Sanford C. Bernstein Fund, Inc.
Schedule of Investments
Emerging Markets Portfolio
June 30, 2024 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 97.3% |
| |||||||
Information Technology – 29.1% |
| |||||||
Communications Equipment – 0.1% |
| |||||||
Accton Technology Corp. | 46,000 | $ | 782,895 | |||||
|
| |||||||
Electronic Equipment, Instruments & Components – 2.3% |
| |||||||
Hon Hai Precision Industry Co., Ltd. | 1,691,000 | 11,133,414 | ||||||
Nan Ya Printed Circuit Board Corp.(a) | 375,000 | 2,145,928 | ||||||
Sinbon Electronics Co., Ltd. | 755,000 | 6,792,803 | ||||||
Tripod Technology Corp. | 418,000 | 2,805,950 | ||||||
Unimicron Technology Corp. | 787,000 | 4,354,180 | ||||||
|
| |||||||
27,232,275 | ||||||||
|
| |||||||
IT Services – 1.2% |
| |||||||
FPT Corp. | 496,969 | 2,543,546 | ||||||
Globant SA(a) | 33,202 | 5,918,588 | ||||||
Tata Consultancy Services Ltd. | 120,065 | 5,612,359 | ||||||
|
| |||||||
14,074,493 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 17.9% |
| |||||||
ASPEED Technology, Inc. | 9,400 | 1,394,873 | ||||||
Broadcom, Inc. | 13,925 | 22,357,005 | ||||||
King Yuan Electronics Co., Ltd. | 3,816,000 | 13,942,084 | ||||||
MediaTek, Inc. | 766,000 | 32,990,378 | ||||||
Nanya Technology Corp.(a) | 1,172,000 | 2,514,192 | ||||||
Novatek Microelectronics Corp. | 237,000 | 4,420,002 | ||||||
Realtek Semiconductor Corp. | 495,000 | 8,306,711 | ||||||
SK Hynix, Inc. | 214,618 | 36,422,510 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 2,960,706 | 87,718,651 | ||||||
|
| |||||||
210,066,406 | ||||||||
|
| |||||||
Software – 0.4% |
| |||||||
TOTVS SA | 731,500 | 3,981,958 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 7.2% |
| |||||||
Advantech Co., Ltd. | 129,294 | 1,471,986 | ||||||
Asia Vital Components Co., Ltd. | 67,000 | 1,568,877 | ||||||
Asustek Computer, Inc. | 391,000 | 5,984,594 | ||||||
Quanta Computer, Inc. | 356,000 | 3,403,234 | ||||||
Samsung Electronics Co., Ltd. | 1,083,893 | 63,791,196 | ||||||
Samsung Electronics Co., Ltd. (Preference Shares) | 96,041 | 4,409,891 | ||||||
Shenzhen Transsion Holdings Co., Ltd. - Class A | 129,904 | 1,365,740 | ||||||
Wiwynn Corp. | 32,000 | 2,591,596 | ||||||
|
| |||||||
84,587,114 | ||||||||
|
| |||||||
340,725,141 | ||||||||
|
| |||||||
Financials – 26.0% |
| |||||||
Banks – 18.2% |
| |||||||
Abu Dhabi Islamic Bank PJSC | 374,735 | 1,181,441 | ||||||
Agricultural Bank of China Ltd. - Class H | 2,718,000 | 1,160,141 | ||||||
Al Rajhi Bank | 416,310 | 9,074,297 | ||||||
Alpha Services and Holdings SA(a) | 3,186,350 | 5,186,436 | ||||||
Banco do Brasil SA | 1,874,400 | 8,956,052 | ||||||
Bangkok Bank PCL (REG) | 436,400 | 1,551,882 | ||||||
Bank Central Asia TBK PT | 11,312,500 | 6,845,086 | ||||||
Bank for Foreign Trade of Vietnam JSC(a) | 2,177,324 | 7,278,086 |
1
Company | Shares | U.S. $ Value | ||||||
Bank Mandiri Persero Tbk PT | 16,829,000 | $ | 6,295,961 | |||||
Bank Negara Indonesia Persero Tbk PT | 30,329,400 | 8,606,080 | ||||||
Bank Polska Kasa Opieki SA | 131,913 | 5,488,766 | ||||||
BDO Unibank, Inc. | 724,300 | 1,584,317 | ||||||
China Construction Bank Corp. - Class H | 10,354,000 | 7,653,901 | ||||||
China Merchants Bank Co., Ltd. - Class A | 682,400 | 3,207,242 | ||||||
China Merchants Bank Co., Ltd. - Class H | 2,955,000 | 13,427,933 | ||||||
Emirates NBD Bank PJSC | 2,014,455 | 9,049,417 | ||||||
Eurobank Ergasias Services and Holdings SA(a) | 3,778,320 | 8,193,255 | ||||||
Hana Financial Group, Inc. | 202,890 | 8,923,103 | ||||||
HDFC Bank Ltd. | 921,614 | 18,624,513 | ||||||
ICICI Bank Ltd. | 641,929 | 9,221,442 | ||||||
IDFC First Bank Ltd.(a) | 3,876,580 | 3,816,778 | ||||||
Itau Unibanco Holding SA (Preference Shares) | 1,584,400 | 9,185,954 | ||||||
KB Financial Group, Inc. | 438,464 | 24,939,892 | ||||||
Metropolitan Bank & Trust Co. | 5,325,000 | 6,146,332 | ||||||
NU Holdings Ltd./Cayman Islands - Class A(a) | 723,172 | 9,321,687 | ||||||
Piraeus Financial Holdings SA(a) | 1,248,725 | 4,544,170 | ||||||
Sberbank of Russia PJSC(a) (b) (c) (d) | 951,472 | 0 | ||||||
Shanghai Pudong Development Bank Co., Ltd. - Class A | 6,021,000 | 6,811,230 | ||||||
State Bank of India | 676,777 | 6,874,387 | ||||||
|
| |||||||
213,149,781 | ||||||||
|
| |||||||
Capital Markets – 1.2% |
| |||||||
B3 SA - Brasil Bolsa Balcao | 1,287,600 | 2,358,639 | ||||||
HDFC Asset Management Co., Ltd.(e) | 248,486 | 11,909,222 | ||||||
|
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14,267,861 | ||||||||
|
| |||||||
Consumer Finance – 1.0% |
| |||||||
Kaspi.KZ JSC (ADR) | 85,962 | 11,089,958 | ||||||
|
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Financial Services – 0.3% |
| |||||||
L&T Finance Ltd. | 1,861,030 | 4,037,900 | ||||||
|
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Insurance – 5.3% |
| |||||||
AIA Group Ltd. | 679,800 | 4,599,355 | ||||||
BB Seguridade Participacoes SA | 826,000 | 4,865,777 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 68,460 | 4,689,791 | ||||||
DB Insurance Co., Ltd. | 67,610 | 5,601,685 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 78,247 | 1,955,411 | ||||||
PICC Property & Casualty Co., Ltd. - Class H(a) | 6,622,000 | 8,209,681 | ||||||
Ping An Insurance Group Co. of China Ltd. - Class H | 4,170,500 | 18,894,772 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 32,946 | 9,267,318 | ||||||
Samsung Life Insurance Co., Ltd. | 58,590 | 3,747,451 | ||||||
|
| |||||||
61,831,241 | ||||||||
|
| |||||||
304,376,741 | ||||||||
|
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Consumer Discretionary – 12.5% |
| |||||||
Automobile Components – 0.3% |
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Minth Group Ltd.(a) | 2,374,000 | 3,675,667 | ||||||
|
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Automobiles – 2.2% |
| |||||||
Bajaj Auto Ltd. | 56,135 | 6,397,281 | ||||||
BYD Co., Ltd. - Class H | 152,500 | 4,529,073 | ||||||
Hyundai Motor Co. | 38,170 | 8,140,053 | ||||||
Kia Corp. | 77,417 | 7,244,010 | ||||||
|
| |||||||
26,310,417 | ||||||||
|
|
2
Company | Shares | U.S. $ Value | ||||||
Broadline Retail – 3.4% |
| |||||||
Alibaba Group Holding Ltd. | 831,280 | $ | 7,492,192 | |||||
JD.com, Inc. - Class A | 96,400 | 1,251,972 | ||||||
MercadoLibre, Inc.(a) | 4,585 | 7,534,989 | ||||||
PDD Holdings, Inc. (ADR)(a) | 178,898 | 23,784,489 | ||||||
|
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40,063,642 | ||||||||
|
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Diversified Consumer Services – 0.9% |
| |||||||
New Oriental Education & Technology Group, Inc.(a) | 1,296,100 | 9,961,972 | ||||||
YDUQS Participacoes SA | 561,500 | 1,045,637 | ||||||
|
| |||||||
11,007,609 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure – 1.3% |
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Americana Restaurants International PLC | 784,490 | 669,146 | ||||||
H World Group Ltd. | 2,013,100 | 6,696,659 | ||||||
Meituan - Class B(a) (e) | 246,600 | 3,505,241 | ||||||
Trip.com Group Ltd.(a) | 83,250 | 3,939,876 | ||||||
|
| |||||||
14,810,922 | ||||||||
|
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Household Durables – 1.0% |
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Gree Electric Appliances, Inc. of Zhuhai - Class A | 925,500 | 4,993,329 | ||||||
Hisense Visual Technology Co., Ltd. - Class A | 381,400 | 1,297,944 | ||||||
Midea Group Co., Ltd. - Class A | 603,200 | 5,347,821 | ||||||
|
| |||||||
11,639,094 | ||||||||
|
| |||||||
Specialty Retail – 1.2% |
| |||||||
HLA Group Corp., Ltd. - Class A | 2,920,000 | 3,707,031 | ||||||
Topsports International Holdings Ltd.(e) | 6,282,000 | 3,335,748 | ||||||
United Electronics Co. | 217,570 | 5,484,991 | ||||||
Vibra Energia SA | 269,800 | 1,008,715 | ||||||
|
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13,536,485 | ||||||||
|
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Textiles, Apparel & Luxury Goods – 2.2% |
| |||||||
ANTA Sports Products Ltd. | 832,600 | 7,962,978 | ||||||
Bosideng International Holdings Ltd. | 22,306,000 | 13,883,489 | ||||||
Li Ning Co., Ltd. | 700,000 | 1,508,456 | ||||||
Zhejiang Semir Garment Co., Ltd. - Class A | 2,390,400 | 1,909,623 | ||||||
|
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25,264,546 | ||||||||
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146,308,382 | ||||||||
|
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Communication Services – 6.9% |
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Entertainment – 1.9% |
| |||||||
International Games System Co., Ltd. | 229,000 | 9,539,284 | ||||||
NetEase, Inc. | 700,200 | 13,370,966 | ||||||
|
| |||||||
22,910,250 | ||||||||
|
| |||||||
Interactive Media & Services – 4.1% |
| |||||||
Kanzhun Ltd. (ADR) | 540,191 | 10,160,993 | ||||||
Tencent Holdings Ltd. | 789,500 | 37,454,139 | ||||||
|
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47,615,132 | ||||||||
|
|
3
Company | Shares | U.S. $ Value | ||||||
Wireless Telecommunication Services – 0.9% |
| |||||||
Etihad Etisalat Co. | 152,261 | $ | 2,165,815 | |||||
SK Telecom Co., Ltd. | 136,231 | 5,086,482 | ||||||
Tencent Music Entertainment Group (ADR) | 92,709 | 1,302,561 | ||||||
TIM SA/Brazil | 530,400 | 1,506,727 | ||||||
|
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10,061,585 | ||||||||
|
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80,586,967 | ||||||||
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Utilities – 4.4% |
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Electric Utilities – 1.5% |
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Centrais Eletricas Brasileiras SA | 479,149 | 3,072,842 | ||||||
Equatorial Energia SA | 1,544,900 | 8,481,598 | ||||||
Power Grid Corp. of India Ltd. | 1,594,968 | 6,323,237 | ||||||
|
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17,877,677 | ||||||||
|
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Gas Utilities – 1.7% |
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GAIL India Ltd. | 4,035,124 | 10,616,863 | ||||||
Kunlun Energy Co., Ltd. | 9,140,000 | 9,456,893 | ||||||
|
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20,073,756 | ||||||||
|
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Independent Power and Renewable Electricity Producers – 1.2% |
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China Longyuan Power Group Corp., Ltd. - Class H | 7,598,000 | 6,820,671 | ||||||
NTPC Ltd. | 1,633,494 | 7,430,055 | ||||||
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14,250,726 | ||||||||
|
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52,202,159 | ||||||||
|
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Materials – 4.1% |
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Chemicals – 1.2% |
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Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 137,664 | 1,172,473 | ||||||
Hubei Xingfa Chemicals Group Co., Ltd. - Class A | 706,900 | 1,852,661 | ||||||
Kumho Petrochemical Co., Ltd. | 34,110 | 3,617,450 | ||||||
UPL Ltd. | 369,557 | 2,525,571 | ||||||
Yunnan Yuntianhua Co., Ltd. - Class A | 1,777,390 | 4,744,964 | ||||||
|
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13,913,119 | ||||||||
|
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Construction Materials – 0.6% |
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Cemex SAB de CV | 2,596,700 | 1,660,639 | ||||||
GCC SAB de CV | 552,855 | 5,211,554 | ||||||
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6,872,193 | ||||||||
|
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Metals & Mining – 2.3% |
| |||||||
Aluminum Corp. of China Ltd. - Class H | 2,396,000 | 1,631,925 | ||||||
Freeport-McMoRan, Inc. | 217,863 | 10,588,142 | ||||||
Shandong Nanshan Aluminum Co., Ltd. - Class A | 13,341,100 | 6,983,724 | ||||||
Western Mining Co., Ltd. - Class A | 1,637,800 | 4,036,732 | ||||||
Zijin Mining Group Co., Ltd. - Class A | 1,264,500 | 3,043,362 | ||||||
Zijin Mining Group Co., Ltd. - Class H | 616,000 | 1,297,917 | ||||||
|
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27,581,802 | ||||||||
|
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48,367,114 | ||||||||
|
|
4
Company | Shares | U.S. $ Value | ||||||
Industrials – 4.0% |
| |||||||
Construction & Engineering – 0.5% |
| |||||||
Larsen & Toubro Ltd. | 147,765 | $ | 6,271,840 | |||||
|
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Electrical Equipment – 0.4% |
| |||||||
Riyadh Cables Group Co. | 166,250 | 4,465,523 | ||||||
|
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Ground Transportation – 0.0% |
| |||||||
Globaltrans Investment PLC (Sponsored GDR)(a) (b) (c) (e) (f) | 658,169 | 1 | ||||||
|
| |||||||
Industrial Conglomerates – 0.6% |
| |||||||
Alfa SAB de CV - Class A | 3,053,530 | 1,779,209 | ||||||
SK Square Co., Ltd.(a) | 72,550 | 5,235,438 | ||||||
|
| |||||||
7,014,647 | ||||||||
|
| |||||||
Machinery – 2.1% |
| |||||||
Weichai Power Co., Ltd. - Class H | 2,028,000 | 3,861,030 | ||||||
Yutong Bus Co., Ltd. - Class A | 4,512,800 | 16,023,870 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A | 4,506,400 | 4,758,387 | ||||||
|
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24,643,287 | ||||||||
|
| |||||||
Transportation Infrastructure – 0.4% |
| |||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 560,398 | 4,755,495 | ||||||
|
| |||||||
47,150,793 | ||||||||
|
| |||||||
Real Estate – 3.6% |
| |||||||
Diversified REITs – 0.3% |
| |||||||
Fibra Uno Administracion SA de CV | 2,694,550 | 3,325,660 | ||||||
|
| |||||||
Real Estate Management & Development – 3.3% |
| |||||||
Aldar Properties PJSC | 1,150,519 | 1,960,863 | ||||||
Ayala Land, Inc. | 10,907,600 | 5,294,958 | ||||||
Emaar Development PJSC | 684,945 | 1,491,848 | ||||||
Emaar Properties PJSC | 7,956,977 | 17,764,011 | ||||||
Macrotech Developers Ltd.(e) | 688,478 | 12,336,275 | ||||||
|
| |||||||
38,847,955 | ||||||||
|
| |||||||
42,173,615 | ||||||||
|
| |||||||
Consumer Staples – 2.9% |
| |||||||
Beverages – 0.8% |
| |||||||
Kweichow Moutai Co., Ltd. - Class A | 22,600 | 4,553,493 | ||||||
Nongfu Spring Co., Ltd. - Class H(e) | 943,800 | 4,482,937 | ||||||
|
| |||||||
9,036,430 | ||||||||
|
| |||||||
Consumer Staples Distribution & Retail – 0.9% |
| |||||||
BBB Foods, Inc. - Class A(a) | 217,208 | 5,182,583 | ||||||
BIM Birlesik Magazalar AS | 128,358 | 2,142,265 | ||||||
Sendas Distribuidora SA(a) | 1,581,400 | 2,925,113 | ||||||
X5 Retail Group NV (GDR)(a) (b) (c) (f) | 226,094 | 0 | ||||||
|
| |||||||
10,249,961 | ||||||||
|
| |||||||
Food Products – 0.2% |
| |||||||
Saudia Dairy & Foodstuff Co. | 22,642 | 2,114,766 | ||||||
|
|
5
Company | Shares | U.S. $ Value | ||||||
Household Products – 0.1% |
| |||||||
Colgate-Palmolive Co. | 19,549 | $ | 1,897,035 | |||||
|
| |||||||
Personal Care Products – 0.4% |
| |||||||
Colgate-Palmolive India Ltd. | 136,319 | 4,628,989 | ||||||
|
| |||||||
Tobacco – 0.5% |
| |||||||
ITC Ltd. | 1,197,583 | 6,096,638 | ||||||
|
| |||||||
34,023,819 | ||||||||
|
| |||||||
Energy – 2.8% |
| |||||||
Energy Equipment & Services – 0.3% |
| |||||||
Ades Holding Co.(a) | 621,980 | 3,335,707 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 2.5% |
| |||||||
Gazprom PJSC (Sponsored ADR)(a) (b) (c) (d) | 436,750 | 0 | ||||||
LUKOIL PJSC(b) (c) (d) | 80,321 | 0 | ||||||
PetroChina Co., Ltd. - Class H | 15,982,000 | 16,137,904 | ||||||
Petroleo Brasileiro SA (Preference Shares) | 1,605,500 | 10,928,118 | ||||||
Thai Oil PCL | 1,396,400 | 2,016,737 | ||||||
|
| |||||||
29,082,759 | ||||||||
|
| |||||||
32,418,466 | ||||||||
|
| |||||||
Health Care – 1.0% |
| |||||||
Health Care Equipment & Supplies – 0.1% |
| |||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 21,800 | 872,181 | ||||||
|
| |||||||
Health Care Providers & Services – 0.7% |
| |||||||
Hapvida Participacoes e Investimentos SA(a) (e) | 5,911,354 | 4,050,104 | ||||||
Jointown Pharmaceutical Group Co., Ltd. - Class A | 404,838 | 271,627 | ||||||
Max Healthcare Institute Ltd. | 429,077 | 4,848,594 | ||||||
|
| |||||||
9,170,325 | ||||||||
|
| |||||||
Pharmaceuticals – 0.2% |
| |||||||
Richter Gedeon Nyrt | 89,450 | 2,323,514 | ||||||
|
| |||||||
12,366,020 | ||||||||
|
| |||||||
Total Common Stocks | 1,140,699,217 | |||||||
|
| |||||||
EQUITY LINKED NOTES – 1.9% |
| |||||||
Information Technology – 1.9% |
| |||||||
IT Services – 1.9% |
| |||||||
FPT Corp., Macquarie Bank Ltd., expiring 07/15/2024(a) | 4,388,555 | 22,507,617 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.3% |
| |||||||
Investment Companies – 0.3% |
| |||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.22%(g) (h) (i) | 3,031,971 | 3,031,971 | ||||||
|
|
6
Company | U.S. $ Value | |||||||||||||
Total Investments – 99.5% |
| $ | 1,166,238,805 | |||||||||||
Other assets less liabilities – 0.5% | 5,570,254 | |||||||||||||
|
| |||||||||||||
Net Assets – 100.0% | $ | 1,171,809,059 | ||||||||||||
|
|
FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||
Bank of America, NA | CNH | 100,433 | USD | 13,915 | 07/23/2024 | $ | 133,734 | |||||||||||||||||||||||||||
Bank of America, NA | TRY | 44,609 | USD | 1,316 | 07/24/2024 | (17,801 | ) | |||||||||||||||||||||||||||
Bank of America, NA | PHP | 134,388 | USD | 2,292 | 07/25/2024 | (7,543 | ) | |||||||||||||||||||||||||||
Barclays Bank PLC | BRL | 184,509 | USD | 35,757 | 07/02/2024 | 2,750,479 | ||||||||||||||||||||||||||||
Barclays Bank PLC | USD | 33,192 | BRL | 184,509 | 07/02/2024 | (185,252 | ) | |||||||||||||||||||||||||||
Barclays Bank PLC | CLP | 1,330,881 | USD | 1,422 | 07/19/2024 | 7,713 | ||||||||||||||||||||||||||||
Barclays Bank PLC | USD | 3,543 | CNH | 25,764 | 07/23/2024 | (8,144 | ) | |||||||||||||||||||||||||||
Barclays Bank PLC | USD | 6,082 | TRY | 207,224 | 07/24/2024 | 113,901 | ||||||||||||||||||||||||||||
Barclays Bank PLC | PHP | 353,295 | USD | 6,217 | 07/25/2024 | 171,665 | ||||||||||||||||||||||||||||
Barclays Bank PLC | USD | 88,858 | INR | 7,441,435 | 09/13/2024 | 189,618 | ||||||||||||||||||||||||||||
Citibank, NA | KRW | 10,047,419 | USD | 7,406 | 07/18/2024 | 119,793 | ||||||||||||||||||||||||||||
Citibank, NA | KRW | 1,630,800 | USD | 1,177 | 07/18/2024 | (5,279 | ) | |||||||||||||||||||||||||||
Citibank, NA | USD | 8,944 | HKD | 69,659 | 07/18/2024 | (19,892 | ) | |||||||||||||||||||||||||||
Citibank, NA | EUR | 12,798 | USD | 13,791 | 08/08/2024 | 60,648 | ||||||||||||||||||||||||||||
Citibank, NA | USD | 2,817 | ZAR | 51,054 | 08/22/2024 | (21,536 | ) | |||||||||||||||||||||||||||
Deutsche Bank AG | KRW | 10,299,843 | USD | 7,423 | 07/18/2024 | (45,669 | ) | |||||||||||||||||||||||||||
Deutsche Bank AG | IDR | 103,288,077 | USD | 6,447 | 07/19/2024 | 133,736 | ||||||||||||||||||||||||||||
Goldman Sachs Bank USA | USD | 13,800 | MYR | 65,330 | 08/21/2024 | 59,377 | ||||||||||||||||||||||||||||
HSBC Bank USA | USD | 3,009 | PLN | 12,314 | 07/11/2024 | 49,694 | ||||||||||||||||||||||||||||
HSBC Bank USA | USD | 5,997 | HKD | 46,839 | 07/18/2024 | 4,115 | ||||||||||||||||||||||||||||
HSBC Bank USA | CNH | 94,095 | USD | 13,040 | 07/23/2024 | 128,664 | ||||||||||||||||||||||||||||
HSBC Bank USA | USD | 27,048 | ZAR | 501,106 | 08/22/2024 | 389,667 | ||||||||||||||||||||||||||||
JPMorgan Chase Bank, NA | BRL | 33,660 | USD | 6,055 | 07/02/2024 | 33,796 | ||||||||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 6,209 | BRL | 33,660 | 07/02/2024 | (187,484 | ) | |||||||||||||||||||||||||||
JPMorgan Chase Bank, NA | KRW | 6,669,915 | USD | 4,833 | 07/18/2024 | (3,903 | ) | |||||||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 3,580 | HKD | 27,928 | 07/18/2024 | (2,110 | ) | |||||||||||||||||||||||||||
JPMorgan Chase Bank, NA | CNH | 23,472 | USD | 3,242 | 07/23/2024 | 21,617 | ||||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | BRL | 150,849 | USD | 27,136 | 07/02/2024 | 151,457 | ||||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 27,723 | BRL | 150,849 | 07/02/2024 | (738,453 | ) | |||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | KRW | 38,015,815 | USD | 27,870 | 07/18/2024 | 302,288 | ||||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 4,447 | CLP | 4,149,038 | 07/19/2024 | (38,344 | ) | |||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 2,258 | MXN | 37,805 | 07/25/2024 | (198,530 | ) | |||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | BRL | 150,849 | USD | 27,628 | 08/02/2024 | 741,846 | ||||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | TWD | 110,040 | USD | 3,412 | 08/23/2024 | 21,939 | ||||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 25,676 | TWD | 815,220 | 08/23/2024 | (559,110 | ) | |||||||||||||||||||||||||||
Standard Chartered Bank | CNH | 53,470 | USD | 7,402 | 07/23/2024 | 64,615 | ||||||||||||||||||||||||||||
State Street Bank & Trust Co. | THB | 64,762 | USD | 1,760 | 07/12/2024 | (6,565 | ) | |||||||||||||||||||||||||||
State Street Bank & Trust Co. | USD | 12,282 | THB | 448,668 | 07/12/2024 | (46,291 | ) | |||||||||||||||||||||||||||
State Street Bank & Trust Co. | HKD | 180,411 | USD | 23,133 | 07/18/2024 | 19,833 | ||||||||||||||||||||||||||||
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$ | 3,578,289 | |||||||||||||||||||||||||||||||||
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(a) | Non-income producing security. |
(b) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(c) | Fair valued by the Adviser. |
(d) | 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% |
(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 June 30, 2024, the aggregate market value of these securities amounted to $39,619,528 or 3.4% 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 June 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% | ||||||||
X5 Retail Group NV (GDR) | 09/26/2011 - 08/23/2021 | 7,119,877 | 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. |
(j) | As of June 30, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $287,509,898 and gross unrealized depreciation of investments was $(65,055,136), resulting in net unrealized appreciation of $222,454,762. |
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.
Currency Abbreviations:
BRL – Brazilian Real
CLP – Chilean Peso
CNH – Chinese Yuan Renminbi (Offshore)
EUR – Euro
HKD – Hong Kong Dollar
IDR – Indonesian Rupiah
INR – Indian Rupee
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
PHP – Philippine Peso
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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
REG – Registered Shares
REIT – Real Estate Investment Trust
COUNTRY BREAKDOWN1
June 30, 2024 (unaudited)
27.7 | % | China | ||
17.5 | % | Taiwan | ||
16.2 | % | South Korea | ||
11.0 | % | India | ||
6.8 | % | Brazil | ||
3.9 | % | United States | ||
2.8 | % | Vietnam | ||
2.7 | % | United Arab Emirates | ||
2.7 | % | Saudi Arabia | ||
1.9 | % | Indonesia | ||
1.5 | % | Greece | ||
1.4 | % | Mexico | ||
1.1 | % | Philippines | ||
2.5 | % | Other | ||
0.3 | % | Short-Term Investments | ||
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100.0 | % | Total Investments | ||
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1 | The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Schedule of Investments” section of the report for additional details). “Other” country weightings represent 1.0% or less in the following: Hong Kong, Hungary, Kazakhstan, Poland, Russia, Thailand and Turkey. |
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Sanford C. Bernstein Fund, Inc.
Emerging Markets Portfolio
June 30, 2024 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
• | Level 1 - quoted prices in active markets for identical investments |
• | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
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The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2024:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 32,257,551 | $ | 308,467,590 | $ | — | $ | 340,725,141 | ||||||||
Financials | 63,834,915 | 240,541,826 | 0 | (a) | 304,376,741 | |||||||||||
Consumer Discretionary | 34,042,976 | 112,265,406 | — | 146,308,382 | ||||||||||||
Communication Services | 12,970,281 | 67,616,686 | — | 80,586,967 | ||||||||||||
Utilities | 11,554,440 | 40,647,719 | — | 52,202,159 | ||||||||||||
Materials | 17,460,335 | 30,906,779 | — | 48,367,114 | ||||||||||||
Industrials | 22,558,574 | 24,592,218 | 1 | 47,150,793 | ||||||||||||
Real Estate | 24,542,382 | 17,631,233 | — | 42,173,615 | ||||||||||||
Consumer Staples | 14,261,762 | 19,762,057 | 0 | (a) | 34,023,819 | |||||||||||
Energy | 16,280,562 | 16,137,904 | 0 | (a) | 32,418,466 | |||||||||||
Health Care | 6,373,618 | 5,992,402 | — | 12,366,020 | ||||||||||||
Equity Linked Notes | — | 22,507,617 | — | 22,507,617 | ||||||||||||
Short-Term Investments | 3,031,971 | — | — | 3,031,971 | ||||||||||||
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Total Investments in Securities | 259,169,367 | 907,069,437 | (b) | 1 | (a) | 1,166,238,805 | ||||||||||
Other Financial Instruments(c): | ||||||||||||||||
Assets: |
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Forward Currency Exchange Contracts | — | 5,670,195 | — | 5,670,195 | ||||||||||||
Liabilities: |
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Forward Currency Exchange Contracts | — | (2,091,906 | ) | — | (2,091,906 | ) | ||||||||||
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Total | $ | 259,169,367 | $ | 910,647,726 | $ | 1 | (a) | $ | 1,169,817,094 | |||||||
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(a) | The Portfolio held securities with zero market value at period end. |
(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. |
(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. |
A summary of the Portfolio’s transactions in AB mutual funds for the nine months ended June 30, 2024 is as follows:
Portfolio | Market Value 09/30/2023 | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 06/30/2024 | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 15,930 | $ | 218,626 | $ | 231,524 | $ | 3,032 | $ | 565 |
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