) | | Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Emerging Markets Portfolio for the years ended September 30, 2023, September 30, 2022 and September 30, 2020, by 0.01%, 0.07% and 0.32%, respectively. |
| (f) | | The Portfolio accounts for dollar roll transactions as purchases and sales. |
| (g) | | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements. |
See Notes to Financial Statements.
| | |
| | |
| 96 | | Sanford C. Bernstein Fund, Inc. |
Notes to Financial Statements
| NOTE 1. | Organization and Significant Accounting Policies |
Sanford C. Bernstein Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 9 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”) with the following share classes offered:
| | |
EMERGING MARKETS PORTFOLIO | | SHARE CLASSES OFFERED |
| |
Emerging Markets | | Emerging Markets Class* and Class Z |
| |
FIXED INCOME MUNICIPAL PORTFOLIOS | | |
| |
California Municipal | | Municipal Class*, Class A, Class C and Advisor Class |
| |
Diversified Municipal | | Municipal Class*, Class A, Class C, Advisor Class and Class Z |
| |
New York Municipal | | Municipal Class*, Class A, Class C and Advisor Class |
| |
FIXED INCOME TAXABLE PORTFOLIO | | |
| |
Intermediate Duration | | Intermediate Duration Class*, Class A, Advisor Class and Class Z |
| | |
OVERLAY PORTFOLIOS | | |
| |
Overlay A | | Class 1 and Class 2 |
| |
Tax-Aware Overlay A | | Class 1 and Class 2 |
| |
Overlay B | | Class 1 and Class 2 |
| |
Tax-Aware Overlay B | | Class 1 and Class 2 |
Each Portfolio has its own investment objectives. This report relates only to the Emerging Markets Portfolio, Fixed Income Municipal Portfolios and Fixed Income Taxable Portfolios (together the “SCB Portfolios”). The financial statements of the Overlay Portfolios are presented in separate financial reports. Class B and Class T shares of the Fixed Income Municipal Portfolios have been authorized but currently are not offered. Class Z shares for California Municipal Portfolio and New York Municipal Portfolio have been authorized but currently are not offered. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. 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. Each 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 Portfolios.
Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Portfolios’ Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolios’ valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios’ portfolio investments, subject to the Board’s oversight.
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
Notes to Financial Statements (continued)
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, 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 Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their 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 Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.
| B. | | Fair Value Measurements |
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios 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 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 Portfolios. Unobservable inputs reflect the Portfolios’ 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 Portfolios’ 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
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| 98 | | Sanford C. Bernstein Fund, Inc. |
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.
The following tables summarize the valuation of the Portfolios’ investments by the above fair value hierarchy levels as of September 30, 2024:
| | | | | | | | | | | | | | | | |
EMERGING MARKETS PORTFOLIO INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
|
Assets: | |
Common Stocks: | | | | | | | | | | | | | | | | |
| | | | |
Financials | | $ | 89,470,533 | | | $ | 247,270,693 | | | $ | 0 | (a) | | $ | 336,741,226 | |
| | | | |
Information Technology | | | 23,118,871 | | | | 262,843,734 | | | | 0 | | | | 285,962,605 | |
| | | | |
Consumer Discretionary | | | 42,939,706 | | | | 146,991,118 | | | | 0 | | | | 189,930,824 | |
| | | | |
Communication Services | | | 0 | | | | 84,430,222 | | | | 0 | | | | 84,430,222 | |
| | | | |
Industrials | | | 7,495,400 | | | | 48,500,896 | | | | 0 | (a) | | | 55,996,296 | |
| | | | |
Utilities | | | 14,034,260 | | | | 33,587,558 | | | | 0 | | | | 47,621,818 | |
| | | | |
Real Estate | | | 2,925,747 | | | | 38,262,551 | | | | 0 | | | | 41,188,298 | |
| | | | |
Materials | | | 9,698,670 | | | | 31,206,470 | | | | 0 | | | | 40,905,140 | |
| | | | |
Consumer Staples | | | 19,711,392 | | | | 15,836,401 | | | | 0 | | | | 35,547,793 | |
| | | | |
Health Care | | | 9,641,282 | | | | 18,093,546 | | | | 0 | | | | 27,734,828 | |
| | | | |
Energy | | | 12,004,432 | | | | 12,274,315 | | | | 0 | (a) | | | 24,278,747 | |
| | | | |
Equity Linked Notes | | | 0 | | | | 21,878,106 | | | | 0 | | | | 21,878,106 | |
| | | | |
Short-Term Investments | | | 12,058,683 | | | | 0 | | | | 0 | | | | 12,058,683 | |
| | | | |
Total Investments in Securities | | | 243,098,976 | | | | 961,175,610 | (b) | | | 0 | (a) | | | 1,204,274,586 | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
EMERGING MARKETS PORTFOLIO INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
| | | | |
Other Financial Instruments (c): | | | | | | | | | | | | | | | | |
|
Assets: | |
| | | | |
Forward Currency Exchange Contracts | | $ | 0 | | | $ | 3,684,573 | | | $ | 0 | | | $ | 3,684,573 | |
|
Liabilities: | |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | (4,119,635 | ) | | | 0 | | | | (4,119,635 | ) |
| | | | |
Total | | $ | 243,098,976 | | | $ | 960,740,548 | | | $ | 0 | (a) | | $ | 1,203,839,524 | |
| | | | |
CALIFORNIA MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
|
Assets: | |
| | | | |
Long-Term Municipal Bonds | | $ | 0 | | | $ | 994,750,943 | | | $ | 0 | | | $ | 994,750,943 | |
| | | | |
Short-Term Municipal Notes | | | 0 | | | | 26,543,486 | | | | 0 | | | | 26,543,486 | |
| | | | |
Asset-Backed Securities | | | 0 | | | | 1,782,425 | | | | 0 | | | | 1,782,425 | |
| | | | |
Collateralized Mortgage Obligations | | | 0 | | | | 164,028 | | | | 0 | | | | 164,028 | |
| | | | |
Commercial Mortgage-Backed Securities | | | 0 | | | | 3 | | | | 0 | | | | 3 | |
| | | | |
Total Investments in Securities | | | 0 | | | | 1,023,240,885 | | | | 0 | | | | 1,023,240,885 | |
| | | | |
Other Financial Instruments (c): | | | | | | | | | | | | | | | | |
|
Assets: | |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | 2,242,550 | | | | 0 | | | | 2,242,550 | (d) |
| | | | |
Interest Rate Swaps | | | 0 | | | | 836,369 | | | | 0 | | | | 836,369 | |
|
Liabilities: | |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | (258,985 | ) | | | 0 | | | | (258,985 | )(d) |
| | | | |
Total | | $ | 0 | | | $ | 1,026,060,819 | | | $ | 0 | | | $ | 1,026,060,819 | |
| | | | |
DIVERSIFIED MUNICIPAL PORTFOLIO INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
|
Assets: | |
| | | | |
Long-Term Municipal Bonds | | $ | 0 | | | $ | 4,923,688,886 | | | $ | 0 | | | $ | 4,923,688,886 | |
| | | | |
Short-Term Municipal Notes | | | 0 | | | | 55,345,000 | | | | 0 | | | | 55,345,000 | |
| | | | |
Corporates—Investment Grade | | | 0 | | | | 55,932,287 | | | | 0 | | | | 55,932,287 | |
| | | | |
Asset-Backed Securities | | | 0 | | | | 18,773,719 | | | | 0 | | | | 18,773,719 | |
| | | | |
Corporates—Non-Investment Grade | | | 0 | | | | 13,494,454 | | | | 0 | | | | 13,494,454 | |
| | | | |
Commercial Mortgage-Backed Securities | | | 0 | | | | 6,365,118 | | | | 0 | | | | 6,365,118 | |
| | | | |
Collateralized Mortgage Obligations | | | 0 | | | | 1,370,383 | | | | 0 | | | | 1,370,383 | |
| | | | |
Total Investments in Securities | | | 0 | | | | 5,074,969,847 | | | | 0 | | | | 5,074,969,847 | |
| | | | |
Other Financial Instruments (c): | | | | | | | | | | | | | | | | |
|
Assets: | |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | 6,892,406 | | | | 0 | | | | 6,892,406 | (d) |
| | | | |
Interest Rate Swaps | | | 0 | | | | 3,856,944 | | | | 0 | | | | 3,856,944 | |
|
Liabilities: | |
| | | | |
Centrally Cleared Credit Default Swaps | | | 0 | | | | (3,884,672 | ) | | | 0 | | | | (3,884,672 | )(d) |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | (894,561 | ) | | | 0 | | | | (894,561 | )(d) |
| | | | |
Total | | $ | 0 | | | $ | 5,080,939,964 | | | $ | 0 | | | $ | 5,080,939,964 | |
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| | | | | | | | | | | | | | | | |
NEW YORK MUNICIPAL PORTFOLIO INVESTMENT IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
|
Assets: | |
| | | | |
Long-Term Municipal Bonds | | $ | 0 | | | $ | 1,248,219,472 | | | $ | 0 | | | $ | 1,248,219,472 | |
| | | | |
Short-Term Municipal Notes | | | 0 | | | | 85,238,000 | | | | 0 | | | | 85,238,000 | |
| | | | |
Asset-Backed Securities | | | 0 | | | | 3,705,635 | | | | 0 | | | | 3,705,635 | |
| | | | |
Governments—Treasuries | | | 0 | | | | 2,284,149 | | | | 0 | | | | 2,284,149 | |
| | | | |
Collateralized Mortgage Obligations | | | 0 | | | | 207,748 | | | | 0 | | | | 207,748 | |
| | | | |
Commercial Mortgage-Backed Securities | | | 0 | | | | 3 | | | | 0 | | | | 3 | |
| | | | |
Total Investments in Securities | | | 0 | | | | 1,339,655,007 | | | | 0 | | | | 1,339,655,007 | |
| | | | |
Other Financial Instruments (c): | | | | | | | | | | | | | | | | |
|
Assets: | |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | 1,617,213 | | | | 0 | | | | 1,617,213 | (d) |
| | | | |
Interest Rate Swaps | | | 0 | | | | 1,145,747 | | | | 0 | | | | 1,145,747 | |
|
Liabilities: | |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | (1,652,845 | ) | | | 0 | | | | (1,652,845 | )(d) |
| | | | |
Total | | $ | 0 | | | $ | 1,340,765,122 | | | $ | 0 | | | $ | 1,340,765,122 | |
| | | | |
INTERMEDIATE DURATION PORTFOLIO INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
|
Assets: | |
| | | | |
Governments—Treasuries | | $ | 0 | | | $ | 1,480,526,401 | | | $ | 0 | | | $ | 1,480,526,401 | |
| | | | |
Corporates—Investment Grade | | | 0 | | | | 971,287,248 | | | | 0 | | | | 971,287,248 | |
| | | | |
Mortgage Pass-Throughs | | | 0 | | | | 913,568,140 | | | | 0 | | | | 913,568,140 | |
| | | | |
Collateralized Mortgage Obligations | | | 0 | | | | 261,635,092 | | | | 0 | | | | 261,635,092 | |
| | | | |
Asset-Backed Securities | | | 0 | | | | 224,231,403 | | | | 0 | | | | 224,231,403 | |
| | | | |
Commercial Mortgage-Backed Securities | | | 0 | | | | 89,396,216 | | | | 0 | | | | 89,396,216 | |
| | | | |
Collateralized Loan Obligations | | | 0 | | | | 62,161,491 | | | | 0 | | | | 62,161,491 | |
| | | | |
Inflation-Linked Securities | | | 0 | | | | 61,798,773 | | | | 0 | | | | 61,798,773 | |
| | | | |
Agencies | | | 0 | | | | 36,976,389 | | | | 0 | | | | 36,976,389 | |
| | | | |
Corporates—Non-Investment Grade | | | 0 | | | | 31,085,371 | | | | 0 | | | | 31,085,371 | |
| | | | |
Emerging Markets—Corporate Bonds | | | 0 | | | | 23,039,812 | | | | 0 | | | | 23,039,812 | |
| | | | |
Local Governments—US Municipal Bonds | | | 0 | | | | 22,828,614 | | | | 0 | | | | 22,828,614 | |
| | | | |
Quasi-Sovereigns | | | 0 | | | | 19,243,447 | | | | 0 | | | | 19,243,447 | |
| | | | |
Emerging Markets—Sovereigns | | | 0 | | | | 3,647,609 | | | | 0 | | | | 3,647,609 | |
| | | | |
Governments—Sovereign Bonds | | | 0 | | | | 2,054,250 | | | | 0 | | | | 2,054,250 | |
| | | | |
Short-Term Investments | | | 0 | | | | 289,355,226 | | | | 0 | | | | 289,355,226 | |
| | | | |
Total Investments in Securities | | | 0 | | | | 4,492,835,482 | | | | 0 | | | | 4,492,835,482 | |
| | | | |
Other Financial Instruments (c): | | | | | | | | | | | | | | | | |
|
Assets: | |
| | | | |
Futures | | | 1,721,968 | | | | 0 | | | | 0 | | | | 1,721,968 | (d) |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | 2,160,452 | | | | 0 | | | | 2,160,452 | (d) |
|
Liabilities: | |
| | | | |
Futures | | | (19,300 | ) | | | 0 | | | | 0 | | | | (19,300 | )(d) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | (310,450 | ) | | | 0 | | | | (310,450 | ) |
| | | | |
Total | | $ | 1,702,668 | | | $ | 4,494,685,484 | | | $ | 0 | | | $ | 4,496,388,152 | |
| | (a) | The Portfolio held securities with zero market value at period end. |
Notes to Financial Statements (continued)
| | (b) | 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, see Note A.1. |
| | (c) | 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. |
| | (d) | 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. |
| C. | | Foreign Currency Translation |
The accounting records of the Portfolios 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 Portfolios’ 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 Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at period end. The Portfolios do isolate the effect of changes in foreign exchange rates from changes in market prices of securities sold during the year, as required by the Internal Revenue Code.
The Emerging Markets Portfolio and Intermediate Duration 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.
Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on management’s understanding of applicable local tax law.
In consideration of recent decisions rendered by the European courts, certain Portfolios filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar years 2018 through 2022. These filings are subject to various administrative and judicial proceedings within these countries. For the year ended September 30, 2024, the Emerging Markets Portfolio successfully recovered taxes withheld by Poland which are reflected in the statement of operations. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios’ 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 Portfolios’ financial statements. As of September 30, 2024, the Portfolios did not have any unrecognized tax benefits.
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| 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 Portfolios are informed of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolios amortize premiums and accrete 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 |
Each Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time a Portfolio commits to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will record the transaction and use the security’s value in determining the Portfolio’s net asset value. At the time a Portfolio commits to sell a security on a delayed-delivery basis, the Portfolio will record the transaction and exclude the security’s value in determining the Portfolio’s net asset value.
All income earned and expenses incurred by the Portfolios are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the shares of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each Portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.
| H. | | Distribution of Income and Gains |
Net investment income of each Portfolio except the Emerging Markets Portfolio is intended to be declared and recorded as a dividend to shareholders daily and is payable to shareholders monthly. Dividends from net investment income, if any, of the Emerging Markets Portfolio will be paid to shareholders at least once a year.
Distributions of net realized gains, less any available loss carryforwards, if any, for all the Portfolios will be paid to shareholders at least once a year, and recorded on the ex-dividend date.
Elements of realized gains and net investment income may be recorded in different accounting periods for financial reporting (book) and federal income tax (tax) purposes (temporary differences). To the extent that such distributions required for tax purposes exceed income and gains recorded for book purposes as a result of such temporary differences, “excess distributions” are reflected in the accompanying 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.
Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, are reflected as adjustments to the components of net assets as of September 30, 2024, as shown below:
| | | | | | | | |
| PORTFOLIO | | INCREASE (DECREASE)
TO ADDITIONAL PAID-IN CAPITAL | | | INCREASE (DECREASE)
TO DISTRIBUTABLE
EARNINGS/
ACCUMULATED LOSS | |
| | |
Emerging Markets Portfolio | | $ | 0 | | | $ | 0 | |
| | |
California Municipal Portfolio | | | 0 | | | | 0 | |
| | |
Diversified Municipal Portfolio | | | 0 | | | | 0 | |
| | |
New York Municipal Portfolio | | | 0 | | | | 0 | |
| | |
Intermediate Duration Portfolio | | | 0 | | | | 0 | |
Notes to Financial Statements (continued)
| I. | | Cash and Short-Term Investments |
Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.
| NOTE 2. | Investment Management and Transactions with Affiliated Persons |
Under the Investment Management Agreement between the Fund and the Adviser, the Adviser manages the investment of each Portfolio’s assets, places purchase and sale orders, and bears various expenses, including the salaries and expenses of all personnel except those of outside directors. In addition, the Adviser agrees to permit its directors, officers and employees who may be elected directors or officers of the Fund to serve in the capacities to which they are elected. The Adviser renders these services subject to the general oversight of the Board.
The Portfolios pay the Adviser an investment management fee, based on an annual rate, for such services as follows:
| | | | | | | | | | | | | | | | | | | | |
| ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS OF EACH PORTFOLIO | |
| PORTFOLIO | | | | | | | | FIRST $2.5 BILLION | | | NEXT $2.5 BILLION | | | THEREAFTER | |
| Emerging Markets | | | | | | | | | | | 0.950 | % | | | 0.900 | % | | | 0.850 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | FIRST $1 BILLION | | | NEXT $2 BILLION | | | NEXT $2 BILLION | | | THEREAFTER | |
| California Municipal and New York Municipal | | | | 0.425 | % | | | 0.375 | % | | | 0.325 | % | | | 0.275 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | FIRST $1 BILLION | | | NEXT $2 BILLION | | | NEXT $2 BILLION | | | NEXT $2 BILLION | | | THEREAFTER | |
| Diversified Municipal | | | 0.425 | % | | | 0.375 | % | | | 0.325 | % | | | 0.275 | % | | | 0.225 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | FIRST $2.5 BILLION | | | NEXT $2.5 BILLION | | | NEXT $3 BILLION | | | THEREAFTER | |
| Intermediate Duration | | | | | | | 0.450 | % | | | 0.400 | % | | | 0.350 | % | | | 0.300 | % |
The Adviser has agreed to waive its fees and bear certain expenses of the Intermediate Duration Portfolio to the extent necessary to limit the total other expenses (exclusive of advisory fees, distribution and/or service (Rule 12b-1) fees, extraordinary expenses, interest expense, acquired fund fees and expenses other than the advisory fees of any affiliated funds in which the Portfolio may invest, expenses associated with securities sold short, and brokerage commission and other transaction costs) to 0.22%, 0.22% and 0.13% for Class A, Advisor Class and Class Z shares, respectively. For the year ended September 30, 2024, such reimbursements/waivers amounted to $18,466. The Expense Caps may not be terminated by the Adviser before January 28, 2025. Additional waivers attributable to the Intermediate Duration Class for the year ended September 30, 2024 amounted to $122,647.
| B. | | Shareholder Servicing Fee; Transfer Agency Fee |
Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. The Shareholder Servicing Agreement does not apply to the Retail Classes. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio, except the Emerging Markets Portfolio, to the Adviser for services is 0.10 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month, and the fee paid by the Emerging Markets Portfolio for services is 0.25 of 1%, annualized, of the average daily net assets attributable to the Bernstein Class during the month.
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Under a Transfer Agency Agreement between the Fund on behalf of the Retail Classes, and AllianceBernstein Investor Services, Inc. (“ABIS”), the Retail Classes compensate ABIS, a wholly owned subsidiary of the Adviser, for providing personnel and facilities to perform transfer agency services. ABIS may make payments to intermediaries that provide omnibus account services, sub accounting services and/or networking services. For the year ended September 30, 2024, the compensation retained by ABIS amounted to: Emerging Markets Portfolio, $17,704; California Municipal Portfolio, $17,937; Diversified Municipal Portfolio, $144,719; New York Municipal Portfolio, $18,142 and Intermediate Duration Portfolio, $18,000.
| C. | | Distribution Arrangements—the Portfolios Except the Retail Classes |
Under the Distribution Agreement between the Fund, on behalf of each Portfolio, and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agrees to act as agent to sell shares of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.
| D. | | Distribution Arrangements—the Retail Classes Only |
The Retail Classes of the Intermediate Municipal Portfolios and the Fixed Income Taxable Portfolios and Class Z Shares of the Emerging Markets Portfolio have adopted a Distribution Services Agreement (the “Agreement”), including a distribution plan pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, each of the Retail Classes pays distribution services fees to AllianceBernstein Investments, Inc., (the “Retail Distributor”), a wholly owned subsidiary of the Adviser, at an annual rate of up to 0.30 of 1% of the Class A Shares, and 1% of the Class C Shares of the respective average daily net assets attributable to the Retail Classes. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of 0.25 of 1% of Class A shares’ average daily net assets. The Agreement provides that the Retail Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Retail Distributor has advised the Fund, that it has incurred expenses in excess of the distribution costs reimbursed by each of the Retail Classes as follows:
| | | | | | | | | | | | |
| | | PORTFOLIO | |
| | | CALIFORNIA MUNICIPAL | | | DIVERSIFIED
MUNICIPAL | | | NEW YORK
MUNICIPAL | |
Class C | | $ | 1,342,058 | | | $ | 3,285,415 | | | $ | 2,424,751 | |
There are no distribution and servicing fees on the Advisor Class and Class Z Shares.
While such costs may be recovered from each Portfolio in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Retail Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of each Portfolio’s shares.
| E. | | Investments in Affiliated Issuers |
The Emerging Markets Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”), advised by the Adviser, 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 had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to each Portfolio’s pro rata share of the effective advisory fee of Government Money
Notes to Financial Statements (continued)
Market Portfolio, as borne indirectly by the Portfolios as an acquired fund fee and expense. For the year ended September 30, 2024, such waivers amounted to:
| | | | |
| PORTFOLIO | | AMOUNT | |
| |
Emerging Markets | | $ | 22,548 | |
A summary of the Portfolios’ transactions in shares of the Government Money Market Portfolio for the year ended September 30, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | |
| PORTFOLIO | | MARKET VALUE
9/30/23
(000) | | | PURCHASES
AT COST
(000) | | | SALES
PROCEEDS
(000) | | | MARKET VALUE
9/30/24
(000) | | | DIVIDEND
INCOME
(000) | |
| | | | | |
Emerging Markets | | $ | 15,930 | | | $ | 295,612 | | | $ | 299,483 | | | $ | 12,059 | | | $ | 777 | |
During the year ended September 30, 2023, the Adviser reimbursed the New York Municipal Portfolio $338 for trading losses incurred due to trade entry errors.
| F. | | Other Transactions with Affiliates |
Class A Shares of the Retail Classes are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. The Intermediate Municipal Portfolio’s Class A shares are sold with a reduced front-end sales charge of up to 3.00% for purchases up to $500,000; purchases of $500,000 or more will not be subject to a sales charge. With respect to purchases of $1,000,000 or more ($500,000 or more with respect to the Intermediate Municipal Portfolios), Class A Shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%.
Class C Shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective May 31, 2021, Class C shares automatically converted to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares ten years after the end of the calendar month of purchase. Advisor Class and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses.
AllianceBernstein Investments, Inc. has advised the Fund, that it has retained front-end sales charges from sales of Class A Shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C Shares for the year ended September 30, 2024, as follows:
| | | | | | | | | | | | |
| | | FRONT-END
SALES
CHARGES CLASS A | | | CONTINGENT DEFERRED SALES CHARGES | |
| PORTFOLIO | | CLASS A | | | CLASS C | |
Diversified Municipal | | | 0 | | | $ | 11,806 | | | $ | 748 | |
| | | |
New York Municipal | | | 0 | | | | 859 | | | | 23 | |
| | | |
Intermediate Duration | | | 16 | | | | 5 | | | | 0 | |
In connection with the election of a new Board of Directors by shareholders effective January 1, 2025, the Portfolios have adopted a retirement plan for certain independent Directors who will retire prior to their initial anticipated retirement date. These Directors will receive a one-time retirement benefit payable from the Portfolios and certain other funds overseen by the Directors. The Adviser has agreed to waive its fees from the Portfolios and certain other funds overseen by the Directors for the cost of such benefit, which is included in Receivable due from Adviser and Directors’ fees payable on the statement of assets and liabilities, and is expected to be paid prior to December 31, 2024.
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| NOTE 3. | Investment Security Transactions |
For the year ended September 30, 2024, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:
| | | | | | | | | | | | | | | | |
| PORTFOLIO | | PURCHASES EXCLUDING U.S. GOVERNMENT SECURITIES | | | PURCHASES OF U.S. GOVERNMENT SECURITIES | | | SALES EXCLUDING U.S. GOVERNMENT SECURITIES | | | SALES OF U.S. GOVERNMENT SECURITIES | |
Emerging Markets | | $ | 811,783,652 | | | $ | 0 | | | $ | 864,262,558 | | | $ | 0 | |
| | | | |
California Municipal | | | 368,869,819 | | | | 0 | | | | 367,867,577 | | | | 2,294,137 | |
| | | | |
Diversified Municipal | | | 1,998,877,954 | | | | 22,795,385 | | | | 2,077,886,621 | | | | 751,569 | |
| | | | |
New York Municipal | | | 398,954,165 | | | | 0 | | | | 484,609,170 | | | | 201,788 | |
| | | | |
Intermediate Duration | | | 726,820,067 | | | | 7,358,749,715 | | | | 505,745,949 | | | | 6,673,707,206 | |
The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:
| | | | | | | | | | | | | | | | |
| | | | | | GROSS UNREALIZED | | | NET UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| PORTFOLIO | | COST | | | APPRECIATION | | | (DEPRECIATION) | |
| | | | |
Emerging Markets Portfolio | | $ | 969,359,092 | | | $ | 265,858,770 | | | $ | (30,334,261 | ) | | $ | 235,524,509 | |
| | | | |
California Municipal Portfolio | | | 1,029,132,086 | | | | 18,438,509 | | | | (21,521,563 | ) | | | (3,083,054 | ) |
| | | | |
Diversified Municipal Portfolio | | | 5,074,892,563 | | | | 91,105,684 | | | | (81,455,418 | ) | | | 9,650,266 | |
| | | | |
New York Municipal Portfolio | | | 1,346,977,094 | | | | 18,979,447 | | | | (24,834,471 | ) | | | (5,855,024 | ) |
| | | | |
Intermediate Duration Portfolio | | | 4,546,649,176 | | | | 81,824,973 | | | | (135,538,594 | ) | | | (53,713,621 | ) |
| B. | | Derivative Financial Instruments |
Each 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 Portfolios, as well as the methods in which they may be used are:
Each 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 Portfolios bear 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 Portfolios 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 a Portfolio enters into futures, a Portfolio deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Portfolio agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios 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 Portfolios record 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.
Notes to Financial Statements (continued)
Use of long futures subjects the Portfolios 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 Portfolios to unlimited risk of loss. Each 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 Portfolios’ 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.
During the year ended September 30, 2024, the Intermediate Duration Portfolio held futures for hedging and non-hedging purposes.
| | • | | Forward Currency Exchange Contracts |
The Emerging Markets Portfolio and Intermediate Duration Portfolio may enter into forward currency exchange contracts on either a spot (i.e., cash) or forward basis. Spot contracts are entered into at the rate then prevailing in the currency-exchange market. Forward currency exchange contracts obligate the contracting parties to purchase or sell a specific currency at a specified future date at a specified price. The Portfolios will generally not enter into a forward currency exchange contract with a term greater than one year. 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 exchange contracts. 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.
Forward currency exchange contracts used to protect the Portfolios from adverse currency movements involve the risk that the Adviser may not accurately predict currency movements. As a result, total return could be adversely affected. The Adviser 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 Adviser may enter into foreign currency transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value.
Under certain circumstances, Emerging Markets Portfolio may commit a substantial portion or the entire value of the Portfolios to the consummation of these contracts. The Adviser will consider the effect that a substantial commitment of assets to forward currency exchange contracts would have on the investment program of the Portfolios and the flexibility of the Portfolios to purchase additional securities.
During the year ended September 30, 2024, the Emerging Markets Portfolio and Intermediate Duration Portfolio held forward currency exchange contracts for hedging purposes.
The Portfolios may enter into swaps to hedge their exposure to interest rates, credit risk, or currencies. Certain Portfolios 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 Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their 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 Portfolios, and/or the termination value at the end of the contract. Therefore, the Portfolios consider the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolios and the counterparty and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios’ exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolios accrue 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,
| | |
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| 108 | | Sanford C. Bernstein Fund, Inc. |
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 (or soon will be) 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 Portfolios enter into a centrally cleared swap, the Portfolios deposit with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Portfolios agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios 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 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 Portfolios record 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 Portfolios are subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold 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 Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios 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, a 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 protect 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 year ended September 30, 2024, the California Municipal Portfolio, Diversified Municipal Portfolio, New York Municipal Portfolio held interest rate swaps for hedging purposes, Intermediate Duration 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 year ended September 30, 2024, the California Municipal Portfolio, Diversified Municipal Portfolio and New York Municipal Portfolio held inflation (CPI) swaps for hedging purposes.
Notes to Financial Statements (continued)
Credit Default Swaps:
The Fixed-Income Portfolios may enter into credit default swaps for multiple reasons, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios 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 Portfolios receive/(pay) 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 Portfolios 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 Portfolios for the same referenced obligations with the same counterparty.
Credit default swaps may involve greater risks than if the 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 a Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If a 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.
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 market’s assessment of 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 include 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 year ended September 30, 2024, the Diversified Municipal Portfolio and Intermediate Duration Portfolio held credit default swaps for hedging and non-hedging purposes. California Municipal Portfolio and New York Municipal Portfolio held credit default swaps for non-hedging purposes.
A 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, a 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 a Portfolio’s net liability, held by the defaulting party, may be delayed or denied.
A Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of a Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, a 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 tables below for additional details.
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During the year ended September 30, 2024, the Portfolios had entered into the following derivatives:
| | | | | | | | | | | | |
EMERGING MARKETS PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS
AND LIABILITIES
LOCATION | | FAIR VALUE | | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | |
| | | | |
Foreign currency contracts | | Unrealized appreciation on forward currency exchange contracts | | $ | 3,684,573 | | | Unrealized depreciation on forward currency exchange contracts | | $ | 4,119,635 | |
| | | | |
Total | | | | $ | 3,684,573 | | | | | $ | 4,119,635 | |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON
DERIVATIVES WITHIN STATEMENT
OF OPERATIONS | | REALIZED GAIN OR (LOSS) ON DERIVATIVES | | | CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) | |
| | | |
Foreign currency contracts | | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | | $ | 8,040,517 | | | $ | (1,892,319 | ) |
| | | |
Total | | | | $ | 8,040,517 | | | $ | (1,892,319 | ) |
| | | | | | | | | | | | |
CALIFORNIA MUNICIPAL PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | |
| | | | |
Interest rate contracts | | Receivable for variation margin on centrally cleared swaps | | $ | 2,242,550 | * | | Payable for variation margin on centrally cleared swaps | | $ | 259,757 | * |
| | | | |
Interest rate contracts | | Unrealized appreciation on interest rate swaps | | | 836,369 | | | | | | | |
| | | | |
Total | | | | $ | 3,078,919 | | | | | $ | 259,757 | |
| | * | 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. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | | REALIZED GAIN OR (LOSS) ON DERIVATIVES | | | CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | $ | 5,924,632 | | | $ | (5,517,733 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | (20,857 | ) | | | 78,461 | |
| | | |
Total | | | | $ | 5,903,775 | | | $ | (5,439,272 | ) |
Notes to Financial Statements (continued)
| | | | | | | | | | | | |
DIVERSIFIED MUNICIPAL PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | |
| | | | |
Credit contracts | | Unrealized appreciation on credit default swap contracts | | | | | | Unrealized depreciation on credit default swap contracts | | $ | 91,790 | |
| | | | |
Interest rate contracts | | Receivable for variation margin on centrally cleared swaps | | $ | 6,892,406 | * | | Payable for variation margin on centrally cleared swaps | | | 902,181 | * |
| | | | |
Interest rate contracts | | Unrealized appreciation on interest rate swaps | | | 3,856,944 | | | | | | | |
| | | | |
Total | | | | $ | 10,749,350 | | | | | $ | 993,971 | |
| | * | 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. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | | REALIZED GAIN OR (LOSS) ON DERIVATIVES | | | CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | $ | 33,249,038 | | | $ | (30,596,589 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | (4,975,624 | ) | | | 182,624 | |
| | | |
Total | | | | $ | 28,273,414 | | | $ | (30,413,965 | ) |
| | | | | | | | | | | | |
NEW YORK MUNICIPAL PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | |
| | | | |
Interest rate contracts | | Receivable for variation margin on centrally cleared swaps | | $ | 1,616,946 | * | | Payable for variation margin on centrally cleared swaps | | $ | 1,658,629 | * |
| | | | |
Interest rate contracts | | Unrealized appreciation on interest rate swaps | | | 1,145,747 | | | | | | | |
| | | | |
Total | | | | $ | 2,762,693 | | | | | $ | 1,658,629 | |
| | * | 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. |
| | |
| | |
| 112 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | | REALIZED GAIN OR (LOSS) ON DERIVATIVES | | | CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | $ | 8,601,719 | | | $ | (9,544,004 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | (11,910 | ) | | | 92,318 | |
| | | |
Total | | | | $ | 8,589,809 | | | $ | (9,451,686 | ) |
| | | | | | | | | | | | |
INTERMEDIATE DURATION PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | | | STATEMENT OF ASSETS AND LIABILITIES LOCATION | | FAIR VALUE | |
| | | | |
Interest rate contracts | | Receivable for variation margin on futures | | $ | 1,721,968 | * | | Payable for variation margin on futures | | $ | 19,300 | * |
| | | | |
Interest rate contracts | | Receivable for variation margin on centrally cleared swaps | | | 685,511 | * | | | | | | |
| | | | |
Foreign currency contracts | | | | | | | | Unrealized depreciation on forward currency exchange contracts | | | 310,450 | |
| | | | |
Total | | | | $ | 2,407,479 | | | | | $ | 329,750 | |
| | * | 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. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON DERIVATIVES WITHIN STATEMENT OF OPERATIONS | | REALIZED GAIN OR (LOSS) ON DERIVATIVES | | | CHANGE IN UNREALIZED APPRECIATION OR (DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | $ | 8,051,594 | | | $ | 11,874,053 | |
| | | |
Foreign currency contracts | | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | | | 75,653 | | | | (1,371,538 | ) |
| | | |
Interest rate contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 240,028 | | | | (771,691 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | (149,367 | ) | | | 393,821 | |
| | | |
Total | | | | $ | 8,217,908 | | | $ | 10,124,645 | |
Notes to Financial Statements (continued)
| | | | | | | | |
| EMERGING MARKETS PORTFOLIO | | | | | | |
| | |
Forward Currency Exchange Contracts: | | | | | | | | |
| | |
Average principal amount of buy contracts | | $ | 305,240,464 | | | | | |
| | |
Average principal amount of sale contracts | | $ | 267,461,219 | | | | | |
| | | | | | | | |
| CALIFORNIA MUNICIPAL PORTFOLIO | | | | | | |
| | |
Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 12,395,000 | | | | | |
| | |
Centrally Cleared Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 49,082,308 | | | | | |
| | |
Centrally Cleared Inflation Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 103,740,000 | (a) | | | | |
| | |
Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 1,454,162 | (b) | | | | |
| | (a) | Positions were open for six months during the year. |
| | (b) | Positions were open for ten months during the year. |
| | | | | | | | |
| DIVERSIFIED MUNICIPAL PORTFOLIO | | | | | | |
| | |
Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 57,160,000 | | | | | |
| | |
Centrally Cleared Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 158,079,231 | | | | | |
| | |
Centrally Cleared Inflation Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 676,320,000 | (a) | | | | |
| | |
Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 6,075,827 | (b) | | | | |
| | |
Centrally Cleared Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 45,798,923 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 6,839,910 | (c) | | | | |
| | (a) | Positions were open for six months during the year. |
| | (b) | Positions were open for ten months during the year. |
| | (c) | Positions were open for one month during the year. |
| | |
| | |
| 114 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| NEW YORK MUNICIPAL PORTFOLIO | | | | | | |
| | |
Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 16,980,000 | | | | | |
| | |
Centrally Cleared Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 77,605,385 | | | | | |
| | |
Centrally Cleared Inflation Swaps: | | | | | | | | |
| | |
Average notional amount (a) | | $ | 190,640,000 | | | | | |
| | |
Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 2,029,863 | (b) | | | | |
| | (a) | Positions were open for less than one month during the year. |
| | (b) | Positions were open for ten months during the year. |
| | | | | | | | |
| INTERMEDIATE DURATION PORTFOLIO | | | | |
| | |
Futures: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 643,016,578 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 74,622,642 | (a) | | | | |
| |
Forward Currency Exchange Contracts: | | | | | |
| | |
Average principal amount of buy contracts | | $ | 3,424,711 | (b) | | | | |
| | |
Average principal amount of sale contracts | | $ | 22,558,366 | | | | | |
| | |
Centrally Cleared Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 19,060,000 | | | | | |
| | |
Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 6,188,673 | (c) | | | | |
| | (a) | Positions were open for two months during the year. |
| | (b) | Positions were open for four months during the year. |
| | (c) | Positions were open for ten months during the year. |
For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the statement of assets and liabilities.
Notes to Financial Statements (continued)
All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ 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 Portfolios as of September 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.
| | | | | | | | | | | | | | | | | | | | |
| EMERGING MARKETS PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Bank of America, NA | | $ | 501,461 | | | $ | (244,868 | ) | | $ | 0 | | | $ | (256,593 | ) | | $ | 0 | |
| | | | | |
Barclays Bank PLC | | | 179,232 | | | | (179,232 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
BNP Paribas SA | | | 1,082,910 | | | | (66,388 | ) | | | 0 | | | | 0 | | | | 1,016,522 | |
| | | | | |
HSBC Bank USA | | | 25,767 | | | | 0 | | | | 0 | | | | 0 | | | | 25,767 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 161,455 | | | | (12,522 | ) | | | 0 | | | | 0 | | | | 148,933 | |
| | | | | |
Morgan Stanley Capital Services, Inc. | | | 1,199,625 | | | | (1,199,625 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Standard Chartered Bank | | | 5,530 | | | | 0 | | | | 0 | | | | 0 | | | | 5,530 | |
| | | | | |
State Street Bank & Trust Co. | | | 528,593 | | | | (16,004 | ) | | | 0 | | | | 0 | | | | 512,589 | |
| | | | | |
Total | | $ | 3,684,573 | | | $ | (1,718,639 | ) | | $ | 0 | | | $ | (256,593 | ) | | $ | 1,709,341 | ^ |
| | | | | |
| COUNTERPARTY | | DERIVATIVE
LIABILITIES SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
PLEDGED* | | | SECURITY
COLLATERAL
PLEDGED* | | | NET AMOUNT OF
DERIVATIVE
LIABILITIES | |
| | | | | |
Bank of America, NA | | $ | 244,868 | | | $ | (244,868 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | |
Barclays Bank PLC | | | 1,168,340 | | | | (179,232 | ) | | | (973,000 | ) | | | 0 | | | | 16,108 | |
| | | | | |
BNP Paribas SA | | | 66,388 | | | | (66,388 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Citibank, NA | | | 463,029 | | | | 0 | | | | (270,000 | ) | | | 0 | | | | 193,029 | |
| | | | | |
Deutsche Bank AG | | | 69,762 | | | | 0 | | | | 0 | | | | 0 | | | | 69,762 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 12,522 | | | | (12,522 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Morgan Stanley Capital Services, Inc. | | | 2,064,990 | | | | (1,199,625 | ) | | | (865,365 | ) | | | 0 | | | | 0 | |
| | | | | |
State Street Bank & Trust Co. | | | 16,004 | | | | (16,004 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
UBS AG | | | 13,732 | | | | 0 | | | | 0 | | | | 0 | | | | 13,732 | |
| | | | | |
Total | | $ | 4,119,635 | | | $ | (1,718,639 | ) | | $ | (2,108,365 | ) | | $ | 0 | | | $ | 292,631 | ^ |
| | * | 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. |
| | |
| | |
| 116 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| CALIFORNIA MUNICIPAL PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Citibank, NA | | $ | 836,369 | | | $ | 0 | | | $ | (836,369 | ) | | $ | 0 | | | $ | 0 | |
| | | | | |
Total | | $ | 836,369 | | | $ | 0 | | | $ | (836,369 | ) | | $ | 0 | | | $ | 0 | ^ |
| | * | 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. |
| | | | | | | | | | | | | | | | | | | | |
| DIVERSIFIED MUNICIPAL PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Citibank, NA | | $ | 3,856,944 | | | $ | 0 | | | $ | (3,640,000 | ) | | $ | 0 | | | $ | 216,944 | |
| | | | | |
Total | | $ | 3,856,944 | | | $ | 0 | | | $ | (3,640,000 | ) | | $ | 0 | | | $ | 216,944 | ^ |
| | * | 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. |
| | | | | | | | | | | | | | | | | | | | |
| NEW YORK MUNICIPAL PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Citibank, NA | | $ | 1,145,747 | | | $ | 0 | | | $ | (1,145,747 | ) | | $ | 0 | | | $ | 0 | |
| | | | | |
Total | | $ | 1,145,747 | | | $ | 0 | | | $ | (1,145,747 | ) | | $ | 0 | | | $ | 0 | ^ |
| | * | 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. |
| | | | | | | | | | | | | | | | | | | | |
| INTERMEDIATE DURATION PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
LIABILITIES SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
PLEDGED* | | | SECURITY
COLLATERAL
PLEDGED* | | | NET AMOUNT OF
DERIVATIVE
LIABILITIES | |
| | | | | |
Bank of America, NA | | $ | 310,450 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 310,450 | |
| | | | | |
Total | | $ | 310,450 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 310,450 | ^ |
| | * | 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. |
Notes to Financial Statements (continued)
The Emerging Markets and Intermediate Duration Portfolios may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolios 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 Portfolios 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 Portfolios 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 Portfolios 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).
The Portfolios 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 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 Intermediate Duration Portfolio may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Portfolios of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are 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 Portfolios are obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended September 30, 2024, Intermediate Duration Portfolio earned drop income of $98,197, which is included in interest income in the accompanying statement of operations.
| NOTE 4. | Distributions to Shareholders |
The tax character of distributions paid during the fiscal years ended September 30, 2024 and September 30, 2023 were as follows:
| | | | | | | | |
| PORTFOLIO | | 2024 | | | 2023 | |
Emerging Markets | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 18,118,606 | | | $ | 14,810,926 | |
| | |
Long-term capital gains | | | 0 | | | | 0 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 18,118,606 | | | $ | 14,810,926 | |
| | | | | | | | |
| | | | | | | | |
California Municipal | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 1,315,430 | | | $ | 2,336,350 | |
| | |
Long-term capital gains | | | 0 | | | | 0 | |
| | | | | | | | |
| | |
Total taxable distributions | | | 1,315,430 | | | | 2,336,350 | |
| | |
Tax exempt distributions | | | 27,584,693 | | | | 25,363,627 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 28,900,123 | | | $ | 27,699,977 | |
| | | | | | | | |
| | | | | | | | |
| | |
| | |
| 118 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| PORTFOLIO | | 2024 | | | 2023 | |
Diversified Municipal | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 8,764,865 | | | $ | 9,540,555 | |
| | |
Long-term capital gains | | | 0 | | | | 0 | |
| | | | | | | | |
| | |
Total taxable distributions | | | 8,764,865 | | | | 9,540,555 | |
| | |
Tax exempt distributions | | | 138,497,943 | | | | 127,966,366 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 147,262,808 | | | $ | 137,506,921 | |
| | | | | | | | |
| | | | | | | | |
New York Municipal | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 1,837,686 | | | $ | 2,608,675 | |
| | |
Long-term capital gains | | | 0 | | | | 0 | |
| | | | | | | | |
| | |
Total taxable distributions | | | 1,837,686 | | | | 2,608,675 | |
| | |
Tax exempt distributions | | | 33,907,609 | | | | 31,200,078 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 35,745,295 | | | $ | 33,808,753 | |
| | | | | | | | |
| | | | | | | | |
Intermediate Duration | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 157,150,760 | | | $ | 114,225,211 | |
| | |
Long-term capital gains | | | 0 | | | | 0 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 157,150,760 | | | $ | 114,225,211 | |
| | | | | | | | |
As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| PORTFOLIO | | UNDISTRIBUTED
ORDINARY
INCOME(a) | | | UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS | | | ACCUMULATED
CAPITAL AND
OTHER LOSSES(b) | | | UNREALIZED
APPRECIATION/
(DEPRECIATION)(c) | | | TOTAL ACCUMULATED
EARNINGS/
(DEFICIT)(d) | |
Emerging Markets | | $ | 22,507,241 | | | $ | 0 | | | $ | (133,026,388 | ) | | $ | 228,466,267 | | | $ | 117,947,120 | |
| | | | | |
California Municipal | | | 66,929 | | | | 0 | | | | (8,278,795 | ) | | | (3,083,312 | ) | | | (11,295,178 | ) |
| | | | | |
Diversified Municipal | | | 739,894 | | | | 0 | | | | (80,797,904 | ) | | | 9,525,383 | | | | (70,532,627 | ) |
| | | | | |
New York Municipal | | | 505,563 | | | | 0 | | | | (25,201,238 | ) | | | (5,994,861 | ) | | | (30,690,536 | ) |
| | | | | |
Intermediate Duration | | | 1,883,505 | | | | 0 | | | | (368,745,454 | ) | | | (53,703,479 | ) | | | (420,565,428 | ) |
| | (a) | Includes tax exempt income as shown below: |
| | | | |
California Municipal | | $ | 66,929 | |
| |
Diversified Municipal | | $ | 739,894 | |
| |
New York Municipal | | $ | 505,563 | |
| | (b) | As of September 30, 2024 certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2024 Emerging Markets Portfolio, California Municipal Portfolio, and New York Municipal Portfolio utilized capital loss carryforwards of $22,710,862, $2,230,390, and $1,174,255, respectively. As of September 30, 2024 Intermediate Duration Portfolio deferred $125,649 in straddle losses. |
| | (c) | The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps and passive foreign investment companies (PFICs), the tax treatment of callable bonds, the tax treatment of Puerto Rico bonds, and the realization for tax purposes of gains/losses on certain derivative instruments. |
Notes to Financial Statements (continued)
| | (d) | The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the tax treatment of the accrual of foreign capital gains tax, and dividends payable to shareholders. |
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.
For tax purposes, net 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, 2024, the following Portfolios had net capital loss carryforwards as follows:
| | | | | | | | |
| PORTFOLIO | | SHORT-TERM
AMOUNT | | | LONG-TERM
AMOUNT | |
Emerging Markets | | $ | 119,611,938 | | | $ | 13,414,450 | |
| | |
California Municipal | | | 8,278,795 | | | | 0 | |
| | |
Diversified Municipal | | | 61,487,405 | | | | 19,310,499 | |
| | |
New York Municipal | | | 25,201,238 | | | | 0 | |
| | |
Intermediate Duration Portfolio | | | 132,815,227 | | | | 235,804,578 | |
| NOTE 5. | Risks Involved in Investing in the Portfolios |
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 Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. A Portfolios may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the U.S. Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term rates in an effort to address rising inflation.
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, although credit ratings are opinions and not guarantees of quality. 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.
Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health
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care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the spread of an infectious coronavirus (COVID-19) The ultimate long-term economic fallout from COVID-19, and the long-term impact on economies, markets, industries and individual issuers, are not known. To the extent the Portfolios invests in a particular state’s municipal securities, it may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes, which may be further exacerbated by recent environmental conditions and climate change patterns. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.
In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.
The Portfolios may invest in municipal securities of issuers in Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.
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 Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates.
Non-diversification Risk—Concentration of investments in a small number of securities tends to increase risk. The New York Municipal and California Municipal Portfolios are not “diversified”, meaning they can invest more of their assets in a relatively small number of issuers with greater concentration of risk. Matters affecting these issuers can have a more significant effect on the Portfolios’ net asset value.
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, economic sanctions and potential responses to those sanctions, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios’ assets.
Country Concentration Risk—The Portfolios may not always be diversified among countries or regions and the effect on the share price of the Portfolios of specific risks such as political, regulatory and currency may be magnified due to concentration of the Portfolios’ investments in a particular country or region.
Notes to Financial Statements (continued)
Emerging Markets Securities Risk—Investments in foreign securities entail significant risks in addition to those customarily associated with investing in U.S. equities. These risks include risks related to unfavorable or unsuccessful government actions, reduction of government or central bank support, economic sanctions and potential responses to those sanctions, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Portfolio invests and adversely affect the value of the Portfolio’s assets. These risks 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, climate change, or a natural disaster. 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 Portfolios 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. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty (the party on the other side of the transaction), 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 Portfolios. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for 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 Portfolios 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 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 Portfolios than an investment in the underlying asset or index, and such differences may affect the amount, timing and character of income distributed to shareholders, including the proportion of income consisting of exempt-interest dividends. 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 and Asset-Related Securities Risk—Mortgage- and asset-related securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-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 or asset, 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 Portfolios 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 Portfolios. 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 Portfolios 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.
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Management Risk—The Portfolios are subject to management risk because they are actively- managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, 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 Portfolios or cause the value of the Portfolios’ 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 Portfolios. 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 Portfolios’ investment strategies or policies from time to time. Those changes may not lead to the results intended by the Adviser and could also have an adverse effect on the value or performance of the Portfolios.
Illiquid Investments Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. 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. The municipal Portfolios are subject to greater risk because the market for municipal securities is generally smaller and may not be liquid as many other fixed-income markets, which may make municipal securities more difficult to trade or dispose of than other types of securities. Illiquid securities may also be difficult to value. If the Portfolios is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.
Redemption Risk—The Portfolios may experience heavy redemptions that could cause the Portfolios to liquidate their assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolios’ 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-U.S.) currency exchange rates may negatively affect the value of the Portfolios’ investments or reduce the returns of the Portfolios. For example, the value of the Portfolios’ 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). The value of the U.S. Dollar has recently appreciated in value against most foreign currencies, which may negatively affect the value of the Portfolios’ foreign investments when converted to U.S. Dollars.
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 stock prices and, therefore, share prices of the Portfolios.
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) and regional and global conflicts; cybersecurity events; market disruptions caused by tariffs; trade disputes; measures to address budget deficits; downgrading of sovereign debt; sanctions or other government actions; and other factors.
Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia’s military invasion of Ukraine, 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. Following Russia’s recent invasion of Ukraine, the United States, the European Union and the regulatory bodies of certain other countries instituted numerous sanctions against certain Russian individuals and Russian entities. These sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and a decline in the value and liquidity of Russian stocks. These sanctions could result in the immediate freeze of Russian securities, including securities in the form of ADRs, impairing the ability of the Portfolios to buy, sell, receive or deliver those
Notes to Financial Statements (continued)
securities. Retaliatory action by the Russian government could involve the seizure of US and/or European residents’ assets and any such actions are likely to impair the value and liquidity of such assets. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. 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.
Tax Risk—There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. From time to time, the US government and the U.S Congress considered changes to U.S. federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.
Capitalization Risk—Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources. The prices of securities of mid-capitalization companies are more volatile than those of large-capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession. Securities of mid-capitalization companies may underperform large capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may have greater potential for losses.
Allocation Risk—The allocation of investments among investment disciplines may have a significant effect on the Portfolios’ performance when the investment disciplines in which the Portfolios have greater exposure perform worse than the investment disciplines with less exposure. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The Portfolios may allocate a significant portion of its assets to securities of companies in broadly related industries within an economic sector. Companies in the same sector may be similarly affected by economic or market events, making the Portfolios more vulnerable to unfavorable developments in that sector than funds that invest more broadly.
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.
Cybersecurity Risk—Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Portfolio assets, customer data (including private shareholder information), or proprietary information, or cause the Portfolios, the Adviser, and/or its 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 Portfolios enter into contracts that contain a variety of indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Portfolios have not accrued any liability in connection with these indemnification provisions.
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| NOTE 6. | Capital-Share Transactions |
The Fund has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 10.0 billion shares are allocated to the SCB Portfolios. The allocation is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | ALLOCATION OF SHARES (IN MILLIONS) | |
| PORTFOLIO | | BERNSTEIN
CLASS
SHARES | | | CLASS A
SHARES | | | CLASS B
SHARES | | | CLASS C
SHARES | | | ADVISOR CLASS SHARES | | | CLASS R SHARES | | | CLASS Z SHARES | | | CLASS T SHARES | | | TOTAL | |
Emerging Markets | | | 200 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 300 | | | | 0 | | | | 500 | |
| | | | | | | | | |
California Municipal | | | 100 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 100 | |
| | | | | | | | | |
Diversified Municipal | | | 200 | | | | 200 | | | | 200 | | | | 200 | | | | 200 | | | | 0 | | | | 200 | | | | 300 | | | | 1,500 | |
| | | | | | | | | |
New York Municipal | | | 800 | | | | 400 | | | | 400 | | | | 400 | | | | 400 | | | | 0 | | | | 600 | | | | 300 | | | | 3,300 | |
| | | | | | | | | |
Intermediate Duration | | | 400 | | | | 200 | | | | 200 | | | | 200 | | | | 200 | | | | 0 | | | | 200 | | | | 300 | | | | 1,700 | |
Share transactions for each Portfolio for the years ended September 30, 2024 and September 30, 2023, were as follows:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | EMERGING MARKETS PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR ENDED
9/30/24 | | | YEAR ENDED
9/30/23 | |
Emerging Markets Class Shares | |
| | | | | |
Shares sold | | | 3,824,924 | | | | 5,171,577 | | | | | | | $ | 98,689,134 | | | $ | 125,393,994 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 517,189 | | | | 395,029 | | | | | | | | 12,376,333 | | | | 9,370,090 | |
| | | | | |
Shares redeemed | | | (5,498,037 | ) | | | (6,203,393 | ) | | | | | | | (142,066,701 | ) | | | (151,436,713 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (1,155,924 | ) | | | (636,787 | ) | | | | | | $ | (31,001,234 | ) | | $ | (16,672,629 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class Z Shares | |
| | | | | |
Shares sold | | | 21,268 | | | | 44,720 | | | | | | | $ | 518,085 | | | $ | 1,097,000 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 79,491 | | | | 112,430 | | | | | | | | 1,901,430 | | | | 2,665,705 | |
| | | | | |
Shares redeemed | | | (1,076,464 | ) | | | (3,175,519 | ) | | | | | | | (26,653,637 | ) | | | (79,142,574 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (975,705 | ) | | | (3,018,369 | ) | | | | | | $ | (24,234,122 | ) | | $ | (75,379,869 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | CALIFORNIA MUNICIPAL PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
Municipal Class Shares | |
| | | | | |
Shares sold | | | 26,295,912 | | | | 30,876,806 | | | | | | | $ | 361,273,562 | | | $ | 418,356,489 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 1,305,229 | | | | 1,266,740 | | | | | | | | 18,012,224 | | | | 17,257,123 | |
| | | | | |
Shares redeemed | | | (28,523,916 | ) | | | (40,594,131 | ) | | | | | | | (391,232,532 | ) | | | (549,746,525 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (922,775 | ) | | | (8,450,585 | ) | | | | | | $ | (11,946,746 | ) | | $ | (114,132,913 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class A Shares | |
| | | | | |
Shares sold | | | 1,143,793 | | | | 620,818 | | | | | | | $ | 15,559,375 | | | $ | 8,422,885 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 62,246 | | | | 61,249 | | | | | | | | 858,967 | | | | 834,476 | |
| | | | | |
Shares converted from Class C | | | 41,898 | | | | 16,104 | | | | | | | | 562,475 | | | | 220,521 | |
| | | | | |
Shares redeemed | | | (1,093,079 | ) | | | (1,764,283 | ) | | | | | | | (14,894,715 | ) | | | (23,862,422 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase (decrease) | | | 154,858 | | | | (1,066,112 | ) | | | | | | $ | 2,086,102 | | | $ | (14,384,540 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class C Shares | |
| | | | | |
Shares sold | | | 40,895 | | | | 50,418 | | | | | | | $ | 559,911 | | | $ | 687,219 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 2,312 | | | | 2,412 | | | | | | | | 31,889 | | | | 32,855 | |
| | | | | |
Shares converted to Class A | | | (41,890 | ) | | | (16,104 | ) | | | | | | | (562,475 | ) | | | (220,521 | ) |
| | | | | |
Shares redeemed | | | (75,447 | ) | | | (67,850 | ) | | | | | | | (1,032,840 | ) | | | (922,712 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (74,130 | ) | | | (31,124 | ) | | | | | | $ | (1,003,515 | ) | | $ | (423,159 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Advisor Class Shares | |
| | | | | |
Shares sold | | | 4,360,075 | | | | 5,369,668 | | | | | | | $ | 59,278,972 | | | $ | 72,814,839 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 149,417 | | | | 138,514 | | | | | | | | 2,061,911 | | | | 1,887,548 | |
| | | | | |
Shares redeemed | | | (4,008,555 | ) | | | (5,165,033 | ) | | | | | | | (54,409,024 | ) | | | (70,122,339 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase | | | 500,937 | | | | 343,149 | | | | | | | $ | 6,931,859 | | | $ | 4,580,048 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | |
| | |
| 126 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | DIVERSIFIED MUNICIPAL PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR ENDED 9/30/24 | | | YEAR ENDED 9/30/23 | |
Municipal Class Shares | |
| | | | | |
Shares sold | | | 93,530,001 | | | | 96,718,598 | | | | | | | $ | 1,289,678,611 | | | $ | 1,317,807,308 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 5,954,502 | | | | 5,686,092 | | | | | | | | 82,342,869 | | | | 77,761,683 | |
| | | | | |
Shares redeemed | | | (105,790,706 | ) | | | (138,247,573 | ) | | | | | | | (1,457,519,582 | ) | | | (1,882,055,184 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (6,306,203 | ) | | | (35,842,883 | ) | | | | | | $ | (85,498,102 | ) | | $ | (486,486,193 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class A Shares | |
| | | | | |
Shares sold | | | 1,898,653 | | | | 5,061,562 | | | | | | | $ | 26,171,257 | | | $ | 69,060,275 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 254,815 | | | | 250,522 | | | | | | | | 3,525,873 | | | | 3,427,931 | |
| | | | | |
Shares converted from Class C | | | 85,093 | | | | 109,610 | | | | | | | | 1,169,052 | | | | 1,492,179 | |
| | | | | |
Shares redeemed | | | (4,483,687 | ) | | | (8,933,707 | ) | | | | | | | (61,841,524 | ) | | | (122,020,374 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (2,245,126 | ) | | | (3,512,013 | ) | | | | | | $ | (30,975,342 | ) | | $ | (48,039,989 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class C Shares | |
| | | | | |
Shares sold | | | 96,779 | | | | 217,083 | | | | | | | $ | 1,336,338 | | | $ | 2,958,494 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 11,383 | | | | 11,244 | | | | | | | | 157,478 | | | | 153,794 | |
| | | | | |
Shares converted to Class A | | | (85,134 | ) | | | (109,644 | ) | | | | | | | (1,169,052 | ) | | | (1,492,179 | ) |
| | | | | |
Shares redeemed | | | (99,586 | ) | | | (373,690 | ) | | | | | | | (1,376,462 | ) | | | (5,114,086 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (76,558 | ) | | | (255,007 | ) | | | | | | $ | (1,051,698 | ) | | $ | (3,493,977 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Advisor Class Shares | |
| | | | | |
Shares sold | | | 14,944,087 | | | | 17,069,504 | | | | | | | $ | 205,417,867 | | | $ | 233,009,960 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 668,732 | | | | 547,907 | | | | | | | | 9,245,694 | | | | 7,485,665 | |
| | | | | |
Shares redeemed | | | (13,726,799 | ) | | | (20,008,888 | ) | | | | | | | (188,652,985 | ) | | | (272,470,483 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase (decrease) | | | 1,886,020 | | | | (2,391,477 | ) | | | | | | $ | 26,010,576 | | | $ | (31,974,858 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class Z Shares | |
| | | | | |
Shares sold | | | 7,584,419 | | | | 8,816,897 | | | | | | | $ | 104,028,637 | | | $ | 120,220,798 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 762,365 | | | | 769,265 | | | | | | | | 10,545,345 | | | | 10,529,044 | |
| | | | | |
Shares redeemed | | | (12,188,112 | ) | | | (11,216,362 | ) | | | | | | | (167,776,747 | ) | | | (152,788,286 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (3,841,328 | ) | | | (1,630,200 | ) | | | | | | $ | (53,202,765 | ) | | $ | (22,038,444 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | NEW YORK MUNICIPAL PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR ENDED
9/30/24 | | | YEAR ENDED
9/30/23 | |
Municipal Class Shares | |
| | | | | |
Shares sold | | | 35,241,900 | | | | 42,388,211 | | | | | | | $ | 469,614,601 | | | $ | 555,942,293 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 1,825,316 | | | | 1,714,656 | | | | | | | | 24,433,295 | | | | 22,666,327 | |
| | | | | |
Shares redeemed | | | (40,208,328 | ) | | | (50,960,993 | ) | | | | | | | (535,750,259 | ) | | | (668,327,906 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (3,141,112 | ) | | | (6,858,126 | ) | | | | | | $ | (41,702,363 | ) | | $ | (89,719,286 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class A Shares | |
| | | | | |
Shares sold | | | 511,550 | | | | 494,415 | | | | | | | $ | 6,856,811 | | | $ | 6,524,957 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 96,636 | | | | 98,090 | | | | | | | | 1,293,291 | | | | 1,296,066 | |
| | | | | |
Shares converted from Class C | | | 89,224 | | | | 76,036 | | | | | | | | 1,179,567 | | | | 1,005,408 | |
| | | | | |
Shares redeemed | | | (1,250,242 | ) | | | (2,003,173 | ) | | | | | | | (16,631,590 | ) | | | (26,453,918 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (552,832 | ) | | | (1,334,632 | ) | | | | | | $ | (7,301,921 | ) | | $ | (17,627,487 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class C Shares | |
| | | | | |
Shares sold | | | 3,959 | | | | 29,327 | | | | | | | $ | 53,025 | | | $ | 388,106 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 2,820 | | | | 4,044 | | | | | | | | 37,695 | | | | 53,445 | |
| | | | | |
Shares converted to Class A | | | (89,220 | ) | | | (76,036 | ) | | | | | | | (1,179,567 | ) | | | (1,005,408 | ) |
| | | | | |
Shares redeemed | | | (21,395 | ) | | | (107,809 | ) | | | | | | | (284,563 | ) | | | (1,422,508 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (103,836 | ) | | | (150,474 | ) | | | | | | $ | (1,373,410 | ) | | $ | (1,986,365 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Advisor Class Shares | |
| | | | | |
Shares sold | | | 1,375,768 | | | | 1,736,940 | | | | | | | $ | 18,427,073 | | | $ | 22,985,960 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends | | | 84,614 | | | | 79,910 | | | | | | | | 1,131,119 | | | | 1,055,727 | |
| | | | | |
Shares redeemed | | | (2,333,393 | ) | | | (1,753,222 | ) | | | | | | | (31,152,477 | ) | | | (23,067,563 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase (decrease) | | | (873,011 | ) | | | 63,628 | | | | | | | $ | (11,594,285 | ) | | $ | 974,124 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | |
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| 128 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | INTERMEDIATE DURATION PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR ENDED
9/30/24 | | | YEAR ENDED
9/30/23 | |
Intermediate Duration Class Shares | |
| | | | | |
Shares sold | | | 87,071,641 | | | | 58,162,482 | | | | | | | $ | 973,902,553 | | | $ | 658,209,557 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends and distributions | | | 10,412,340 | | | | 7,366,414 | | | | | | | | 116,513,114 | | | | 82,867,229 | |
| | | | | |
Shares redeemed | | | (42,205,223 | ) | | | (40,000,045 | ) | | | | | | | (471,579,450 | ) | | | (450,871,067 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase | | | 55,278,758 | | | | 25,528,851 | | | | | | | $ | 618,836,217 | | | $ | 290,205,719 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class A Shares | |
| | | | | |
Shares sold | | | 10,860 | | | | 7,389 | | | | | | | $ | 121,816 | | | $ | 84,107 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends and distributions | | | 1,628 | | | | 1,390 | | | | | | | | 18,257 | | | | 15,666 | |
| | | | | |
Shares redeemed | | | (5,005 | ) | | | (15,590 | ) | | | | | | | (56,228 | ) | | | (175,320 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase (decrease) | | | 7,483 | | | | (6,811 | ) | | | | | | $ | 83,845 | | | $ | (75,547 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Advisor Class Shares | |
| | | | | |
Shares sold | | | 28,314 | | | | 57,450 | | | | | | | $ | 312,412 | | | $ | 645,755 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends and distributions | | | 3 | | | | 105 | | | | | | | | 30 | | | | 1,198 | |
| | | | | |
Shares redeemed | | | (1,654 | ) | | | (8,113 | ) | | | | | | | (18,786 | ) | | | (92,165 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase | | | 26,663 | | | | 49,442 | | | | | | | $ | 293,656 | | | $ | 554,788 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class Z Shares | |
| | | | | |
Shares sold | | | 18 | | | | 0 | | | | | | | $ | 200 | | | $ | 0 | |
| | | | | |
Shares issued to shareholders on reinvestment of dividends and distributions | | | 0 | | | | 0 | | | | | | | | 1 | | | | 0 | |
| | | | | |
Shares redeemed | | | (9 | ) | | | 0 | | | | | | | | (105 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase | | | 9 | | | | 0 | | | | | | | $ | 96 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| NOTE 7. | Recent Accounting Pronouncements |
In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.
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.
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Sanford C. Bernstein Fund, Inc. and Shareholders of Emerging Markets Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio, New York Municipal Portfolio, and Intermediate Duration Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Emerging Markets Portfolio, California Municipal Portfolio, Diversified Municipal Portfolio, New York Municipal Portfolio, and Intermediate Duration Portfolio (five of the nine portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the “Portfolios”) as of September 30, 2024, the related statements of operations for the year ended September 30, 2024, the statements of changes in net assets for each of the two years in the period ended September 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2024 and each of the financial highlights for each of the five years in the period ended September 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
November 25, 2024
We have served as the auditor of one or more investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor.
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| 130 | | Sanford C. Bernstein Fund, Inc. |
2024 Federal Tax Information (Unaudited)
For Federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Portfolio during the taxable year ended September 30, 2024. For corporate shareholders, the following percentages of dividends paid by each Portfolio qualify for the dividends received deduction. Additionally, for foreign shareholders, the following percentages of dividends paid by each Portfolio may be considered to be qualifying to be taxed as interest-related dividends:
| | | | | | | | |
| PORTFOLIO | | DIVIDENDS RECEIVED DEDUCTION % (CORPORATE SHAREHOLDERS) | | | % OF QUALIFIED
INTEREST INCOME
(FOREIGN SHAREHOLDERS) | |
| | |
Intermediate Duration | | | 0 | % | | | 79.26 | % |
| | |
Emerging Markets | | | 2.09 | % | | | 0 | % |
For the taxable year ended September 30, 2024 each Portfolio designates the following amounts as the maximum amount that may be considered qualified dividend income for individual shareholders:
| | | | | | | | |
| PORTFOLIO | | QUALIFIED
DIVIDEND INCOME | | | | |
Emerging Markets | | $ | 17,084,184 | | | | | |
Certain Portfolios intend to make an election to pass through foreign taxes paid by the Portfolios to their shareholders. For the taxable year ended September 30, 2024, the maximum amounts of foreign taxes that may be passed through and the foreign source income for information reporting purposes is as follows:
| | | | | | | | |
| PORTFOLIO | | FOREIGN TAXES
TO PASS THROUGH | | | FOREIGN
SOURCE INCOME | |
Emerging Markets | | $ | 6,206,167 | | | $ | 35,096,635 | |
Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2025.
Board Consideration of Investment Management Arrangement
Sanford C. Bernstein Fund, Inc. (the “Fund”) is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund’s Board of Directors, all of whom were not interested persons of the Fund (the “Independent Directors”), unanimously approved the continuation of the Investment Management Agreement between the Fund, on behalf of (i) the Emerging Markets Portfolio, (ii) the New York Municipal, California Municipal, Diversified Municipal, and Intermediate Duration Portfolios (collectively, the “Fixed Income Portfolios”), and (iii) the Overlay A, Tax-Aware Overlay A, Overlay B, and Tax-Aware Overlay B Portfolios (the “Overlay Portfolios” and collectively with the Emerging Markets Portfolio and the Fixed Income Portfolios, the “Portfolios”) of the Fund, and AllianceBernstein L.P. (the “Adviser”)( the “Investment Management Agreement” or the “Agreement”) at a meeting held on October 23-24, 2024.
The following discussion describes the considerations in connection with the Board’s review of the Investment Management Agreement.
In connection with the annual review of the continuation of the Investment Management Agreement, on July 25, 2024, at an in-person meeting, the Board of Directors received a presentation with respect to the 2023 profitability of the Adviser regarding the Fund and the Portfolios. Also, in connection with such annual review, counsel to the Independent Directors sent a letter to the Adviser dated August 12, 2024, that contained a list of additional information requested by the Independent Directors to conduct their annual review. The Independent Directors received and evaluated extensive materials relating to the continuation of the Investment Management Agreement from the Adviser. In addition, the Board received materials from the Senior Vice President of the Fund and an independent fee consultant as described below. On September 19, 2024, the Board of Directors held a video conference meeting to discuss its review of the Investment Management Agreement and the materials the Directors had been provided. At that meeting, the Independent Directors met separately with their independent counsel and the Senior Vice President and their independent fee consultant in executive sessions. Following the September 19, 2024 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their counsel dated September 24, 2024, and the Adviser provided certain additional information by means of a memorandum dated October 11, 2024. On October 16, 2024, the Board of Directors held an executive session via video conference with independent counsel and the Senior Vice President to further discuss the additional materials the Directors had been provided. Following the October 16, 2024 conference call, the Independent Directors requested certain additional information by means of an email from their counsel dated October 18, 2024. On October 23-24, 2024, the Board of Directors held an in person meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and additional materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.
In approving the Investment Management Agreement, the Board, including the Independent Directors, considered all information it deemed reasonably necessary to evaluate the terms of the Investment Management Agreement and considered whether the Agreement would be in the best interests of the Fund. In particular, the Board considered the information that was provided to them by the Adviser in response to their requests, as well as information prepared by the Senior Vice President and the independent fee consultant at the request of the Board. The Fund’s Senior Vice President assists the Board (as well as the boards of other funds sponsored by the Adviser) in evaluating investment management agreements and certain other plans and agreements pursuant to which the Adviser or its affiliates provide services to the Funds. The Board also considered other information provided to the Board in connection with the July 25, 2024, September 19, 2024 and October 23-24, 2024 meetings and throughout the past year.
The information considered by the Board included information with respect to the nature, extent and quality of services provided, investment performance, fees and expenses, profitability, economies of scale, and fall-out benefits and other revenue.
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| 132 | | Sanford C. Bernstein Fund, Inc. |
In the Board’s consideration of the factors discussed below, no single factor was considered in isolation or to be determinative to the decision of the Board to approve the Investment Management Agreement. Rather, the Board concluded, in light of a weighing and balancing of all factors considered and in the exercise of the Directors’ business judgment, that it was in the best interests of the Fund to approve the Investment Management Agreement including the fees to be charged for services thereunder, as summarized below.
Fees and Expenses
The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives (“peer group”). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from ISS Market Intelligence (“ISS”), an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios’ peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.
The Board noted that (i) the contractual advisory fee of the Emerging Market Portfolio was below the median of the peer group; (ii) the contractual advisory fee of each Fixed Income Portfolio, other than the Intermediate Duration Portfolio, was below the median of the peer group; and (iii) the contractual advisory fee of each Overlay Portfolio, other than the Overlay B Portfolio was above the median of the peer group, and the contractual advisory fee of the Overlay B Portfolio was at the median. With respect to the advisory fees charged to the Intermediate Duration Portfolio, the Directors noted the independent fee consultant’s assessment that the advisory fees were within the range of peers. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client’s entire account, rather than just an impact at the Portfolio level. The Board further noted that the total expense ratio for each Portfolio, other than the Overlay A Portfolio, was below the peer group median in the ISS report. The Board noted that the total expense ratio of the Overlay A Portfolio was only slightly above the median.
The Directors also considered information about the reduction in assets under management for the Overlay Portfolios, and the Adviser’s expectation that the assets under management may drop further due to changes in the Bernstein Wealth Management asset allocation models. The Board noted that a further drop in assets could affect the expenses borne by shareholders, but that the Overlay Portfolios were subject to expense caps that would limit the potential impact on expenses.
The Board also received and considered information about the services rendered, and the fee rates charged, to other clients advised by the Adviser, including information about any recent advisory fee changes with respect to other investment companies advised by the Adviser. The Board noted the differences between the services provided to the Portfolios in comparison to those provided to other types of clients, including institutional clients and other investment companies for which the Adviser acted as investment adviser or subadviser, and the differences in the entrepreneurial and other risks borne by the Adviser in serving the Portfolios compared to other types of clients.
On the basis of its review and consideration of the fees as described above and the Board’s consideration of the other factors described below, and in light of the Adviser’s implementation of certain fee waivers and/or expense caps for certain Portfolios, the Board concluded that the contractual advisory fees as proposed were reasonable.
Nature, Extent and Quality of Services Provided
The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, and their overall confidence in the Adviser’s integrity and competence they have gained from that experience. The Board also considered the Adviser’s responsiveness and attention to concerns raised by the Directors from time to time, including the Adviser’s willingness to consider and implement changes to improve investment results. The Board also considered the scope and quality of the Adviser’s investment management capabilities, other resources dedicated to performing its services, the quality of its compliance, administrative and other services provided to the Portfolios and the background and experience of the Adviser’s senior management. The Board reviewed the qualifications, backgrounds and responsibilities of the investment staff primarily responsible for day-to-day portfolio management services for each Portfolio and noted the Adviser’s
Board Consideration of Investment Management Arrangement (continued)
research and investment management capabilities. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.
In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio’s investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio’s peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable, ended July 31, 2024 and versus each Portfolio’s benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2024. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.
In evaluating the performance of the Fixed Income Portfolios, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser’s explanation that certain Fixed Income Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups. As a result of a lower risk profile, those Fixed Income Portfolios are generally expected to underperform the peer group during periods when riskier assets have outperformed and likewise are generally expected to outperform the peer group during periods when higher quality assets are in favor.
The Directors noted the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall Bernstein Wealth Management portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios’ dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.
The Board noted that each of the Portfolios, except the Overlay B Portfolio, had outperformed its benchmark index for the one-year period ending July 31, 2024, and that the Overlay B Portfolio had only slightly underperformed its benchmark index. Where the Portfolios had underperformed their peer groups or benchmark indices for certain periods, the Directors considered the Adviser’s explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance.
The Board concluded that the Adviser had the experience and resources necessary to provide services of appropriate nature, quality and scope with respect to the Portfolios.
Profitability
The Board, including the Independent Directors, considered the level of the Adviser’s profits in respect of its management of the respective Portfolios. The materials provided to the Independent Directors included information indicating the profitability of the Portfolios to the Adviser for calendar years 2022 and 2023. The Directors considered the assessment of an independent consultant that had reviewed the profitability statements for consistency with cost accounting theory and industry standards. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding revenues
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| 134 | | Sanford C. Bernstein Fund, Inc. |
and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.
After reviewing all relevant factors, the Directors, including the Independent Directors, concluded that the levels of the Adviser’s profits in respect of its management of the Portfolios were not excessive.
Economies of Scale
The Board, including the Independent Directors, considered whether there have been economies of scale in respect of the management of the Portfolios, whether the Portfolios have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Directors discussed possible ways in which any such economies of scale may be shared with the Portfolios, including by investment in enhanced services.
The Directors also considered the Senior Vice President materials which they received in connection with the review of the Investment Management Agreement, which included information reflecting changes in asset levels of the Portfolios and in the profitability of the Adviser over various periods.
After reviewing the profitability and economies of scale information provided by the Adviser, the Board concluded that the benefits of any economies of scale were appropriately being shared with Portfolio investors by way of, among other things and as applicable, establishing advisory fees at levels that contemplated future achievement of scale, breakpoint arrangements, and expense caps and waivers applying to select Portfolios.
Fall-Out Benefits and Other Revenue
The Board, including the Independent Directors, also took into account so-called “fall-out benefits” to the Adviser, such as soft dollar arrangements (whereby the Adviser receives the benefit of research services from many of the brokers and dealers that execute purchases and sales of securities on behalf of its clients on an agency basis), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser’s business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.
Advisory Fee Rate Schedule
On the basis of the information considered, the Board determined to approve the continuation of the Investment Management Agreement for an additional annual term, without change to the Portfolios’ contractual fee schedules, as set forth below.
| | |
| PORTFOLIO | | ANNUAL PERCENTAGE OF AVERAGE
DAILY NEW ASSETS OF EACH PORTFOLIO |
| New York Municipal | | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion |
| | |
| California Municipal | | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion |
| | |
| | |
| PORTFOLIO | | ANNUAL PERCENTAGE OF AVERAGE
DAILY NEW ASSETS OF EACH PORTFOLIO |
| Diversified Municipal | | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion |
| | |
| Intermediate Duration | | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion |
| | |
| Emerging Markets | | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| | |
| Overlay A | | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| | |
| Tax-Aware Overlay A | | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| | |
| Overlay B | | 0.65% of assets. |
| | |
| Tax-Aware Overlay B | | 0.65% of assets. |
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| 136 | | Sanford C. Bernstein Fund, Inc. |
Distributor
SANFORD C. BERNSTEIN FUND, INC.
66 HUDSON BOULEVARD EAST, NEW YORK, NY 10001
(212) 756-4097
SCBI-1947-0924
SANFORD C. BERNSTEIN FUND, INC.
Overlay Portfolios
Overlay A Portfolio
Tax-Aware Overlay A Portfolio
Overlay B Portfolio
Tax-Aware Overlay B Portfolio
ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
SEPTEMBER 30, 2024
Table of Contents
Before investing in any portfolio of the Sanford C. Bernstein Fund, 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 portfolios’ 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 call (collect) 212.486.5800.
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.
This shareholder report must be preceded or accompanied by the Sanford C. Bernstein Fund, Inc. prospectus for individuals who are not shareholders of the Fund.
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
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Overlay A Portfolio
September 30, 2024
| | | | | | | | | | | | |
| | | |
| Company | | | | | Shares | | | U.S. $ Value | |
|
| COMMON STOCKS–48.6% | |
|
| Information Technology–13.9% | |
| Communications Equipment–0.1% | |
Calix, Inc.(a) | | | | | | | 3,610 | | | $ | 140,032 | |
F5, Inc.(a) | | | | | | | 1,049 | | | | 230,990 | |
Lumentum Holdings, Inc.(a) | | | | | | | 2,600 | | | | 164,788 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 535,810 | |
| | | | | | | | | | | | |
| Electronic Equipment, Instruments & Components–0.4% | |
Avnet, Inc. | | | | | | | 3,179 | | | | 172,652 | |
Belden, Inc. | | | | | | | 1,373 | | | | 160,820 | |
CDW Corp./DE | | | | | | | 5,088 | | | | 1,151,414 | |
Coherent Corp.(a) | | | | | | | 2,034 | | | | 180,843 | |
Fabrinet(a) | | | | | | | 860 | | | | 203,338 | |
Novanta, Inc.(a) | | | | | | | 824 | | | | 147,430 | |
TD SYNNEX Corp. | | | | | | | 1,840 | | | | 220,947 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,237,444 | |
| | | | | | | | | | | | |
| Semiconductors & Semiconductor Equipment–5.4% | |
Amkor Technology, Inc. | | | | | | | 5,450 | | | | 166,770 | |
Broadcom, Inc. | | | | | | | 29,385 | | | | 5,068,913 | |
FormFactor, Inc.(a) | | | | | | | 2,625 | | | | 120,750 | |
KLA Corp. | | | | | | | 2,268 | | | | 1,756,362 | |
MACOM Technology Solutions Holdings, Inc.(a) | | | | | | | 1,489 | | | | 165,666 | |
Monolithic Power Systems, Inc. | | | | | | | 134 | | | | 123,883 | |
NVIDIA Corp. | | | | | | | 118,875 | | | | 14,436,180 | |
NXP Semiconductors NV | | | | | | | 11,975 | | | | 2,874,120 | |
QUALCOMM, Inc. | | | | | | | 6,727 | | | | 1,143,926 | |
Semtech Corp.(a) | | | | | | | 4,397 | | | | 200,767 | |
Synaptics, Inc.(a) | | | | | | | 1,890 | | | | 146,626 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | | | | | | | 5,297 | | | | 919,930 | |
Universal Display Corp. | | | | | | | 889 | | | | 186,601 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,310,494 | |
| | | | | | | | | | | | |
| Software–5.8% | |
ACI Worldwide, Inc.(a) | | | | | | | 3,840 | | | | 195,456 | |
Adobe, Inc.(a) | | | | | | | 5,227 | | | | 2,706,436 | |
CommVault Systems, Inc.(a) | | | | | | | 960 | | | | 147,696 | |
CyberArk Software Ltd.(a) | | | | | | | 219 | | | | 63,862 | |
Fair Isaac Corp.(a) | | | | | | | 65 | | | | 126,329 | |
Freshworks, Inc.–Class A(a) | | | | | | | 6,849 | | | | 78,626 | |
Gen Digital, Inc. | | | | | | | 42,861 | | | | 1,175,677 | |
HubSpot, Inc.(a) | | | | | | | 228 | | | | 121,205 | |
Klaviyo, Inc.–Class A(a) | | | | | | | 4,961 | | | | 175,520 | |
Manhattan Associates, Inc.(a) | | | | | | | 984 | | | | 276,878 | |
Microsoft Corp.(b) | | | | | | | 41,074 | | | | 17,674,142 | |
Monday.com Ltd.(a) | | | | | | | 623 | | | | 173,051 | |
Nutanix, Inc.–Class A(a) | | | | | | | 2,681 | | | | 158,849 | |
Oracle Corp. | | | | | | | 27,574 | | | | 4,698,610 | |
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
PTC, Inc.(a) | | | | | | | 774 | | | $ | 139,831 | |
Samsara, Inc.–Class A(a) | | | | | | | 3,498 | | | | 168,324 | |
ServiceNow, Inc.(a) | | | | | | | 1,200 | | | | 1,073,268 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,153,760 | |
| | | | | | | | | | | | |
| Technology Hardware, Storage & Peripherals–2.2% | |
Apple, Inc.(b) | | | | | | | 44,325 | | | | 10,327,725 | |
Pure Storage, Inc.–Class A(a) | | | | | | | 3,457 | | | | 173,680 | |
Western Digital Corp.(a) | | | | | | | 9,595 | | | | 655,242 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,156,647 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 70,394,155 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Health Care–7.3% | |
| Biotechnology–1.2% | |
Akero Therapeutics, Inc.(a) | | | | | | | 1,692 | | | | 48,544 | |
Apogee Therapeutics, Inc.(a) | | | | | | | 1,028 | | | | 60,385 | |
Arcus Biosciences, Inc.(a) | | | | | | | 2,756 | | | | 42,139 | |
Ascendis Pharma A/S (ADR)(a) | | | | | | | 433 | | | | 64,651 | |
Blueprint Medicines Corp.(a) | | | | | | | 962 | | | | 88,985 | |
Bridgebio Pharma, Inc.(a) | | | | | | | 2,407 | | | | 61,282 | |
Cytokinetics, Inc.(a) | | | | | | | 1,317 | | | | 69,538 | |
Denali Therapeutics, Inc.(a) | | | | | | | 2,678 | | | | 78,010 | |
Exact Sciences Corp.(a) | | | | | | | 2,062 | | | | 140,464 | |
Halozyme Therapeutics, Inc.(a) | | | | | | | 2,160 | | | | 123,638 | |
Insmed, Inc.(a) | | | | | | | 1,742 | | | | 127,166 | |
Intellia Therapeutics, Inc.(a) | | | | | | | 1,938 | | | | 39,826 | |
Legend Biotech Corp. (ADR)(a) | | | | | | | 1,174 | | | | 57,209 | |
MoonLake Immunotherapeutics(a) | | | | | | | 936 | | | | 47,193 | |
Natera, Inc.(a) | | | | | | | 2,123 | | | | 269,515 | |
Neurocrine Biosciences, Inc.(a) | | | | | | | 1,090 | | | | 125,590 | |
Regeneron Pharmaceuticals, Inc.(a) | | | | | | | 1,542 | | | | 1,621,012 | |
Ultragenyx Pharmaceutical, Inc.(a) | | | | | | | 1,555 | | | | 86,380 | |
Vaxcyte, Inc.(a) | | | | | | | 1,220 | | | | 139,409 | |
Vertex Pharmaceuticals, Inc.(a) | | | | | | | 5,985 | | | | 2,783,504 | |
Viking Therapeutics, Inc.(a) | | | | | | | 1,204 | | | | 76,225 | |
Xenon Pharmaceuticals, Inc.(a) | | | | | | | 1,395 | | | | 54,921 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,205,586 | |
| | | | | | | | | | | | |
| Health Care Equipment & Supplies–0.9% | |
AtriCure, Inc.(a) | | | | | | | 3,920 | | | | 109,917 | |
Avantor, Inc.(a) | | | | | | | 6,795 | | | | 175,787 | |
Edwards Lifesciences Corp.(a) | | | | | | | 13,998 | | | | 923,728 | |
Integra LifeSciences Holdings Corp.(a) | | | | | | | 4,490 | | | | 81,583 | |
iRhythm Technologies, Inc.(a) | | | | | | | 1,148 | | | | 85,227 | |
Medtronic PLC | | | | | | | 33,754 | | | | 3,038,873 | |
Teleflex, Inc. | | | | | | | 956 | | | | 236,438 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,651,553 | |
| | | | | | | | | | | | |
| Health Care Providers & Services–2.4% | |
AMN Healthcare Services, Inc.(a) | | | | | | | 2,191 | | | | 92,877 | |
BrightSpring Health Services, Inc.(a) | | | | | | | 6,090 | | | | 89,401 | |
Elevance Health, Inc. | | | | | | | 5,151 | | | | 2,678,520 | |
Encompass Health Corp. | | | | | | | 2,532 | | | | 244,692 | |
HCA Healthcare, Inc. | | | | | | | 4,766 | | | | 1,937,045 | |
Inari Medical, Inc.(a) | | | | | | | 1,982 | | | | 81,738 | |
Pediatrix Medical Group, Inc.(a) | | | | | | | 9,385 | | | | 108,772 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
UnitedHealth Group, Inc. | | | | | | | 11,520 | | | $ | 6,735,514 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,968,559 | |
| | | | | | | | | | | | |
| Life Sciences Tools & Services–1.8% | |
ICON PLC(a) | | | | | | | 522 | | | | 149,976 | |
Illumina, Inc.(a) | | | | | | | 8,454 | | | | 1,102,486 | |
IQVIA Holdings, Inc.(a) | | | | | | | 12,984 | | | | 3,076,818 | |
Repligen Corp.(a) | | | | | | | 825 | | | | 122,777 | |
Revvity, Inc. | | | | | | | 1,756 | | | | 224,329 | |
Thermo Fisher Scientific, Inc. | | | | | | | 3,370 | | | | 2,084,581 | |
Waters Corp.(a) | | | | | | | 5,791 | | | | 2,084,123 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,845,090 | |
| | | | | | | | | | | | |
| Pharmaceuticals–1.0% | |
Intra-Cellular Therapies, Inc.(a) | | | | | | | 1,477 | | | | 108,072 | |
Merck & Co., Inc. | | | | | | | 17,088 | | | | 1,940,513 | |
Roche Holding AG (Sponsored ADR) | | | | | | | 40,129 | | | | 1,603,154 | |
Zoetis, Inc. | | | | | | | 8,379 | | | | 1,637,089 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,288,828 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 36,959,616 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Financials–6.0% | |
| Banks–1.5% | |
Bank of America Corp. | | | | | | | 66,191 | | | | 2,626,459 | |
BankUnited, Inc. | | | | | | | 5,149 | | | | 187,629 | |
Comerica, Inc. | | | | | | | 3,739 | | | | 224,003 | |
First BanCorp./Puerto Rico | | | | | | | 9,406 | | | | 199,125 | |
First Citizens BancShares, Inc./NC–Class A | | | | | | | 125 | | | | 230,119 | |
First Hawaiian, Inc. | | | | | | | 8,711 | | | | 201,660 | |
Texas Capital Bancshares, Inc.(a) | | | | | | | 2,565 | | | | 183,295 | |
Webster Financial Corp. | | | | | | | 3,818 | | | | 177,957 | |
Wells Fargo & Co. | | | | | | | 57,030 | | | | 3,221,625 | |
Wintrust Financial Corp. | | | | | | | 1,930 | | | | 209,463 | |
Zions Bancorp NA | | | | | | | 4,021 | | | | 189,871 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,651,206 | |
| | | | | | | | | | | | |
| Capital Markets–1.4% | |
Cboe Global Markets, Inc. | | | | | | | 860 | | | | 176,188 | |
Charles Schwab Corp. (The) | | | | | | | 43,420 | | | | 2,814,050 | |
Goldman Sachs Group, Inc. (The) | | | | | | | 6,953 | | | | 3,442,500 | |
Invesco Ltd. | | | | | | | 11,766 | | | | 206,611 | |
PJT Partners, Inc.–Class A | | | | | | | 957 | | | | 127,606 | |
Stifel Financial Corp. | | | | | | | 4,165 | | | | 391,094 | |
TPG, Inc. | | | | | | | 3,075 | | | | 176,997 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,335,046 | |
| | | | | | | | | | | | |
| Financial Services–1.8% | |
NCR Atleos Corp.(a) | | | | | | | 6,720 | | | | 191,722 | |
PayPal Holdings, Inc.(a) | | | | | | | 13,752 | | | | 1,073,069 | |
Shift4 Payments, Inc.–Class A(a) | | | | | | | 1,974 | | | | 174,896 | |
Visa, Inc.–Class A | | | | | | | 26,657 | | | | 7,329,342 | |
Walker & Dunlop, Inc. | | | | | | | 1,842 | | | | 209,233 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,978,262 | |
| | | | | | | | | | | | |
| Insurance–1.3% | |
American Financial Group, Inc./OH | | | | | | | 1,747 | | | | 235,146 | |
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
Hanover Insurance Group, Inc. (The) | | | | | | | 1,293 | | | $ | 191,506 | |
Kemper Corp. | | | | | | | 1,720 | | | | 105,350 | |
Progressive Corp. (The) | | | | | | | 16,856 | | | | 4,277,379 | |
Ryan Specialty Holdings, Inc. | | | | | | | 3,143 | | | | 208,664 | |
Willis Towers Watson PLC | | | | | | | 4,606 | | | | 1,356,605 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,374,650 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 30,339,164 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Communication Services–5.1% | |
| Diversified Telecommunication Services–0.4% | |
Comcast Corp.–Class A | | | | | | | 51,071 | | | | 2,133,236 | |
| | | | | | | | | | | | |
| Entertainment–0.5% | |
Walt Disney Co. (The) | | | | | | | 23,637 | | | | 2,273,643 | |
| | | | | | | | | | | | |
| Interactive Media & Services–3.6% | |
Alphabet, Inc.–Class C(b) | | | | | | | 62,178 | | | | 10,395,540 | |
Meta Platforms, Inc.–Class A | | | | | | | 14,096 | | | | 8,069,114 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,464,654 | |
| | | | | | | | | | | | |
| Media–0.1% | |
Criteo SA (Sponsored ADR)(a) | | | | | | | 3,066 | | | | 123,376 | |
Nexstar Media Group, Inc. | | | | | | | 1,022 | | | | 168,987 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 292,363 | |
| | | | | | | | | | | | |
| Wireless Telecommunication Services–0.5% | |
T-Mobile US, Inc. | | | | | | | 13,142 | | | | 2,711,983 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,875,879 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Industrials–4.6% | |
| Aerospace & Defense–0.1% | |
Axon Enterprise, Inc.(a) | | | | | | | 442 | | | | 176,623 | |
Curtiss-Wright Corp. | | | | | | | 492 | | | | 161,715 | |
Howmet Aerospace, Inc. | | | | | | | 1,670 | | | | 167,418 | |
Moog, Inc.–Class A | | | | | | | 1,034 | | | | 208,889 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 714,645 | |
| | | | | | | | | | | | |
| Air Freight & Logistics–0.1% | |
CH Robinson Worldwide, Inc. | | | | | | | 2,415 | | | | 266,544 | |
| | | | | | | | | | | | |
| Building Products–0.6% | |
Armstrong World Industries, Inc. | | | | | | | 1,400 | | | | 184,002 | |
AZEK Co., Inc. (The)(a) | | | | | | | 3,278 | | | | 153,410 | |
Builders FirstSource, Inc.(a) | | | | | | | 1,180 | | | | 228,755 | |
Carlisle Cos., Inc. | | | | | | | 382 | | | | 171,804 | |
Lennox International, Inc. | | | | | | | 448 | | | | 270,722 | |
Otis Worldwide Corp. | | | | | | | 19,239 | | | | 1,999,702 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,008,395 | |
| | | | | | | | | | | | |
| Commercial Services & Supplies–0.1% | |
ABM Industries, Inc. | | | | | | | 3,764 | | | | 198,589 | |
MillerKnoll, Inc. | | | | | | | 7,856 | | | | 194,514 | |
Tetra Tech, Inc. | | | | | | | 4,200 | | | | 198,072 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 591,175 | |
| | | | | | | | | | | | |
| Construction & Engineering–0.2% | |
API Group Corp.(a) | | | | | | | 3,141 | | | | 103,716 | |
| | |
| | |
| 2 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
Comfort Systems USA, Inc. | | | | | | | 625 | | | $ | 243,969 | |
Fluor Corp.(a) | | | | | | | 4,220 | | | | 201,336 | |
Granite Construction, Inc. | | | | | | | 2,481 | | | | 196,693 | |
MasTec, Inc.(a) | | | | | | | 1,818 | | | | 223,796 | |
WillScot Holdings Corp.(a) | | | | | | | 5,685 | | | | 213,756 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,183,266 | |
| | | | | | | | | | | | |
| Electrical Equipment–1.2% | |
BWX Technologies, Inc. | | | | | | | 1,728 | | | | 187,834 | |
Eaton Corp. PLC | | | | | | | 10,529 | | | | 3,489,732 | |
GE Vernova, Inc.(a) | | | | | | | 8,196 | | | | 2,089,816 | |
Regal Rexnord Corp. | | | | | | | 1,340 | | | | 222,279 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,989,661 | |
| | | | | | | | | | | | |
| Ground Transportation–0.7% | |
ArcBest Corp. | | | | | | | 2,115 | | | | 229,372 | |
CSX Corp. | | | | | | | 82,572 | | | | 2,851,211 | |
Saia, Inc.(a) | | | | | | | 367 | | | | 160,474 | |
XPO, Inc.(a) | | | | | | | 1,807 | | | | 194,271 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,435,328 | |
| | | | | | | | | | | | |
| Industrial Conglomerates–0.2% | |
Honeywell International, Inc. | | | | | | | 5,972 | | | | 1,234,472 | |
| | | | | | | | | | | | |
| Machinery–1.0% | |
Deere & Co. | | | | | | | 3,273 | | | | 1,365,921 | |
Gates Industrial Corp. PLC(a) | | | | | | | 11,760 | | | | 206,388 | |
ITT, Inc. | | | | | | | 1,190 | | | | 177,917 | |
John Bean Technologies Corp. | | | | | | | 1,795 | | | | 176,825 | |
Middleby Corp. (The)(a) | | | | | | | 1,598 | | | | 222,330 | |
Oshkosh Corp. | | | | | | | 1,773 | | | | 177,672 | |
PACCAR, Inc. | | | | | | | 17,641 | | | | 1,740,814 | |
Pentair PLC | | | | | | | 11,466 | | | | 1,121,260 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,189,127 | |
| | | | | | | | | | | | |
| Marine Transportation–0.0% | |
Kirby Corp.(a) | | | | | | | 1,348 | | | | 165,036 | |
| | | | | | | | | | | | |
| Professional Services–0.3% | |
Booz Allen Hamilton Holding Corp. | | | | | | | 4,646 | | | | 756,183 | |
FTI Consulting, Inc.(a) | | | | | | | 675 | | | | 153,603 | |
Robert Half, Inc. | | | | | | | 3,037 | | | | 204,724 | |
WNS Holdings Ltd.(a) | | | | | | | 2,650 | | | | 139,682 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,254,192 | |
| | | | | | | | | | | | |
| Trading Companies & Distributors–0.1% | |
Core & Main, Inc.–Class A(a) | | | | | | | 3,940 | | | | 174,936 | |
Herc Holdings, Inc. | | | | | | | 1,210 | | | | 192,910 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 367,846 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,399,687 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Consumer Discretionary–4.3% | |
| Automobile Components–0.1% | |
Adient PLC(a) | | | | | | | 8,130 | | | | 183,494 | |
BorgWarner, Inc. | | | | | | | 6,806 | | | | 246,990 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 430,484 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
| Broadline Retail–1.7% | |
Amazon.com, Inc.(a) | | | | | | | 46,021 | | | $ | 8,575,093 | |
Ollie’s Bargain Outlet Holdings, Inc.(a) | | | | | | | 1,497 | | | | 145,508 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,720,601 | |
| | | | | | | | | | | | |
| Diversified Consumer Services–0.1% | |
ADT, Inc. | | | | | | | 29,106 | | | | 210,436 | |
Duolingo, Inc.(a) | | | | | | | 897 | | | | 252,972 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 463,408 | |
| | | | | | | | | | | | |
| Hotels, Restaurants & Leisure–0.6% | |
Cava Group, Inc.(a) | | | | | | | 1,142 | | | | 141,437 | |
Dine Brands Global, Inc. | | | | | | | 2,410 | | | | 75,264 | |
DraftKings, Inc.–Class A(a) | | | | | | | 1,481 | | | | 58,055 | |
Hyatt Hotels Corp.–Class A | | | | | | | 5,382 | | | | 819,141 | |
Starbucks Corp. | | | | | | | 13,325 | | | | 1,299,054 | |
Viking Holdings Ltd.(a) | | | | | | | 10,019 | | | | 349,563 | |
Wingstop, Inc. | | | | | | | 563 | | | | 234,253 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,976,767 | |
| | | | | | | | | | | | |
| Household Durables–0.2% | |
NVR, Inc.(a) | | | | | | | 18 | | | | 176,612 | |
PulteGroup, Inc. | | | | | | | 1,060 | | | | 152,142 | |
SharkNinja, Inc. | | | | | | | 1,912 | | | | 207,853 | |
Taylor Morrison Home Corp.(a) | | | | | | | 2,883 | | | | 202,560 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 739,167 | |
| | | | | | | | | | | | |
| Leisure Products–0.0% | |
Brunswick Corp./DE | | | | | | | 2,460 | | | | 206,197 | |
| | | | | | | | | | | | |
| Specialty Retail–1.1% | |
AutoNation, Inc.(a) | | | | | | | 1,010 | | | | 180,709 | |
AutoZone, Inc.(a) | | | | | | | 492 | | | | 1,549,820 | |
Bath & Body Works, Inc. | | | | | | | 5,766 | | | | 184,051 | |
Burlington Stores, Inc.(a) | | | | | | | 575 | | | | 151,501 | |
Dick’s Sporting Goods, Inc. | | | | | | | 550 | | | | 114,785 | |
Group 1 Automotive, Inc. | | | | | | | 531 | | | | 203,394 | |
Home Depot, Inc. (The) | | | | | | | 7,907 | | | | 3,203,916 | |
Wayfair, Inc.–Class A(a) | | | | | | | 2,303 | | | | 129,383 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,717,559 | |
| | | | | | | | | | | | |
| Textiles, Apparel & Luxury Goods–0.5% | |
Birkenstock Holding PLC(a) | | | | | | | 2,174 | | | | 107,157 | |
Crocs, Inc.(a) | | | | | | | 1,247 | | | | 180,578 | |
Deckers Outdoor Corp.(a) | | | | | | | 961 | | | | 153,231 | |
NIKE, Inc.–Class B | | | | | | | 17,597 | | | | 1,555,575 | |
PVH Corp. | | | | | | | 1,578 | | | | 159,110 | |
Tapestry, Inc. | | | | | | | 4,302 | | | | 202,108 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,357,759 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,611,942 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Consumer Staples–2.6% | |
| Beverages–0.8% | |
Coca-Cola Co. (The) | | | | | | | 33,581 | | | | 2,413,130 | |
Constellation Brands, Inc.–Class A | | | | | | | 6,801 | | | | 1,752,550 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,165,680 | |
| | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
| Consumer Staples Distribution & Retail–1.3% | |
Costco Wholesale Corp. | | | | | | | 1,826 | | | $ | 1,618,786 | |
Walmart, Inc. | | | | | | | 60,734 | | | | 4,904,270 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,523,056 | |
| | | | | | | | | | | | |
| Food Products–0.1% | |
Freshpet, Inc.(a) | | | | | | | 1,342 | | | | 183,545 | |
Lamb Weston Holdings, Inc. | | | | | | | 1,590 | | | | 102,937 | |
Nomad Foods Ltd. | | | | | | | 11,510 | | | | 219,381 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 505,863 | |
| | | | | | | | | | | | |
| Household Products–0.4% | |
Procter & Gamble Co. (The) | | | | | | | 10,979 | | | | 1,901,563 | |
| | | | | | | | | | | | |
| Personal Care Products–0.0% | |
BellRing Brands, Inc.(a) | | | | | | | 2,697 | | | | 163,762 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,259,924 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Energy–1.6% | |
| Energy Equipment & Services–0.5% | |
Baker Hughes Co. | | | | | | | 65,925 | | | | 2,383,189 | |
TechnipFMC PLC | | | | | | | 4,788 | | | | 125,589 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,508,778 | |
| | | | | | | | | | | | |
| Oil, Gas & Consumable Fuels–1.1% | |
Cameco Corp. | | | | | | | 31,863 | | | | 1,521,777 | |
Chevron Corp. | | | | | | | 8,952 | | | | 1,318,361 | |
EOG Resources, Inc. | | | | | | | 16,633 | | | | 2,044,695 | |
HF Sinclair Corp. | | | | | | | 2,075 | | | | 92,483 | |
Magnolia Oil & Gas Corp.–Class A | | | | | | | 8,020 | | | | 195,848 | |
Matador Resources Co. | | | | | | | 2,826 | | | | 139,661 | |
Northern Oil and Gas, Inc. | | | | | | | 5,030 | | | | 178,112 | |
Permian Resources Corp. | | | | | | | 9,893 | | | | 134,644 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,625,581 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,134,359 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Materials–1.3% | |
| Chemicals–1.3% | |
Avient Corp. | | | | | | | 4,390 | | | | 220,905 | |
Corteva, Inc. | | | | | | | 37,299 | | | | 2,192,808 | |
Element Solutions, Inc. | | | | | | | 6,864 | | | | 186,426 | |
Linde PLC | | | | | | | 4,576 | | | | 2,182,112 | |
LyondellBasell Industries NV–Class A | | | | | | | 19,207 | | | | 1,841,951 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,624,202 | |
| | | | | | | | | | | | |
| Containers & Packaging–0.0% | |
Berry Global Group, Inc. | | | | | | | 2,320 | | | | 157,713 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,781,915 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Real Estate–1.0% | |
| Diversified REITs–0.0% | |
Broadstone Net Lease, Inc.–Class A | | | | | | | 5,820 | | | | 110,289 | |
| | | | | | | | | | | | |
| Hotel & Resort REITs–0.0% | |
Ryman Hospitality Properties, Inc. | | | | | | | 1,592 | | | | 170,726 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
| Industrial REITs–0.6% | |
First Industrial Realty Trust, Inc. | | | | | | | 2,572 | | | $ | 143,981 | |
Lineage, Inc. | | | | | | | 1,383 | | | | 108,400 | |
Prologis, Inc. | | | | | | | 19,409 | | | | 2,450,968 | |
STAG Industrial, Inc. | | | | | | | 5,180 | | | | 202,486 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,905,835 | |
| | | | | | | | | | | | |
| Real Estate Management & Development–0.1% | |
Jones Lang LaSalle, Inc.(a) | | | | | | | 1,070 | | | | 288,696 | |
| | | | | | | | | | | | |
| Residential REITs–0.0% | |
Independence Realty Trust, Inc. | | | | | | | 11,010 | | | | 225,705 | |
| | | | | | | | | | | | |
| Specialized REITs–0.3% | |
American Tower Corp. | | | | | | | 6,330 | | | | 1,472,105 | |
CubeSmart | | | | | | | 2,759 | | | | 148,517 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,620,622 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,321,873 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| Utilities–0.9% | |
| Electric Utilities–0.9% | |
American Electric Power Co., Inc. | | | | | | | 16,344 | | | | 1,676,894 | |
IDACORP, Inc. | | | | | | | 1,941 | | | | 200,098 | |
NextEra Energy, Inc. | | | | | | | 29,245 | | | | 2,472,080 | |
Portland General Electric Co. | | | | | | | 3,740 | | | | 179,146 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,528,218 | |
| | | | | | | | | | | | |
Total Common Stocks
(cost $118,953,595) | | | | | | | | | | | 246,606,732 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| INVESTMENT COMPANIES–33.7% | |
| Funds and Investment Trusts–33.7%(c)(d) | |
AB All Market Real Return Portfolio–Class Z | | | | | | | 3,548,497 | | | | 33,710,722 | |
AB International Small Cap Portfolio–Class Z | | | | | | | 1,294,424 | | | | 16,749,847 | |
Bernstein International Strategic Equities Portfolio–Class Z | | | | | | | 7,317,907 | | | | 99,889,435 | |
Bernstein Small Cap Core Portfolio–Class Z | | | | | | | 851,848 | | | | 11,925,874 | |
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z | | | | | | | 307,977 | | | | 8,977,538 | |
| | | | | | | | | | | | |
Total Investment Companies
(cost $129,913,184) | | | | | | | | | | | 171,253,416 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Notional Amount | | | | |
|
| PURCHASED OPTIONS—PUTS–1.6% | |
| Options on Equity Indices–1.6% | | | | | | | | | | | | |
Euro STOXX 50 Index
Expiration: Sep 2025;
Contracts: 7,240;
Exercise Price: EUR 4,200.00;
Counterparty: UBS AG(a) | | | EUR | | | | 30,408,000 | | | | 810,850 | |
| | |
| | |
| 4 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Notional Amount | | | U.S. $ Value | |
FTSE 100 Index
Expiration: Jul 2025;
Contracts: 1,710;
Exercise Price: GBP 7,200.00;
Counterparty: UBS AG(a) | | | GBP | | | | 12,312,000 | | | $ | 221,782 | |
Nikkei 225 Index
Expiration: Jun 2025;
Contracts: 167,000;
Exercise Price: JPY 33,250.00;
Counterparty: UBS AG(a) | | | JPY | | | | 5,552,750,000 | | | | 1,379,471 | |
S&P 500 Index
Expiration: Jul 2025;
Contracts: 61,200;
Exercise Price: USD 4,900.00;
Counterparty: UBS AG(a) | | | USD | | | | 299,880,000 | | | | 5,718,686 | |
| | | | | | | | | | | | |
Total Purchased Options—Puts
(premiums paid $7,836,249) | | | | | | | | | | | 8,130,789 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Shares | | | U.S. $ Value | |
| | | |
| SHORT-TERM INVESTMENTS–10.0% | | | | | | | | | | | | |
| Investment Companies–10.0% | | | | | | | | | | | | |
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.73%(c)(d)(e)
(cost $50,443,565) | | | | | | | 50,443,565 | | | $ | 50,443,565 | |
| | | | | | | | | | | | |
Total Investments—93.9%
(cost $307,146,593) | | | | | | | | | | | 476,434,502 | |
| | | |
Other assets less liabilities—6.1% | | | | | | | | | | | 31,176,674 | |
| | | | | | | | | | | | |
| Net Assets—100.0% | | | | | | | | | | $ | 507,611,176 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | |
| FUTURES (see Note 3) | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Month | | Current
Notional | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| | | | | | | | | | | | | | |
| Purchased Contracts | | | | | | | | | | | | | | |
| | | | |
10 Yr Canadian Bond Futures | | | 172 | | | December 2024 | | $ | 15,898,347 | | | $ | 79,942 | |
| | | | |
10 Yr Japan Bond (OSE) Futures | | | 10 | | | December 2024 | | | 10,064,359 | | | | 5,696 | |
| | | | |
Euro Buxl 30 Yr Bond Futures | | | 27 | | | December 2024 | | | 4,095,900 | | | | (2,235 | ) |
| | | | |
Euro STOXX 50 Index Futures | | | 608 | | | December 2024 | | | 34,042,780 | | | | 626,668 | |
| | | | |
Euro-BOBL Futures | | | 136 | | | December 2024 | | | 18,174,168 | | | | 115,873 | |
| | | | |
Euro-Bund Futures | | | 134 | | | December 2024 | | | 20,124,940 | | | | 88,623 | |
| | | | |
FTSE 100 Index Futures | | | 237 | | | December 2024 | | | 26,262,709 | | | | (338,017 | ) |
| | | | |
Hang Seng Index Futures | | | 3 | | | October 2024 | | | 410,569 | | | | 36,173 | |
| | | | |
Long Gilt Futures | | | 14 | | | December 2024 | | | 1,842,344 | | | | (34,325 | ) |
| | | | |
MSCI Emerging Markets Futures | | | 59 | | | December 2024 | | | 3,459,465 | | | | (59,089 | ) |
| | | | |
MSCI Singapore IX ETS Futures | | | 14 | | | October 2024 | | | 374,060 | | | | (53 | ) |
| | | | |
Nikkei 225 (OSE) Futures | | | 36 | | | December 2024 | | | 9,505,653 | | | | 494,335 | |
| | | | |
OMXS 30 Index Futures | | | 28 | | | October 2024 | | | 723,928 | | | | 1,549 | |
| | | | |
S&P 500 E-Mini Futures | | | 366 | | | December 2024 | | | 106,400,775 | | | | 1,564,724 | |
| | | | |
TOPIX Index Futures | | | 60 | | | December 2024 | | | 11,052,357 | | | | 287,586 | |
| | | | |
U.S. T-Note 2 Yr (CBT) Futures | | | 527 | | | December 2024 | | | 109,743,633 | | | | 43,251 | |
| | | | |
U.S. T-Note 10 Yr (CBT) Futures | | | 1,009 | | | December 2024 | | | 115,309,781 | | | | (250,169 | ) |
| | | | |
U.S. Ultra Bond (CBT) Futures | | | 190 | | | December 2024 | | | 25,287,813 | | | | (69,910 | ) |
| | | | |
| Sold Contracts | | | | | | | | | | | | | | |
| | | | |
10 Yr Australian Bond Futures | | | 115 | | | December 2024 | | | 9,254,117 | | | | 75,410 | |
| | | | |
E-Mini Russell 2000 Futures | | | 26 | | | December 2024 | | | 2,923,960 | | | | (44,710 | ) |
| | | | |
S&P Mid 400 E-Mini Futures | | | 5 | | | December 2024 | | | 1,574,300 | | | | (41,339 | ) |
| | | | |
S&P/TSX 60 Index Futures | | | 127 | | | December 2024 | | | 27,126,888 | | | | (249,876 | ) |
| | | | |
SPI 200 Futures | | | 116 | | | December 2024 | | | 16,652,828 | | | | (238,272 | ) |
| | | | | | | | | | | | | | |
| | | $ | 2,091,835 | |
| | | | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | | | | | | | | | | | |
| |
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Bank of America, NA | | USD | | | 10,423 | | | | JPY | | | | 1,459,430 | | | | 10/17/2024 | | | $ | (247,583 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 11,706 | | | | EUR | | | | 10,455 | | | | 10/25/2024 | | | | (56,783 | ) |
| | | | | | |
Bank of America, NA | | CAD | | | 15,997 | | | | USD | | | | 11,800 | | | | 11/07/2024 | | | | (38,032 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 20,152 | | | | CAD | | | | 27,313 | | | | 11/07/2024 | | | | 61,481 | |
| | | | | | |
Bank of America, NA | | GBP | | | 4,796 | | | | USD | | | | 6,259 | | | | 11/08/2024 | | | | (152,612 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 33,827 | | | | GBP | | | | 25,546 | | | | 11/08/2024 | | | | 325,427 | |
| | | | | | |
Barclays Bank PLC | | CHF | | | 780 | | | | USD | | | | 922 | | | | 10/25/2024 | | | | (1,465 | ) |
| | | | | | |
Barclays Bank PLC | | CAD | | | 55,079 | | | | USD | | | | 40,581 | | | | 11/07/2024 | | | | (180,525 | ) |
| | | | | | |
Barclays Bank PLC | | NOK | | | 106,812 | | | | USD | | | | 10,221 | | | | 11/22/2024 | | | | 95,683 | |
| | | | | | |
Barclays Bank PLC | | USD | | | 2,230 | | | | AUD | | | | 3,301 | | | | 11/22/2024 | | | | 54,024 | |
| | | | | | |
Citibank, NA | | JPY | | | 208,825 | | | | USD | | | | 1,470 | | | | 10/17/2024 | | | | 14,193 | |
| | | | | | |
Citibank, NA | | EUR | | | 16,975 | | | | USD | | | | 18,865 | | | | 10/25/2024 | | | | (49,003 | ) |
| | | | | | |
Citibank, NA | | CAD | | | 12,759 | | | | USD | | | | 9,438 | | | | 11/07/2024 | | | | (3,552 | ) |
| | | | | | |
Citibank, NA | | SEK | | | 34,998 | | | | USD | | | | 3,452 | | | | 11/22/2024 | | | | (2,351 | ) |
| | | | | | |
Deutsche Bank AG | | JPY | | | 565,890 | | | | USD | | | | 3,943 | | | | 10/17/2024 | | | | (1,905 | ) |
| | | | | | |
Deutsche Bank AG | | CHF | | | 688 | | | | USD | | | | 807 | | | | 10/25/2024 | | | | (8,329 | ) |
| | | | | | |
Deutsche Bank AG | | USD | | | 11,564 | | | | EUR | | | | 10,534 | | | | 10/25/2024 | | | | 172,671 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 1,387 | | | | CAD | | | | 1,872 | | | | 11/07/2024 | | | | (1,196 | ) |
| | | | | | |
Deutsche Bank AG | | USD | | | 6,652 | | | | GBP | | | | 4,982 | | | | 11/08/2024 | | | | 9,102 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 21,314 | | | | NOK | | | | 225,388 | | | | 11/22/2024 | | | | 52,196 | |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 14,061 | | | | JPY | | | | 2,043,399 | | | | 10/17/2024 | | | | 185,836 | |
| | | | | | |
Goldman Sachs Bank USA | | CHF | | | 16,677 | | | | USD | | | | 19,502 | | | | 10/25/2024 | | | | (254,169 | ) |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 13,088 | | | | EUR | | | | 11,816 | | | | 10/25/2024 | | | | 77,035 | |
| | | | | | |
HSBC Bank USA | | JPY | | | 983,607 | | | | USD | | | | 6,868 | | | | 10/17/2024 | | | | 10,089 | |
| | | | | | |
HSBC Bank USA | | USD | | | 1,279 | | | | CHF | | | | 1,072 | | | | 10/25/2024 | | | | (8,895 | ) |
| | | | | | |
HSBC Bank USA | | USD | | | 736 | | | | EUR | | | | 667 | | | | 10/25/2024 | | | | 6,308 | |
| | | | | | |
HSBC Bank USA | | USD | | | 3,871 | | | | EUR | | | | 3,463 | | | | 10/25/2024 | | | | (12,329 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | JPY | | | 251,037 | | | | USD | | | | 1,719 | | | | 10/17/2024 | | | | (31,334 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 18,360 | | | | JPY | | | | 2,680,298 | | | | 10/17/2024 | | | | 326,656 | |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 3,509 | | | | JPY | | | | 497,809 | | | | 10/17/2024 | | | | (38,724 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | EUR | | | 7,669 | | | | USD | | | | 8,530 | | | | 10/25/2024 | | | | (15,580 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 14,662 | | | | CAD | | | | 19,752 | | | | 11/07/2024 | | | | (44,107 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 1,801 | | | | GBP | | | | 1,346 | | | | 11/08/2024 | | | | (1,444 | ) |
| | | | | | |
Morgan Stanley & Co. LLC | | CHF | | | 3,654 | | | | USD | | | | 4,328 | | | | 10/25/2024 | | | | 143 | |
| | | | | | |
Morgan Stanley & Co. LLC | | EUR | | | 5,445 | | | | USD | | | | 6,008 | | | | 10/25/2024 | | | | (58,847 | ) |
| | | | | | |
Morgan Stanley & Co. LLC | | USD | | | 1,347 | | | | EUR | | | | 1,228 | | | | 10/25/2024 | | | | 22,034 | |
| | | | | | |
State Street Bank & Trust Co. | | CHF | | | 1,409 | | | | USD | | | | 1,662 | | | | 10/25/2024 | | | | (7,793 | ) |
| | | | | | |
State Street Bank & Trust Co. | | SEK | | | 247 | | | | USD | | | | 24 | | | | 11/22/2024 | | | | 19 | |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 24 | | | | SEK | | | | 247 | | | | 11/22/2024 | | | | (3 | ) |
| | | | | | |
State Street Bank & Trust Co. | | NZD | | | 695 | | | | USD | | | | 440 | | | | 12/06/2024 | | | | (2,216 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 194,120 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | |
| | |
| 6 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | | | |
| |
| TOTAL RETURN SWAPS (see Note 3) | |
| Counterparty & Referenced Obligation | | Rate Paid/
Received | | | Payment
Frequency | | | Current
Notional
(000) | | | Maturity
Date | | | Unrealized
Appreciation
(Depreciation) | |
| Receive Total Return on Reference Obligation | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Morgan Stanley Capital Services LLC | | | | | | | | | | | | | | | | | | | | | | |
Swiss Market Index Futures | | | 0.00% | | | | Maturity | | | CHF | | | 488 | | | | 12/20/2024 | | | $ | 2,711 | |
Swiss Market Index Futures | | | 0.00% | | | | Maturity | | | CHF | | | 1,465 | | | | 12/20/2024 | | | | (2,871 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | (160 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| (a) | | Non-income producing security. |
| (b) | | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
| (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. |
Currency Abbreviations:
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
EUR—Euro
GBP—Great British Pound
JPY—Japanese Yen
NOK—Norwegian Krone
NZD—New Zealand Dollar
SEK—Swedish Krona
USD—United States Dollar
Glossary:
ADR—American Depositary Receipt
BOBL—Bundesobligationen
CBT—Chicago Board of Trade
ETS—Emission Trading Scheme
FTSE—Financial Times Stock Exchange
MSCI—Morgan Stanley Capital International
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
REIT—Real Estate Investment Trust
SPI—Share Price Index
TOPIX—Tokyo Price Index
TSX—Toronto Stock Exchange
See notes to financial statements.
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Tax-Aware Overlay A Portfolio
September 30, 2024
| | | | | | | | | | |
| | | |
| Company | | | | Shares | | | U.S. $ Value | |
|
| COMMON STOCKS–52.6% | |
|
| Information Technology–15.3% | |
| Communications Equipment–0.1% | | | | | |
Calix, Inc.(a) | | | | | 6,815 | | | $ | 264,354 | |
F5, Inc.(a) | | | | | 1,990 | | | | 438,198 | |
Lumentum Holdings, Inc.(a) | | | | | 4,909 | | | | 311,132 | |
| | | | | | | | | | |
| | | | | | | | | 1,013,684 | |
| | | | | | | | | | |
| Electronic Equipment, Instruments & Components–0.6% | |
Avnet, Inc. | | | | | 6,004 | | | | 326,077 | |
Belden, Inc. | | | | | 2,596 | | | | 304,069 | |
CDW Corp./DE | | | | | 18,647 | | | | 4,219,816 | |
Coherent Corp.(a) | | | | | 3,872 | | | | 344,259 | |
Fabrinet(a) | | | | | 1,636 | | | | 386,816 | |
Novanta, Inc.(a) | | | | | 1,567 | | | | 280,368 | |
TD SYNNEX Corp. | | | | | 3,470 | | | | 416,678 | |
| | | | | | | | | | |
| | | | | | | | | 6,278,083 | |
| | | | | | | | | | |
| Semiconductors & Semiconductor Equipment–5.6% | |
Amkor Technology, Inc. | | | | | 10,323 | | | | 315,884 | |
Broadcom, Inc. | | | | | 59,521 | | | | 10,267,372 | |
FormFactor, Inc.(a) | | | | | 4,961 | | | | 228,206 | |
KLA Corp. | | | | | 4,680 | | | | 3,624,239 | |
MACOM Technology Solutions
Holdings, Inc.(a) | | | | | 2,834 | | | | 315,311 | |
Monolithic Power Systems, Inc. | | | | | 256 | | | | 236,672 | |
NVIDIA Corp. | | | | | 296,020 | | | | 35,948,669 | |
NXP Semiconductors NV | | | | | 24,607 | | | | 5,905,926 | |
QUALCOMM, Inc. | | | | | 27,885 | | | | 4,741,844 | |
Semtech Corp.(a) | | | | | 8,370 | | | | 382,174 | |
Synaptics, Inc.(a) | | | | | 3,572 | | | | 277,116 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | | | | | 8,928 | | | | 1,550,526 | |
Universal Display Corp. | | | | | 1,691 | | | | 354,941 | |
| | | | | | | | | | |
| | | | | | | | | 64,148,880 | |
| | | | | | | | | | |
| Software–6.4% | |
ACI Worldwide, Inc.(a) | | | | | 7,251 | | | | 369,076 | |
Adobe, Inc.(a) | | | | | 11,700 | | | | 6,058,026 | |
CommVault Systems, Inc.(a) | | | | | 1,807 | | | | 278,007 | |
CyberArk Software Ltd.(a) | | | | | 418 | | | | 121,893 | |
Fair Isaac Corp.(a) | | | | | 125 | | | | 242,940 | |
Freshworks, Inc.–Class A(a) | | | | | 13,036 | | | | 149,653 | |
Gen Digital, Inc. | | | | | 83,037 | | | | 2,277,705 | |
HubSpot, Inc.(a) | | | | | 433 | | | | 230,183 | |
Klaviyo, Inc.–Class A(a) | | | | | 9,441 | | | | 334,023 | |
Manhattan Associates, Inc.(a) | | | | | 1,873 | | | | 527,025 | |
Microsoft Corp.(b) | | | | | 104,191 | | | | 44,833,387 | |
Monday.com Ltd.(a) | | | | | 1,187 | | | | 329,713 | |
Nutanix, Inc.–Class A(a) | | | | | 5,103 | | | | 302,353 | |
Oracle Corp. | | | | | 78,006 | | | | 13,292,222 | |
| | | | | | | | | | |
| | | | |
| Company | | | | Shares | | | U.S. $ Value | |
PTC, Inc.(a) | | | | | 1,474 | | | $ | 266,293 | |
Samsara, Inc.–Class A(a) | | | | | 6,658 | | | | 320,383 | |
ServiceNow, Inc.(a) | | | | | 3,583 | | | | 3,204,599 | |
| | | | | | | | | | |
| | | | | | | | | 73,137,481 | |
| | | | | | | | | | |
| Technology Hardware, Storage & Peripherals–2.6% | |
Apple, Inc.(b) | | | | | 114,338 | | | | 26,640,754 | |
Pure Storage, Inc.–Class A(a) | | | | | 6,581 | | | | 330,629 | |
Western Digital Corp.(a) | | | | | 49,223 | | | | 3,361,439 | |
| | | | | | | | | | |
| | | | | | | | | 30,332,822 | |
| | | | | | | | | | |
| | | | | | | | | 174,910,950 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | |
| Health Care–7.9% | | | | | |
| Biotechnology–1.3% | | | | | |
Akero Therapeutics, Inc.(a) | | | | | 3,221 | | | | 92,411 | |
Apogee Therapeutics, Inc.(a) | | | | | 1,956 | | | | 114,895 | |
Arcus Biosciences, Inc.(a) | | | | | 5,245 | | | | 80,196 | |
Ascendis Pharma A/S (ADR)(a) | | | | | 817 | | | | 121,986 | |
Blueprint Medicines Corp.(a) | | | | | 1,831 | | | | 169,368 | |
Bridgebio Pharma, Inc.(a) | | | | | 4,581 | | | | 116,632 | |
Cytokinetics, Inc.(a) | | | | | 2,508 | | | | 132,422 | |
Denali Therapeutics, Inc.(a) | | | | | 5,097 | | | | 148,476 | |
Exact Sciences Corp.(a) | | | | | 3,925 | | | | 267,371 | |
Halozyme Therapeutics, Inc.(a) | | | | | 4,112 | | | | 235,371 | |
Insmed, Inc.(a) | | | | | 3,315 | | | | 241,995 | |
Intellia Therapeutics, Inc.(a) | | | | | 3,689 | | | | 75,809 | |
Legend Biotech Corp. (ADR)(a) | | | | | 2,235 | | | | 108,912 | |
MoonLake Immunotherapeutics(a) | | | | | 1,781 | | | | 89,798 | |
Natera, Inc.(a) | | | | | 4,041 | | | | 513,005 | |
Neurocrine Biosciences, Inc.(a) | | | | | 2,074 | | | | 238,966 | |
Regeneron Pharmaceuticals, Inc.(a) | | | | | 4,659 | | | | 4,897,727 | |
Ultragenyx Pharmaceutical, Inc.(a) | | | | | 2,960 | | | | 164,428 | |
Vaxcyte, Inc.(a) | | | | | 2,322 | | | | 265,335 | |
Vertex Pharmaceuticals, Inc.(a) | | | | | 14,531 | | | | 6,758,077 | |
Viking Therapeutics, Inc.(a) | | | | | 2,291 | | | | 145,043 | |
Xenon Pharmaceuticals, Inc.(a) | | | | | 2,654 | | | | 104,488 | |
| | | | | | | | | | |
| | | | | | | | | 15,082,711 | |
| | | | | | | | | | |
| Health Care Equipment & Supplies–0.9% | |
AtriCure, Inc.(a) | | | | | 7,460 | | | | 209,178 | |
Avantor, Inc.(a) | | | | | 12,840 | | | | 332,171 | |
Edwards Lifesciences Corp.(a) | | | | | 63,460 | | | | 4,187,726 | |
Integra LifeSciences Holdings Corp.(a) | | | | | 8,485 | | | | 154,173 | |
iRhythm Technologies, Inc.(a) | | | | | 2,185 | | | | 162,214 | |
Medtronic PLC | | | | | 60,536 | | | | 5,450,056 | |
Teleflex, Inc. | | | | | 1,810 | | | | 447,649 | |
| | | | | | | | | | |
| | | | | | | | | 10,943,167 | |
| | | | | | | | | | |
| Health Care Providers & Services–2.8% | |
AMN Healthcare Services, Inc.(a) | | | | | 4,141 | | | | 175,537 | |
BrightSpring Health Services, Inc.(a) | | | | | 11,591 | | | | 170,156 | |
Elevance Health, Inc. | | | | | 10,516 | | | | 5,468,320 | |
Encompass Health Corp. | | | | | 4,780 | | | | 461,939 | |
HCA Healthcare, Inc. | | | | | 16,466 | | | | 6,692,276 | |
Inari Medical, Inc.(a) | | | | | 3,774 | | | | 155,640 | |
Pediatrix Medical Group, Inc.(a) | | | | | 17,715 | | | | 205,317 | |
| | |
| | |
| 8 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | |
| | | | |
| Company | | | | Shares | | | U.S. $ Value | |
UnitedHealth Group, Inc. | | | | | 31,313 | | | $ | 18,308,085 | |
| | | | | | | | | | |
| | | | | | | | | 31,637,270 | |
| | | | | | | | | | |
| Life Sciences Tools & Services–1.8% | |
Danaher Corp. | | | | | 5,724 | | | | 1,591,387 | |
ICON PLC(a) | | | | | 993 | | | | 285,299 | |
Illumina, Inc.(a) | | | | | 13,144 | | | | 1,714,109 | |
IQVIA Holdings, Inc.(a) | | | | | 29,745 | | | | 7,048,673 | |
Repligen Corp.(a) | | | | | 1,570 | | | | 233,647 | |
Revvity, Inc. | | | | | 3,320 | | | | 424,130 | |
Thermo Fisher Scientific, Inc. | | | | | 8,686 | | | | 5,372,899 | |
Waters Corp.(a) | | | | | 12,726 | | | | 4,579,960 | |
| | | | | | | | | | |
| | | | | | | | | 21,250,104 | |
| | | | | | | | | | |
| Pharmaceuticals–1.1% | |
Intra-Cellular Therapies, Inc.(a) | | | | | 2,810 | | | | 205,608 | |
Johnson & Johnson | | | | | 6,318 | | | | 1,023,895 | |
Merck & Co., Inc. | | | | | 30,404 | | | | 3,452,678 | |
Roche Holding AG (Sponsored ADR) | | | | | 93,452 | | | | 3,733,407 | |
Viatris, Inc. | | | | | 23,223 | | | | 269,619 | |
Zoetis, Inc. | | | | | 17,608 | | | | 3,440,251 | |
| | | | | | | | | | |
| | | | | | | | | 12,125,458 | |
| | | | | | | | | | |
| | | | | | | | | 91,038,710 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | |
| Financials–6.8% | | | | | |
| Banks–1.8% | | | | | |
Bank of America Corp. | | | | | 198,720 | | | | 7,885,210 | |
BankUnited, Inc. | | | | | 9,696 | | | | 353,322 | |
Comerica, Inc. | | | | | 6,780 | | | | 406,190 | |
First BanCorp./Puerto Rico | | | | | 17,778 | | | | 376,360 | |
First Citizens BancShares, Inc./NC–Class A | | | | | 241 | | | | 443,669 | |
First Hawaiian, Inc. | | | | | 16,470 | | | | 381,281 | |
PNC Financial Services Group, Inc. (The) | | | | | 6,214 | | | | 1,148,658 | |
Texas Capital Bancshares, Inc.(a) | | | | | 4,833 | | | | 345,366 | |
Webster Financial Corp. | | | | | 7,210 | | | | 336,058 | |
Wells Fargo & Co. | | | | | 143,862 | | | | 8,126,764 | |
Wintrust Financial Corp. | | | | | 3,640 | | | | 395,049 | |
Zions Bancorp NA | | | | | 7,255 | | | | 342,581 | |
| | | | | | | | | | |
| | | | | | | | | 20,540,508 | |
| | | | | | | | | | |
| Capital Markets–1.5% | |
Cboe Global Markets, Inc. | | | | | 1,620 | | | | 331,889 | |
Charles Schwab Corp. (The) | | | | | 94,858 | | | | 6,147,747 | |
Goldman Sachs Group, Inc. (The) | | | | | 15,606 | | | | 7,726,687 | |
Invesco Ltd. | | | | | 22,224 | | | | 390,253 | |
LPL Financial Holdings, Inc. | | | | | 5,430 | | | | 1,263,181 | |
PJT Partners, Inc.–Class A | | | | | 1,822 | | | | 242,945 | |
Stifel Financial Corp. | | | | | 7,894 | | | | 741,247 | |
TPG, Inc. | | | | | 5,852 | | | | 336,841 | |
| | | | | | | | | | |
| | | | | | | | | 17,180,790 | |
| | | | | | | | | | |
| Financial Services–1.9% | |
NCR Atleos Corp.(a) | | | | | 12,695 | | | | 362,188 | |
PayPal Holdings, Inc.(a) | | | | | 20,603 | | | | 1,607,652 | |
| | | | | | | | | | |
| | | | |
| Company | | | | Shares | | | U.S. $ Value | |
Shift4 Payments, Inc.–Class A(a) | | | | | 3,758 | | | $ | 332,959 | |
Visa, Inc.–Class A | | | | | 69,682 | | | | 19,159,066 | |
Walker & Dunlop, Inc. | | | | | 3,479 | | | | 395,180 | |
| | | | | | | | | | |
| | | | | | | | | 21,857,045 | |
| | | | | | | | | | |
| Insurance–1.6% | |
American Financial Group, Inc./OH | | | | | 3,299 | | | | 444,045 | |
Hanover Insurance Group, Inc. (The) | | | | | 2,444 | | | | 361,981 | |
Kemper Corp. | | | | | 3,250 | | | | 199,063 | |
Progressive Corp. (The) | | | | | 55,965 | | | | 14,201,678 | |
Ryan Specialty Holdings, Inc. | | | | | 5,982 | | | | 397,145 | |
Willis Towers Watson PLC | | | | | 10,824 | | | | 3,187,993 | |
| | | | | | | | | | |
| | | | | | | | | 18,791,905 | |
| | | | | | | | | | |
| | | | | | | | | 78,370,248 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | |
| Communication Services–5.7% | | | | | |
| Diversified Telecommunication Services–0.6% | | | | | |
Comcast Corp.–Class A | | | | | 157,295 | | | | 6,570,212 | |
| | | | | | | | | | |
| Entertainment–0.4% | |
Walt Disney Co. (The) | | | | | 45,829 | | | | 4,408,291 | |
| | | | | | | | | | |
| Interactive Media & Services–4.1% | |
Alphabet, Inc.–Class C(b) | | | | | 165,189 | | | | 27,617,949 | |
Meta Platforms, Inc.–Class A | | | | | 33,811 | | | | 19,354,769 | |
| | | | | | | | | | |
| | | | | | | | | 46,972,718 | |
| | | | | | | | | | |
| Media–0.0% | |
Criteo SA (Sponsored ADR)(a) | | | | | 5,792 | | | | 233,070 | |
Nexstar Media Group, Inc. | | | | | 1,920 | | | | 317,472 | |
| | | | | | | | | | |
| | | | | | | | | 550,542 | |
| | | | | | | | | | |
| Wireless Telecommunication Services–0.6% | |
T-Mobile US, Inc. | | | | | 31,916 | | | | 6,586,186 | |
| | | | | | | | | | |
| | | | | | | | | 65,087,949 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | |
| Industrials–4.6% | | | | | |
| Aerospace & Defense–0.2% | | | | | |
Axon Enterprise, Inc.(a) | | | | | 842 | | | | 336,463 | |
Curtiss-Wright Corp. | | | | | 938 | | | | 308,311 | |
Howmet Aerospace, Inc. | | | | | 3,185 | | | | 319,296 | |
L3Harris Technologies, Inc. | | | | | 3,095 | | | | 736,208 | |
Moog, Inc.–Class A | | | | | 1,967 | | | | 397,374 | |
| | | | | | | | | | |
| | | | | | | | | 2,097,652 | |
| | | | | | | | | | |
| Air Freight & Logistics–0.0% | |
CH Robinson Worldwide, Inc. | | | | | 4,562 | | | | 503,508 | |
| | | | | | | | | | |
| Building Products–0.5% | |
Armstrong World Industries, Inc. | | | | | 2,664 | | | | 350,130 | |
AZEK Co., Inc. (The)(a) | | | | | 6,238 | | | | 291,938 | |
Builders FirstSource, Inc.(a) | | | | | 2,215 | | | | 429,400 | |
Carlisle Cos., Inc. | | | | | 727 | | | | 326,968 | |
Lennox International, Inc. | | | | | 854 | | | | 516,064 | |
Otis Worldwide Corp. | | | | | 38,562 | | | | 4,008,134 | |
| | | | | | | | | | |
| | | | | | | | | 5,922,634 | |
| | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | |
| | | | |
| Company | | | | Shares | | | U.S. $ Value | |
| Commercial Services & Supplies–0.1% | |
ABM Industries, Inc. | | | | | 7,112 | | | $ | 375,229 | |
MillerKnoll, Inc. | | | | | 14,807 | | | | 366,621 | |
Tetra Tech, Inc. | | | | | 7,985 | | | | 376,573 | |
| | | | | | | | | | |
| | | | | | | | | 1,118,423 | |
| | | | | | | | | | |
| Construction & Engineering–0.5% | |
AECOM | | | | | 11,379 | | | | 1,175,109 | |
API Group Corp.(a) | | | | | 5,978 | | | | 197,394 | |
Comfort Systems USA, Inc. | | | | | 1,190 | | | | 464,516 | |
Fluor Corp.(a) | | | | | 7,987 | | | | 381,060 | |
Granite Construction, Inc. | | | | | 4,722 | | | | 374,360 | |
MasTec, Inc.(a) | | | | | 19,008 | | | | 2,339,885 | |
WillScot Holdings Corp.(a) | | | | | 10,736 | | | | 403,674 | |
| | | | | | | | | | |
| | | | | | | | | 5,335,998 | |
| | | | | | | | | | |
| Electrical Equipment–1.3% | |
BWX Technologies, Inc. | | | | | 3,289 | | | | 357,514 | |
Eaton Corp. PLC | | | | | 29,249 | | | | 9,694,289 | |
GE Vernova, Inc.(a) | | | | | 17,050 | | | | 4,347,409 | |
Regal Rexnord Corp. | | | | | 2,532 | | | | 420,008 | |
| | | | | | | | | | |
| | | | | | | | | 14,819,220 | |
| | | | | | | | | | |
| Ground Transportation–0.6% | |
ArcBest Corp. | | | | | 4,000 | | | | 433,800 | |
CSX Corp. | | | | | 164,835 | | | | 5,691,752 | |
Saia, Inc.(a) | | | | | 699 | | | | 305,645 | |
XPO, Inc.(a) | | | | | 3,441 | | | | 369,942 | |
| | | | | | | | | | |
| | | | | | | | | 6,801,139 | |
| | | | | | | | | | |
| Industrial Conglomerates–0.1% | |
Honeywell International, Inc. | | | | | 5,431 | | | | 1,122,642 | |
| | | | | | | | | | |
| Machinery–0.9% | |
Deere & Co. | | | | | 3,315 | | | | 1,383,449 | |
Gates Industrial Corp. PLC(a) | | | | | 22,236 | | | | 390,242 | |
ITT, Inc. | | | | | 2,265 | | | | 338,640 | |
John Bean Technologies Corp. | | | | | 3,390 | | | | 333,949 | |
Middleby Corp. (The)(a) | | | | | 3,020 | | | | 420,172 | |
Oshkosh Corp. | | | | | 3,357 | | | | 336,405 | |
PACCAR, Inc. | | | | | 48,811 | | | | 4,816,669 | |
Pentair PLC | | | | | 21,759 | | | | 2,127,813 | |
| | | | | | | | | | |
| | | | | | | | | 10,147,339 | |
| | | | | | | | | | |
| Marine Transportation–0.0% | |
Kirby Corp.(a) | | | | | 2,565 | | | | 314,033 | |
| | | | | | | | | | |
| Professional Services–0.3% | |
Booz Allen Hamilton Holding Corp. | | | | | 12,386 | | | | 2,015,945 | |
FTI Consulting, Inc.(a) | | | | | 1,283 | | | | 291,960 | |
Robert Half, Inc. | | | | | 5,732 | | | | 386,394 | |
WNS Holdings Ltd.(a) | | | | | 5,080 | | | | 267,767 | |
| | | | | | | | | | |
| | | | | | | | | 2,962,066 | |
| | | | | | | | | | |
| Trading Companies & Distributors–0.1% | |
Core & Main, Inc.–Class A(a) | | | | | 7,440 | | | | 330,336 | |
Herc Holdings, Inc. | | | | | 2,190 | | | | 349,152 | |
United Rentals, Inc. | | | | | 1,161 | | | | 940,096 | |
| | | | | | | | | | |
| | | | | | | | | 1,619,584 | |
| | | | | | | | | | |
| | | | | | | | | 52,764,238 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | |
| Company | | | | Shares | | | U.S. $ Value | |
| |
| Consumer Discretionary–4.5% | | | | | |
| Automobile Components–0.1% | | | | | |
Adient PLC(a) | | | | | 15,355 | | | $ | 346,562 | |
BorgWarner, Inc. | | | | | 12,867 | | | | 466,944 | |
| | | | | | | | | | |
| | | | | | | | | 813,506 | |
| | | | | | | | | | |
| Broadline Retail–1.7% | |
Amazon.com, Inc.(a) | | | | | 104,254 | | | | 19,425,648 | |
Ollie’s Bargain Outlet Holdings, Inc.(a) | | | | | 2,849 | | | | 276,923 | |
| | | | | | | | | | |
| | | | | | | | | 19,702,571 | |
| | | | | | | | | | |
| Diversified Consumer Services–0.1% | |
ADT, Inc. | | | | | 55,031 | | | | 397,874 | |
Duolingo, Inc.(a) | | | | | 1,707 | | | | 481,408 | |
| | | | | | | | | | |
| | | | | | | | | 879,282 | |
| | | | | | | | | | |
| Hotels, Restaurants & Leisure–0.7% | |
Cava Group, Inc.(a) | | | | | 2,174 | | | | 269,250 | |
Dine Brands Global, Inc. | | | | | 4,551 | | | | 142,128 | |
DraftKings, Inc.–Class A(a) | | | | | 2,819 | | | | 110,505 | |
Hyatt Hotels Corp.–Class A | | | | | 22,962 | | | | 3,494,816 | |
Restaurant Brands International, Inc. | | | | | 4,126 | | | | 297,567 | |
Starbucks Corp. | | | | | 22,127 | | | | 2,157,161 | |
Viking Holdings Ltd.(a) | | | | | 18,989 | | | | 662,526 | |
Wingstop, Inc. | | | | | 1,071 | | | | 445,622 | |
| | | | | | | | | | |
| | | | | | | | | 7,579,575 | |
| | | | | | | | | | |
| Household Durables–0.1% | |
NVR, Inc.(a) | | | | | 33 | | | | 323,789 | |
PulteGroup, Inc. | | | | | 2,006 | | | | 287,921 | |
SharkNinja, Inc. | | | | | 3,640 | | | | 395,705 | |
Taylor Morrison Home Corp.(a) | | | | | 5,432 | | | | 381,652 | |
| | | | | | | | | | |
| | | | | | | | | 1,389,067 | |
| | | | | | | | | | |
| Leisure Products–0.0% | |
Brunswick Corp./DE | | | | | 4,650 | | | | 389,763 | |
| | | | | | | | | | |
| Specialty Retail–1.3% | |
AutoNation, Inc.(a) | | | | | 1,903 | | | | 340,485 | |
AutoZone, Inc.(a) | | | | | 1,534 | | | | 4,832,161 | |
Bath & Body Works, Inc. | | | | | 10,897 | | | | 347,832 | |
Burlington Stores, Inc.(a) | | | | | 1,094 | | | | 288,247 | |
Dick’s Sporting Goods, Inc. | | | | | 1,465 | | | | 305,746 | |
Group 1 Automotive, Inc. | | | | | 1,011 | | | | 387,254 | |
Home Depot, Inc. (The) | | | | | 21,287 | | | | 8,625,492 | |
Wayfair, Inc.–Class A(a) | | | | | 4,385 | | | | 246,349 | |
| | | | | | | | | | |
| | | | | | | | | 15,373,566 | |
| | | | | | | | | | |
| Textiles, Apparel & Luxury Goods–0.5% | |
Birkenstock Holding PLC(a) | | | | | 4,139 | | | | 204,011 | |
Crocs, Inc.(a) | | | | | 2,366 | | | | 342,621 | |
Deckers Outdoor Corp.(a) | | | | | 1,829 | | | | 291,634 | |
NIKE, Inc.–Class B | | | | | 49,550 | | | | 4,380,220 | |
PVH Corp. | | | | | 2,841 | | | | 286,458 | |
Tapestry, Inc. | | | | | 7,812 | | | | 367,008 | |
| | | | | | | | | | |
| | | | | | | | | 5,871,952 | |
| | | | | | | | | | |
| | | | | | | | | 51,999,282 | |
| | | | | | | | | | |
| | |
| | |
| 10 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | |
| | | | |
| Company | | | | Shares | | | U.S. $ Value | |
| |
| Consumer Staples–3.0% | | | | | |
| Beverages–0.7% | | | | | |
Coca-Cola Co. (The) | | | | | 65,860 | | | $ | 4,732,700 | |
Constellation Brands, Inc.–Class A | | | | | 13,311 | | | | 3,430,111 | |
| | | | | | | | | | |
| | | | | | | | | 8,162,811 | |
| | | | | | | | | | |
| Consumer Staples Distribution & Retail–1.7% | |
Costco Wholesale Corp. | | | | | 6,496 | | | | 5,758,834 | |
Walmart, Inc. | | | | | 172,256 | | | | 13,909,672 | |
| | | | | | | | | | |
| | | | | | | | | 19,668,506 | |
| | | | | | | | | | |
| Food Products–0.1% | |
Freshpet, Inc.(a) | | | | | 2,555 | | | | 349,447 | |
Lamb Weston Holdings, Inc. | | | | | 3,000 | | | | 194,220 | |
Nomad Foods Ltd. | | | | | 21,746 | | | | 414,479 | |
| | | | | | | | | | |
| | | | | | | | | 958,146 | |
| | | | | | | | | | |
| Household Products–0.4% | |
Procter & Gamble Co. (The) | | | | | 27,931 | | | | 4,837,649 | |
| | | | | | | | | | |
| Personal Care Products–0.1% | |
BellRing Brands, Inc.(a) | | | | | 5,134 | | | | 311,737 | |
| | | | | | | | | | |
| | | | | | | | | 33,938,849 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | |
| Energy–1.7% | | | | | |
| Energy Equipment & Services–0.4% | | | | | |
Baker Hughes Co. | | | | | 121,376 | | | | 4,387,743 | |
TechnipFMC PLC | | | | | 9,113 | | | | 239,034 | |
| | | | | | | | | | |
| | | | | | | | | 4,626,777 | |
| | | | | | | | | | |
| Oil, Gas & Consumable Fuels–1.3% | |
Cameco Corp. | | | | | 67,279 | | | | 3,213,245 | |
Chevron Corp. | | | | | 22,157 | | | | 3,263,061 | |
ConocoPhillips | | | | | 8,503 | | | | 895,196 | |
EOG Resources, Inc. | | | | | 53,603 | | | | 6,589,417 | |
HF Sinclair Corp. | | | | | 3,921 | | | | 174,759 | |
Magnolia Oil & Gas Corp.–Class A | | | | | 15,230 | | | | 371,916 | |
Matador Resources Co. | | | | | 5,340 | | | | 263,903 | |
Northern Oil and Gas, Inc. | | | | | 9,512 | | | | 336,820 | |
Permian Resources Corp. | | | | | 18,831 | | | | 256,290 | |
| | | | | | | | | | |
| | | | | | | | | 15,364,607 | |
| | | | | | | | | | |
| | | | | | | | | 19,991,384 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | |
| Materials–1.3% | | | | | |
| Chemicals–1.2% | | | | | |
Avient Corp. | | | | | 7,973 | | | | 401,201 | |
Corteva, Inc. | | | | | 76,243 | | | | 4,482,326 | |
Element Solutions, Inc. | | | | | 12,981 | | | | 352,564 | |
Linde PLC | | | | | 10,686 | | | | 5,095,726 | |
LyondellBasell Industries NV–Class A | | | | | 31,730 | | | | 3,042,907 | |
| | | | | | | | | | |
| | | | | | | | | 13,374,724 | |
| | | | | | | | | | |
| Containers & Packaging–0.0% | |
Berry Global Group, Inc. | | | | | 4,390 | | | | 298,432 | |
| | | | | | | | | | |
| | | | | | | | | | | | |
| | | | |
| Company | | | | | Shares | | | U.S. $ Value | |
| Metals & Mining–0.1% | |
ATI, Inc.(a) | | | | | | | 15,327 | | | $ | 1,025,530 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,698,686 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| Real Estate–0.9% | | | | | |
| Diversified REITs–0.0% | | | | | |
Broadstone Net Lease, Inc.–Class A | | | | | | | 11,004 | | | | 208,526 | |
| | | | | | | | | | | | |
| Hotel & Resort REITs–0.0% | |
Ryman Hospitality Properties, Inc. | | | | | | | 3,004 | | | | 322,149 | |
| | | | | | | | | | | | |
| Industrial REITs–0.5% | |
First Industrial Realty Trust, Inc. | | | | | | | 4,848 | | | | 271,391 | |
Lineage, Inc. | | | | | | | 2,629 | | | | 206,061 | |
Prologis, Inc. | | | | | | | 41,477 | | | | 5,237,715 | |
STAG Industrial, Inc. | | | | | | | 9,420 | | | | 368,228 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,083,395 | |
| | | | | | | | | | | | |
| Real Estate Management & Development–0.1% | |
Jones Lang LaSalle, Inc.(a) | | | | | | | 2,017 | | | | 544,207 | |
| | | | | | | | | | | | |
| Residential REITs–0.0% | |
Independence Realty Trust, Inc. | | | | | | | 20,810 | | | | 426,605 | |
| | | | | | | | | | | | |
| Specialized REITs–0.3% | |
American Tower Corp. | | | | | | | 12,098 | | | | 2,813,511 | |
CubeSmart | | | | | | | 5,216 | | | | 280,777 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,094,288 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,679,170 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| Utilities–0.9% | | | | | |
| Electric Utilities–0.9% | | | | | |
American Electric Power Co., Inc. | | | | | | | 43,120 | | | | 4,424,112 | |
IDACORP, Inc. | | | | | | | 3,666 | | | | 377,928 | |
NextEra Energy, Inc. | | | | | | | 61,694 | | | | 5,214,994 | |
Portland General Electric Co. | | | | | | | 7,070 | | | | 338,653 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,355,687 | |
| | | | | | | | | | | | |
Total Common Stocks
(cost $242,371,445) | | | | | | | | | | | 603,835,153 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| INVESTMENT COMPANIES–35.9% | | | | | |
| Funds and Investment Trusts–35.9%(c)(d) | | | | | |
AB All Market Real Return Portfolio–Class Z | | | | | | | 8,380,349 | | | | 79,613,312 | |
AB International Small Cap Portfolio–Class Z | | | | | | | 3,317,816 | | | | 42,932,535 | |
Bernstein International Strategic Equities Portfolio–Class Z | | | | | | | 17,896,687 | | | | 244,289,775 | |
Bernstein Small Cap Core Portfolio–Class Z | | | | | | | 1,617,489 | | | | 22,644,853 | |
Sanford C Bernstein Fund, Inc.–Emerging Markets Portfolio–Class Z | | | | | | | 786,319 | | | | 22,921,207 | |
| | | | | | | | | | | | |
Total Investment Companies
(cost $314,300,833) | | | | | | | | | | | 412,401,682 | |
| | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Notional Amount | | | U.S. $ Value | |
| |
| PURCHASED OPTIONS—PUTS–1.6% | | | | | |
| Options on Equity Indices–1.6% | | | | | |
Euro STOXX 50 Index
Expiration: Sep 2025;
Contracts: 16,340;
Exercise Price: EUR 4,200.00;
Counterparty: UBS AG(a) | | | EUR | | | | 68,628,000 | | | $ | 1,830,014 | |
FTSE 100 Index
Expiration: Jul 2025;
Contracts: 3,650;
Exercise Price: GBP 7,200.00;
Counterparty: UBS AG(a) | | | GBP | | | | 26,280,000 | | | | 473,394 | |
Nikkei 225 Index
Expiration: Jun 2025;
Contracts: 364,000;
Exercise Price: JPY 33,250.00;
Counterparty: UBS AG(a) | | | JPY | | | | 12,103,000,000 | | | | 3,006,752 | |
S&P 500 Index
Expiration: Jul 2025;
Contracts: 133,600;
Exercise Price: USD 4,900.00;
Counterparty: UBS AG(a) | | | USD | | | | 654,640,000 | | | | 12,483,928 | |
| | | | | | | | | | | | |
Total Purchased Options—Puts
(premiums paid $17,148,507) | | | | | | | | | | | 17,794,088 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Shares | | | U.S. $ Value | |
| |
| SHORT-TERM INVESTMENTS–11.4% | | | | | |
| Investment Companies–11.4% | | | | | |
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.73%(c)(d)(e)
(cost $131,139,369) | | | | | | | 131,139,369 | | | $ | 131,139,369 | |
| | | | | | | | | | | | |
Total Investments—101.5%
(cost $704,960,154) | | | | 1,165,170,292 | |
| | |
Other assets less liabilities—(1.5)% | | | | | | | | (17,641,313 | ) |
| | | | | | | | | | | | |
| Net Assets—100.0% | | | | | | $ | 1,147,528,979 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| |
| FUTURES (see Note 3) | |
| Description | | Number of
Contracts | | | Expiration
Month | | Current
Notional | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| Purchased Contracts | |
| | | | |
E-Mini Russell 2000 Index Futures | | | 18 | | | December 2024 | | $ | 2,024,280 | | | $ | 86,100 | |
| | | | |
Euro STOXX 50 Index Futures | | | 1,310 | | | December 2024 | | | 73,348,754 | | | | 1,768,557 | |
| | | | |
FTSE 100 Index Futures | | | 513 | | | December 2024 | | | 56,847,130 | | | | (751,794 | ) |
| | | | |
Hang Seng Index Futures | | | 10 | | | October 2024 | | | 1,368,563 | | | | 120,575 | |
| | | | |
MSCI Emerging Markets Futures | | | 56 | | | December 2024 | | | 3,283,560 | | | | 221,192 | |
| | | | |
MSCI Singapore IX ETS Futures | | | 39 | | | October 2024 | | | 1,042,023 | | | | (148 | ) |
| | | | |
Nikkei 225 (OSE) Futures | | | 77 | | | December 2024 | | | 20,331,536 | | | | 1,057,281 | |
| | | | |
OMXS 30 Index Futures | | | 64 | | | October 2024 | | | 1,654,692 | | | | 41,156 | |
| | | | |
S&P 500 E-Mini Futures | | | 641 | | | December 2024 | | | 186,346,712 | | | | 4,639,272 | |
| | | | |
S&P Mid 400 E-Mini Futures | | | 7 | | | December 2024 | | | 2,204,020 | | | | 93,596 | |
| | | | |
TOPIX Index Futures | | | 126 | | | December 2024 | | | 23,209,950 | | | | 725,979 | |
| | | | |
U.S. T-Note 2 Yr (CBT) Futures | | | 1,539 | | | December 2024 | | | 320,484,727 | | | | 91,898 | |
| | | | |
U.S. T-Note 10 Yr (CBT) Futures | | | 2,950 | | | December 2024 | | | 337,129,687 | | | | (782,073 | ) |
| | | | |
U.S. Ultra Bond (CBT) Futures | | | 565 | | | December 2024 | | | 75,197,969 | | | | (303,395 | ) |
| | | | |
| Sold Contracts | | | | | | | | | | | | | | |
| | | | |
S&P/TSX 60 Index Futures | | | 293 | | | December 2024 | | | 62,584,081 | | | | (590,698 | ) |
| | | | |
SPI 200 Futures | | | 270 | | | December 2024 | | | 38,760,893 | | | | (554,599 | ) |
| | | | | | | | | | | | | | |
| | | $ | 5,862,899 | |
| | | | | | | | | | | | | | |
| | |
| | |
| 12 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
Bank of America, NA | | USD | | | 23,303 | | | JPY | | | 3,263,041 | | | | 10/17/2024 | | | $ | (553,555 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 26,505 | | | EUR | | | 23,673 | | | | 10/25/2024 | | | | (128,575 | ) |
| | | | | | |
Bank of America, NA | | CAD | | | 34,815 | | | USD | | | 25,682 | | | | 11/07/2024 | | | | (82,771 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 47,230 | | | CAD | | | 64,014 | | | | 11/07/2024 | | | | 144,093 | |
| | | | | | |
Bank of America, NA | | GBP | | | 9,887 | | | USD | | | 12,903 | | | | 11/08/2024 | | | | (314,613 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 74,099 | | | GBP | | | 55,959 | | | | 11/08/2024 | | | | 712,857 | |
| | | | | | |
Barclays Bank PLC | | CHF | | | 1,014 | | | USD | | | 1,206 | | | | 10/25/2024 | | | | 4,948 | |
| | | | | | |
Barclays Bank PLC | | CAD | | | 124,082 | | | USD | | | 91,421 | | | | 11/07/2024 | | | | (406,687 | ) |
| | | | | | |
Barclays Bank PLC | | NOK | | | 241,472 | | | USD | | | 23,107 | | | | 11/22/2024 | | | | 216,310 | |
| | | | | | |
Barclays Bank PLC | | USD | | | 6,828 | | | AUD | | | 10,109 | | | | 11/22/2024 | | | | 165,439 | |
| | | | | | |
Citibank, NA | | JPY | | | 348,859 | | | USD | | | 2,456 | | | | 10/17/2024 | | | | 23,710 | |
| | | | | | |
Citibank, NA | | EUR | | | 38,130 | | | USD | | | 42,376 | | | | 10/25/2024 | | | | (110,076 | ) |
| | | | | | |
Citibank, NA | | CAD | | | 28,883 | | | USD | | | 21,367 | | | | 11/07/2024 | | | | (8,041 | ) |
| | | | | | |
Citibank, NA | | SEK | | | 77,648 | | | USD | | | 7,659 | | | | 11/22/2024 | | | | (5,217 | ) |
| | | | | | |
Deutsche Bank AG | | JPY | | | 1,202,441 | | | USD | | | 8,379 | | | | 10/17/2024 | | | | (4,047 | ) |
| | | | | | |
Deutsche Bank AG | | CHF | | | 1,668 | | | USD | | | 1,956 | | | | 10/25/2024 | | | | (20,181 | ) |
| | | | | | |
Deutsche Bank AG | | USD | | | 26,307 | | | EUR | | | 23,963 | | | | 10/25/2024 | | | | 392,797 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 14,544 | | | GBP | | | 10,893 | | | | 11/08/2024 | | | | 19,902 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 48,298 | | | NOK | | | 510,736 | | | | 11/22/2024 | | | | 118,277 | |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 31,337 | | | JPY | | | 4,554,144 | | | | 10/17/2024 | | | | 414,173 | |
| | | | | | |
Goldman Sachs Bank USA | | CHF | | | 35,605 | | | USD | | | 41,637 | | | | 10/25/2024 | | | | (542,646 | ) |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 28,581 | | | EUR | | | 25,802 | | | | 10/25/2024 | | | | 168,225 | |
| | | | | | |
HSBC Bank USA | | JPY | | | 2,226,120 | | | USD | | | 15,543 | | | | 10/17/2024 | | | | 22,834 | |
| | | | | | |
HSBC Bank USA | | USD | | | 1,135 | | | EUR | | | 1,027 | | | | 10/25/2024 | | | | 9,720 | |
| | | | | | |
JPMorgan Chase Bank, NA | | JPY | | | 582,823 | | | USD | | | 3,991 | | | | 10/17/2024 | | | | (72,748 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 44,643 | | | JPY | | | 6,517,165 | | | | 10/17/2024 | | | | 794,266 | |
| | | | | | |
JPMorgan Chase Bank, NA | | EUR | | | 17,996 | | | USD | | | 20,015 | | | | 10/25/2024 | | | | (36,559 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 32,823 | | | CAD | | | 44,217 | | | | 11/07/2024 | | | | (99,969 | ) |
| | | | | | |
Morgan Stanley & Co. LLC | | CHF | | | 8,173 | | | USD | | | 9,683 | | | | 10/25/2024 | | | | 319 | |
| | | | | | |
Morgan Stanley & Co. LLC | | EUR | | | 10,836 | | | USD | | | 11,956 | | | | 10/25/2024 | | | | (117,096 | ) |
| | | | | | |
Morgan Stanley & Co. LLC | | USD | | | 5,355 | | | EUR | | | 4,884 | | | | 10/25/2024 | | | | 87,610 | |
| | | | | | |
State Street Bank & Trust Co. | | CHF | | | 3,414 | | | USD | | | 4,026 | | | | 10/25/2024 | | | | (18,881 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 605 | | | SEK | | | 6,130 | | | | 11/22/2024 | | | | (81 | ) |
| | | | | | |
State Street Bank & Trust Co. | | NZD | | | 1,512 | | | USD | | | 956 | | | | 12/06/2024 | | | | (4,819 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | $ | 768,918 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| |
| TOTAL RETURN SWAPS (see Note 3) | |
| Counterparty & Referenced Obligation | | Rate Paid/
Received | | | Payment
Frequency | | Current
Notional
(000) | | | Maturity
Date | | | Unrealized
Appreciation
(Depreciation) | |
| Receive Total Return on Reference Obligation | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Morgan Stanley Capital Services LLC | | | | | | | | | | | | | | | | | | | | | | |
Swiss Market Index Futures | | | 0.00% | | | Maturity | | | CHF | | | | 3,662 | | | | 12/20/2024 | | | $ | 20,331 | |
Schedule of Investments (continued)
| (a) | | Non-income producing security. |
| (b) | | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
| (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. |
Currency Abbreviations:
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
EUR—Euro
GBP—Great British Pound
JPY—Japanese Yen
NOK—Norwegian Krone
NZD—New Zealand Dollar
SEK—Swedish Krona
USD—United States Dollar
Glossary:
ADR—American Depositary Receipt
CBT—Chicago Board of Trade
ETS—Emission Trading Scheme
FTSE—Financial Times Stock Exchange
MSCI—Morgan Stanley Capital International
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
REIT—Real Estate Investment Trust
SPI—Share Price Index
TOPIX—Tokyo Price Index
TSX—Toronto Stock Exchange
See notes to financial statements.
| | |
| | |
| 14 | | Sanford C. Bernstein Fund, Inc. |
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Overlay B Portfolio
September 30, 2024
| | | | | | | | | | | | |
| | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | |
| GOVERNMENTS—TREASURIES–17.2% | | | | | | | | | |
| Austria–0.1% | | | | | | | | | | | | |
Republic of Austria Government Bond
0.90%, 02/20/2032(a) | | | EUR | | | | 494 | | | $ | 491,128 | |
| | | | | | | | | | | | |
| Belgium–0.1% | | | | | | | | | | | | |
Kingdom of Belgium Government Bond
Series 60
4.25%, 03/28/2041(a) | | | | | | | 293 | | | | 372,245 | |
Series 100
2.85%, 10/22/2034(a) | | | | | | | 115 | | | | 128,680 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 500,925 | |
| | | | | | | | | | | | |
| China–1.2% | | | | | | | | | |
China Government Bond
Series INBK
2.12%, 06/25/2031 | | | CNY | | | | 8,150 | | | | 1,164,413 | |
2.28%, 03/25/2031 | | | | | | | 10,420 | | | | 1,503,245 | |
2.40%, 07/15/2028 | | | | | | | 12,420 | | | | 1,806,597 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,474,255 | |
| | | | | | | | | | | | |
| Colombia–0.4% | | | | | | | | | |
Colombian TES
Series B
6.25%, 07/09/2036 | | | COP | | | | 350,100 | | | | 60,741 | |
7.25%, 10/26/2050 | | | | | | | 1,257,000 | | | | 205,793 | |
13.25%, 02/09/2033 | | | | | | | 3,911,900 | | | | 1,100,962 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,367,496 | |
| | | | | | | | | | | | |
| Finland–0.3% | | | | | | | | | |
Finland Government Bond
2.50%, 04/15/2030 (a) | | | EUR | | | | 1,088 | | | | 1,221,619 | |
| | | | | | | | | | | | |
| France–0.2% | | | | | | | | | | | | |
French Republic Government Bond OAT Series OAT
3.50%, 11/25/2033(a) | | | | | | | 673 | | | | 789,042 | |
| | | | | | | | | | | | |
| Germany–0.4% | | | | | | | | | | | | |
Bundesrepublik Deutschland Bundesanleihe
1.00%, 05/15/2038(a) | | | | | | | 283 | | | | 265,728 | |
3.25%, 07/04/2042(a) | | | | | | | 1,036 | | | | 1,286,416 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,552,144 | |
| | | | | | | | | | | | |
| Indonesia–0.2% | | | | | | | | | |
Indonesia Treasury Bond
Series 101
6.875%, 04/15/2029 | | | IDR | | | | 9,644,000 | | | | 654,250 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 654,250 | |
| | | | | | | | | | | | |
| Italy–0.5% | | | | | | | | | | | | |
Italy Buoni Poliennali Del Tesoro
Series 7Y
3.50%, 02/15/2031(a) | | | EUR | | | | 564 | | | | 646,732 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 10Y
4.20%, 03/01/2034(a) | | | EUR | | | | 613 | | | | 731,661 | |
Series 13Y
4.05%, 10/30/2037(a) | | | | | | | 364 | | | | 424,875 | |
Series 16Y
3.25%, 03/01/2038(a) | | | | | | | 134 | | | | 142,745 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,946,013 | |
| | | | | | | | | | | | |
| Japan–2.1% | | | | | | | | | |
Japan Government Five Year Bond
Series 161
0.30%, 06/20/2028 | | | JPY | | | | 486,150 | | | | 3,366,434 | |
Japan Government Twenty Year Bond
Series 140
1.70%, 09/20/2032 | | | | | | | 49,250 | | | | 370,418 | |
Series 183
1.40%, 12/20/2042 | | | | | | | 199,350 | | | | 1,342,792 | |
Japan Government Thirty Year Bond
Series 68
0.60%, 09/20/2050 | | | | | | | 76,100 | | | | 380,794 | |
Series 81
1.60%, 12/20/2053 | | | | | | | 42,900 | | | | 267,178 | |
Series 82
1.80%, 03/20/2054 | | | | | | | 175,100 | | | | 1,141,534 | |
Japan Government Forty Year Bond
Series 4
2.20%, 03/20/2051 | | | | | | | 108,150 | | | | 781,622 | |
Series 16
1.30%, 03/20/2063 | | | | | | | 91,950 | | | | 477,244 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,128,016 | |
| | | | | | | | | | | | |
| Malaysia–0.1% | | | | | | | | | |
Malaysia Government Bond
Series 0219
3.885%, 08/15/2029 | | | MYR | | | | 899 | | | | 221,710 | |
Series 0318
4.642%, 11/07/2033 | | | | | | | 998 | | | | 258,388 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 480,098 | |
| | | | | | | | | | | | |
| South Korea–0.3% | | | | | | | | | |
Korea Treasury Bond
Series 3312
4.125%, 12/10/2033 | | | KRW | | | | 1,625,130 | | | | 1,351,618 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,351,618 | |
| | | | | | | | | | | | |
| Spain–0.3% | | | | | | | | | |
Spain Government Bond
3.90%, 07/30/2039(a) | | | EUR | | | | 842 | | | | 1,001,934 | |
| | | | | | | | | | | | |
| United Kingdom–1.2% | | | | | | | | | | | | |
United Kingdom Gilt | | | | | | | | | | | | |
0.875%, 01/31/2046(a) | | | GBP | | | | 453 | | | | 306,783 | |
1.50%, 07/31/2053(a) | | | | | | | 405 | | | | 278,339 | |
1.75%, 09/07/2037(a) | | | | | | | 430 | | | | 438,084 | |
4.125%, 07/22/2029(a) | | | | | | | 563 | | | | 761,254 | |
4.25%, 07/31/2034(a) | | | | | | | 522 | | | | 711,030 | |
4.375%, 07/31/2054(a) | | | | | | | 259 | | | | 333,903 | |
4.75%, 10/22/2043(a) | | | | | | | 1,271 | | | | 1,757,745 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,587,138 | |
| | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| United States–9.8% | | | | | | | | | |
U.S. Treasury Bonds | | | | | | | | | | | | |
1.125%, 08/15/2040 | | | U.S.$ | | | | 3,964 | | | $ | 2,590,846 | |
1.25%, 05/15/2050 | | | | | | | 1,746 | | | | 932,639 | |
1.875%, 02/15/2051(b) | | | | | | | 3,989 | | | | 2,495,182 | |
2.00%, 08/15/2051 | | | | | | | 338 | | | | 217,516 | |
2.25%, 08/15/2046 | | | | | | | 471 | | | | 336,832 | |
2.25%, 02/15/2052 | | | | | | | 139 | | | | 94,424 | |
2.875%, 05/15/2043 | | | | | | | 476 | | | | 394,468 | |
2.875%, 05/15/2049 | | | | | | | 480 | | | | 378,300 | |
2.875%, 05/15/2052 | | | | | | | 1,035 | | | | 809,084 | |
3.00%, 11/15/2045 | | | | | | | 182 | | | | 150,305 | |
3.00%, 08/15/2052 | | | | | | | 321 | | | | 257,442 | |
3.625%, 08/15/2043 | | | | | | | 1,272 | | | | 1,175,699 | |
3.625%, 02/15/2053 | | | | | | | 868 | | | | 788,163 | |
3.625%, 05/15/2053 | | | | | | | 462 | | | | 419,661 | |
3.875%, 02/15/2043 | | | | | | | 1,411 | | | | 1,359,466 | |
4.00%, 11/15/2042 | | | | | | | 790 | | | | 776,618 | |
4.25%, 02/15/2054 | | | | | | | 67 | | | | 67,990 | |
4.375%, 11/15/2039(b) | | | | | | | 4,358 | | | | 4,552,644 | |
4.375%, 08/15/2043 | | | | | | | 674 | | | | 692,114 | |
4.50%, 08/15/2039 | | | | | | | 1,302 | | | | 1,379,323 | |
4.625%, 05/15/2044 | | | | | | | 135 | | | | 142,994 | |
4.75%, 11/15/2043 | | | | | | | 477 | | | | 514,291 | |
U.S. Treasury Notes
3.50%, 02/15/2033 | | | | | | | 4,785 | | | | 4,697,524 | |
4.00%, 01/31/2029 | | | | | | | 1,353 | | | | 1,375,299 | |
4.00%, 02/15/2034 | | | | | | | 240 | | | | 244,307 | |
4.125%, 03/31/2029 | | | | | | | 742 | | | | 757,952 | |
4.25%, 02/28/2029 | | | | | | | 3,277 | | | | 3,367,016 | |
4.25%, 06/30/2029 | | | | | | | 297 | | | | 305,389 | |
4.375%, 05/15/2034 | | | | | | | 743 | | | | 777,794 | |
4.50%, 05/31/2029 | | | | | | | 248 | | | | 257,557 | |
4.50%, 11/15/2033 | | | | | | | 192 | | | | 202,138 | |
4.625%, 09/30/2028(b) | | | | | | | 4,004 | | | | 4,157,385 | |
4.625%, 04/30/2029 | | | | | | | 642 | | | | 670,192 | |
4.875%, 04/30/2026 | | | | | | | 431 | | | | 438,442 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 37,776,996 | |
| | | | | | | | | | | | |
Total Governments—Treasuries
(cost $69,040,176) | | | | | | | | 66,322,672 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| CORPORATES—INVESTMENT GRADE–16.0% | | | | | |
| |
| Industrial–7.8% | | | | | |
| Basic–0.2% | | | | | | | | | | | | |
Glencore Funding LLC
5.338%, 04/04/2027(a) | | | | | | | 412 | | | | 422,226 | |
Nexa Resources SA
6.75%, 04/09/2034(a) | | | | | | | 200 | | | | 211,750 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 633,976 | |
| | | | | | | | | | | | |
| Capital Goods–0.5% | | | | | | | | | |
Boeing Co. (The)
3.25%, 02/01/2028 | | | | | | | 60 | | | | 56,864 | |
3.625%, 02/01/2031 | | | | | | | 58 | | | | 53,123 | |
5.15%, 05/01/2030 | | | | | | | 59 | | | | 59,132 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
6.298%, 05/01/2029(a) | | | U.S.$ | | | | 103 | | | $ | 108,345 | |
6.528%, 05/01/2034(a) | | | | | | | 120 | | | | 128,743 | |
Caterpillar Financial Services Corp. 4.45%, 10/16/2026 | | | | | | | 426 | | | | 431,044 | |
CNH Industrial Capital LLC
3.95%, 05/23/2025 | | | | | | | 423 | | | | 420,195 | |
Finning International, Inc.
4.445%, 05/16/2028 | | | CAD | | | | 197 | | | | 149,305 | |
Regal Rexnord Corp.
6.05%, 02/15/2026 | | | U.S.$ | | | | 489 | | | | 497,284 | |
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025 | | | | | | | 90 | | | | 88,854 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,992,889 | |
| | | | | | | | | | | | |
| Communications—Media–0.4% | | | | | | | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/2029 | | | | | | | 149 | | | | 132,586 | |
6.10%, 06/01/2029 | | | | | | | 186 | | | | 192,549 | |
Discovery Communications LLC
5.30%, 05/15/2049 | | | | | | | 29 | | | | 23,452 | |
Paramount Global
4.95%, 01/15/2031 | | | | | | | 340 | | | | 321,331 | |
Prosus NV
3.061%, 07/13/2031(a) | | | | | | | 291 | | | | 256,535 | |
Warnermedia Holdings, Inc.
4.279%, 03/15/2032 | | | | | | | 742 | | | | 659,000 | |
5.141%, 03/15/2052 | | | | | | | 143 | | | | 110,246 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,695,699 | |
| | | | | | | | | | | | |
| Communications—Telecommunications–0.3% | |
Bell Telephone Co. of Canada or Bell Canada
3.00%, 03/17/2031 | | | CAD | | | | 107 | | | | 74,697 | |
4.55%, 02/09/2030 | | | | | | | 73 | | | | 55,645 | |
5.85%, 11/10/2032 | | | | | | | 285 | | | | 232,844 | |
CK Hutchison Group Telecom Finance SA
1.50%, 10/17/2031(a) | | | EUR | | | | 274 | | | | 267,622 | |
TELUS Corp.
Series CAG
5.25%, 11/15/2032 | | | CAD | | | | 398 | | | | 312,623 | |
Vodafone Group PLC
4.20%, 12/13/2027 (a) | | | AUD | | | | 130 | | | | 88,805 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,032,236 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Automotive–0.9% | | | | | | | | | |
American Honda Finance Corp.
Series E
3.65%, 04/23/2031 | | | EUR | | | | 177 | | | | 200,483 | |
Aptiv PLC/Aptiv Global Financing DAC
5.15%, 09/13/2034 | | | U.S.$ | | | | 341 | | | | 335,715 | |
Ford Motor Co.
3.25%, 02/12/2032 | | | | | | | 832 | | | | 708,814 | |
| | |
| | |
| 16 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
General Motors Financial Co., Inc.
5.65%, 01/17/2029 | | | U.S.$ | | | | 45 | | | $ | 46,479 | |
5.75%, 02/08/2031 | | | | | | | 411 | | | | 424,953 | |
6.10%, 01/07/2034 | | | | | | | 208 | | | | 216,372 | |
General Motors Financial of Canada Ltd.
5.10%, 07/14/2028 | | | CAD | | | | 30 | | | | 23,004 | |
Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(a) | | | U.S.$ | | | | 296 | | | | 284,184 | |
5.95%, 06/11/2029(a) | | | | | | | 219 | | | | 224,416 | |
6.50%, 03/10/2028(a) | | | | | | | 111 | | | | 115,659 | |
Hyundai Capital America
2.10%, 09/15/2028(a) | | | | | | | 340 | | | | 309,869 | |
4.30%, 09/24/2027(a) | | | | | | | 10 | | | | 9,974 | |
5.25%, 01/08/2027(a) | | | | | | | 258 | | | | 262,610 | |
5.275%, 06/24/2027(a) | | | | | | | 70 | | | | 71,546 | |
6.10%, 09/21/2028(a) | | | | | | | 87 | | | | 91,674 | |
Nissan Motor Acceptance Co., LLC
1.85%, 09/16/2026(a) | | | | | | | 175 | | | | 164,330 | |
5.30%, 09/13/2027(a) | | | | | | | 59 | | | | 58,887 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,548,969 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Entertainment–0.0% | |
Hasbro, Inc.
3.55%, 11/19/2026 | | | | | | | 117 | | | | 114,703 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Other–0.3% | | | | | | | | | |
Marriott International, Inc./MD
5.35%, 03/15/2035 | | | | | | | 391 | | | | 400,544 | |
Series EE
5.75%, 05/01/2025 | | | | | | | 34 | | | | 34,117 | |
MDC Holdings, Inc.
6.00%, 01/15/2043 | | | | | | | 746 | | | | 793,416 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,228,077 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Restaurants–0.1% | | | | | | | | | |
Starbucks Corp.
4.85%, 02/08/2027 | | | | | | | 272 | | | | 276,355 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Retailers–0.2% | | | | | | | | | |
Ross Stores, Inc.
4.70%, 04/15/2027 | | | | | | | 658 | | | | 664,975 | |
VF Corp.
Series E
4.25%, 03/07/2029 | | | EUR | | | | 200 | | | | 218,616 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 883,591 | |
| | | | | | | | | | | | |
| Consumer Non-Cyclical–1.4% | | | | | | | | | | | | |
Altria Group, Inc.
3.125%, 06/15/2031 | | | | | | | 233 | | | | 252,000 | |
3.40%, 05/06/2030 | | | U.S.$ | | | | 595 | | | | 561,841 | |
Cargill, Inc.
5.125%, 10/11/2032(a) | | | | | | | 446 | | | | 463,497 | |
CommonSpirit Health
5.318%, 12/01/2034 | | | | | | | 226 | | | | 233,270 | |
CVS Health Corp.
5.70%, 06/01/2034 | | | | | | | 558 | | | | 581,961 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Imperial Brands Finance PLC
5.875%, 07/01/2034(a) | | | U.S.$ | | | | 495 | | | | 514,419 | |
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
6.75%, 03/15/2034(a) | | | | | | | 277 | | | | 306,830 | |
Kroger Co. (The)
4.60%, 08/15/2027 | | | | | | | 86 | | | | 86,741 | |
Loblaw Cos., Ltd.
5.008%, 09/13/2032 | | | CAD | | | | 250 | | | | 196,465 | |
6.54%, 02/17/2033(a) | | | | | | | 110 | | | | 92,619 | |
Metro, Inc./CN
4.657%, 02/07/2033 | | | | | | | 360 | | | | 276,335 | |
Ochsner LSU Health System of North Louisiana
Series 2021
2.51%, 05/15/2031 | | | U.S.$ | | | | 810 | | | | 629,062 | |
Philip Morris International, Inc.
4.875%, 02/13/2026 | | | | | | | 216 | | | | 218,173 | |
Pilgrim’s Pride Corp.
6.875%, 05/15/2034 | | | | | | | 129 | | | | 143,304 | |
Roche Holdings, Inc.
4.203%, 09/09/2029(a) | | | | | | | 284 | | | | 285,568 | |
Saputo, Inc.
5.25%, 11/29/2029 | | | CAD | | | | 3 | | | | 2,357 | |
5.492%, 11/20/2030 | | | | | | | 434 | | | | 345,154 | |
Sutter Health
5.164%, 08/15/2033 | | | U.S.$ | | | | 101 | | | | 104,789 | |
Tyson Foods, Inc.
5.70%, 03/15/2034 | | | | | | | 89 | | | | 93,729 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,388,114 | |
| | | | | | | | | | | | |
| Energy–1.5% | |
BP Capital Markets PLC
3.25%, 03/22/2026(a)(c) | | | EUR | | | | 100 | | | | 110,084 | |
3.625%, 03/22/2029(a)(c) | | | | | | | 195 | | | | 212,686 | |
Continental Resources, Inc./OK
2.875%, 04/01/2032(a) | | | U.S.$ | | | | 598 | | | | 505,782 | |
5.75%, 01/15/2031(a) | | | | | | | 414 | | | | 423,534 | |
Devon Energy Corp.
5.20%, 09/15/2034 | | | | | | | 428 | | | | 426,207 | |
7.95%, 04/15/2032 | | | | | | | 222 | | | | 260,848 | |
Diamondback Energy, Inc.
3.50%, 12/01/2029 | | | | | | | 114 | | | | 108,528 | |
Enbridge, Inc.
6.10%, 11/09/2032 | | | CAD | | | | 186 | | | | 154,032 | |
Occidental Petroleum Corp.
5.20%, 08/01/2029 | | | U.S.$ | | | | 234 | | | | 237,840 | |
5.375%, 01/01/2032 | | | | | | | 251 | | | | 254,833 | |
6.625%, 09/01/2030 | | | | | | | 137 | | | | 147,748 | |
ONEOK, Inc.
4.40%, 10/15/2029 | | | | | | | 46 | | | | 45,847 | |
6.05%, 09/01/2033 | | | | | | | 155 | | | | 165,689 | |
Saudi Arabian Oil Co.
5.75%, 07/17/2054(a) | | | | | | | 843 | | | | 853,116 | |
TotalEnergies SE
2.00%, 01/17/2027(a)(c) | | | EUR | | | | 266 | | | | 283,516 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Var Energi ASA
7.50%, 01/15/2028(a) | | | U.S.$ | | | | 391 | | | $ | 418,213 | |
8.00%, 11/15/2032(a) | | | | | | | 749 | | | | 867,245 | |
Williams Cos., Inc. (The)
4.80%, 11/15/2029 | | | | | | | 192 | | | | 194,886 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,670,634 | |
| | | | | | | | | | | | |
| Other Industrial–0.1% | |
LKQ Dutch Bond BV
4.125%, 03/13/2031 | | | EUR | | | | 199 | | | | 224,387 | |
| | | | | | | | | | | | |
| Services–0.7% | | | | | | | | | | | | |
Alibaba Group Holding Ltd.
2.125%, 02/09/2031 | | | U.S.$ | | | | 399 | | | | 347,976 | |
Booking Holdings, Inc.
3.50%, 03/01/2029 | | | EUR | | | | 169 | | | | 192,773 | |
4.50%, 11/15/2031 | | | | | | | 372 | | | | 449,604 | |
4.75%, 11/15/2034 | | | | | | | 207 | | | | 256,950 | |
Chicago Parking Meters LLC
4.93%, 12/30/2025(d) | | | U.S.$ | | | | 800 | | | | 787,744 | |
Mastercard, Inc.
4.55%, 01/15/2035 | | | | | | | 306 | | | | 307,441 | |
Moody’s Corp.
5.00%, 08/05/2034 | | | | | | | 221 | | | | 226,202 | |
S&P Global, Inc.
4.25%, 05/01/2029 | | | | | | | 125 | | | | 125,640 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,694,330 | |
| | | | | | | | | | | | |
| Technology–0.7% | |
Broadcom, Inc.
4.15%, 02/15/2028 | | | | | | | 73 | | | | 72,925 | |
5.05%, 07/12/2027 | | | | | | | 159 | | | | 162,457 | |
Entegris, Inc.
4.75%, 04/15/2029(a) | | | | | | | 429 | | | | 422,762 | |
Fidelity National Information Services, Inc.
2.00%, 05/21/2030 | | | EUR | | | | 110 | | | | 115,216 | |
Fiserv, Inc.
5.625%, 08/21/2033 | | | U.S.$ | | | | 174 | | | | 184,179 | |
Hewlett Packard Enterprise Co.
4.40%, 09/25/2027 | | | | | | | 93 | | | | 93,080 | |
Honeywell International, Inc.
4.125%, 11/02/2034 | | | EUR | | | | 1,000 | | | | 1,176,098 | |
Infor, Inc.
1.75%, 07/15/2025(a) | | | U.S.$ | | | | 227 | | | | 220,855 | |
Intel Corp.
1.60%, 08/12/2028 | | | | | | | 51 | | | | 45,601 | |
NXP BV/NXP Funding LLC
5.55%, 12/01/2028 | | | | | | | 204 | | | | 211,760 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,704,933 | |
| | | | | | | | | | | | |
| Transportation—Airlines–0.2% | |
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(a) | | | | | | | 114 | | | | 113,596 | |
4.75%, 10/20/2028(a) | | | | | | | 563 | | | | 562,060 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 675,656 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Transportation—Railroads–0.1% | |
Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036(a) | | | U.S.$ | | | | 352 | | | $ | 328,923 | |
| | | | | | | | | | | | |
| Transportation—Services–0.2% | | | | | | | | | | | | |
ENA Master Trust
4.00%, 05/19/2048(a) | | | | | | | 891 | | | | 676,928 | |
Heathrow Funding Ltd.
6.45%, 12/10/2031(a) | | | GBP | | | | 71 | | | | 101,838 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 778,766 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,872,238 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| Financial Institutions–7.3% | | | | | |
| Banking–6.1% | | | | | |
ABN AMRO Bank NV
4.75%, 09/22/2027(a)(c) | | | EUR | | | | 200 | | | | 214,833 | |
Series E
5.50%, 09/21/2033(a) | | | | | | | 100 | | | | 118,025 | |
Ally Financial, Inc.
6.992%, 06/13/2029 | | | U.S.$ | | | | 315 | | | | 332,990 | |
American Express Co.
5.098%, 02/16/2028 | | | | | | | 408 | | | | 415,821 | |
Banco Bilbao Vizcaya Argentaria SA
6.033%, 03/13/2035 | | | | | | | 200 | | | | 212,254 | |
7.883%, 11/15/2034 | | | | | | | 600 | | | | 688,434 | |
Banco de Credito del Peru SA
3.125%, 07/01/2030(a) | | | | | | | 545 | | | | 532,906 | |
Banco Santander SA
4.175%, 03/24/2028 | | | | | | | 600 | | | | 594,528 | |
6.35%, 03/14/2034 | | | | | | | 200 | | | | 214,076 | |
Series E
5.75%, 08/23/2033(a) | | | EUR | | | | 100 | | | | 118,587 | |
Bank of America Corp.
3.559%, 04/23/2027 | | | U.S.$ | | | | 369 | | | | 364,535 | |
Bank of Ireland Group PLC
5.601%, 03/20/2030(a) | | | | | | | 800 | | | | 829,040 | |
Series E
0.375%, 05/10/2027(a) | | | EUR | | | | 164 | | | | 175,351 | |
Banque Federative du Credit Mutuel SA
3.875%, 06/16/2032(a) | | | | | | | 300 | | | | 335,220 | |
Barclays PLC
5.674%, 03/12/2028 | | | U.S.$ | | | | 270 | | | | 277,358 | |
6.375%, 12/15/2025(a)(c) | | | GBP | | | | 232 | | | | 307,800 | |
Series E
8.407%, 11/14/2032(a) | | | | | | | 100 | | | | 142,809 | |
BPCE SA
6.508%, 01/18/2035(a) | | | U.S.$ | | | | 646 | | | | 678,810 | |
CaixaBank SA
6.037%, 06/15/2035(a) | | | | | | | 272 | | | | 289,106 | |
6.684%, 09/13/2027(a) | | | | | | | 200 | | | | 207,960 | |
Capital One Financial Corp.
5.468%, 02/01/2029 | | | | | | | 162 | | | | 166,112 | |
Citigroup, Inc.
4.542%, 09/19/2030 | | | | | | | 435 | | | | 435,565 | |
Series W
4.00%, 12/10/2025(c) | | | | | | | 574 | | | | 562,641 | |
| | |
| | |
| 18 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series Y
4.15%, 11/15/2026(c) | | | U.S.$ | | | | 278 | | | $ | 266,452 | |
Commerzbank AG
Series E
4.625%, 01/17/2031(a) | | | EUR | | | | 200 | | | | 234,574 | |
Commonwealth Bank of Australia
5.897% (SOFR + 0.63%), 01/10/2025(a)(e) | | | U.S.$ | | | | 107 | | | | 107,060 | |
Cooperatieve Rabobank UA
Series E
4.625%, 05/23/2029(a) | | | GBP | | | | 142 | | | | 185,515 | |
Danske Bank A/S
4.613%, 10/02/2030(a) | | | U.S.$ | | | | 280 | | | | 279,846 | |
Deutsche Bank AG
3.25%, 05/24/2028(a) | | | EUR | | | | 300 | | | | 334,279 | |
5.375%, 01/11/2029(a) | | | | | | | 100 | | | | 118,333 | |
Deutsche Bank AG/New York NY
3.961%, 11/26/2025 | | | U.S.$ | | | | 455 | | | | 453,853 | |
Discover Bank
Series B
5.974%, 08/09/2028 | | | | | | | 300 | | | | 309,432 | |
Federation des Caisses Desjardins du Quebec
4.55%, 08/23/2027(a) | | | | | | | 555 | | | | 557,281 | |
Ford Credit Canada Co./Canada
6.382%, 11/10/2028 | | | CAD | | | | 231 | | | | 182,483 | |
Goldman Sachs Group, Inc. (The)
Series P
8.238% (CME Term SOFR 3 Month + 3.14%), 10/21/2024(c)(e) | | | U.S.$ | | | | 171 | | | | 171,139 | |
ING Groep NV
6.083%, 09/11/2027 | | | | | | | 340 | | | | 350,591 | |
Intesa Sanpaolo SpA
6.625%, 06/20/2033(a) | | | | | | | 248 | | | | 271,163 | |
JPMorgan Chase & Co.
2.963%, 01/25/2033 | | | | | | | 280 | | | | 251,773 | |
5.943% (SOFR + 0.92%), 02/24/2026(e) | | | | | | | 95 | | | | 95,180 | |
Series E
4.457%, 11/13/2031(a) | | | EUR | | | | 300 | | | | 357,171 | |
Series X
6.10%, 10/01/2024(c) | | | U.S.$ | | | | 360 | | | | 360,000 | |
Lloyds Banking Group PLC
7.50%, 09/27/2025(c) | | | | | | | 650 | | | | 656,721 | |
Mizuho Financial Group, Inc.
5.382%, 07/10/2030 | | | | | | | 238 | | | | 246,780 | |
Morgan Stanley
0.406%, 10/29/2027 | | | EUR | | | | 677 | | | | 715,515 | |
4.656%, 03/02/2029 | | | | | | | 115 | | | | 134,541 | |
Series G
5.148%, 01/25/2034 | | | | | | | 242 | | | | 301,379 | |
Nationwide Building Society
2.972%, 02/16/2028(a) | | | U.S.$ | | | | 1,007 | | | | 970,718 | |
6.354% (SOFR + 1.29%), 02/16/2028(a)(e) | | | | | | | 384 | | | | 386,077 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
NatWest Group PLC
3.032%, 11/28/2035 | | | U.S.$ | | | | 468 | | | $ | 416,628 | |
8.125%, 11/10/2033(c) | | | | | | | 617 | | | | 673,536 | |
Series E
5.763%, 02/28/2034(a) | | | EUR | | | | 115 | | | | 137,301 | |
PNC Financial Services Group, Inc. (The)
Series R
8.317% (CME Term SOFR 3 Month + 3.30%),
12/01/2024 (c)(e) | | | U.S.$ | | | | 111 | | | | 112,089 | |
Santander Holdings USA, Inc.
6.174%, 01/09/2030 | | | | | | | 89 | | | | 92,860 | |
6.499%, 03/09/2029 | | | | | | | 26 | | | | 27,214 | |
Santander UK Group Holdings PLC
2.469%, 01/11/2028 | | | | | | | 443 | | | | 421,789 | |
6.833%, 11/21/2026 | | | | | | | 311 | | | | 317,674 | |
Societe Generale SA
5.519%, 01/19/2028(a) | | | | | | | 203 | | | | 205,724 | |
Standard Chartered PLC
2.608%, 01/12/2028(a) | | | | | | | 255 | | | | 243,380 | |
3.971%, 03/30/2026(a) | | | | | | | 550 | | | | 546,529 | |
7.027% (CME Term SOFR 3 Month + 1.51%), 01/30/2027(a)(c)(e) | | | | | | | 400 | | | | 383,664 | |
Sumitomo Mitsui Trust Bank Ltd.
4.45%, 09/10/2027(a) | | | | | | | 509 | | | | 511,952 | |
Svenska Handelsbanken AB
4.75%, 03/01/2031(a)(c) | | | | | | | 600 | | | | 551,580 | |
Swedbank AB
Series G
3.625%, 08/23/2032(a) | | | EUR | | | | 292 | | | | 327,224 | |
UBS Group AG
3.875%, 06/02/2026(a)(c) | | | U.S.$ | | | | 400 | | | | 379,940 | |
6.373%, 07/15/2026(a) | | | | | | | 452 | | | | 456,963 | |
9.25%, 11/13/2028(a)(c) | | | | | | | 323 | | | | 357,118 | |
UniCredit SpA
2.569%, 09/22/2026(a) | | | | | | | 455 | | | | 444,803 | |
3.127%, 06/03/2032(a) | | | | | | | 327 | | | | 289,742 | |
Wells Fargo & Co.
3.90%, 07/22/2032(a) | | | EUR | | | | 150 | | | | 171,427 | |
5.083%, 04/26/2028 | | | CAD | | | | 165 | | | | 126,043 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,707,797 | |
| | | | | | | | | | | | |
| Brokerage–0.2% | |
Charles Schwab Corp. (The)
5.614% (SOFR + 0.52%), 05/13/2026(e) | | | U.S.$ | | | | 421 | | | | 420,962 | |
Nomura Holdings, Inc.
5.709%, 01/09/2026 | | | | | | | 379 | | | | 383,923 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 804,885 | |
| | | | | | | | | | | | |
| Finance–0.3% | |
Air Lease Corp.
5.40%, 06/01/2028 | | | CAD | | | | 266 | | | | 205,848 | |
Aviation Capital Group LLC
1.95%, 09/20/2026(a) | | | U.S.$ | | | | 71 | | | | 67,250 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
4.125%, 08/01/2025(a) | | | U.S.$ | | | | 12 | | | $ | 11,920 | |
4.875%, 10/01/2025(a) | | | | | | | 147 | | | | 146,809 | |
5.50%, 12/15/2024(a) | | | | | | | 347 | | | | 346,625 | |
Credicorp Capital Sociedad Titulizadora SA
10.10%, 12/15/2043(a) | | | PEN | | | | 725 | | | | 198,929 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 977,381 | |
| | | | | | | | | | | | |
| Insurance–0.3% | |
Athene Global Funding
1.985%, 08/19/2028(a) | | | U.S.$ | | | | 124 | | | | 112,607 | |
2.55%, 11/19/2030(a) | | | | | | | 15 | | | | 13,214 | |
2.717%, 01/07/2029(a) | | | | | | | 19 | | | | 17,558 | |
5.526%, 07/11/2031(a) | | | | | | | 266 | | | | 273,371 | |
5.583%, 01/09/2029(a) | | | | | | | 2 | | | | 2,070 | |
5.62%, 05/08/2026(a) | | | | | | | 377 | | | | 382,904 | |
Swiss Re Finance Luxembourg SA
5.00%, 04/02/2049(a) | | | | | | | 200 | | | | 202,588 | |
Swiss Re Subordinated Finance PLC
5.698%, 04/05/2035(a) | | | | | | | 200 | | | | 206,868 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,211,180 | |
| | | | | | | | | | | | |
| REITs–0.4% | |
American Tower Corp.
0.50%, 01/15/2028 | | | EUR | | | | 291 | | | | 298,310 | |
5.20%, 02/15/2029 | | | U.S.$ | | | | 184 | | | | 189,632 | |
Annington Funding PLC
Series E
3.184%, 07/12/2029(a) | | | GBP | | | | 160 | | | | 193,182 | |
Digital Dutch Finco BV
1.25%, 02/01/2031(a) | | | EUR | | | | 177 | | | | 170,845 | |
GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/2032 | | | U.S.$ | | | | 175 | | | | 154,805 | |
4.00%, 01/15/2031 | | | | | | | 167 | | | | 156,481 | |
Trust Fibra Uno
5.25%, 01/30/2026(a) | | | | | | | 400 | | | | 398,216 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,561,471 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 28,262,714 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | |
| Utility–0.9% | | | | | | | | | | | | |
| Electric–0.7% | |
Adani Transmission Step-One Ltd.
4.00%, 08/03/2026(a) | | | | | | | 328 | | | | 318,262 | |
AES Panama Generation Holdings SRL
4.375%, 05/31/2030(a) | | | | | | | 488 | | | | 440,116 | |
Alexander Funding Trust II
7.467%, 07/31/2028(a) | | | | | | | 106 | | | | 114,325 | |
American Electric Power Co., Inc.
6.95%, 12/15/2054 | | | | | | | 189 | | | | 201,240 | |
Duke Energy Carolinas NC Storm Funding LLC
Series A-2
2.617%, 07/01/2041 | | | | | | | 542 | | | | 424,630 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Electricite de France SA
9.125%, 03/15/2033(a)(c) | | | U.S.$ | | | | 200 | | | | 227,994 | |
Series MPLE
5.993%, 05/23/2030(a) | | | CAD | | | | 77 | | | | 61,626 | |
Engie Energia Chile SA
6.375%, 04/17/2034(a) | | | U.S.$ | | | | 200 | | | | 212,370 | |
FIEMEX Energia–Banco Actinver SA Institucion de Banca Multiple
7.25%, 01/31/2041(a) | | | | | | | 230 | | | | 238,913 | |
NextEra Energy Capital Holdings, Inc.
6.70%, 09/01/2054 | | | | | | | 98 | | | | 102,709 | |
Niagara Mohawk Power Corp.
5.29%, 01/17/2034(a) | | | | | | | 206 | | | | 210,186 | |
NRG Energy, Inc.
7.00%, 03/15/2033(a) | | | | | | | 287 | | | | 318,280 | |
Pacific Gas and Electric Co.
5.55%, 05/15/2029 | | | | | | | 74 | | | | 76,858 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,947,509 | |
| | | | | | | | | | | | |
| Natural Gas–0.1% | |
Energir, Inc.
6.30%, 10/31/2033 | | | CAD | | | | 277 | | | | 236,892 | |
| | | | | | | | | | | | |
| Other Utility–0.1% | | | | | | | | | | | | |
Suez SACA
Series E
4.50%, 11/13/2033(a) | | | EUR | | | | 200 | | | | 236,471 | |
5.00%, 11/03/2032(a) | | | | | | | 100 | | | | 122,034 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 358,505 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,542,906 | |
| | | | | | | | | | | | |
Total Corporates—Investment Grade
(cost $60,467,400) | | | | 61,677,858 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| INFLATION-LINKED SECURITIES–14.2% | | | | | |
| Canada–0.1% | |
Canadian Government Real Return Bond
Series CPI
4.00%, 12/01/2031 | | | CAD | | | | 317 | | | | 278,344 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 278,344 | |
| | | | | | | | | | | | |
| Sweden–0.1% | | | | | | | | | | | | |
Sweden Inflation Linked Bond
Series 3104
3.50%, 12/01/2028(a) | | | SEK | | | | 930 | | | | 166,403 | |
Series 3112
0.125%, 06/01/2026(a) | | | | | | | 595 | | | | 76,239 | |
Series 3113
0.125%, 12/01/2027(a) | | | | | | | 1,825 | | | | 230,200 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 472,842 | |
| | | | | | | | | | | | |
| United States–14.0% | | | | | | | | | | | | |
U.S. Treasury Inflation Index
0.125%, 07/15/2030 (TIPS)(f) | | | U.S.$ | | | | 27,576 | | | | 25,619,933 | |
0.125%, 07/15/2031 (TIPS)(f) | | | | | | | 4,231 | | | | 3,867,746 | |
| | |
| | |
| 20 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
0.25%, 07/15/2029 (TIPS) | | | U.S.$ | | | | 3,930 | | | $ | 3,726,385 | |
0.375%, 07/15/2027 (TIPS) | | | | | | | 2,451 | | | | 2,382,797 | |
0.75%, 07/15/2028 (TIPS) | | | | | | | 4,566 | | | | 4,463,147 | |
1.375%, 07/15/2033 (TIPS)(f) | | | | | | | 10,580 | | | | 10,417,990 | |
1.75%, 01/15/2034 (TIPS) | | | | | | | 3,778 | | | | 3,816,022 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 54,294,020 | |
| | | | | | | | | | | | |
Total Inflation-Linked Securities
(cost $53,865,659) | | | | 55,045,206 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | |
| | | | | | Shares | | | | |
| |
| INVESTMENT COMPANIES–13.0% | | | | | |
| Funds and Investment Trusts–13.0%(g) | |
AB All Market Real Return Portfolio–Class Z(h) | | | | | | | 1,350,124 | | | | 12,826,174 | |
iShares Core MSCI EAFE ETF | | | | | | | 332,652 | | | | 25,963,488 | |
iShares Core MSCI Emerging Markets ETF | | | | | | | 198,314 | | | | 11,385,207 | |
| | | | | | | | | | | | |
Total Investment Companies
(cost $45,939,815) | | | | 50,174,869 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | | |
| |
| MORTGAGE PASS-THROUGHS–8.8% | | | | | |
| Agency Fixed Rate 30-Year–8.5% | |
Federal Home Loan Mortgage Corp.
Series 2019
3.50%, 11/01/2049 | | | U.S.$ | | | | 183 | | | | 172,778 | |
Series 2022
2.50%, 04/01/2052 | | | | | | | 1 | | | | 1,192 | |
3.00%, 05/01/2052 | | | | | | | 623 | | | | 559,091 | |
Federal Home Loan Mortgage Corp. Gold
Series 2016
4.00%, 02/01/2046 | | | | | | | 444 | | | | 437,480 | |
Series 2017
4.00%, 07/01/2044 | | | | | | | 296 | | | | 291,709 | |
Series 2018
4.50%, 03/01/2048 | | | | | | | 107 | | | | 107,034 | |
4.50%, 11/01/2048 | | | | | | | 315 | | | | 315,261 | |
5.00%, 11/01/2048 | | | | | | | 135 | | | | 137,790 | |
Federal National Mortgage Association | | | | | | | | | | | | |
Series 2007
5.50%, 08/01/2037 | | | | | | | 101 | | | | 104,925 | |
Series 2010
4.00%, 12/01/2040 | | | | | | | 180 | | | | 177,204 | |
Series 2012
3.50%, 02/01/2042 | | | | | | | 107 | | | | 102,477 | |
3.50%, 11/01/2042 | | | | | | | 175 | | | | 167,607 | |
3.50%, 01/01/2043 | | | | | | | 194 | | | | 186,637 | |
Series 2013
3.50%, 03/01/2043 | | | | | | | 5 | | | | 4,855 | |
3.50%, 04/01/2043 | | | | | | | 668 | | | | 641,120 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
4.00%, 10/01/2043 | | | U.S.$ | | | | 507 | | | | 497,810 | |
Series 2014
5.50%, 09/01/2041 | | | | | | | 274 | | | | 285,660 | |
Series 2015
3.00%, 05/01/2045 | | | | | | | 69 | | | | 63,750 | |
3.00%, 08/01/2045 | | | | | | | 506 | | | | 464,835 | |
Series 2018
4.50%, 09/01/2048 | | | | | | | 475 | | | | 475,124 | |
Series 2019
3.50%, 11/01/2049 | | | | | | | 408 | | | | 384,777 | |
Series 2021
2.00%, 07/01/2051 | | | | | | | 2,062 | | | | 1,712,318 | |
2.00%, 12/01/2051 | | | | | | | 387 | | | | 320,835 | |
2.50%, 01/01/2052 | | | | | | | 646 | | | | 563,364 | |
Series 2022
2.50%, 03/01/2052 | | | | | | | 762 | | | | 664,578 | |
2.50%, 05/01/2052 | | | | | | | 846 | | | | 737,919 | |
3.00%, 02/01/2052 | | | | | | | 18 | | | | 16,100 | |
3.00%, 03/01/2052 | | | | | | | 865 | | | | 784,653 | |
Government National Mortgage Association
Series 2016
3.00%, 04/20/2046 | | | | | | | 56 | | | | 52,079 | |
3.00%, 05/20/2046 | | | | | | | 150 | | | | 138,194 | |
Series 2020
2.50%, 10/21/2054, TBA | | | | | | | 1,024 | | | | 902,013 | |
Series 2022
5.00%, 11/20/2052 | | | | | | | 1,528 | | | | 1,532,550 | |
Series 2023
5.50%, 04/20/2053 | | | | | | | 835 | | | | 843,551 | |
Series 2024
3.00%, 10/21/2054, TBA | | | | | | | 1,343 | | | | 1,224,517 | |
4.00%, 10/21/2054, TBA | | | | | | | 303 | | | | 292,650 | |
4.50%, 10/21/2054, TBA | | | | | | | 3,672 | | | | 3,625,520 | |
5.00%, 10/15/2054, TBA | | | | | | | 3,010 | | | | 3,015,212 | |
5.50%, 10/15/2054, TBA | | | | | | | 3,373 | | | | 3,405,321 | |
6.00%, 10/15/2054, TBA | | | | | | | 1,246 | | | | 1,266,948 | |
Uniform Mortgage-Backed Security
Series 2024
2.00%, 10/15/2054, TBA | | | | | | | 46 | | | | 38,275 | |
5.00%, 10/15/2054, TBA | | | | | | | 250 | | | | 249,805 | |
5.50%, 10/15/2054, TBA | | | | | | | 2,161 | | | | 2,186,381 | |
6.00%, 10/15/2054, TBA | | | | | | | 2,659 | | | | 2,717,256 | |
6.50%, 10/15/2054, TBA | | | | | | | 770 | | | | 794,282 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 32,663,437 | |
| | | | | | | | | | | | |
| Agency Fixed Rate 15-Year–0.3% | |
Federal National Mortgage Association
Series 2013
2.50%, 03/01/2028 | | | | | | | 14 | | | | 13,732 | |
2.50%, 06/01/2028 | | | | | | | 4 | | | | 3,794 | |
Series 2014
2.50%, 09/01/2029 | | | | | | | 51 | | | | 49,284 | |
Series 2016
2.50%, 11/01/2031 | | | | | | | 15 | | | | 14,141 | |
2.50%, 12/01/2031 | | | | | | | 1,041 | | | | 1,000,191 | |
2.50%, 01/01/2032 | | | | | | | 23 | | | | 22,088 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2017
2.50%, 02/01/2032 | | | U.S.$ | | | | 76 | | | $ | 73,244 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,176,474 | |
| | | | | | | | | | | | |
Total Mortgage Pass-Throughs
(cost $34,620,141) | | | | 33,839,911 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| ASSET-BACKED SECURITIES–4.4% | | | | | |
| Other ABS—Fixed Rate–2.8% | |
AB Issuer LLC
Series 2021-1, Class A2
3.734%, 07/30/2051(a) | | | | | | | 1,123 | | | | 1,028,869 | |
Accelerated LLC
Series 2024-1A, Class A
4.68%, 08/22/2044(a)(i) | | | | | | | 200 | | | | 199,484 | |
Affirm Asset Securitization Trust
Series 2021-Z2, Class A
1.17%, 11/16/2026(a) | | | | | | | 18 | | | | 17,695 | |
Series 2022-X1, Class A
1.75%, 02/15/2027(a) | | | | | | | 6 | | | | 6,250 | |
Series 2024-X1, Class A
6.27%, 05/15/2029(a) | | | | | | | 80 | | | | 80,707 | |
Amur Equipment Finance Receivables XI LLC
Series 2022-2A, Class A2
5.30%, 06/21/2028(a) | | | | | | | 203 | | | | 203,392 | |
Atalaya Equipment Leasing Trust
Series 2021-1A, Class B
2.08%, 02/15/2027(a) | | | | | | | 161 | | | | 159,292 | |
Auxilior Term Funding LLC
Series 2023-1A, Class A2
6.18%, 12/15/2028(a) | | | | | | | 261 | | | | 263,175 | |
BHG Securitization Trust
Series 2022-A, Class A
1.71%, 02/20/2035(a) | | | | | | | 13 | | | | 12,879 | |
Series 2023-A, Class A
5.55%, 04/17/2036(a) | | | | | | | 209 | | | | 209,868 | |
Series 2023-B, Class A
6.92%, 12/17/2036(a) | | | | | | | 72 | | | | 74,969 | |
Cajun Global LLC
Series 2021-1, Class A2
3.931%, 11/20/2051(a) | | | | | | | 237 | | | | 222,966 | |
Clarus Capital Funding LLC
Series 2024-1A, Class B
4.79%, 08/20/2032(a) | | | | | | | 115 | | | | 114,745 | |
CNH Equipment Trust
Series 2022-C, Class A2
5.42%, 07/15/2026 | | | | | | | 46 | | | | 46,090 | |
College Ave Student Loans LLC
Series 2021-C, Class B
2.72%, 07/26/2055(a) | | | | | | | 243 | | | | 221,344 | |
Dext ABS LLC
Series 2023-1, Class A2
5.99%, 03/15/2032(a) | | | | | | | 471 | | | | 474,107 | |
Diamond Issuer LLC
Series 2021-1A, Class A
2.305%, 11/20/2051(a) | | | | | | | 1,139 | | | | 1,061,849 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
GCI Funding I LLC
Series 2021-1, Class A
2.38%, 06/18/2046(a) | | | U.S.$ | | | | 352 | | | | 321,173 | |
Hardee’s Funding LLC
Series 2018-1A, Class A23
5.71%, 06/20/2048(a) | | | | | | | 256 | | | | 252,088 | |
Series 2020-1A, Class A2
3.981%, 12/20/2050(a) | | | | | | | 421 | | | | 395,998 | |
HINNT LLC
Series 2024-A, Class A
5.49%, 03/15/2043(a) | | | | | | | 72 | | | | 73,633 | |
HPEFS Equipment Trust
Series 2023-1A, Class A2
5.43%, 08/20/2025(a) | | | | | | | 65 | | | | 65,463 | |
Kubota Credit Owner Trust
Series 2023-1A, Class A2
5.40%, 02/17/2026(a) | | | | | | | 251 | | | | 250,972 | |
Marlette Funding Trust
Series 2024-1A, Class A
5.95%, 07/17/2034(a) | | | | | | | 79 | | | | 79,974 | |
MVW LLC
Series 2021-2A, Class B
1.83%, 05/20/2039(a) | | | | | | | 241 | | | | 228,362 | |
Neighborly Issuer LLC
Series 2022-1A, Class A2
3.695%, 01/30/2052(a) | | | | | | | 820 | | | | 750,043 | |
Series 2023-1A, Class A2
7.308%, 01/30/2053(a) | | | | | | | 1,024 | | | | 1,054,416 | |
Nelnet Student Loan Trust
Series 2021-BA, Class B
2.68%, 04/20/2062(a) | | | | | | | 140 | | | | 121,173 | |
Series 2021-CA, Class B
2.53%, 04/20/2062(a) | | | | | | | 499 | | | | 426,598 | |
Series 2021-DA, Class B
2.90%, 04/20/2062(a) | | | | | | | 457 | | | | 400,363 | |
NMEF Funding LLC
Series 2024-A, Class A2
5.15%, 12/15/2031(a) | | | | | | | 225 | | | | 226,202 | |
Pagaya AI Debt Grantor Trust
Series 2024-5, Class A
6.278%, 10/15/2031(a) | | | | | | | 94 | | | | 94,726 | |
Series 2024-9, Class B
5.306%, 03/15/2032(a) | | | | | | | 538 | | | | 538,796 | |
Pagaya AI Debt Trust
Series 2024-2, Class A
6.319%, 08/15/2031(a) | | | | | | | 63 | | | | 64,247 | |
Prosper Marketplace Issuance Trust
Series 2023-1A, Class A
7.06%, 07/16/2029(a) | | | | | | | 51 | | | | 50,788 | |
SBA Tower Trust
Series 2014-2A, Class C
3.869%, 10/15/2049(a) | | | | | | | 774 | | | | 773,465 | |
SCF Equipment Leasing LLC
Series 2024-1A, Class A2
5.88%, 11/20/2029(a) | | | | | | | 111 | | | | 112,032 | |
| | |
| | |
| 22 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Sierra Timeshare Receivables Funding LLC
Series 2024-2A, Class A
5.14%, 06/20/2041(a) | | U.S.$ | | | | | 127 | | | $ | 128,185 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,806,378 | |
| | | | | | | | | | | | |
| Autos—Fixed Rate–1.6% | |
Ally Bank Auto Credit-Linked Notes
Series 2024-A, Class A2
5.681%, 05/17/2032(a) | | | | | | | 218 | | | | 221,313 | |
Avis Budget Rental Car Funding AESOP LLC
Series 2023-3A, Class A
5.44%, 02/22/2028(a) | | | | | | | 399 | | | | 406,383 | |
Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028 | | | | | | | 80 | | | | 76,517 | |
Series 2021-N4, Class D
2.30%, 09/11/2028 | | | | | | | 84 | | | | 81,873 | |
Series 2021-P4, Class D | | | | | | | | | | | | |
2.61%, 09/11/2028 | | | | | | | 596 | | | | 559,396 | |
CPS Auto Receivables Trust | | | | | |
Series 2021-C, Class D
1.69%, 06/15/2027(a) | | | | | | | 540 | | | | 530,716 | |
Series 2022-A, Class C
2.17%, 04/16/2029(a) | | | | | | | 462 | | | | 458,451 | |
DT Auto Owner Trust
Series 2023-1A, Class A
5.48%, 04/15/2027(a) | | | | | | | 57 | | | | 57,382 | |
FHF Trust
Series 2021-2A, Class A
0.83%, 12/15/2026(a) | | | | | | | 55 | | | | 54,803 | |
Ford Credit Auto Owner Trust
Series 2021-1, Class D
2.31%, 10/17/2033(a) | | | | | | | 824 | | | | 785,228 | |
Hertz Vehicle Financing III LLC
Series 2022-1A, Class C
2.63%, 06/25/2026(a) | | | | | | | 380 | | | | 372,787 | |
Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(a) | | | | | | | 996 | | | | 1,014,433 | |
Merchants Fleet Funding LLC
Series 2023-1A, Class A
7.21%, 05/20/2036(a) | | | | | | | 114 | | | | 115,710 | |
OCCU Auto Receivables Trust
Series 2023-1A, Class A2
6.23%, 04/15/2027(a) | | | | | | | 61 | | | | 61,030 | |
PenFed Auto Receivables Owner Trust
Series 2024-A, Class A3
4.70%, 06/15/2029(a) | | | | | | | 69 | | | | 69,428 | |
Research-Driven Pagaya Motor Asset Trust VII
Series 2022-3A, Class A
5.38%, 11/25/2030(a) | | | | | | | 313 | | | | 312,417 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Research-Driven Pagaya Motor Trust
Series 2024-1A, Class A
7.09%, 06/25/2032(a) | | | U.S.$ | | | | 81 | | | | 82,172 | |
Santander Bank Auto Credit-Linked Notes
Series 2022-B, Class B
5.721%, 08/16/2032(a) | | | | | | | 74 | | | | 74,208 | |
Series 2022-C, Class B
6.451%, 12/15/2032(a) | | | | | | | 104 | | | | 104,938 | |
Santander Bank NA–SBCLN
Series 2021-1A, Class B
1.833%, 12/15/2031 (a) | | | | | | | 17 | | | | 16,612 | |
Tesla Auto Lease Trust
Series 2024-A, Class A3
5.30%, 06/21/2027 (a) | | | | | | | 75 | | | | 75,782 | |
Tricolor Auto Securitization Trust
Series 2024-2A, Class A
6.36%, 12/15/2027(a) | | | | | | | 92 | | | | 92,808 | |
Wheels Fleet Lease Funding 1 LLC
Series 2023-2A
6.46%, 08/18/2038(a) | | | | | | | 123 | | | | 124,509 | |
Series 2024-2A, Class A1
4.87%, 06/21/2039(a) | | | | | | | 170 | | | | 171,527 | |
World Omni Select Auto Trust
Series 2023-A, Class A2A
5.92%, 03/15/2027 | | | | | | | 256 | | | | 256,399 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,176,822 | |
| | | | | | | | | | | | |
| Credit Cards—Fixed Rate–0.0% | | | | | |
Brex Commercial Charge Card Master Trust
Series 2024-1, Class A1
6.05%, 07/15/2027(a) | | | | | | | 121 | | | | 122,937 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 122,937 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities
(cost $17,622,385) | | | | | | | | 17,106,137 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| COLLATERALIZED MORTGAGE OBLIGATIONS–3.9% | | | | | |
| Risk Share Floating Rate–3.6% | | | | | |
Bellemeade Re Ltd.
Series 2021-3A, Class A2
6.28% (CME Term SOFR + 1.00%), 09/25/2031(a)(e) | | | | | | | 878 | | | | 879,322 | |
Series 2022-1, Class M1B
7.43% (CME Term SOFR + 2.15%), 01/26/2032(a)(e) | | | | | | | 335 | | | | 336,100 | |
Series 2022-2, Class M1A
9.28% (CME Term SOFR + 4.00%), 09/27/2032(a)(e) | | | | | | | 1,199 | | | | 1,222,210 | |
Connecticut Avenue Securities Trust
Series 2021-R01, Class 1M2
6.83% (CME Term SOFR + 1.55%), 10/25/2041(a)(e) | | | | | | | 41 | | | | 41,361 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2022-R01, Class 1M2
7.18% (CME Term SOFR + 1.90%), 12/25/2041(a)(e) | | | U.S.$ | | | | 1,382 | | | $ | 1,398,281 | |
Series 2022-R02, Class 2M1
6.48% (CME Term SOFR + 1.20%), 01/25/2042(a)(e) | | | | | | | 194 | | | | 194,217 | |
Series 2022-R03, Class 1M1
7.38% (CME Term SOFR + 2.10%), 03/25/2042(a)(e) | | | | | | | 173 | | | | 175,009 | |
Series 2022-R04, Class 1M2
8.38% (CME Term SOFR + 3.10%), 03/25/2042(a)(e) | | | | | | | 130 | | | | 134,958 | |
Series 2022-R06, Class 1M1
8.03% (CME Term SOFR + 2.75%), 05/25/2042(a)(e) | | | | | | | 355 | | | | 364,296 | |
Series 2023-R01, Class 1M1
7.663% (CME Term SOFR + 2.40%), 12/25/2042(a)(e) | | | | | | | 412 | | | | 423,026 | |
Series 2023-R02, Class 1M1
7.58% (CME Term SOFR + 2.30%), 01/25/2043(a)(e) | | | | | | | 815 | | | | 831,581 | |
Series 2024-R04, Class 1M1
6.38% (CME Term SOFR + 1.10%), 05/25/2044(a)(e) | | | | | | | 105 | | | | 104,687 | |
Series 2024-R05, Class 2M1
6.28% (CME Term SOFR + 1.00%), 07/25/2044(a)(e) | | | | | | | 87 | | | | 86,658 | |
Series 2024-R06, Class 1M1
6.393% (CME Term SOFR + 1.05%), 09/25/2044(a)(e) | | | | | | | 69 | | | | 69,523 | |
Eagle Re Ltd.
Series 2021-2, Class M1B
7.33% (CME Term SOFR + 2.05%), 04/25/2034(a)(e) | | | | | | | 40 | | | | 39,563 | |
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3
8.695% (CME Term SOFR + 3.41%), 10/25/2027(e) | | | | | | | 7 | | | | 7,270 | |
Series 2015-HQA2, Class M3
10.195% (CME Term SOFR + 4.91%), 05/25/2028(e) | | | | | | | 53 | | | | 54,817 | |
Series 2021-DNA5, Class M2
6.93% (CME Term SOFR + 1.65%), 01/25/2034(a)(e) | | | | | | | 199 | | | | 199,997 | |
Series 2021-DNA6, Class M1
6.08% (CME Term SOFR + 0.80%), 10/25/2041(a)(e) | | | | | | | 11 | | | | 10,961 | |
Series 2021-DNA6, Class M2
6.78% (CME Term SOFR + 1.50%), 10/25/2041(a)(e) | | | | | | | 336 | | | | 338,241 | |
Series 2021-HQA4, Class M1
6.23% (CME Term SOFR + 0.95%), 12/25/2041(a)(e) | | | | | | | 407 | | | | 405,454 | |
Series 2021-HQA4, Class M2
7.63% (CME Term SOFR + 2.35%), 12/25/2041(a)(e) | | | | | | | 415 | | | | 420,053 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2022-DNA1, Class M1A
6.28% (CME Term SOFR + 1.00%), 01/25/2042(a)(e) | | U.S.$ | | | | | 61 | | | $ | 60,404 | |
Series 2022-DNA1, Class M1B
7.13% (CME Term SOFR + 1.85%), 01/25/2042(a)(e) | | | | | | | 731 | | | | 740,756 | |
Series 2022-DNA3, Class M1B
8.18% (CME Term SOFR + 2.90%), 04/25/2042(a)(e) | | | | | | | 239 | | | | 247,643 | |
Series 2022-DNA4, Class M1B
8.63% (CME Term SOFR + 3.35%), 05/25/2042(a)(e) | | | | | | | 878 | | | | 920,441 | |
Series 2022-DNA5, Class M1B
9.78% (CME Term SOFR + 4.50%), 06/25/2042(a)(e) | | | | | | | 769 | | | | 825,101 | |
Series 2022-DNA7, Class M1A
7.78% (CME Term SOFR + 2.50%), 03/25/2052(a)(e) | | | | | | | 383 | | | | 389,152 | |
Series 2022-HQA1, Class M1B
8.78% (CME Term SOFR + 3.50%), 03/25/2042(a)(e) | | | | | | | 134 | | | | 140,435 | |
Series 2023-DNA2, Class M1A
7.363% (CME Term SOFR + 2.10%), 04/25/2043(a)(e) | | | | | | | 199 | | | | 201,752 | |
Series 2024-HQA2, Class M1
6.48% (CME Term SOFR + 1.20%), 08/25/2044(a)(e) | | | | | | | 643 | | | | 643,784 | |
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2
10.295% (CME Term SOFR + 5.01%), 11/25/2024(e) | | | | | | | 55 | | | | 55,243 | |
Series 2015-C01, Class 1M2
9.695% (CME Term SOFR + 4.41%), 02/25/2025(e) | | | | | | | 72 | | | | 72,683 | |
Series 2015-C03, Class 1M2
10.395% (CME Term SOFR + 5.11%), 07/25/2025(e) | | | | | | | 86 | | | | 87,998 | |
Series 2015-C04, Class 1M2
11.095% (CME Term SOFR + 5.81%), 04/25/2028(e) | | | | | | | 245 | | | | 255,530 | |
Series 2015-C04, Class 2M2
10.945% (CME Term SOFR + 5.66%), 04/25/2028(e) | | | | | | | 109 | | | | 110,038 | |
Series 2016-C01, Class 2M2
12.345% (CME Term SOFR + 7.06%), 08/25/2028(e) | | | | | | | 27 | | | | 28,462 | |
Series 2016-C02, Class 1M2
11.395% (CME Term SOFR + 6.11%), 09/25/2028(e) | | | | | | | 65 | | | | 66,548 | |
Series 2017-C04, Class 2M2
8.245% (CME Term SOFR + 2.96%), 11/25/2029(e) | | | | | | | 261 | | | | 268,980 | |
Series 2021-R02, Class 2M2
7.28% (CME Term SOFR + 2.00%), 11/25/2041(a)(e) | | | | | | | 630 | | | | 632,809 | |
| | |
| | |
| 24 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
JPMorgan Madison Avenue Securities Trust
Series 2014-CH1, Class M2
9.645% (CME Term SOFR + 4.36%), 11/25/2024(a)(e) | | U.S.$ | | | | | 17 | | | $ | 17,340 | |
PMT Credit Risk Transfer Trust
Series 2019-3R, Class A
9.062% (CME Term SOFR + 3.81%), 11/27/2031(a)(e) | | | | | | | 52 | | | | 51,754 | |
Series 2020-1R, Class A
8.712% (CME Term SOFR + 3.46%), 02/25/2025(a)(e) | | | | | | | 119 | | | | 118,523 | |
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2
10.645% (CME Term SOFR + 5.36%), 11/25/2025(a)(e) | | | | | | | 106 | | | | 110,098 | |
Series 2015-WF1, Class 2M2
10.895% (CME Term SOFR + 5.61%), 11/25/2025(a)(e) | | | | | | | 26 | | | | 26,942 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,810,001 | |
| | | | | | | | | | | | |
| Agency Floating Rate–0.3% | | | | | | | | | | | | |
Federal Home Loan Mortgage Corp. REMICs
Series 4693, Class SL
0.694% (6.04%–CME Term SOFR), 06/15/2047(e)(j) | | | | | | | 1,086 | | | | 155,370 | |
Series 4719, Class JS
0.694% (6.04%–CME Term SOFR), 09/15/2047(e)(j) | | | | | | | 334 | | | | 44,815 | |
Series 4954, Class SL
0.655% (5.94%–CME Term SOFR), 02/25/2050(e)(j) | | | | | | | 1,077 | | | | 137,144 | |
Series 4981, Class HS
0.705% (5.99%–CME Term SOFR), 06/25/2050(e)(j) | | | | | | | 2,611 | | | | 306,601 | |
Federal National Mortgage Association REMICs
Series 2014-78, Class SE
0.705% (5.99%–CME Term SOFR), 12/25/2044(e)(j) | | | | | | | 372 | | | | 52,288 | |
Series 2016-77, Class DS
0.605% (5.89%–CME Term SOFR), 10/25/2046(e)(j) | | | | | | | 877 | | | | 120,928 | |
Series 2017-62, Class AS
0.755% (6.04%–CME Term SOFR), 08/25/2047(e)(j) | | | | | | | 410 | | | | 61,019 | |
Series 2017-97, Class LS
0.805% (6.09%–CME Term SOFR), 12/25/2047(e)(j) | | | | | | | 832 | | | | 140,021 | |
Series 2017-97, Class SW
0.805% (6.09%–CME Term SOFR), 12/25/2047(e)(j) | | | | | | | 431 | | | | 68,201 | |
Government National Mortgage Association
Series 2017-122, Class SA
1.125% (6.09%–CME Term SOFR 1 Month), 08/20/2047(e)(j) | | | | | | | 416 | | | | 64,208 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2017-134, Class SE
1.125% (6.09%–CME Term SOFR 1 Month), 09/20/2047(e)(j) | | U.S.$ | | | | | 304 | | | $ | 39,657 | |
Series 2017-65, Class ST
1.075% (6.04%–CME Term SOFR 1 Month), 04/20/2047(e)(j) | | | | | | | 534 | | | | 74,983 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,265,235 | |
| | | | | | | | | | | | |
Total Collateralized Mortgage Obligations
(cost $14,301,081) | | | | | | | | 15,075,236 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| COMMERCIAL MORTGAGE-BACKED SECURITIES–2.3% | |
| Non-Agency Floating Rate CMBS–1.4% | | | | | |
Ashford Hospitality Trust
Series 2018-KEYS, Class A
6.394% (CME Term SOFR 1 Month + 1.30%), 06/15/2035(a)(e) | | | | | | | 37 | | | | 37,147 | |
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AF
6.144% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(a)(e) | | | | | | | 1,935 | | | | 1,932,353 | |
BBCMS Mortgage Trust
Series 2020-BID, Class A
7.352% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(a)(e) | | | | | | | 1,089 | | | | 1,086,958 | |
BOCA Commercial Mortgage Trust
Series 2024-BOCA, Class A
7.017% (CME Term SOFR 1 Month + 1.92%), 08/15/2041(a)(e) | | | | | | | 280 | | | | 280,340 | |
BX Commercial Mortgage Trust
Series 2019-IMC, Class E
7.293% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(a)(e) | | | | | | | 430 | | | | 420,306 | |
Series 2024-AIR2, Class A
6.592% (CME Term SOFR 1 Month + 1.49%), 10/15/2041(a)(e) | | | | | | | 110 | | | | 110,000 | |
Federal Home Loan Mortgage Corp.
Series 2021-MN1, Class M1
7.28% (CME Term SOFR + 2.00%), 01/25/2051(a)(e) | | | | | | | 87 | | | | 87,093 | |
Great Wolf Trust
Series 2024-WOLF, Class A
6.639% (CME Term SOFR 1 Month + 1.54%), 03/15/2039(a)(e) | | | | | | | 264 | | | | 263,423 | |
HILT Commercial Mortgage Trust
Series 2024-ORL, Class A
6.638% (CME Term SOFR 1 Month + 1.54%), 05/15/2037(a)(e) | | | | | | | 176 | | | | 175,670 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
HLTN Commercial Mortgage Trust
Series 2024-DPLO
6.738% (CME Term SOFR 1 Month + 1.64%), 06/15/2041(a)(e) | | U.S.$ | | | | | 250 | | | $ | 249,090 | |
Natixis Commercial Mortgage Securities Trust
Series 2019-MILE, Class A
6.676% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(a)(e) | | | | | | | 316 | | | | 284,569 | |
NRTH Mortgage Trust
Series 2024-PARK, Class A
6.738% (CME Term SOFR 1 Month + 1.64%), 03/15/2039(a)(e) | | | | | | | 290 | | | | 290,130 | |
Wells Fargo Commercial Mortgage Trust
Series 2024-MGP, Class A12
6.788% (CME Term SOFR 1 Month + 1.69%), 08/15/2041(a)(e) | | | | | | | 94 | | | | 93,627 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,310,706 | |
| | | | | | | | | | | | |
| Non-Agency Fixed Rate CMBS–0.9% | |
BAMLL Commercial Mortgage Securities Trust
Series 2013-WBRK, Class D
3.652%, 03/10/2037(a) | | | | | | | 500 | | | | 418,787 | |
Commercial Mortgage Trust
Series 2010-C1, Class D
5.985%, 07/10/2046(a) | | | | | | | 773 | | | | 728,214 | |
DTP Commercial Mortgage Trust
Series 2023-STE2, Class A
6.038%, 01/15/2041(a) | | | | | | | 116 | | | | 118,960 | |
GS Mortgage Securities Trust
Series 2011-GC5, Class D
5.297%, 08/10/2044(a) | | | | | | | 26 | | | | 13,308 | |
GSF
Series 2021-1, Class A1
1.433%, 08/15/2026(k) | | | | | | | 392 | | | | 384,450 | |
Series 2021-1, Class A2
2.435%, 08/15/2026(k) | | | | | | | 1,071 | | | | 1,050,575 | |
Series 2021-1, Class AS
2.638%, 08/15/2026(k) | | | | | | | 39 | | | | 37,487 | |
HFX Funding Issuer
Series 2017-1A, Class A3
3.647%, 03/15/2035(k) | | | | | | | 503 | | | | 500,668 | |
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class XA
0.539%, 09/15/2047(l) | | | | | | | 1,505 | | | | 15 | |
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ
5.452%, 09/15/2039 | | | | | | | 117 | | | | 38,934 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
LSTAR Commercial Mortgage Trust
Series 2016-4, Class A2
2.579%, 03/10/2049(a) | | | U.S.$ | | | | 75 | | | | 74,177 | |
NJ Trust
Series 2023-GSP, Class A
6.697%, 01/06/2029(a) | | | | | | | 165 | | | | 174,693 | |
Wells Fargo Commercial Mortgage Trust
Series 2016-LC25, Class C
4.475%, 12/15/2059 | | | | | | | 125 | | | | 114,151 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,654,419 | |
| | | | | | | | | | | | |
Total Commercial Mortgage-Backed Securities
(cost $9,316,121) | | | | 8,965,125 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| COLLATERALIZED LOAN OBLIGATIONS–1.2% | | | | | |
| CLO—Floating Rate–1.2% | | | | | |
AGL CLO 10 Ltd.
Series 2021-10A, Class A
6.693% (CME Term SOFR 3 Month + 1.39%), 04/15/2034(a)(e) | | | | | | | 330 | | | | 330,163 | |
AIMCO CLO
Series 2015-AA, Class AR3
6.408% (CME Term SOFR 3 Month + 1.25%), 10/17/2034(a)(e) | | | | | | | 280 | | | | 280,118 | |
Allegro CLO XI Ltd.
Series 2019-2A, Class BR
7.18% (CME Term SOFR 3 Month + 1.90%), 01/19/2033(a)(e) | | | | | | | 273 | | | | 273,332 | |
Ballyrock CLO 17 Ltd.
Series 2021-17A, Class A1A
6.694% (CME Term SOFR 3 Month + 1.41%), 10/20/2034(a)(e) | | | | | | | 250 | | | | 250,358 | |
Dryden 87 CLO Ltd.
Series 2021-87A, Class A1
6.49% (CME Term SOFR 3 Month + 1.36%), 05/20/2034(a)(e) | | | | | | | 125 | | | | 124,975 | |
Elmwood CLO 15 Ltd.
Series 2022-2A, Class A1
6.622% (CME Term SOFR 3 Month + 1.34%), 04/22/2035(a)(e) | | | | | | | 500 | | | | 500,694 | |
Elmwood CLO IX Ltd.
Series 2021-2A, Class A
6.674% (CME Term SOFR 3 Month + 1.39%), 07/20/2034(a)(e) | | | | | | | 452 | | | | 452,577 | |
Kings Park CLO Ltd.
Series 2021-1A, Class A
6.674% (CME Term SOFR 3 Month + 1.39%), 01/21/2035(a)(e) | | | | | | | 250 | | | | 250,049 | |
| | |
| | |
| 26 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Marble Point CLO XI Ltd.
Series 2017-2A, Class A
6.721% (CME Term SOFR 3 Month + 1.44%), 12/18/2030(a)(e) | | | U.S.$ | | | | 273 | | | $ | 273,584 | |
Octagon Investment Partners 30 Ltd.
Series 2017-1A, Class A2R
6.994% (CME Term SOFR 3 Month + 1.71%), 03/17/2030(a)(e) | | | | | | | 250 | | | | 250,172 | |
OZLM XVIII Ltd.
Series 2018-18A, Class A
6.583% (CME Term SOFR 3 Month + 1.28%), 04/15/2031(a)(e) | | | | | | | 419 | | | | 419,165 | |
Pikes Peak CLO 15 Ltd.
Series 2023-15A
7.032% (CME Term SOFR 3 Month + 1.75%), 10/20/2036(a)(e) | | | | | | | 250 | | | | 251,607 | |
Pikes Peak CLO 8
Series 2021-8A, Class A
6.714% (CME Term SOFR 3 Month + 1.43%), 07/20/2034(a)(e) | | | | | | | 1,046 | | | | 1,047,048 | |
| | | | | | | | | | | | |
Total Collateralized Loan Obligations
(cost $4,686,441) | | | | | | | | 4,703,842 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| COVERED BONDS–1.0% | |
Banco de Sabadell SA
1.00%, 04/26/2027(a) | | | EUR | | | | 200 | | | | 213,811 | |
Bank of Nova Scotia (The)
0.01%, 01/14/2027(a) | | | | | | | 537 | | | | 564,860 | |
Credit Agricole Home Loan SFH SA
Series E
0.875%, 08/31/2027(a) | | | | | | | 500 | | | | 531,518 | |
Korea Housing Finance Corp.
3.714%, 04/11/2027(a) | | | | | | | 479 | | | | 547,259 | |
National Australia Bank Ltd.
0.01%, 01/06/2029(a) | | | | | | | 583 | | | | 581,513 | |
Nationwide Building Society
Series E
0.625%, 03/25/2027(a) | | | | | | | 320 | | | | 340,310 | |
Santander UK PLC
Series G
0.05%, 01/12/2027(a) | | | | | | | 337 | | | | 354,507 | |
Toronto-Dominion Bank (The)
Series 28
0.10%, 07/19/2027(a) | | | | | | | 545 | | | | 567,403 | |
| | | | | | | | | | | | |
Total Covered Bonds
(cost $3,651,925) | | | | 3,701,181 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| |
| CORPORATES—NON-INVESTMENT GRADE–0.7% | | | | | |
| |
| Industrial–0.5% | | | | | |
| Basic–0.0% | | | | | | | | | | | | |
INEOS Quattro Finance 2 PLC
8.50%, 03/15/2029(a) | | | EUR | | | | 144 | | | $ | 169,509 | |
| | | | | | | | | | | | |
| Communications—Media–0.1% | | | | | |
DISH DBS Corp.
5.25%, 12/01/2026(a) | | | U.S.$ | | | | 168 | | | | 155,798 | |
5.75%, 12/01/2028(a) | | | | | | | 446 | | | | 391,615 | |
VZ Vendor Financing II BV
2.875%, 01/15/2029(a) | | | EUR | | | | 320 | | | | 328,121 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 875,534 | |
| | | | | | | | | | | | |
| Communications—Telecommunications–0.1% | |
Altice France SA
3.375%, 01/15/2028(a) | | | | | | | 320 | | | | 251,646 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Automotive–0.0% | | | | | |
ZF Finance GmbH
Series E
2.00%, 05/06/2027(a) | | | | | | | 100 | | | | 103,550 | |
| | | | | | | | | | | | |
| Consumer Cyclical—Other–0.1% | | | | | |
Hilton Domestic Operating Co., Inc.
5.875%, 04/01/2029(a) | | | U.S.$ | | | | 188 | | | | 192,847 | |
6.125%, 04/01/2032(a) | | | | | | | 110 | | | | 113,278 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 306,125 | |
| | | | | | | | | | | | |
| Consumer Non-Cyclical–0.1% | |
Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%, 04/30/2028(a) | | | EUR | | | | 200 | | | | 212,870 | |
| | | | | | | | | | | | |
| Services–0.1% | | | | | |
APCOA Holdings GmbH
4.625%, 01/15/2027(a) | | | | | | | 320 | | | | 355,965 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,275,199 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| Utility–0.1% | | | | | |
| Electric–0.1% | | | | | |
Vistra Corp.
7.00%, 12/15/2026(a)(c) | | | U.S.$ | | | | 384 | | | | 392,260 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| Financial Institutions–0.1% | | | | | |
| Finance–0.1% | | | | | |
SLM Corp.
4.20%, 10/29/2025 | | | | | | | 212 | | | | 209,712 | |
| | | | | | | | | | | | |
Total Corporates—Non-Investment Grade
(cost $3,078,420) | | | | 2,877,171 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| GOVERNMENTS—SOVEREIGN AGENCIES–0.7% | | | | | |
| Belgium–0.2% | | | | | |
Dexia SA
Series E
0.01%, 01/21/2028(a) | | | EUR | | | | 900 | | | | 926,707 | |
| | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Canada–0.1% | |
Canada Housing Trust No. 1
4.25%, 03/15/2034(a) | | | CAD | | | | 270 | | | $ | 214,512 | |
| | | | | | | | | | | | |
| France–0.1% | |
SNCF Reseau
Series E
1.125%, 05/25/2030(a) | | | EUR | | | | 500 | | | | 507,390 | |
| | | | | | | | | | | | |
| Netherlands–0.3% | |
BNG Bank NV
3.50%, 07/19/2027 | | | AUD | | | | 1,773 | | | | 1,208,346 | |
| | | | | | | | | | | | |
Total Governments—Sovereign Agencies
(cost $2,744,771) | | | | 2,856,955 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| EMERGING MARKETS—CORPORATE BONDS–0.7% | | | | | |
| | |
| Industrial–0.6% | | | | | | | | | |
| Basic–0.2% | | | | | | | | | | | | |
Braskem Netherlands Finance BV
4.50%, 01/10/2028(a) | | | U.S.$ | | | | 200 | | | | 188,250 | |
Periama Holdings LLC/DE
5.95%, 04/19/2026(a) | | | | | | | 200 | | | | 199,563 | |
Stillwater Mining Co.
4.00%, 11/16/2026(a) | | | | | | | 200 | | | | 191,000 | |
Volcan Cia Minera SAA
8.75%, 01/24/2030(a) | | | | | | | 112 | | | | 96,584 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 675,397 | |
| | | | | | | | | | | | |
| Communications—Media–0.1% | |
Globo Comunicacao e Participacoes SA
4.875%, 01/22/2030(a) | | | | | | | 627 | | | | 590,163 | |
| | | | | | | | | | | | |
| Energy–0.3% | | | | | |
Ecopetrol SA
8.375%, 01/19/2036 | | | | | | | 49 | | | | 49,980 | |
8.625%, 01/19/2029 | | | | | | | 288 | | | | 309,672 | |
Greenko Wind Projects Mauritius Ltd.
5.50%, 04/06/2025(a) | | | | | | | 200 | | | | 199,125 | |
Leviathan Bond Ltd.
6.125%, 06/30/2025(a) | | | | | | | 101 | | | | 99,381 | |
Oleoducto Central SA
4.00%, 07/14/2027(a) | | | | | | | 528 | | | | 505,032 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,163,190 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,428,750 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| Utility–0.1% | | | | | |
| Electric–0.0% | | | | | | | | | |
Terraform Global Operating LP
6.125%, 03/01/2026(a) | | | | 86 | | | | 86,169 | |
| | | | | | | | | | | | |
| Other Utility–0.1% | | | | | | | | | |
Aegea Finance SARL
6.75%, 05/20/2029(a) | | | | | | | 200 | | | | 202,937 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 289,106 | |
| | | | | | | | | | | | |
Total Emerging Markets—Corporate Bonds
(cost $2,719,162) | | | | 2,717,856 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| |
| LOCAL GOVERNMENTS—PROVINCIAL BONDS–0.7% | | | | | |
| Canada–0.7% | | | | | | | | | |
Hydro Quebec Interest Strip | | | | | | | | | |
Zero Coupon, 08/15/2038 | | | CAD | | | | 118 | | | | 49,551 | |
Zero Coupon, 08/15/2041 | | | | | | | 118 | | | | 43,041 | |
Zero Coupon, 02/15/2042 | | | | | | | 118 | | | | 42,421 | |
Zero Coupon, 08/15/2042 | | | | | | | 118 | | | | 41,312 | |
Zero Coupon, 02/15/2043 | | | | | | | 118 | | | | 40,272 | |
Zero Coupon, 02/15/2044 | | | | | | | 118 | | | | 38,509 | |
Series JN | | | | | | | | | |
Zero Coupon, 02/15/2046 | | | | | | | 118 | | | | 35,370 | |
Province of Ontario Canada | | | | | | | | | |
2.90%, 12/02/2046 | | | | | | | 1,223 | | | | 746,399 | |
3.45%, 06/02/2045 | | | | | | | 375 | | | | 252,236 | |
Province of Ontario Generic Coupon Strip | | | | | | | | | | | | |
Zero Coupon, 06/02/2037 | | | | | | | 119 | | | | 53,150 | |
Zero Coupon, 06/02/2038 | | | | | | | 119 | | | | 50,714 | |
Zero Coupon, 12/02/2038 | | | | | | | 119 | | | | 49,416 | |
Zero Coupon, 06/02/2039 | | | | | | | 119 | | | | 48,293 | |
Zero Coupon, 06/02/2040 | | | | | | | 119 | | | | 46,118 | |
Zero Coupon, 12/02/2040 | | | | | | | 118 | | | | 44,832 | |
Zero Coupon, 06/02/2041 | | | | | | | 118 | | | | 43,825 | |
Zero Coupon, 12/02/2041 | | | | | | | 119 | | | | 43,195 | |
Zero Coupon, 06/02/2042 | | | | | | | 119 | | | | 41,934 | |
Series INT | | | | | | | | | |
Zero Coupon, 06/02/2043 | | | | | | | 118 | | | | 39,884 | |
Zero Coupon, 12/02/2045 | | | | | | | 118 | | | | 35,971 | |
Zero Coupon, 12/02/2046 | | | | | | | 118 | | | | 34,380 | |
Zero Coupon, 06/02/2047 | | | | | | | 119 | | | | 33,945 | |
Province of Quebec Canada
0.875%, 05/04/2027(a) | | | EUR | | | | 623 | | | | 667,153 | |
| | | | | | | | | | | | |
Total Local Governments—Provincial Bonds
(cost $2,403,400) | | | | 2,521,921 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| SUPRANATIONALS–0.6% | | | | | | | | | |
European Investment Bank | | | | | | | | | |
0.75%, 07/15/2027 | | | AUD | | | | 690 | | | | 437,672 | |
1.80%, 01/19/2027 | | | | | | | 686 | | | | 452,322 | |
European Union
Series NGEU
3.375%, 10/05/2054(a) | | | EUR | | | | 477 | | | | 531,715 | |
Inter-American Development Bank
2.50%, 04/14/2027(a) | | | AUD | | | | 155 | | | | 103,569 | |
International Bank for Reconstruction & Development
Series E
6.75%, 07/13/2029 | | | INR | | | | 46,000 | | | | 550,301 | |
International Finance Corp.
4.45%, 05/14/2027 | | | AUD | | | | 407 | | | | 285,246 | |
| | | | | | | | | | | | |
Total Supranationals
(cost $2,412,514) | | | | | | | | | | | 2,360,825 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| | |
| 28 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
|
| LOCAL GOVERNMENTS—US MUNICIPAL BONDS–0.6% | |
| United States–0.6% | | | | | | | | | |
California Earthquake Authority
Series 2022-A
5.603%, 07/01/2027 | | | U.S.$ | | | | 165 | | | $ | 167,451 | |
Commonwealth Financing Authority (Commonwealth of Pennsylvania Department of Education State Lease)
Series 2016-A
4.144%, 06/01/2038 | | | | | | | 80 | | | | 76,718 | |
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease)
NATL Series 1997-A
7.425%, 02/15/2029 | | | | | | | 328 | | | | 354,203 | |
State Board of Administration Finance Corp. (Florida Hurricane Catastrophe Fund) | | | | | | | | | | | | |
Series 2020-A | | | | | | | | | | | | |
1.705%, 07/01/2027 | | | | | | | 652 | | | | 609,824 | |
2.154%, 07/01/2030 | | | | | | | 224 | | | | 198,967 | |
Series 2024-A | | | | | | | | | | | | |
5.526%, 07/01/2034 | | | | | | | 98 | | | | 103,336 | |
University of California
Series 2021-B
3.071%, 05/15/2051 | | | | | | | 1,130 | | | | 821,594 | |
| | | | | | | | | | | | |
Total Local Governments—US Municipal Bonds
(cost $2,646,244) | | | | 2,332,093 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Notional Amount | | | | |
|
| PURCHASED OPTIONS—PUTS–0.6% | |
| Options on Equity Indices–0.6% | | | | | | | | | |
Euro STOXX 50 Index
Expiration: Sep 2025;
Contracts: 2,080;
Exercise Price: EUR 4,200.00;
Counterparty: UBS AG(m) | | | EUR | | | | 8,736,000 | | | | 232,951 | |
FTSE 100 Index
Expiration: Jul 2025;
Contracts: 460;
Exercise Price: GBP 7,200.00;
Counterparty: UBS AG(m) | | | GBP | | | | 3,312,000 | | | | 59,661 | |
Nikkei 225 Index
Expiration: Jun 2025;
Contracts: 46,000;
Exercise Price: JPY 33,250.00;
Counterparty: UBS AG(m) | | | JPY | | | | 1,529,500,000 | | | | 379,974 | |
S&P 500 Index
Expiration: Jul 2025;
Contracts: 16,600;
Exercise Price: USD 4,900.00;
Counterparty: UBS AG(m) | | | USD | | | | 81,340,000 | | | | 1,551,147 | |
| | | | | | | | | | | | |
Total Purchased Options—Puts
(premiums paid $2,139,444) | | | | 2,223,733 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| |
| GOVERNMENTS—SOVEREIGN BONDS–0.5% | | | | | |
| Colombia–0.1% | | | | | | | | | |
Colombia Government International Bond
8.00%, 11/14/2035 | | | U.S.$ | | | | 200 | | | | 212,900 | |
| | | | | | | | | | | | |
| Germany–0.2% | | | | | | | | | |
Kreditanstalt fuer Wiederaufbau
4.10%, 02/20/2026 | | | AUD | | | | 1,683 | | | | 1,164,880 | |
| | | | | | | | | | | | |
| Indonesia–0.1% | | | | | | | | | |
Indonesia Government International Bond
3.375%, 07/30/2025(a) | | | EUR | | | | 299 | | | | 332,333 | |
| | | | | | | | | | | | |
| Romania–0.1% | | | | | | | | | |
Romanian Government International Bond
5.125%, 09/24/2031(a) | | | | | | | 256 | | | | 286,391 | |
| | | | | | | | | | | | |
Total Governments—Sovereign Bonds
(cost $1,979,998) | | | | 1,996,504 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| LOCAL GOVERNMENTS—REGIONAL BONDS–0.4% | | | | | |
| Australia–0.2% | | | | | | | | | |
Treasury Corp. of Victoria | | | | | |
2.25%, 11/20/2034 | | | AUD | | | | 443 | | | | 242,197 | |
2.00%, 11/20/2037 | | | | | | | 337 | | | | 162,360 | |
2.25%, 09/15/2033(a) | | | | | | | 530 | | | | 300,428 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 704,985 | |
| | | | | | | | | | | | |
| Japan–0.2% | | | | | | | | | |
Japan Finance Organization for Municipalities
Series G
0.05%, 02/12/2027(a) | | | EUR | | | | 910 | | | | 956,138 | |
| | | | | | | | | | | | |
Total Local Governments—Regional Bonds
(cost $1,637,039) | | | | 1,661,123 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| AGENCIES–0.3% | | | | | |
| Agency Debentures–0.3% | | | | | | | | | |
Federal Home Loan Banks | | | | | |
4.00%, 06/30/2028 | | | U.S.$ | | | | 865 | | | | 877,413 | |
4.75%, 12/08/2028 | | | | | | | 265 | | | | 276,077 | |
| | | | | | | | | | | | |
Total Agencies
(cost $1,133,032) | | | | | | | | | | | 1,153,490 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| QUASI-SOVEREIGNS–0.1% | | | | | |
| | |
| Quasi-Sovereign Bonds–0.1% | | | | | | | | | |
| Chile–0.1% | | | | | | | | | |
Corp. Nacional del Cobre de Chile
5.125%, 02/02/2033(a) | | | | | | | 321 | | | | 319,897 | |
| | | | | | | | | | | | |
| Mexico–0.0% | | | | | | | | | |
Petroleos Mexicanos
6.70%, 02/16/2032 | | | | | | | 154 | | | | 137,699 | |
| | | | | | | | | | | | |
Total Quasi-Sovereigns
(cost $443,822) | | | | | | | | | | | 457,596 | |
| | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
|
| EMERGING MARKETS—SOVEREIGNS–0.1% | |
| Dominican Republic–0.1% | | | | | | | | | |
Dominican Republic International Bond
5.95%, 01/25/2027(a)
(cost $216,942) | | | U.S.$ | | | | 221 | | | $ | 223,970 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| LOCAL GOVERNMENTS—CANADIAN MUNICIPAL BONDS–0.0% | |
| Canada–0.0% | | | | | | | | | |
City of Calgary Canada
4.20%, 06/01/2034
(cost $51,965) | | | CAD | | | | 70 | | | | 53,645 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | |
| | | | | | Shares | | | | |
| |
| SHORT-TERM INVESTMENTS–8.4% | | | | | |
| Investment Companies–7.1% | | | | | |
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.73%(g)(h)(n)
(cost $27,537,334) | | | | | | | 27,537,334 | | | | 27,537,334 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| |
| U.S. TREASURY BILLS–1.3% | | | | | |
| United States–1.3% | | | | | |
U.S. Treasury Bill
Zero Coupon, 10/17/2024 | | | U.S.$ | | | | 563 | | | | 561,916 | |
Zero Coupon, 10/29/2024 | | | | | | | 1,107 | | | | 1,103,014 | |
Zero Coupon, 01/23/2025 | | | | | | | 3,393 | | | | 3,344,963 | |
| | | | | | | | | | | | |
Total U.S. Treasury Bills
(cost $5,003,780) | | | | | | | | | | | 5,009,893 | |
| | | | | | | | | | | | |
Total Short-Term Investments
(cost $32,541,114) | | | | | | | | | | | 32,547,227 | |
| | | | | | | | | | | | |
Total Investments
(cost $369,659,011) | | | | | | | | | | | 372,596,146 | |
| | |
Other assets less liabilities—3.6% | | | | | | | | 13,861,388 | |
| | | | | | | | | | | | |
| Net Assets—100.0% | | | | | | | | | | $ | 386,457,534 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | |
| FUTURES (see Note 3) | | | | | |
| Description | | Number of
Contracts | | | Expiration
Month | | Current
Notional | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| Purchased Contracts | |
| | | | |
10 Yr Canadian Bond Futures | | | 43 | | | December 2024 | | $ | 3,974,587 | | | $ | 21,476 | |
| | | | |
E-Mini Russell 2000 Index Futures | | | 53 | | | December 2024 | | | 5,960,380 | | | | 253,516 | |
| | | | |
Euro STOXX 50 Index Futures | | | 149 | | | December 2024 | | | 8,342,721 | | | | 195,945 | |
| | | | |
Euro-BOBL Futures | | | 36 | | | December 2024 | | | 4,810,809 | | | | 13,562 | |
| | | | |
Euro-Bund Futures | | | 59 | | | December 2024 | | | 8,860,981 | | | | 18,493 | |
| | | | |
FTSE 100 Index Futures | | | 63 | | | December 2024 | | | 6,981,227 | | | | (92,325 | ) |
| | | | |
MSCI Emerging Markets Futures | | | 39 | | | December 2024 | | | 2,286,765 | | | | 154,045 | |
| | | | |
MSCI Singapore IX ETS Futures | | | 4 | | | October 2024 | | | 106,874 | | | | (15 | ) |
| | | | |
Nikkei 225 (OSE) Futures | | | 10 | | | December 2024 | | | 2,640,459 | | | | 129,641 | |
| | | | |
OMXS 30 Index Futures | | | 6 | | | October 2024 | | | 155,127 | | | | 3,858 | |
| | | | |
S&P 500 E-Mini Futures | | | 315 | | | December 2024 | | | 91,574,438 | | | | 2,357,362 | |
| | | | |
S&P Mid 400 E-Mini Futures | | | 13 | | | December 2024 | | | 4,093,180 | | | | 173,821 | |
| | | | |
TOPIX Index Futures | | | 13 | | | December 2024 | | | 2,394,677 | | | | 72,635 | |
| | | | |
U.S. T-Note 2 Yr (CBT) Futures | | | 408 | | | December 2024 | | | 84,962,813 | | | | 84,010 | |
| | | | |
U.S. T-Note 5 Yr (CBT) Futures | | | 276 | | | December 2024 | | | 30,327,656 | | | | 46,150 | |
| | | | |
U.S. T-Note 10 Yr (CBT) Futures | | | 179 | | | December 2024 | | | 20,456,344 | | | | (57,424 | ) |
| | | | |
U.S. Ultra Bond (CBT) Futures | | | 62 | | | December 2024 | | | 8,251,813 | | | | (19,745 | ) |
|
| Sold Contracts | |
| | | | |
3 Yr Australian Bond Futures | | | 8 | | | December 2024 | | | 592,786 | | | | 1,205 | |
| | | | |
10 Yr Australian Bond Futures | | | 36 | | | December 2024 | | | 2,896,941 | | | | 23,633 | |
| | |
| | |
| 30 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Month | | Current
Notional | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| | | | |
10 Yr Canadian Bond Futures | | | 10 | | | December 2024 | | $ | 924,323 | | | $ | (4,902 | ) |
| | | | |
10 Yr Japan Bond (OSE) Futures | | | 6 | | | December 2024 | | | 6,038,615 | | | | 9,123 | |
| | | | |
Euro Buxl 30 Yr Bond Futures | | | 3 | | | December 2024 | | | 455,100 | | | | (3,610 | ) |
| | | | |
Euro-Bund Futures | | | 3 | | | December 2024 | | | 450,558 | | | | (2,842 | ) |
| | | | |
Euro-Schatz Futures | | | 10 | | | December 2024 | | | 1,193,018 | | | | (5,299 | ) |
| | | | |
S&P/TSX 60 Index Futures | | | 24 | | | December 2024 | | | 5,126,341 | | | | (33,832 | ) |
| | | | |
SPI 200 Futures | | | 37 | | | December 2024 | | | 5,311,678 | | | | (76,001 | ) |
| | | | |
U.S. 10 Yr Ultra Futures | | | 75 | | | December 2024 | | | 8,872,266 | | | | (5,503 | ) |
| | | | |
U.S. Long Bond (CBT) Futures | | | 2 | | | December 2024 | | | 248,375 | | | | 2,435 | |
| | | | |
U.S. Ultra Bond (CBT) Futures | | | 5 | | | December 2024 | | | 665,469 | | | | 1,805 | |
| | | | | | | | | | | | | | |
| | | $ | 3,261,217 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| |
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
Bank of America, NA | | BRL | | | 1,797 | | | USD | | | 330 | | | | 10/02/2024 | | | $ | (24 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 319 | | | BRL | | | 1,797 | | | | 10/02/2024 | | | | 10,964 | |
| | | | | | |
Bank of America, NA | | USD | | | 2,799 | | | JPY | | | 391,964 | | | | 10/17/2024 | | | | (66,494 | ) |
| | | | | | |
Bank of America, NA | | KRW | | | 835,385 | | | USD | | | 612 | | | | 10/18/2024 | | | | (21,532 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 291 | | | KRW | | | 395,719 | | | | 10/18/2024 | | | | 8,836 | |
| | | | | | |
Bank of America, NA | | IDR | | | 4,493,533 | | | USD | | | 297 | | | | 10/25/2024 | | | | 1,309 | |
| | | | | | |
Bank of America, NA | | USD | | | 6,632 | | | EUR | | | 5,933 | | | | 10/25/2024 | | | | (21,000 | ) |
| | | | | | |
Bank of America, NA | | EUR | | | 9,873 | | | USD | | | 10,917 | | | | 11/06/2024 | | | | (89,277 | ) |
| | | | | | |
Bank of America, NA | | CAD | | | 12,232 | | | USD | | | 9,024 | | | | 11/07/2024 | | | | (28,093 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 8,763 | | | CAD | | | 11,877 | | | | 11/07/2024 | | | | 26,735 | |
| | | | | | |
Bank of America, NA | | GBP | | | 4,824 | | | USD | | | 6,364 | | | | 11/08/2024 | | | | (83,799 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 269 | | | CLP | | | 253,493 | | | | 11/08/2024 | | | | 12,871 | |
| | | | | | |
Bank of America, NA | | USD | | | 9,881 | | | GBP | | | 7,462 | | | | 11/08/2024 | | | | 95,054 | |
| | | | | | |
Bank of America, NA | | AUD | | | 7,604 | | | USD | | | 5,142 | | | | 11/22/2024 | | | | (118,109 | ) |
| | | | | | |
Barclays Bank PLC | | BRL | | | 1,416 | | | USD | | | 255 | | | | 10/02/2024 | | | | (5,116 | ) |
| | | | | | |
Barclays Bank PLC | | USD | | | 260 | | | BRL | | | 1,416 | | | | 10/02/2024 | | | | 19 | |
| | | | | | |
Barclays Bank PLC | | CAD | | | 16,084 | | | USD | | | 11,851 | | | | 11/07/2024 | | | | (52,718 | ) |
| | | | | | |
Barclays Bank PLC | | NOK | | | 31,058 | | | USD | | | 2,972 | | | | 11/22/2024 | | | | 27,821 | |
| | | | | | |
Barclays Bank PLC | | USD | | | 291 | | | INR | | | 24,503 | | | | 12/06/2024 | | | | 629 | |
| | | | | | |
BNP Paribas SA | | EUR | | | 6,248 | | | USD | | | 6,825 | | | | 10/17/2024 | | | | (133,761 | ) |
| | | | | | |
BNP Paribas SA | | USD | | | 1,120 | | | JPY | | | 165,502 | | | | 10/17/2024 | | | | 33,449 | |
| | | | | | |
BNP Paribas SA | | USD | | | 5,753 | | | EUR | | | 5,149 | | | | 10/25/2024 | | | | (15,745 | ) |
| | | | | | |
BNP Paribas SA | | CNH | | | 13,717 | | | USD | | | 1,966 | | | | 11/21/2024 | | | | 1,845 | |
| | | | | | |
Citibank, NA | | BRL | | | 2,793 | | | USD | | | 513 | | | | 10/02/2024 | | | | (38 | ) |
| | | | | | |
Citibank, NA | | USD | | | 509 | | | BRL | | | 2,793 | | | | 10/02/2024 | | | | 3,997 | |
| | | | | | |
Citibank, NA | | SGD | | | 744 | | | USD | | | 567 | | | | 10/18/2024 | | | | (11,618 | ) |
| | | | | | |
Citibank, NA | | USD | | | 569 | | | SGD | | | 749 | | | | 10/18/2024 | | | | 13,474 | |
| | | | | | |
Citibank, NA | | EUR | | | 7,065 | | | USD | | | 7,838 | | | | 10/25/2024 | | | | (34,182 | ) |
| | | | | | |
Citibank, NA | | IDR | | | 23,041,102 | | | USD | | | 1,413 | | | | 10/25/2024 | | | | (102,532 | ) |
| | | | | | |
Citibank, NA | | USD | | | 298 | | | IDR | | | 4,531,843 | | | | 10/25/2024 | | | | 38 | |
Schedule of Investments (continued)
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
Citibank, NA | | CAD | | | 3,533 | | | USD | | | 2,613 | | | | 11/07/2024 | | | $ | (984 | ) |
| | | | | | |
Citibank, NA | | SEK | | | 10,037 | | | USD | | | 990 | | | | 11/22/2024 | | | | (674 | ) |
| | | | | | |
Deutsche Bank AG | | JPY | | | 189,103 | | | USD | | | 1,318 | | | | 10/17/2024 | | | | (637 | ) |
| | | | | | |
Deutsche Bank AG | | USD | | | 3,559 | | | EUR | | | 3,242 | | | | 10/25/2024 | | | | 53,137 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 1,682 | | | GBP | | | 1,260 | | | | 11/08/2024 | | | | 2,302 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 6,183 | | | NOK | | | 65,379 | | | | 11/22/2024 | | | | 15,141 | |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 3,992 | | | JPY | | | 580,184 | | | | 10/17/2024 | | | | 52,764 | |
| | | | | | |
Goldman Sachs Bank USA | | CHF | | | 5,748 | | | USD | | | 6,721 | | | | 10/25/2024 | | | | (87,599 | ) |
| | | | | | |
Goldman Sachs Bank USA | | EUR | | | 6,256 | | | USD | | | 6,915 | | | | 10/25/2024 | | | | (56,085 | ) |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 3,699 | | | EUR | | | 3,340 | | | | 10/25/2024 | | | | 21,775 | |
| | | | | | |
HSBC Bank USA | | JPY | | | 290,196 | | | USD | | | 2,026 | | | | 10/17/2024 | | | | 2,977 | |
| | | | | | |
HSBC Bank USA | | SGD | | | 747 | | | USD | | | 557 | | | | 10/18/2024 | | | | (24,344 | ) |
| | | | | | |
HSBC Bank USA | | USD | | | 64 | | | KRW | | | 84,375 | | | | 10/18/2024 | | | | (305 | ) |
| | | | | | |
HSBC Bank USA | | USD | | | 554 | | | SGD | | | 741 | | | | 10/18/2024 | | | | 23,094 | |
| | | | | | |
HSBC Bank USA | | EUR | | | 4,181 | | | USD | | | 4,662 | | | | 10/25/2024 | | | | 3,730 | |
| | | | | | |
HSBC Bank USA | | USD | | | 1,254 | | | EUR | | | 1,123 | | | | 10/25/2024 | | | | (3,126 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | JPY | | | 1,729,703 | | | USD | | | 11,848 | | | | 10/17/2024 | | | | (211,110 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 4,619 | | | JPY | | | 674,316 | | | | 10/17/2024 | | | | 82,181 | |
| | | | | | |
JPMorgan Chase Bank, NA | | EUR | | | 1,250 | | | USD | | | 1,402 | | | | 10/25/2024 | | | | 9,290 | |
| | | | | | |
JPMorgan Chase Bank, NA | | EUR | | | 2,394 | | | USD | | | 2,663 | | | | 10/25/2024 | | | | (4,864 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 4,304 | | | CAD | | | 5,799 | | | | 11/07/2024 | | | | (12,548 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | GBP | | | 1,014 | | | USD | | | 1,353 | | | | 11/08/2024 | | | | (2,564 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | BRL | | | 3,175 | | | USD | | | 583 | | | | 10/02/2024 | | | | 182 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | USD | | | 583 | | | BRL | | | 3,175 | | | | 10/02/2024 | | | | 43 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | KRW | | | 1,802,983 | | | USD | | | 1,317 | | | | 10/18/2024 | | | | (51,422 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | CHF | | | 1,140 | | | USD | | | 1,350 | | | | 10/25/2024 | | | | 44 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | EUR | | | 4,347 | | | USD | | | 4,774 | | | | 10/25/2024 | | | | (69,021 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | USD | | | 2,244 | | | EUR | | | 2,047 | | | | 10/25/2024 | | | | 36,712 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | USD | | | 581 | | | BRL | | | 3,175 | | | | 11/04/2024 | | | | (223 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | CLP | | | 518,024 | | | USD | | | 550 | | | | 11/08/2024 | | | | (26,302 | ) |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | COP | | | 4,935,034 | | | USD | | | 1,176 | | | | 11/08/2024 | | | | 7,875 | |
| | | | | | |
Morgan Stanley Capital Services, Inc. | | MYR | | | 2,431 | | | USD | | | 558 | | | | 11/21/2024 | | | | (31,961 | ) |
| | | | | | |
Standard Chartered Bank | | USD | | | 996 | | | IDR | | | 15,457,130 | | | | 10/25/2024 | | | | 20,866 | |
| | | | | | |
Standard Chartered Bank | | CNH | | | 22,328 | | | USD | | | 3,182 | | | | 11/21/2024 | | | | (16,106 | ) |
| | | | | | |
State Street Bank & Trust Co. | | JPY | | | 297,549 | | | USD | | | 2,067 | | | | 10/17/2024 | | | | (7,540 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 629 | | | JPY | | | 90,760 | | | | 10/17/2024 | | | | 3,927 | |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 2,957 | | | JPY | | | 421,704 | | | | 10/17/2024 | | | | (17,087 | ) |
| | | | | | |
State Street Bank & Trust Co. | | SGD | | | 1,116 | | | USD | | | 841 | | | | 10/18/2024 | | | | (28,167 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 850 | | | SGD | | | 1,118 | | | | 10/18/2024 | | | | 20,336 | |
| | | | | | |
State Street Bank & Trust Co. | | CHF | | | 559 | | | USD | | | 659 | | | | 10/25/2024 | | | | (3,092 | ) |
| | | | | | |
State Street Bank & Trust Co. | | EUR | | | 123 | | | USD | | | 137 | | | | 10/25/2024 | | | | 400 | |
| | | | | | |
State Street Bank & Trust Co. | | EUR | | | 442 | | | USD | | | 486 | | | | 10/25/2024 | | | | (5,824 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 819 | | | EUR | | | 739 | | | | 10/25/2024 | | | | 4,630 | |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 364 | | | EUR | | | 327 | | | | 10/25/2024 | | | | (418 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 102 | | | IDR | | | 1,538,891 | | | | 10/25/2024 | | | | (354 | ) |
| | | | | | |
State Street Bank & Trust Co. | | CAD | | | 108 | | | USD | | | 80 | | | | 11/07/2024 | | | | (124 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 613 | | | CAD | | | 825 | | | | 11/07/2024 | | | | (2,088 | ) |
| | |
| | |
| 32 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
State Street Bank & Trust Co. | | GBP | | | 211 | | | USD | | | 283 | | | | 11/08/2024 | | | $ | 654 | |
| | | | | | |
State Street Bank & Trust Co. | | GBP | | | 61 | | | USD | | | 80 | | | | 11/08/2024 | | | | (1,763 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 77 | | | GBP | | | 59 | | | | 11/08/2024 | | | | 1,073 | |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 905 | | | GBP | | | 675 | | | | 11/08/2024 | | | | (2,430 | ) |
| | | | | | |
State Street Bank & Trust Co. | | CZK | | | 6,422 | | | USD | | | 287 | | | | 11/21/2024 | | | | 2,984 | |
| | | | | | |
State Street Bank & Trust Co. | | CZK | | | 6,359 | | | USD | | | 280 | | | | 11/21/2024 | | | | (1,251 | ) |
| | | | | | |
State Street Bank & Trust Co. | | PLN | | | 1,101 | | | USD | | | 283 | | | | 11/21/2024 | | | | (2,870 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 463 | | | CNH | | | 3,217 | | | | 11/21/2024 | | | | (2,434 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 280 | | | CZK | | | 6,359 | | | | 11/21/2024 | | | | 1,152 | |
| | | | | | |
State Street Bank & Trust Co. | | SEK | | | 76 | | | USD | | | 8 | | | | 11/22/2024 | | | | 1 | |
| | | | | | |
State Street Bank & Trust Co. | | SEK | | | 5,494 | | | USD | | | 541 | | | | 11/22/2024 | | | | (1,071 | ) |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 1,273 | | | AUD | | | 1,858 | | | | 11/22/2024 | | | | 13,190 | |
| | | | | | |
State Street Bank & Trust Co. | | USD | | | 96 | | | SEK | | | 971 | | | | 11/22/2024 | | | | (390 | ) |
| | | | | | |
State Street Bank & Trust Co. | | NZD | | | 201 | | | USD | | | 127 | | | | 12/06/2024 | | | | (641 | ) |
| | | | | | |
UBS AG | | PEN | | | 751 | | | USD | | | 198 | | | | 11/08/2024 | | | | (4,510 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | $ | (848,466 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | |
| Description | | Fixed
Rate
(Pay)
Receive | | | Payment
Frequency | | | Implied
Credit
Spread at
September 30,
2024 | | | Notional
Amount
(000) | | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
| Buy Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CDX-NAHY Series 43, 5 Year Index, 12/20/2029* | | | (5.00 | )% | | | Quarterly | | | | 3.30 | % | | | USD | | | | 4,770 | | | $ | (356,071 | ) | | $ | (347,657 | ) | | $ | (8,414 | ) |
iTraxx Australia Series 42, 5 Year Index, 12/20/2029* | | | (1.00 | ) | | | Quarterly | | | | 0.64 | | | | USD | | | | 5,300 | | | | (129,348 | ) | | | (125,610 | ) | | | (3,738 | ) |
Malaysia Government Bond, 12/20/2029* | | | (1.00 | ) | | | Quarterly | | | | 0.38 | | | | USD | | | | 8,800 | | | | (262,830 | ) | | | (233,799 | ) | | | (29,031 | ) |
|
| Sale Contracts | |
CDX-NAIG Series 43, 5 Year Index, 12/20/2029* | | | 1.00 | | | | Quarterly | | | | 0.53 | | | | USD | | | | 5,300 | | | | 168,027 | | | | 166,737 | | | | 1,290 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | (580,222 | ) | | $ | (540,329 | ) | | $ | (39,893 | ) |
| | | | | | | | | | | | | |
* Termination date
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | | | | | |
| | | | | | | Termination
Date | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount
(000) | | | Payments made
by the Fund | | Payments received
by the Fund |
| | USD | | | | 16,672 | | | | 02/26/2025 | | | 1.589% | | CPI# | | Maturity | | $ | 2,342,646 | | | $ | — | | | $ | 2,342,646 | |
| | USD | | | | 17,150 | | | | 02/28/2025 | | | 1.527% | | CPI# | | Maturity | | | 2,463,634 | | | | — | | | | 2,463,634 | |
| | USD | | | | 6,245 | | | | 07/08/2027 | | | 2.770% | | CPI# | | Maturity | | | 48,227 | | | | — | | | | 48,227 | |
| | USD | | | | 6,245 | | | | 07/08/2027 | | | 2.778% | | CPI# | | Maturity | | | 45,845 | | | | — | | | | 45,845 | |
| | USD | | | | 4,160 | | | | 07/15/2027 | | | 2.753% | | CPI# | | Maturity | | | 27,418 | | | | — | | | | 27,418 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 4,927,770 | | | $ | — | | | $ | 4,927,770 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).
Schedule of Investments (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | | | | | |
| | | | | | | Termination
Date | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount
(000) | | | Payments made
by the Fund | | Payments received
by the Fund |
| | USD | | | | 610 | | | | 04/21/2025 | | | 1.815% | | 1 Day SOFR | | Annual | | $ | 17,906 | | | $ | 9,644 | | | $ | 8,262 | |
| | USD | | | | 370 | | | | 06/09/2025 | | | 1.970% | | 1 Day SOFR | | Annual | | | 9,337 | | | | 6,701 | | | | 2,636 | |
| | USD | | | | 484 | | | | 08/04/2025 | | | 1.950% | | 1 Day SOFR | | Annual | | | 10,733 | | | | 10,466 | | | | 267 | |
| | USD | | | | 1,990 | | | | 04/27/2026 | | | 1.570% | | 1 Day SOFR | | Annual | | | 93,154 | | | | 83,500 | | | | 9,654 | |
| | SEK | | | | 11,955 | | | | 08/30/2026 | | | 2.290% | | 3 Month STIBOR | | Annual/Quarterly | | | (3,743 | ) | | | — | | | | (3,743 | ) |
| | SEK | | | | 11,956 | | | | 09/02/2026 | | | 2.257% | | 3 Month STIBOR | | Annual/Quarterly | | | (3,191 | ) | | | — | | | | (3,191 | ) |
| | SEK | | | | 11,956 | | | | 09/02/2026 | | | 2.298% | | 3 Month STIBOR | | Annual/Quarterly | | | (4,130 | ) | | | — | | | | (4,130 | ) |
| | SEK | | | | 11,955 | | | | 09/02/2026 | | | 2.265% | | 3 Month STIBOR | | Annual/Quarterly | | | (3,374 | ) | | | — | | | | (3,374 | ) |
| | SEK | | | | 10,938 | | | | 09/02/2026 | | | 2.250% | | 3 Month STIBOR | | Annual/Quarterly | | | (2,773 | ) | | | — | | | | (2,773 | ) |
| | USD | | | | 840 | | | | 10/04/2026 | | | 1.150% | | 1 Day SOFR | | Annual | | | 72,635 | | | | 49,391 | | | | 23,244 | |
| | USD | | | | 420 | | | | 11/08/2026 | | | 1.450% | | 1 Day SOFR | | Annual | | | 31,652 | | | | 22,908 | | | | 8,744 | |
| | USD | | | | 420 | | | | 11/09/2026 | | | 1.505% | | 1 Day SOFR | | Annual | | | 30,937 | | | | 22,348 | | | | 8,589 | |
| | USD | | | | 1,040 | | | | 04/04/2027 | | | 2.240% | | 1 Day SOFR | | Annual | | | 44,440 | | | | 47,349 | | | | (2,909 | ) |
| | USD | | | | 580 | | | | 04/26/2027 | | | 2.110% | | 1 Day SOFR | | Annual | | | 26,121 | | | | 27,924 | | | | (1,803 | ) |
| | USD | | | | 10,260 | | | | 06/05/2027 | | | 0.343% | | 1 Day SOFR | | Annual | | | 956,992 | | | | 958,090 | | | | (1,098 | ) |
| | USD | | | | 6,030 | | | | 07/20/2027 | | | 1.885% | | 1 Day SOFR | | Annual | | | 276,621 | | | | 348,569 | | | | (71,948 | ) |
| | USD | | | | 1,360 | | | | 09/27/2029 | | | 1.300% | | 1 Day SOFR | | Annual | | | 178,862 | | | | 153,672 | | | | 25,190 | |
| | USD | | | | 1,830 | | | | 12/13/2029 | | | 1.537% | | 1 Day SOFR | | Annual | | | 207,431 | | | | 141,613 | | | | 65,818 | |
| | USD | | | | 15,740 | | | | 05/21/2031 | | | 1.395% | | 1 Day SOFR | | Annual | | | 1,990,711 | | | | 2,104,354 | | | | (113,643 | ) |
| | USD | | | | 1,010 | | | | 11/10/2035 | | | 2.390% | | 1 Day SOFR | | Annual | | | 117,871 | | | | 110,406 | | | | 7,465 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 4,048,192 | | | $ | 4,096,935 | | | $ | (48,743 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| |
| TOTAL RETURN SWAPS (see Note 3) | |
| Counterparty & Referenced Obligation | | Rate Paid/
Received | | | Payment
Frequency | | Current
Notional
(000) | | | Maturity
Date | | | Unrealized
Appreciation
(Depreciation) | |
| Receive Total Return on Reference Obligation | |
|
Morgan Stanley Capital Services LLC | |
Swiss Market Index Futures | | | 0.00 | % | | Maturity | | | CHF | | | | 244 | | | | 12/20/2024 | | | $ | 1,355 | |
| | | | | | | | | | | | | | | | | | |
| |
| REVERSE REPURCHASE AGREEMENTS (see Note 3) | |
| Broker | | Currency | | | Principal Amount (000) | | Interest Rate | | | Maturity | | | U.S. $
Value at
September 30,
2024 | |
HSBC Securities (USA), Inc.† | | | USD | | | 2,607 | | | 5.10 | % | | | — | | | $ | 2,628,868 | |
HSBC Securities (USA), Inc.† | | | USD | | | 1,104 | | | 5.10 | % | | | — | | | | 1,115,112 | |
HSBC Securities (USA), Inc.† | | | USD | | | 622 | | | 5.10 | % | | | — | | | | 629,642 | |
HSBC Securities (USA), Inc.† | | | USD | | | 514 | | | 5.10 | % | | | — | | | | 522,801 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 4,896,423 | |
| | | | | | | | | | | | | | | | | | |
† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on September 30, 2024.
The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Overnight and
Continuous | | | Up to 30 Days | | | 31-90 Days | | | Greater than
90 Days | | | Total | |
Inflation-Linked Securities | | $ | 4,896,423 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,896,423 | |
| | |
| | |
| 34 | | Sanford C. Bernstein Fund, Inc. |
| (a) | | 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 September 30, 2024, the aggregate market value of these securities amounted to $95,937,403 or 24.8% of net assets. |
| (b) | | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
| (c) | | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (d) | | Fair valued by the Adviser. |
| (e) | | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024. |
| (f) | | Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. |
| (g) | | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
| (h) | | Affiliated investments. |
| (i) | | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (j) | | Inverse interest only security. |
| (k) | | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.51% of net assets as of September 30, 2024, 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 | | | 02/25/2021-08/03/2023 | | | $ 378,310 | | $ | 384,450 | | | | 0.10 | % |
GSF
Series 2021-1, Class A2
2.435%, 08/15/2026 | | | 02/25/2021-09/06/2022 | | | 1,084,480 | | | 1,050,575 | | | | 0.27 | % |
GSF
Series 2021-1, Class AS
2.638%, 08/15/2026 | | | 02/25/2021-04/01/2021 | | | 39,414 | | | 37,487 | | | | 0.01 | % |
HFX Funding Issuer
Series 2017-1A, Class A3
3.647%, 03/15/2035 | | | 11/19/2020 | | | 531,536 | | | 500,668 | | | | 0.13 | % |
| (m) | | Non-income producing security. |
| (n) | | The rate shown represents the 7-day yield as of period end. |
Currency Abbreviations:
AUD—Australian Dollar
BRL—Brazilian Real
CAD—Canadian Dollar
CHF—Swiss Franc
CLP—Chilean Peso
CNH—Chinese Yuan Renminbi (Offshore)
CNY—Chinese Yuan Renminbi
COP—Colombian Peso
CZK—Czech Koruna
EUR—Euro
GBP—Great British Pound
IDR—Indonesian Rupiah
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MYR—Malaysian Ringgit
NOK—Norwegian Krone
NZD—New Zealand Dollar
PEN—Peruvian Sol
PLN—Polish Zloty
SEK—Swedish Krona
SGD—Singapore Dollar
USD—United States Dollar
Glossary:
ABS—Asset-Backed Securities
BOBL—Bundesobligationen
CBT—Chicago Board of Trade
CDX-NAHY—North American High Yield Credit Default Swap Index
CDX-NAIG—North American Investment Grade Credit Default Swap Index
CLO—Collateralized Loan Obligations
CMBS—Commercial Mortgage-Backed Securities
CME—Chicago Mercantile Exchange
EAFE—Europe, Australia, and Far East
ETF—Exchange Traded Fund
ETS—Emission Trading Scheme
FTSE—Financial Times Stock Exchange
MSCI—Morgan Stanley Capital International
NATL—National Interstate Corporation
OAT—Obligations Assimilables du Trésor
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
REIT—Real Estate Investment Trust
REMICs—Real Estate Mortgage Investment Conduits
SOFR—Secured Overnight Financing Rate
SPI—Share Price Index
STIBOR—Stockholm Interbank Offered Rate
TBA—To Be Announced
TIPS—Treasury Inflation Protected Security
TOPIX—Tokyo Price Index
TSX—Toronto Stock Exchange
See notes to financial statements.
Schedule of Investments
Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Tax-Aware Overlay B Portfolio
September 30, 2024
| | | | | | | | | | | | |
| | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | | |
| MUNICIPAL OBLIGATIONS–70.8% | | | | | | | | | | | | |
| |
| Long-Term Municipal Bonds–70.8% | | | | | |
| Alabama–1.2% | | | | | |
Southeast Energy Authority A Cooperative District
(Morgan Stanley)
Series 2021-B
4.00%, 12/01/2051 | | | | | | $ | 5,500 | | | $ | 5,599,092 | |
Southeast Energy Authority A Cooperative District
(Royal Bank of Canada)
Series 2023-B
5.00%, 01/01/2054 | | | | | | | 1,000 | | | | 1,076,915 | |
Southeast Energy Authority A Cooperative District
(Sumitomo Mitsui Financial Group, Inc.)
Series 2023-A
5.25%, 01/01/2054 | | | | | | | 1,100 | | | | 1,185,292 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,861,299 | |
| | | | | | | | | | | | |
| American Samoa–0.1% | | | | | |
American Samoa Economic Development Authority
(Territory of American Samoa)
Series 2018
6.50%, 09/01/2028(a) | | | | | | | 675 | | | | 713,158 | |
| | | | | | | | | | | | |
| Arizona–1.7% | | | | | |
Arizona Industrial Development Authority
(Equitable School Revolving Fund LLC Obligated Group)
Series 2020
4.00%, 11/01/2038 | | | | | | | 600 | | | | 608,708 | |
4.00%, 11/01/2039 | | | | | | | 750 | | | | 758,172 | |
5.00%, 11/01/2035 | | | | | | | 850 | | | | 929,728 | |
Chandler Industrial Development Authority
(Intel Corp.)
Series 2022
5.00%, 09/01/2052 | | | | | | | 2,000 | | | | 2,057,520 | |
Series 2024
4.00%, 06/01/2049 | | | | | | | 1,000 | | | | 1,012,777 | |
City of Glendale AZ
(City of Glendale AZ COP)
Series 2021
2.062%, 07/01/2029 | | | | | | | 1,000 | | | | 921,972 | |
2.442%, 07/01/2032 | | | | | | | 2,250 | | | | 2,002,436 | |
City of Tempe AZ
(City of Tempe AZ COP)
Series 2021
2.171%, 07/01/2033 | | | | | | | 1,475 | | | | 1,238,712 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| | | | | | | | | | | | |
Yuma Industrial Development Authority
Series 2024
5.00%, 08/01/2040(b) | | | | | | $ | 1,125 | | | $ | 1,261,556 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,791,581 | |
| | | | | | | | | | | | |
| California–14.0% | | | | | |
Bay Area Toll Authority
Series 2021
3.45% (MUNIPSA + 0.30%), 04/01/2056(c) | | | | | | | 2,000 | | | | 1,972,936 | |
3.56% (MUNIPSA + 0.41%), 04/01/2056(c) | | | | | | | 2,000 | | | | 1,969,576 | |
California Community Choice Financing Authority
Series 2024
5.00%, 01/01/2055 | | | | | | | 1,000 | | | | 1,097,820 | |
California Community Choice Financing Authority
(American International Group, Inc.)
Series 2023-D
5.50%, 05/01/2054 | | | | | | | 2,000 | | | | 2,158,784 | |
California Community Choice Financing Authority
(Deutsche Bank AG)
Series 2023
5.25%, 01/01/2054 | | | | | | | 2,600 | | | | 2,808,996 | |
California Community Choice Financing Authority
(Morgan Stanley)
Series 2023
4.873% (SOFR + 1.63%), 07/01/2053(c) | | | | | | | 2,200 | | | | 2,199,476 | |
4.913% (SOFR + 1.67%), 02/01/2054(c) | | | | | | | 1,000 | | | | 1,009,804 | |
5.00%, 02/01/2054 | | | | | | | 1,000 | | | | 1,086,416 | |
California Community Housing Agency
(California Community Housing Agency Brio Apartments & Next on Lex Apartments)
Series 2021-A
4.00%, 08/01/2047(a) | | | | | | | 3,200 | | | | 2,688,544 | |
California Community Housing Agency
(California Community Housing Agency Summit at Sausalito Apartments)
Series 2021
4.00%, 02/01/2050(a) | | | | | | | 595 | | | | 475,536 | |
California Enterprise Development Authority
(Rocketship Education Obligated Group)
Series 2022
4.00%, 06/01/2031(a) | | | | | | | 540 | | | | 527,504 | |
California Health Facilities Financing Authority
(Sutter Health Obligated Group)
Series 2018-A
5.00%, 11/15/2030 | | | | | | | 900 | | | | 962,500 | |
| | |
| | |
| 36 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
California Housing Finance Agency
Series 2019-2, Class A
4.00%, 03/20/2033 | | | | | | $ | 4,145 | | | $ | 4,255,860 | |
Series 2021-1, Class A
3.50%, 11/20/2035 | | | | | | | 3,456 | | | | 3,379,968 | |
Series 2021-2, Class A
3.75%, 03/25/2035 | | | | | | | 4,801 | | | | 4,902,096 | |
Series 2021-2, Class X
0.82%, 03/25/2035(d) | | | | | | | 2,880 | | | | 130,344 | |
California Municipal Finance Authority
(Anaheim Electric Utility Fund)
Series 2015-B
5.00%, 10/01/2026 | | | | | | | 1,000 | | | | 1,026,744 | |
California Municipal Finance Authority
(LAX Integrated Express Solutions LLC)
Series 2018
5.00%, 12/31/2028 | | | | | | | 1,700 | | | | 1,789,132 | |
California Municipal Finance Authority
(Waste Management, Inc.)
Series 2019-A
2.40%, 10/01/2044 | | | | | | | 4,710 | | | | 4,524,672 | |
California Pollution Control Financing Authority
(San Diego County Water Authority Desalination Project Pipeline)
Series 2019
5.00%, 07/01/2029(a) | | | | | | | 450 | | | | 474,628 | |
California Public Finance Authority
(California University of Science & Medicine Obligated Group)
Series 2019
6.25%, 07/01/2054(a) | | | | | | | 1,000 | | | | 1,052,468 | |
California School Finance Authority
(Classical Academy Obligated Group)
Series 2022
5.00%, 10/01/2042(a) | | | | | | | 1,000 | | | | 1,040,888 | |
California School Finance Authority
(Fenton Charter Public Schools)
Series 2020-A
4.00%, 07/01/2030(a) | | | | | | | 600 | | | | 602,216 | |
California School Finance Authority
(Rocketship Education Obligated Group)
Series 2015-A
4.25%, 03/01/2028(a) | | | | | | | 370 | | | | 370,472 | |
California State University
Series 2020-D
1.49%, 11/01/2028 | | | | | | | 400 | | | | 363,156 | |
Series 2021-B
2.274%, 11/01/2034 | | | | | | | 2,000 | | | | 1,646,468 | |
2.374%, 11/01/2035 | | | | | | | 1,000 | | | | 812,264 | |
Series 2024-A
5.50%, 11/01/2045 | | | | | | | 1,000 | | | | 1,193,780 | |
California Statewide Communities Development Authority
(Lancer Educational Housing LLC)
Series 2019
5.00%, 06/01/2034(a) | | | | | | | 375 | | | | 392,668 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
California Statewide Communities Development Authority
(Loma Linda University Medical Center)
Series 2018-A
5.00%, 12/01/2028(a) | | | | | | $ | 500 | | | $ | 529,256 | |
California Statewide Communities Development Authority
(NCCD-Hooper Street LLC)
Series 2019
5.00%, 07/01/2029(a) | | | | | | | 215 | | | | 221,748 | |
City of Fremont CA Community Facilities District No. 1
Series 2015
5.00%, 09/01/2028 | | | | | | | 1,505 | | | | 1,531,260 | |
City of Los Angeles CA
Series 2024
5.00%, 06/26/2025 | | | | | | | 3,000 | | | | 3,051,612 | |
City of Los Angeles Department of Airports
Series 2019
5.00%, 05/15/2031 | | | | | | | 485 | | | | 522,680 | |
City of Los Angeles Department of Airports
(Pre-refunded—US Treasuries)
Series 2016-A
5.00%, 05/15/2026 | | | | | | | 215 | | | | 222,484 | |
City of Roseville CA
(City of Roseville CA Fiddyment Ranch Community Facilities District No. 1)
Series 2017
5.00%, 09/01/2031 | | | | | | | 1,000 | | | | 1,036,120 | |
City of Roseville CA
(HP Campus Oaks Community Facilities District No. 1)
Series 2016
5.00%, 09/01/2031 | | | | | | | 305 | | | | 312,652 | |
CMFA Special Finance Agency VIII Elan Huntington Beach
Series 2021
4.00%, 08/01/2047(a) | | | | | | | 100 | | | | 89,848 | |
Coast Community College District
(Pre-refunded—US Treasuries)
Series 2015
Zero Coupon, 08/01/2036 | | | | | | | 1,000 | | | | 602,120 | |
Coronado Community Development Agency Successor Agency
Series 2018-A
5.00%, 09/01/2033 | | | | | | | 1,385 | | | | 1,410,624 | |
County of Los Angeles CA
Series 2024
5.00%, 06/30/2025 | | | | | | | 1,000 | | | | 1,016,840 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 777 Place-Pomona)
Series 2021
3.60%, 05/01/2047(a) | | | | | | | 2,750 | | | | 2,378,692 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim)
Series 2021
3.35%, 04/01/2047(a) | | | | | | $ | 485 | | | $ | 412,484 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek)
Series 2021
4.00%, 10/01/2046(a) | | | | | | | 2,000 | | | | 1,644,068 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne)
Series 2021
3.375%, 07/01/2043(a) | | | | | | | 1,300 | | | | 1,125,888 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Pasadena Portfolio)
Series 2021
2.65%, 12/01/2046(a) | | | | | | | 990 | | | | 796,744 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Theo Apartments)
Series 2021
3.50%, 05/01/2047(a) | | | | | | | 2,700 | | | | 2,342,432 | |
CSCDA Community Improvement Authority
(CSCDA Community Improvement Authority Vineyard Gardens Apartments)
Series 2021
4.00%, 10/01/2048(a) | | | | | | | 1,000 | | | | 768,984 | |
Golden State Tobacco Securitization Corp.
(Golden State Tobacco Securitization Corp. Lease)
Series 2021
1.40%, 06/01/2025 | | | | | | | 1,000 | | | | 980,204 | |
Los Angeles Department of Water & Power Power System Revenue
Series 2020-B
5.00%, 07/01/2028 | | | | | | | 365 | | | | 402,852 | |
5.00%, 07/01/2029 | | | | | | | 455 | | | | 513,832 | |
Middle Fork Project Finance Authority
Series 2020
5.00%, 04/01/2033 | | | | | | | 450 | | | | 479,852 | |
Oakland Unified School District/Alameda County
Series 2015-A
5.00%, 08/01/2026 | | | | | | | 1,025 | | | | 1,046,036 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
River Islands Public Financing Authority
(River Islands Public Financing Authority Cmnty Facs District No. 2003-1 Area 1)
Series 2022
4.50%, 09/01/2037 | | | | | | $ | 500 | | | $ | 513,342 | |
River Islands Public Financing Authority
(River Islands Public Financing Authority Community Facilities District No. 2003-1)
Series 2022
4.50%, 09/01/2037 | | | | | | | 500 | | | | 513,342 | |
Sacramento County Water Financing Authority
(Sacramento County Water Agency)
NATL Series 2007-B
4.106% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(c) | | | | | | | 5,125 | | | | 4,730,804 | |
San Mateo Foster City School District/CA
(Pre-refunded—US Treasuries)
Series 2015-D
4.00%, 08/01/2044 | | | | | | | 2,610 | | | | 2,642,304 | |
Saugus/Hart School Facilities Financing Authority
(Saugus Union School District Community Facilities District No. 06-01)
Series 2016
5.00%, 09/01/2027 | | | | | | | 750 | | | | 770,136 | |
Southern California Public Power Authority
(American International Group, Inc.)
Series 2024-A
5.00%, 04/01/2055 | | | | | | | 1,400 | | | | 1,515,504 | |
State of California
Series 2015
5.00%, 03/01/2026 | | | | | | | 2,085 | | | | 2,104,712 | |
Series 2023
6.00%, 03/01/2033 | | | | | | | 2,000 | | | | 2,236,688 | |
State of California
(Pre-refunded—US Treasuries)
Series 2014
5.00%, 10/01/2029 | | | | | | | 50 | | | | 50,160 | |
Series 2021-B
3.00%, 05/01/2040 | | | | | | | 800 | | | | 800,000 | |
Tobacco Securitization Authority of Southern California
Series 2019
5.00%, 06/01/2030 | | | | | | | 960 | | | | 1,044,564 | |
University of California
Series 2023-B
4.693%, 05/15/2033 | | | | | | | 1,500 | | | | 1,536,584 | |
5.00%, 05/15/2042 | | | | | | | 1,000 | | | | 1,139,288 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 89,952,456 | |
| | | | | | | | | | | | |
| | |
| | |
| 38 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Colorado–1.0% | | | | | |
City & County of Denver CO Airport System Revenue
Series 2018-A
5.00%, 12/01/2032 | | | | | | $ | 1,615 | | | $ | 1,707,604 | |
Colorado State Education Loan Program
Series 2024-A
5.00%, 06/30/2025 | | | | | | | 3,305 | | | | 3,357,827 | |
Johnstown Plaza Metropolitan District
Series 2022
4.25%, 12/01/2046 | | | | | | | 564 | | | | 523,764 | |
Vauxmont Metropolitan District
AGM Series 2019
3.25%, 12/15/2050 | | | | | | | 173 | | | | 149,376 | |
AGM Series 2020
5.00%, 12/01/2024 | | | | | | | 115 | | | | 115,252 | |
5.00%, 12/01/2027 | | | | | | | 105 | | | | 111,932 | |
5.00%, 12/01/2033 | | | | | | | 110 | | | | 120,156 | |
5.00%, 12/01/2050 | | | | | | | 300 | | | | 314,176 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,400,087 | |
| | | | | | | | | | | | |
| Connecticut–1.4% | | | | | |
City of Bridgeport CT
Series 2017-A
5.00%, 11/01/2029 | | | | | | | 1,890 | | | | 2,009,580 | |
5.00%, 11/01/2030 | | | | | | | 2,015 | | | | 2,135,540 | |
5.00%, 11/01/2031 | | | | | | | 1,335 | | | | 1,412,566 | |
Connecticut State Health & Educational Facilities Authority
(Yale University)
Series 2023-A
2.80%, 07/01/2048 | | | | | | | 3,380 | | | | 3,384,912 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,942,598 | |
| | | | | | | | | | | | |
| District of Columbia–0.5% | | | | | |
District of Columbia Income Tax Revenue
Series 2024-A
5.00%, 10/01/2035 | | | | | | | 1,000 | | | | 1,191,240 | |
Metropolitan Washington Airports Authority Aviation Revenue
Series 2018-A
5.00%, 10/01/2030 | | | | | | | 1,910 | | | | 2,028,154 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,219,394 | |
| | | | | | | | | | | | |
| Florida–2.1% | | | | | |
County of Osceola FL Transportation Revenue
Series 2020-A
Zero Coupon, 10/01/2030 | | | | | | | 100 | | | | 79,212 | |
Zero Coupon, 10/01/2031 | | | | | | | 100 | | | | 76,076 | |
Zero Coupon, 10/01/2032 | | | | | | | 200 | | | | 146,248 | |
Zero Coupon, 10/01/2034 | | | | | | | 100 | | | | 67,364 | |
County of Pasco FL
(H Lee Moffitt Cancer Center & Research Institute Obligated Group)
Series 2023
5.00%, 07/01/2030(a) | | | | | | | 1,000 | | | | 1,109,928 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Hillsborough County Aviation Authority
Series 2024
5.25%, 10/01/2042 | | | | | | $ | 1,000 | | | $ | 1,123,080 | |
Hillsborough County Industrial Development Authority
Series 2024
5.00%, 11/15/2034 | | | | | | | 1,000 | | | | 1,180,472 | |
Lakewood Ranch Stewardship District
(Lakewood Ranch Stewardship District Assessment Country Club East)
AGM Series 2020
2.50%, 05/01/2033 | | | | | | | 915 | | | | 814,134 | |
Lakewood Ranch Stewardship District
(Lakewood Ranch Stewardship District Series 2020 Assessment Country Club East)
AGM Series 2020
2.50%, 05/01/2033 | | | | | | | 915 | | | | 814,134 | |
North Broward Hospital District
Series 2017-B
5.00%, 01/01/2031 | | | | | | | 3,590 | | | | 3,769,436 | |
5.00%, 01/01/2032 | | | | | | | 2,950 | | | | 3,091,508 | |
Palm Beach County Health Facilities Authority
(Federation CCRC Operations Corp. Obligated Group)
Series 2020
5.00%, 06/01/2055 | | | | | | | 200 | | | | 200,771 | |
Polk County Industrial Development Authority/FL
(Mineral Development LLC)
Series 2020
5.875%, 01/01/2033(a) | | | | | | | 950 | | | | 856,748 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,329,111 | |
| | | | | | | | | | | | |
| Georgia–1.2% | | | | | |
City of Atlanta GA Department of Aviation
Series 2021-A
5.00%, 07/01/2029 | | | | | | | 640 | | | | 713,584 | |
Series 2021-B
5.00%, 07/01/2029 | | | | | | | 600 | | | | 668,984 | |
Series 2021-C
5.00%, 07/01/2035 | | | | | | | 2,350 | | | | 2,558,768 | |
City of Atlanta GA Water & Wastewater Revenue
(Pre-refunded—US Treasuries)
Series 2015
5.00%, 11/01/2043 | | | | | | | 1,000 | | | | 1,011,756 | |
Fayette County Development Authority
Series 2024
5.00%, 10/01/2030 | | | | | | | 400 | | | | 437,088 | |
Main Street Natural Gas, Inc.
(Citigroup, Inc.)
Series 2024-C
5.00%, 12/01/2054 | | | | | | | 2,000 | | | | 2,158,424 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Municipal Electric Authority of Georgia
Series 2019
5.00%, 01/01/2028 | | | | | | $ | 180 | | | $ | 193,236 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,741,840 | |
| | | | | | | | | | | | |
| Guam–0.8% | | | | | |
Antonio B Won Pat International Airport Authority
Series 2021-A
2.899%, 10/01/2027 | | | | | | | 200 | | | | 191,232 | |
3.099%, 10/01/2028 | | | | | | | 100 | | | | 94,764 | |
3.339%, 10/01/2030 | | | | | | | 150 | | | | 138,732 | |
3.489%, 10/01/2031 | | | | | | | 120 | | | | 110,004 | |
Territory of Guam
Series 2019
5.00%, 11/15/2031 | | | | | | | 315 | | | | 324,706 | |
Territory of Guam
(Guam Section 30 Income Tax)
Series 2016-A
5.00%, 12/01/2026 | | | | | | | 100 | | | | 103,816 | |
5.00%, 12/01/2029 | | | | | | | 245 | | | | 253,464 | |
5.00%, 12/01/2030 | | | | | | | 390 | | | | 402,552 | |
5.00%, 12/01/2032 | | | | | | | 360 | | | | 370,668 | |
Territory of Guam
(Territory of Guam Business Privilege Tax)
Series 2015
5.00%, 11/15/2030 | | | | | | | 1,405 | | | | 1,428,396 | |
Series 2015-D
5.00%, 11/15/2025 | | | | | | | 615 | | | | 625,432 | |
Territory of Guam
(Territory of Guam Hotel Occupancy Tax)
Series 2021-A
5.00%, 11/01/2040 | | | | | | | 1,000 | | | | 1,036,572 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,080,338 | |
| | | | | | | | | | | | |
| Illinois–2.3% | | | | | |
Chicago Board of Education
Series 2010
6.319%, 11/01/2029 | | | | | | | 1,000 | | | | 1,015,884 | |
Series 2019-B
5.00%, 12/01/2030 | | | | | | | 270 | | | | 284,376 | |
5.00%, 12/01/2031 | | | | | | | 310 | | | | 325,056 | |
5.00%, 12/01/2032 | | | | | | | 200 | | | | 209,256 | |
5.00%, 12/01/2033 | | | | | | | 160 | | | | 167,148 | |
Illinois Finance Authority
(Illinois Institute of Technology)
Series 2019
5.00%, 09/01/2026 | | | | | | | 100 | | | | 100,316 | |
5.00%, 09/01/2027 | | | | | | | 200 | | | | 201,484 | |
5.00%, 09/01/2029 | | | | | | | 200 | | | | 202,752 | |
5.00%, 09/01/2032 | | | | | | | 100 | | | | 100,900 | |
5.00%, 09/01/2033 | | | | | | | 400 | | | | 402,732 | |
5.00%, 09/01/2034 | | | | | | | 100 | | | | 100,424 | |
Illinois Finance Authority
(Memorial Health Obligated Group)
Series 2019
5.00%, 04/01/2032 | | | | | | | 1,725 | | | | 1,831,160 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Metropolitan Pier & Exposition Authority
Series 2017-B
5.00%, 12/15/2030 | | | | | | $ | 1,400 | | | $ | 1,474,328 | |
State of Illinois
Series 2017-A
5.00%, 12/01/2025 | | | | | | | 3,810 | | | | 3,901,120 | |
Series 2024
5.00%, 02/01/2038(b) | | | | | | | 1,500 | | | | 1,684,548 | |
Series 2024-B
5.00%, 05/01/2041 | | | | | | | 1,600 | | | | 1,766,908 | |
5.25%, 05/01/2043 | | | | | | | 1,000 | | | | 1,114,100 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,882,492 | |
| | | | | | | | | | | | |
| Indiana–0.4% | | | | | |
City of Whiting IN
(BP PLC)
Series 2023
4.40%, 11/01/2045 | | | | | | | 2,000 | | | | 2,052,531 | |
Indiana Finance Authority
(Ohio Valley Electric Corp.)
Series 2021-B
2.50%, 11/01/2030 | | | | | | | 330 | | | | 307,384 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,359,915 | |
| | | | | | | | | | | | |
| Iowa–0.2% | | | | | |
Iowa Finance Authority
(Pre-refunded—US Treasuries)
Series 2022
4.00%, 12/01/2050 | | | | | | | 1,000 | | | | 1,097,454 | |
| | | | | | | | | | | | |
| Kansas–0.3% | | | | | |
Kansas Development Finance Authority
(State of Kansas Department of Administration Lease)
Series 2021-K
1.149%, 05/01/2026 | | | | | | | 2,000 | | | | 1,909,264 | |
| | | | | | | | | | | | |
| Kentucky–1.4% | | | | | |
City of Ashland KY
(Royal Blue Health LLC Obligated Group)
Series 2019
5.00%, 02/01/2026 | | | | | | | 325 | | | | 330,936 | |
5.00%, 02/01/2027 | | | | | | | 380 | | | | 394,629 | |
5.00%, 02/01/2030 | | | | | | | 255 | | | | 274,556 | |
5.00%, 02/01/2031 | | | | | | | 295 | | | | 310,772 | |
Kenton County Airport Board
Series 2024-A
5.25%, 01/01/2044 | | | | | | | 1,210 | | | | 1,325,828 | |
Kentucky Economic Development Finance Authority
(Owensboro Health, Inc. Obligated Group)
Series 2017-A | | | | | | | | | | | | |
5.00%, 06/01/2031 | | | | | | | 6,195 | | | | 6,395,608 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,032,329 | |
| | | | | | | | | | | | |
| | |
| | |
| 40 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
| Louisiana–0.4% | | | | | |
Louisiana Local Government Environmental Facilities & Community Development Auth
(St James Place of Baton Rouge)
Series 2015-A
6.00%, 11/15/2030 | | | | | | $ | 1,550 | | | $ | 1,562,964 | |
Parish of St. James LA
(NuStar Logistics LP)
Series 2020
6.10%, 06/01/2038(a) | | | | | | | 515 | | | | 575,840 | |
6.10%, 12/01/2040(a) | | | | | | | 500 | | | | 560,527 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,699,331 | |
| | | | | | | | | | | | |
| Maryland–0.5% | | | | | |
University System of Maryland
Series 2024-A
5.00%, 04/01/2025 | | | | | | | 2,970 | | | | 3,001,097 | |
| | | | | | | | | | | | |
| Massachusetts–1.1% | | | | | |
Commonwealth of Massachusetts
Series 2022-B
4.11%, 07/15/2031 | | | | | | | 396 | | | | 393,154 | |
Commonwealth of Massachusetts
(Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue)
Series 2022-B
4.11%, 07/15/2031 | | | | | | | 396 | | | | 393,154 | |
Massachusetts Port Authority
(Pre-refunded—US Treasuries)
Series 2015-B
5.00%, 07/01/2045 | | | | | | | 1,840 | | | | 1,863,696 | |
Massachusetts Water Resources Authority
Series 2024-B
5.00%, 08/01/2042 | | | | | | | 2,000 | | | | 2,300,905 | |
Series 2024-C
5.00%, 08/01/2040 | | | | | | | 2,000 | | | | 2,327,408 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,278,317 | |
| | | | | | | | | | | | |
| Michigan–2.6% | | | | | |
City of Detroit MI
Series 2018
5.00%, 04/01/2025 | | | | | | | 800 | | | | 805,500 | |
5.00%, 04/01/2026 | | | | | | | 1,200 | | | | 1,232,368 | |
5.00%, 04/01/2028 | | | | | | | 2,475 | | | | 2,643,540 | |
5.00%, 04/01/2029 | | | | | | | 1,000 | | | | 1,064,236 | |
5.00%, 04/01/2030 | | | | | | | 600 | | | | 636,861 | |
Michigan Finance Authority
(City of Detroit MI Income Tax)
Series 2015
4.50%, 10/01/2029 | | | | | | | 900 | | | | 900,752 | |
Michigan Finance Authority
(Michigan Finance Authority Tobacco Settlement Revenue)
Series 2020-A
3.267%, 06/01/2039 | | | | | | | 1,000 | | | | 955,184 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Michigan Finance Authority
(Public Lighting Authority)
Series 2014-B
5.00%, 07/01/2025 | | | | | | $ | 1,175 | | | $ | 1,176,116 | |
Michigan Strategic Fund
(Michigan Strategic Fund—I 75 Improvement Project)
Series 2018
5.00%, 06/30/2030 | | | | | | | 2,000 | | | | 2,107,004 | |
5.00%, 06/30/2033 | | | | | | | 1,090 | | | | 1,142,344 | |
South Lyon Community Schools
Series 2016
5.00%, 05/01/2028 | | | | | | | 3,640 | | | | 3,770,088 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,433,993 | |
| | | | | | | | | | | | |
| Minnesota–0.3% | | | | | |
Minneapolis-St. Paul Metropolitan Airports Commission
Series 2024
5.25%, 01/01/2044 | | | | | | | 1,000 | | | | 1,097,347 | |
State of Minnesota
(State of Minnesota Lease)
Series 2022-A
5.00%, 03/01/2025 | | | | | | | 1,000 | | | | 1,007,956 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,105,303 | |
| | | | | | | | | | | | |
| Mississippi–0.2% | | | | | |
Mississippi Development Bank
(Magnolia Regional Health Center)
Series 2021
4.00%, 10/01/2035(a) | | | | | | | 1,100 | | | | 1,023,120 | |
| | | | | | | | | | | | |
| Missouri–0.1% | | | | | |
Howard Bend Levee District
XLCA Series 2005
5.75%, 03/01/2025 | | | | | | | 185 | | | | 185,935 | |
5.75%, 03/01/2027 | | | | | | | 255 | | | | 266,228 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 452,163 | |
| | | | | | | | | | | | |
| Nevada–0.2% | | | | | |
City of Sparks NV
(City of Sparks NV Sales Tax)
Series 2019-A
2.75%, 06/15/2028(a) | | | | | | | 435 | | | | 425,372 | |
State of Nevada Department of Business & Industry
Series 2024
8.125%, 01/01/2050 | | | | | | | 1,000 | | | | 1,029,919 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,455,291 | |
| | | | | | | | | | | | |
| New Hampshire–1.5% | | | | | |
New Hampshire Business Finance Authority
Series 2020-1, Class A
4.125%, 01/20/2034 | | | | | | | 1,667 | | | | 1,691,785 | |
Series 2022-1, Class A
4.375%, 09/20/2036 | | | | | | | 4,855 | | | | 4,992,028 | |
Series 2022-1, Class X
0.35%, 09/20/2036(d) | | | | | | | 3,641 | | | | 78,084 | |
Series 2022-2, Class A
4.00%, 10/20/2036 | | | | | | | 1,948 | | | | 1,949,364 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Series 2024
5.375%, 12/15/2035(a) | | | | | | $ | 1,000 | | | $ | 999,252 | |
Series 2024-2, Class X
0.59%, 08/20/2039(d) | | | | | | | 998 | | | | 42,440 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,752,953 | |
| | | | | | | | | | | | |
| New Jersey–3.9% | | | | | |
New Jersey Economic Development Authority
(United Airlines, Inc.)
Series 2012
5.25%, 09/15/2029 | | | | | | | 1,125 | | | | 1,126,296 | |
New Jersey Health Care Facilities Financing Authority
(Inspira Health Obligated Group)
Series 2017-A
5.00%, 07/01/2027 | | | | | | | 1,325 | | | | 1,411,416 | |
New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Fed Hwy Grant)
Series 2018-A
5.00%, 06/15/2029 | | | | | | | 1,630 | | | | 1,684,640 | |
5.00%, 06/15/2030 | | | | | | | 1,675 | | | | 1,729,048 | |
New Jersey Transportation Trust Fund Authority
(New Jersey Transportation Trust Fund Authority State Lease)
Series 2018-A
5.00%, 12/15/2029 | | | | | | | 160 | | | | 174,552 | |
Series 2019-BB1
5.00%, 06/15/2034 | | | | | | | 1,250 | | | | 1,343,436 | |
New Jersey Turnpike Authority
Series 2021-B
1.713%, 01/01/2029 | | | | | | | 1,225 | | | | 1,118,528 | |
Series 2024-C
5.00%, 01/01/2043(b) | | | | | | | 1,000 | | | | 1,126,968 | |
AGM Series 2005-D3
5.25%, 01/01/2026 | | | | | | | 11,070 | | | | 11,301,632 | |
Tobacco Settlement Financing Corp./NJ
Series 2018-A
5.00%, 06/01/2028 | | | | | | | 3,450 | | | | 3,674,700 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,691,216 | |
| | | | | | | | | | | | |
| New York–13.0% | | | | | |
Albany County Airport Authority
Series 2020-B
5.00%, 12/15/2024 | | | | | | | 145 | | | | 145,356 | |
5.00%, 12/15/2025 | | | | | | | 145 | | | | 148,256 | |
5.00%, 12/15/2026 | | | | | | | 145 | | | | 150,752 | |
Build NYC Resource Corp.
(East Harlem Scholars Academy Charter School Obligated Group)
Series 2022
5.75%, 06/01/2042(a) | | | | | | | 245 | | | | 265,344 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Build NYC Resource Corp.
(Integration Charter Schools)
Series 2021
5.00%, 06/01/2041(a) | | | | | | $ | 300 | | | $ | 294,592 | |
Build NYC Resource Corp.
(Metropolitan College of New York)
Series 2014
5.25%, 11/01/2029 | | | | | | | 1,000 | | | | 600,000 | |
City of New York NY
Series 2018-E
5.00%, 03/01/2031 | | | | | | | 1,055 | | | | 1,133,520 | |
Series 2019-E
5.00%, 08/01/2025 | | | | | | | 1,000 | | | | 1,017,700 | |
Series 2021
1.396%, 08/01/2027 | | | | | | | 3,385 | | | | 3,164,344 | |
Series 2021-A
4.00%, 08/01/2035 | | | | | | | 2,500 | | | | 2,635,328 | |
Series 2024-A
5.00%, 08/01/2025 | | | | | | | 1,000 | | | | 1,017,700 | |
Series 2024-C
5.00%, 09/01/2044 | | | | | | | 1,000 | | | | 1,121,104 | |
County of Onondaga NY
Series 2022
4.00%, 06/15/2040 | | | | | | | 1,145 | | | | 1,182,372 | |
Dutchess County Local Development Corp.
(Bard College)
Series 2020-B
5.918%, 07/01/2039 | | | | | | | 900 | | | | 916,608 | |
Empire State Development Corp.
(State of New York Pers Income Tax)
Series 2022
5.00%, 09/15/2029 | | | | | | | 275 | | | | 308,560 | |
Hempstead Town Local Development Corp.
(Evergreen Charter School, Inc.)
Series 2022-A
5.25%, 06/15/2042 | | | | | | | 1,000 | | | | 1,049,512 | |
Long Island Power Authority
Series 2024-A
5.00%, 09/01/2044 | | | | | | | 1,000 | | | | 1,130,288 | |
Metropolitan Transportation Authority
Series 2016-A
5.00%, 11/15/2028 | | | | | | | 1,540 | | | | 1,604,288 | |
Series 2017-C
5.00%, 11/15/2028 | | | | | | | 6,400 | | | | 6,884,444 | |
5.00%, 11/15/2029 | | | | | | | 1,735 | | | | 1,862,288 | |
Series 2020-C
5.25%, 11/15/2055 | | | | | | | 1,355 | | | | 1,433,560 | |
Monroe County Industrial Development Corp./NY
(Academy of Health Sciences Charter School)
Series 2022
5.00%, 07/01/2032(a) | | | | | | | 370 | | | | 384,792 | |
| | |
| | |
| 42 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Monroe County Industrial Development Corp./NY
(Rochester Regional Health Obligated Group)
Series 2020
5.00%, 12/01/2030 | | | | | | $ | 955 | | | $ | 1,023,664 | |
New York City Transitional Finance Authority
Series 2024
5.00%, 11/01/2041 | | | | | | | 3,000 | | | | 3,405,668 | |
New York City Transitional Finance Authority Building Aid Revenue
(New York City Transitional Finance Authority Building Aid Revenue State Lease)
Series 2018-S
5.00%, 07/15/2031 | | | | | | | 1,460 | | | | 1,575,472 | |
New York City Transitional Finance Authority Future Tax Secured Revenue
(Pre-refunded—US Treasuries)
Series 2014-B
5.00%, 11/01/2026 | | | | | | | 4,000 | | | | 4,005,080 | |
5.00%, 11/01/2027 | | | | | | | 3,350 | | | | 3,354,256 | |
5.00%, 11/01/2029 | | | | | | | 1,155 | | | | 1,156,468 | |
New York Liberty Development Corp.
(3 World Trade Center LLC)
Series 2014
5.375%, 11/15/2040(a) | | | | | | | 350 | | | | 350,412 | |
7.25%, 11/15/2044(a) | | | | | | | 100 | | | | 100,200 | |
New York Liberty Development Corp.
(One Bryant Park LLC)
Series 2019
2.45%, 09/15/2069 | | | | | | | 2,755 | | | | 2,609,100 | |
2.625%, 09/15/2069 | | | | | | | 320 | | | | 300,012 | |
2.80%, 09/15/2069 | | | | | | | 4,620 | | | | 4,261,360 | |
New York State Dormitory Authority
(Garnet Health Medical Center Obligated Group)
Series 2017
5.00%, 12/01/2024(a) | | | | | | | 700 | | | | 699,764 | |
New York State Dormitory Authority
(New York and Presbyterian Hospital Obligated Group)
Series 2023
5.00%, 08/01/2038 | | | | | | | 1,000 | | | | 1,155,404 | |
New York State Dormitory Authority
(Northwell Health Obligated Group)
Series 2022
4.00%, 05/01/2039 | | | | | | | 1,000 | | | | 993,568 | |
4.00%, 05/01/2040 | | | | | | | 1,000 | | | | 990,404 | |
New York State Dormitory Authority
(Pre-refunded—US Govt Agencies)
Series 2021
1.187%, 03/15/2026 | | | | | | | 1,000 | | | | 960,272 | |
New York State Dormitory Authority
(Wagner College)
Series 2022
5.00%, 07/01/2037 | | | | | | | 540 | | | | 562,844 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
New York State Thruway Authority
(New York State Thruway Authority Gen Toll Road)
Series 2021-O
4.00%, 01/01/2038 | | | | | | $ | 2,810 | | | $ | 2,908,876 | |
New York Transportation Development Corp.
(American Airlines, Inc.)
Series 2021
3.00%, 08/01/2031 | | | | | | | 1,000 | | | | 943,740 | |
New York Transportation Development Corp.
(Delta Air Lines, Inc.)
Series 2018
5.00%, 01/01/2032 | | | | | | | 1,495 | | | | 1,547,072 | |
New York Transportation Development Corp.
(JFK International Air Terminal LLC)
Series 2022
4.00%, 12/01/2042 | | | | | | | 2,000 | | | | 1,929,848 | |
5.00%, 12/01/2040 | | | | | | | 1,000 | | | | 1,057,260 | |
Niagara Area Development Corp.
(Reworld Holding Corp.)
Series 2018-B
3.50%, 11/01/2024(a) | | | | | | | 600 | | | | 599,936 | |
Port Authority of New York & New Jersey
Series 2014
5.00%, 09/01/2028 | | | | | | | 3,615 | | | | 3,619,644 | |
Series 2019
5.00%, 11/01/2031 | | | | | | | 1,455 | | | | 1,559,464 | |
Suffolk Tobacco Asset Securitization Corp.
Series 2021
4.00%, 06/01/2050 | | | | | | | 430 | | | | 432,120 | |
Triborough Bridge & Tunnel Authority
(Metropolitan Transportation Authority Payroll Mobility Tax Revenue)
Series 2021-A
2.411%, 05/15/2034 | | | | | | | 3,000 | | | | 2,522,176 | |
2.511%, 05/15/2035 | | | | | | | 1,500 | | | | 1,244,308 | |
Series 2022
5.00%, 05/15/2034 | | | | | | | 500 | | | | 579,444 | |
5.00%, 05/15/2035 | | | | | | | 1,000 | | | | 1,152,394 | |
5.00%, 05/15/2036 | | | | | | | 1,000 | | | | 1,146,100 | |
Series 2024
5.00%, 11/15/2033 | | | | | | | 1,500 | | | | 1,783,184 | |
Troy Capital Resource Corp.
(Rensselaer Polytechnic Institute)
Series 2020
5.00%, 09/01/2031 | | | | | | | 305 | | | | 337,516 | |
5.00%, 09/01/2032 | | | | | | | 415 | | | | 458,992 | |
5.00%, 09/01/2033 | | | | | | | 395 | | | | 436,620 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Trust for Cultural Resources of The City of New York (The)
(Lincoln Center for the Performing Arts, Inc.)
Series 2016-A
5.00%, 12/01/2026 | | | | | | $ | 3,130 | | | $ | 3,291,612 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 83,504,962 | |
| | | | | | | | | | | | |
| Ohio–1.5% | | | | | |
County of Cuyahoga OH
(MetroHealth System (The))
Series 2017
5.00%, 02/15/2028 | | | | | | | 4,000 | | | | 4,155,264 | |
County of Montgomery OH
(Dayton Children’s Hospital Obligated Group)
Series 2021
5.00%, 08/01/2034 | | | | | | | 1,150 | | | | 1,282,048 | |
County of Washington OH
(Marietta Area Health Care, Inc. Obligated Group)
Series 2022
6.375%, 12/01/2037 | | | | | | | 1,000 | | | | 1,098,684 | |
Ohio Higher Educational Facility Commission
(Ashtabula County Medical Center Obligated Group) | | | | | | | | | | | | |
Series 2022
5.00%, 01/01/2034 | | | | | | | 360 | | | | 385,252 | |
5.25%, 01/01/2035 | | | | | | | 750 | | | | 821,208 | |
5.25%, 01/01/2038 | | | | | | | 1,110 | | | | 1,203,073 | |
5.25%, 01/01/2039 | | | | | | | 780 | | | | 838,812 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,784,341 | |
| | | | | | | | | | | | |
| Oklahoma–0.8% | | | | | |
Comanche County Memorial Hospital
Series 2015
5.00%, 07/01/2026 | | | | | | | 1,000 | | | | 1,000,260 | |
5.00%, 07/01/2028 | | | | | | | 1,000 | | | | 1,000,044 | |
5.00%, 07/01/2029 | | | | | | | 1,000 | | | | 999,948 | |
Oklahoma Development Finance Authority
Series 2022
4.38%, 11/01/2045 | | | | | | | 1,000 | | | | 958,772 | |
Oklahoma Development Finance Authority
(OU Medicine Obligated Group)
Series 2022-A
5.50%, 08/15/2037 | | | | | | | 1,000 | | | | 1,066,572 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,025,596 | |
| | | | | | | | | | | | |
| Other–1.1% | | | | | |
Federal Home Loan Mortgage Corp.
Series 2021-ML10, Class ACA
2.046%, 06/25/2038 | | | | | | | 960 | | | | 796,352 | |
Series 2021-ML10, Class AUS
2.032%, 01/25/2038 | | | | | | | 1,226 | | | | 990,276 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates
(FHLMC Multifamily VRD Certificates)
2.65%, 06/15/2035(a) | | | | | | $ | 4,665 | | | $ | 4,150,060 | |
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates
Series 2024
4.683%, 10/25/2040 | | | | | | | 998 | | | | 1,086,175 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,022,863 | |
| | | | | | | | | | | | |
| Pennsylvania–3.2% | | | | | |
Allegheny County Sanitary Authority
BAM Series 2013
5.00%, 12/01/2024 | | | | | | | 3,105 | | | | 3,109,028 | |
5.00%, 12/01/2025 | | | | | | | 4,365 | | | | 4,373,184 | |
City of Philadelphia PA Water & Wastewater Revenue
Series 2020
5.00%, 10/01/2039 | | | | | | | 1,000 | | | | 1,094,504 | |
Moon Industrial Development Authority
(Baptist Homes Society)
Series 2015
5.125%, 07/01/2025 | | | | | | | 560 | | | | 547,096 | |
Pennsylvania Economic Development Financing Authority
(Commonwealth of Pennsylvania Department of Transportation)
Series 2022
5.50%, 06/30/2041 | | | | | | | 3,300 | | | | 3,654,956 | |
Pennsylvania Economic Development Financing Authority
(UPMC Obligated Group)
Series 2022-C
3.85% (MUNIPSA + 0.70%), 11/15/2047(c) | | | | | | | 2,000 | | | | 2,000,376 | |
Pennsylvania Turnpike Commission
Series 2017
5.00%, 12/01/2030 | | | | | | | 2,540 | | | | 2,695,304 | |
Philadelphia Authority for Industrial Development
(MaST Community Charter School III)
Series 2021
5.00%, 08/01/2030 | | | | | | | 640 | | | | 661,956 | |
Pittsburgh Water & Sewer Authority
AGM Series 2023-C
4.188% (SOFR + 0.80%), 09/01/2040(a)(c) | | | | | | | 2,500 | | | | 2,436,276 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,572,680 | |
| | | | | | | | | | | | |
| Puerto Rico–1.3% | | | | | |
Commonwealth of Puerto Rico
Series 2021-A
Zero Coupon, 07/01/2033 | | | | | | | 1,294 | | | | 878,440 | |
4.00%, 07/01/2046 | | | | | | | 16 | | | | 15,372 | |
Series 2022-C
Zero Coupon, 11/01/2043 | | | | | | | 92 | | | | 59,321 | |
| | |
| | |
| 44 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority
Series 2020-A
5.00%, 07/01/2030(a) | | | | | | $ | 1,325 | | | $ | 1,403,228 | |
5.00%, 07/01/2035(a) | | | | | | | 250 | | | | 262,376 | |
Puerto Rico Electric Power Authority
AGM Series 2007-V
5.25%, 07/01/2031 | | | | | | | 1,240 | | | | 1,245,448 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth
(AES Puerto Rico LP)
12.50%, 12/15/2025(e)(f) | | | | | | | 812 | | | | 787,328 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority
Series 2023-A
6.625%, 01/01/2027 | | | | | | | 458 | | | | 454,828 | |
6.625%, 01/01/2028 | | | | | | | 3,494 | | | | 3,469,924 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,576,265 | |
| | | | | | | | | | | | |
| South Carolina–1.9% | | | | | |
Patriots Energy Group Financing Agency
(Royal Bank of Canada)
Series 2023
5.25%, 02/01/2054 | | | | | | | 5,000 | | | | 5,497,836 | |
South Carolina Jobs-Economic Development Authority
(Novant Health Obligated Group)
Series 2024
4.00%, 11/01/2042 | | | | | | | 1,000 | | | | 1,016,576 | |
5.25%, 11/01/2041 | | | | | | | 3,000 | | | | 3,436,064 | |
South Carolina Public Service Authority
Series 2024-A
5.00%, 12/01/2044 | | | | | | | 1,000 | | | | 1,097,920 | |
Series 2024-B
4.125%, 12/01/2044 | | | | | | | 1,100 | | | | 1,100,620 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,149,016 | |
| | | | | | | | | | | | |
| Tennessee–0.6% | | | | | |
City of Memphis TN
Series 2024-B
5.00%, 04/01/2042 | | | | | | | 2,440 | | | | 2,723,308 | |
Metropolitan Nashville Airport Authority (The)
Series 2019-B
5.00%, 07/01/2032 | | | | | | | 1,205 | | | | 1,295,700 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,019,008 | |
| | | | | | | | | | | | |
| Texas–2.6% | | | | | |
Central Texas Turnpike System
Series 2024-C
5.00%, 08/15/2042 | | | | | | | 1,100 | | | | 1,218,884 | |
City of Austin TX
Series 2015
5.00%, 09/01/2026 | | | | | | | 2,000 | | | | 2,041,308 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
City of Corpus Christi TX Utility System Revenue
Series 2015-C
5.00%, 07/15/2026 | | | | | | $ | 1,030 | | | $ | 1,048,548 | |
City of Houston TX Airport System Revenue
(United Airlines, Inc.)
Series 2014
5.00%, 07/01/2029 | | | | | | | 475 | | | | 475,210 | |
Irving Hospital Authority
(Baylor Medical Center at Irving)
Series 2017-A
5.00%, 10/15/2028 | | | | | | | 1,100 | | | | 1,132,136 | |
Longview Independent School District
Series 2024
5.00%, 02/15/2039 | | | | | | | 1,000 | | | | 1,148,176 | |
Mission Economic Development Corp.
(Natgasoline LLC)
Series 2018
4.625%, 10/01/2031(a) | | | | | | | 1,010 | | | | 1,014,192 | |
Texas Municipal Gas Acquisition & Supply Corp IV
Series 2023-A
5.50%, 01/01/2054 | | | | | | | 6,370 | | | | 6,935,996 | |
Texas Municipal Gas Acquisition and Supply Corp. I
(Bank of America Corp.)
Series 2008-D
6.25%, 12/15/2026 | | | | | | | 1,675 | | | | 1,732,188 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,746,638 | |
| | | | | | | | | | | | |
| Vermont–0.5% | | | | | |
State of Vermont
Series 2023-A
4.00%, 08/15/2043 | | | | | | | 3,135 | | | | 3,220,373 | |
| | | | | | | | | | | | |
| Virginia–1.1% | | | | | |
Chesterfield County Economic Development Authority
(County of Chesterfield VA) | | | | | | | | | | | | |
Series 2024
5.00%, 04/01/2043 | | | | | | | 3,000 | | | | 3,381,961 | |
5.00%, 04/01/2044 | | | | | | | 2,000 | | | | 2,245,220 | |
Virginia Small Business Financing Authority
(95 Express Lanes LLC)
Series 2022
5.00%, 07/01/2038 | | | | | | | 1,120 | | | | 1,190,632 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,817,813 | |
| | | | | | | | | | | | |
| Washington–0.8% | | | | | |
Central Puget Sound Regional Transit Authority
(Pre-refunded—US Treasuries)
Series 2015
5.00%, 11/01/2035 | | | | | | | 1,000 | | | | 1,025,314 | |
Spokane County School District No. 81 Spokane
Series 2012
3.00%, 12/01/2031 | | | | | | | 2,000 | | | | 1,966,496 | |
Schedule of Investments (continued)
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
State of Washington
Series 2024-R
5.00%, 07/01/2025 | | | | | | $ | 1,000 | | | $ | 1,015,896 | |
Washington State Housing Finance Commission
Series 2021-1, Class A
3.50%, 12/20/2035 | | | | | | | 1,093 | | | | 1,043,484 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,051,190 | |
| | | | | | | | | | | | |
| West Virginia–0.4% | | | | | |
Tobacco Settlement Finance Authority/WV
Series 2020
4.875%, 06/01/2049 | | | | | | | 2,595 | | | | 2,539,761 | |
| | | | | | | | | | | | |
| Wisconsin–2.6% | | | | | |
State of Wisconsin
Series 2021-2
5.00%, 05/01/2035 | | | | | | | 750 | | | | 836,704 | |
University of Wisconsin Hospitals & Clinics
Series 2024-B
5.00%, 04/01/2054 | | | | | | | 2,000 | | | | 2,243,052 | |
Wausau School District
Series 2022
5.00%, 03/01/2031 | | | | | | | 2,180 | | | | 2,430,144 | |
Wisconsin Health & Educational Facilities Authority
(Advocate Aurora Health Obligated Group)
Series 2023
5.00%, 08/15/2054 | | | | | | | 1,000 | | | | 1,032,980 | |
Wisconsin Public Finance Authority
(CFC-SA LLC)
Series 2022
5.50%, 02/01/2042(a) | | | | | | | 1,400 | | | | 1,465,996 | |
Wisconsin Public Finance Authority
(Queens University of Charlotte)
Series 2022
5.25%, 03/01/2042 | | | | | | | 1,000 | | | | 1,046,272 | |
Wisconsin Public Finance Authority
(Southeastern Regional Medical Center Obligated Group)
Series 2021
4.00%, 02/01/2038 | | | | | | | 1,000 | | | | 879,881 | |
4.00%, 02/01/2040 | | | | | | | 1,000 | | | | 863,540 | |
Series 2022
5.00%, 02/01/2032 | | | | | | | 1,000 | | | | 987,360 | |
Wisconsin Public Finance Authority
(UMA Education, Inc.)
Series 2019
5.00%, 10/01/2025(a) | | | | | | | 1,120 | | | | 1,130,064 | |
5.00%, 10/01/2026(a) | | | | | | | 1,185 | | | | 1,207,480 | |
5.00%, 10/01/2027(a) | | | | | | | 1,205 | | | | 1,239,900 | |
5.00%, 10/01/2028(a) | | | | | | | 680 | | | | 704,072 | |
5.00%, 10/01/2029(a) | | | | | | | 400 | | | | 416,816 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,484,261 | |
| | | | | | | | | | | | |
Total Municipal Obligations
(cost $460,847,601) | | | | | | | | | | | 453,720,867 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Shares | | | U.S. $ Value | |
| |
| INVESTMENT COMPANIES–22.6% | | | | | |
| Funds and Investment Trusts–22.6%(g) | | | | | |
iShares Core MSCI EAFE ETF | | | | | | | 651,393 | | | $ | 50,841,224 | |
iShares Core MSCI Emerging Markets ETF | | | | | | | 54,490 | | | | 3,128,271 | |
SPDR S&P 500 ETF Trust | | | | | | | 157,873 | | | | 90,581,212 | |
| | | | | | | | | | | | |
Total Investment Companies
(cost $78,970,642) | | | | | | | | | | | 144,550,707 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | | |
|
| GOVERNMENTS—TREASURIES–2.1% | |
| United States–2.1% | | | | | |
U.S. Treasury Notes
2.625%, 02/15/2029(h)
(cost $14,280,262) | | U.S.$ | | | | | 14,009 | | | | 13,461,773 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| CORPORATES—INVESTMENT GRADE–1.0% | | | | | |
| |
| Industrial–1.0% | | | | | |
| Consumer Non-Cyclical–1.0% | | | | | |
Baylor Scott & White Holdings
Series 2021
0.827%, 11/15/2025 | | | | | | | 1,075 | | | | 1,030,507 | |
1.777%, 11/15/2030 | | | | | | | 1,000 | | | | 869,240 | |
Novant Health, Inc.
2.637%, 11/01/2036 | | | | | | | 3,525 | | | | 2,847,212 | |
Ochsner LSU Health System of North Louisiana
Series 2021
2.51%, 05/15/2031 | | | | | | | 2,000 | | | | 1,553,240 | |
| | | | | | | | | | | | |
Total Corporates—Investment Grade
(cost $7,599,348) | | | | | | | | 6,300,199 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| ASSET-BACKED SECURITIES–0.9% | | | | | |
| Autos—Fixed Rate–0.2% | | | | | |
Foursight Capital Automobile Receivables Trust
Series 2023-1, Class A2
5.43%, 10/15/2026(a) | | | | | | | 86 | | | | 85,676 | |
Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(a) | | | | | | | 1,133 | | | | 1,153,420 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,239,096 | |
| | | | | | | | | | | | |
| Other ABS—Fixed Rate–0.7% | | | | | |
HTA TRRB Custodial Trust
Series 2022
5.25%, 07/01/2034 | | | | | | | 961 | | | | 936,982 | |
5.25%, 07/01/2036 | | | | | | | 1,088 | | | | 1,093,252 | |
5.25%, 07/01/2041 | | | | | | | 1,068 | | | | 1,040,244 | |
| | |
| | |
| 46 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Louisiana Local Government Environmental Facilities & Community Development Auth
Series 2023-ELL, Class A1
5.081%, 06/01/2031 | | | U.S.$ | | | | 1,203 | | | $ | 1,225,544 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,296,022 | |
| | | | | | | | | | | | |
Total Asset-Backed Securities
(cost $5,525,445) | | | | | | | | 5,535,118 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Notional Amount (000) | | | | |
| |
| PURCHASED OPTIONS—PUTS–0.6% | | | | | |
| Options on Equity Indices–0.6% | | | | | |
Euro STOXX 50 Index
Expiration: Sep 2025;
Contracts: 3,430;
Exercise Price: EUR 4,200.00;
Counterparty: UBS AG(i) | | | EUR | | | | 14,406,000 | | | | 384,145 | |
FTSE 100 Index
Expiration: Jul 2025;
Contracts: 770;
Exercise Price: GBP 7,200.00;
Counterparty: UBS AG(i) | | | GBP | | | | 5,544,000 | | | | 99,866 | |
Nikkei 225 Index
Expiration: Jun 2025;
Contracts: 78,000; Exercise Price: JPY 33,250.00;
Counterparty: UBS AG(i) | | | JPY | | | | 2,593,500,000 | | | | 644,304 | |
S&P 500 Index
Expiration: Jul 2025;
Contracts: 28,300;
Exercise Price: USD 4,900.00;
Counterparty: UBS AG(i) | | | USD | | | | 138,670,000 | | | | 2,644,425 | |
| | | | | | | | | | | | |
Total Purchased Options—Puts
(premiums paid $3,631,976) | | | | | | | | | | | 3,772,740 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | | |
| | |
| CORPORATES—NON-INVESTMENT GRADE–0.2% | | | | | |
| |
| Industrial–0.2% | | | | | |
| Communications—Media–0.2% | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 01/15/2034(a)
(cost $1,546,000) | | | | | | $ | 1,546 | | | | 1,269,513 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | |
| COLLATERALIZED MORTGAGE OBLIGATIONS–0.1% | | | | | |
| Risk Share Floating Rate–0.1% | | | | | |
Connecticut Avenue Securities Trust
Series 2020-SBT1, Class 2M2 9.045% (CME Term SOFR + 3.76%), 02/25/2040(a)(c) | | | | | | | 250 | | | | 264,636 | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | U.S. $ Value | |
Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C02, Class 1M2
9.395% (CME Term SOFR + 4.11%), 05/25/2025(c) | | | | | | $ | 22 | | | $ | 22,784 | |
Series 2015-C03, Class 1M2
10.395% (CME Term SOFR + 5.11%), 07/25/2025(c) | | | | | | | 23 | | | | 24,088 | |
Series 2016-C01, Class 1M2
12.145% (CME Term SOFR + 6.86%), 08/25/2028(c) | | | | | | | 87 | | | | 91,396 | |
Series 2016-C02, Class 1M2
11.395% (CME Term SOFR + 6.11%), 09/25/2028(c) | | | | | | | 21 | | | | 21,860 | |
| | | | | | | | | | | | |
Total Collateralized Mortgage Obligations
(cost $327,779) | | | | | | | | 424,764 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Shares | | | | |
| | |
| PREFERRED STOCKS–0.0% | | | | | |
| |
| Industrial–0.0% | | | | | |
| Energy–0.0% | | | | | |
AES Puerto Rico LP
0.00%(e)(f)(i)
(cost $1,388,269) | | | | | | | 76,842 | | | | 223,610 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Principal Amount (000) | | | | |
|
| COMMERCIAL MORTGAGE-BACKED SECURITIES–0.0% | |
| Non-Agency Fixed Rate CMBS–0.0% | | | | | |
City of Fort Wayne IN
10.75%, 12/01/2029(i)(j)
(cost $26,951) | | | | | | $ | 27 | | | | 3 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | |
| | | Shares | | | | |
|
| SHORT-TERM INVESTMENTS–1.0% | |
| Investment Companies–1.0% | | | | | |
AB Fixed Income Shares, Inc.—Government Money Market Portfolio—Class AB, 4.73%(g)(k)(l)
(cost $6,804,726) | | | | | | | 6,804,726 | | | | 6,804,726 | |
| | | | | | | | | | | | |
Total Investments–99.3%
(cost $580,948,999) | | | | 636,064,020 | |
| | |
Other assets less liabilities–0.7% | | | | | | | | 4,301,485 | |
| | | | | | | | | | | | |
| Net Assets–100.0% | | | | | | $ | 640,365,505 | |
| | | | | | | | | | | | |
Schedule of Investments (continued)
| | | | | | | | | | | | | | |
| |
| FUTURES (see Note 3) | |
| Description | | Number of
Contracts | | | Expiration
Month | | Current
Notional | | | Value and
Unrealized
Appreciation
(Depreciation) | |
| Purchased Contracts | |
| | | | |
E-Mini Russell 2000 Index Futures | | | 97 | | | December 2024 | | $ | 10,908,620 | | | $ | 463,982 | |
| | | | |
Euro STOXX 50 Index Futures | | | 220 | | | December 2024 | | | 12,318,111 | | | | 288,816 | |
| | | | |
FTSE 100 Index Futures | | | 98 | | | December 2024 | | | 10,859,686 | | | | (143,617 | ) |
| | | | |
Hang Seng Index Futures | | | 1 | | | October 2024 | | | 136,856 | | | | 12,058 | |
| | | | |
MSCI Emerging Markets Futures | | | 357 | | | December 2024 | | | 20,932,695 | | | | 1,398,845 | |
| | | | |
MSCI Singapore IX ETS Futures | | | 4 | | | October 2024 | | | 106,874 | | | | (15 | ) |
| | | | |
Nikkei 225 (OSE) Futures | | | 17 | | | December 2024 | | | 4,488,781 | | | | 230,769 | |
| | | | |
OMXS 30 Index Futures | | | 11 | | | October 2024 | | | 284,400 | | | | 7,074 | |
| | | | |
S&P 500 E-Mini Futures | | | 251 | | | December 2024 | | | 72,968,838 | | | | 1,862,548 | |
| | | | |
S&P Mid 400 E-Mini Futures | | | 25 | | | December 2024 | | | 7,871,500 | | | | 334,272 | |
| | | | |
TOPIX Index Futures | | | 16 | | | December 2024 | | | 2,947,295 | | | | 87,506 | |
| | | | |
U.S. T-Note 2 Yr (CBT) Futures | | | 208 | | | December 2024 | | | 43,314,375 | | | | (7,500 | ) |
| | | | |
U.S. T-Note 10 Yr (CBT) Futures | | | 385 | | | December 2024 | | | 43,998,281 | | | | (131,366 | ) |
| | | | |
U.S. Ultra Bond (CBT) Futures | | | 74 | | | December 2024 | | | 9,848,938 | | | | (27,208 | ) |
| | | | |
| Sold Contracts | | | | | | | | | | | | | | |
| | | | |
S&P/TSX 60 Index Futures | | | 37 | | | December 2024 | | | 7,903,109 | | | | (46,708 | ) |
| | | | |
SPI 200 Futures | | | 62 | | | December 2024 | | | 8,900,650 | | | | (127,352 | ) |
| | | | | | | | | | | | | | |
| | | $ | 4,202,104 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| |
| FORWARD CURRENCY EXCHANGE CONTRACTS (see Note 3) | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
Bank of America, NA | | USD | | | 4,472 | | | JPY | | | 626,143 | | | | 10/17/2024 | | | $ | (106,221 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 5,213 | | | EUR | | | 4,656 | | | | 10/25/2024 | | | | (25,289 | ) |
| | | | | | |
Bank of America, NA | | CAD | | | 7,316 | | | USD | | | 5,397 | | | | 11/07/2024 | | | | (17,393 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 14,940 | | | CAD | | | 20,250 | | | | 11/07/2024 | | | | 45,581 | |
| | | | | | |
Bank of America, NA | | GBP | | | 1,818 | | | USD | | | 2,372 | | | | 11/08/2024 | | | | (57,840 | ) |
| | | | | | |
Bank of America, NA | | USD | | | 15,231 | | | GBP | | | 11,502 | | | | 11/08/2024 | | | | 146,522 | |
| | | | | | |
Barclays Bank PLC | | CAD | | | 26,416 | | | USD | | | 19,463 | | | | 11/07/2024 | | | | (86,581 | ) |
| | | | | | |
Barclays Bank PLC | | NOK | | | 51,218 | | | USD | | | 4,901 | | | | 11/22/2024 | | | | 45,881 | |
| | | | | | |
Barclays Bank PLC | | USD | | | 652 | | | AUD | | | 966 | | | | 11/22/2024 | | | | 15,807 | |
| | | | | | |
Citibank, NA | | EUR | | | 8,098 | | | USD | | | 8,999 | | | | 10/25/2024 | | | | (23,377 | ) |
| | | | | | |
Citibank, NA | | CAD | | | 5,890 | | | USD | | | 4,357 | | | | 11/07/2024 | | | | (1,640 | ) |
| | | | | | |
Citibank, NA | | SEK | | | 16,447 | | | USD | | | 1,622 | | | | 11/22/2024 | | | | (1,105 | ) |
| | | | | | |
Deutsche Bank AG | | JPY | | | 324,719 | | | USD | | | 2,263 | | | | 10/17/2024 | | | | (1,093 | ) |
| | | | | | |
Deutsche Bank AG | | USD | | | 3,105 | | | EUR | | | 2,829 | | | | 10/25/2024 | | | | 46,368 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 2,642 | | | GBP | | | 1,979 | | | | 11/08/2024 | | | | 3,616 | |
| | | | | | |
Deutsche Bank AG | | USD | | | 10,130 | | | NOK | | | 107,121 | | | | 11/22/2024 | | | | 24,807 | |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 6,612 | | | JPY | | | 960,963 | | | | 10/17/2024 | | | | 87,394 | |
| | | | | | |
Goldman Sachs Bank USA | | CHF | | | 9,192 | | | USD | | | 10,749 | | | | 10/25/2024 | | | | (140,086 | ) |
| | | | | | |
Goldman Sachs Bank USA | | USD | | | 6,079 | | | EUR | | | 5,488 | | | | 10/25/2024 | | | | 35,783 | |
| | | | | | |
HSBC Bank USA | | JPY | | | 481,738 | | | USD | | | 3,364 | | | | 10/17/2024 | | | | 4,941 | |
| | |
| | |
| 48 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Contracts to
Deliver
(000) | | | In Exchange
For
(000) | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) | |
| | | | | | |
JPMorgan Chase Bank, NA | | JPY | | | 164,468 | | | USD | | | 1,126 | | | | 10/17/2024 | | | $ | (20,529 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 7,663 | | | JPY | | | 1,118,626 | | | | 10/17/2024 | | | | 136,330 | |
| | | | | | |
JPMorgan Chase Bank, NA | | EUR | | | 4,087 | | | USD | | | 4,545 | | | | 10/25/2024 | | | | (8,302 | ) |
| | | | | | |
JPMorgan Chase Bank, NA | | USD | | | 7,112 | | | CAD | | | 9,582 | | | | 11/07/2024 | | | | (20,866 | ) |
| | | | | | |
Morgan Stanley & Co. LLC | | CHF | | | 1,961 | | | USD | | | 2,323 | | | | 10/25/2024 | | | | 77 | |
| | | | | | |
Morgan Stanley & Co. LLC | | EUR | | | 1,778 | | | USD | | | 1,962 | | | | 10/25/2024 | | | | (19,213 | ) |
| | | | | | |
State Street Bank & Trust Co. | | SEK | | | 1,233 | | | USD | | | 122 | | | | 11/22/2024 | | | | 15 | |
| | | | | | |
State Street Bank & Trust Co. | | NZD | | | 356 | | | USD | | | 225 | | | | 12/06/2024 | | | | (1,135 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | $ | 62,452 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note 3) | |
Description | | Fixed
Rate
(Pay)
Receive | | | Payment
Frequency | | | Implied
Credit
Spread at
September 30,
2024 | | | Notional
Amount
(000) | | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
| Buy Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CDX-NAHY Series 43,
5 Year Index, 12/20/2029* | | | (5.00 | )% | | | Quarterly | | | | 3.30 | % | | | USD | | | | 16,860 | | | $ | (1,258,562) | | | $ | (1,228,824) | | | $ | (29,738) | |
* Termination date
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note 3) | | | | | |
| | | | | | | Termination
Date | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount
(000) | | | Payments made
by the Fund | | Payments received
by the Fund |
| | USD | | | | 6,600 | | | | 01/15/2028 | | | 1.230% | | CPI# | | Maturity | | $ | 1,240,546 | | | $ | 995,282 | | | $ | 245,264 | |
| | USD | | | | 4,990 | | | | 01/15/2028 | | | 0.735% | | CPI# | | Maturity | | | 1,127,726 | | | | — | | | | 1,127,726 | |
| | USD | | | | 7,825 | | | | 01/15/2030 | | | 1.572% | | CPI# | | Maturity | | | 1,373,327 | | | | 405,961 | | | | 967,366 | |
| | USD | | | | 7,825 | | | | 01/15/2030 | | | 1.587% | | CPI# | | Maturity | | | 1,361,952 | | | | 402,636 | | | | 959,316 | |
| | USD | | | | 1,550 | | | | 01/15/2030 | | | 1.714% | | CPI# | | Maturity | | | 250,582 | | | | 58,226 | | | | 192,356 | |
| | USD | | | | 1,550 | | | | 01/15/2030 | | | 1.731% | | CPI# | | Maturity | | | 247,996 | | | | 57,632 | | | | 190,364 | |
| | USD | | | | 6,700 | | | | 01/15/2031 | | | 2.782% | | CPI# | | Maturity | | | 428,455 | | | | 132,723 | | | | 295,732 | |
| | USD | | | | 6,210 | | | | 01/15/2031 | | | 2.680% | | CPI# | | Maturity | | | 462,849 | | | | 137,580 | | | | 325,269 | |
| | USD | | | | 5,300 | | | | 01/15/2031 | | | 2.989% | | CPI# | | Maturity | | | 223,815 | | | | 70,330 | | | | 153,485 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 6,717,248 | | | $ | 2,260,370 | | | $ | 4,456,878 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).
Schedule of Investments (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | CENTRALLY CLEARED INTEREST RATE SWAPS (see Note 3) | | | | | |
| | | | | | | Termination
Date | | | Rate Type | | Payment
Frequency Paid/
Received | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Notional Amount
(000) | | | Payments made
by the Fund | | Payments received
by the Fund |
| | USD | | | | 18,000 | | | | 07/31/2030 | | | 1 Day SOFR | | 4.616% | | Annual | | $ | 1,252,647 | | | $ | 218,657 | | | $ | 1,033,990 | |
| | USD | | | | 12,900 | | | | 11/01/2030 | | | 1 Day SOFR | | 4.518% | | Annual | | | 783,353 | | | | 138,547 | | | | 644,806 | |
| | USD | | | | 6,800 | | | | 07/31/2031 | | | 1 Day SOFR | | 3.972% | | Annual | | | 270,084 | | | | — | | | | 270,084 | |
| | USD | | | | 22,400 | | | | 08/15/2031 | | | 1 Day SOFR | | 4.027% | | Annual | | | 985,046 | | | | — | | | | 985,046 | |
| | USD | | | | 53,100 | | | | 03/31/2033 | | | 3.120% | | 1 Day SOFR | | Annual | | | 1,372,914 | | | | 1,271,315 | | | | 101,599 | |
| | USD | | | | 4,500 | | | | 06/15/2034 | | | 3.543% | | 1 Day SOFR | | Annual | | | (65,777 | ) | | | 560 | | | | (66,337 | ) |
| | USD | | | | 4,500 | | | | 06/15/2034 | | | 3.627% | | 1 Day SOFR | | Annual | | | (96,977 | ) | | | 746 | | | | (97,723 | ) |
| | USD | | | | 3,400 | | | | 08/15/2034 | | | 3.231% | | 1 Day SOFR | | Annual | | | 33,595 | | | | — | | | | 33,595 | |
| | USD | | | | 2,500 | | | | 08/15/2034 | | | 3.304% | | 1 Day SOFR | | Annual | | | 13,160 | | | | — | | | | 13,160 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 4,548,045 | | | $ | 1,629,825 | | | $ | 2,918,220 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| INFLATION (CPI) SWAPS (see Note 3) | | | | | | | | | |
| | | | | | | | | | | Rate Type | | | Payment
Frequency Paid/
Received | | | Market
Value | | | Upfront
Premiums
Paid/
(Received) | | | Unrealized
Appreciation/
(Depreciation) | |
| Swap Counterparty | | Notional Amount
(000) | | | Termination
Date | | | Payments made
by the Fund | | | Payments received
by the Fund | |
| Barclays Bank PLC | | USD | | | 9,000 | | | | 10/23/2026 | | | | 2.310 | % | | | CPI | # | | | Maturity | | | $ | 561,640 | | | $ | — | | | $ | 561,640 | |
| Barclays Bank PLC | | USD | | | 5,000 | | | | 12/04/2027 | | | | 2.170 | % | | | CPI | # | | | Maturity | | | | 578,930 | | | | — | | | | 578,930 | |
| Barclays Bank PLC | | USD | | | 5,400 | | | | 10/23/2029 | | | | 2.388 | % | | | CPI | # | | | Maturity | | | | 276,522 | | | | — | | | | 276,522 | |
| Barclays Bank PLC | | USD | | | 2,000 | | | | 10/23/2029 | | | | 2.388 | % | | | CPI | # | | | Maturity | | | | 102,415 | | | | — | | | | 102,415 | |
| Barclays Bank PLC | | USD | | | 6,400 | | | | 12/04/2032 | | | | 2.233 | % | | | CPI | # | | | Maturity | | | | 733,875 | | | | — | | | | 733,875 | |
| Barclays Bank PLC | | USD | | | 3,000 | | | | 12/04/2032 | | | | 2.233 | % | | | CPI | # | | | Maturity | | | | 344,004 | | | | — | | | | 344,004 | |
| Citibank, NA | | USD | | | 10,000 | | | | 07/20/2027 | | | | 2.104 | % | | | CPI | # | | | Maturity | | | | 1,256,575 | | | | — | | | | 1,256,575 | |
| Citibank, NA | | USD | | | 6,500 | | | | 07/20/2027 | | | | 2.104 | % | | | CPI | # | | | Maturity | | | | 816,774 | | | | — | | | | 816,774 | |
| Deutsche Bank AG | | USD | | | 10,000 | | | | 09/04/2025 | | | | 1.818 | % | | | CPI | # | | | Maturity | | | | 1,398,234 | | | | — | | | | 1,398,234 | |
| Deutsche Bank AG | | USD | | | 8,000 | | | | 09/04/2025 | | | | 1.818 | % | | | CPI | # | | | Maturity | | | | 1,118,587 | | | | — | | | | 1,118,587 | |
| JPMorgan Chase Bank, NA | | USD | | | 13,000 | | | | 11/04/2026 | | | | 2.015 | % | | | CPI | # | | | Maturity | | | | 1,760,189 | | | | — | | | | 1,760,189 | |
| JPMorgan Chase Bank, NA | | USD | | | 7,000 | | | | 11/04/2026 | | | | 2.015 | % | | | CPI | # | | | Maturity | | | | 947,794 | | | | — | | | | 947,794 | |
| JPMorgan Chase Bank, NA | | USD | | | 28,000 | | | | 12/27/2028 | | | | 2.009 | % | | | CPI | # | | | Maturity | | | | 3,622,631 | | | | — | | | | 3,622,631 | |
| JPMorgan Chase Bank, NA | | USD | | | 12,000 | | | | 12/27/2028 | | | | 2.009 | % | | | CPI | # | | | Maturity | | | | 1,552,556 | | | | — | | | | 1,552,556 | |
| JPMorgan Chase Bank, NA | | USD | | | 22,020 | | | | 01/15/2030 | | | | 3.493 | % | | | CPI | # | | | Maturity | | | | (14,549 | ) | | | — | | | | (14,549 | ) |
| JPMorgan Chase Bank, NA | | USD | | | 2,800 | | | | 01/15/2030 | | | | 3.493 | % | | | CPI | # | | | Maturity | | | | (1,850 | ) | | | — | | | | (1,850 | ) |
| JPMorgan Chase Bank, NA | | USD | | | 1,620 | | | | 01/15/2032 | | | | 3.325 | % | | | CPI | # | | | Maturity | | | | (6,271 | ) | | | — | | | | (6,271 | ) |
| Morgan Stanley Capital Services LLC | | USD | | | 6,800 | | | | 07/20/2032 | | | | 2.158 | % | | | CPI | # | | | Maturity | | | | 876,803 | | | | — | | | | 876,803 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 15,924,859 | | | $ | — | | | $ | 15,924,859 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).
| | |
| | |
| 50 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| INTEREST RATE SWAPS (see Note 3) | | | | | | | | | |
| | | | | | | | | | | Rate Type | | | Payment
Frequency Paid/
Received | | | Market
Value | | | Upfront
Premiums
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
| Swap Counterparty | | Notional Amount
(000) | | | Termination
Date | | | Payments made
by the Fund | | | Payments received
by the Fund | |
| Citibank, NA | | USD | | | 12,470 | | | | 10/09/2029 | | | | 1.125 | % | | | SIFMA | * | | | Quarterly | | | $ | 841,225 | | | $ | — | | | $ | 841,225 | |
| Citibank, NA | | USD | | | 6,655 | | | | 10/09/2029 | | | | 1.125 | % | | | SIFMA | * | | | Quarterly | | | | 448,819 | | | | — | | | | 448,819 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | $ | 1,290,044 | | | $ | — | | | $ | 1,290,044 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index. |
| (a) | | 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 September 30, 2024, the aggregate market value of these securities amounted to $45,097,758 or 7.0% of net assets. |
| (b) | | When-Issued or delayed delivery security. |
| (c) | | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024. |
| (e) | | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (f) | | Fair valued by the Adviser. |
| (g) | | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
| (h) | | Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts. |
| (i) | | Non-income producing security. |
| (k) | | Affiliated investments. |
| (l) | | The rate shown represents the 7-day yield as of period end. |
As of September 30, 2024, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 6.6% and 0.0%, respectively.
Currency Abbreviations:
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
EUR—Euro
GBP—Great British Pound
JPY—Japanese Yen
NOK—Norwegian Krone
NZD—New Zealand Dollar
SEK—Swedish Krona
USD—United States Dollar
Glossary:
ABS—Asset-Backed Securities
ACA—ACA Financial Guaranty Corporation
AGM—Assured Guaranty Municipal
BAM—Build American Mutual
CBT—Chicago Board of Trade
CCRC—Congregate Care Retirement Center
CDX-NAHY—North American High Yield Credit Default Swap Index
CMBS—Commercial Mortgage-Backed Securities
CME—Chicago Mercantile Exchange
COP—Certificate of Participation
EAFE—Europe, Australia, and Far East
ETF—Exchange Traded Fund
ETS—Emission Trading Scheme
FHLMC—Federal Home Loan Mortgage Corporation
FTSE—Financial Times Stock Exchange
MSCI—Morgan Stanley Capital International
MUNIPSA—SIFMA Municipal Swap Index
NATL—National Interstate Corporation
OMXS—Stockholm Stock Exchange
OSE—Osaka Securities Exchange
SOFR—Secured Overnight Financing Rate
SPDR—Standard & Poor’s Depository Receipt
SPI—Share Price Index
TOPIX—Tokyo Price Index
TSX—Toronto Stock Exchange
UPMC—University of Pittsburgh Medical Center
XLCA—XL Capital Assurance Inc.
See notes to financial statements.
Statement of Assets and Liabilities—September 30, 2024
| | | | | | | | |
| | | OVERLAY A
PORTFOLIO | | | TAX-AWARE
OVERLAY A
PORTFOLIO | |
|
| ASSETS | |
|
Investments in securities at value | |
| | |
Unaffiliated issuers | | $ | 254,737,521 | | | $ | 621,629,241 | |
| | |
Affiliated issuers | | | 221,696,981 | | | | 543,541,051 | |
| | |
Foreign currencies, at value (a) | | | 2,918,813 | | | | 4,071,975 | |
| | |
Cash | | | 29,060,968 | | | | 73,627 | |
|
Receivables: | |
| | |
Unaffiliated interest and dividends | | | 124,303 | | | | 207,216 | |
| | |
Affiliated dividends | | | 27,976 | | | | 506,955 | |
| | |
Investment securities sold | | | 10,133,628 | | | | 1,611,242 | |
| | |
Capital shares sold | | | 80,466 | | | | 0 | |
| | |
Receivable due from Adviser | | | 140,122 | | | | 295,165 | |
| | |
Unrealized appreciation of forward currency exchange contracts | | | 1,412,897 | | | | 3,295,480 | |
| | |
Unrealized appreciation of total return swaps | | | 2,711 | | | | 20,331 | |
| | |
Other assets | | | 313,722 | | | | 630,655 | |
| | | | | | | | |
| | |
Total assets | | | 520,650,108 | | | | 1,175,882,938 | |
| | | | | | | | |
|
| LIABILITIES | |
| | |
Cash collateral due to broker | | | 7,700,000 | | | | 16,505,779 | |
| | |
Payables: | | | | | | | | |
| | |
Investment securities purchased | | | 800,073 | | | | 2,114,551 | |
| | |
Variation margin on futures | | | 2,051,062 | | | | 5,462,907 | |
| | |
Management fee | | | 345,448 | | | | 779,585 | |
| | |
Capital shares redeemed | | | 453,366 | | | | 342,114 | |
| | |
Shareholder servicing fee | | | 66,821 | | | | 129,327 | |
| | |
Directors’ fees payable | | | 18,262 | | | | 41,271 | |
| | |
Transfer Agent fee | | | 5,762 | | | | 7,984 | |
| | |
Accrued expenses | | | 376,490 | | | | 443,879 | |
| | |
Unrealized depreciation of forward currency exchange contracts | | | 1,218,777 | | | | 2,526,562 | |
| | |
Unrealized depreciation of total return swaps | | | 2,871 | | | | 0 | |
| | | | | | | | |
| | |
Total liabilities | | | 13,038,932 | | | | 28,353,959 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 507,611,176 | | | $ | 1,147,528,979 | |
| | | | | | | | |
Cost of investments | |
| | |
Unaffiliated issuers | | $ | 126,789,844 | | | $ | 259,519,952 | |
| | |
Affiliated issuers | | | 180,356,749 | | | | 445,440,202 | |
|
| NET ASSETS CONSIST OF: | |
| | |
Capital stock, at par | | $ | 34,518 | | | $ | 72,844 | |
| | |
Additional paid-in capital | | | 219,277,111 | | | | 462,777,202 | |
| | |
Distributable earnings | | | 288,299,547 | | | | 684,678,933 | |
| | | | | | | | |
| | |
| | $ | 507,611,176 | | | $ | 1,147,528,979 | |
| | | | | | | | |
(a) Cost: $2,847,223 and $3,980,572, respectively. (Note 1)
See Notes to Financial Statements.
| | |
| | |
| 52 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | | OVERLAY A
PORTFOLIO | | | TAX-AWARE
OVERLAY A
PORTFOLIO | |
| | |
| NET ASSET VALUE PER SHARE | | | | | | | | |
| | |
Class 1 Shares | | | | | | | | |
| | |
Net Assets | | $ | 441,211,658 | | | $ | 856,884,544 | |
| | |
Shares of capital stock outstanding | | | 30,007,337 | | | | 54,419,564 | |
| | | | | | | | |
| | |
Net asset value, offering and redemption price per share | | $ | 14.70 | | | $ | 15.75 | |
| | | | | | | | |
| | |
Class 2 Shares | | | | | | | | |
| | |
Net Assets | | $ | 66,399,518 | | | $ | 290,644,435 | |
| | |
Shares of capital stock outstanding | | | 4,510,503 | | | | 18,424,631 | |
| | | | | | | | |
| | |
Net asset value, offering and redemption price per share | | $ | 14.72 | | | $ | 15.77 | |
| | | | | | | | |
See Notes to Financial Statements.
Statement of Assets and Liabilities—September 30, 2024 (continued)
| | | | | | | | |
| | | OVERLAY B
PORTFOLIO | | | TAX-AWARE
OVERLAY B
PORTFOLIO | |
| | |
| ASSETS | | | | | | | | |
|
Investments in securities at value | |
| | |
Unaffiliated issuers | | $ | 332,232,638 | | | $ | 629,259,294 | |
| | |
Affiliated issuers | | | 40,363,508 | | | | 6,804,726 | |
| | |
Foreign currencies, at value (a) | | | 1,958,449 | | | | 88,089 | |
| | |
Cash | | | 0 | | | | 786 | |
| | |
Cash collateral due from broker | | | 2,097,885 | | | | 7,447,668 | |
| | |
Receivables: | | | | | | | | |
| | |
Dividends and interest | | | 1,974,347 | | | | 5,716,130 | |
| | |
Affiliated dividends | | | 47,975 | | | | 11,674 | |
| | |
Investment securities sold and foreign currency transactions | | | 50,964,860 | | | | 257,658 | |
| | |
Capital shares sold | | | 32,448 | | | | 12,435 | |
| | |
Variation margin on centrally cleared swaps | | | 206,454 | | | | 162,017 | |
| | |
Receivable due from Adviser | | | 66,940 | | | | 23,548 | |
| | |
Unrealized appreciation of inflation swaps | | | 0 | | | | 15,947,529 | |
| | |
Unrealized appreciation of interest rate swaps | | | 0 | | | | 1,290,044 | |
| | |
Unrealized appreciation of forward currency exchange contracts | | | 617,501 | | | | 593,122 | |
| | |
Unrealized appreciation of total return swaps | | | 1,355 | | | | 0 | |
| | |
Other assets | | | 115 | | | | 50 | |
| | | | | | | | |
| | |
Total assets | | | 430,564,475 | | | | 667,614,770 | |
| | | | | | | | |
|
| LIABILITIES | |
| | |
Due to custodian | | | 270,534 | | | | 0 | |
| | |
Cash collateral due to broker | | | 2,150,000 | | | | 20,030,000 | |
| | |
Reverse repurchase agreements | | | 4,896,423 | | | | 0 | |
| | |
Payables: | | | | | | | | |
| | |
Investment securities purchased | | | 34,120,416 | | | | 4,378,871 | |
| | |
Variation margin on futures | | | 335,739 | | | | 1,034,375 | |
| | |
Capital shares redeemed | | | 101,821 | | | | 434,187 | |
| | |
Management fee | | | 192,296 | | | | 316,891 | |
| | |
Shareholder servicing fee | | | 33,620 | | | | 53,264 | |
| | |
Directors’ fees payable | | | 13,890 | | | | 23,029 | |
| | |
Foreign capital gains taxes | | | 13,691 | | | | 0 | |
| | |
Transfer Agent fee | | | 5,966 | | | | 6,443 | |
| | |
Accrued expenses | | | 506,578 | | | | 418,865 | |
| | |
Unrealized depreciation of forward currency exchange contracts | | | 1,465,967 | | | | 530,670 | |
| | |
Unrealized depreciation of inflation swaps | | | 0 | | | | 22,670 | |
| | | | | | | | |
| | |
Total liabilities | | | 44,106,941 | | | | 27,249,265 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 386,457,534 | | | $ | 640,365,505 | |
| | | | | | | | |
Cost of investments | |
| | |
Unaffiliated issuers | | $ | 330,351,805 | | | $ | 574,144,273 | |
| | |
Affiliated issuers | | | 39,307,206 | | | | 6,804,726 | |
|
| NET ASSETS CONSIST OF: | |
| | |
Capital stock, at par | | $ | 39,394 | | | $ | 55,715 | |
| | |
Additional paid-in capital | | | 512,317,439 | | | | 595,532,731 | |
| | |
Distributable earnings (accumulated loss) | | | (125,899,299 | ) | | | 44,777,059 | |
| | | | | | | | |
| | |
| | $ | 386,457,534 | | | $ | 640,365,505 | |
| | | | | | | | |
(a) Cost: $1,967,893 and $86,417, respectively. (Note 1)
See Notes to Financial Statements.
| | |
| | |
| 54 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | | OVERLAY B
PORTFOLIO | | | TAX-AWARE
OVERLAY B
PORTFOLIO | |
| | |
| NET ASSET VALUE PER SHARE | | | | | | | | |
| | |
Class 1 Shares | | | | | | | | |
| | |
Net Assets | | $ | 293,899,729 | | | $ | 466,594,328 | |
| | |
Shares of capital stock outstanding | | | 29,979,586 | | | | 40,605,448 | |
| | | | | | | | |
| | |
Net asset value, offering and redemption price per share | | $ | 9.80 | | | $ | 11.49 | |
| | | | | | | | |
| | |
Class 2 Shares | | | | | | | | |
| | |
Net Assets | | $ | 92,557,805 | | | $ | 173,771,177 | |
| | |
Shares of capital stock outstanding | | | 9,414,222 | | | | 15,109,066 | |
| | | | | | | | |
| | |
Net asset value, offering and redemption price per share | | $ | 9.83 | | | $ | 11.50 | |
| | | | | | | | |
See Notes to Financial Statements.
Statement of Operations—for the year ended September 30, 2024
| | | | | | | | |
| | | OVERLAY A
PORTFOLIO | | | TAX-AWARE
OVERLAY A
PORTFOLIO | |
| | |
| INVESTMENT INCOME | | | | | | | | |
| | |
Income: | | | | | | | | |
|
Dividends | |
| | |
Unaffiliated issuers | | $ | 4,101,469 | | | $ | 7,999,483 | |
| | |
Affiliated issuers | | | 12,106,509 | | | | 25,583,781 | |
| | | | | | | | |
| | |
Total income | | | 16,207,978 | | | | 33,583,264 | |
| | | | | | | | |
| | |
Expenses: | | | | | | | | |
| | |
Management fee (see Note 2A) | | | 5,432,306 | | | | 10,949,854 | |
| | |
Shareholder servicing fee (see Note 2B) | | | 1,026,392 | | | | 1,848,349 | |
| | |
Custody and accounting fees | | | 208,029 | | | | 250,276 | |
| | |
Transfer Agent fee—Class 1 | | | 40,257 | | | | 49,232 | |
| | |
Transfer Agent fee—Class 2 | | | 7,091 | | | | 15,516 | |
| | |
Auditing and tax fees | | | 124,632 | | | | 111,414 | |
| | |
Directors’ fees and expenses | | | 49,150 | | | | 102,336 | |
| | |
Legal fees | | | 36,707 | | | | 59,937 | |
| | |
Registration fees | | | 35,041 | | | | 36,657 | |
| | |
Printing fees | | | 22,690 | | | | 24,913 | |
| | |
Miscellaneous | | | 75,753 | | | | 168,244 | |
| | | | | | | | |
| | |
Total expenses before interest expense | | | 7,058,048 | | | | 13,616,728 | |
| | |
Interest expense | | | 558,336 | | | | 1,131,899 | |
| | | | | | | | |
| | |
Total expenses | | | 7,616,384 | | | | 14,748,627 | |
| | |
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2D and 2E) | | | (1,927,182 | ) | | | (3,811,370 | ) |
| | | | | | | | |
| | |
Net expenses | | | 5,689,202 | | | | 10,937,257 | |
| | | | | | | | |
| | |
Net investment income | | | 10,518,776 | | | | 22,646,007 | |
| | | | | | | | |
| | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | | | | | | | | |
| | |
Net realized gain (loss) on: | | | | | | | | |
| | |
Investment transactions | | | 124,701,491 | | | | 217,162,265 | |
| | |
Affiliated Underlying Portfolios | | | 23,781,840 | | | | 28,940,790 | |
| | |
Forward currency exchange contracts | | | 3,625,821 | | | | 7,523,420 | |
| | |
Futures | | | 17,297,115 | | | | 41,009,556 | |
| | |
Swaps | | | 1,332,934 | | | | 2,578,237 | |
| | |
Foreign currency transactions | | | (212,295 | ) | | | (489,971 | ) |
| | |
Net realized gain distributions from Affiliated Underlying Portfolios | | | 1,316,117 | | | | 2,605,051 | |
| | | | | | | | |
| | |
Net realized gain on investment and foreign currency transactions | | | 171,843,023 | | | | 299,329,348 | |
| | | | | | | | |
| | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | |
| | |
Investments | | | (41,347,287 | ) | | | (61,990,221 | ) |
| | |
Affiliated Underlying Portfolios | | | 18,938,612 | | | | 53,046,715 | |
| | |
Forward currency exchange contracts | | | 1,280,270 | | | | 3,071,956 | |
| | |
Futures | | | 12,959,202 | | | | 26,110,136 | |
| | |
Swaps | | | (58,336 | ) | | | (88,569 | ) |
| | |
Foreign currency denominated assets and liabilities | | | 232,922 | | | | 110,551 | |
| | | | | | | | |
| | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | | | (7,994,617 | ) | | | 20,260,568 | |
| | | | | | | | |
| | |
Net realized and unrealized gain on investment and foreign currency transactions | | | 163,848,406 | | | | 319,589,916 | |
| | | | | | | | |
| | |
Net increase in net assets resulting from operations | | $ | 174,367,182 | | | $ | 342,235,923 | |
| | | | | | | | |
See Notes to Financial Statements.
| | |
| | |
| 56 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| | | OVERLAY B
PORTFOLIO | | | TAX-AWARE
OVERLAY B
PORTFOLIO | |
| | |
| INVESTMENT INCOME | | | | | | | | |
| | |
Income: | | | | | | | | |
| | |
Interest | | $ | 14,908,544 | | | $ | 14,869,639 | |
|
Dividends | |
| | |
Unaffiliated issuers | | | 536,692 | | | | 3,064,919 | |
| | |
Affiliated issuers | | | 3,309,514 | | | | 1,089,483 | |
| | | | | | | | |
| | |
Total income | | | 18,754,750 | | | | 19,024,041 | |
| | | | | | | | |
| | |
Expenses: | | | | | | | | |
| | |
Management fee (see Note 2A) | | | 2,829,922 | | | | 4,081,679 | |
| | |
Shareholder servicing fee (see Note 2B) | | | 512,445 | | | | 687,146 | |
| | |
Custody and accounting fees | | | 354,316 | | | | 179,352 | |
| | |
Transfer Agent fee—Class 1 | | | 40,062 | | | | 34,327 | |
| | |
Transfer Agent fee—Class 2 | | | 10,918 | | | | 12,704 | |
| | |
Auditing and tax fees | | | 131,975 | | | | 109,670 | |
| | |
Directors’ fees and expenses | | | 36,210 | | | | 54,351 | |
| | |
Registration fees | | | 36,722 | | | | 35,672 | |
| | |
Legal fees | | | 29,889 | | | | 40,111 | |
| | |
Printing fees | | | 22,725 | | | | 25,358 | |
| | |
Miscellaneous | | | 63,406 | | | | 151,784 | |
| | | | | | | | |
| | |
Total expenses | | | 4,068,590 | | | | 5,412,154 | |
| | |
Less: expenses waived and reimbursed by the Adviser (see Note 2A, 2D and 2E) | | | (485,970 | ) | | | (54,010 | ) |
| | | | | | | | |
| | |
Net expenses | | | 3,582,620 | | | | 5,358,144 | |
| | | | | | | | |
| | |
Net investment income | | | 15,172,130 | | | | 13,665,897 | |
| | | | | | | | |
| | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | | | | | | | | |
| | |
Net realized gain (loss) on: | | | | | | | | |
| | |
Investment transactions (a) | | | (12,883,738 | ) | | | 12,210,917 | |
| | |
Affiliated Underlying Portfolios | | | (1,279,774 | ) | | | 0 | |
| | |
Forward currency exchange contracts | | | 1,383,223 | | | | 2,461,062 | |
| | |
Futures | | | 22,544,941 | | | | 14,695,665 | |
| | |
Swaps | | | 433,974 | | | | 11,050,124 | |
| | |
Foreign currency transactions | | | (682,872 | ) | | | (10,624 | ) |
| | | | | | | | |
| | |
Net realized gain on investment and foreign currency transactions | | | 9,515,754 | | | | 40,407,144 | |
| | | | | | | | |
| | |
Net change in unrealized appreciation (depreciation) of: | | | | | | | | |
| | |
Investments (b) | | | 39,522,571 | | | | 33,182,410 | |
| | |
Affiliated Underlying Portfolios | | | 2,950,686 | | | | 0 | |
| | |
Forward currency exchange contracts | | | (1,835,668 | ) | | | (530,732 | ) |
| | |
Futures | | | 11,528,672 | | | | 10,071,091 | |
| | |
Swaps | | | (1,240,254 | ) | | | (2,572,741 | ) |
| | |
Foreign currency denominated assets and liabilities | | | 67,666 | | | | 20,641 | |
| | | | | | | | |
| | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | | | 50,993,673 | | | | 40,170,669 | |
| | | | | | | | |
| | |
Net realized and unrealized gain on investment and foreign currency transactions | | | 60,509,427 | | | | 80,577,813 | |
| | | | | | | | |
| | |
Net increase in net assets resulting from operations | | $ | 75,681,557 | | | $ | 94,243,710 | |
| | | | | | | | |
(a) Net of foreign realized capital gains taxes of $947 and $0, respectively.
(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $5,511 and $0, respectively.
See Notes to Financial Statements.
Statement of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | OVERLAY A
PORTFOLIO | | | | | | TAX-AWARE
OVERLAY A PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
| | | | | |
| INCREASE (DECREASE) IN NET ASSETS FROM | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | $ | 10,518,776 | | | $ | 23,799,820 | | | | | | | $ | 22,646,007 | | | $ | 49,097,187 | |
| | | | | |
Net realized gain (loss) on investment and foreign currency transactions | | | 171,843,023 | | | | (7,326,951 | ) | | | | | | | 299,329,348 | | | | 69,724,544 | |
| | | | | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | | | (7,994,617 | ) | | | 19,191,005 | | | | | | | | 20,260,568 | | | | (48,716,137 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase in net assets resulting from operations | | | 174,367,182 | | | | 35,663,874 | | | | | | | | 342,235,923 | | | | 70,105,594 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders (a) | | | (4,503,411 | ) | | | (23,545,277 | ) | | | | | | | (6,500,740 | ) | | | (49,602,887 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Capital-share transactions | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net proceeds from sales of shares | | | 25,695,633 | | | | 68,504,506 | | | | | | | | 33,722,407 | | | | 114,399,690 | |
| | | | | |
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | | | 3,408,171 | | | | 18,378,842 | | | | | | | | 4,317,432 | | | | 34,957,267 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total proceeds from shares sold | | | 29,103,804 | | | | 86,883,348 | | | | | | | | 38,039,839 | | | | 149,356,957 | |
| | | | | |
Cost of shares redeemed | | | (478,622,368 | ) | | | (662,125,835 | ) | | | | | | | (693,884,937 | ) | | | (1,577,331,194 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease in net assets from capital-share transactions | | | (449,518,564 | ) | | | (575,242,487 | ) | | | | | | | (655,845,098 | ) | | | (1,427,974,237 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease in net assets | | | (279,654,793 | ) | | | (563,123,890 | ) | | | | | | | (320,109,915 | ) | | | (1,407,471,530 | ) |
| | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Beginning of period | | | 787,265,969 | | | | 1,350,389,859 | | | | | | | | 1,467,638,894 | | | | 2,875,110,424 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
End of period | | $ | 507,611,176 | | | $ | 787,265,969 | | | | | | | $ | 1,147,528,979 | | | $ | 1,467,638,894 | |
| | | | | | | | | | | | | | | | | | | | |
(a) See page 60 for share class information on dividend distributions for the Overlay A and Tax-Aware Overlay A Portfolios.
See Notes to Financial Statements.
| | |
| | |
| 58 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | OVERLAY B PORTFOLIO | | | | | | TAX-AWARE OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR ENDED 9/30/24 | | | YEAR ENDED 9/30/23 | | | | | | YEAR ENDED 9/30/24 | | | YEAR ENDED 9/30/23 | |
| | | | | |
| INCREASE (DECREASE) IN NET ASSETS FROM | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net investment income | | $ | 15,172,130 | | | $ | 25,107,258 | | | | | | | $ | 13,665,897 | | | $ | 19,214,467 | |
| | | | | |
Net realized gain (loss) on investment and foreign currency transactions | | | 9,515,754 | | | | (76,640,054 | ) | | | | | | | 40,407,144 | | | | 1,244,825 | |
| | | | | |
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | | | 50,993,673 | | | | 78,401,053 | | | | | | | | 40,170,669 | | | | 26,331,616 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net increase in net assets resulting from operations | | | 75,681,557 | | | | 26,868,257 | | | | | | | | 94,243,710 | | | | 46,790,908 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions to shareholders (a) | | | (13,001,230 | ) | | | (28,384,143 | ) | | | | | | | (13,230,943 | ) | | | (27,706,973 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Capital-share transactions | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net proceeds from sales of shares | | | 44,864,192 | | | | 62,896,966 | | | | | | | | 17,558,336 | | | | 42,613,212 | |
| | | | | |
Shares issued in connection with the Reorganization | | | 0 | | | | 0 | | | | | | | | 244,713,130 | | | | 0 | |
| | | | | |
Net proceeds from sales of shares issued to shareholders on reinvestment of dividends and distributions | | | 9,206,032 | | | | 20,368,115 | | | | | | | | 9,132,942 | | | | 18,935,388 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total proceeds from shares sold | | | 54,070,224 | | | | 83,265,081 | | | | | | | | 271,404,408 | | | | 61,548,600 | |
| | | | | |
Cost of shares redeemed | | | (292,909,140 | ) | | | (419,954,245 | ) | | | | | | | (385,139,961 | ) | | | (718,524,394 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease in net assets from capital-share transactions | | | (238,838,916 | ) | | | (336,689,164 | ) | | | | | | | (113,735,553 | ) | | | (656,975,794 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease in net assets | | | (176,158,589 | ) | | | (338,205,050 | ) | | | | | | | (32,722,786 | ) | | | (637,891,859 | ) |
| | | | | |
| NET ASSETS: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Beginning of period | | | 562,616,123 | | | | 900,821,173 | | | | | | | | 673,088,291 | | | | 1,310,980,150 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
End of period | | $ | 386,457,534 | | | $ | 562,616,123 | | | | | | | $ | 640,365,505 | | | $ | 673,088,291 | |
| | | | | | | | | | | | | | | | | | | | |
(a) See page 60 for share class information on dividend distributions for the Overlay B and Tax-Aware Overlay B Portfolios.
See Notes to Financial Statements.
Statement of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | OVERLAY A PORTFOLIO | | | | | | TAX-AWARE
OVERLAY A PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR ENDED 9/30/24 | | | YEAR ENDED 9/30/23 | | | | | | YEAR ENDED 9/30/24 | | | YEAR ENDED 9/30/23 | |
| | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class 1 | | $ | (3,586,620 | ) | | $ | (19,040,150 | ) | | | | | | $ | (4,342,531 | ) | | $ | (37,815,896 | ) |
| | | | | |
Class 2 | | | (916,791 | ) | | | (4,505,127 | ) | | | | | | | (2,158,209 | ) | | | (11,786,991 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | $ | (4,503,411 | ) | | $ | (23,545,277 | ) | | | | | | $ | (6,500,740 | ) | | $ | (49,602,887 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | OVERLAY B PORTFOLIO | | | | | | TAX-AWARE OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR ENDED 9/30/24 | | | YEAR ENDED 9/30/23 | | | | | | YEAR ENDED 9/30/24 | | | YEAR ENDED 9/30/23 | |
| | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Class 1 | | $ | (10,186,457 | ) | | $ | (23,297,142 | ) | | | | | | $ | (9,437,571 | ) | | $ | (19,521,368 | ) |
| | | | | |
Class 2 | | | (2,814,773 | ) | | | (5,087,001 | ) | | | | | | | (3,793,372 | ) | | | (8,185,605 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | $ | (13,001,230 | ) | | $ | (28,384,143 | ) | | | | | | $ | (13,230,943 | ) | | $ | (27,706,973 | ) |
| | | | | | | | | | | | | | | | | | | | |
See Notes to Financial Statements.
| | |
| | |
| 60 | | Sanford C. Bernstein Fund, Inc. |
Financial Highlights
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | OVERLAY A
PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 1 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 11.19 | | | $ | 11.30 | | | $ | 16.01 | | | $ | 12.81 | | | $ | 13.05 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.21 | | | | 0.24 | | | | 0.23 | | | | 0.07 | | | | 0.13 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and
foreign currency transactions | | | 3.37 | | | | (0.15 | ) | | | (3.17 | ) | | | 3.25 | | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 3.58 | | | | 0.09 | | | | (2.94 | ) | | | 3.32 | | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.07 | ) | | | (0.20 | ) | | | (0.34 | ) | | | (0.12 | ) | | | (0.15 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (1.43 | ) | | | 0 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.07 | ) | | | (0.20 | ) | | | (1.77 | ) | | | (0.12 | ) | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.70 | | | $ | 11.19 | | | $ | 11.30 | | | $ | 16.01 | | | $ | 12.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c)(d) | | | 32.10% | | | | 0.74% | | | | (21.17)% | | | | 26.16% | | | | (0.45)% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $441,211 | | | | $647,297 | | | | $1,121,710 | | | | $1,596,442 | | | | $1,465,081 | |
| | | | | |
Average net assets (000 omitted) | | | $513,196 | | | | $932,709 | | | | $1,430,298 | | | | $1,606,920 | | | | $1,539,035 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e)(f) | | | 0.97% | | | | 0.90% | | | | 0.83% | | | | 0.80% | | | | 0.81% | |
| | | | | |
Expenses, before waivers/reimbursements (e)(f) | | | 1.29% | | | | 1.23% | | | | 1.16% | | | | 1.15% | | | | 1.15% | |
| | | | | |
Net investment income (b) | | | 1.68% | | | | 2.08% | | | | 1.67% | | | | 0.47% | | | | 1.02% | |
| | | | | |
Portfolio turnover rate | | | 21% | | | | 19% | | | | 24% | | | | 21% | | | | 22% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | OVERLAY A PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 2 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 11.21 | | | $ | 11.32 | | | $ | 16.05 | | | $ | 12.84 | | | $ | 13.07 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.27 | | | | 0.26 | | | | 0.25 | | | | 0.10 | | | | 0.15 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 3.34 | | | | (0.14 | ) | | | (3.18 | ) | | | 3.26 | | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 3.61 | | | | 0.12 | | | | (2.93 | ) | | | 3.36 | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.10 | ) | | | (0.23 | ) | | | (0.37 | ) | | | (0.15 | ) | | | (0.18 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (1.43 | ) | | | 0 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.10 | ) | | | (0.23 | ) | | | (1.80 | ) | | | (0.15 | ) | | | (0.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 14.72 | | | $ | 11.21 | | | $ | 11.32 | | | $ | 16.05 | | | $ | 12.84 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c)(d) | | | 32.38% | | | | 0.97% | | | | (21.02)% | | | | 26.34% | | | | (0.25)% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $66,400 | | | | $139,969 | | | | $228,680 | | | | $320,324 | | | | $309,925 | |
| | | | | |
Average net assets (000 omitted) | | | $90,394 | | | | $195,550 | | | | $291,541 | | | | $323,834 | | | | $319,363 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e)(f) | | | 0.77% | | | | 0.70% | | | | 0.63% | | | | 0.59% | | | | 0.61% | |
| | | | | |
Expenses, before waivers/reimbursements (e)(f) | | | 1.09% | | | | 1.03% | | | | 0.96% | | | | 0.95% | | | | 0.95% | |
| | | | | |
Net investment income (b) | | | 2.10% | | | | 2.26% | | | | 1.81% | | | | 0.69% | | | | 1.17% | |
| | | | | |
Portfolio turnover rate | | | 21% | | | | 19% | | | | 24% | | | | 21% | | | | 22% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
| | |
| | |
| 62 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | TAX-AWARE OVERLAY A PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 1 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 11.99 | | | $ | 12.15 | | | $ | 16.98 | | | $ | 13.65 | | | $ | 13.78 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.25 | | | | 0.27 | | | | 0.23 | | | | 0.08 | | | | 0.13 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 3.56 | | | | (0.20 | ) | | | (3.41 | ) | | | 3.39 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 3.81 | | | | 0.07 | | | | (3.18 | ) | | | 3.47 | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.05 | ) | | | (0.23 | ) | | | (0.23 | ) | | | (0.14 | ) | | | (0.18 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (1.42 | ) | | | 0 | | | | (0.00 | )(i) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.05 | ) | | | (0.23 | ) | | | (1.65 | ) | | | (0.14 | ) | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 15.75 | | | $ | 11.99 | | | $ | 12.15 | | | $ | 16.98 | | | $ | 13.65 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c)(d) | | | 31.88% | | | | 0.48% | | | | (21.15)% | | | | 25.54% | | | | 0.29% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $856,885 | | | | $1,136,154 | | | | $2,232,773 | | | | $3,144,804 | | | | $2,712,320 | |
| | | | | |
Average net assets (000 omitted) | | | $924,175 | | | | $1,731,661 | | | | $2,880,460 | | | | $3,057,954 | | | | $2,913,890 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e)(f) | | | 0.95% | | | | 0.87% | | | | 0.81% | | | | 0.77% | | | | 0.80% | |
| | | | | |
Expenses, before waivers/reimbursements (e)(f) | | | 1.26% | | | | 1.23% | | | | 1.14% | | | | 1.12% | | | | 1.13% | |
| | | | | |
Net investment income (b) | | | 1.83% | | | | 2.18% | | | | 1.53% | | | | 0.49% | | | | 0.99% | |
| | | | | |
Portfolio turnover rate | | | 19% | | | | 17% | | | | 25% | | | | 20% | | | | 22% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | TAX-AWARE OVERLAY A PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 2 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 12.02 | | | $ | 12.19 | | | $ | 17.03 | | | $ | 13.69 | | | $ | 13.82 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.27 | | | | 0.30 | | | | 0.26 | | | | 0.11 | | | | 0.16 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 3.57 | | | | (0.21 | ) | | | (3.42 | ) | | | 3.40 | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 3.84 | | | | 0.09 | | | | (3.16 | ) | | | 3.51 | | | | 0.08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.09 | ) | | | (0.26 | ) | | | (0.26 | ) | | | (0.17 | ) | | | (0.21 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (1.42 | ) | | | 0 | | | | (0.00 | )(i) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.09 | ) | | | (0.26 | ) | | | (1.68 | ) | | | (0.17 | ) | | | (0.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 15.77 | | | $ | 12.02 | | | $ | 12.19 | | | $ | 17.03 | | | $ | 13.69 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c)(d) | | | 32.07% | | | | 0.65% | | | | (20.98)% | | | | 25.78% | | | | 0.56% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $290,644 | | | | $331,485 | | | | $642,337 | | | | $942,706 | | | | $847,108 | |
| | | | | |
Average net assets (000 omitted) | | | $292,476 | | | | $480,625 | | | | $854,251 | | | | $937,234 | | | | $935,278 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e)(f) | | | 0.75% | | | | 0.68% | | | | 0.61% | | | | 0.57% | | | | 0.60% | |
| | | | | |
Expenses, before waivers/reimbursements (e)(f) | | | 1.06% | | | | 1.03% | | | | 0.94% | | | | 0.92% | | | | 0.93% | |
| | | | | |
Net investment income (b) | | | 1.95% | | | | 2.37% | | | | 1.73% | | | | 0.71% | | | | 1.21% | |
| | | | | |
Portfolio turnover rate | | | 19% | | | | 17% | | | | 25% | | | | 20% | | | | 22% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
| | |
| | |
| 64 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 1 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 8.49 | | | $ | 8.62 | | | $ | 11.92 | | | $ | 10.96 | | | $ | 10.94 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.31 | | | | 0.29 | | | | 0.27 | | | | 0.21 | | | | 0.16 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.21 | | | | (0.14 | ) | | | (1.90 | ) | | | 1.05 | | | | 0.22 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.52 | | | | 0.15 | | | | (1.63 | ) | | | 1.26 | | | | 0.38 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.21 | ) | | | (0.28 | ) | | | (0.40 | ) | | | (0.25 | ) | | | (0.32 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (1.27 | ) | | | (0.05 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.21 | ) | | | (0.28 | ) | | | (1.67 | ) | | | (0.30 | ) | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 9.80 | | | $ | 8.49 | | | $ | 8.62 | | | $ | 11.92 | | | $ | 10.96 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c) | | | 18.20% | | | | 1.67% | | | | (16.10)% | | | | 11.61% | | | | 3.56% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $293,900 | | | | $447,544 | | | | $750,137 | | | | $999,357 | | | | $991,266 | |
| | | | | |
Average net assets (000 omitted) | | | $341,630 | | | | $621,598 | | | | $908,265 | | | | $1,021,208 | | | | $991,542 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e) | | | 0.86% | | | | 0.86% | | | | 0.81% | | | | 0.83% | | | | 0.84% | |
| | | | | |
Expenses, before waivers/reimbursements (e) | | | 0.97% | | | | 0.90% | | | | 0.85% | | | | 0.87% | | | | 0.87% | |
| | | | | |
Net investment income (b) | | | 3.46% | | | | 3.27% | | | | 2.65% | | | | 1.78% | | | | 1.51% | |
| | | | | |
Portfolio turnover rate | | | 160% | | | | 159% | | | | 115% | | | | 98% | | | | 74% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 2 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 8.52 | | | $ | 8.65 | | | $ | 11.96 | | | $ | 11.00 | | | $ | 10.97 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.32 | | | | 0.30 | | | | 0.28 | | | | 0.23 | | | | 0.18 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.22 | | | | (0.13 | ) | | | (1.90 | ) | | | 1.04 | | | | 0.23 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.54 | | | | 0.17 | | | | (1.62 | ) | | | 1.27 | | | | 0.41 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.23 | ) | | | (0.30 | ) | | | (0.42 | ) | | | (0.26 | ) | | | (0.34 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (1.27 | ) | | | (0.05 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.23 | ) | | | (0.30 | ) | | | (1.69 | ) | | | (0.31 | ) | | | (0.38 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 9.83 | | | $ | 8.52 | | | $ | 8.65 | | | $ | 11.96 | | | $ | 11.00 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c) | | | 18.40% | | | | 1.86% | | | | (15.98)%(g) | | | | 11.64% | | | | 3.76% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $92,558 | | | | $115,072 | | | | $150,684 | | | | $195,068 | | | | $203,349 | |
| | | | | |
Average net assets (000 omitted) | | | $93,742 | | | | $138,190 | | | | $181,909 | | | | $202,314 | | | | $209,927 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e) | | | 0.71% | | | | 0.71% | | | | 0.66% | | | | 0.68% | | | | 0.69% | |
| | | | | |
Expenses, before waivers/reimbursements (e) | | | 0.82% | | | | 0.75% | | | | 0.70% | | | | 0.72% | | | | 0.72% | |
| | | | | |
Net investment income (b) | | | 3.58% | | | | 3.44% | | | | 2.80% | | | | 1.93% | | | | 1.66% | |
| | | | | |
Portfolio turnover rate | | | 160% | | | | 159% | | | | 115% | | | | 98% | | | | 74% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
| | |
| | |
| 66 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | TAX-AWARE OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 1 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 10.07 | | | $ | 10.04 | | | $ | 12.36 | | | $ | 11.27 | | | $ | 11.12 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.23 | | | | 0.19 | | | | 0.18 | | | | 0.17 | | | | 0.19 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.41 | | | | 0.07 | | | | (1.66 | ) | | | 1.19 | | | | 0.12 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.64 | | | | 0.26 | | | | (1.48 | ) | | | 1.36 | | | | 0.31 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.22 | ) | | | (0.23 | ) | | | (0.19 | ) | | | (0.27 | ) | | | (0.16 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (0.65 | ) | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.22 | ) | | | (0.23 | ) | | | (0.84 | ) | | | (0.27 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 11.49 | | | $ | 10.07 | | | $ | 10.04 | | | $ | 12.36 | | | $ | 11.27 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c) | | | 16.54% | | | | 2.59% | | | | (12.95)% | | | | 12.11% | | | | 2.93% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $466,594 | | | | $479,517 | | | | $932,107 | | | | $1,194,517 | | | | $1,140,951 | |
| | | | | |
Average net assets (000 omitted) | | | $458,098 | | | | $714,721 | | | | $1,111,920 | | | | $1,196,104 | | | | $1,191,962 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e) | | | 0.89% | | | | 0.86% | | | | 0.83% | | | | 0.84% | | | | 0.84% | |
| | | | | |
Expenses, before waivers/reimbursements (e) | | | 0.90% | | | | 0.86% | | | | 0.83% | | | | 0.84% | | | | 0.84% | |
| | | | | |
Net investment income (b) | | | 2.14% | | | | 1.88% | | | | 1.63% | | | | 1.44% | | | | 1.74% | |
| | | | | |
Portfolio turnover rate | | | 20% | | | | 7% | | | | 12% | | | | 19% | | | | 8% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
Financial Highlights (continued)
Selected per share data and ratios for a share of capital stock outstanding for each respective Portfolio for each of the periods presented:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | TAX-AWARE OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | CLASS 2 | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
| | | | | |
Net asset value, beginning of period | | $ | 10.09 | | | $ | 10.07 | | | $ | 12.39 | | | $ | 11.30 | | | $ | 11.14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Investment income, net (a)(b) | | | 0.25 | | | | 0.21 | | | | 0.20 | | | | 0.19 | | | | 0.21 | |
| | | | | |
Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.42 | | | | 0.06 | | | | (1.66 | ) | | | 1.19 | | | | 0.13 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total from investment operations | | | 1.67 | | | | 0.27 | | | | (1.46 | ) | | | 1.38 | | | | 0.34 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Dividends from net investment income | | | (0.26 | ) | | | (0.25 | ) | | | (0.21 | ) | | | (0.29 | ) | | | (0.18 | ) |
| | | | | |
Distributions from net realized gain on investment transactions | | | 0 | | | | 0 | | | | (0.65 | ) | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total dividends and distributions | | | (0.26 | ) | | | (0.25 | ) | | | (0.86 | ) | | | (0.29 | ) | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of period | | $ | 11.50 | | | $ | 10.09 | | | $ | 10.07 | | | $ | 12.39 | | | $ | 11.30 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return (c) | | | 16.77% | | | | 2.67% | | | | (12.78)% | | | | 12.35% | | | | 3.04% | |
| | | | | |
| RATIOS/SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net assets, end of period (000 omitted) | | | $173,771 | | | | $193,571 | | | | $378,873 | | | | $523,749 | | | | $521,628 | |
| | | | | |
Average net assets (000 omitted) | | | $169,853 | | | | $281,573 | | | | $478,848 | | | | $534,158 | | | | $559,800 | |
| | | | | |
Ratio to average net assets of: | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Expenses, net of waivers/reimbursements (e) | | | 0.74% | | | | 0.71% | | | | 0.68% | | | | 0.69% | | | | 0.69% | |
| | | | | |
Expenses, before waivers/reimbursements (e) | | | 0.75% | | | | 0.71% | | | | 0.68% | | | | 0.69% | | | | 0.69% | |
| | | | | |
Net investment income (b) | | | 2.27% | | | | 2.04% | | | | 1.78% | | | | 1.59% | | | | 1.89% | |
| | | | | |
Portfolio turnover rate | | | 20% | | | | 7% | | | | 12% | | | | 19% | | | | 8% | |
See Footnote Summary on page 69.
See Notes to Financial Statements.
| | |
| | |
| 68 | | Sanford C. Bernstein Fund, Inc. |
| (a) | | Based on average shares outstanding. |
| (b) | | Net of expenses waived/reimbursed by the Adviser. |
| (c) | | 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. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. 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. |
| (d) | | Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the Overlay A Portfolio for the year ended September 30, 2020 by .02% and the Tax-Aware Overlay A Portfolio for the year ended September 30, 2020 by .02%. |
| (e) | | In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the period shown below, such waiver amounted to: |
| | | Acquired Fund Fees and Expenses: |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
Overlay A Portfolio | | | .33% | | | | .35% | | | | .34% | | | | .36% | | | | .35% | |
Tax-Aware Overlay A Portfolio | | | .32% | | | | .36% | | | | .33% | | | | .36% | | | | .34% | |
Overlay B Portfolio | | | .05% | | | | .05% | | | | .05% | | | | .04% | | | | .03% | |
Tax-Aware Overlay B Portfolio | | | .02% | | | | .02% | | | | .03% | | | | .03% | | | | .02% | |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
Overlay A Portfolio | | | .32% | | | | .34% | | | | .33% | | | | .35% | | | | .34% | |
Tax-Aware Overlay A Portfolio | | | .31% | | | | .36% | | | | .32% | | | | .35% | | | | .34% | |
Overlay B Portfolio | | | .05% | | | | .04% | | | | .04% | | | | .04% | | | | .03% | |
Tax-Aware Overlay B Portfolio | | | .00% | (h) | | | .00% | (h) | | | .00% | (h) | | | .00% | (h) | | | .00% | (h) |
| (f) | | The expense ratios presented below exclude interest/bank overdraft expense: |
| | | | | | | | | | | | | | | | | | | | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | YEAR
ENDED
9/30/22 | | | YEAR
ENDED
9/30/21 | | | YEAR
ENDED
9/30/20 | |
Overlay A Portfolio | |
Class 1 | |
Expenses, net of waivers/reimbursements | | | .88% | | | | .82% | | | | .80% | | | | .79% | | | | .80% | |
Expenses, before waivers/reimbursements | | | 1.20% | | | | 1.16% | | | | 1.13% | | | | 1.14% | | | | 1.14% | |
Class 2 | |
Expenses, net of waivers/reimbursements | | | .68% | | | | .62% | | | | .60% | | | | .58% | | | | .60% | |
Expenses, before waivers/reimbursements | | | 1.00% | | | | .96% | | | | .93% | | | | .94% | | | | .94% | |
|
Tax-Aware Overlay A Portfolio | |
Class 1 | |
Expenses, net of waivers/reimbursements | | | .85% | | | | .79% | | | | .79% | | | | .77% | | | | .79% | |
Expenses, before waivers/reimbursements | | | 1.17% | | | | 1.14% | | | | 1.12% | | | | 1.11% | | | | 1.13% | |
Class 2 | |
Expenses, net of waivers/reimbursements | | | .66% | | | | .59% | | | | .59% | | | | .56% | | | | .59% | |
Expenses, before waivers/reimbursements | | | .97% | | | | .94% | | | | .92% | | | | .91% | | | | .92% | |
| (g) | | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements. |
| (h) | | Amount is less than .005%. |
| (i) | | Amount is less than $.005. |
See Notes to Financial Statements.
Notes to Financial Statements
| NOTE 1. | Organization and Significant Accounting Policies |
Sanford C. Bernstein Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end registered investment company. The Fund, which is a Maryland corporation, operates as a series company currently comprised of 9 portfolios (hereafter collectively referred to as the “Portfolios” and each individually a “Portfolio”) with the following share classes offered:
| | |
INTERNATIONAL EQUITY PORTFOLIO | | SHARE CLASSES OFFERED |
| |
Emerging Markets | | Emerging Markets Class* and Class Z |
| |
FIXED INCOME MUNICIPAL PORTFOLIOS | | |
| |
California Municipal | | Municipal Class*, Class A, Class C and Advisor Class |
| |
Diversified Municipal | | Municipal Class*, Class A, Class C, Advisor Class and Class Z |
| |
New York Municipal | | Municipal Class*, Class A, Class C and Advisor Class |
| |
FIXED INCOME TAXABLE PORTFOLIO | | |
| |
Intermediate Duration | | Intermediate Duration Class*, Class A, Advisor Class and Class Z |
| | |
OVERLAY PORTFOLIOS | | |
| |
Overlay A | | Class 1 and Class 2 |
| |
Tax-Aware Overlay A | | Class 1 and Class 2 |
| |
Overlay B | | Class 1 and Class 2 |
| |
Tax-Aware Overlay B | | Class 1 and Class 2 |
Each Portfolio has its own investment objectives. This report relates only to the Overlay A, Tax-Aware Overlay A, Overlay B and Tax-Aware Overlay B Portfolios. At a meeting held on October 25-26, 2023, the Tax-Aware Overlay B Portfolio (the “Acquiring Portfolio”) acquired the assets and liabilities of the Tax-Aware Overlay C Portfolio and the Tax-Aware Overlay N Portfolio (each, an “Acquired Portfolio,” and together, the “Acquired Portfolios”), each a series of Sanford C. Overlay Fund, Inc. (“SCB Fund”), in a reorganization that was effective at the close of business February 23, 2024 (together, the “Reorganizations,” and each a “Reorganization”). The Reorganizations were approved by the Fund’s Board of Directors (the “Board”) pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”), see Note 7 for additional Information. Each class of shares has identical voting, dividend, liquidation and other rights, except that the classes may bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan, as applicable. 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. Each 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 Portfolios.
Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Portfolios’ valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Portfolios’ portfolio investments, subject to the Board’s oversight.
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
| | |
| | |
| 70 | | Sanford C. Bernstein Fund, Inc. |
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, 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 Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their 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 Portfolios generally value many of their foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.
| B. | | Fair Value Measurements |
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolios 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 as described in Note 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 Portfolios. Unobservable inputs reflect the Portfolios’ 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 Portfolios’ own assumptions in determining the fair value of investments) |
Notes to Financial Statements (continued)
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.
Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.
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.
| | |
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| 72 | | Sanford C. Bernstein Fund, Inc. |
The following tables summarize the valuation of the Portfolios’ investments by the above fair value hierarchy levels as of September 30, 2024:
| | | | | | | | | | | | | | | | |
OVERLAY A PORTFOLIO
INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
| | | | |
Assets: | | | | | | | | | | | | | | | | |
| | | | |
Common Stocks (a) | | $ | 246,606,732 | | | $ | 0 | | | $ | 0 | | | $ | 246,606,732 | |
| | | | |
Investment Companies | | | 171,253,416 | | | | 0 | | | | 0 | | | | 171,253,416 | |
| | | | |
Purchased Options—Puts | | | 0 | | | | 8,130,789 | | | | 0 | | | | 8,130,789 | |
| | | | |
Short-Term Investments | | | 50,443,565 | | | | 0 | | | | 0 | | | | 50,443,565 | |
| | | | |
Total Investments in Securities | | | 468,303,713 | | | | 8,130,789 | | | | 0 | | | | 476,434,502 | |
| | | | |
Other Financial Instruments (b): | | | | | | | | | | | | | | | | |
| | | | |
Assets: | | | | | | | | | | | | | | | | |
| | | | |
Futures | | | 3,419,830 | | | | 0 | | | | 0 | | | | 3,419,830 | (c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | 1,412,897 | | | | 0 | | | | 1,412,897 | |
| | | | |
Total Return Swaps | | | 0 | | | | 2,711 | | | | 0 | | | | 2,711 | |
| | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| | | | |
Futures | | | (1,327,995 | ) | | | 0 | | | | 0 | | | | (1,327,995 | )(c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | (1,218,777 | ) | | | 0 | | | | (1,218,777 | ) |
| | | | |
Total Return Swaps | | | 0 | | | | (2,871 | ) | | | 0 | | | | (2,871 | ) |
| | | | |
Total | | $ | 470,395,548 | | | $ | 8,324,749 | | | $ | 0 | | | $ | 478,720,297 | |
| | | | |
TAX-AWARE OVERLAY A PORTFOLIO
INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
| | | | |
Assets: | | | | | | | | | | | | | | | | |
| | | | |
Common Stocks (a) | | $ | 603,835,153 | | | $ | 0 | | | $ | 0 | | | $ | 603,835,153 | |
| | | | |
Investment Companies | | | 412,401,682 | | | | 0 | | | | 0 | | | | 412,401,682 | |
| | | | |
Purchased Options—Puts | | | 0 | | | | 17,794,088 | | | | 0 | | | | 17,794,088 | |
| | | | |
Short-Term Investments | | | 131,139,369 | | | | 0 | | | | 0 | | | | 131,139,369 | |
| | | | |
Total Investments in Securities | | | 1,147,376,204 | | | | 17,794,088 | | | | 0 | | | | 1,165,170,292 | |
| | | | |
Other Financial Instruments (b): | | | | | | | | | | | | | | | | |
| | | | |
Assets: | | | | | | | | | | | | | | | | |
| | | | |
Futures | | | 8,845,606 | | | | 0 | | | | 0 | | | | 8,845,606 | (c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | 3,295,480 | | | | 0 | | | | 3,295,480 | |
| | | | |
Total Return Swaps | | | 0 | | | | 20,331 | | | | 0 | | | | 20,331 | |
| | | | |
Liabilities: | | | | | | | | | | | | | | | | |
| | | | |
Futures | | | (2,982,707 | ) | | | 0 | | | | 0 | | | | (2,982,707 | )(c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | (2,526,562 | ) | | | 0 | | | | (2,526,562 | ) |
| | | | |
Total | | $ | 1,153,239,103 | | | $ | 18,583,337 | | | $ | 0 | | | $ | 1,171,822,440 | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
OVERLAY B PORTFOLIO
INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
|
Assets: | |
| | | | |
Governments—Treasuries | | $ | 0 | | | $ | 66,322,672 | | | $ | 0 | | | $ | 66,322,672 | |
| | | | |
Corporates—Investment Grade | | | 0 | | | | 61,677,858 | | | | 0 | | | | 61,677,858 | |
| | | | |
Inflation-Linked Securities | | | 0 | | | | 55,045,206 | | | | 0 | | | | 55,045,206 | |
| | | | |
Investment Companies | | | 50,174,869 | | | | 0 | | | | 0 | | | | 50,174,869 | |
| | | | |
Mortgage Pass-Throughs | | | 0 | | | | 33,839,911 | | | | 0 | | | | 33,839,911 | |
| | | | |
Asset-Backed Securities | | | 0 | | | | 16,906,653 | | | | 199,484 | | | | 17,106,137 | |
| | | | |
Collateralized Mortgage Obligations | | | 0 | | | | 15,075,236 | | | | 0 | | | | 15,075,236 | |
| | | | |
Commercial Mortgage-Backed Securities | | | 0 | | | | 8,965,125 | | | | 0 | | | | 8,965,125 | |
| | | | |
Collateralized Loan Obligations | | | 0 | | | | 4,703,842 | | | | 0 | | | | 4,703,842 | |
| | | | |
Covered Bonds | | | 0 | | | | 3,701,181 | | | | 0 | | | | 3,701,181 | |
| | | | |
Corporates—Non-Investment Grade | | | 0 | | | | 2,877,171 | | | | 0 | | | | 2,877,171 | |
| | | | |
Governments—Sovereign Agencies | | | 0 | | | | 2,856,955 | | | | 0 | | | | 2,856,955 | |
| | | | |
Emerging Markets—Corporate Bonds | | | 0 | | | | 2,717,856 | | | | 0 | | | | 2,717,856 | |
| | | | |
Local Governments—Provincial Bonds | | | 0 | | | | 2,521,921 | | | | 0 | | | | 2,521,921 | |
| | | | |
Supranationals | | | 0 | | | | 2,360,825 | | | | 0 | | | | 2,360,825 | |
| | | | |
Local Governments—US Municipal Bonds | | | 0 | | | | 2,332,093 | | | | 0 | | | | 2,332,093 | |
| | | | |
Purchased Options—Puts | | | 0 | | | | 2,223,733 | | | | 0 | | | | 2,223,733 | |
| | | | |
Governments—Sovereign Bonds | | | 0 | | | | 1,996,504 | | | | 0 | | | | 1,996,504 | |
| | | | |
Local Governments—Regional Bonds | | | 0 | | | | 1,661,123 | | | | 0 | | | | 1,661,123 | |
| | | | |
Agencies | | | 0 | | | | 1,153,490 | | | | 0 | | | | 1,153,490 | |
| | | | |
Quasi-Sovereigns | | | 0 | | | | 457,596 | | | | 0 | | | | 457,596 | |
| | | | |
Emerging Markets—Sovereigns | | | 0 | | | | 223,970 | | | | 0 | | | | 223,970 | |
| | | | |
Local Governments—Canadian Municipal Bonds | | | 0 | | | | 53,645 | | | | 0 | | | | 53,645 | |
| | | | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
| | | | |
Investment Companies | | | 27,537,334 | | | | 0 | | | | 0 | | | | 27,537,334 | |
| | | | |
U.S. Treasury Bills | | | 0 | | | | 5,009,893 | | | | 0 | | | | 5,009,893 | |
| | | | |
Total Investments in Securities | | | 77,712,203 | | | | 294,684,459 | | | | 199,484 | | | | 372,596,146 | |
| | | | |
Other Financial Instruments (b): | | | | | | | | | | | | | | | | |
|
Assets: | |
| | | | |
Futures | | | 3,562,715 | | | | 0 | | | | 0 | | | | 3,562,715 | (c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | 617,501 | | | | 0 | | | | 617,501 | |
| | | | |
Centrally Cleared Credit Default Swaps | | | 0 | | | | 168,027 | | | | 0 | | | | 168,027 | (c) |
| | | | |
Centrally Cleared Inflation (CPI) Swaps | | | 0 | | | | 4,927,770 | | | | 0 | | | | 4,927,770 | (c) |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | 4,065,403 | | | | 0 | | | | 4,065,403 | (c) |
| | | | |
Total Return Swaps | | | 0 | | | | 1,355 | | | | 0 | | | | 1,355 | |
|
Liabilities: | |
| | | | |
Futures | | | (301,498 | ) | | | 0 | | | | 0 | | | | (301,498 | )(c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | (1,465,967 | ) | | | 0 | | | | (1,465,967 | ) |
| | | | |
Centrally Cleared Credit Default Swaps | | | 0 | | | | (748,249 | ) | | | 0 | | | | (748,249 | )(c) |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | (17,211 | ) | | | 0 | | | | (17,211 | )(c) |
| | | | |
Reverse Repurchase Agreements | | | (4,896,423 | ) | | | 0 | | | | 0 | | | | (4,896,423 | ) |
| | | | |
Total | | $ | 76,076,997 | | | $ | 302,233,088 | | | $ | 199,484 | | | $ | 378,509,569 | |
| | |
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| 74 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | |
TAX-AWARE OVERLAY B PORTFOLIO
INVESTMENTS IN SECURITIES: | | LEVEL 1 | | | LEVEL 2 | | | LEVEL 3 | | | TOTAL | |
|
Assets: | |
| | | | |
Long-Term Municipal Bonds | | $ | 0 | | | $ | 452,933,539 | | | $ | 787,328 | | | $ | 453,720,867 | |
| | | | |
Investment Companies | | | 144,550,707 | | | | 0 | | | | 0 | | | | 144,550,707 | |
| | | | |
Governments—Treasuries | | | 0 | | | | 13,461,773 | | | | 0 | | | | 13,461,773 | |
| | | | |
Corporates—Investment Grade | | | 0 | | | | 6,300,199 | | | | 0 | | | | 6,300,199 | |
| | | | |
Asset-Backed Securities | | | 0 | | | | 5,535,118 | | | | 0 | | | | 5,535,118 | |
| | | | |
Purchased Options—Puts | | | 0 | | | | 3,772,740 | | | | 0 | | | | 3,772,740 | |
| | | | |
Corporates—Non-Investment Grade | | | 0 | | | | 1,269,513 | | | | 0 | | | | 1,269,513 | |
| | | | |
Collateralized Mortgage Obligations | | | 0 | | | | 424,764 | | | | 0 | | | | 424,764 | |
| | | | |
Preferred Stocks | | | 0 | | | | 0 | | | | 223,610 | | | | 223,610 | |
| | | | |
Commercial Mortgage-Backed Securities | | | 0 | | | | 3 | | | | 0 | | | | 3 | |
| | | | |
Short-Term Investments | | | 6,804,726 | | | | 0 | | | | 0 | | | | 6,804,726 | |
| | | | |
Total Investments in Securities | | | 151,355,433 | | | | 483,697,649 | | | | 1,010,938 | | | | 636,064,020 | |
| | | | |
Other Financial Instruments (b): | | | | | | | | | | | | | | | | |
|
Assets: | |
| | | | |
Futures | | | 4,685,870 | | | | 0 | | | | 0 | | | | 4,685,870 | (c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | 593,122 | | | | 0 | | | | 593,122 | |
| | | | |
Centrally Cleared Inflation (CPI) Swaps | | | 0 | | | | 6,717,248 | | | | 0 | | | | 6,717,248 | (c) |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | 4,710,799 | | | | 0 | | | | 4,710,799 | (c) |
| | | | |
Inflation (CPI) Swaps | | | 0 | | | | 15,947,529 | | | | 0 | | | | 15,947,529 | |
| | | | |
Interest Rate Swaps | | | 0 | | | | 1,290,044 | | | | 0 | | | | 1,290,044 | |
|
Liabilities: | |
| | | | |
Futures | | | (483,766 | ) | | | 0 | | | | 0 | | | | (483,766 | )(c) |
| | | | |
Forward Currency Exchange Contracts | | | 0 | | | | (530,670 | ) | | | 0 | | | | (530,670 | ) |
| | | | |
Centrally Cleared Credit Default Swaps | | | 0 | | | | (1,258,562 | ) | | | 0 | | | | (1,258,562 | )(c) |
| | | | |
Centrally Cleared Interest Rate Swaps | | | 0 | | | | (162,754 | ) | | | 0 | | | | (162,754 | )(c) |
| | | | |
Inflation (CPI) Swaps | | | 0 | | | | (22,670 | ) | | | 0 | | | | (22,670 | ) |
| | | | |
Total | | $ | 155,557,537 | | | $ | 510,981,735 | | | $ | 1,010,938 | | | $ | 667,550,210 | |
| | (a) | See Schedule of Investments for sector classifications. |
| | (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, written options and written swaptions which are valued at market value. |
| | (c) | Only variation margin receivable (payable) at period end is reported within the consolidated statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the consolidated portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value. |
| C. | | Foreign Currency Translation |
The accounting records of the Portfolios 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
Notes to Financial Statements (continued)
Portfolios’ 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 Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at period end. The Portfolios do isolate the effect of changes in foreign exchange rates from changes in market prices of securities sold during the year, as required by the Internal Revenue Code.
The Portfolios 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.
Each Portfolio is treated as a separate entity for federal income tax purposes. Each Portfolio intends to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as they apply to regulated investment companies. By so complying, each Portfolio will not be subject to federal and state income taxes to the extent that all of its income is distributed. The Portfolios may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned based on, management’s understanding of applicable local tax law.
In consideration of recent decisions rendered by the European courts, certain Portfolios filed reclaims to recover taxes withheld on dividends earned from certain European Union countries during calendar years 2008 through 2022. These filing are subject to various administrative and judicial proceedings within these countries. No other amounts for additional tax reclaims are disclosed in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolios’ 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 Portfolios’ financial statements. As of September 30, 2023, the Portfolios did not have any unrecognized tax benefits.
| 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 Fund is informed of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Portfolios amortize premiums and accrete 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 |
Each Portfolio may purchase securities on a when-issued basis or purchase or sell securities on a delayed-delivery basis. At the time a Portfolio commits to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will record the transaction and use the security’s value in determining the Portfolio’s net asset value. At the time a Portfolio commits to sell a security on a delayed-delivery basis, the Portfolio will record the transaction and exclude the security’s value in determining the Portfolio’s net asset value.
All income earned and expenses incurred by the Portfolios are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the shares of such class, except for class specific
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| 76 | | Sanford C. Bernstein Fund, Inc. |
expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each Portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.
| H. | | Distribution of Income and Gains |
Dividends from net investment income, if any, will be paid to shareholders at least once a year.
Distributions of net realized gains, less any available loss carryforwards, if any, for all the Portfolios will be paid to shareholders at least once a year, and recorded on the ex-dividend date.
Elements of realized gains and net investment income may be recorded in different accounting periods for financial reporting (book) and federal income tax (tax) purposes (temporary differences). To the extent that such distributions required for tax purposes exceed income and gains recorded for book purposes as a result of such temporary differences, “excess distributions” are reflected in the accompanying 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.
Permanent differences have no effect on net assets. The effects of such permanent differences on each Portfolio, due to the utilization of earnings and profits distributed to shareholders on redemption of shares, excise tax paid, and merger adjustments which are reflected as adjustments to the components of net assets as of September 30, 2024, as shown below:
| | | | | | | | |
| PORTFOLIO | | INCREASE (DECREASE)
TO ADDITIONAL
PAID-IN CAPITAL | | | INCREASE (DECREASE)
TO DISTRIBUTABLE
EARNINGS/
ACCUMULATED LOSS | |
Overlay A | | $ | 25,235,243 | | | $ | (25,235,243 | ) |
| | |
Tax-Aware Overlay A | | | 58,534,512 | | | | (58,534,512 | ) |
| | |
Overlay B | | | 0 | | | | 0 | |
| | |
Tax-Aware Overlay B | | | 16,174,652 | | | | (16,174,652 | ) |
| I. | | Cash and Short-Term Investments |
Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.
| NOTE 2. | Investment Management and Transactions with Affiliated Persons |
Under the Investment Management Agreement between the Fund and the Adviser, the Adviser manages the investment of each Portfolio’s assets, places purchase and sale orders, and bears various expenses, including the salaries and expenses of all personnel except those of outside directors. In addition, the Adviser agrees to permit its directors, officers and employees who may be elected directors or officers of the Fund to serve in the capacities to which they are elected. The Adviser renders these services subject to the general oversight of the Board.
The Portfolios pay the Adviser an investment management fee at an annual rate of 0.90% of the first $2.5 billion, 0.875% of the next $2.5 billion and 0.85% in excess of $5 billion for Overlay A and Tax-Aware Overlay A; 0.65% for Overlay B and Tax-Aware Overlay B, of the average daily net assets of each Portfolio. Prior to November 13, 2020, the Overlay A and Tax-Aware Overlay A paid the Adviser an investment management fee at an annual rate of 0.90% of the first $5 billion and 0.875% in excess of $5 billion of the average daily net assets of each respective Portfolio.
The Adviser has agreed to waive its fees and bear certain expenses, exclusive of acquired fund fees and other than the advisory fees of any registered funds advised by the Adviser in which a Portfolio may invest, interest expense, taxes,
Notes to Financial Statements (continued)
extraordinary expenses, brokerage commission, and other transaction costs, to the extent necessary to limit the total portfolio operating expenses as a percentage of daily average net assets on an annual basis as follows:
| | | | | | | | |
| PORTFOLIO | | CLASS 1 | | | CLASS 2 | |
| | |
Overlay A | | | 1.20 | % | | | 1.00 | % |
| | |
Tax-Aware Overlay A | | | 1.20 | % | | | 1.00 | % |
| | |
Overlay B | | | 0.90 | % | | | 0.75 | % |
| | |
Tax-Aware Overlay B | | | 0.90 | % | | | 0.75 | % |
This fee waiver and/or expense limitation agreement will remain in effect until January 28, 2025, and then may be extended by the Adviser for additional one year terms. For the year ended September 30,2024, such reimbursements/waivers for the Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio and Tax-Aware Overlay B Portfolio amounted to $18,261, $33,134, $289,330 and $23,029, respectively.
| B. | | Shareholder Servicing Fee |
Under the Shareholder Servicing Agreement between the Fund and the Adviser, the Adviser pays expenses it incurs in providing shareholder servicing to the Fund, the Portfolios and individual shareholders. Such services include, but are not limited to, providing information to shareholders concerning their fund investments, systematic withdrawal plans, fund dividend payments and reinvestments, shareholder account or transactions status, net asset value of shares, fund performance, fund services, plans and options, fund investment policies, portfolio holdings and tax consequences of fund investments; dealing with shareholder complaints and other correspondence relating to fund matters; and communications with shareholders when proxies are being solicited from them with respect to voting their fund shares. Under the agreement, the fee paid by each Portfolio to the Adviser for services is 0.20 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay A and Tax-Aware Overlay A Portfolios during the month, and 0.15 of 1%, annualized, of the average daily net assets of Class 1 Shares of Overlay B and Tax-Aware Overlay B Portfolios during the month.
| C. | | Distribution Arrangements |
Under the Distribution Agreement between the Fund, on behalf of each Portfolio, and Sanford C. Bernstein & Co., LLC (the “Distributor”), the Distributor agrees to act as agent to sell shares of the Portfolios. The Distributor receives no fee for this service, and furthermore agrees to pay all expenses arising from the performance of its obligations under this agreement. The Distributor is a wholly owned subsidiary of the Adviser.
| D. | | Investments in Affiliated Issuers |
The Portfolios may invest in other investment companies advised by the Adviser, including AB Government Money Market Portfolio (the “Government Money Market Portfolio”) and AB All-Market Real Return Portfolio—Class Z (“AMRR”) which have contractual annual advisory fee rates of 0.20% and 0.75%, respectively, of the portfolios’ average daily net assets and bear their own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Portfolios in affiliated registered investment companies, the Adviser has contractually agreed to waive its advisory fee from the Portfolios in an amount equal to the Portfolios’ pro rata share of the effective advisory fee of the underlying affiliated registered investment company, as borne indirectly by the Portfolios as an acquired fund fee and expense.
| | |
| | |
| 78 | | Sanford C. Bernstein Fund, Inc. |
For the year ended September 30, 2024, such waivers amounted to:
| | | | |
| GOVERNMENT MONEY MARKET PORTFOLIO | | AMOUNT | |
| |
Overlay A | | | $ 61,813 | |
| |
Tax-Aware Overlay A | | | 188,896 | |
| |
Overlay B | | | 69,303 | |
| |
Tax-Aware Overlay B | | | 30,981 | |
| |
| AMRR | | AMOUNT | |
| |
Overlay A | | | $319,680 | |
| |
Tax-Aware Overlay A | | | 587,649 | |
| |
Overlay B | | | 127,337 | |
Overlay A Portfolio and Tax-Aware Overlay A Portfolio currently invest in Bernstein Fund, Inc.—International Small Cap Portfolio—Class Z, Bernstein Fund, Inc.—International Strategic Equities Portfolio—Class Z, Bernstein Fund Inc.—Small Cap Core Portfolio—Class Z and Sanford C. Bernstein Fund, Inc.—Emerging Markets Portfolio—Class Z, respectively. With respect to the Overlay A Portfolio and Tax-Aware Overlay A Portfolio, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through January 28, 2025, in an amount equal to the Portfolios’ proportionate share of all advisory fees and other expenses of the aforementioned funds that are indirectly borne by the Portfolios. For the year ended September 30, 2024, such waivers amounted to:
| | | | | | | | | | | | | | | | |
| PORTFOLIO | | SANFORD C.
BERNSTEIN
FUND, INC. -
EMERGING
MARKETS
PORTFOLIO
CLASS Z | | | BERNSTEIN
FUND, INC. -
INTERNATIONAL
STRATEGIC
EQUITIES
PORTFOLIO
CLASS Z | | | BERNSTEIN
FUND, INC. -
INTERNATIONAL
SMALL CAP
PORTFOLIO
CLASS Z | | | BERNSTEIN
FUND, INC. -
SMALL
CAP CORE
PORTFOLIO
CLASS Z | |
| | | | |
Overlay A | | $ | 134,815 | | | $ | 1,003,437 | | | $ | 113,033 | | | $ | 276,143 | |
| | | | |
Tax-Aware Overlay A | | $ | 269,497 | | | $ | 1,964,705 | | | $ | 218,835 | | | $ | 548,654 | |
The Portfolios may invest in other investment companies managed by the Adviser. A summary of the Portfolios’ transactions in such holdings for the year ended September 30, 2024 is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO | |
| | | | DISTRIBUTIONS | |
| FUND | | MARKET VALUE
9/30/23
(000) | | | PURCHASES
AT COST
(000) | | | SALES
PROCEEDS
(000) | | | REALIZED
GAIN
(LOSS)
(000) | | | CHANGE IN
UNREALIZED
APPR./(DEPR.)
(000) | | | MARKET VALUE
9/30/24
(000) | | | DIVIDEND
INCOME
(000) | | | REALIZED
GAINS
(000) | |
| | | | | | | | |
Government Money Market Portfolio | | $ | 14,390 | | | $ | 389,963 | | | $ | 353,910 | | | $ | 0 | | | $ | 0 | | | $ | 50,443 | | | $ | 2,180 | | | $ | 0 | |
| | | | | | | | |
AB Bond Fund, Inc.:
AB All Market Real Return Portfolio | | | 61,377 | | | | 2,261 | | | | 34,510 | | | | (4,821 | ) | | | 9,404 | | | | 33,711 | | | | 2,261 | | | | 0 | |
| | | | | | | | |
Bernstein Fund, Inc.:
International Small Cap Portfolio | | | 37,429 | | | | 1,158 | | | | 26,105 | | | | 3,977 | | | | 291 | | | | 16,750 | | | | 1,158 | | | | 0 | |
| | | | | | | | |
Bernstein Fund, Inc.—International Strategic Equities Portfolio | | | 188,999 | | | | 6,041 | | | | 124,985 | | | | 21,529 | | | | 8,305 | | | | 99,889 | | | | 6,041 | | | | 0 | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SANFORD C. BERNSTEIN FUND, INC.—OVERLAY A PORTFOLIO | |
| | | | DISTRIBUTIONS | |
| FUND | | MARKET VALUE
9/30/23
(000) | | | PURCHASES
AT COST
(000) | | | SALES
PROCEEDS
(000) | | | REALIZED
GAIN
(LOSS)
(000) | | | CHANGE IN
UNREALIZED
APPR./(DEPR.)
(000) | | | MARKET VALUE
9/30/24
(000) | | | DIVIDEND
INCOME
(000) | | | REALIZED
GAINS
(000) | |
| | | | | | | | |
Bernstein Fund, Inc.—Small Cap Core Portfolio | | $ | 16,112 | | | $ | 1,441 | | | $ | 7,600 | | | $ | 1,378 | | | $ | 595 | | | $ | 11,926 | | | $ | 125 | | | $ | 1,316 | |
| | | | | | | | |
Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | | | 17,278 | | | | 342 | | | | 10,705 | | | | 1,719 | | | | 344 | | | | 8,978 | | | | 342 | | | | 0 | |
| | | | | | | | |
Total | | | | | | | | | | | | | | $ | 23,782 | | | $ | 18,939 | | | $ | 221,697 | | | $ | 12,107 | | | $ | 1,316 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY A PORTFOLIO | |
| | | | DISTRIBUTIONS | |
| FUND | | MARKET VALUE
9/30/23
(000) | | | PURCHASES
AT COST
(000) | | | SALES
PROCEEDS
(000) | | | REALIZED
GAIN
(LOSS)
(000) | | | CHANGE IN
UNREALIZED
APPR./(DEPR.)
(000) | | | MARKET VALUE
9/30/24
(000) | | | DIVIDEND
INCOME
(000) | | | REALIZED
GAINS
(000) | |
| | | | | | | | |
Government Money Market Portfolio | | $ | 0 | | | $ | 635,185 | | | $ | 504,046 | | | $ | 0 | | | $ | 0 | | | $ | 131,139 | | | $ | 6,685 | | | $ | 0 | |
| | | | | | | | |
AB Bond Fund, Inc.:
AB All Market Real Return Portfolio | | | 107,850 | | | | 4,161 | | | | 40,671 | | | | (8,587 | ) | | | 16,860 | | | | 79,613 | | | | 4,161 | | | | 0 | |
| | | | | | | | |
Bernstein Fund, Inc.: International Small Cap Portfolio | | | 73,627 | | | | 2,279 | | | | 41,388 | | | | 5,141 | | | | 3,274 | | | | 42,933 | | | | 2,279 | | | | 0 | |
| | | | | | | | |
Bernstein Fund, Inc.—International Strategic Equities Portfolio | | | 356,804 | | | | 11,536 | | | | 181,538 | | | | 27,678 | | | | 29,810 | | | | 244,290 | | | | 11,536 | | | | 0 | |
| | | | | | | | |
Bernstein Fund, Inc.—Small Cap Core Portfolio | | | 31,892 | | | | 2,852 | | | | 15,900 | | | | 2,796 | | | | 1,005 | | | | 22,645 | | | | 247 | | | | 2,605 | |
| | | | | | | | |
Sanford C. Bernstein Fund, Inc.—AB Emerging Markets Portfolio | | | 34,182 | | | | 677 | | | | 15,949 | | | | 1,913 | | | | 2,098 | | | | 22,921 | | | | 676 | | | | 0 | |
| | | | | | | | |
Total | | | | | | | | | | | | | | $ | 28,941 | | | $ | 53,047 | | | $ | 543,541 | | | $ | 25,584 | | | $ | 2,605 | |
| | |
| | |
| 80 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SANFORD C. BERNSTEIN FUND, INC.— OVERLAY B PORTFOLIO | |
| | | | DISTRIBUTIONS | |
| FUND | | MARKET VALUE
9/30/23
(000) | | | PURCHASES
AT COST
(000) | | | SALES
PROCEEDS
(000) | | | REALIZED
GAIN
(LOSS)
(000) | | | CHANGE IN
UNREALIZED
APPR./(DEPR.)
(000) | | | MARKET VALUE
9/30/24
(000) | | | DIVIDEND
INCOME
(000) | | | REALIZED
GAINS
(000) | |
| | | | | | | | |
Government Money Market Portfolio | | $ | 116,399 | | | $ | 194,809 | | | $ | 283,670 | | | $ | 0 | | | $ | 0 | | | $ | 27,538 | | | $ | 2,433 | | | $ | 0 | |
| | | | | | | | |
AB Bond Fund, Inc.: AB All Market Real Return Portfolio | | | 21,231 | | | | 877 | | | | 10,953 | | | | (1,280 | ) | | | 2,951 | | | | 12,826 | | | | 877 | | | | 0 | |
| | | | | | | | |
Total | | | | | | | | | | | | | | $ | (1,280 | ) | | $ | 2,951 | | | $ | 40,364 | | | $ | 3,310 | | | $ | 0 | |
| | | | | | | | | | | | | | | | | | | | |
SANFORD C. BERNSTEIN FUND, INC.—TAX-AWARE OVERLAY B PORTFOLIO | |
| PORTFOLIO | | MARKET VALUE
9/30/23
(000) | | | PURCHASES
AT COST
(000) | | | SALES
PROCEEDS
(000) | | | MARKET VALUE
9/30/24
(000) | | | DIVIDEND
INCOME
(000) | |
Government Money Market Portfolio | | $ | 0 | | | $ | 297,978 | | | $ | 291,173 | | | $ | 6,805 | | | $ | 1,089 | |
In connection with the election of a new Board of Directors by shareholders effective January 1, 2025, the Portfolios have adopted a retirement plan for certain independent Directors who will retire prior to their initial anticipated retirement date. These Directors will receive a one-time retirement benefit payable from the Portfolios and certain other funds overseen by the Directors. The Adviser has agreed to waive its fees from the Portfolios and certain other funds overseen by the Directors for the cost of such benefit, which is included in Receivable due from Adviser and Directors’ fees payable on the statement of assets and liabilities, and is expected to be paid prior to December 31, 2024.
| NOTE 3. | Investment Security Transactions |
For the year ended September 30, 2024, the Portfolios had purchases and sales transactions, excluding transactions in short-term instruments, as follows:
| | | | | | | | | | | | | | | | |
| PORTFOLIO | | PURCHASES EXCLUDING U.S. GOVERNMENT SECURITIES | | | PURCHASES OF U.S. GOVERNMENT SECURITIES | | | SALES EXCLUDING U.S. GOVERNMENT SECURITIES | | | SALES OF U.S. GOVERNMENT SECURITIES | |
| | | | |
Overlay A | | $ | 119,070,132 | | | $ | 0 | | | $ | 605,693,130 | | | $ | 0 | |
| | | | |
Tax-Aware Overlay A | | | 209,957,115 | | | | 0 | | | | 943,168,358 | | | | 0 | |
| | | | |
Overlay B | | | 179,980,602 | | | | 450,142,480 | | | | 228,082,528 | | | | 543,175,131 | |
| | | | |
Tax-Aware Overlay B | | | 122,489,892 | | | | 1,028,255 | | | | 414,683,457 | | | | 1,828,587 | |
The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:
| | | | | | | | | | | | | | | | |
| | | COST | | | GROSS UNREALIZED | | | NET UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| PORTFOLIO | | APPRECIATION | | | (DEPRECIATION) | |
Overlay A | | $ | 310,359,502 | | | $ | 171,307,218 | | | $ | (4,739,889 | ) | | $ | 166,567,329 | |
| | | | |
Tax-Aware Overlay A | | | 705,562,679 | | | | 465,233,653 | | | | (4,806,163 | ) | | | 460,427,490 | |
| | | | |
Overlay B | | | 369,799,773 | | | | 15,758,819 | | | | (8,796,477 | ) | | | 6,962,342 | |
| | | | |
Tax-Aware Overlay B | | | 580,943,311 | | | | 96,857,129 | | | | (17,863,307 | ) | | | 78,993,822 | |
Notes to Financial Statements (continued)
| B. | | Derivative Financial Instruments |
Each 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 Portfolios, as well as the methods in which they may be used are:
Each 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 Portfolios bear 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 Portfolios 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 a Portfolio enters into futures, a Portfolio deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Portfolio agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios 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 Portfolios record 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 Portfolios 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 Portfolios to unlimited risk of loss. Each 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 Portfolios’ 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.
During the year ended September 30, 2024, the Portfolios held futures for hedging and non-hedging purposes.
| | • | | Forward Currency Exchange Contracts |
Each Portfolio may enter into forward currency exchange contracts on either a spot (i.e., cash) or forward basis. Spot contracts are entered into at the rate then prevailing in the currency-exchange market. Forward currency exchange contracts obligate the contracting parties to purchase or sell a specific currency at a specified future date at a specified price. The Portfolios will generally not enter into a forward currency exchange contract with a term greater than one year. 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.
Forward currency exchange contracts used to protect the Portfolios from adverse currency movements involve the risk that the Adviser may not accurately predict currency movements. As a result, total return could be adversely affected. The Adviser 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 Adviser may enter into foreign currency transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value.
Under certain circumstances, the Portfolios may commit a substantial portion or the entire value of the Portfolios to the consummation of these contracts. The Adviser will consider the effect that a substantial commitment of assets to forward
| | |
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| 82 | | Sanford C. Bernstein Fund, Inc. |
currency exchange contracts would have on the investment program of the Portfolios and the flexibility of the Portfolios to purchase additional securities.
During the year ended September 30, 2024, the Portfolios held forward currency exchange contracts for hedging and non-hedging purposes.
For hedging and investment purposes, each Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, certain Portfolios may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.
The risk associated with purchasing an option is that the Portfolios pay a premium whether or not the option is exercised. Additionally, the Portfolios bear the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Portfolios were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolios. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.
When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Portfolios’ maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Portfolios on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolios have realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolios. In writing an option, the Portfolios bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of a written option by the Portfolios could result in the Portfolios selling or buying a security or currency at a price different from the current market value.
During the year ended September 30, 2024, the Portfolios held purchased options for hedging and non-hedging purposes.
The Portfolios may enter into swaps to hedge their exposure to interest rates, credit risk, or currencies. Certain Portfolios 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 Portfolios in accordance with the terms of the respective swaps to provide value and recourse to the Portfolios or their 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 Portfolios, and/or the termination value at the end of the contract. Therefore, the Portfolios consider the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolios and the counterparty and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios’ exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolios accrue 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,
Notes to Financial Statements (continued)
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 (or soon will be) 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 Portfolios enter into a centrally cleared swap, the Portfolios deposit with the broker or segregates at is custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Portfolios 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 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 Portfolios record 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 Portfolios are subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolios hold 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 Portfolios may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolios 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, a 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 year ended September 30, 2024, the Overlay B and Tax-Aware Overlay B Portfolios 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 year ended September 30, 2024, the Overlay B and Tax-Aware Overlay B Portfolios held inflation (CPI) swaps for hedging and non-hedging purposes.
Credit Default Swaps:
The Portfolios may enter into credit default swaps, including to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults by corporate and sovereign issuers held by the Portfolios, or to create
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| | |
| 84 | | Sanford C. Bernstein Fund, Inc. |
exposure to corporate or sovereign issuers to which they are not otherwise exposed. The Portfolios 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 Portfolios receive/(pay) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If a Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolios 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 Portfolios for the same referenced obligations with the same counterparty.
Credit default swaps may involve greater risks than if the 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 a Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If a 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.
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 market’s assessment of 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 include 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 year ended September 30, 2024, the Portfolios held credit default swaps for hedging and non-hedging purposes.
Total Return Swaps:
Each Portfolio may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. A Portfolio is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Portfolio will receive a payment from or make a payment to the counterparty.
During the year ended September 30, 2024, the Portfolios held total return swaps for hedging and non-hedging purposes.
A 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, a 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 a Portfolio’s net liability, held by the defaulting party, may be delayed or denied.
A Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of a Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, a 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 tables below for additional details.
Notes to Financial Statements (continued)
During the year ended September 30, 2024, the Portfolios had entered into the following derivatives:
| | | | | | | | | | | | |
| OVERLAY A PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | |
| | | | |
Interest rate contracts | | Receivable for variation margin on futures | | $ | 408,795 | * | | Payable for variation margin on futures | | $ | 356,639 | * |
| | | | |
Equity contracts | | Receivable for variation margin on futures | | | 3,011,035 | * | | Payable for variation margin on futures | | | 971,356 | * |
| | | | |
Foreign currency contracts | | Unrealized appreciation on forward currency exchange contracts | | | 1,412,897 | | | Unrealized depreciation on forward currency exchange contracts | | | 1,218,777 | |
| | | | |
Equity contracts | | Investments in securities, at value | | | 8,130,789 | | | | | | | |
| | | | |
Equity contracts | | Unrealized appreciation on total return swaps | | | 2,711 | | | Unrealized depreciation on total return swaps | | | 2,871 | |
| | | | |
Total | | | | $ | 12,966,227 | | | | | $ | 2,549,643 | |
| | * | 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. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON
DERIVATIVES WITHIN STATEMENT
OF OPERATIONS | | REALIZED GAIN
OR (LOSS) ON
DERIVATIVES | | | CHANGE IN UNREALIZED
APPRECIATION OR
(DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | $ | 2,678,517 | | | $ | 9,929,635 | |
| | | |
Equity contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | | 14,618,598 | | | | 3,029,567 | |
| | | |
Foreign currency contracts | | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | | | 3,625,821 | | | | 1,280,270 | |
| | | |
Equity contracts | | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | | | (17,898,724 | ) | | | (1,898,060 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 1,240,645 | | | | (58,105 | ) |
| | | |
Equity contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 92,289 | | | | (231 | ) |
| | | |
Total | | | | $ | 4,357,146 | | | $ | 12,283,076 | |
| | |
| | |
| 86 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
TAX-AWARE
OVERLAY A PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | |
| | | | |
Interest rate contracts | | Receivable for variation margin on futures | | $ | 91,898 | * | | Payable for variation margin on futures | | $ | 1,085,468 | * |
| | | | |
Equity contracts | | Receivable for variation margin on futures | | | 8,753,708 | * | | Payable for variation margin on futures | | | 1,897,239 | * |
| | | | |
Foreign currency contracts | | Unrealized appreciation on forward currency exchange contracts | | | 3,295,480 | | | Unrealized depreciation on forward currency exchange contracts | | | 2,526,562 | |
| | | | |
Equity contracts | | Investments in securities, at value | | | 17,794,088 | | | | | | | |
| | | | |
Equity contracts | | Unrealized appreciation on total return swaps | | | 20,331 | | | | | | | |
| | | | |
Total | | | | $ | 29,955,505 | | | | | $ | 5,509,269 | |
| | * | 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. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON
DERIVATIVES WITHIN STATEMENT
OF OPERATIONS | | REALIZED GAIN
OR (LOSS) ON
DERIVATIVES | | | CHANGE IN UNREALIZED
APPRECIATION OR
(DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | $ | 5,896,569 | | | $ | 18,725,463 | |
| | | |
Equity contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | | 35,112,987 | | | | 7,384,673 | |
| | | |
Foreign currency contracts | | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | | | 7,523,420 | | | | 3,071,956 | |
| | | |
Equity contracts | | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | | | (34,153,325 | ) | | | (3,556,239 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 2,301,541 | | | | (109,205 | ) |
| | | |
Equity contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 276,696 | | | | 20,636 | |
| | | |
Total | | | | $ | 16,957,888 | | | $ | 25,537,284 | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | |
| OVERLAY B PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | |
| | | | |
Interest rate contracts | | Receivable for variation margin on futures | | $ | 221,892 | * | | Payable for variation margin on futures | | $ | 99,325 | * |
| | | | |
Equity contracts | | Receivable for variation margin on futures | | | 3,340,823 | * | | Payable for variation margin on futures | | | 202,173 | * |
| | | | |
Credit contracts | | Receivable for variation margin on centrally cleared swaps | | | 1,290 | * | | Payable for variation margin on centrally cleared swaps | | | 41,183 | * |
| | | | |
Interest rate contracts | | Receivable for variation margin on centrally cleared swaps | | | 5,087,639 | * | | Payable for variation margin on centrally cleared swaps | | | 208,612 | * |
| | | | |
Foreign currency contracts | | Unrealized appreciation on forward currency exchange contracts | | | 617,501 | | | Unrealized depreciation on forward currency exchange contracts | | | 1,465,967 | |
| | | | |
Equity contracts | | Investments in securities, at value | | | 2,223,733 | | | | | | | |
| | | | |
Equity contracts | | Unrealized appreciation on total return swaps | | | 1,355 | | | | | | | |
| | | | |
Total | | | | $ | 11,494,233 | | | | | $ | 2,017,260 | |
| | * | 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. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON
DERIVATIVES WITHIN STATEMENT
OF OPERATIONS | | REALIZED GAIN
OR (LOSS) ON
DERIVATIVES | | | CHANGE IN UNREALIZED
APPRECIATION OR
(DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | $ | (564,537 | ) | | $ | 2,310,834 | |
| | | |
Equity contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | | 23,109,478 | | | | 9,217,838 | |
| | | |
Foreign currency contracts | | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | | | 1,383,223 | | | | (1,835,668 | ) |
| | | |
Equity contracts | | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | | | (4,741,353 | ) | | | (479,322 | ) |
| | | |
Interest rate contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 611,526 | | | | (1,234,610 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | (305,312 | ) | | | (31,975 | ) |
| | | |
Equity contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 127,760 | | | | 26,331 | |
| | | |
Total | | | | $ | 19,620,785 | | | $ | 7,973,428 | |
| | |
| | |
| 88 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | |
TAX-AWARE
OVERLAY B PORTFOLIO | | ASSET DERIVATIVES | | | LIABILITY DERIVATIVES | |
| DERIVATIVE TYPE | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | | | STATEMENT OF ASSETS AND
LIABILITIES LOCATION | | FAIR
VALUE | |
| | | | |
Interest rate contracts | | | | | | | | Payable for variation margin on futures | | $ | 166,074 | * |
| | | | |
Equity contracts | | Receivable for variation margin on futures | | $ | 4,685,870 | * | | Payable for variation margin on futures | | | 317,692 | * |
| | | | |
Credit contracts | | | | | | | | Payable for variation margin on centrally cleared swaps | | | 29,738 | * |
| | | | |
Interest rate contracts | | Receivable for variation margin on centrally cleared swaps | | | 7,539,158 | * | | Payable for variation margin on centrally cleared swaps | | | 164,060 | * |
| | | | |
Foreign currency contracts | | Unrealized appreciation on forward currency exchange contracts | | | 593,122 | | | Unrealized depreciation on forward currency exchange contracts | | | 530,670 | |
| | | | |
Equity contracts | | Investments in securities, at value | | | 3,772,740 | | | | | | | |
| | | | |
Interest rate contracts | | Unrealized appreciation on inflation swaps | | | 15,947,529 | | | Unrealized depreciation on inflation swaps | | | 22,670 | |
| | | | |
Interest rate contracts | | Unrealized appreciation on interest rate swaps | | | 1,290,044 | | | | | | | |
| | | | |
Total | | | | $ | 33,828,463 | | | | | $ | 1,230,904 | |
| | * | 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. |
| | | | | | | | | | |
| DERIVATIVE TYPE | | LOCATION OF GAIN OR (LOSS) ON
DERIVATIVES WITHIN STATEMENT
OF OPERATIONS | | REALIZED GAIN
OR (LOSS) ON
DERIVATIVES | | | CHANGE IN UNREALIZED
APPRECIATION OR
(DEPRECIATION) | |
| | | |
Interest rate contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | $ | 557,614 | | | $ | 2,080,944 | |
| | | |
Equity contracts | | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | | | 14,138,051 | | | | 7,990,147 | |
| | | |
Foreign currency contracts | | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | | | 2,461,062 | | | | (530,732 | ) |
| | | |
Equity contracts | | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | | | (6,451,419 | ) | | | (549,371 | ) |
| | | |
Interest rate contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 12,358,157 | | | | (2,575,349 | ) |
| | | |
Credit contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | (1,317,379 | ) | | | 17,041 | |
| | | |
Equity contracts | | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | | | 9,346 | | | | (14,433 | ) |
| | | |
Total | | | | $ | 21,755,432 | | | $ | 6,418,247 | |
Notes to Financial Statements (continued)
The following tables represent the average monthly volume of the Portfolios’ derivative transactions during the year ended September 30, 2024:
| | | | | | | | |
| OVERLAY A PORTFOLIO | | | | | | |
Futures: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 503,562,929 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 64,219,856 | | | | | |
| | |
Forward Currency Exchange Contracts: | | | | | | | | |
| | |
Average principal amount of buy contracts | | $ | 194,914,182 | | | | | |
| | |
Average principal amount of sale contracts | | $ | 185,646,749 | | | | | |
| | |
Purchased Options: | | | | | | | | |
| | |
Average notional amount | | $ | 495,120,977 | | | | | |
| | |
Centrally Cleared Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 69,850,000 | (a) | | | | |
| | |
Total Return Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 1,990,499 | | | | | |
| | (a) | Positions were open for one month during the year. |
| | | | | | | | |
| TAX-AWARE OVERLAY A PORTFOLIO | | | | | | |
Futures: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 1,043,213,266 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 122,135,359 | | | | | |
| | |
Forward Currency Exchange Contracts: | | | | | | | | |
| | |
Average principal amount of buy contracts | | $ | 384,249,800 | | | | | |
| | |
Average principal amount of sale contracts | | $ | 359,225,157 | | | | | |
| | |
Purchased Options: | | | | | | | | |
| | |
Average notional amount | | $ | 998,307,688 | | | | | |
| | |
Centrally Cleared Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 131,280,000 | | | | | |
| | |
Total Return Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 4,685,383 | | | | | |
| | | | | | | | |
| OVERLAY B PORTFOLIO | | | | | | |
Futures: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 290,706,623 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 36,648,662 | | | | | |
| | |
Forward Currency Exchange Contracts: | | | | | | | | |
| | |
Average principal amount of buy contracts | | $ | 91,489,703 | | | | | |
| | |
Average principal amount of sale contracts | | $ | 144,672,568 | | | | | |
| | |
Purchased Options: | | | | | | | | |
| | |
Average notional amount | | $ | 132,082,385 | | | | | |
| | |
Centrally Cleared Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 54,154,066 | | | | | |
| | |
| | |
| 90 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | |
| OVERLAY B PORTFOLIO | | | | | | |
| | |
Centrally Cleared Inflation Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 51,695,923 | | | | | |
| | |
Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 251,385 | (a) | | | | |
| | |
Centrally Cleared Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 23,007,254 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 10,751,588 | | | | | |
| | |
Total Return Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 1,912,767 | | | | | |
| | (a) | Positions were open for ten months during the year. |
| | | | | | | | |
| TAX-AWARE OVERLAY B PORTFOLIO | | | | | | |
Futures: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 218,021,995 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 23,407,295 | | | | | |
| | |
Forward Currency Exchange Contracts: | | | | | | | | |
| | |
Average principal amount of buy contracts | | $ | 71,997,894 | | | | | |
| | |
Average principal amount of sale contracts | | $ | 74,012,571 | | | | | |
| | |
Purchased Options: | | | | | | | | |
| | |
Average notional amount | | $ | 196,323,300 | | | | | |
| | |
Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 16,565,385 | | | | | |
| | |
Inflation Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 179,589,231 | | | | | |
| | |
Centrally Cleared Interest Rate Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 135,656,154 | | | | | |
| | |
Centrally Cleared Inflation Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 51,900,385 | | | | | |
| | |
Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of sale contracts | | $ | 1,662,564 | (a) | | | | |
| | |
Centrally Cleared Credit Default Swaps: | | | | | | | | |
| | |
Average notional amount of buy contracts | | $ | 16,210,000 | | | | | |
| | |
Average notional amount of sale contracts | | $ | 15,962,153 | (b) | | | | |
| | |
Total Return Swaps: | | | | | | | | |
| | |
Average notional amount | | $ | 1,500,939 | (a) | | | | |
| | (a) | Positions were open for ten months during the year. |
| | (b) | Positions were open for two months during the year. |
For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.
Notes to Financial Statements (continued)
All OTC derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ 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 Portfolios as of September 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.
| | | | | | | | | | | | | | | | | | | | |
| OVERLAY A PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Bank of America, NA | | $ | 386,908 | | | $ | (386,908 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | |
Barclays Bank PLC | | | 149,707 | | | | (149,707 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Citibank, NA | | | 14,193 | | | | (14,193 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Deutsche Bank AG | | | 233,969 | | | | (11,430 | ) | | | 0 | | | | 0 | | | | 222,539 | |
| | | | | |
Goldman Sachs Bank USA | | | 262,871 | | | | (254,169 | ) | | | 0 | | | | 0 | | | | 8,702 | |
| | | | | |
HSBC Bank USA | | | 16,397 | | | | (16,397 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 326,656 | | | | (131,189 | ) | | | 0 | | | | 0 | | | | 195,467 | |
| | | | | |
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | | | 24,888 | | | | (24,888 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
State Street Bank & Trust Co. | | | 19 | | | | (19 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
UBS AG | | | 8,130,789 | | | | 0 | | | | (7,700,000 | ) | | | 0 | | | | 430,789 | |
| | | | | |
Total | | $ | 9,546,397 | | | $ | (988,900 | ) | | $ | (7,700,000 | ) | | $ | 0 | | | $ | 857,497 | ^ |
| | | | | |
| COUNTERPARTY | | DERIVATIVE
LIABILITIES SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
PLEDGED* | | | SECURITY
COLLATERAL
PLEDGED* | | | NET AMOUNT OF
DERIVATIVE
LIABILITIES | |
| | | | | |
Bank of America, NA | | $ | 495,010 | | | $ | (386,908 | ) | | $ | 0 | | | $ | 0 | | | $ | 108,102 | |
| | | | | |
Barclays Bank PLC | | | 181,990 | | | | (149,707 | ) | | | 0 | | | | 0 | | | | 32,283 | |
| | | | | |
Citibank, NA | | | 54,906 | | | | (14,193 | ) | | | 0 | | | | 0 | | | | 40,713 | |
| | | | | |
Deutsche Bank AG | | | 11,430 | | | | (11,430 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Goldman Sachs Bank USA | | | 254,169 | | | | (254,169 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
HSBC Bank USA | | | 21,224 | | | | (16,397 | ) | | | 0 | | | | 0 | | | | 4,827 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 131,189 | | | | (131,189 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | | | 61,718 | | | | (24,888 | ) | | | 0 | | | | 0 | | | | 36,830 | |
| | | | | |
State Street Bank & Trust Co. | | | 10,012 | | | | (19 | ) | | | 0 | | | | 0 | | | | 9,993 | |
| | | | | |
Total | | $ | 1,221,648 | | | $ | (988,900 | ) | | $ | 0 | | | $ | 0 | | | $ | 232,748 | ^ |
| | * | 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. |
| | |
| | |
| 92 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| TAX-AWARE OVERLAY A PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Bank of America, NA | | $ | 856,950 | | | $ | (856,950 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | |
Barclays Bank PLC | | | 386,697 | | | | (386,697 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Citibank, NA | | | 23,710 | | | | (23,710 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Deutsche Bank AG | | | 530,976 | | | | (24,228 | ) | | | 0 | | | | 0 | | | | 506,748 | |
| | | | | |
Goldman Sachs Bank USA | | | 582,398 | | | | (542,646 | ) | | | 0 | | | | 0 | | | | 39,752 | |
| | | | | |
HSBC Bank USA | | | 32,554 | | | | 0 | | | | 0 | | | | 0 | | | | 32,554 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 794,266 | | | | (209,276 | ) | | | 0 | | | | 0 | | | | 584,990 | |
| | | | | |
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | | | 108,260 | | | | (108,260 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
UBS AG | | | 17,794,088 | | | | 0 | | | | (16,505,779 | ) | | | (300,827 | ) | | | 987,482 | |
| | | | | |
Total | | $ | 21,109,899 | | | $ | (2,151,767 | ) | | $ | (16,505,779 | ) | | $ | (300,827 | ) | | $ | 2,151,526 | ^ |
| | | | | |
| COUNTERPARTY | | DERIVATIVE
LIABILITIES SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
PLEDGED* | | | SECURITY
COLLATERAL
PLEDGED* | | | NET AMOUNT OF
DERIVATIVE
LIABILITIES | |
| | | | | |
Bank of America, NA | | $ | 1,079,514 | | | $ | (856,950 | ) | | $ | 0 | | | $ | 0 | | | $ | 222,564 | |
| | | | | |
Barclays Bank PLC | | | 406,687 | | | | (386,697 | ) | | | 0 | | | | 0 | | | | 19,990 | |
| | | | | |
Citibank, NA | | | 123,334 | | | | (23,710 | ) | | | 0 | | | | 0 | | | | 99,624 | |
| | | | | |
Deutsche Bank AG | | | 24,228 | | | | (24,228 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Goldman Sachs Bank USA | | | 542,646 | | | | (542,646 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 209,276 | | | | (209,276 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | | | 117,096 | | | | (108,260 | ) | | | 0 | | | | 0 | | | | 8,836 | |
| | | | | |
State Street Bank & Trust Co. | | | 23,781 | | | | 0 | | | | 0 | | | | 0 | | | | 23,781 | |
| | | | | |
Total | | $ | 2,526,562 | | | $ | (2,151,767 | ) | | $ | 0 | | | $ | 0 | | | $ | 374,795 | ^ |
| | * | 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. |
| | | | | | | | | | | | | | | | | | | | |
| OVERLAY B PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Bank of America, NA | | $ | 155,769 | | | $ | (155,769 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | |
Barclays Bank PLC | | | 28,469 | | | | (28,469 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
BNP Paribas SA | | | 35,294 | | | | (35,294 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Citibank, NA | | | 17,509 | | | | (17,509 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Deutsche Bank AG | | | 70,580 | | | | (637 | ) | | | 0 | | | | 0 | | | | 69,943 | |
| | | | | |
Goldman Sachs Bank USA | | | 74,539 | | | | (74,539 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
HSBC Bank USA | | | 29,801 | | | | (27,775 | ) | | | 0 | | | | 0 | | | | 2,026 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 91,471 | | | | (91,471 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | | | 46,211 | | | | (46,211 | ) | | | 0 | | | | 0 | | | | 0 | |
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 | |
| | | | | |
Standard Chartered Bank | | $ | 20,866 | | | $ | (16,106 | ) | | $ | 0 | | | $ | 0 | | | $ | 4,760 | |
| | | | | |
State Street Bank & Trust Co. | | | 48,347 | | | | (48,347 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
UBS AG | | | 2,223,733 | | | | (4,510 | ) | | | (2,150,000 | ) | | | 0 | | | | 69,223 | |
| | | | | |
Total | | $ | 2,842,589 | | | $ | (546,637 | ) | | $ | (2,150,000 | ) | | $ | 0 | | | $ | 145,952 | ^ |
| | | | | | | | | | | | | | | | | | | | |
| COUNTERPARTY | | DERIVATIVE
LIABILITIES SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
PLEDGED* | | | SECURITY
COLLATERAL
PLEDGED* | | | NET AMOUNT OF
DERIVATIVE
LIABILITIES | |
| | | | | |
Bank of America, NA | | $ | 428,328 | | | $ | (155,769 | ) | | $ | 0 | | | $ | 0 | | | $ | 272,559 | |
| | | | | |
Barclays Bank PLC | | | 57,834 | | | | (28,469 | ) | | | 0 | | | | 0 | | | | 29,365 | |
| | | | | |
BNP Paribas SA | | | 149,506 | | | | (35,294 | ) | | | 0 | | | | 0 | | | | 114,212 | |
| | | | | |
Citibank, NA | | | 150,028 | | | | (17,509 | ) | | | 0 | | | | 0 | | | | 132,519 | |
| | | | | |
Deutsche Bank AG | | | 637 | | | | (637 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Goldman Sachs Bank USA | | | 143,684 | | | | (74,539 | ) | | | 0 | | | | 0 | | | | 69,145 | |
| | | | | |
HSBC Bank USA | | | 27,775 | | | | (27,775 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 231,086 | | | | (91,471 | ) | | | 0 | | | | 0 | | | | 139,615 | |
| | | | | |
Morgan Stanley Capital Services, Inc. | | | 178,929 | | | | (46,211 | ) | | | 0 | | | | 0 | | | | 132,718 | |
| | | | | |
Standard Chartered Bank | | | 16,106 | | | | (16,106 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
State Street Bank & Trust Co. | | | 77,544 | | | | (48,347 | ) | | | 0 | | | | 0 | | | | 29,197 | |
| | | | | |
UBS AG | | | 4,510 | | | | (4,510 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Total | | $ | 1,465,967 | | | $ | (546,637 | ) | | $ | 0 | | | $ | 0 | | | $ | 919,330 | ^ |
| | * | 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. |
| | | | | | | | | | | | | | | | | | | | |
| TAX-AWARE OVERLAY B PORTFOLIO | |
| COUNTERPARTY | | DERIVATIVE
ASSETS SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
RECEIVED* | | | SECURITY
COLLATERAL
RECEIVED* | | | NET AMOUNT OF
DERIVATIVE
ASSETS | |
| | | | | |
Bank of America, NA | | $ | 192,103 | | | $ | (192,103 | ) | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | |
Barclays Bank PLC | | | 2,659,074 | | | | (86,581 | ) | | | (2,360,000 | ) | | | 0 | | | | 212,493 | |
| | | | | |
Citibank, NA | | | 3,363,393 | | | | (26,122 | ) | | | (3,300,000 | ) | | | 0 | | | | 37,271 | |
| | | | | |
Deutsche Bank AG | | | 2,591,612 | | | | (1,093 | ) | | | (2,450,000 | ) | | | 0 | | | | 140,519 | |
| | | | | |
Goldman Sachs Bank USA | | | 123,177 | | | | (123,177 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
HSBC Bank USA | | | 4,941 | | | | 0 | | | | 0 | | | | 0 | | | | 4,941 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 8,019,500 | | | | (72,367 | ) | | | (7,460,000 | ) | | | (273,761 | ) | | | 213,372 | |
| | | | | |
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | | | 876,880 | | | | (19,213 | ) | | | (857,667 | ) | | | 0 | | | | 0 | |
| | | | | |
State Street Bank & Trust Co. | | | 15 | | | | (15 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
UBS AG | | | 3,772,740 | | | | 0 | | | | (3,600,000 | ) | | | 0 | | | | 172,740 | |
| | | | | |
Total | | $ | 21,603,435 | | | $ | (520,671 | ) | | $ | (20,027,667 | ) | | $ | (273,761 | ) | | $ | 781,336 | ^ |
| | |
| | |
| 94 | | Sanford C. Bernstein Fund, Inc. |
| | | | | | | | | | | | | | | | | | | | |
| COUNTERPARTY | | DERIVATIVE
LIABILITIES SUBJECT
TO A MA | | | DERIVATIVES
AVAILABLE FOR
OFFSET | | | CASH
COLLATERAL
PLEDGED* | | | SECURITY
COLLATERAL
PLEDGED* | | | NET AMOUNT OF
DERIVATIVE
LIABILITIES | |
| | | | | |
Bank of America, NA | | $ | 206,743 | | | $ | (192,103 | ) | | $ | 0 | | | $ | 0 | | | $ | 14,640 | |
| | | | | |
Barclays Bank PLC | | | 86,581 | | | | (86,581 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Citibank, NA | | | 26,122 | | | | (26,122 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Deutsche Bank AG | | | 1,093 | | | | (1,093 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Goldman Sachs Bank USA | | | 140,086 | | | | (123,177 | ) | | | 0 | | | | 0 | | | | 16,909 | |
| | | | | |
JPMorgan Chase Bank, NA | | | 72,367 | | | | (72,367 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
Morgan Stanley & Co. LLC/Morgan Stanley Capital Services LLC | | | 19,213 | | | | (19,213 | ) | | | 0 | | | | 0 | | | | 0 | |
| | | | | |
State Street Bank & Trust Co. | | | 1,135 | | | | (15 | ) | | | 0 | | | | 0 | | | | 1,120 | |
| | | | | |
Total | | $ | 553,340 | | | $ | (520,671 | ) | | $ | 0 | | | $ | 0 | | | $ | 32,669 | ^ |
| | * | 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. |
| | | See Note 3. E for additional disclosure of netting arrangements regarding reverse repurchase agreements. |
The Portfolios may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolios 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 Portfolios 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 Portfolios 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 Portfolios 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).
The Portfolios 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 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.
| E. | | Reverse Repurchase Agreements |
The Overlay B Portfolio may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Portfolio sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Portfolio enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other Master Agreements, the Portfolio is permitted to offset payables and/or receivables with collateral held and/ or posted to the counterparty and create one single net payment due to or from the Portfolio in the event of a default. In the event of a default by a MRA counterparty, the Portfolio may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to
Notes to Financial Statements (continued)
the counterparty, and as such the return of such excess collateral may be delayed or denied. For the year ended September 30, 2024, the average amount of reverse repurchase agreements outstanding was $2,214,769 and the daily weighted average interest rate was 5.42%. At September 30, 2024, the Portfolio had reverse repurchase agreements outstanding in the amount of $4,896,423 as reported on the statement of assets and liabilities.
The following table presents the Fund’s RVP liabilities by counterparty net of the related collateral pledged by the Fund as of September 30, 2024:
| | | | | | | | | | | | |
OVERLAY B PORTFOLIO | |
| COUNTERPARTY | | RVP LIABILITIES
SUBJECT TO A MRA | | | SECURITIES
COLLATERAL
PLEDGED†* | | | NET AMOUNT OF
RVP LIABILITIES | |
| | | |
HSBC Securities (USA), Inc. | | $ | 4,896,423 | | | $ | (4,896,423 | ) | | $ | 0 | |
| | | | | | | | | | | | |
| | † | Including accrued interest. |
| | * | The actual collateral pledged may be more than the amount reported due to overcollateralization. |
| NOTE 4. | Distributions to Shareholders |
The tax character of distributions paid during the fiscal years ended September 30, 2024 and September 30, 2023 were as follows:
| | | | | | | | |
| PORTFOLIO | | 2024 | | | 2023 | |
Overlay A | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 4,503,411 | | | $ | 23,545,277 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 4,503,411 | | | $ | 23,545,277 | |
| | | | | | | | |
| | | | | | | | | |
Tax-Aware Overlay A | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 6,500,740 | | | $ | 49,602,887 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 6,500,740 | | | $ | 49,602,887 | |
| | | | | | | | |
| | | | | | | | |
Overlay B | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 13,001,230 | | | $ | 28,384,143 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 13,001,230 | | | $ | 28,384,143 | |
| | | | | | | | |
| | | | | | | | |
Tax-Aware Overlay B | | | | | | | | |
| | |
Distributions paid from: | | | | | | | | |
| | |
Ordinary income | | $ | 0 | | | $ | 9,242,658 | |
| | | | | | | | |
| | |
Total taxable distributions | | | 0 | | | | 9,242,658 | |
| | |
Tax exempt distributions | | | 13,230,943 | | | | 18,464,315 | |
| | | | | | | | |
| | |
Total distributions paid | | $ | 13,230,943 | | | $ | 27,706,973 | |
| | | | | | | | |
| | |
| | |
| 96 | | Sanford C. Bernstein Fund, Inc. |
As of September 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | |
| PORTFOLIO | | UNDISTRIBUTED
ORDINARY
INCOME(a) | | | UNDISTRIBUTED
LONG-TERM
GAINS | | | ACCUMULATED
CAPITAL AND
OTHER
LOSSES(b) | | | UNREALIZED
APPRECIATION/
(DEPRECIATION)(c) | | | TOTAL
ACCUMULATED
EARNINGS/
(DEFICIT)(d) | |
Overlay A | | $ | 2,830,735 | | | $ | 119,887,209 | | | $ | (1,058,925 | ) | | $ | 166,641,347 | | | $ | 288,300,366 | |
| | | | | |
Tax-Aware Overlay A | | | 4,699,656 | | | | 221,851,020 | | | | (2,381,625 | ) | | | 460,510,701 | | | | 684,679,752 | |
| | | | | |
Overlay B | | | 13,614,840 | | | | 0 | | | | (146,417,338 | ) | | | 6,911,487 | | | | (125,891,011 | ) |
| | | | | |
Tax-Aware Overlay B | | | 24,258,064 | | | | 0 | | | | (58,446,957 | ) | | | 78,968,409 | | | | 44,779,516 | |
| | (a) | Includes tax exempt income as shown below: |
| | | | |
Tax-Aware Overlay B | | | 6,352,790 | |
| | (b) | As of September 30, 2024 certain Portfolios had capital loss carryforwards for federal income tax purposes. As of September 30, 2024 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, and Tax-Aware Overlay B Portfolio utilized capital loss carryforwards of $36,366,340, $42,192,767, $20,201,980, and $35,140,754, respectively. As of September 30, 2024 Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, Tax-Aware Overlay B Portfolio deferred $1,058,925, $2,381,625, $1,085,921, and $57,257,539 in straddle losses, respectively. |
| | (c) | The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps and passive foreign investment companies (PFICs), the realization for tax purposes of gains/losses on certain derivative instruments, the tax treatment of Puerto Rico bonds, and the tax treatment of callable bonds. |
| | (d) | The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the amortization of offering costs and the accrual of foreign capital gains tax. |
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year.
For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Portfolios 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, 2024, the following Portfolios had net capital loss carryforwards as follows:
| | | | | | | | |
| PORTFOLIO | | SHORT-TERM
AMOUNT | | | LONG-TERM
AMOUNT | |
Overlay A | | $ | 0 | | | $ | 0 | |
| | |
Tax-Aware Overlay A | | | 0 | | | | 0 | |
| | |
Overlay B | | | 55,325,851 | | | | 90,005,566 | |
| | |
Tax-Aware Overlay B | | | 0 | | | | 1,189,418 | |
| NOTE 5. | Risks Involved in Investing in the Portfolios |
Market Risk—The Portfolios are subject to market risk, which is the risk that stock and bond prices in general or in particular countries or sectors may decline over short or extended periods. In the past decade, financial markets in the United States, Europe and elsewhere have experienced increased volatility, decreased liquidity and heightened uncertainty. These market conditions may recur from time to time and have an adverse impact on various securities markets. Governmental and quasigovernmental authorities and regulators throughout the world have provided significant support to financial markets in response to serious economic disruptions, including, but not limited to, buying stocks,
Notes to Financial Statements (continued)
providing direct capital infusions into companies, implementing new monetary programs, dramatically changing interest rates and through other market interventions. Government actions to support the economy and financial markets have resulted in a large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen. The Federal Reserve, as well as certain foreign central banks have recently raised interest rates as part of their efforts to address rising inflation, and there is a risk that interest rates will continue to rise. Central bank, government or regulatory actions, including increases or decreases in interest rates, or actions that are inconsistent with such actions by different central banks, governments or regulators, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Portfolios invest. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt.
The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs on various categories of goods imported from the other country, restrictions on investment and adverse impacts on affected companies and securities. For example, the current political climate between the United States and China has intensified concerns about protectionist trade policies and a potential trade war between China and the United States. The United States has imposed tariffs and other trade barriers on Chinese exports and placed other restrictions on or barriers to investments in China. Trade disputes, particularly prolonged disputes, may adversely affect the economies of the United States and its trading partners, as well as the companies directly or indirectly affected by the dispute and financial markets generally, and thus may adversely affect the value of the Portfolios’ assets. The United States government has in the recent past acted to prohibit U.S. persons, such as the Portfolios, from owning, and required them to divest, certain Chinese companies designated as related to the Chinese military. There is no assurance that more such companies will not be so designated in the future, which could limit the Portfolios’ opportunities for investment and require the sale of securities at a loss or make them illiquid. Additionally, the Chinese government is involved in a territorial dispute with Taiwan; the risk of a forced unification with Taiwan by the Chinese government may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. If the political climate between the United States, China and other countries in Asia continues to deteriorate, economies and markets may be adversely affected.
Policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom’s exit from the European Union; potential trade imbalances with China or other countries; or sanctions or other government actions against Russia, other nations, or individuals or companies (or countermeasures taken in response to such sanctions), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia’s military invasion of Ukraine and the conflict in Israel, Gaza and surrounding areas, 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. Following Russia’s invasion of Ukraine commencing in February of 2022, the United States, the European Union and other countries instituted numerous sanctions against Russia and Belarus and certain companies and individuals. Russia in turn has taken a large number of retaliatory actions, some of which effectively froze Russian securities held by U.S. investors (including U.S. funds such as the Portfolios) and investors in other countries viewed as “unfriendly” by Russia, including securities represented by depositary receipts, effectively precluding the Portfolios from buying, selling, receiving or delivering those securities or accessing income received on such securities. Since then, Russian securities held by investors in the U.S. and other jurisdictions viewed as “unfriendly” by Russia have lost all, or nearly all, of their market value, and many other issuers, securities and markets have been adversely affected. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. 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.
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Management Risk—The Portfolios are subject to management risk because they are actively managed investment portfolios. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolios, 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 Portfolios or cause the value of the Portfolios’ 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 Portfolios. 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 Portfolios’ 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 Portfolios.
Allocation Risk—The allocation of investments among different global asset classes may have a significant effect on the Portfolios’ net asset value (“NAV”) when one of these asset classes is performing more poorly than others. The use of dynamic asset allocation strategies by the Adviser may result in less favorable performance than if such strategies had not been used. As direct investments, investments in other funds and derivative positions will be periodically rebalanced to reflect the Adviser’s view of market and economic conditions, there will be transaction costs which may be, over time, significant. In addition, there is a risk that asset allocation decisions may not achieve the desired results and, as a result, the Portfolios may incur significant losses.
Derivatives Risk—The Portfolios intend to 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. While hedging can guard against potential risks, there is also a risk that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty (the party on the others side of the transaction), 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 Portfolios. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Portfolios to suffer a potentially unlimited loss. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be set aside or posted as margin or collateral for 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 Portfolios 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 on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolios. Use of derivatives may have different tax consequences for the Portfolios 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.
Leverage Risk—Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment by attempting to enhance return or value without increasing the investment amount. Leverage can magnify the effects of changes in the value of the Portfolios’ investments and make it more volatile. The use of leverage may cause the Portfolios to liquidate portfolio positions when it may not be advantageous to do so.
Illiquid Investments Risk—Illiquid investments risk exists when particular investments are difficult or impossible to purchase or sell, possibly preventing the Portfolios from purchasing or selling these securities at an advantageous price. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. 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. Illiquid securities may also be difficult to value. If the Portfolios are forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolios may be forced to sell at a substantial loss or may not be able to sell at all.
Notes to Financial Statements (continued)
Redemption Risk—The Portfolios may experience heavy redemptions that could cause the Portfolios to liquidate their assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolios’ 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.
Mortgage-Related and Asset-Related Securities Risk—Mortgage- and asset-related securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-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 or asset, 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. Assets-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 Portfolios 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 Portfolios. 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 Portfolios 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.
Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolios’ investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. There have been some municipal issuers that have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may get worse, particularly in light of the economic impact of the recent spread of an infectious coronavirus (COVID-19). The ultimate long-term economic fallout from COVID-19, and the long-term impact on economies, markets, industries and individual issuers, are not known. To the extent the Portfolios invest in a particular state’s municipal securities, they may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, wildfires, flooding and earthquakes, which may be further exacerbated by recent environmental conditions and climate change patterns. The Portfolios’ investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, are subject to the risk that factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.
In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.
The Portfolios may invest in municipal securities of issuers in Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.
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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 Portfolios’ returns may be adversely affected, including to such an extent that the Portfolios may be unable to maintain positive returns. A Portfolio may be subject to a greater risk of rising interest rates than would normally be the case due to the recent tightening of the U.S. Federal Reserve’s monetary policy, which has caused the Federal Reserve to increase short-term interest rates in an effort to address rising inflation. The long-term impacts of such actions are not fully known at this time. Further actions from the Federal Reserve, including increases or decreases in interest rates, may be forthcoming and are likely to have unpredictable adverse effects on economies and markets
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, although credit ratings are opinions and not guarantees of quality. 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—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. 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.
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, economic sanctions and potential responses to those sanctions, inadequate accounting standards and auditing and financial recordkeeping requirements, lack of information, social instability, armed conflict, and other adverse market, economic, political and regulatory factors, all of which could disrupt the financial markets in which the Portfolios invest and adversely affect the value of the Portfolios’ 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. 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, climate change, or a natural disaster. 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.
Foreign Currency Risk—This is the risk that changes in foreign (non-U.S.) currency exchange rates may negatively affect the value of the Portfolios investments or reduce the returns of the Portfolios. For example, the value of the Portfolios’ 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 stock prices and, therefore, share prices of the Portfolios.
Commodity Risk—The value of commodity-linked derivatives, exchange traded notes and exchange traded funds may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors
Notes to Financial Statements (continued)
affecting a particular industry or commodity, such as changes in climate conditions, drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.
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 Portfolios’ assets can decline as can the value of the Portfolios’ distributions. This risk is significantly greater for fixed-income securities with longer maturities. Rates of inflation have recently risen, which have adversely affected economies and markets. Rising inflation has caused the Federal Reserve and other central banks to take actions—including raising interest rates. The long-term impacts of such actions are not fully known at this time. Further actions from the Federal Reserve and other central banks, including increases or decreases in interest rates, may be forthcoming and are likely to have unpredictable adverse effects on 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.
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.
Real Estate Related Securities Risk—Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security values and may exacerbate the risks of natural disasters. The COVID-19 pandemic has also impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working environments. Investing in Real Estate Investment Trusts (“REITs”) involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Investing in REITs also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended.
Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including other AB Mutual Funds and ETFs, are subject to market and management risk. The market value of the shares of other investment companies and ETFs may differ from their net asset value. In addition, if the Portfolios acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolios (including management and advisory fees) and, indirectly, the expenses of the investment companies.
Tax Risk—There is no guarantee that the income on the Portfolios’ municipal securities will be exempt from regular federal income, and if applicable, state income taxes. Unfavorable legislation, adverse interpretations by federal or state authorities, litigation or noncompliant conduct by the issuer of a municipal security could affect the tax-exempt status of municipal securities. If the Internal Revenue Service or a state authority determines that an issuer of a municipal security has not complied with applicable requirements, interest from the security could become subject to regular federal income tax and/or state personal income tax, possibly retroactively to the date the security was issued, the value of the security
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could decline significantly, and a portion of the distributions to Portfolio shareholders could be recharacterized as taxable. The US Congress has considered changes to US federal tax law that would, if enacted, have a negative impact on certain types of municipal securities, such as private activity bonds, or would otherwise make investments in municipal bonds less attractive.
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 Portfolios enter into contracts that contain a variety of indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Portfolios have not accrued any liability in connection with these indemnification provisions.
| NOTE 6. | Capital-Share Transactions |
As of September 30, 2024, the Sanford C. Bernstein Fund, Inc., has authorized 17.5 billion shares of common stock, par value $0.001 per share, of which 2.5 billion shares are allocated to the Overlay Portfolios. Each Class 1 and Class 2 of the Overlay Portfolios with the exception of Class 1 of the Tax-Aware Overlay A Portfolio, is allocated 300 million shares, Class 1 of the Tax-Aware Overlay A Portfolio is allocated 400 million shares.
Notes to Financial Statements (continued)
Share transactions for each Portfolio for the years ended September 30, 2024 and September 30, 2023, were as follows:
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| |
| | | OVERLAY A PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
Class 1 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,405,402 | | | | 4,399,520 | | | | | | | $ | 17,299,810 | | | $ | 51,171,173 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 223,203 | | | | 1,254,420 | | | | | | | | 2,707,457 | | | | 14,476,001 | |
| | | | | |
Shares redeemed | | | (29,487,915 | ) | | | (47,081,765 | ) | | | | | | | (369,828,379 | ) | | | (550,592,982 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (27,859,310 | ) | | | (41,427,825 | ) | | | | | | $ | (349,821,112 | ) | | $ | (484,945,808 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class 2 Shares | |
| | | | | |
Shares sold | | | 667,726 | | | | 1,493,341 | | | | | | | $ | 8,395,823 | | | $ | 17,333,333 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 57,815 | | | | 337,908 | | | | | | | | 700,714 | | | | 3,902,841 | |
| | | | | |
Shares redeemed | | | (8,705,853 | ) | | | (9,537,429 | ) | | | | | | | (108,793,989 | ) | | | (111,532,853 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (7,980,312 | ) | | | (7,706,180 | ) | | | | | | $ | (99,697,452 | ) | | $ | (90,296,679 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
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| | | TAX-AWARE OVERLAY A PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
Class 1 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,990,842 | | | | 7,125,424 | | | | | | | $ | 25,897,363 | | | $ | 88,618,382 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 240,490 | | | | 2,194,101 | | | | | | | | 3,123,959 | | | | 27,162,976 | |
| | | | | |
Shares redeemed | | | (42,593,372 | ) | | | (98,298,764 | ) | | | | | | | (564,418,726 | ) | | | (1,230,747,717 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (40,362,040 | ) | | | (88,979,239 | ) | | | | | | $ | (535,397,404 | ) | | $ | (1,114,966,359 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class 2 Shares | |
| | | | | |
Shares sold | | | 616,641 | | | | 2,054,820 | | | | | | | $ | 7,825,044 | | | $ | 25,781,308 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 91,876 | | | | 628,572 | | | | | | | | 1,193,473 | | | | 7,794,291 | |
| | | | | |
Shares redeemed | | | (9,869,453 | ) | | | (27,802,368 | ) | | | | | | | (129,466,211 | ) | | | (346,583,477 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (9,160,936 | ) | | | (25,118,976 | ) | | | | | | $ | (120,447,694 | ) | | $ | (313,007,878 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | |
| |
| | | OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
Class 1 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 2,280,875 | | | | 4,726,226 | | | | | | | $ | 20,499,321 | | | $ | 41,299,169 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 815,307 | | | | 1,868,050 | | | | | | | | 7,191,007 | | | | 16,233,353 | |
| | | | | |
Shares redeemed | | | (25,805,360 | ) | | | (40,919,748 | ) | | | | | | | (230,341,943 | ) | | | (359,702,149 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (22,709,178 | ) | | | (34,325,472 | ) | | | | | | $ | (202,651,615 | ) | | $ | (302,169,627 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class 2 Shares | |
| | | | | |
Shares sold | | | 2,661,862 | | | | 2,471,762 | | | | | | | $ | 24,364,871 | | | $ | 21,597,797 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 228,202 | | | | 474,714 | | | | | | | | 2,015,025 | | | | 4,134,762 | |
| | | | | |
Shares redeemed | | | (6,976,954 | ) | | | (6,863,016 | ) | | | | | | | (62,567,197 | ) | | | (60,252,096 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (4,086,890 | ) | | | (3,916,540 | ) | | | | | | $ | (36,187,301 | ) | | $ | (34,519,537 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | TAX-AWARE OVERLAY B PORTFOLIO | |
| | | | | | | | | | | | | | | | | | | | |
| | | |
| | | SHARES | | | | | | AMOUNT | |
| | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | | | | | | YEAR
ENDED
9/30/24 | | | YEAR
ENDED
9/30/23 | |
Class 1 Shares | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares sold | | | 1,409,421 | | | | 2,988,886 | | | | | | | $ | 14,969,807 | | | $ | 30,597,455 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 629,550 | | | | 1,343,027 | | | | | | | | 6,585,561 | | | | 13,698,876 | |
| | | | | |
Shares redeemed | | | (25,095,884 | ) | | | (49,505,644 | ) | | | | | | | (266,045,732 | ) | | | (510,949,900 | ) |
| | | | | |
Shares issued in connection with the Reorganization | | | 16,027,973 | | | | 0 | | | | | | | | 172,225,431 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (7,028,940 | ) | | | (45,173,731 | ) | | | | | | $ | (72,264,933 | ) | | $ | (466,653,569 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Class 2 Shares | |
| | | | | |
Shares sold | | | 246,733 | | | | 1,168,281 | | | | | | | $ | 2,588,529 | | | $ | 12,015,757 | |
| | | | | |
Shares issued on reinvestment of dividends | | | 243,422 | | | | 512,881 | | | | | | | | 2,547,381 | | | | 5,236,512 | |
| | | | | |
Shares redeemed | | | (11,309,478 | ) | | | (20,122,450 | ) | | | | | | | (119,094,229 | ) | | | (207,574,494 | ) |
| | | | | |
Shares issued in connection with the Reorganization | | | 6,746,731 | | | | 0 | | | | | | | | 72,487,699 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net decrease | | | (4,072,592 | ) | | | (18,441,288 | ) | | | | | | $ | (41,470,620 | ) | | $ | (190,322,225 | ) |
| | | | | | | | | | | | | | | | | | | | |
At September 30, 2024, shareholders of the Overlay B Portfolio owned 14% of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolios’ performance.
| NOTE 7. | Merger and Reorganization |
At the Board meeting held on October 25-26, 2023, the Board of the Portfolio approved the acquisition of the assets and assumption of the liabilities of the Acquired Portfolios. The Portfolios have the same investment objective and similar investment strategies. The Reorganization was completed at the close of business February 23, 2024. Pursuant to the
Notes to Financial Statements (continued)
Reorganization, the assets and liabilities of the Acquired Portfolios shares were transferred in exchange for the shares of the Acquiring Portfolio, in a tax-free exchange as follows:
| | | | | | | | | | | | | | | | |
| PORTFOLIO | | SHARES
OUTSTANDING
BEFORE THE
REORGANIZATION | | | SHARES
OUTSTANDING
IMMEDIATELY
AFTER THE
REORGANIZATION | | | AGGREGATE NET
ASSETS BEFORE
THE
REORGANIZATION | | | AGGREGATE NET
ASSETS
IMMEDIATELY
AFTER THE
REORGANIZATION | |
Tax-Aware Overlay C Portfolio | | | 12,433,219 | | | | -0- | | | $ | 130,882,361 | + | | $ | -0- | |
| | | | |
Tax-Aware Overlay N Portfolio | | | 10,761,579 | | | | -0- | | | | 113,830,769 | ++ | | | -0- | |
| | | | |
Tax-Aware Overlay B Portfolio | | | 42,166,571 | | | | 64,941,392 | | | | 453,077,319 | | | | 697,790,449 | |
| | + | Includes unrealized appreciation of $11,996,716. |
| | ++ | Includes unrealized appreciation of $5,663,882. |
Assuming the acquisition of the Acquired Portfolio’s had been completed on October 1, 2023, the Acquiring Portfolio’s pro forma results of operations for the year ended September 30, 2024, are as follows:
| | | | |
| |
Net investment income | | $ | 16,321,156 | |
| |
Net realized and unrealized gain on investments | | | 98,808,145 | |
| | | | |
| |
Net increase in net assets resulting from operations | | $ | 115,129,301 | |
| | | | |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquiring Portfolio that have been included in the Acquiring Portfolio’s Statement of Operations since February 23, 2024.
For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Acquired Portfolios were carried forward to align ongoing reporting of the Acquiring Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
| NOTE 8. | Recent Accounting Pronouncements |
In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.
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.
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| 106 | | Sanford C. Bernstein Fund, Inc. |
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Sanford C. Bernstein Fund, Inc. and Shareholders of Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio, and Tax-Aware Overlay B Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Overlay A Portfolio, Tax-Aware Overlay A Portfolio, Overlay B Portfolio and Tax-Aware Overlay B Portfolio (four of the nine portfolios constituting Sanford C. Bernstein Fund, Inc., hereafter collectively referred to as the “Portfolios”) as of September 30, 2024, the related statements of operations for the year ended September 30, 2024, the statements of changes in net assets for each of the two years in the period ended September 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of September 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2024 and each of the financial highlights for each of the five years in the period ended September 30, 2024 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
November 25, 2024
We have served as the auditor of one or more investment companies in the AB Group of Mutual Funds since at least 1985. We have not been able to determine the specific year we began serving as auditor.
2024 Federal Tax Information (Unaudited)
For Federal income tax purposes, the following information is furnished with respect to the distributions paid by each applicable Portfolio during the taxable year ended September 30, 2024. For corporate shareholders, the following percentages of dividends paid by each Portfolio qualify for the dividends received deduction. Additionally, for foreign shareholders the following percentages of ordinary income dividends paid by each Portfolio may be considered to be qualifying to be taxed as interest-related dividends.
| | | | | | | | |
| PORTFOLIO | | DIVIDENDS RECEIVED
DEDUCTION %
(CORPORATE SHAREHOLDERS) | | | % OF QUALIFIED
INTEREST INCOME
(FOREIGN SHAREHOLDERS) | |
Overlay A | | | 44.18 | % | | | 15.77 | % |
| | |
Tax-Aware Overlay A | | | 57.55 | % | | | 28.59 | % |
| | |
Overlay B | | | 0.00 | % | | | 81.08 | % |
For the taxable year ended September 30, 2024, each Portfolio designates the following amounts as the maximum amount that may be considered qualified dividend income for individual shareholders.
| | | | |
| PORTFOLIO | | QUALIFIED
DIVIDEND INCOME | |
Overlay A | | $ | 4,503,411 | |
| |
Tax-Aware Overlay A | | | 6,500,740 | |
| |
Overlay B | | | 386,813 | |
Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2025.
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| 108 | | Sanford C. Bernstein Fund, Inc. |
Board Consideration of Investment Management Arrangement
Sanford C. Bernstein Fund, Inc. (the “Fund”) is subject to Section 15 of the Investment Company Act of 1940, as amended. Section 15 provides that any investment advisory agreement with a registered investment company such as the Fund may continue in effect for a period of more than two years from the date of its execution, only so long as such continuance is specifically approved at least annually by the board of directors (or by vote of a majority of the outstanding voting securities of the investment company). Pursuant to this requirement, the Fund’s Board of Directors, all of whom were not interested persons of the Fund (the “Independent Directors”), unanimously approved the continuation of the Investment Management Agreement between the Fund, on behalf of (i) the Emerging Markets Portfolio, (ii) the New York Municipal, California Municipal, Diversified Municipal, and Intermediate Duration Portfolios (collectively, the “Fixed Income Portfolios”), and (iii) the Overlay A, Tax-Aware Overlay A, Overlay B, and Tax-Aware Overlay B Portfolios (the “Overlay Portfolios” and collectively with the Emerging Markets Portfolio and the Fixed Income Portfolios, the “Portfolios”) of the Fund, and AllianceBernstein L.P. (the “Adviser”)( the “Investment Management Agreement” or the “Agreement”) at a meeting held on October 23-24, 2024.
The following discussion describes the considerations in connection with the Board’s review of the Investment Management Agreement.
In connection with the annual review of the continuation of the Investment Management Agreement, on July 25, 2024, at an in-person meeting, the Board of Directors received a presentation with respect to the 2023 profitability of the Adviser regarding the Fund and the Portfolios. Also, in connection with such annual review, counsel to the Independent Directors sent a letter to the Adviser dated August 12, 2024, that contained a list of additional information requested by the Independent Directors to conduct their annual review. The Independent Directors received and evaluated extensive materials relating to the continuation of the Investment Management Agreement from the Adviser. In addition, the Board received materials from the Senior Vice President of the Fund and an independent fee consultant as described below. On September 19, 2024, the Board of Directors held a video conference meeting to discuss its review of the Investment Management Agreement and the materials the Directors had been provided. At that meeting, the Independent Directors met separately with their independent counsel and the Senior Vice President and their independent fee consultant in executive sessions. Following the September 19, 2024 meeting, the Independent Directors, through counsel, requested certain additional information by means of an email from their counsel dated September 24, 2024, and the Adviser provided certain additional information by means of a memorandum dated October 11, 2024. On October 16, 2024, the Board of Directors held an executive session via video conference with independent counsel and the Senior Vice President to further discuss the additional materials the Directors had been provided. Following the October 16, 2024 conference call, the Independent Directors requested certain additional information by means of an email from their counsel dated October 18, 2024. On October 23-24, 2024, the Board of Directors held an in person meeting to continue their review of the Investment Management Agreement. During this meeting, the Adviser provided further information requested by the Independent Directors relating to contract renewal, and the Independent Directors also met separately with counsel to the Independent Directors as well as the Senior Vice President to review the contract renewal materials provided by the Adviser and additional materials prepared by the Senior Vice President. At the conclusion of this meeting, the Board approved the continuation of the Investment Management Agreement for an additional annual term as described below.
In approving the Investment Management Agreement, the Board, including the Independent Directors, considered all information it deemed reasonably necessary to evaluate the terms of the Investment Management Agreement and considered whether the Agreement would be in the best interests of the Fund. In particular, the Board considered the information that was provided to them by the Adviser in response to their requests, as well as information prepared by the Senior Vice President and the independent fee consultant at the request of the Board. The Fund’s Senior Vice President assists the Board (as well as the boards of other funds sponsored by the Adviser) in evaluating investment management agreements and certain other plans and agreements pursuant to which the Adviser or its affiliates provide services to the Funds. The Board also considered other information provided to the Board in connection with the July 25, 2024, September 19, 2024 and October 23-24, 2024 meetings and throughout the past year.
The information considered by the Board included information with respect to the nature, extent and quality of services provided, investment performance, fees and expenses, profitability, economies of scale, and fall-out benefits and other revenue.
Board Consideration of Investment Management Arrangement (continued)
In the Board’s consideration of the factors discussed below, no single factor was considered in isolation or to be determinative to the decision of the Board to approve the Investment Management Agreement. Rather, the Board concluded, in light of a weighing and balancing of all factors considered and in the exercise of the Directors’ business judgment, that it was in the best interests of the Fund to approve the Investment Management Agreement including the fees to be charged for services thereunder, as summarized below.
Fees and Expenses
The Board, including the Independent Directors, compared the fees and expense ratios of each Portfolio (before and after any fee waivers and expense reimbursements) against fees and expense ratios of a peer group of funds with similar investment objectives (“peer group”). Both the peer group and the funds within the peer group, with respect to the fee and expense data, were available from ISS Market Intelligence (“ISS”), an independent provider of investment company data. The Senior Vice President also performed analyses of the advisory fees, and compared such analyses to the Portfolios’ peer groups. In addition, the Board received and considered information from an independent fee consultant regarding the fees and expenses of the Portfolios as well as their investment performance.
The Board noted that (i) the contractual advisory fee of the Emerging Market Portfolio was below the median of the peer group; (ii) the contractual advisory fee of each Fixed Income Portfolio, other than the Intermediate Duration Portfolio, was below the median of the peer group; and (iii) the contractual advisory fee of each Overlay Portfolio, other than the Overlay B Portfolio was above the median of the peer group, and the contractual advisory fee of the Overlay B Portfolio was at the median. With respect to the advisory fees charged to the Intermediate Duration Portfolio, the Directors noted the independent fee consultant’s assessment that the advisory fees were within the range of peers. With respect to the advisory fees charged to the Overlay Portfolios, the Directors noted that the Portfolios are intended to have an impact on a private client’s entire account, rather than just an impact at the Portfolio level. The Board further noted that the total expense ratio for each Portfolio, other than the Overlay A Portfolio, was below the peer group median in the ISS report. The Board noted that the total expense ratio of the Overlay A Portfolio was only slightly above the median.
The Directors also considered information about the reduction in assets under management for the Overlay Portfolios, and the Adviser’s expectation that the assets under management may drop further due to changes in the Bernstein Wealth Management asset allocation models. The Board noted that a further drop in assets could affect the expenses borne by shareholders, but that the Overlay Portfolios were subject to expense caps that would limit the potential impact on expenses.
The Board also received and considered information about the services rendered, and the fee rates charged, to other clients advised by the Adviser, including information about any recent advisory fee changes with respect to other investment companies advised by the Adviser. The Board noted the differences between the services provided to the Portfolios in comparison to those provided to other types of clients, including institutional clients and other investment companies for which the Adviser acted as investment adviser or subadviser, and the differences in the entrepreneurial and other risks borne by the Adviser in serving the Portfolios compared to other types of clients.
On the basis of its review and consideration of the fees as described above and the Board’s consideration of the other factors described below, and in light of the Adviser’s implementation of certain fee waivers and/or expense caps for certain Portfolios, the Board concluded that the contractual advisory fees as proposed were reasonable.
Nature, Extent and Quality of Services Provided
The Board, including the Independent Directors, considered the nature, quality and extent of services performed by the Adviser and its affiliates gained from their experience as Directors of the Fund, and their overall confidence in the Adviser’s integrity and competence they have gained from that experience. The Board also considered the Adviser’s responsiveness and attention to concerns raised by the Directors from time to time, including the Adviser’s willingness to consider and implement changes to improve investment results. The Board also considered the scope and quality of the Adviser’s investment management capabilities, other resources dedicated to performing its services, the quality of its compliance, administrative and other services provided to the Portfolios and the background and experience of the Adviser’s senior management. The Board reviewed the qualifications, backgrounds and responsibilities of the investment staff primarily responsible for day-to-day portfolio management services for each Portfolio and noted the Adviser’s
| | |
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| 110 | | Sanford C. Bernstein Fund, Inc. |
research and investment management capabilities. The Board reviewed the compliance and administrative services of the Adviser that support the investment advisory services provided to the Portfolios.
In considering the nature and quality of the services provided by the Adviser, the Board, including the Independent Directors, received and considered information about each Portfolio’s investment performance, as well as the performance of its peer group and the performance of an appropriate benchmark index. The Board was provided with performance data versus each Portfolio’s peer group, for the 1-year, 3-year, 5-year and 10-year periods, as applicable, ended July 31, 2024 and versus each Portfolio’s benchmark index, for the relevant periods, as well as the most recently available Morningstar rating for those Portfolios with an available rating. The Board also received certain updated performance information as of September 30, 2024. In addition, the Directors considered information showing performance compared to peer groups and benchmarks for rolling calendar year periods and the year to date. The Directors also receive detailed comparative performance information for the Portfolios at each regular Board meeting during the year. The Board recognized that the benchmark indices do not account for fees and expenses incurred by a fund, including the Portfolios. The Directors also considered how peer groups have changed over time and how comparisons may differ depending upon the selection of the peer groups or benchmark indices.
In evaluating the performance of the Fixed Income Portfolios, the Directors considered whether those Portfolios may have incurred less credit risk or interest rate risk, or both, in relation to their peer groups and benchmark indices. The Directors also noted the Adviser’s explanation that certain Fixed Income Portfolios are designed to maintain higher credit quality and a more conservative approach versus the funds in their relevant peer groups. As a result of a lower risk profile, those Fixed Income Portfolios are generally expected to underperform the peer group during periods when riskier assets have outperformed and likewise are generally expected to outperform the peer group during periods when higher quality assets are in favor.
The Directors noted the complexity of the Overlay Portfolios, in particular the complexity of managing the globally diversified set of asset classes and derivatives in which the Overlay Portfolios can invest as well as the complexity of dynamically allocating assets through the Overlay Portfolios among various asset classes as economic and market conditions change in seeking to provide the desired risk/return trade-off for their investors in light of their overall Bernstein Wealth Management portfolios (and not just their investment in the Overlay Portfolios themselves). In considering the performance of the Overlay Portfolios, the Board reviewed the performance of the Overlay Portfolios’ dynamic asset allocation component and the impact of that component in the recent volatile market environment. The Board further acknowledged the difficulty in selecting relevant peer groups for the Overlay Portfolios because of their unique structure and noted that the Overlay A Portfolio and Tax-Aware Overlay A Portfolio held higher percentages of equities and international equities than the funds in their relevant peer groups.
The Board noted that each of the Portfolios, except the Overlay B Portfolio, had outperformed its benchmark index for the one-year period ending July 31, 2024, and that the Overlay B Portfolio had only slightly underperformed its benchmark index. Where the Portfolios had underperformed their peer groups or benchmark indices for certain periods, the Directors considered the Adviser’s explanations for performance and, as applicable, measures the Adviser had taken or proposed to take to improve performance.
The Board concluded that the Adviser had the experience and resources necessary to provide services of appropriate nature, quality and scope with respect to the Portfolios.
Profitability
The Board, including the Independent Directors, considered the level of the Adviser’s profits in respect of its management of the respective Portfolios. The materials provided to the Independent Directors included information indicating the profitability of the Portfolios to the Adviser for calendar years 2022 and 2023. The Directors considered the assessment of an independent consultant that had reviewed the profitability statements for consistency with cost accounting theory and industry standards. The Directors reviewed the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data, noting that the methodology was consistent with the Adviser’s internal financial reporting. The Directors acknowledged that there are many potentially acceptable allocation methodologies for cost allocation, and that in certain cases the selected allocation methodology may not capture all costs borne by the Adviser with respect to a Portfolio. The Directors noted that they received information regarding revenues
Board Consideration of Investment Management Arrangement (continued)
and expenses of the Adviser’s relationship with the Fund, including those relating to the Adviser’s subsidiaries that provide transfer agency and distribution services to the Fund, and that they had focused on profitability before taxes and distribution expenses. The Directors reviewed comparative information regarding profitability for other publicly-traded advisers, recognizing that it is difficult to make comparisons of profitability among different investment advisers because only limited comparative information is publicly available and the comparisons are affected by numerous factors including different business mixes.
After reviewing all relevant factors, the Directors, including the Independent Directors, concluded that the levels of the Adviser’s profits in respect of its management of the Portfolios were not excessive.
Economies of Scale
The Board, including the Independent Directors, considered whether there have been economies of scale in respect of the management of the Portfolios, whether the Portfolios have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Directors discussed possible ways in which any such economies of scale may be shared with the Portfolios, including by investment in enhanced services.
The Directors also considered the Senior Vice President materials which they received in connection with the review of the Investment Management Agreement, which included information reflecting changes in asset levels of the Portfolios and in the profitability of the Adviser over various periods.
After reviewing the profitability and economies of scale information provided by the Adviser, the Board concluded that the benefits of any economies of scale were appropriately being shared with Portfolio investors by way of, among other things and as applicable, establishing advisory fees at levels that contemplated future achievement of scale, breakpoint arrangements, and expense caps and waivers applying to select Portfolios.
Fall-Out Benefits and Other Revenue
The Board, including the Independent Directors, also took into account so-called “fall-out benefits” to the Adviser, such as soft dollar arrangements (whereby the Adviser receives the benefit of research services from many of the brokers and dealers that execute purchases and sales of securities on behalf of its clients on an agency basis), Rule 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) with respect to the retail share classes of certain Portfolios, and transfer agency fees paid by the retail share classes of certain Portfolios to a wholly-owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be lower without these benefits. They also considered other benefits potentially derived from an increase in the Adviser’s business as a result of its relationship with the Fund. The Directors concluded that these fall-out benefits to the Adviser were acceptable.
Advisory Fee Rate Schedule
On the basis of the information considered, the Board determined to approve the continuation of the Investment Management Agreement for an additional annual term, without change to the Portfolios’ contractual fee schedules, as set forth below.
| | |
| PORTFOLIO | | ANNUAL PERCENTAGE OF AVERAGE DAILY NEW ASSETS OF EACH PORTFOLIO |
| New York Municipal | | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion |
| | |
| California Municipal | | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% of assets in excess of $5 billion |
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| 112 | | Sanford C. Bernstein Fund, Inc. |
| | |
| PORTFOLIO | | ANNUAL PERCENTAGE OF AVERAGE DAILY NEW ASSETS OF EACH PORTFOLIO |
Diversified Municipal | | 0.425% of the first $1 billion; 0.375% in excess of $1 billion up to, but not exceeding $3 billion; 0.325% in excess of $3 billion up to, but not exceeding $5 billion; 0.275% in excess of $5 billion up to, but not exceeding $7 billion; 0.225% of assets in excess of $7 billion |
| | |
Intermediate Duration | | 0.45% on the first $2.5 billion; 0.40% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.35% in excess of $5 billion up to, but not exceeding $8 billion; 0.30% of assets in excess of $8 billion |
| | |
Emerging Markets | | 0.95% of the first $2.5 billion; 0.90% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| | |
Overlay A | | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| | |
Tax-Aware Overlay A | | 0.90% of the first $2.5 billion; 0.875% in excess of $2.5 billion up to, but not exceeding $5 billion; 0.85% of assets in excess of $5 billion. |
| | |
| Overlay B | | 0.65% of assets. |
| | |
| Tax-Aware Overlay B | | 0.65% of assets. |
Distributor
SANFORD C. BERNSTEIN FUND, INC.
66 HUDSON BOULEVARD EAST, NEW YORK, NY 10001
(212) 756-4097
SCBII-1947-0924
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no disagreements with accountants during the reporting period.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Emerging Markets
At a Special Meeting held on July 18, 2024, shareholders of the Emerging Markets Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
New York Municipal Portfolio
At a Special Meeting held on July 18, 2024, shareholders of the New York Municipal Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | | 0 | | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | | 0 | | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | | 0 | | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | | 0 | | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | | 0 | | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | | 0 | | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | | 0 | | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | | 0 | | | N/A |
California Municipal Portfolio
At a Special Meeting held on July 18, 2024, shareholders of the California Municipal Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
Diversified Municipal Portfolio
At a Special Meeting held on July 18, 2024, shareholders of Diversified Municipal Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
Intermediate Duration Portfolio
At a Special Meeting held on July 18, 2024, shareholders of the Intermediate Duration Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
Overlay A Portfolio
At a Special Meeting held on July 18, 2024, shareholders of the Overlay A Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
Tax-Aware Overlay A Portfolio
At a Special Meeting held on July 18, 2024, shareholders of the Tax-Aware Overlay A Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
Overlay B Portfolio
At a Special Meeting held on July 18, 2024, shareholders of the Overlay B Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
Tax-Aware Overlay B Portfolio
At a Special Meeting held on July 18, 2024, shareholders of the Tax-Aware Overlay B Portfolio (the “Fund”), a series of Sanford C. Bernstein Fund, Inc., elected Directors in connection with the establishment of a single, unitary board (“Unitary Board”) responsible for overseeing mutual funds, exchange-traded funds and certain closed-end investment companies sponsored and advised by the Adviser. In connection with the establishment of the Unitary Board, Ms. Perry and Messrs. Kristol and Peterson will retire as Directors effective December 31, 2024. Shareholders of the Fund elected six individuals to serve as Directors effective January 1, 2025 (the “Directors-Elect”), who will serve on the Unitary Board with current Directors Messrs. Gerken and Holland. The number of votes cast for, against and withheld, as well as the number of abstentions and broker non-votes with respect to the election of each nominee for office is included below.
| | | | | | | | | | | | |
Director: | | Voted For | | | Withheld
Authority | | | Abstained | | Broker Non-Votes |
Jorge A. Bermudez | | | 404,609,620.504 | | | | 4,612,753.246 | | | 0 | | N/A |
Alexander Chaloff | | | 405,113,525.500 | | | | 4,108,848.250 | | | 0 | | N/A |
R. Jay Gerken | | | 404,619,673.810 | | | | 4,602,699.940 | | | 0 | | N/A |
Jeffrey R. Holland | | | 404,813,383.888 | | | | 4,408,989.862 | | | 0 | | N/A |
Jeanette W. Loeb | | | 394,085,346.277 | | | | 15,137,027.473 | | | 0 | | N/A |
Carol C. McMullen | | | 404,739,531.853 | | | | 4,482,841.897 | | | 0 | | N/A |
Garry L. Moody | | | 404,569,846.123 | | | | 4,652,527.627 | | | 0 | | N/A |
Emilie D. Wrapp | | | 404,819,560.618 | | | | 4,402,813.132 | | | 0 | | N/A |
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 1 of this Form N-CSR.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY OF AND AFFILIDATED PURCHASERS.
Not applicable to the registrant.
ITEM 15. 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 16. 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the registrant
ITEM 19. EXHIBITS.
The following exhibits are attached to this Form N-CSR:
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, Inc.
| | |
| By: | | /s/ Alex Chaloff |
| | Alex Chaloff |
| | President |
Date: November 29, 2024
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/ Alex Chaloff |
| | Alex Chaloff |
| | President |
Date: November 29, 2024
| | |
| By: | | /s/ Stephen M. Woetzel |
| | Stephen M. Woetzel |
| | Treasurer and Chief Financial Officer |
Date: November 29, 2024
